Aptose Biosciences (APTO) 8-K 12 Mar 19 2018 Q1 Condensed Consolidated Interim Financial Statements Financial data

Document And Entity Information

Document And Entity Information	3 Months Ended
	Mar. 31, 2018shares
Document Information [Line Items]
Entity Registrant Name	Aptose Biosciences Inc.
Entity Central Index Key	0000882361
Trading Symbol	apto
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Emerging Growth Company	true
Entity Common Stock, Shares Outstanding (in shares)	30,702,053
Document Type	8-K
Document Period End Date	Mar. 31, 2018
Document Fiscal Year Focus	2018
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Ex Transition Period	true

Condensed Consolidated Interim

Condensed Consolidated Interim Statements of Financial Position (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Current assets:
Cash and cash equivalents	$ 15,408	$ 10,631
Investments	770	798
Prepaid expenses	249	322
Other current assets	97	74
Total current assets	16,524	11,825
Non-current assets:
Property and equipment	150	142
Total non-current assets	150	142
Total assets	16,674	11,967
Current liabilities:
Accounts payable	362	589
Accrued liabilities	1,843	1,176
Total current liabilities	2,205	1,765
Commitments (note 11)
Shareholders’ equity:
Common shares, no par value, unlimited authorized shares, 30,702,053 and 27,502,053 shares issued and outstanding at March 31, 2018 and December 31, 2017	240,778	231,923
Additional paid-in capital	31,593	29,365
Accumulated other comprehensive loss	(4,318)	(4,316)
Deficit	(253,584)	(246,770)
Total shareholders’ equity	14,469	10,202
Total liabilities and shareholders’ equity	$ 16,674	$ 11,967

Condensed Consolidated Interi_2

Condensed Consolidated Interim Statements of Financial Position (Unaudited) (Parentheticals) - $ / shares $ / shares in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
Common stock, par value (in dollars per share)	$ 0	$ 0
Common stock, shares authorized	Unlimited	Unlimited
Common stock, shares issued (in shares)	30,702,053	27,502,053
Common stock, shares outstanding (in shares)	30,702,053	27,502,053

Condensed Consolidated Interi_3

Condensed Consolidated Interim Statement of Loss and Comprehensive Loss (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Revenue
Expenses:
Research and development	3,140	1,735
General and administrative	3,702	1,590
Operating Expenses	6,842	3,325
Other income (expense):
Interest income	44	33
Foreign exchange gains( losses)	(16)
Total other income	28	33
Net loss	(6,814)	(3,292)
Other comprehensive loss:
Unrealized loss on securities available-for-sale	(2)
Total comprehensive loss	$ (6,816)	$ (3,292)
Basic and diluted loss per common share (in dollars per share)	$ (0.23)	$ (0.19)
Weighted average number of common shares outstanding used in the calculation of (in thousands) Basic and diluted loss per common share (in shares)	29,042	17,399

Condensed Consolidated Interi_4

Condensed Consolidated Interim Statements of Changes in Shareholders' Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands	Common Stock [Member]	Additional Paid-in Capital [Member]	AOCI Attributable to Parent [Member]	Retained Earnings [Member]	Total
Balance (in shares) at Dec. 31, 2016	15,722
Balance at Dec. 31, 2016	$ 218,034	$ 28,719	$ (4,298)	$ (235,127)	$ 7,328
Common shares issued (in shares)	3,222
Common shares issued	$ 3,676				3,676
Net loss				(3,292)	(3,292)
Shares issued on redemption of restricted share units		61			61
Balance (in shares) at Mar. 31, 2017	18,944
Balance at Mar. 31, 2017	$ 221,710	28,780	(4,298)	(238,419)	7,773
Balance (in shares) at Dec. 31, 2016	15,722
Balance at Dec. 31, 2016	$ 218,034	28,719	(4,298)	(235,127)	7,328
Balance (in shares) at Dec. 31, 2017	27,502
Balance at Dec. 31, 2017	$ 231,923	29,365	(4,316)	(246,770)	10,202
Common shares issued (in shares)	3,200
Common shares issued	$ 8,855				8,855
Stock-based compensation		2,228			2,228
Other comprehensive loss			(2)		(2)
Net loss				(6,814)	(6,814)
Balance (in shares) at Mar. 31, 2018	30,702
Balance at Mar. 31, 2018	$ 240,778	$ 31,593	$ (4,318)	$ (253,584)	$ 14,469

Condensed Consolidated Interi_5

Condensed Consolidated Interim Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Cash flows from operating activities:
Net loss for the period	$ (6,814)	$ (3,292)
Items not involving cash:
Stock-based compensation	2,228	61
Depreciation and amortization	16	23
Unrealized foreign exchange loss	26	(21)
Change in non-cash operating working capital:
Prepaid expenses	73	114
Other assets	(23)	29
Accounts payable	(227)	273
Accrued liabilities	667	168
Cash used in operating activities	(4,054)	(2,645)
Cash flows from financing activities:
Cost of offerings	(5)	(21)
Cash provided by financing activities	8,855	3,676
Cash flows from (used in) investing activities:
Purchase of property and equipment	(24)
Cash provided by (used in) investing activities	(24)
Effect of exchange rate fluctuations on cash and cash equivalents held		21
Increase in cash and cash equivalents	4,777	1,052
Cash and cash equivalents, beginning of period	10,631	7,940
Cash and cash equivalents, end of period	15,408	8,992
The 2018 and 2017 Share Purchase Agreement [Member]
Cash flows from financing activities:
Issuance of common shares	8,860
The 2018 ATM Offering [Member]
Cash flows from financing activities:
Issuance of common shares		$ 3,697

Note 1 - Reporting Entity

Note 1 - Reporting Entity	3 Months Ended
	Mar. 31, 2018
Notes to Financial Statements
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]	1. Reporting entity: Aptose Biosciences Inc. (“Aptose” or the “Company”) is a clinical-stage biotechnology company committed to discovering and developing personalized therapies addressing unmet medical needs in oncology. The Company’s executive offices are located in San Diego, California and its head office is located in Toronto, Canada. Aptose has one one third CG026806 806” 3 February 2019. 806 253, second 1b

Note 2 - Significant Accounting

Note 2 - Significant Accounting Policies	3 Months Ended
	Mar. 31, 2018
Notes to Financial Statements
Significant Accounting Policies [Text Block]	2. Significant accounting policies (a) Adoption of US GAAP: The Company’s consolidated financial statements have been prepared by management in accordance with United States generally accepted accounting principles (U.S. GAAP). Comparative figures, which were previously presented in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board have been adjusted as necessary to be compliant with the Company’s policies under U.S. GAAP and are further described in note 12. (b) Basis of presentation: These consolidated financial statements of Aptose Biosciences Inc., which include the accounts of its subsidiaries have been prepared in accordance with U.S. generally accepted accounting principles, or U.S GAAP. All intercompany transactions, balances, revenue and expenses are eliminated on consolidation. (c) Significant accounting policies, estimates and judgments: The preparation of these consolidated financial statements 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 consolidated financial statements and reported amounts of revenue and expenses during the reporting period. Actual outcomes could differ from those estimates. The consolidated financial statements include estimates, which, by their nature, are uncertain. The impacts of such estimates are pervasive throughout the consolidated financial statements and may The estimates and underlying assumptions are reviewed on a regular basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised and in any future periods affected. (d) Foreign currency: The functional and presentation currency of the Company is the US dollar. Effective January 1, 2017, 1986 2014 2015 2016, January 2017. (e) Cash and cash equivalents Cash and cash equivalents are short-term highly liquid investments with original maturities of three (f) Investments Investments consist of time deposits with original maturities greater than three (g) Concentration of risk The Company is subject to credit risk from the Company’s cash and cash equivalents and investments. The carrying amount of the financial assets represents the maximum credit exposure. The Company manages credit risk associated with its cash and cash equivalents and investments by maintaining minimum standards of R1 (h) Property and equipment: Property and equipment is measured at cost less accumulated depreciation and accumulated impairment losses. Cost includes expenditures that are directly attributable to the acquisition of the asset. The Company records depreciation at rates that charge operations with the cost of the assets over their estimated useful lives on a straight-line basis as follows: Office furniture (in years) 5 Laboratory equipment (in years) 5 Computer hardware (in years) 3 Computer software (in years) 3 Leasehold improvements (in years) Life of lease The assets’ residual values, useful lives and methods of depreciation are reviewed at each reporting period and adjusted prospectively if appropriate. (i) Research and development: Research and development (R&D) costs are expensed as incurred. R&D costs consist primarily of salaries and benefits, stock-based compensation, manufacturing, contract services, clinical trials, intangibles, and research related overhead. Non-refundable advance payments for goods and services that will be used in future research are recorded in prepaid and other assets and are expensed when the services are performed. (j) Fair value: The Company measures its financial assets and liabilities at fair value. The carrying amounts for the Company’s financial instruments, including cash and cash equivalents, investments, accounts payable and accrued liabilities approximate their fair value due to their short maturities. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. (k) Stock-based compensation: The Company has a stock-based compensation plan (the “Plan”) available to officers, directors, employees and consultants with grants under the Plan approved by the Company’s Board of Directors. Under the Plan, the exercise price of each option equals the closing trading price of the Company’s stock on the day prior to the grant if the grant is made during the trading day or the closing trading price on the day of grant if the grant is issued after markets have closed. Vesting is provided for at the discretion of the Board of Directors and the expiration of options is to be no 10 The Company uses the fair value based method of accounting for employee awards granted under the Plan. The Company calculates the fair value of each stock option grant using the Black-Scholes option pricing model at the grant date. The stock-based compensation cost of the options is recognized as stock-based compensation expense over the relevant vesting period of the stock options using an estimate of the number of options that will eventually vest. Stock options awarded to non-employees are accounted for at the fair value of the goods received or the services rendered. The fair value is measured at the grant date. In June 2018, No 2018 07, 718 December 15, 2018. not The Company has a stock incentive plan pursuant to which the Board may (l) Segment reporting: Operating segments are identified as components of an enterprise about which separate discrete financial information is available for evaluation by the chief operating decision-maker, or CODM. The Company’s Chief Executive Officer serves as its CODM. The Company views its operations and manages its business as one (m) Loss per share: Basic loss per share is computed by dividing the net loss available to common shareholders by the weighted average number of shares outstanding during the period. Diluted loss per share is computed similarly to basic loss per share except that the weighted average shares outstanding is increased to include additional shares for the assumed exercise of stock options and warrants, if dilutive. The number of additional shares is calculated by assuming that outstanding stock options and warrants were exercised and that the proceeds from such exercises were used to acquire common stock at the average market price during the period. The inclusion of the Company’s stock options and warrants in the computation of diluted loss per share has an anti-dilutive effect on the loss per share and, therefore, they have been excluded from the calculation of diluted loss per share. (n) Income taxes: The Company accounts for income taxes under the asset and liability method. Under this method, deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted rates in effect for the year in which these temporary differences are expected to be recovered or settled. Valuation allowances are provided if, based on the weight of available evidence, it is more likely than not not The Company provides reserves for potential payments of tax to various tax authorities related to uncertain tax positions and other issues. Reserves are based on a determination of whether and how much of a tax benefit taken by the Company in its tax filing is more likely than not December 31, 2017 December 31, 2017, not not (o) Recently issued accounting pronouncements not In February 2016, No. 2016 02, 842 No. 2016 02. 2016 02 December 15, 2018 first December 31, 2019, January 1, 2019. No. 2016 02 December 31, 2018 $2.0 No. 2016 02.

Note 3 - Cash and Cash Equivale

Note 3 - Cash and Cash Equivalents	3 Months Ended
	Mar. 31, 2018
Notes to Financial Statements
Cash and Cash Equivalents Disclosure [Text Block]	3. Cash and cash equivalents Cash and cash equivalents consists of cash of $1.169 December 31, 2017 $3.225 three $14.239 December 31, 2017 $7.406

Note 4 - Investments

Note 4 - Investments	3 Months Ended
	Mar. 31, 2018
Notes to Financial Statements
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block]	4. Investments: Investments consisted of the following as of March 31, 2018 December 31, 2017: March 31, 2018 Cost Unrealized Market Guaranteed investment certificate $ 790 (20 ) 770 December 31, 2017 Cost Unrealized Market Guaranteed investment certificate $ 816 (18 ) 798

Note 5 - Fair Value Measurement

Note 5 - Fair Value Measurements and Financial Instruments	3 Months Ended
	Mar. 31, 2018
Notes to Financial Statements
Fair Value Disclosures [Text Block]	5. Fair value measurements and financial instruments: The fair value hierarchy establishes three Level 1 Level 2 not Level 3 no The fair value hierarchy gives the highest priority to Level 1 3 The following table presents the Company’s assets that are measured at fair value on a recurring basis for the periods presented: March 31, Level 1 Level 2 Level 3 Assets High interest savings account $ 1,243 $ - $ 1,243 - United Sates treasury bills 6,985 - 6,985 - Government of Canada treasury bills 1,994 - 1,994 - Guaranteed investment certificates, Royal Bank of Canada 4,787 - 4,787 - $ 15,009 $ - $ 15,009 $ - December 31, Level 1 Level 2 Level 3 Assets $ $ $ Canadian provincial promissory notes 2,003 - 2,003 - Commercial Notes 1,999 - 1,999 - Guaranteed income certificates, Royal Bank of Canada 4,202 - 4,202 - $ 8,204 $ - $ 8,204 $ -

Note 6 - Accrued Liabilities

Note 6 - Accrued Liabilities	3 Months Ended
	Mar. 31, 2018
Notes to Financial Statements
Accounts Payable and Accrued Liabilities Disclosure [Text Block]	6. Accrued liabilities: Accrued expenses as of March 31, 2018 December 31, 2017 March 31, December 31, Accrued personnel related costs $ 266 $ 734 Accrued research and development expenses 960 176 Other accrued expenses 617 266 $ 1,843 $ 1,176

Note 7 - Share Capital

Note 7 - Share Capital	3 Months Ended
	Mar. 31, 2018
Notes to Financial Statements
Stockholders' Equity Note Disclosure [Text Block]	7. Share capital: The Company has authorized share capital of an unlimited number of common voting shares. (a) Equity issuances: (i) 2017 On October 27, 2017, 2017 $15,500,000 30 December 31, 2017, 357,143 $500 $324 321,429 March 31, 2018, $9.4 During the three March 31, 2018, 3,200,000 $2.77 $8.9 (ii) At-The-Market (“ATM”) Facility On April 2, 2015, $20 December 29, 2017, $20 During the three March 31, 2017, 3,222,009 $1.18 $3.81 $3.68 3% (b) Loss per share: Loss per common share is calculated using the weighted average number of common shares outstanding and is presented in the table below: (in thousands) Three months ended Three months ended Net loss $ (6,814 ) $ (3,292 ) Weighted-average common shares – basic and diluted 29,042 17,399 Net loss per share – basic and diluted $ (0.23 ) $ (0.19 ) The effect of any potential exercise of the Company’s stock options outstanding during the three March 31, 2018 March 31, 2017

Note 8 - Stock-based Compensati

Note 8 - Stock-based Compensation	3 Months Ended
	Mar. 31, 2018
Notes to Financial Statements
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]	8. Stock-based compensation: (a) Stock options Under the Company’s stock option plan, options, rights and other entitlements may 17.5% 5.3 March 31, 2018. four 10 Stock option transactions for the three March 31, 2018, Option numbers are in (000’s) Three months ended Weighted Options Weighted average remaining Outstanding, beginning of period 2,344 $ 3.46 Granted 2,059 2.96 Outstanding, end of the period 4,403 3.18 8.5 Exercisable, end of the period 2,453 3.63 7.8 As of March 31, 2018, $2.36 1.84 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: Three months ended Three months ended Risk-free interest rate 2.39 % 1.1 % Expected dividend yield - - Expected volatility 93.9 % 101.3 % Expected life of options (in years) 5 5 Grant date fair value $ 2.14 $ 0.85 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 three March 31, 2018, 50% one 16.67% three 91,000 50% one 25% two 850,000 Stock options granted by the Company during the three March 31, 2017, 480,000 50% one 16.67% three 85,000 50% one 25% two (b) Restricted share units The Company has a stock incentive plan (SIP) pursuant to which the Board may one The following table presents the activity under the SIP plan for the three March 31, 2018 March 31, 2017, Three months ended, Three months ended, Number Weighted Number Weighted Outstanding, beginning of period - $ - - $ - Granted - - 150 1.14 Redeemed - - - - Outstanding, end of period - $ - - $ - On March 28, 2017 150,000 three The grant date fair value of the March 28, 2017 The Company recorded share-based payment expense related to stock options and RSUs as follows: Three months ended Three months ended Research and development $ 367 $ 51 General and administrative 1,861 10 Total $ 2,228 $ 61

Note 9 - Related Party Transact

Note 9 - Related Party Transactions	3 Months Ended
	Mar. 31, 2018
Notes to Financial Statements
Related Party Transactions Disclosure [Text Block]	9. 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 three March 31, 2018, $61 2017 $63

Note 10 - Collaborative Agreeme

Note 10 - Collaborative Agreements	3 Months Ended
	Mar. 31, 2018
Notes to Financial Statements
Collaborative Agreements [Text Block]	10. Collaborative agreements: 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 an option to pay $2.0 first June 2018. $16 2 $44 may not On May 7, 2018, $2.0 806 On March 7, 2018, 581, two $125

Note 11 - Commitments

Note 11 - Commitments	3 Months Ended
	Mar. 31, 2018
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	11. Commitments: The Company has entered into operating leases for premises and equipment under which it is obligated to make minimum payments as described below: Years ending December 31, 2018 $ 207 2019 268 2020 277 2021 281 2022 276 Thereafter 78 $ 1,387

Note 12 - Comparative Figures

Note 12 - Comparative Figures	3 Months Ended
	Mar. 31, 2018
Notes to Financial Statements
Basis of Accounting [Text Block]	12. Comparative figures: Certain comparative figures in the periods ended March 31, 2018, March 31, 2017, December 31, 2017 December 31, 2016

Note 13 - Subsequent Events

Note 13 - Subsequent Events	3 Months Ended
	Mar. 31, 2018
Notes to Financial Statements
Subsequent Events [Text Block]	13. Subsequent events For its interim financial statements as of March 31, 2018 three six March 31, 2018, March 12, 2019, (i) 2018 On March 28, 2018, may, $30 Subsequent to March 31, 2018, 4,162,964 $2.70 $11.23 $10.90 3% (ii) 2017 Subsequent to the quarter end, the Company issued 2,031,0953 $3.02 $6.14 December 31, 2018, $15.5 (iii) 2018 On May 30, 2018, 2018 $20 30 June 8, 2018, 170,261 2018 $600 4,167,502 2018 $1.90 $7.93

Significant Accounting Policies

Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2018
Accounting Policies [Abstract]
Basis of Accounting, Policy [Policy Text Block]	(a) Adoption of US GAAP: The Company’s consolidated financial statements have been prepared by management in accordance with United States generally accepted accounting principles (U.S. GAAP). Comparative figures, which were previously presented in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board have been adjusted as necessary to be compliant with the Company’s policies under U.S. GAAP and are further described in note 12. (b) Basis of presentation: These consolidated financial statements of Aptose Biosciences Inc., which include the accounts of its subsidiaries have been prepared in accordance with U.S. generally accepted accounting principles, or U.S GAAP. All intercompany transactions, balances, revenue and expenses are eliminated on consolidation.
Use of Estimates, Policy [Policy Text Block]	(c) Significant accounting policies, estimates and judgments: The preparation of these consolidated financial statements 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 consolidated financial statements and reported amounts of revenue and expenses during the reporting period. Actual outcomes could differ from those estimates. The consolidated financial statements include estimates, which, by their nature, are uncertain. The impacts of such estimates are pervasive throughout the consolidated financial statements and may The estimates and underlying assumptions are reviewed on a regular basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised and in any future periods affected.
Foreign Currency Transactions and Translations Policy [Policy Text Block]	(d) Foreign currency: The functional and presentation currency of the Company is the US dollar. Effective January 1, 2017, 1986 2014 2015 2016, January 2017.
Cash and Cash Equivalents, Policy [Policy Text Block]	(e) Cash and cash equivalents Cash and cash equivalents are short-term highly liquid investments with original maturities of three
Investment, Policy [Policy Text Block]	(f) Investments Investments consist of time deposits with original maturities greater than three
Concentration Risk, Credit Risk, Policy [Policy Text Block]	(g) Concentration of risk The Company is subject to credit risk from the Company’s cash and cash equivalents and investments. The carrying amount of the financial assets represents the maximum credit exposure. The Company manages credit risk associated with its cash and cash equivalents and investments by maintaining minimum standards of R1
Property, Plant and Equipment, Policy [Policy Text Block]	(h) Property and equipment: Property and equipment is measured at cost less accumulated depreciation and accumulated impairment losses. Cost includes expenditures that are directly attributable to the acquisition of the asset. The Company records depreciation at rates that charge operations with the cost of the assets over their estimated useful lives on a straight-line basis as follows: Office furniture (in years) 5 Laboratory equipment (in years) 5 Computer hardware (in years) 3 Computer software (in years) 3 Leasehold improvements (in years) Life of lease The assets’ residual values, useful lives and methods of depreciation are reviewed at each reporting period and adjusted prospectively if appropriate.
Research and Development Expense, Policy [Policy Text Block]	(i) Research and development: Research and development (R&D) costs are expensed as incurred. R&D costs consist primarily of salaries and benefits, stock-based compensation, manufacturing, contract services, clinical trials, intangibles, and research related overhead. Non-refundable advance payments for goods and services that will be used in future research are recorded in prepaid and other assets and are expensed when the services are performed.
Fair Value Measurement, Policy [Policy Text Block]	(j) Fair value: The Company measures its financial assets and liabilities at fair value. The carrying amounts for the Company’s financial instruments, including cash and cash equivalents, investments, accounts payable and accrued liabilities approximate their fair value due to their short maturities. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block]	(k) Stock-based compensation: The Company has a stock-based compensation plan (the “Plan”) available to officers, directors, employees and consultants with grants under the Plan approved by the Company’s Board of Directors. Under the Plan, the exercise price of each option equals the closing trading price of the Company’s stock on the day prior to the grant if the grant is made during the trading day or the closing trading price on the day of grant if the grant is issued after markets have closed. Vesting is provided for at the discretion of the Board of Directors and the expiration of options is to be no 10 The Company uses the fair value based method of accounting for employee awards granted under the Plan. The Company calculates the fair value of each stock option grant using the Black-Scholes option pricing model at the grant date. The stock-based compensation cost of the options is recognized as stock-based compensation expense over the relevant vesting period of the stock options using an estimate of the number of options that will eventually vest. Stock options awarded to non-employees are accounted for at the fair value of the goods received or the services rendered. The fair value is measured at the grant date. In June 2018, No 2018 07, 718 December 15, 2018. not The Company has a stock incentive plan pursuant to which the Board may
Segment Reporting, Policy [Policy Text Block]	(l) Segment reporting: Operating segments are identified as components of an enterprise about which separate discrete financial information is available for evaluation by the chief operating decision-maker, or CODM. The Company’s Chief Executive Officer serves as its CODM. The Company views its operations and manages its business as one
Earnings Per Share, Policy [Policy Text Block]	(m) Loss per share: Basic loss per share is computed by dividing the net loss available to common shareholders by the weighted average number of shares outstanding during the period. Diluted loss per share is computed similarly to basic loss per share except that the weighted average shares outstanding is increased to include additional shares for the assumed exercise of stock options and warrants, if dilutive. The number of additional shares is calculated by assuming that outstanding stock options and warrants were exercised and that the proceeds from such exercises were used to acquire common stock at the average market price during the period. The inclusion of the Company’s stock options and warrants in the computation of diluted loss per share has an anti-dilutive effect on the loss per share and, therefore, they have been excluded from the calculation of diluted loss per share.
Income Tax, Policy [Policy Text Block]	(n) Income taxes: The Company accounts for income taxes under the asset and liability method. Under this method, deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted rates in effect for the year in which these temporary differences are expected to be recovered or settled. Valuation allowances are provided if, based on the weight of available evidence, it is more likely than not not The Company provides reserves for potential payments of tax to various tax authorities related to uncertain tax positions and other issues. Reserves are based on a determination of whether and how much of a tax benefit taken by the Company in its tax filing is more likely than not December 31, 2017 December 31, 2017, not not
New Accounting Pronouncements, Policy [Policy Text Block]	(o) Recently issued accounting pronouncements not In February 2016, No. 2016 02, 842 No. 2016 02. 2016 02 December 15, 2018 first December 31, 2019, January 1, 2019. No. 2016 02 December 31, 2018 $2.0 No. 2016 02.

Note 2 - Significant Accounti_2

Note 2 - Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2018
Notes Tables
Property, Plant and Equipment, Useful Life [Table Text Block]	Office furniture (in years) 5 Laboratory equipment (in years) 5 Computer hardware (in years) 3 Computer software (in years) 3 Leasehold improvements (in years) Life of lease

Note 4 - Investments (Tables)

Note 4 - Investments (Tables)	3 Months Ended
	Mar. 31, 2018
Notes Tables
Investment [Table Text Block]	March 31, 2018 Cost Unrealized Market Guaranteed investment certificate $ 790 (20 ) 770 December 31, 2017 Cost Unrealized Market Guaranteed investment certificate $ 816 (18 ) 798

Note 5 - Fair Value Measureme_2

Note 5 - Fair Value Measurements and Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2018
Notes Tables
Fair Value, Assets Measured on Recurring Basis [Table Text Block]	March 31, Level 1 Level 2 Level 3 Assets High interest savings account $ 1,243 $ - $ 1,243 - United Sates treasury bills 6,985 - 6,985 - Government of Canada treasury bills 1,994 - 1,994 - Guaranteed investment certificates, Royal Bank of Canada 4,787 - 4,787 - $ 15,009 $ - $ 15,009 $ - December 31, Level 1 Level 2 Level 3 Assets $ $ $ Canadian provincial promissory notes 2,003 - 2,003 - Commercial Notes 1,999 - 1,999 - Guaranteed income certificates, Royal Bank of Canada 4,202 - 4,202 - $ 8,204 $ - $ 8,204 $ -

Note 6 - Accrued Liabilities (T

Note 6 - Accrued Liabilities (Tables)	3 Months Ended
	Mar. 31, 2018
Notes Tables
Schedule of Accrued Liabilities [Table Text Block]	March 31, December 31, Accrued personnel related costs $ 266 $ 734 Accrued research and development expenses 960 176 Other accrued expenses 617 266 $ 1,843 $ 1,176

Note 7 - Share Capital (Tables)

Note 7 - Share Capital (Tables)	3 Months Ended
	Mar. 31, 2018
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	(in thousands) Three months ended Three months ended Net loss $ (6,814 ) $ (3,292 ) Weighted-average common shares – basic and diluted 29,042 17,399 Net loss per share – basic and diluted $ (0.23 ) $ (0.19 )

Note 8 - Stock-based Compensa_2

Note 8 - Stock-based Compensation (Tables)	3 Months Ended
	Mar. 31, 2018
Notes Tables
Share-based Compensation, Stock Options, Activity [Table Text Block]	Option numbers are in (000’s) Three months ended Weighted Options Weighted average remaining Outstanding, beginning of period 2,344 $ 3.46 Granted 2,059 2.96 Outstanding, end of the period 4,403 3.18 8.5 Exercisable, end of the period 2,453 3.63 7.8
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]	Three months ended Three months ended Risk-free interest rate 2.39 % 1.1 % Expected dividend yield - - Expected volatility 93.9 % 101.3 % Expected life of options (in years) 5 5 Grant date fair value $ 2.14 $ 0.85
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block]	Three months ended, Three months ended, Number Weighted Number Weighted Outstanding, beginning of period - $ - - $ - Granted - - 150 1.14 Redeemed - - - - Outstanding, end of period - $ - - $ -
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block]	Three months ended Three months ended Research and development $ 367 $ 51 General and administrative 1,861 10 Total $ 2,228 $ 61

Note 11 - Commitments (Tables)

Note 11 - Commitments (Tables)	3 Months Ended
	Mar. 31, 2018
Notes Tables
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block]	Years ending December 31, 2018 $ 207 2019 268 2020 277 2021 281 2022 276 Thereafter 78 $ 1,387

Note 2 - Significant Accounti_3

Note 2 - Significant Accounting Policies (Details Textual) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period	10 years
Subsequent Event [Member]
Operating Leases, Future Minimum Payments Due, Total		$ 2

Note 2 - Significant Accounti_4

Note 2 - Significant Accounting Policies - Property, Plant and Equipment Useful Life (Details)	3 Months Ended
	Mar. 31, 2018
Furniture and Fixtures [Member]
Property, plant and equipment, useful life (Year)	5 years
Laboratory Equipment [Member]
Property, plant and equipment, useful life (Year)	5 years
Computer Equipment [Member]
Property, plant and equipment, useful life (Year)	3 years
Software and Software Development Costs [Member]
Property, plant and equipment, useful life (Year)	3 years
Leasehold Improvements [Member]
Property, plant and equipment, estimated useful life	Life of lease

Note 3 - Cash and Cash Equiva_2

Note 3 - Cash and Cash Equivalents (Details Textual) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Cash, Ending Balance	$ 1,169	$ 3,225
Cash Equivalents, at Carrying Value, Total	$ 14,239	$ 7,406

Note 4 - Investments - Investme

Note 4 - Investments - Investments (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Guaranteed investment certificate, cost	$ 790	$ 816
Guaranteed investment certificate, unrealized loss	(20)	(18)
Guaranteed investment certificate, market value	$ 770	$ 798

Note 5 - Fair Value Measureme_3

Note 5 - Fair Value Measurements and Financial Instruments - Assets Measured on a Recurring Basis (Details) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Assets, fair value	$ 15,009	$ 8,204
Fair Value, Inputs, Level 1 [Member]
Assets, fair value
Fair Value, Inputs, Level 2 [Member]
Assets, fair value	15,009	8,204
Fair Value, Inputs, Level 3 [Member]
Assets, fair value
Bank Time Deposits [Member]
Assets, fair value	1,243
Bank Time Deposits [Member] | Fair Value, Inputs, Level 1 [Member]
Assets, fair value
Bank Time Deposits [Member] | Fair Value, Inputs, Level 2 [Member]
Assets, fair value	1,243
Bank Time Deposits [Member] | Fair Value, Inputs, Level 3 [Member]
Assets, fair value
Debt Security, Government, Non-US [Member]
Assets, fair value	1,994	2,003
Debt Security, Government, Non-US [Member] | Fair Value, Inputs, Level 1 [Member]
Assets, fair value
Debt Security, Government, Non-US [Member] | Fair Value, Inputs, Level 2 [Member]
Assets, fair value	1,994	2,003
Debt Security, Government, Non-US [Member] | Fair Value, Inputs, Level 3 [Member]
Assets, fair value
US Treasury Securities [Member]
Assets, fair value	6,985
US Treasury Securities [Member] | Fair Value, Inputs, Level 1 [Member]
Assets, fair value
US Treasury Securities [Member] | Fair Value, Inputs, Level 2 [Member]
Assets, fair value	6,985
US Treasury Securities [Member] | Fair Value, Inputs, Level 3 [Member]
Assets, fair value
Corporate Debt Securities [Member]
Assets, fair value		1,999
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member]
Assets, fair value
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member]
Assets, fair value		1,999
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member]
Assets, fair value
Investments [Member]
Assets, fair value	4,787	4,202
Investments [Member] | Fair Value, Inputs, Level 1 [Member]
Assets, fair value
Investments [Member] | Fair Value, Inputs, Level 2 [Member]
Assets, fair value	4,787	4,202
Investments [Member] | Fair Value, Inputs, Level 3 [Member]
Assets, fair value

Note 6 - Accrued Liabilities -

Note 6 - Accrued Liabilities - Accrued Expenses (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Accrued personnel related costs	$ 266	$ 734
Accrued research and development expenses	960	176
Other accrued expenses	617	266
	$ 1,843	$ 1,176

Note 7 - Share Capital (Details

Note 7 - Share Capital (Details Textual) - USD ($)	3 Months Ended		5 Months Ended	12 Months Ended	33 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Mar. 31, 2018	Dec. 31, 2017	Dec. 29, 2017	Oct. 27, 2017	Apr. 02, 2015
Stock Issued During Period, Value, New Issues	$ 8,855,000	$ 3,676,000
The 2017 Purchase Agreement [Member]
Stock Issuance Program, Authorized Amount						$ 15,500,000
Stock Issued During Period, Shares, New Issues	3,200,000			357,143
Proceeds from Issuance of Private Placement			$ 9,400,000	$ 500,000
Proceeds from Issuance of Private Placement, Net	$ 8,900,000			$ 324,000
Stock Issued During Period, Shares, Issued for Services				321,429
Shares Issued, Price Per Share	$ 2.77		$ 2.77
ATM Offering [Member]
Stock Issuance Program, Authorized Amount							$ 20,000,000
Shares Issued, Price Per Share		$ 1.18
Stock Issued During Period, Value, New Issues		$ 3,222,009			$ 20,000,000
Proceeds from Issuance of Common Stock		3,810,000
Proceeds from Issuance of Common Stock, Net		$ 3,680,000
Stock Issuance, Percent of Cash Commission to Issuer		3.00%

Note 7 - Share Capital - Loss P

Note 7 - Share Capital - Loss Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Net loss	$ (6,814)	$ (3,292)
Weighted-average common shares – basic and diluted (in shares)	29,042	17,399
Net loss per share – basic and diluted (in dollars per share)	$ (0.23)	$ (0.19)

Note 8 - Stock-based Compensa_3

Note 8 - Stock-based Compensation (Details Textual) - USD ($) $ in Thousands	Mar. 28, 2017	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award, Maximum Subscription Rate		17.50%
Share-based Compensation Arrangement by Share-based Payment Award, Maximum Number of Shares		5,300,000
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period		4 years
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period		10 years
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options		$ 2,360
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition		1 year 306 days
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance		4,403,000			2,344,000
Employee Stock Option Vesting Schedule II [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance		91,000	85,000
Employee Stock Option Vesting Schedule III [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance		850,000
Employee Stock Option Vesting Schedule I [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance			480,000
Restricted Stock Units (RSUs) [Member]
Stock Redemption, Shares Per Share			1
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	150,000		150,000
Share-based Compensation Award, Tranche One [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage		50.00%
Share-based Compensation Award, Tranche One [Member] | Employee Stock Option Vesting Schedule II [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage		50.00%	50.00%
Share-based Compensation Award, Tranche One [Member] | Employee Stock Option Vesting Schedule I [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage			50.00%
Share-based Compensation Award, Tranche Four [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage		16.67%
Share-based Compensation Award, Tranche Four [Member] | Employee Stock Option Vesting Schedule I [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage			16.67%
Share-based Compensation Award, Tranche Two [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage		16.67%
Share-based Compensation Award, Tranche Two [Member] | Employee Stock Option Vesting Schedule II [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage		25.00%	25.00%
Share-based Compensation Award, Tranche Two [Member] | Employee Stock Option Vesting Schedule I [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage			16.67%
Share-based Compensation Award, Tranche Three [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage		16.67%
Share-based Compensation Award, Tranche Three [Member] | Employee Stock Option Vesting Schedule II [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage				25.00%	25.00%
Share-based Compensation Award, Tranche Three [Member] | Employee Stock Option Vesting Schedule I [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage			16.67%

Note 8 - Stock-based Compensa_4

Note 8 - Stock-based Compensation - Stock Option Transactions (Details) shares in Thousands	3 Months Ended
	Mar. 31, 2018$ / sharesshares
Outstanding, beginning of period (in shares) | shares	2,344
Outstanding, weighted average exercise price (in dollars per share) | $ / shares	$ 3.46
Granted (in shares) | shares	2,059
Granted, weighted average exercise price (in dollars per share) | $ / shares	$ 2.96
Outstanding, end of the period (in shares) | shares	4,403
Outstanding, weighted average exercise price (in dollars per share) | $ / shares	$ 3.18
Outstanding, weighted average remaining contractual life (Year)	8 years 182 days
Exercisable, end of the period (in shares) | shares	2,453
Exercisable, end of the Exercisable, weighted average exercise price (in dollars per share) | $ / shares	$ 3.63
Exercisable, weighted average remaining contractual life (Year)	7 years 292 days

Note 8 - Stock-based Compensa_5

Note 8 - Stock-based Compensation - Weighted Average Assumptions (Details) - $ / shares	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Risk-free interest rate	2.39%	1.10%
Expected dividend yield
Expected volatility	93.90%	101.30%
Expected life of options (Year)	5 years	5 years
Grant date fair value (in dollars per share)	$ 2.14	$ 0.85

Note 8 - Stock-based Compensa_6

Note 8 - Stock-based Compensation - Restricted Stock Units (Details) - Restricted Stock Units (RSUs) [Member] - $ / shares	Mar. 28, 2017	Mar. 31, 2018	Mar. 31, 2017
Outstanding (in shares)
Outstanding, weighted average grant date fair value (in dollars per share)
Granted (in shares)	150,000		150,000
Granted, weighted average grant date fair value (in dollars per share)			$ 1.14
Redeemed (in shares)
Redeemed, weighted average grant date fair value (in dollars per share)
Outstanding (in shares)
Outstanding, weighted average grant date fair value (in dollars per share)

Note 8 - Stock-based Compensa_7

Note 8 - Stock-based Compensation - Share-based Payment Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Share-based payment expense	$ 2,228	$ 61
Research and Development Expense [Member]
Share-based payment expense	367	51
General and Administrative Expense [Member]
Share-based payment expense	$ 1,861	$ 10

Note 9 - Related Party Transa_2

Note 9 - Related Party Transactions (Details Textual) - Moores Cancer Center at University of California San Diego [Member] - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Extension for Services Agreement, Amount, Related Parties	$ 300,000
us-gaap_ResearchAndDevelopmentExpenseMember
Related Party Transaction, Amounts of Transaction	$ 61,000	$ 63,000

Note 10 - Collaborative Agree_2

Note 10 - Collaborative Agreements (Details Textual) - USD ($) $ in Millions	May 07, 2018	Mar. 31, 2018	Mar. 07, 2018
CrystalGenomics [Member]
Collaborative Agreement, Option Payable		$ 2
Collaborative Agreement, Milestone Payment		16
Collaborative Agreement, Regulatory Milestone		$ 44
CrystalGenomics [Member] | Subsequent Event [Member]
Payments for Option Fee	$ 2
Ohm Oncology [Member]
Collaborative Agreements, Potential Additional Milestone Payments Receivable			$ 125

Note 11 - Commitments - Operati

Note 11 - Commitments - Operating Lease Commitments (Details) $ in Thousands	Mar. 31, 2018USD ($)
2018	$ 207
2019	268
2020	277
2021	281
2022	276
Thereafter	78
	$ 1,387

Note 13 - Subsequent Events (De

Note 13 - Subsequent Events (Details Textual) - USD ($)	Jun. 08, 2018	Mar. 31, 2018	Mar. 31, 2017	Mar. 31, 2018	Mar. 11, 2019	Mar. 11, 2019	Dec. 31, 2017	Dec. 31, 2018	May 30, 2018	Mar. 28, 2018	Oct. 27, 2017
Payments of Stock Issuance Costs		$ 5,000	$ 21,000
The 2018 ATM Offering [Member]
Stock Issuance Program, Authorized Amount										$ 30,000,000
Proceeds from Issuance of Common Stock, Net			$ 3,697,000
The 2018 ATM Offering [Member] | Subsequent Event [Member]
Stock Issued During Period, Shares, New Issues						4,162,964
Shares Issued, Price Per Share					$ 2.70	$ 2.70
Proceeds from Issuance of Common Stock						$ 11,230,000
Proceeds from Issuance of Common Stock, Net						$ 10,900,000
Stock Issuance, Percent of Cash Commission to Issuer					3.00%	3.00%
The 2017 Purchase Agreement [Member]
Stock Issuance Program, Authorized Amount											$ 15,500,000
Stock Issued During Period, Shares, New Issues		3,200,000					357,143
Shares Issued, Price Per Share		$ 2.77		$ 2.77
Proceeds from Issuance of Private Placement, Net		$ 8,900,000					$ 324,000
Proceeds from Issuance of Private Placement				$ 9,400,000			$ 500,000
The 2017 Purchase Agreement [Member] | Subsequent Event [Member]
Stock Issued During Period, Shares, New Issues						20,310,953
Shares Issued, Price Per Share					$ 3.02	$ 3.02
Proceeds from Issuance of Private Placement, Net						$ 6,140,000
Proceeds from Issuance of Private Placement								$ 15,500,000
The 2018 Purchase Agreement [Member] | Subsequent Event [Member]
Stock Issuance Program, Authorized Amount									$ 20,000,000
Stock Issued During Period, Shares, New Issues	170,261				4,167,502
Shares Issued, Price Per Share					$ 1.90	$ 1.90
Proceeds from Issuance of Private Placement, Net					$ 7,930,000
The 2018 Purchase Agreement [Member] | Subsequent Event [Member] | General and Administrative Expense [Member]
Payments of Stock Issuance Costs	$ 600,000