Aptose Biosciences (APTO) 10-Q 10 Nov 20 2020 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Sep. 30, 2020	Nov. 10, 2020
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 Filer Category	Non-accelerated Filer
Entity Current Reporting Status	Yes
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
Entity Small Business	true
Entity Interactive Data Current	Yes
Entity Common Stock, Shares Outstanding (in shares)		88,861,737
Entity Shell Company	false
Document Type	10-Q
Document Period End Date	Sep. 30, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q3
Amendment Flag	false
Title of 12(b) Security	Common Shares, no par value

Condensed Consolidated Interim

Condensed Consolidated Interim Statements of Financial Position (Current Period Unaudited) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 99,727	$ 79,842
Investments	32,997	17,758
Prepaid expenses	1,106	1,025
Other current assets	115	141
Total current assets	133,945	98,766
Non-current assets:
Property and equipment	272	334
Right-of-use assets, operating leases	1,041	1,376
Total non-current assets	1,313	1,710
Total assets	135,258	100,476
Current liabilities:
Accounts payable	1,529	1,960
Accrued liabilities	3,378	3,058
Current portion of lease liability, operating leases	537	521
Total current liabilities	5,444	5,539
Non-current liabilities:
Lease liability, operating leases	658	1,011
Total liabilities	6,102	6,550
Shareholders’ equity:
Common shares, no par value, unlimited authorized shares, 88,861,737 and 76,108,031 shares issued and outstanding at September 30, 2020 and December 31, 2019, respectively	429,457	365,490
Additional paid-in capital	46,454	34,649
Accumulated other comprehensive loss	(4,315)	(4,298)
Deficit	(342,440)	(301,915)
Total shareholders’ equity	129,156	93,926
Total liabilities and shareholders’ equity	$ 135,258	$ 100,476

Condensed Consolidated Interi_2

Condensed Consolidated Interim Statements of Financial Position (Current Period Unaudited) (Parentheticals) - $ / shares $ / shares in Thousands	Sep. 30, 2020	Dec. 31, 2019
Common shares, no par value (in dollars per share)	$ 0	$ 0
Common shares, issued (in shares)	88,861,737	76,108,031
Common shares, outstanding (in shares)	88,861,737	76,108,031

Condensed Consolidated Interi_3

Condensed Consolidated Interim Statement of Loss and Comprehensive Loss (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Revenue
Expenses:
Research and development	7,519	4,751	20,319	11,582
General and administrative	5,775	2,276	20,690	7,391
Operating expenses	13,294	7,027	41,009	18,973
Other income (expense):
Interest income	46	187	485	407
Foreign exchange losses	(1)	(4)	(1)	(2)
Total other income	45	183	484	405
Net loss	(13,249)	(6,844)	(40,525)	(18,568)
Other comprehensive gain/(loss):
Unrealized gain/(loss) on securities available-for-sale	(2)	(5)	(17)	13
Total comprehensive loss	$ (13,251)	$ (6,849)	$ (40,542)	$ (18,555)
Basic and diluted loss per common share (in dollars per share)	$ (0.15)	$ (0.12)	$ (0.51)	$ (0.39)
Weighted average number of common shares outstanding used in the calculation of basic and diluted loss per common share (in thousands) (in shares)	85,860	55,454	79,477	47,315

Condensed Consolidated Interi_4

Condensed Consolidated Interim Statements of Changes in Shareholders' Equity (Unaudited) - USD ($) $ in Thousands	Public Offering [Member]Common Stock [Member]	Public Offering [Member]Additional Paid-in Capital [Member]	Public Offering [Member]AOCI Attributable to Parent [Member]	Public Offering [Member]Retained Earnings [Member]	Public Offering [Member]	The 2019 Share Purchase Agreement [Member]Common Stock [Member]	The 2019 Share Purchase Agreement [Member]Additional Paid-in Capital [Member]	The 2019 Share Purchase Agreement [Member]AOCI Attributable to Parent [Member]	The 2019 Share Purchase Agreement [Member]Retained Earnings [Member]	The 2019 Share Purchase Agreement [Member]	The 2018 ATM Offering [Member]Common Stock [Member]	The 2018 ATM Offering [Member]	The 2018 Purchase Agreement [Member]Common Stock [Member]	The 2018 Purchase Agreement [Member]Additional Paid-in Capital [Member]	The 2018 Purchase Agreement [Member]AOCI Attributable to Parent [Member]	The 2018 Purchase Agreement [Member]Retained Earnings [Member]	The 2018 Purchase Agreement [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	AOCI Attributable to Parent [Member]	Retained Earnings [Member]	Total
Balance (in shares) at Dec. 31, 2018																		38,162,000
Balance at Dec. 31, 2018																		$ 261,072	$ 32,963	$ (4,316)	$ (275,638)	$ 14,081
Common shares issued pursuant to the public offering (in shares)						171,000					77,000	77,349	5,502,000				5,502,433	11,500,000
Common shares issued						$ 360				$ 360	$ 178	$ 178	$ 10,000				$ 10,000	$ 19,594				$ 19,594
Common shares issued upon exercise of stock options (in shares)																		34,000				34,000
Common shares issued upon exercise of stock options																		$ 60	(24)			$ 36
Stock-based compensation																			1,734			1,734
Common shares issued upon redemption of restricted share units (in shares)																		40,000
Common shares issued upon redemption of restricted share units																		$ 80	(80)
Other comprehensive gain (loss)																				13		13
Net loss																					(18,568)	(18,568)
Balance (in shares) at Sep. 30, 2019																		55,486,000
Balance at Sep. 30, 2019																		$ 291,344	34,593	(4,303)	(294,206)	27,428
Balance (in shares) at Dec. 31, 2019																		76,108,000
Balance at Dec. 31, 2019																		$ 365,490	34,649	(4,298)	(301,915)	$ 93,926
Common shares issued pursuant to the public offering (in shares)	11,854,000
Common shares issued	$ 58,234				$ 58,234
Common shares issued upon exercise of stock options (in shares)																		215,000				215,000
Common shares issued upon exercise of stock options																		$ 932	(401)			$ 531
Stock-based compensation																			17,007			17,007
Common shares issued upon redemption of restricted share units (in shares)																		685,000
Common shares issued upon redemption of restricted share units																		$ 4,801	(4,801)
Other comprehensive gain (loss)																				(17)		(17)
Net loss																					(40,525)	(40,525)
Balance (in shares) at Sep. 30, 2020																		88,862,000
Balance at Sep. 30, 2020																		$ 429,457	$ 46,454	$ (4,315)	$ (342,440)	$ 129,156

Condensed Consolidated Interi_5

Condensed Consolidated Interim Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		18 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2019
Cash flows from/(used in) operating activities:
Net loss for the period	$ (13,249)	$ (6,844)	$ (40,525)	$ (18,568)
Items not involving cash:
Stock-based compensation	4,905	504	17,007	1,734
Shares issued to Aspire Capital as commitment fees				360
Depreciation and amortization	37	33	115	115
Amortization of right-of-use assets	116	115	345	346
Interest on lease liabilities	17	22	54	69
Unrealized foreign exchange gain		5	9	2
Accrued interest on investments	9	(58)	22	(77)
Change in non-cash operating working capital:
Prepaid expenses	(83)	437	(81)	361
Other current assets	2	59	26	(8)
Operating lease payments	(136)	(126)	(401)	(345)
Account payable	(374)	(66)	(431)	(141)
Accrued liabilities	486	735	320	825
Cash used in operating activities	(8,270)	(5,184)	(23,540)	(15,327)
Cash flows from/(used in) financing activities:
Cost of offerings				(142)
Issuance of common shares upon exercise of stock options	49	17	531	36
Cash provided by financing activities	58,283	17	58,765	29,808
Cash flows from/(used in) investing activities:
Maturity (acquisition) of investments, net	(4,398)	(1,000)	(15,278)	(9,000)
Purchase of property and equipment		(42)	(53)	(92)
Cash used in investing activities	(4,398)	(1,042)	(15,331)	(9,092)
Effect of exchange rate fluctuations on cash and cash equivalents held		(3)	(9)	(2)
Increase/decrease in cash and cash equivalents	45,615	(6,212)	19,885	5,387
Cash and cash equivalents, beginning of period	54,112	26,898	79,842	15,299
Cash and cash equivalents, end of period	99,727	20,686	99,727	20,686	$ 20,686
Public Offering [Member]
Cash flows from/(used in) financing activities:
Issuance of common shares	58,234		58,234	19,736
The 2018 Purchase Agreement [Member]
Cash flows from/(used in) financing activities:
Issuance of common shares				10,000
The 2018 ATM Offering [Member]
Cash flows from/(used in) financing activities:
Issuance of common shares				$ 178	$ 10,900

Note 1 - Reporting Entity

Note 1 - Reporting Entity	9 Months Ended
	Sep. 30, 2020
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 two second CG026806 806” 3 1, 806 1 June 2020. 253, second 1b We are advancing first not 19 not Since our inception, we have financed our operations and technology acquisitions primarily from equity financing, proceeds from the exercise of warrants and stock options, and interest income on funds held for future investment. Our uses of cash for operating activities have primarily consisted of salaries and wages for our employees, facility and facility-related costs for our offices and laboratories, fees paid in connection with preclinical and clinical studies, drug manufacturing costs, laboratory supplies and materials, and professional fees. We do not We believe that our cash, cash equivalents and investments on hand at September 30, 2020 12 twelve may Our ability to raise additional funds could be affected by adverse market conditions, the status of our product pipeline, possible delays in enrollment in our trial related to COVID- 19, may not may

Note 2 - Significant Accounting

Note 2 - Significant Accounting Policies	9 Months Ended
	Sep. 30, 2020
Notes to Financial Statements
Significant Accounting Policies [Text Block]	2. Significant accounting policies (a) Basis of consolidation: These condensed consolidated interim financial statements include the accounts of the Company and its subsidiaries. All intercompany transactions, balances, revenue and expenses are eliminated on consolidation. (b) Basis of presentation: The accompanying unaudited condensed consolidated interim financial statements have been prepared in conformity with generally accepted accounting principles in the United States, or GAAP, for the interim financial information and the rules and regulations of the Securities and Exchange Commission, or SEC, related to quarterly reports on Form 10 not 10 March 10, 2020. not may (c) Significant accounting policies, estimates and judgments: During the three nine September 30, 2020, no 10 December 31, 2019. The preparation of the condensed consolidated interim 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 condensed consolidated interim financial statements include estimates, which, by their nature, are uncertain. Significant accounting policies and estimates made by management are the assumptions used in determining the valuation of share-based compensation and the estimates related to prepaid and accrued research and development costs. The impacts of such estimates are pervasive throughout the condensed consolidated interim 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. (e) 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

Note 3 - Cash and Cash Equivale

Note 3 - Cash and Cash Equivalents	9 Months Ended
	Sep. 30, 2020
Notes to Financial Statements
Cash and Cash Equivalents Disclosure [Text Block]	3. Cash and cash equivalents: Cash and cash equivalents consists of cash of $3.362 December 31, 2019 $1.640 90 $96.365 December 31, 2019 $78.202

Note 4 - Right-of-use Assets, O

Note 4 - Right-of-use Assets, Operating Leases	9 Months Ended
	Sep. 30, 2020
Notes to Financial Statements
Right-of-use Assets Disclosure [Text Block]	4. Right-of-use assets, operating leases: Nine months ended Year ended Right-of-use assets, beginning of period $ 1,837 1,570 Additions to right-of-use assets 10 267 Right-of-use assets, end of period 1,847 1,837 Accumulated amortization (806 ) (461 ) Right-of use assets, NBV 1,041 1,376

Note 5 - Investments

Note 5 - Investments	9 Months Ended
	Sep. 30, 2020
Notes to Financial Statements
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block]	5. Investments: Investments consisted of the following as of September 30, 2020 December 31, 2019: September 30, 2020 Cost Unrealized gain Market value Commercial notes $ 8,999 1 9,000 United States Treasury Bills 23,997 - 23,997 $ 32,996 1 32,997 December 31, 2019 Cost Unrealized gain Market value Guaranteed investment certificates, issued by a Canadian financial institution $ 12,008 18 12,026 Commercial notes 3,736 - 3,736 Canadian provincial promissory note 1,996 - 1,996 $ 17,740 18 17,758

Note 6 - Fair Value Measurement

Note 6 - Fair Value Measurements and Financial Instruments	9 Months Ended
	Sep. 30, 2020
Notes to Financial Statements
Fair Value Disclosures [Text Block]	6. 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 fair value of the Company's financial instruments for the periods presented: September 30, 2020 Level 1 Level 2 Level 3 Assets High interest savings account $ 96,365 $ - $ 96,365 - Commercial notes 9,000 - 9,000 - United States Treasury Bill 23,997 - 23,997 - $ 129,362 $ - $ 129,362 $ - December 31, 2019 Level 1 Level 2 Level 3 Assets High interest savings account $ 2,989 $ - $ 2,989 $ - Commercial notes 6,235 - 6,235 - Canadian provincial promissory notes 5,493 - 5,493 - Guaranteed investment certificates, issued by a Canadian financial institution 81,243 - 81,243 - $ 95,960 $ - $ 95,960 $ -

Note 7 - Accrued Liabilities

Note 7 - Accrued Liabilities	9 Months Ended
	Sep. 30, 2020
Notes to Financial Statements
Accounts Payable and Accrued Liabilities Disclosure [Text Block]	7. Accrued liabilities: Accrued liabilities as of September 30, 2020 December 31, 2019 September 30, December 31, 2020 2019 Accrued personnel related costs $ 1,674 $ 1,739 Accrued research and development costs 1,526 1,062 Other accrued costs 178 257 $ 3,378 $ 3,058

Note 8 - Lease Liability

Note 8 - Lease Liability	9 Months Ended
	Sep. 30, 2020
Notes to Financial Statements
Lessee, Operating Leases [Text Block]	8. Lease liability Aptose leases office space and lab space in San Diego, California. The lease for the office space expires on March 31, 2023 5 February 28, 2022. June 30, 2023 5 not Minimum payments, undiscounted, under our operating leases are as follows: Years ending December 31, 2020 $ 136 2021 552 2022 464 2023 119 Thereafter - $ 1,271 To calculate the lease liability, the lease payments in the table above were discounted over the remaining term of the leases using the Company's incremental borrowing rate as at January 1, 2019 842, September 30, 2020 December 31, 2019 Weighted-average remaining term – operating leases (in years) 2.4 3.3 Weighted-average discount rate – operating leases 5.40 % 5.43 % Lease liability, current portion 537 521 Lease liability, long term portion 658 1,011 Lease liability, total 1,195 1,532 Right-of-use assets obtained in exchange for operating lease liabilities are as follows: Nine months ended Nine months ended Right-of-use assets recorded upon adoption of Topic 842, beginning of period $ - $ $1,570 Right-of-use assets obtained in exchange for new operating lease liabilities in the period $ 10 $ $267 Operating lease costs and operating cash flows from our operating leases are as follows: Three months ended Nine months ended 2020 2019 2020 2019 Operating lease cost $ 132 $ 142 $ 399 $ 431 Operating cash flows - operating leases $ 136 $ 126 $ 401 $ 345

Note 9 - Share Capital

Note 9 - Share Capital	9 Months Ended
	Sep. 30, 2020
Notes to Financial Statements
Stockholders' Equity Note Disclosure [Text Block]	9. Share capital: The Company has authorized share capital of an unlimited number of common voting shares. (a) Equity issuances: (i) July/August 2020 On July 20, 2020 August 10, 2020, 11,854,472 $5.25 $62.236 $58.234 6% (ii) June 2019 On June 3, 2019, 11,500,000 $1.85 $21.275 $19.594 7% (iii) 2019 On May 7, 2019, 2019 $20 30 May 13, 2019, 171,428 2019 $360 December 16, 2019. September 30, 2019, not 2019 (iv) 2018 On May 30, 2018, 2018 $20 30 June 8, 2018, 170,261 2018 $600 January 1, 2019 May 24, 2019, 2018 5,502,433 $1.82 $10 May 24, 2019, $11.9 2018 May 24, 2019, 6,409,980, (v) 2018 On March 27, 2018, may, $30 nine September 30, 2019, 77,349 $2.37 $183 $178 3% September 30, 2019, $11.2 $10.9 May 24, 2019. (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: Three months ended Nine months ended (in thousands) 2020 2019 2020 2019 Net loss $ (13,249 ) $ (6,844 ) $ (40,525 ) $ (18,568 ) Weighted-average common shares – basic and diluted 85,860 55,454 79,477 47,315 Net loss per share – basic and diluted $ (0.15 ) $ (0.12 ) $ (0.51 ) $ (0.39 ) The effect of any potential exercise of the Company's stock options outstanding during the three nine September 30, 2020 September 30, 2019

Note 10 - Stock-based Compensat

Note 10 - Stock-based Compensation	9 Months Ended
	Sep. 30, 2020
Notes to Financial Statements
Share-based Payment Arrangement [Text Block]	10. Stock-based compensation: (a) Stock options Under the Company's stock option plan, options, rights and other entitlements may 17.5% 15.6 September 30, 2020. four 10 Stock option transactions for the nine September 30, 2020 September 30, 2019, Option numbers are in (000's) Nine months ended Options Weighted average Weighted average remaining Outstanding, beginning of period 5,941 $ 2.84 Granted 6,352 6.82 Exercised (215 ) 2.49 Forfeited (71 ) 2.87 Outstanding, end of the period 12,007 4.93 8.2 Exercisable, end of the period 4,310 2.99 6.5 Vested and expected to vest, end of period 10,853 4.82 8.1 Option numbers are in (000's) Nine months ended Options Weighted average Weighted average remaining Outstanding, beginning of period 4,489 $ 3.11 Granted 2,018 1.97 Exercised (34 ) 1.11 Forfeited (322 ) 2.36 Expired (47 ) 4.33 Outstanding, end of the period 6,104 2.81 7.8 Exercisable, end of the period 3,340 3.34 6.8 Vested and expected to vest, end of period 5,689 2.86 7.7 As of September 30, 2020, $14.1 1.7 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: Nine months ended Nine months ended Risk-free interest rate 1.27 % 2.21 % Expected dividend yield - - Expected volatility 85.9 % 83.9 % Expected life of options (in years) 5 5 Grant date fair value $ 4.59 $ 1.32 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. The following table presents the vesting terms of options granted in the period: Option numbers are in (000's) Nine months ended Nine months ended Number of options Number of options Cliff vesting after one year anniversary 300 335 3 year vesting (50%-25%-25%) 862 160 4 year vesting (50%-16 2/3%-16 2/3%-16 2/3%) 5,190 1,523 Total stock options granted in the period 6,352 2,018 (b) Restricted share units The Company has a stock incentive plan (SIP) pursuant to which the Board may one nine September 30, 2020 2019 Nine months ended, Nine months ended, Number Weighted Number Weighted Outstanding, beginning of period 40 $ 2.00 - $ - Granted 645 7.32 80 2.0 Vested (685 ) 7.01 (40 ) 2.0 Outstanding, end of period - $ - 40 $ 2.0 On March 10, 2020, 645,000 three May 5, 2020, three four July 10, 2020, 645,000 On June 3, 2019, 80,000 40,000 three one May 5, 2020, one one one July 2, 2020, 40,000 The grant date fair value of the March 10, 2020 June 3, 2019 (c) Share-based payment expense The Company recorded share-based payment expense related to stock options and RSUs as follows: Three months ended Nine months ended 2020 2019 2020 2019 Research and development $ 1,051 $ 34 $ 2,784 $ 309 General and administrative 3,854 470 14,223 1,425 $ 4,905 $ 504 $ 17,007 $ 1,734

Note 11 - Related Party Transac

Note 11 - Related Party Transactions	9 Months Ended
	Sep. 30, 2020
Notes to Financial Statements
Related Party Transactions Disclosure [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 a member of our Scientific Advisory Board and former Acting Chief Medical Officer of Aptose up to January 1, 2020, March 2015 During the comparative period ended September 30, 2019, $154

Note 4 - Right-of-use Assets,_2

Note 4 - Right-of-use Assets, Operating Leases (Tables)	9 Months Ended
	Sep. 30, 2020
Notes Tables
Schedule of Right-of-use Assets [Table Text Block]	Nine months ended Year ended Right-of-use assets, beginning of period $ 1,837 1,570 Additions to right-of-use assets 10 267 Right-of-use assets, end of period 1,847 1,837 Accumulated amortization (806 ) (461 ) Right-of use assets, NBV 1,041 1,376

Note 5 - Investments (Tables)

Note 5 - Investments (Tables)	9 Months Ended
	Sep. 30, 2020
Notes Tables
Investment [Table Text Block]	September 30, 2020 Cost Unrealized gain Market value Commercial notes $ 8,999 1 9,000 United States Treasury Bills 23,997 - 23,997 $ 32,996 1 32,997 December 31, 2019 Cost Unrealized gain Market value Guaranteed investment certificates, issued by a Canadian financial institution $ 12,008 18 12,026 Commercial notes 3,736 - 3,736 Canadian provincial promissory note 1,996 - 1,996 $ 17,740 18 17,758

Note 6 - Fair Value Measureme_2

Note 6 - Fair Value Measurements and Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2020
Notes Tables
Fair Value, Assets Measured on Recurring Basis [Table Text Block]	September 30, 2020 Level 1 Level 2 Level 3 Assets High interest savings account $ 96,365 $ - $ 96,365 - Commercial notes 9,000 - 9,000 - United States Treasury Bill 23,997 - 23,997 - $ 129,362 $ - $ 129,362 $ - December 31, 2019 Level 1 Level 2 Level 3 Assets High interest savings account $ 2,989 $ - $ 2,989 $ - Commercial notes 6,235 - 6,235 - Canadian provincial promissory notes 5,493 - 5,493 - Guaranteed investment certificates, issued by a Canadian financial institution 81,243 - 81,243 - $ 95,960 $ - $ 95,960 $ -

Note 7 - Accrued Liabilities (T

Note 7 - Accrued Liabilities (Tables)	9 Months Ended
	Sep. 30, 2020
Notes Tables
Schedule of Accrued Liabilities [Table Text Block]	September 30, December 31, 2020 2019 Accrued personnel related costs $ 1,674 $ 1,739 Accrued research and development costs 1,526 1,062 Other accrued costs 178 257 $ 3,378 $ 3,058

Note 8 - Lease Liability (Table

Note 8 - Lease Liability (Tables)	9 Months Ended
	Sep. 30, 2020
Notes Tables
Lessee, Operating Lease, Liability, Maturity [Table Text Block]	Years ending December 31, 2020 $ 136 2021 552 2022 464 2023 119 Thereafter - $ 1,271
Lessee, Operating Lease Liability and Weighted Average [Table Text Block]	September 30, 2020 December 31, 2019 Weighted-average remaining term – operating leases (in years) 2.4 3.3 Weighted-average discount rate – operating leases 5.40 % 5.43 % Lease liability, current portion 537 521 Lease liability, long term portion 658 1,011 Lease liability, total 1,195 1,532
Schedule of Right-of-use Asset Obtained in Exchange For Operating Lease Liability [Table Text Block]	Nine months ended Nine months ended Right-of-use assets recorded upon adoption of Topic 842, beginning of period $ - $ $1,570 Right-of-use assets obtained in exchange for new operating lease liabilities in the period $ 10 $ $267
Lease, Cost [Table Text Block]	Three months ended Nine months ended 2020 2019 2020 2019 Operating lease cost $ 132 $ 142 $ 399 $ 431 Operating cash flows - operating leases $ 136 $ 126 $ 401 $ 345

Note 9 - Share Capital (Tables)

Note 9 - Share Capital (Tables)	9 Months Ended
	Sep. 30, 2020
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Three months ended Nine months ended (in thousands) 2020 2019 2020 2019 Net loss $ (13,249 ) $ (6,844 ) $ (40,525 ) $ (18,568 ) Weighted-average common shares – basic and diluted 85,860 55,454 79,477 47,315 Net loss per share – basic and diluted $ (0.15 ) $ (0.12 ) $ (0.51 ) $ (0.39 )

Note 10 - Stock-based Compens_2

Note 10 - Stock-based Compensation (Tables)	9 Months Ended
	Sep. 30, 2020
Notes Tables
Share-based Payment Arrangement, Option, Activity [Table Text Block]	Option numbers are in (000's) Nine months ended Options Weighted average Weighted average remaining Outstanding, beginning of period 5,941 $ 2.84 Granted 6,352 6.82 Exercised (215 ) 2.49 Forfeited (71 ) 2.87 Outstanding, end of the period 12,007 4.93 8.2 Exercisable, end of the period 4,310 2.99 6.5 Vested and expected to vest, end of period 10,853 4.82 8.1 Option numbers are in (000's) Nine months ended Options Weighted average Weighted average remaining Outstanding, beginning of period 4,489 $ 3.11 Granted 2,018 1.97 Exercised (34 ) 1.11 Forfeited (322 ) 2.36 Expired (47 ) 4.33 Outstanding, end of the period 6,104 2.81 7.8 Exercisable, end of the period 3,340 3.34 6.8 Vested and expected to vest, end of period 5,689 2.86 7.7
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]	Nine months ended Nine months ended Risk-free interest rate 1.27 % 2.21 % Expected dividend yield - - Expected volatility 85.9 % 83.9 % Expected life of options (in years) 5 5 Grant date fair value $ 4.59 $ 1.32
Schedule of Share-based Payment Award, Options, Grants in Period [Table Text Block]	Option numbers are in (000's) Nine months ended Nine months ended Number of options Number of options Cliff vesting after one year anniversary 300 335 3 year vesting (50%-25%-25%) 862 160 4 year vesting (50%-16 2/3%-16 2/3%-16 2/3%) 5,190 1,523 Total stock options granted in the period 6,352 2,018
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block]	Nine months ended, Nine months ended, Number Weighted Number Weighted Outstanding, beginning of period 40 $ 2.00 - $ - Granted 645 7.32 80 2.0 Vested (685 ) 7.01 (40 ) 2.0 Outstanding, end of period - $ - 40 $ 2.0
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block]	Three months ended Nine months ended 2020 2019 2020 2019 Research and development $ 1,051 $ 34 $ 2,784 $ 309 General and administrative 3,854 470 14,223 1,425 $ 4,905 $ 504 $ 17,007 $ 1,734

Note 3 - Cash and Cash Equiva_2

Note 3 - Cash and Cash Equivalents (Details Textual) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Cash, Ending Balance	$ 3,362	$ 1,640
Cash Equivalents, at Carrying Value, Total	$ 96,365	$ 78,202

Note 4 - Right-of-use Assets,_3

Note 4 - Right-of-use Assets, Operating Leases - Schedule of Right-of-use Assets (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2020	Dec. 31, 2019	Jan. 01, 2020	Jan. 01, 2019
Right-of-use assets, beginning of period	$ 1,041	$ 1,376	$ 1,837	$ 1,570
Additions to right-of-use assets	10	267
Right-of-use assets, end of period	1,847	1,837
Accumulated amortization	(806)	(461)
Right-of use assets	$ 1,041	$ 1,376	$ 1,837	$ 1,570

Note 5 - Investments - Investme

Note 5 - Investments - Investments (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Investment, Cost	$ 32,996	$ 17,740
Investment, Unrealized gain/(loss)	1	18
Investment, Market value	32,997	17,758
Corporate Debt Securities [Member]
Investment, Cost	8,999	3,736
Investment, Unrealized gain/(loss)	1
Investment, Market value	9,000	3,736
Investments [Member]
Investment, Cost		12,008
Investment, Unrealized gain/(loss)		18
Investment, Market value		12,026
US Treasury Securities [Member]
Investment, Cost	23,997
Investment, Unrealized gain/(loss)
Investment, Market value	$ 23,997
Canadian Provincial Promissory Notes [Member]
Investment, Cost		1,996
Investment, Unrealized gain/(loss)
Investment, Market value		$ 1,996

Note 6 - Fair Value Measureme_3

Note 6 - Fair Value Measurements and Financial Instruments - Assets Measured on a Recurring Basis (Details) - Fair Value, Recurring [Member] - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Assets, fair value	$ 129,362	$ 95,960
Fair Value, Inputs, Level 1 [Member]
Assets, fair value
Fair Value, Inputs, Level 2 [Member]
Assets, fair value	129,362	95,960
Fair Value, Inputs, Level 3 [Member]
Assets, fair value
Bank Time Deposits [Member]
Assets, fair value	96,365	2,989
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	96,365	2,989
Bank Time Deposits [Member] | Fair Value, Inputs, Level 3 [Member]
Assets, fair value
Corporate Debt Securities [Member]
Assets, fair value	9,000	6,235
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	9,000	6,235
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member]
Assets, fair value
US Treasury Securities [Member]
Assets, fair value	23,997
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	23,997
US Treasury Securities [Member] | Fair Value, Inputs, Level 3 [Member]
Assets, fair value
Canadian Provincial Promissory Notes [Member]
Assets, fair value		5,493
Canadian Provincial Promissory Notes [Member] | Fair Value, Inputs, Level 1 [Member]
Assets, fair value
Canadian Provincial Promissory Notes [Member] | Fair Value, Inputs, Level 2 [Member]
Assets, fair value		5,493
Canadian Provincial Promissory Notes [Member] | Fair Value, Inputs, Level 3 [Member]
Assets, fair value
Investments [Member]
Assets, fair value		81,243
Investments [Member] | Fair Value, Inputs, Level 1 [Member]
Assets, fair value
Investments [Member] | Fair Value, Inputs, Level 2 [Member]
Assets, fair value		81,243
Investments [Member] | Fair Value, Inputs, Level 3 [Member]
Assets, fair value

Note 7 - Accrued Liabilities -

Note 7 - Accrued Liabilities - Accrued Expenses (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Accrued personnel related costs	$ 1,674	$ 1,739
Accrued research and development costs	1,526	1,062
Other accrued costs	178	257
Accrued Liabilities, Current, Total	$ 3,378	$ 3,058

Note 8 - Lease Liability (Detai

Note 8 - Lease Liability (Details Textual)	Sep. 30, 2020
Lessee, Operating Lease, Renewal Term (Year)	5 years

Note 8 - Lease Liability - Sche

Note 8 - Lease Liability - Schedule of Minimum Payments Under Operating Leases (Details) $ in Thousands	Sep. 30, 2020USD ($)
2020	$ 136
2021	552
2022	464
2023	119
Thereafter
Lessee, Operating Lease, Liability, to be Paid, Total	$ 1,271

Note 8 - Lease Liability - Leas

Note 8 - Lease Liability - Lease Liability (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Weighted-average remaining term – operating leases (in years) (Year)	2 years 146 days	3 years 109 days
Weighted-average discount rate – operating leases	5.40%	5.43%
Lease liability, current portion	$ 537	$ 521
Lease liability, long term portion	658	1,011
Lease liability, total	$ 1,195	$ 1,532

Note 8 - Lease Liability - Sc_2

Note 8 - Lease Liability - Schedule of Right-of-use Asset Obtained in Exchange for Operating Lease Liability (Details) - USD ($) $ in Thousands	9 Months Ended		12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019	Jan. 01, 2020	Jan. 01, 2019
Right-of-use assets, beginning of period	$ 1,041		$ 1,376	$ 1,837	$ 1,570
Right-of-use assets obtained in exchange for new operating lease liabilities in the period	10		$ 267
Accounting Standards Update 2016-02 [Member]
Right-of-use assets, beginning of period		$ 1,570
Right-of-use assets obtained in exchange for new operating lease liabilities in the period	$ 10	$ 267

Note 8 - Lease Liability - Oper

Note 8 - Lease Liability - Operating Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Operating lease cost	$ 132	$ 142	$ 399	$ 431
Operating cash flows - operating leases	$ 136	$ 126	$ 401	$ 345

Note 9 - Share Capital (Details

Note 9 - Share Capital (Details Textual) - USD ($) $ / shares in Units, $ in Thousands	Aug. 10, 2020	Jun. 03, 2019	May 24, 2019	May 13, 2019	Jun. 08, 2018	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	May 07, 2019	Sep. 30, 2019	May 30, 2018	Mar. 27, 2018
Stock Issued During Period, Value, New Issues									$ 19,594
July 2020 Confidentially Marketed Public Offering [Member]
Stock Issued During Period, Shares, New Issues (in shares)	11,854,472
Shares Issued, Price Per Share (in dollars per share)	$ 5.25
Proceeds from Issuance of Common Stock, Gross	$ 62,236
Proceeds from Issuance of Common Stock, Net of Share Issuance Costs	$ 58,234
Stock Issuance, Percent of Cash Commission to Broker	6.00%
June 2019 Public Offering [Member]
Stock Issued During Period, Shares, New Issues (in shares)		11,500,000
Shares Issued, Price Per Share (in dollars per share)		$ 1.85
Proceeds from Issuance of Common Stock, Gross		$ 21,275
Proceeds from Issuance of Common Stock, Net of Share Issuance Costs		$ 19,594
Stock Issuance, Percent of Cash Commission to Broker		7.00%
The 2019 Share Purchase Agreement [Member]
Stock Issued During Period, Shares, New Issues (in shares)				171,428
Stock Issuance Program, Authorized Amount										$ 20,000
Stock Issued During Period, Value, New Issues				$ 360					$ 360
The 2018 Purchase Agreement [Member]
Stock Issued During Period, Shares, New Issues (in shares)			6,409,980		170,261				5,502,433
Shares Issued, Price Per Share (in dollars per share)							$ 1.82		$ 1.82		$ 1.82
Proceeds from Issuance of Common Stock, Gross									$ 10,000	$ 11,900
Stock Issuance Program, Authorized Amount												$ 20,000
Stock Issued During Period, Value, New Issues					$ 600				10,000
Proceeds from Issuance of Common Stock									$ 10,000
The 2018 ATM Offering [Member]
Stock Issued During Period, Shares, New Issues (in shares)									77,349
Shares Issued, Price Per Share (in dollars per share)							$ 2.37		$ 2.37		$ 2.37
Proceeds from Issuance of Common Stock, Gross									$ 183		$ 11,200
Stock Issuance, Percent of Cash Commission to Broker							3.00%		3.00%		3.00%
Stock Issuance Program, Authorized Amount													$ 30,000
Stock Issued During Period, Value, New Issues									$ 178
Proceeds from Issuance of Common Stock									$ 178		$ 10,900

Note 9 - Share Capital - Loss P

Note 9 - Share Capital - Loss Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Net loss for the period	$ (13,249)	$ (6,844)	$ (40,525)	$ (18,568)
Weighted-average common shares – basic and diluted (in shares)	85,860	55,454	79,477	47,315
Net loss per share – basic and diluted (in dollars per share)	$ (0.15)	$ (0.12)	$ (0.51)	$ (0.39)

Note 10 - Stock-based Compens_3

Note 10 - Stock-based Compensation (Details Textual) - USD ($) $ in Millions	Jul. 10, 2020	Jul. 02, 2020	May 05, 2020	Mar. 10, 2020	Jun. 03, 2019	Sep. 30, 2020	Sep. 30, 2019
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 (in shares)						15.6
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)						4 years
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year)						10 years
Share-based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount						$ 14.1
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)						1 year 255 days
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)			120 days	90 days
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)	645,000	40,000		645,000	80,000	645,000	80,000
Restricted Stock Units (RSUs) [Member] | Share-based Payment Arrangement, Tranche One [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)					90 days
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)					40,000
Restricted Stock Units (RSUs) [Member] | Share-based Payment Arrangement, Tranche Two [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year)			1 year 30 days		1 year

Note 10 - Stock-based Compens_4

Note 10 - Stock-based Compensation - Stock Option Transactions (Details) - $ / shares shares in Thousands	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Outstanding, options (in shares)	5,941	4,489
Outstanding, weighted average exercise price (in dollars per share)	$ 2.84	$ 3.11
Granted, options (in shares)	6,352	2,018
Granted, weighted average exercise price (in dollars per share)	$ 6.82	$ 1.97
Exercised, options (in shares)	(215)	(34)
Exercised, weighted average exercise price (in dollars per share)	$ 2.49	$ 1.11
Forfeited, options (in shares)	(71)	(322)
Forfeited, weighted average exercise price (in dollars per share)	$ 2.87	$ 2.36
Outstanding, weighted average remaining contractual life (Year)	8 years 73 days	7 years 292 days
Exercisable, end of the period, options (in shares)	4,310	3,340
Exercisable, end of the Exercisable, weighted average exercise price (in dollars per share)	$ 2.99	$ 3.34
Exercisable, weighted average remaining contractual life (Year)	6 years 182 days	6 years 292 days
Vested and expected to vest, end of period, options (in shares)	10,853	5,689
Vested and expected to vest, weighted average exercise price (in dollars per share)	$ 4.82	$ 2.86
Vested and expected to vest, weighted average remaining contractual life (Year)	8 years 36 days	7 years 255 days
Expired, options (in shares)		(47)
Expired, weighted average exercise price (in dollars per share)		$ 4.33
Outstanding, options (in shares)	12,007	6,104
Outstanding, weighted average exercise price (in dollars per share)	$ 4.93	$ 2.81

Note 10 - Stock-based Compens_5

Note 10 - Stock-based Compensation - Weighted Average Assumptions (Details) - $ / shares	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Risk-free interest rate	1.27%	2.21%
Expected dividend yield
Expected volatility	85.90%	83.90%
Expected life of options (Year)	5 years	5 years
Grant date fair value (in dollars per share)	$ 4.59	$ 1.32

Note 10 - Stock-based Compens_6

Note 10 - Stock-based Compensation - Vesting Terms of Options Granted (Details) - shares shares in Thousands	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Stock options granted in the period (in shares)	6,352	2,018
Options with Cliff Vesting After One Year Anniversary [Member]
Stock options granted in the period (in shares)	300	335
Options with Three Year Vesting [Member]
Stock options granted in the period (in shares)	862	160
Options with Four Year Vesting [Member]
Stock options granted in the period (in shares)	5,190	1,523

Note 10 - Stock-based Compens_7

Note 10 - Stock-based Compensation - Vesting Terms of Options Granted (Details) (Parentheticals)	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Options with Three Year Vesting [Member] | Share-based Payment Arrangement, Tranche One [Member]
Vesting percentage	50.00%	50.00%
Options with Three Year Vesting [Member] | Share-based Payment Arrangement, Tranche Two [Member]
Vesting percentage	25.00%	25.00%
Options with Three Year Vesting [Member] | Share-based Payment Arrangement, Tranche Three [Member]
Vesting percentage	25.00%	25.00%
Options with Four Year Vesting [Member] | Share-based Payment Arrangement, Tranche One [Member]
Vesting percentage	50.00%	50.00%
Options with Four Year Vesting [Member] | Share-based Payment Arrangement, Tranche Two [Member]
Vesting percentage	16.67%	16.67%
Options with Four Year Vesting [Member] | Share-based Payment Arrangement, Tranche Three [Member]
Vesting percentage	16.67%	16.67%
Options with Four Year Vesting [Member] | Share-based Payment Arrangement, Tranche Four [Member]
Vesting percentage	16.67%	16.67%

Note 10 - Stock-based Compens_8

Note 10 - Stock-based Compensation - Restricted Stock Units (Details) - Restricted Stock Units (RSUs) [Member] - $ / shares	Jul. 10, 2020	Jul. 02, 2020	Mar. 10, 2020	Jun. 03, 2019	Sep. 30, 2020	Sep. 30, 2019
Outstanding, beginning of period (in shares)					40,000
Outstanding, beginning of period, weighted average grant date fair value (in dollars per share)					$ 2
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)	645,000	40,000	645,000	80,000	645,000	80,000
Granted, weighted average grant date fair value (in dollars per share)					$ 7.32	$ 2
Vested (in shares)					(685,000)	(40,000)
Vested, end of period, weighted average grant date fair value (in dollars per share)					$ 7.01	$ 2
Outstanding, end of period (in shares)						40,000
Outstanding, end of period, weighted average grant date fair value (in dollars per share)						$ 2

Note 10 - Stock-based Compens_9

Note 10 - Stock-based Compensation - Share-based Payment Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Share-based payment expense	$ 4,905	$ 504	$ 17,007	$ 1,734
Research and Development Expense [Member]
Share-based payment expense	1,051	34	2,784	309
General and Administrative Expense [Member]
Share-based payment expense	$ 3,854	$ 470	$ 14,223	$ 1,425

Note 11 - Related Party Trans_2

Note 11 - Related Party Transactions (Details Textual) $ in Thousands	9 Months Ended
	Sep. 30, 2019USD ($)
Moores Cancer Center at University of California San Diego [Member] | Research and Development Expense, Related Party [Member]
Related Party Transaction, Amounts of Transaction	$ 154