Aptose Biosciences (APTO) 10-Q 4 May 21 2021 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Mar. 31, 2021	May 04, 2021
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	false
Entity Small Business	true
Entity Interactive Data Current	Yes
Entity Common Stock, Shares Outstanding (in shares)		88,943,243
Entity Shell Company	false
Document Type	10-Q
Document Period End Date	Mar. 31, 2021
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
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	Mar. 31, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 87,083	$ 117,393
Investments	24,999	5,000
Prepaid expenses	1,946	2,554
Other current assets	116	129
Total current assets	114,144	125,076
Non-current assets:
Property and equipment	243	261
Right-of-use assets, operating leases	808	925
Total non-current assets	1,051	1,186
Total assets	115,195	126,262
Current liabilities:
Accounts payable	1,608	2,171
Accrued liabilities	3,231	4,102
Current portion of lease liability, operating leases	530	539
Total current liabilities	5,369	6,812
Non-current liabilities:
Lease liability, operating leases	420	535
Total liabilities	5,789	7,347
Shareholders’ equity:
Common shares, no par value, unlimited authorized shares, 88,920,245 and 88,881,737 shares issued and outstanding at March 31, 2021 and December 31, 2020, respectively	429,651	429,523
Additional paid-in capital	57,451	50,861
Accumulated other comprehensive loss	(4,316)	(4,316)
Deficit	(373,380)	(357,153)
Total shareholders’ equity	109,406	118,915
Total liabilities and shareholders’ equity	$ 115,195	$ 126,262

Condensed Consolidated Interi_2

Condensed Consolidated Interim Statements of Financial Position (Current Period Unaudited) (Parentheticals) - $ / shares $ / shares in Thousands	Mar. 31, 2021	Dec. 31, 2020
Common shares, no par value (in dollars per share)	$ 0	$ 0
Common shares, issued (in shares)	88,920,245	88,881,737
Common shares, outstanding (in shares)	88,920,245	88,881,737

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, 2021	Mar. 31, 2020
Revenue
Expenses:
Research and development	8,228	5,934
General and administrative	8,024	5,900
Operating expenses	16,252	11,834
Other income (expense):
Interest income	27	323
Foreign exchange loss	(2)	(15)
Total other income	25	308
Net loss and comprehensive loss	$ (16,227)	$ (11,526)
Basic and diluted loss per common share (in dollars per share)	$ (0.18)	$ (0.15)
Weighted average number of common shares outstanding used in the calculation of (in thousands)
Basic and diluted loss per common share (in shares)	88,884	76,227

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, 2019	76,108
Balance at Dec. 31, 2019	$ 365,490	$ 34,649	$ (4,298)	$ (301,915)	$ 93,926
Common shares issued upon exercise of stock options (in shares)	162				162
Common shares issued upon exercise of stock options	$ 762	(326)			$ 436
Stock-based compensation		4,401			4,401
Net loss				(11,526)	(11,526)
Balance (in shares) at Mar. 31, 2020	76,270
Balance at Mar. 31, 2020	$ 366,252	38,724	(4,298)	(313,441)	87,237
Balance (in shares) at Dec. 31, 2020	88,882
Balance at Dec. 31, 2020	$ 429,523	50,861	(4,316)	(357,153)	$ 118,915
Common shares issued upon exercise of stock options (in shares)	39				39
Common shares issued upon exercise of stock options	$ 128	(53)			$ 75
Stock-based compensation		6,643			6,643
Net loss				(16,227)	(16,227)
Balance (in shares) at Mar. 31, 2021	88,921
Balance at Mar. 31, 2021	$ 429,651	$ 57,451	$ (4,316)	$ (373,380)	$ 109,406

Condensed Consolidated Interi_5

Condensed Consolidated Interim Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Cash flows from (used in) operating activities:
Net loss for the period	$ (16,227)	$ (11,526)
Items not involving cash:
Stock-based compensation	6,643	4,401
Depreciation and amortization	35	41
Amortization of right-of-use assets	117	115
Interest on lease liabilities	13	18
Unrealized foreign exchange gain	(3)	(15)
Accrued interest on investments	(4)	(60)
Change in operating working capital:
Prepaid expenses	608	139
Other assets	13	24
Operating lease payments	(137)	(131)
Accounts payable	(563)	57
Accrued liabilities	(871)	(1,174)
Cash used in operating activities	(10,376)	(8,111)
Cash flows from financing activities:
Issuance of common shares pursuant to exercise of stock options	75	436
Cash provided by financing activities	75	436
Cash flows from (used in) investing activities:
Acquisition of investments, net	(19,995)	(12,411)
Purchase of property and equipment	(17)	(16)
Cash used in investing activities	(20,012)	(12,427)
Effect of exchange rate fluctuations on cash and cash equivalents held	3	14
Decrease in cash and cash equivalents	(30,310)	(20,088)
Cash and cash equivalents, beginning of period	117,393	79,842
Cash and cash equivalents, end of period	$ 87,083	$ 59,754

Note 1 - Reporting Entity

Note 1 - Reporting Entity	3 Months Ended
	Mar. 31, 2021
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 806 3 1, 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 March 31, 2021 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	3 Months Ended
	Mar. 31, 2021
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 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 23, 2021. not may (c) Significant accounting policies, estimates and judgments: During the three March 31, 2021, no 10 December 31, 2020. 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. 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	3 Months Ended
	Mar. 31, 2021
Notes to Financial Statements
Cash and Cash Equivalents Disclosure [Text Block]	3. Cash and cash equivalents: Cash and cash equivalents consists of cash of $604 December 31, 2020 $329 90 $86.479 December 31, 2020 $117.064

Note 4 - Prepaid Expenses

Note 4 - Prepaid Expenses	3 Months Ended
	Mar. 31, 2021
Notes to Financial Statements
Prepaid Expenses [Text Block]	4. Prepaid expenses: March 31, December 31, 2021 2020 Prepaid research and development expenses $ 634 $ 622 Other prepaid expenses 1,312 1,932 $ 1,946 $ 2,554

Note 5 - Right of-use Assets

Note 5 - Right of-use Assets	3 Months Ended
	Mar. 31, 2021
Notes to Financial Statements
Right-of-use Assets Disclosure [Text Block]	5. Right-of-use assets: Three months ended Year ended Right-of-use assets, beginning of period $ 1,848 $ 1,837 Additions to right-of-use assets - 11 Right-of-use assets, end of period 1,848 1,848 Accumulated amortization (1,040 ) (923 ) Right-of use assets, NBV $ 808 $ 925

Note 6 - Investments

Note 6 - Investments	3 Months Ended
	Mar. 31, 2021
Notes to Financial Statements
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block]	6. Investments: Investments consisted of the following as of March 31, 2021 December 31, 2020: March 31, 2021 Cost Unrealized gain/(loss) Market value United States Treasury Bills $ 5,000 - 5,000 Government of Canada Treasury Bills 19,999 - 19,999 $ 24,999 - 24,999 December 31, 2020 Cost Unrealized gain/(loss) Market value United States Treasury Bills $ 5,000 - 5,000 $ 5,000 - 5,000

Note 7 - Fair Value Measurement

Note 7 - Fair Value Measurements and Financial Instruments	3 Months Ended
	Mar. 31, 2021
Notes to Financial Statements
Fair Value Disclosures [Text Block]	7. 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, 2021 Level 1 Level 2 Level 3 Assets Money Market accounts $ 1,232 $ - $ 1,232 - Money Market Funds 40,001 - 40,001 - High interest savings accounts 45,246 - 45,247 - United States Treasury Bill 5,000 - 5,000 - Government of Canada Treasury Bill 19,999 - 19,999 $ 111,478 $ - $ 111,478 $ - December 31, 2020 Level 1 Level 2 Level 3 Assets Money Market accounts $ 668 $ - $ 668 $ - Money Market Funds 44,000 - 44,000 - High interest savings accounts 48,397 - 48,397 - United States Treasury Bill 5,000 - 5,000 - Government of Canada Treasury Bill 23,999 - 23,999 - $ 122,064 $ - $ 122,064 $ -

Note 8 - Accrued Liabilities

Note 8 - Accrued Liabilities	3 Months Ended
	Mar. 31, 2021
Notes to Financial Statements
Accounts Payable and Accrued Liabilities Disclosure [Text Block]	8. Accrued liabilities: Accrued liabilities as of March 31, 2021 December 31, 2020 March 31, December 31 2021 2020 Accrued personnel related costs $ 1,055 $ 1,917 Accrued research and development expenses 1,814 1,932 Other accrued expenses 362 253 $ 3,231 $ 4,102

Note 9 - Lease Liability

Note 9 - Lease Liability	3 Months Ended
	Mar. 31, 2021
Notes to Financial Statements
Lessee, Operating Leases [Text Block]	9. 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, 2021 $ 415 2022 464 2023 119 Thereafter - $ 998 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, March 31, 2021 Weighted-average remaining term – operating leases (years) 2.0 Weighted-average discount rate – operating leases 5.40% Lease liability, current portion 530 Lease liability, long term portion 420 Lease liability, total 950 Operating lease costs and operating cash flows from our operating leases are as follows: Three months ended Three months ended Operating lease cost $ 130 $ 133 Operating cash flows from operating leases $ 137 $ 131

Note 10 - Share Capital

Note 10 - Share Capital	3 Months Ended
	Mar. 31, 2021
Notes to Financial Statements
Stockholders' Equity Note Disclosure [Text Block]	10. Share capital: The Company has authorized share capital of an unlimited number of common voting shares. (a) Equity issuances: 2020 On May 5, 2020, 2020 2020 may, $75 December 31, 2020 first March 21, 2021, not 2020 (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 Three months ended Net loss $ (16,227 ) $ (11,526 ) Weighted-average common shares – basic and diluted 88,884 76,227 Net loss per share – basic and diluted $ (0.18 ) $ (0.15 ) The effect of any potential exercise of the Company's stock options outstanding during the three March 31, 2021 March 31, 2020

Note 11 - Stock-based Compensat

Note 11 - Stock-based Compensation	3 Months Ended
	Mar. 31, 2021
Notes to Financial Statements
Share-based Payment Arrangement [Text Block]	11. Stock-based compensation: (a) Stock options Under the Company's stock option plan, options, rights and other entitlements may 17.5% 15.6 March 31, 2021. four 10 Stock option transactions for the three March 31, 2021 March 31, 2020, Option numbers are in (000's) Three months ended Options Weighted average Weighted average remaining Outstanding, beginning of period 11,942 $ 4.97 Granted 2,962 4.47 Exercised (39 ) 1.97 Forfeited (703 ) 5.67 Outstanding, end of the period 14,162 4.85 7.1 Exercisable, end of the period 7,887 4.59 5.95 Vested and expected to vest, end of period 13,220 4.83 6.99 Option numbers are in (000's) Three months ended Options Weighted average Weighted average remaining contractual life (years ) Outstanding, beginning of period 5,941 $ 2.84 Granted 6,109 6.84 Exercised (162 ) 2.71 Forfeited (30 ) 2.17 Outstanding, end of the period 11,858 4.84 8.6 Exercisable, end of the period 3,990 2.96 6.8 Vested and expected to vest, end of period 10,678 4.73 8.5 As of March 31, 2021, $11.03 1.82 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 0.4 % 1.3 % Expected dividend yield - - Expected volatility 80.7 % 85.8 % Expected life of options (years) 5 5 Grant date fair value $ 2.85 $ 4.60 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) Three months ended Three months ended Number of options Number of options Cliff vesting after one year anniversary - 300 3 year vesting (50%-25%-25%) 430 862 4 year vesting (50%-16 2/3%-16 2/3%-16 2/3%) 2,532 4,947 Total stock options granted in the period 2,962 6,109 · During the quarter ended, 2021, one 1,679,169, $1.03 $7.44, 12 504,833 12 no $945 $663 Restricted share units The Company has a stock incentive plan (SIP) pursuant to which the Board may one three March 31, 2021 2020 Three months ended, Three months ended, Number Weighted average grant date fair value Number Weighted average grant date fair value Outstanding, beginning of period - $ - 40 $ 2.00 Granted - - 645 7.32 Outstanding, end of period - $ - 685 $ 7.01 On March 10, 2020, 645,000 three May 5, 2020, three four July 10, 2020, 645,000 The grant date fair value of the RSUs was determined as the closing value of the common shares of the Company on the Nasdaq Stock Market on the date prior to the date of grant. (b) Share-based payment expense The Company recorded share-based payment expense related to stock options as follows: Three months ended Three months ended Research and development $ 1,378 $ 800 General and administrative 5,265 3,601 Total $ 6,643 $ 4,401

Note 12 - Subsequent Events

Note 12 - Subsequent Events	3 Months Ended
	Mar. 31, 2021
Notes to Financial Statements
Subsequent Events [Text Block]	12. Subsequent events (a) Subsequent to the quarter end, the Company issued 80,000 $5.98.

Significant Accounting Policies

Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2021
Accounting Policies [Abstract]
Consolidation, Policy [Policy Text Block]	(a) Basis of consolidation: These condensed consolidated interim financial statements include the accounts of its subsidiaries. All intercompany transactions, balances, revenue and expenses are eliminated on consolidation.
Basis of Accounting, Policy [Policy Text Block]	(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 23, 2021. not may
Use of Estimates, Policy [Policy Text Block]	(c) Significant accounting policies, estimates and judgments: During the three March 31, 2021, no 10 December 31, 2020. 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. 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.
Foreign Currency Transactions and Translations Policy [Policy Text Block]	(d) Foreign currency: The functional and presentation currency of the Company is the US dollar.
Concentration Risk, Credit Risk, Policy [Policy Text Block]	(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 4 - Prepaid Expenses (Tabl

Note 4 - Prepaid Expenses (Tables)	3 Months Ended
	Mar. 31, 2021
Notes Tables
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Table Text Block]	March 31, December 31, 2021 2020 Prepaid research and development expenses $ 634 $ 622 Other prepaid expenses 1,312 1,932 $ 1,946 $ 2,554

Note 5 - Right of-use Assets (T

Note 5 - Right of-use Assets (Tables)	3 Months Ended
	Mar. 31, 2021
Notes Tables
Schedule of Right-of-use Assets [Table Text Block]	Three months ended Year ended Right-of-use assets, beginning of period $ 1,848 $ 1,837 Additions to right-of-use assets - 11 Right-of-use assets, end of period 1,848 1,848 Accumulated amortization (1,040 ) (923 ) Right-of use assets, NBV $ 808 $ 925

Note 6 - Investments (Tables)

Note 6 - Investments (Tables)	3 Months Ended
	Mar. 31, 2021
Notes Tables
Investment [Table Text Block]	March 31, 2021 Cost Unrealized gain/(loss) Market value United States Treasury Bills $ 5,000 - 5,000 Government of Canada Treasury Bills 19,999 - 19,999 $ 24,999 - 24,999 December 31, 2020 Cost Unrealized gain/(loss) Market value United States Treasury Bills $ 5,000 - 5,000 $ 5,000 - 5,000

Note 7 - Fair Value Measureme_2

Note 7 - Fair Value Measurements and Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2021
Notes Tables
Fair Value, Assets Measured on Recurring Basis [Table Text Block]	March 31, 2021 Level 1 Level 2 Level 3 Assets Money Market accounts $ 1,232 $ - $ 1,232 - Money Market Funds 40,001 - 40,001 - High interest savings accounts 45,246 - 45,247 - United States Treasury Bill 5,000 - 5,000 - Government of Canada Treasury Bill 19,999 - 19,999 $ 111,478 $ - $ 111,478 $ - December 31, 2020 Level 1 Level 2 Level 3 Assets Money Market accounts $ 668 $ - $ 668 $ - Money Market Funds 44,000 - 44,000 - High interest savings accounts 48,397 - 48,397 - United States Treasury Bill 5,000 - 5,000 - Government of Canada Treasury Bill 23,999 - 23,999 - $ 122,064 $ - $ 122,064 $ -

Note 8 - Accrued Liabilities (T

Note 8 - Accrued Liabilities (Tables)	3 Months Ended
	Mar. 31, 2021
Notes Tables
Schedule of Accrued Liabilities [Table Text Block]	March 31, December 31 2021 2020 Accrued personnel related costs $ 1,055 $ 1,917 Accrued research and development expenses 1,814 1,932 Other accrued expenses 362 253 $ 3,231 $ 4,102

Note 9 - Lease Liability (Table

Note 9 - Lease Liability (Tables)	3 Months Ended
	Mar. 31, 2021
Notes Tables
Lessee, Operating Lease, Liability, Maturity [Table Text Block]	Years ending December 31, 2021 $ 415 2022 464 2023 119 Thereafter - $ 998
Lessee, Operating Lease Liability and Weighted Average [Table Text Block]	March 31, 2021 Weighted-average remaining term – operating leases (years) 2.0 Weighted-average discount rate – operating leases 5.40% Lease liability, current portion 530 Lease liability, long term portion 420 Lease liability, total 950
Lease, Cost [Table Text Block]	Three months ended Three months ended Operating lease cost $ 130 $ 133 Operating cash flows from operating leases $ 137 $ 131

Note 10 - Share Capital (Tables

Note 10 - Share Capital (Tables)	3 Months Ended
	Mar. 31, 2021
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Three months ended Three months ended Net loss $ (16,227 ) $ (11,526 ) Weighted-average common shares – basic and diluted 88,884 76,227 Net loss per share – basic and diluted $ (0.18 ) $ (0.15 )

Note 11 - Stock-based Compens_2

Note 11 - Stock-based Compensation (Tables)	3 Months Ended
	Mar. 31, 2021
Notes Tables
Share-based Payment Arrangement, Option, Activity [Table Text Block]	Option numbers are in (000's) Three months ended Options Weighted average Weighted average remaining Outstanding, beginning of period 11,942 $ 4.97 Granted 2,962 4.47 Exercised (39 ) 1.97 Forfeited (703 ) 5.67 Outstanding, end of the period 14,162 4.85 7.1 Exercisable, end of the period 7,887 4.59 5.95 Vested and expected to vest, end of period 13,220 4.83 6.99 Option numbers are in (000's) Three months ended Options Weighted average Weighted average remaining contractual life (years ) Outstanding, beginning of period 5,941 $ 2.84 Granted 6,109 6.84 Exercised (162 ) 2.71 Forfeited (30 ) 2.17 Outstanding, end of the period 11,858 4.84 8.6 Exercisable, end of the period 3,990 2.96 6.8 Vested and expected to vest, end of period 10,678 4.73 8.5
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]	Three months ended Three months ended Risk-free interest rate 0.4 % 1.3 % Expected dividend yield - - Expected volatility 80.7 % 85.8 % Expected life of options (years) 5 5 Grant date fair value $ 2.85 $ 4.60
Schedule of Share-based Payment Award, Options, Grants in Period [Table Text Block]	Option numbers are in (000's) Three months ended Three months ended Number of options Number of options Cliff vesting after one year anniversary - 300 3 year vesting (50%-25%-25%) 430 862 4 year vesting (50%-16 2/3%-16 2/3%-16 2/3%) 2,532 4,947 Total stock options granted in the period 2,962 6,109
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block]	Three months ended, Three months ended, Number Weighted average grant date fair value Number Weighted average grant date fair value Outstanding, beginning of period - $ - 40 $ 2.00 Granted - - 645 7.32 Outstanding, end of period - $ - 685 $ 7.01
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block]	Three months ended Three months ended Research and development $ 1,378 $ 800 General and administrative 5,265 3,601 Total $ 6,643 $ 4,401

Note 3 - Cash and Cash Equiva_2

Note 3 - Cash and Cash Equivalents (Details Textual) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Cash, Ending Balance	$ 604	$ 329
Cash Equivalents, at Carrying Value, Total	$ 86,479	$ 117,064

Note 4 - Prepaid Expenses - Pre

Note 4 - Prepaid Expenses - Prepaid Expenses and Other Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Prepaid research and development expenses	$ 634	$ 622
Other prepaid expenses	1,312	1,932
Prepaid Expense, Current, Total	$ 1,946	$ 2,554

Note 5 - Right of-use Assets -

Note 5 - Right of-use Assets - Schedule of Right-of-use Assets (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020	Jan. 01, 2021	Jan. 01, 2020
Right-of-use assets, beginning of period	$ 808	$ 925	$ 1,848	$ 1,837
Additions to right-of-use assets		11
Right-of-use assets, end of period	1,848	1,848
Accumulated amortization	(1,040)	(923)
Right-of use assets, NBV	$ 808	$ 925	$ 1,848	$ 1,837

Note 6 - Investments - Investme

Note 6 - Investments - Investments (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Investment, Cost	$ 24,999	$ 5,000
Investment, Unrealized gain/(loss)
Investment, Market value	24,999	5,000
US Treasury Securities [Member]
Investment, Cost	5,000	5,000
Investment, Unrealized gain/(loss)
Investment, Market value	5,000	$ 5,000
Canadian Treasury Securities [Member]
Investment, Cost	19,999
Investment, Unrealized gain/(loss)
Investment, Market value	$ 19,999

Note 7 - Fair Value Measureme_3

Note 7 - Fair Value Measurements and Financial Instruments - Assets Measured on a Recurring Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Assets, fair value	$ 111,478	$ 122,064
Fair Value, Inputs, Level 1 [Member]
Assets, fair value
Fair Value, Inputs, Level 2 [Member]
Assets, fair value	111,478	122,064
Fair Value, Inputs, Level 3 [Member]
Assets, fair value
Money Market Accounts [Member]
Assets, fair value	1,232	668
Money Market Accounts [Member] | Fair Value, Inputs, Level 1 [Member]
Assets, fair value
Money Market Accounts [Member] | Fair Value, Inputs, Level 2 [Member]
Assets, fair value	1,232	668
Money Market Accounts [Member] | Fair Value, Inputs, Level 3 [Member]
Assets, fair value
Money Market Funds [Member]
Assets, fair value	40,001	44,000
Money Market Funds [Member] | Fair Value, Inputs, Level 1 [Member]
Assets, fair value
Money Market Funds [Member] | Fair Value, Inputs, Level 2 [Member]
Assets, fair value	40,001	44,000
Money Market Funds [Member] | Fair Value, Inputs, Level 3 [Member]
Assets, fair value
Bank Time Deposits [Member]
Assets, fair value	45,246	48,397
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	45,247	48,397
Bank Time Deposits [Member] | Fair Value, Inputs, Level 3 [Member]
Assets, fair value
US Treasury Securities [Member]
Assets, fair value	5,000	5,000
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	5,000	5,000
US Treasury Securities [Member] | Fair Value, Inputs, Level 3 [Member]
Assets, fair value
Canadian Treasury Securities [Member]
Assets, fair value	19,999	23,999
Canadian Treasury Securities [Member] | Fair Value, Inputs, Level 1 [Member]
Assets, fair value
Canadian Treasury Securities [Member] | Fair Value, Inputs, Level 2 [Member]
Assets, fair value	19,999	23,999
Canadian Treasury Securities [Member] | Fair Value, Inputs, Level 3 [Member]
Assets, fair value

Note 8 - Accrued Liabilities -

Note 8 - Accrued Liabilities - Accrued Expenses (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Accrued personnel related costs	$ 1,055	$ 1,917
Accrued research and development expenses	1,814	1,932
Other accrued expenses	362	253
Accrued Liabilities, Current, Total	$ 3,231	$ 4,102

Note 9 - Lease Liability (Detai

Note 9 - Lease Liability (Details Textual)	Mar. 31, 2021
Lessee, Operating Lease, Renewal Term (Year)	5 years

Note 9 - Lease Liability - Sche

Note 9 - Lease Liability - Schedule of Minimum Payments Under Operating Leases (Details) $ in Thousands	Mar. 31, 2021USD ($)
2021	$ 415
2022	464
2023	119
Thereafter
Lessee, Operating Lease, Liability, to be Paid, Total	$ 998

Note 9 - Lease Liability - Leas

Note 9 - Lease Liability - Lease Liability (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Weighted-average remaining term – operating leases (years) (Year)	2 years
Weighted-average discount rate – operating leases	5.40%
Lease liability, current portion	$ 530	$ 539
Lease liability, long term portion	420	$ 535
Lease liability, total	$ 950

Note 9 - Lease Liability - Oper

Note 9 - Lease Liability - Operating Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Operating lease cost	$ 130	$ 133
Operating cash flows from operating leases	$ 137	$ 131

Note 10 - Share Capital (Detail

Note 10 - Share Capital (Details Textual) - The 2019 ATM Offering [Member] - USD ($) shares in Thousands, $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020	May 05, 2020
Stock Issuance Program, Authorized Amount			$ 75
Stock Issued During Period, Shares, New Issues (in shares)	0	0

Note 10 - Share Capital - Loss

Note 10 - Share Capital - Loss Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Net loss	$ (16,227)	$ (11,526)
Weighted-average common shares – basic and diluted (in shares)	88,884	76,227
Net loss per share – basic and diluted (in dollars per share)	$ (0.18)	$ (0.15)

Note 11 - Stock-based Compens_3

Note 11 - Stock-based Compensation (Details Textual) - USD ($) $ / shares in Units, $ in Thousands	Jul. 10, 2020	May 05, 2020	Mar. 10, 2020	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
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)						15,600,000
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				$ 11,030
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)				1 year 299 days
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number (in shares)				7,887,000	3,990,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price (in dollars per share)				$ 4.59	$ 2.96
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term (Month)				5 years 346 days	6 years 292 days
Share-based Payment Arrangement, Expense				$ 6,643	$ 4,401
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		645,000
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures, Total (in shares)	645,000
Officer [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number (in shares)				1,679,169
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term (Month)				1 year
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Weighted Average Remaining Contractual Term (Month)				1 year
Officer [Member] | Continuing Vesting Options with No Service Requirement [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Accelerated Vesting, Number (in shares)				504,833
Officer [Member] | Vested Options [Member]
Share-based Payment Arrangement, Expense				$ 945
Officer [Member] | Unvested Options [Member]
Share-based Payment Arrangement, Expense				$ 663
Officer [Member] | Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price (in dollars per share)				$ 1.03
Officer [Member] | Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price (in dollars per share)				$ 7.44

Note 11 - Stock-based Compens_4

Note 11 - Stock-based Compensation - Stock Option Transactions (Details) - $ / shares shares in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Outstanding, options, beginning of period (in shares)	11,942	5,941
Outstanding, weighted average exercise price (in dollars per share)	$ 4.97	$ 2.84
Granted, options (in shares)	2,962	6,109
Granted, weighted average exercise price (in dollars per share)	$ 4.47	$ 6.84
Exercised, options (in shares)	(39)	(162)
Exercised, weighted average exercise price (in dollars per share)	$ 1.97	$ 2.71
Forfeited, options (in shares)	(703)	(30)
Forfeited, weighted average exercise price (in dollars per share)	$ 5.67	$ 2.17
Outstanding, options, end of period (in shares)	14,162	11,858
Outstanding, weighted average exercise price (in dollars per share)	$ 4.85	$ 4.84
Outstanding, weighted average remaining contractual life (Year)	7 years 36 days	8 years 219 days
Exercisable, end of the period (in shares)	7,887	3,990
Exercisable, weighted average exercise price (in dollars per share)	$ 4.59	$ 2.96
Exercisable, weighted average remaining contractual life (Year)	5 years 346 days	6 years 292 days
Vested and expected to vest, end of period (in shares)	13,220	10,678
Vested and expected to vest, weighted average exercise price (in dollars per share)	$ 4.83	$ 4.73
Vested and expected to vest, weighted average remaining contractual life (Year)	6 years 361 days	8 years 182 days

Note 11 - Stock-based Compens_5

Note 11 - Stock-based Compensation - Weighted Average Assumptions (Details) - $ / shares	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Risk-free interest rate	0.40%	1.30%
Expected dividend yield
Expected volatility	80.70%	85.80%
Expected life of options (Year)	5 years	5 years
Grant date fair value (in dollars per share)	$ 2.85	$ 4.60

Note 11 - Stock-based Compens_6

Note 11 - Stock-based Compensation - Vesting Terms of Options Granted (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Stock options granted in the period (in shares)	2,962	6,109
Options with Cliff Vesting After One Year Anniversary [Member]
Stock options granted in the period (in shares)		300
Options with Three Year Vesting [Member]
Stock options granted in the period (in shares)	430	862
Options with Four Year Vesting [Member]
Stock options granted in the period (in shares)	2,532	4,947

Note 11 - Stock-based Compens_7

Note 11 - Stock-based Compensation - Vesting Terms of Options Granted (Details) (Parentheticals)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
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 11 - Stock-based Compens_8

Note 11 - Stock-based Compensation - Restricted Stock Units (Details) - Restricted Stock Units (RSUs) [Member] - $ / shares	Mar. 10, 2020	Mar. 31, 2021	Mar. 31, 2020
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		645,000
Granted, weighted average grant date fair value (in dollars per share)			$ 7.32
Outstanding, end of period (in shares)			685,000
Outstanding, end of period, weighted average grant date fair value (in dollars per share)			$ 7.01

Note 11 - Stock-based Compens_9

Note 11 - Stock-based Compensation - Share-based Payment Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Share-based payment expense	$ 6,643	$ 4,401
Research and Development Expense [Member]
Share-based payment expense	1,378	800
General and Administrative Expense [Member]
Share-based payment expense	$ 5,265	$ 3,601

Note 12 - Subsequent Events (De

Note 12 - Subsequent Events (Details Textual) - $ / shares	1 Months Ended	3 Months Ended
	May 04, 2021	Mar. 31, 2021	Mar. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period (in shares)		39,000	162,000
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price (in dollars per share)		$ 1.97	$ 2.71
Subsequent Event [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period (in shares)	80,000
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price (in dollars per share)	$ 5.98