Aptose Biosciences (APTO) 10-Q 3 Aug 21 2021 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jun. 30, 2021	Aug. 03, 2021
Document Information [Line Items]
Entity Central Index Key	0000882361
Entity Registrant Name	Aptose Biosciences Inc.
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2021
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2021
Document Transition Report	false
Entity File Number	1-35447
Entity Incorporation, State or Country Code	Z4
Entity Tax Identification Number	98-1136802
Entity Address, Address Line One	251 Consumers Road, Suite 1105
Entity Address, City or Town	Toronto
Entity Address, State or Province	ON
Entity Address, Country	CA
Entity Address, Postal Zip Code	M2J 4R3
City Area Code	647
Local Phone Number	479-9828
Title of 12(b) Security	Common Shares, no par value
Trading Symbol	APTO
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		88,948,744

Condensed Consolidated Interim

Condensed Consolidated Interim Statements of Financial Position (Current Period Unaudited) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 83,343	$ 117,393
Investments	19,999	5,000
Prepaid expenses	1,822	2,554
Other current assets	141	129
Total current assets	105,305	125,076
Non-current assets:
Property and equipment	208	261
Right-of-use assets, operating leases	698	925
Total non-current assets	906	1,186
Total assets	106,211	126,262
Current liabilities:
Accounts payable	2,914	2,171
Accrued liabilities	4,283	4,102
Current portion of lease liability, operating leases	508	539
Total current liabilities	7,705	6,812
Non-current liabilities:
Lease liability, operating leases	321	535
Total liabilities	8,026	7,347
Shareholders’ equity:
Common shares, no par value, unlimited authorized shares, 88,948,744 and 88,881,737 shares issued and outstanding at June 30, 2021 and December 31, 2020, respectively	429,795	429,523
Additional paid-in capital	59,556	50,861
Accumulated other comprehensive loss	(4,316)	(4,316)
Deficit	(386,850)	(357,153)
Total shareholders’ equity	98,185	118,915
Total liabilities and shareholders’ equity	$ 106,211	$ 126,262

Condensed Consolidated Interi_2

Condensed Consolidated Interim Statements of Financial Position (Current Period Unaudited) (Parentheticals) - $ / shares $ / shares in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Common shares, no par value (in dollars per share)	$ 0	$ 0
Common stock, shares authorized	Unlimited	Unlimited
Common shares, issued (in shares)	88,948,744	88,881,737
Common shares, outstanding (in shares)	88,948,744	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		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Revenue	$ 0	$ 0	$ 0	$ 0
Expenses:
Research and development	9,831	6,866	18,059	12,800
General and administrative	3,657	9,015	11,681	14,915
Operating expenses	13,488	15,881	29,740	27,715
Other income (expense):
Interest income	23	116	50	439
Foreign exchange gains/(losses)	(5)	15	(7)	0
Total other income	18	131	43	439
Net loss	(13,470)	(15,750)	(29,697)	(27,276)
Other comprehensive gain/(loss):
Unrealized loss on securities available-for-sale	0	(15)	0	(15)
Total comprehensive loss	$ (13,470)	$ (15,765)	$ (29,697)	$ (27,291)
Basic and diluted loss per common share (in dollars per share)	$ (0.15)	$ (0.21)	$ (0.33)	$ (0.36)
Weighted average number of common shares outstanding used in the calculation of (in thousands)
Basic and diluted loss per common share (in shares)	88,946	76,275	88,915	76,251

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)	191				191
Common shares issued upon exercise of stock options	$ 847	(365)	0	0	$ 482
Stock-based compensation		12,102			12,102
Net loss				(27,276)	(27,276)
Other comprehensive loss	$ 0	0	(15)	0	(15)
Balance (in shares) at Jun. 30, 2020	76,299
Balance at Jun. 30, 2020	$ 366,337	46,386	(4,313)	(329,191)	79,219
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)	67				67
Common shares issued upon exercise of stock options	$ 272	(112)	0	0	$ 160
Stock-based compensation		8,807			8,807
Net loss				(29,697)	(29,697)
Balance (in shares) at Jun. 30, 2021	88,949
Balance at Jun. 30, 2021	$ 429,795	$ 59,556	$ (4,316)	$ (386,850)	$ 98,185

Condensed Consolidated Interi_5

Condensed Consolidated Interim Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Cash flows from (used in) operating activities:
Net loss for the period	$ (13,470)	$ (15,750)	$ (29,697)	$ (27,276)
Items not involving cash:
Stock-based compensation	2,164	7,701	8,807	12,102
Depreciation and amortization	35	37	70	78
Amortization of right-of-use assets	117	115	234	229
Interest on lease liabilities	12	19	25	37
Unrealized foreign exchange (loss)/gain	(2)	3	(5)	10
Accrued interest on investments	2	88	(2)	28
Change in non-cash operating working capital:
Prepaid expenses	124	(137)	732	2
Other assets	(25)	0	(12)	24
Operating lease payments	(140)	(134)	(277)	(265)
Account payable	1,306	(114)	743	(57)
Accrued liabilities	1,052	1,008	181	(166)
Cash used in operating activities	(8,825)	(7,164)	(19,201)	(15,254)
Cash flows from (used in) financing activities:
Issuance of common shares upon exercise of stock options	85	46	160	482
Cash provided by financing activities	85	46	160	482
Cash flows from (used in) investing activities:
Maturity (acquisition) of investments, net	4,999	1,516	(14,996)	(10,895)
Purchase of property and equipment	0	(37)	(17)	(53)
Cash provided by (used in) investing activities	4,999	1,479	(15,013)	(10,948)
Effect of exchange rate fluctuations on cash and cash equivalents held	1	(3)	4	(10)
Decrease in cash and cash equivalents	(3,740)	(5,642)	(34,050)	(25,730)
Cash and cash equivalents, beginning of period	87,083	59,754	117,393	79,842
Cash and cash equivalents, end of period	$ 83,343	$ 54,112	$ 83,343	$ 54,112

Note 1 - Reporting Entity

Note 1 - Reporting Entity	6 Months Ended
	Jun. 30, 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 June 30, 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	6 Months Ended
	Jun. 30, 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 six June 30, 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‑low

Note 3 - Cash and Cash Equivale

Note 3 - Cash and Cash Equivalents	6 Months Ended
	Jun. 30, 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 $764 thousand ( December 31, 2020 90 December 31, 2020

Note 4 - Prepaid Expenses

Note 4 - Prepaid Expenses	6 Months Ended
	Jun. 30, 2021
Notes to Financial Statements
Prepaid Expenses [Text Block]	4. Prepaid expenses: June 30, December 31, 2021 2020 Prepaid research and development expenses $ 1,052 $ 622 Other prepaid expenses 770 1,932 $ 1,822 $ 2,554

Note 5 - Right-of-use Assets

Note 5 - Right-of-use Assets	6 Months Ended
	Jun. 30, 2021
Notes to Financial Statements
Right-of-use Assets Disclosure [Text Block]	5. Right-of-use assets: Six months ended Year ended Right-of-use assets, beginning of period $ 1,848 $ 1,837 Additions to right-of-use assets 7 11 Right-of-use assets, end of period 1,855 1,848 Accumulated amortization (1,157 ) (923 ) Right-of use assets, NBV $ 698 $ 925

Note 6 - Investments

Note 6 - Investments	6 Months Ended
	Jun. 30, 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 June 30, 2021 December 31, 2020: June 30, 2021 Cost Unrealized gain Market value Commercial notes $ 19,999 - 19,999 $ 19,999 - 19,999 December 31, 2020 Cost Unrealized gain 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	6 Months Ended
	Jun. 30, 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 fair value of the Company’s financial instruments for the periods presented: June 30, 2021 Level 1 Level 2 Level 3 Assets Money Market accounts $ 207 $ - $ 207 $ - Money Market Funds 38,501 - 38,501 - High interest savings accounts 43,871 - 43,871 - Commercial notes 19,999 - 19,999 - $ 102,578 $ - $ 102,578 $ - 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	6 Months Ended
	Jun. 30, 2021
Notes to Financial Statements
Accounts Payable and Accrued Liabilities Disclosure [Text Block]	8. Accrued liabilities: Accrued liabilities as of June 30, 2021 December 31, 2020 June 30, December 31, 2021 2020 Accrued personnel related costs $ 1,493 $ 1,917 Accrued research and development expenses 2,158 1,932 Other accrued expenses 632 253 $ 4,283 $ 4,102

Note 9 - Lease Liability

Note 9 - Lease Liability	6 Months Ended
	Jun. 30, 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 February 28, 2022. June 30, 2023 5 not Minimum payments, undiscounted, under our operating leases are as follows: Years ending December 31, 2021 $ 278 2022 467 2023 120 Thereafter - $ 865 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, June 30, December 30, 2021 2020 Weighted-average remaining term – operating leases 1.64 Years 2.1 Years Weighted-average discount rate – operating leases 5.39 % 5.40 % Lease liability, current portion $ 508 $ 539 Lease liability, long term portion 321 535 Lease liability, total $ 829 $ 1,074 Operating lease costs and operating cash flows from our operating leases are as follows: Three months ended Six months ended 2021 2020 2021 2020 Operating lease cost $ 129 $ 134 $ 259 $ 267 Operating cash flows from operating leases $ 140 $ 134 $ 277 $ 265

Note 10 - Share Capital

Note 10 - Share Capital	6 Months Ended
	Jun. 30, 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, December 31, 2020 six June 30, 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 Six months ended 2021 2020 2021 2020 Net loss $ (13,470 ) $ (15,750 ) $ (29,697 ) $ (27,276 ) Weighted-average common shares – basic and diluted 88,946 76,275 88,915 76,251 Net loss per share – basic and diluted $ (0.15 ) $ (0.21 ) $ (0.33 ) $ (0.36 ) The effect of any potential exercise of the Company’s stock options outstanding during the three six June 30, 2021 June 30, 2020

Note 11 - Stock-based Compensat

Note 11 - Stock-based Compensation	6 Months Ended
	Jun. 30, 2021
Notes to Financial Statements
Share-based Payment Arrangement [Text Block]	11. Stock based compensation: a. Stock option plan and employee stock purchase plan Effective June 1, 2021, The New Incentive Plan authorizes the Board of Directors to administer the New Incentive Plan to provide equity‑based compensation in the form of stock options, stock appreciation rights., restricted stock, restricted stock units, and Dividend Equivalents. The Corporation currently maintains its existing Share Option Plan and 2015 2015 June 1, 2021 no 2015 The aggregate number of our common shares, no may June 1, 2021, not not Under both the Share Option Plan and the New Incentive 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 The Company uses the fair value based method of accounting for employee awards granted under both plans. 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. The ESPP, which will be administered by the Board of Directors, allows eligible employees of the Company with an opportunity to purchase Common Shares through accumulated payroll deductions up to a maximum 15% first February 1 August 1 85% The maximum number of Common Shares which will be made available for sale under the ESPP will be 1,700,000 Common Shares. The Company has not first June 30, 2021. Stock option transactions for the six June 30, 2021 June 30, 2020, Option numbers are in (000 s) Six months ended June 30, 2021 Options Weighted average exercise price Outstanding, beginning of period 11,942 $ 4.97 Granted 3,156 4.55 Exercised (67 ) 2.39 Forfeited (800 ) 5.67 Outstanding, end of the period 14,231 4.88 6.9 Exercisable, end of the period 8,001 4.60 5.7 Vested and expected to vest, end of period 13,296 4.85 6.8 Option numbers are in (000 s) Six months ended June 30, 2020 Options Weighted average exercise price Outstanding, beginning of period 5,941 $ 2.84 Granted 6,272 6.84 Exercised (191 ) 2.55 Forfeited (71 ) 2.87 Outstanding, end of the period 11,951 4.91 8.4 Exercisable, end of the period 4,190 2.97 6.6 Vested and expected to vest, end of period 10,786 4.79 8.3 As of June 30, 2021, The following table presents the weighted average assumptions that were used in the Black‑Scholes option pricing model to determine the fair value of stock options granted during the period, and the resultant weighted average fair values: Six months ended June 30, 2021 Six months ended June 30, 2020 Risk-free interest rate 0.43 % 1.28 % Expected dividend yield - - Expected volatility 80.8 % 85.9 % Expected life of options (years) 5 5 Grant date fair value $ 2.91 $ 4.61 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) Six months ended Six 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%) 2,726 5,110 Total stock options granted in the period 3,156 6,272 During the six June 30, 2021, one no Restricted share units The Company has a stock incentive plan (SIP) pursuant to which the Board may one six June 30, 2021 2020 Six months ended, June 30, 2021 Six months ended, June 30, 2020 Number (in thousands) Weighted average grant date fair value Number (in thousands) 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, three May 5, 2020, three four July 10, 2020, 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 and RSUs as follows: Three months ended June 30, Six months ended June 30, 2021 2020 2021 2020 Research and development $ 998 $ 933 $ 2,376 $ 1,733 General and administrative 1,166 6,768 6,431 10,369 $ 2,164 $ 7,701 $ 8,807 $ 12,102

Significant Accounting Policies

Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 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 six June 30, 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‑low

Note 4 - Prepaid Expenses (Tabl

Note 4 - Prepaid Expenses (Tables)	6 Months Ended
	Jun. 30, 2021
Notes Tables
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Table Text Block]	June 30, December 31, 2021 2020 Prepaid research and development expenses $ 1,052 $ 622 Other prepaid expenses 770 1,932 $ 1,822 $ 2,554

Note 5 - Right-of-use Assets (T

Note 5 - Right-of-use Assets (Tables)	6 Months Ended
	Jun. 30, 2021
Notes Tables
Schedule of Right-of-use Assets [Table Text Block]	Six months ended Year ended Right-of-use assets, beginning of period $ 1,848 $ 1,837 Additions to right-of-use assets 7 11 Right-of-use assets, end of period 1,855 1,848 Accumulated amortization (1,157 ) (923 ) Right-of use assets, NBV $ 698 $ 925

Note 6 - Investments (Tables)

Note 6 - Investments (Tables)	6 Months Ended
	Jun. 30, 2021
Notes Tables
Investment [Table Text Block]	June 30, 2021 Cost Unrealized gain Market value Commercial notes $ 19,999 - 19,999 $ 19,999 - 19,999 December 31, 2020 Cost Unrealized gain 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)	6 Months Ended
	Jun. 30, 2021
Notes Tables
Fair Value, Assets Measured on Recurring Basis [Table Text Block]	June 30, 2021 Level 1 Level 2 Level 3 Assets Money Market accounts $ 207 $ - $ 207 $ - Money Market Funds 38,501 - 38,501 - High interest savings accounts 43,871 - 43,871 - Commercial notes 19,999 - 19,999 - $ 102,578 $ - $ 102,578 $ - 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)	6 Months Ended
	Jun. 30, 2021
Notes Tables
Schedule of Accrued Liabilities [Table Text Block]	June 30, December 31, 2021 2020 Accrued personnel related costs $ 1,493 $ 1,917 Accrued research and development expenses 2,158 1,932 Other accrued expenses 632 253 $ 4,283 $ 4,102

Note 9 - Lease Liability (Table

Note 9 - Lease Liability (Tables)	6 Months Ended
	Jun. 30, 2021
Notes Tables
Lessee, Operating Lease, Liability, Maturity [Table Text Block]	Years ending December 31, 2021 $ 278 2022 467 2023 120 Thereafter - $ 865
Lessee, Operating Lease Liability and Weighted Average [Table Text Block]	June 30, December 30, 2021 2020 Weighted-average remaining term – operating leases 1.64 Years 2.1 Years Weighted-average discount rate – operating leases 5.39 % 5.40 % Lease liability, current portion $ 508 $ 539 Lease liability, long term portion 321 535 Lease liability, total $ 829 $ 1,074
Lease, Cost [Table Text Block]	Three months ended Six months ended 2021 2020 2021 2020 Operating lease cost $ 129 $ 134 $ 259 $ 267 Operating cash flows from operating leases $ 140 $ 134 $ 277 $ 265

Note 10 - Share Capital (Tables

Note 10 - Share Capital (Tables)	6 Months Ended
	Jun. 30, 2021
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Three months ended Six months ended 2021 2020 2021 2020 Net loss $ (13,470 ) $ (15,750 ) $ (29,697 ) $ (27,276 ) Weighted-average common shares – basic and diluted 88,946 76,275 88,915 76,251 Net loss per share – basic and diluted $ (0.15 ) $ (0.21 ) $ (0.33 ) $ (0.36 )

Note 11 - Stock-based Compens_2

Note 11 - Stock-based Compensation (Tables)	6 Months Ended
	Jun. 30, 2021
Notes Tables
Share-based Payment Arrangement, Option, Activity [Table Text Block]	Option numbers are in (000 s) Six months ended June 30, 2021 Options Weighted average exercise price Outstanding, beginning of period 11,942 $ 4.97 Granted 3,156 4.55 Exercised (67 ) 2.39 Forfeited (800 ) 5.67 Outstanding, end of the period 14,231 4.88 6.9 Exercisable, end of the period 8,001 4.60 5.7 Vested and expected to vest, end of period 13,296 4.85 6.8 Option numbers are in (000 s) Six months ended June 30, 2020 Options Weighted average exercise price Outstanding, beginning of period 5,941 $ 2.84 Granted 6,272 6.84 Exercised (191 ) 2.55 Forfeited (71 ) 2.87 Outstanding, end of the period 11,951 4.91 8.4 Exercisable, end of the period 4,190 2.97 6.6 Vested and expected to vest, end of period 10,786 4.79 8.3
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]	Six months ended June 30, 2021 Six months ended June 30, 2020 Risk-free interest rate 0.43 % 1.28 % Expected dividend yield - - Expected volatility 80.8 % 85.9 % Expected life of options (years) 5 5 Grant date fair value $ 2.91 $ 4.61
Schedule of Share-based Payment Award, Options, Grants in Period [Table Text Block]	Option numbers are in (000 s) Six months ended Six 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%) 2,726 5,110 Total stock options granted in the period 3,156 6,272
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block]	Six months ended, June 30, 2021 Six months ended, June 30, 2020 Number (in thousands) Weighted average grant date fair value Number (in thousands) 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 June 30, Six months ended June 30, 2021 2020 2021 2020 Research and development $ 998 $ 933 $ 2,376 $ 1,733 General and administrative 1,166 6,768 6,431 10,369 $ 2,164 $ 7,701 $ 8,807 $ 12,102

Note 3 - Cash and Cash Equiva_2

Note 3 - Cash and Cash Equivalents (Details Textual) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Cash, Ending Balance	$ 764,000	$ 329
Cash Equivalents, at Carrying Value, Total	$ 82,579	$ 117,064

Note 4 - Prepaid Expenses - Pre

Note 4 - Prepaid Expenses - Prepaid Expenses and Other Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Prepaid research and development expenses	$ 1,052	$ 622
Other prepaid expenses	770	1,932
Prepaid Expense, Current, Total	$ 1,822	$ 2,554

Note 5 - Right-of-use Assets -

Note 5 - Right-of-use Assets - Schedule of Right-of-use Assets (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020	Jan. 01, 2021	Jan. 01, 2020
Right-of-use assets, beginning of period	$ 698	$ 925	$ 1,848	$ 1,837
Additions to right-of-use assets	7	11
Right-of-use assets, end of period	1,855	1,848
Accumulated amortization	(1,157)	(923)
Right-of use assets, NBV	$ 698	$ 925	$ 1,848	$ 1,837

Note 6 - Investments - Investme

Note 6 - Investments - Investments (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Investment, Cost	$ 19,999	$ 5,000
Investment, Unrealized gain/(loss)	0	0
Investment, Market value	19,999	5,000
Corporate Debt Securities [Member]
Investment, Cost	19,999
Investment, Unrealized gain/(loss)	0
Investment, Market value	$ 19,999
US Treasury Securities [Member]
Investment, Cost		5,000
Investment, Unrealized gain/(loss)		0
Investment, Market value		$ 5,000

Note 7 - Fair Value Measureme_3

Note 7 - Fair Value Measurements and Financial Instruments - Assets Measured on a Recurring Basis (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Assets, fair value	$ 102,578	$ 122,064
Fair Value, Inputs, Level 1 [Member]
Assets, fair value	0	0
Fair Value, Inputs, Level 2 [Member]
Assets, fair value	102,578	122,064
Fair Value, Inputs, Level 3 [Member]
Assets, fair value	0	0
Money Market Accounts [Member]
Assets, fair value	207	668
Money Market Accounts [Member] | Fair Value, Inputs, Level 1 [Member]
Assets, fair value	0	0
Money Market Accounts [Member] | Fair Value, Inputs, Level 2 [Member]
Assets, fair value	207	668
Money Market Accounts [Member] | Fair Value, Inputs, Level 3 [Member]
Assets, fair value	0	0
Money Market Funds [Member]
Assets, fair value	38,501	44,000
Money Market Funds [Member] | Fair Value, Inputs, Level 1 [Member]
Assets, fair value	0	0
Money Market Funds [Member] | Fair Value, Inputs, Level 2 [Member]
Assets, fair value	38,501	44,000
Money Market Funds [Member] | Fair Value, Inputs, Level 3 [Member]
Assets, fair value	0	0
Bank Time Deposits [Member]
Assets, fair value	43,871	48,397
Bank Time Deposits [Member] | Fair Value, Inputs, Level 1 [Member]
Assets, fair value	0	0
Bank Time Deposits [Member] | Fair Value, Inputs, Level 2 [Member]
Assets, fair value	43,871	48,397
Bank Time Deposits [Member] | Fair Value, Inputs, Level 3 [Member]
Assets, fair value	0	0
Corporate Debt Securities [Member]
Assets, fair value	19,999
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member]
Assets, fair value	0
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member]
Assets, fair value	19,999
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member]
Assets, fair value	$ 0
US Treasury Securities [Member]
Assets, fair value		5,000
US Treasury Securities [Member] | Fair Value, Inputs, Level 1 [Member]
Assets, fair value		0
US Treasury Securities [Member] | Fair Value, Inputs, Level 2 [Member]
Assets, fair value		5,000
US Treasury Securities [Member] | Fair Value, Inputs, Level 3 [Member]
Assets, fair value		0
Canadian Treasury Securities [Member]
Assets, fair value		23,999
Canadian Treasury Securities [Member] | Fair Value, Inputs, Level 1 [Member]
Assets, fair value		0
Canadian Treasury Securities [Member] | Fair Value, Inputs, Level 2 [Member]
Assets, fair value		23,999
Canadian Treasury Securities [Member] | Fair Value, Inputs, Level 3 [Member]
Assets, fair value		$ 0

Note 8 - Accrued Liabilities -

Note 8 - Accrued Liabilities - Accrued Expenses (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Accrued personnel related costs	$ 1,493	$ 1,917
Accrued research and development expenses	2,158	1,932
Other accrued expenses	632	253
Accrued Liabilities, Current, Total	$ 4,283	$ 4,102

Note 9 - Lease Liability (Detai

Note 9 - Lease Liability (Details Textual)	Jun. 30, 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	Jun. 30, 2021USD ($)
2021	$ 278
2022	467
2023	120
Thereafter	0
Lessee, Operating Lease, Liability, to be Paid, Total	$ 865

Note 9 - Lease Liability - Leas

Note 9 - Lease Liability - Lease Liability (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Weighted-average remaining term – operating leases (Year)	1 year 7 months 20 days	2 years 1 month 6 days
Weighted-average discount rate – operating leases	5.39%	5.40%
Lease liability, current portion	$ 508	$ 539
Lease liability, long term portion	321	535
Lease liability, total	$ 829	$ 1,074

Note 9 - Lease Liability - Oper

Note 9 - Lease Liability - Operating Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Operating lease cost	$ 129	$ 134	$ 259	$ 267
Operating cash flows from operating leases	$ 140	$ 134	$ 277	$ 265

Note 10 - Share Capital (Detail

Note 10 - Share Capital (Details Textual) - The 2020 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		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Net loss	$ (13,470)	$ (15,750)	$ (29,697)	$ (27,276)
Weighted-average common shares – basic and diluted (in shares)	88,946	76,275	88,915	76,251
Net loss per share – basic and diluted (in dollars per share)	$ (0.15)	$ (0.21)	$ (0.33)	$ (0.36)

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	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award, Maximum Number of Shares (in shares)				6,343,242		6,343,242
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year)						10 years
Employee Stock Purchase Plan, Maximum Payroll Deduction, Percent				15.00%		15.00%
Employee Stock Purchase Plan, Stock Purchase Price, Percent				85.00%		85.00%
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance (in shares)				14,231,000	11,951,000	14,231,000	11,951,000	11,942,000	5,941,000
Share-based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount				$ 9,340		$ 9,340
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)						1 year 8 months 23 days
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number (in shares)				8,001,000	4,190,000	8,001,000	4,190,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price (in dollars per share)				$ 4.60	$ 2.97	$ 4.60	$ 2.97
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term (Month)						5 years 8 months 12 days	6 years 7 months 6 days
Share-based Payment Arrangement, Expense				$ 2,164	$ 7,701	$ 8,807	$ 12,102
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)			645,000			0	645,000
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Month)		4 months	3 months
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		1,679,169
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term (Month)						12 months
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Weighted Average Remaining Contractual Term (Month)						12 months
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		$ 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		$ 7.44
ESPP [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares)				1,700,000		1,700,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance (in shares)				0		0

Note 11 - Stock-based Compens_4

Note 11 - Stock-based Compensation - Stock Option Transactions (Details) - $ / shares shares in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 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)	3,156	6,272
Granted, weighted average exercise price (in dollars per share)	$ 4.55	$ 6.84
Exercised, options (in shares)	(67)	(191)
Exercised, weighted average exercise price (in dollars per share)	$ 2.39	$ 2.55
Forfeited, options (in shares)	(800)	(71)
Forfeited, weighted average exercise price (in dollars per share)	$ 5.67	$ 2.87
Outstanding, options, end of period (in shares)	14,231	11,951
Outstanding, weighted average exercise price (in dollars per share)	$ 4.88	$ 4.91
Outstanding, weighted average remaining contractual life (Year)	6 years 10 months 24 days	8 years 4 months 24 days
Exercisable, end of the period (in shares)	8,001	4,190
Exercisable, weighted average exercise price (in dollars per share)	$ 4.60	$ 2.97
Exercisable, weighted average remaining contractual life (Year)	5 years 8 months 12 days	6 years 7 months 6 days
Vested and expected to vest, end of period (in shares)	13,296	10,786
Vested and expected to vest, weighted average exercise price (in dollars per share)	$ 4.85	$ 4.79
Vested and expected to vest, weighted average remaining contractual life (Year)	6 years 9 months 18 days	8 years 3 months 18 days

Note 11 - Stock-based Compens_5

Note 11 - Stock-based Compensation - Weighted Average Assumptions (Details) - $ / shares	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Risk-free interest rate	0.43%	1.28%
Expected dividend yield	0.00%	0.00%
Expected volatility	80.80%	85.90%
Expected life of options (Year)	5 years	5 years
Grant date fair value (in dollars per share)	$ 2.91	$ 4.61

Note 11 - Stock-based Compens_6

Note 11 - Stock-based Compensation - Vesting Terms of Options Granted (Details) - shares shares in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Stock options granted in the period (in shares)	3,156	6,272
Options with Cliff Vesting After One Year Anniversary [Member]
Stock options granted in the period (in shares)	0	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)	2,726	5,110

Note 11 - Stock-based Compens_7

Note 11 - Stock-based Compensation - Restricted Stock Units (Details) - Restricted Stock Units (RSUs) [Member] - $ / shares	Mar. 10, 2020	Jun. 30, 2021	Jun. 30, 2020
Outstanding, beginning of period (in shares)		0	40,000
Outstanding, beginning of period, weighted average grant date fair value (in dollars per share)		$ 0	$ 2
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)	645,000	0	645,000
Granted, weighted average grant date fair value (in dollars per share)		$ 0	$ 7.32
Outstanding, end of period (in shares)		0	685,000
Outstanding, end of period, weighted average grant date fair value (in dollars per share)		$ 0	$ 7.01

Note 11 - Stock-based Compens_8

Note 11 - Stock-based Compensation - Share-based Payment Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Share-based payment expense	$ 2,164	$ 7,701	$ 8,807	$ 12,102
Research and Development Expense [Member]
Share-based payment expense	998	933	2,376	1,733
General and Administrative Expense [Member]
Share-based payment expense	$ 1,166	$ 6,768	$ 6,431	$ 10,369