Aptose Biosciences (APTO) 10-Q 2 Aug 22 2022 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jun. 30, 2022	Aug. 02, 2022
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	2022
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2022
Document Transition Report	false
Entity File Number	1-35447
Entity Incorporation, State or Country Code	CA
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, 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		92,294,734

Condensed Consolidated Interim

Condensed Consolidated Interim Statements of Financial Position (Current Period Unaudited) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 40,034	$ 39,114
Investments	22,375	40,014
Prepaid expenses	1,663	2,476
Other current assets	121	133
Total current assets	64,193	81,737
Non-current assets:
Property and equipment	281	323
Right-of-use assets, operating leases	331	465
Total non-current assets	612	788
Total assets	64,805	82,525
Current liabilities:
Accounts payable	2,393	1,699
Accrued liabilities	6,521	6,016
Current portion of lease liability, operating leases	398	459
Total current liabilities	9,312	8,174
Non-current liabilities:
Lease liability, operating leases	3	115
Total liabilities	9,315	8,289
Shareholders’ equity:
Common shares, no par value, unlimited authorized shares, 92,257,227 and 92,215,024 shares issued and outstanding at June 30, 2022 and December 31, 2021, respectively	437,441	437,386
Additional paid-in capital	66,955	63,673
Accumulated other comprehensive loss	(4,353)	(4,316)
Deficit	(444,553)	(422,507)
Total shareholders’ equity	55,490	74,236
Total liabilities and shareholders’ equity	$ 64,805	$ 82,525

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, 2022	Dec. 31, 2021
Common shares, no par value (in dollars per share)	$ 0	$ 0
Common stock, shares authorized	Unlimited	Unlimited
Common shares, issued (in shares)	92,257,227	92,215,024
Common shares, outstanding (in shares)	92,257,227	92,215,024

Condensed Consolidated Interi_3

Condensed Consolidated Interim Statements of Loss and Comprehensive Loss (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Revenue	$ 0	$ 0	$ 0	$ 0
Expenses:
Research and development	7,341	9,831	14,734	18,059
General and administrative	3,332	3,657	7,439	11,681
Operating expenses	10,673	13,488	22,173	29,740
Other income/(expense):
Interest income	111	23	133	50
Foreign exchange gain/(loss)	(3)	(5)	(6)	(7)
Total other income	108	18	127	43
Net loss	(10,565)	(13,470)	(22,046)	(29,697)
Other comprehensive gain/(loss):
Unrealized loss on available-for-sale securities	(37)	0	(37)	0
Total comprehensive loss	$ (10,602)	$ (13,470)	$ (22,083)	$ (29,697)
Basic loss per common share (in dollars per share)	$ (0.11)	$ (0.15)	$ (0.24)	$ (0.33)
Weighted average number of common shares outstanding used in the calculation of (in thousands) basic loss per common share (in shares)	92,243	88,946	92,234	88,915
Diluted loss per common share (in dollars per share)	$ (0.11)	$ (0.15)	$ (0.24)	$ (0.33)
Weighted average number of common shares outstanding used in the calculation of (in thousands) diluted loss per common share (in shares)	92,243	88,946	92,234	88,915

Condensed Consolidated Interi_4

Condensed Consolidated Interim Statements of Changes in Shareholders' Equity (Unaudited) - USD ($) $ 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, 2020	88,882,000
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)	67,000				67,000
Common shares issued upon exercise of stock options	$ 272	(112)	0	0	$ 160
Stock-based compensation	0	8,807	0	0	8,807
Net loss	$ 0	0	0	(29,697)	(29,697)
Balance (in shares) at Jun. 30, 2021	88,949,000
Balance at Jun. 30, 2021	$ 429,795	59,556	(4,316)	(386,850)	98,185
Balance (in shares) at Dec. 31, 2021	92,215,000
Balance at Dec. 31, 2021	$ 437,386	63,673	(4,316)	(422,507)	74,236
Common shares issued under the 2020 ATM Facility (in shares)	28
Common shares issued under the 2020 ATM Facility	$ 29	0	0	0	$ 29
Common shares issued upon exercise of stock options (in shares)	14,000				14,000
Common shares issued upon exercise of stock options	$ 26	(11)	0	0	$ 15
Stock-based compensation	0	3,293	0	0	3,293
Other comprehensive loss	0	0	(37)	0	(37)
Net loss	$ 0	0	0	(22,046)	(22,046)
Balance (in shares) at Jun. 30, 2022	92,257,000
Balance at Jun. 30, 2022	$ 437,441	$ 66,955	$ (4,353)	$ (444,553)	$ 55,490

Condensed Consolidated Interi_5

Condensed Consolidated Interim Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Cash flows used in operating activities:
Net loss	$ (10,565)	$ (13,470)	$ (22,046)	$ (29,697)
Items not involving cash:
Stock-based compensation	779	2,164	3,293	8,807
Depreciation and amortization	30	35	62	70
Loss on disposal of property and equipment	0	0	4	0
Amortization of right-of-use assets	111	117	225	234
Interest on lease liabilities	6	12	13	25
Unrealized foreign exchange gain/(loss)	5	(2)	3	(5)
Accrued interest on investments	18	2	7	(2)
Change in non-cash operating working capital:
Prepaid expenses	599	124	813	732
Other assets	(20)	(25)	12	(12)
Operating lease payments	(134)	(140)	(277)	(277)
Account payable	1,249	1,306	694	743
Accrued liabilities	875	1,052	505	181
Cash used in operating activities	(7,047)	(8,825)	(16,692)	(19,201)
Cash flows from financing activities:
Issuance of common shares under 2020 ATM Facility	29	0	29	0
Issuance of common shares upon exercise of stock options	0	85	15	160
Cash provided by financing activities	29	85	44	160
Cash flows from (used in) investing activities:
Maturity (acquisition) of investments, net	10,090	4,999	17,595	(14,996)
Purchase of property and equipment	(24)	0	(24)	(17)
Cash provided by (used in) investing activities	10,066	4,999	17,571	(15,013)
Effect of exchange rate fluctuations on cash and cash equivalents held	(5)	1	(3)	4
Increase/(decrease) in cash and cash equivalents	3,043	(3,740)	920	(34,050)
Cash and cash equivalents, beginning of period	36,991	87,083	39,114	117,393
Cash and cash equivalents, end of period	$ 40,034	$ 83,343	$ 40,034	$ 83,343

Note 1 - Reporting Entity

Note 1 - Reporting Entity	6 Months Ended
	Jun. 30, 2022
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 precision oncology company developing differentiated kinase inhibitors 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 third HM43239 HM43239 1/2 HM43239 1a/b, 1a/b 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, 2022 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, 2022
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 December 31, 2021, March 22, 2022. not may (c) Significant accounting policies, estimates and judgments: During the six June 30, 2022, no 10 December 31, 2021. 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, 2022
Notes to Financial Statements
Cash and Cash Equivalents Disclosure [Text Block]	3. Cash and cash equivalents: Cash and cash equivalents consist of cash of $592 thousand ( December 31, 2021 90 December 31, 2021

Note 4 - Prepaid Expenses

Note 4 - Prepaid Expenses	6 Months Ended
	Jun. 30, 2022
Notes to Financial Statements
Prepaid Expenses [Text Block]	4. Prepaid expenses: June 30, December 31, 2022 2021 Prepaid research and development expenses $ 834 $ 632 Other prepaid expenses 829 1,844 Total $ 1,663 $ 2,476

Note 5 - Right-of-use Assets

Note 5 - Right-of-use Assets	6 Months Ended
	Jun. 30, 2022
Notes to Financial Statements
Right-of-use Assets Disclosure [Text Block]	5. Right-of-use assets: Six months ended June 30, 2022 Year ended Right-of-use assets, beginning of period $ 1,860 $ 1,848 Additions to right-of-use assets 91 12 Right-of-use assets, end of period 1,951 1,860 Accumulated amortization (1,620 ) (1,395 ) Right-of use assets, NBV $ 331 $ 465

Note 6 - Investments

Note 6 - Investments	6 Months Ended
	Jun. 30, 2022
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, 2022 December 31, 2021: June 30, 2022 Cost Unrealized gain/(loss) Market value United States treasury bills $ 9,973 (19 ) 9,954 Commercial notes 12,439 (18 ) 12,421 Total $ 22,412 (37 ) 22,375 December 31, 2021 Cost Unrealized gain/(loss) Market value Guaranteed Investment Certificate $ 20,016 20,016 Commercial notes $ 19,998 - 19,998 Total $ 40,014 - 40,014

Note 7 - Fair Value Measurement

Note 7 - Fair Value Measurements and Financial Instruments	6 Months Ended
	Jun. 30, 2022
Notes to Financial Statements
Fair Value Disclosures [Text Block]	7. Fair value measurements and financial instruments: The fair value hierarchy establishes three Level 1 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 Company's assets that are measured at fair value on a recurring basis for the periods presented: June 30, 2022 Level 1 Level 2 Level 3 Assets Money Market accounts $ 215 $ - $ 215 - Money Market Funds 26,736 - 26,736 - High interest savings accounts 7,496 - 7,496 - United States Treasury Bill 9,954 - 9,954 - Commercial notes 12,421 - 12,421 Canadian provincial commercial notes 4,995 4,995 Total $ 61,817 $ - $ 61,817 $ - December 31, 2021 Level 1 Level 2 Level 3 Assets Money Market accounts $ 17,974 $ - $ 17,974 $ - Money Market Funds 15,801 - 15,801 - High interest savings accounts 5,045 - 5,045 - Commercial notes 19,998 - 19,998 - Guaranteed Investment Certificate 20,016 - 20,016 - Total $ 78,834 $ - $ 78,834 $ -

Note 8 - Accrued Liabilities

Note 8 - Accrued Liabilities	6 Months Ended
	Jun. 30, 2022
Notes to Financial Statements
Accounts Payable and Accrued Liabilities Disclosure [Text Block]	8. Accrued liabilities: Accrued liabilities as of June 30, 2022 December 31, 2021 June 30, December 31, 2022 2021 Accrued personnel related costs $ 1,371 $ 2,152 Accrued research and development expenses 4,536 3,520 Other accrued expenses 614 344 Total $ 6,521 $ 6,016

Note 9 - Lease Liability

Note 9 - Lease Liability	6 Months Ended
	Jun. 30, 2022
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 12 February 28, 2022 February 28, 2023. June 30, 2023 5 not Years ending December 31, 2022 $ 269 2023 $ 140 Thereafter $ - Total $ 409 The following table presents the weighted average remaining term of the leases and the weighted average discount rate: June 30, 2022 December 31, 2021 Weighted-average remaining term – operating leases (years) 0.75 1.2 Weighted-average discount rate – operating leases 5.14 % 5.37 % Lease liability, current portion 398 459 Lease liability, long term portion 3 115 Total 401 574 Operating lease costs and operating cash flows from our operating leases are as follows: Three months ended Six months ended 2022 2021 2022 2021 Operating lease cost $ 117 $ 129 $ 238 $ 259 Operating cash flows from operating leases $ 134 $ 140 $ 277 $ 277

Note 10 - Share Capital

Note 10 - Share Capital	6 Months Ended
	Jun. 30, 2022
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, six June 30, 2022, 2020 June 30, 2021, not 2020 June 30, 2022, (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 2022 2021 2022 2021 Net loss $ (10,565 ) $ (13,470 ) $ (22,046 ) $ (29,697 ) Weighted-average common shares – basic and diluted 92,243 88,946 92,234 88,915 Net loss per share – basic and diluted $ (0.11 ) $ (0.15 ) $ (0.24 ) $ (0.33 ) The effect of any potential exercise of the Company’s stock options outstanding during the three six June 30, 2022 June 30, 2021

Note 11 - Stock-based Compensat

Note 11 - Stock-based Compensation	6 Months Ended
	Jun. 30, 2022
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 par value, that 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 10 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 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 eighty five 85% 1,700,000 Common first six February 1, 2022 June 30, 2022 ( December 31, 2021 – nil six June 30, 2022 June 30, 2021, Option numbers are in (000 s) Six months ended June 30, 2022 Options Weighted average exercise price Weighted average remaining contractual life (years ) Outstanding, beginning of period 15,112 $ 4.61 Granted 5,625 1.23 Exercised (14 ) 1.08 Forfeited (1,567 ) 2.87 Outstanding, end of the period 19,156 3.76 6.5 Exercisable, end of the period 10,656 4.65 4.8 Vested and expected to vest, end of period 17,879 3.83 6.4 Option numbers are in (000 s) Six months ended June 30, 2021 Options Weighted average exercise price Weighted average remaining contractual life (years ) 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 As of June 30, 2022, June 30, 2022, not one 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, 2022 Six months ended June 30, 2021 Risk-free interest rate 2.07 % 0.43 % Expected dividend yield - - Expected volatility 82.9 % 80.8 % Expected life of options (in years) 5 5 Grant date fair value $ 0.82 $ 2.91 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 - - 3 year vesting ( 50% 25% 25% 425 430 4 year vesting ( 50% 16 2/3% 16 2/3% 16 2/3% 5,200 2,726 Total stock options granted in the period 5,625 3,156 During the six June 30, 2022, one no During the six June 30, 2021, one 12 12 no (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, 2022 2021 2022 2021 Research and development $ 537 $ 998 $ 1,483 $ 2,376 General and administrative 242 1,166 1,810 6,431 $ 779 $ 2,164 $ 3,293 $ 8,807

Note 12 - Subsequent Event

Note 12 - Subsequent Event	6 Months Ended
	Jun. 30, 2022
Notes to Financial Statements
Subsequent Events [Text Block]	12. Subsequent event Subsequent to the quarter end, the Company issued 620,000 stock options with an average exercise price of $0.81.

Significant Accounting Policies

Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2022
Accounting Policies [Abstract]
Consolidation, Policy [Policy Text Block]	(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.
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 December 31, 2021, March 22, 2022. not may
Use of Estimates, Policy [Policy Text Block]	(c) Significant accounting policies, estimates and judgments: During the six June 30, 2022, no 10 December 31, 2021. 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, 2022
Notes Tables
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Table Text Block]	June 30, December 31, 2022 2021 Prepaid research and development expenses $ 834 $ 632 Other prepaid expenses 829 1,844 Total $ 1,663 $ 2,476

Note 5 - Right-of-use Assets (T

Note 5 - Right-of-use Assets (Tables)	6 Months Ended
	Jun. 30, 2022
Notes Tables
Schedule of Right-of-use Assets [Table Text Block]	Six months ended June 30, 2022 Year ended Right-of-use assets, beginning of period $ 1,860 $ 1,848 Additions to right-of-use assets 91 12 Right-of-use assets, end of period 1,951 1,860 Accumulated amortization (1,620 ) (1,395 ) Right-of use assets, NBV $ 331 $ 465

Note 6 - Investments (Tables)

Note 6 - Investments (Tables)	6 Months Ended
	Jun. 30, 2022
Notes Tables
Investment [Table Text Block]	June 30, 2022 Cost Unrealized gain/(loss) Market value United States treasury bills $ 9,973 (19 ) 9,954 Commercial notes 12,439 (18 ) 12,421 Total $ 22,412 (37 ) 22,375 December 31, 2021 Cost Unrealized gain/(loss) Market value Guaranteed Investment Certificate $ 20,016 20,016 Commercial notes $ 19,998 - 19,998 Total $ 40,014 - 40,014

Note 7 - Fair Value Measureme_2

Note 7 - Fair Value Measurements and Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2022
Notes Tables
Fair Value, Assets Measured on Recurring Basis [Table Text Block]	June 30, 2022 Level 1 Level 2 Level 3 Assets Money Market accounts $ 215 $ - $ 215 - Money Market Funds 26,736 - 26,736 - High interest savings accounts 7,496 - 7,496 - United States Treasury Bill 9,954 - 9,954 - Commercial notes 12,421 - 12,421 Canadian provincial commercial notes 4,995 4,995 Total $ 61,817 $ - $ 61,817 $ - December 31, 2021 Level 1 Level 2 Level 3 Assets Money Market accounts $ 17,974 $ - $ 17,974 $ - Money Market Funds 15,801 - 15,801 - High interest savings accounts 5,045 - 5,045 - Commercial notes 19,998 - 19,998 - Guaranteed Investment Certificate 20,016 - 20,016 - Total $ 78,834 $ - $ 78,834 $ -

Note 8 - Accrued Liabilities (T

Note 8 - Accrued Liabilities (Tables)	6 Months Ended
	Jun. 30, 2022
Notes Tables
Schedule of Accrued Liabilities [Table Text Block]	June 30, December 31, 2022 2021 Accrued personnel related costs $ 1,371 $ 2,152 Accrued research and development expenses 4,536 3,520 Other accrued expenses 614 344 Total $ 6,521 $ 6,016

Note 9 - Lease Liability (Table

Note 9 - Lease Liability (Tables)	6 Months Ended
	Jun. 30, 2022
Notes Tables
Lessee, Operating Lease, Liability, Maturity [Table Text Block]	Years ending December 31, 2022 $ 269 2023 $ 140 Thereafter $ - Total $ 409
Lessee, Operating Lease Liability and Weighted Average [Table Text Block]	June 30, 2022 December 31, 2021 Weighted-average remaining term – operating leases (years) 0.75 1.2 Weighted-average discount rate – operating leases 5.14 % 5.37 % Lease liability, current portion 398 459 Lease liability, long term portion 3 115 Total 401 574
Lease, Cost [Table Text Block]	Three months ended Six months ended 2022 2021 2022 2021 Operating lease cost $ 117 $ 129 $ 238 $ 259 Operating cash flows from operating leases $ 134 $ 140 $ 277 $ 277

Note 10 - Share Capital (Tables

Note 10 - Share Capital (Tables)	6 Months Ended
	Jun. 30, 2022
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Three months ended Six months ended 2022 2021 2022 2021 Net loss $ (10,565 ) $ (13,470 ) $ (22,046 ) $ (29,697 ) Weighted-average common shares – basic and diluted 92,243 88,946 92,234 88,915 Net loss per share – basic and diluted $ (0.11 ) $ (0.15 ) $ (0.24 ) $ (0.33 )

Note 11 - Stock-based Compens_2

Note 11 - Stock-based Compensation (Tables)	6 Months Ended
	Jun. 30, 2022
Notes Tables
Share-Based Payment Arrangement, Option, Activity [Table Text Block]	Option numbers are in (000 s) Six months ended June 30, 2022 Options Weighted average exercise price Weighted average remaining contractual life (years ) Outstanding, beginning of period 15,112 $ 4.61 Granted 5,625 1.23 Exercised (14 ) 1.08 Forfeited (1,567 ) 2.87 Outstanding, end of the period 19,156 3.76 6.5 Exercisable, end of the period 10,656 4.65 4.8 Vested and expected to vest, end of period 17,879 3.83 6.4 Option numbers are in (000 s) Six months ended June 30, 2021 Options Weighted average exercise price Weighted average remaining contractual life (years ) 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
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]	Six months ended June 30, 2022 Six months ended June 30, 2021 Risk-free interest rate 2.07 % 0.43 % Expected dividend yield - - Expected volatility 82.9 % 80.8 % Expected life of options (in years) 5 5 Grant date fair value $ 0.82 $ 2.91
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 - - 3 year vesting ( 50% 25% 25% 425 430 4 year vesting ( 50% 16 2/3% 16 2/3% 16 2/3% 5,200 2,726 Total stock options granted in the period 5,625 3,156
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block]	Three months ended June 30, Six months ended June 30, 2022 2021 2022 2021 Research and development $ 537 $ 998 $ 1,483 $ 2,376 General and administrative 242 1,166 1,810 6,431 $ 779 $ 2,164 $ 3,293 $ 8,807

Note 3 - Cash and Cash Equiva_2

Note 3 - Cash and Cash Equivalents (Details Textual) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Cash	$ 592	$ 294
Cash Equivalents, at Carrying Value, Total	$ 39,442	$ 38,820

Note 4 - Prepaid Expenses - Pre

Note 4 - Prepaid Expenses - Prepaid Expenses and Other Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Prepaid research and development expenses	$ 834	$ 632
Other prepaid expenses	829	1,844
Total	$ 1,663	$ 2,476

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, 2022	Dec. 31, 2021
Right-of-use assets, balance	$ 1,860	$ 1,848
Additions to right-of-use assets	91	12
Right-of-use assets, balance	1,951	1,860
Accumulated amortization	(1,620)	(1,395)
Right-of use assets, NBV	$ 331	$ 465

Note 6 - Investments - Investme

Note 6 - Investments - Investments (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Investment, Cost	$ 22,412	$ 40,014
Investment, Unrealized gain/(loss)	(37)	0
Investment, Market value	22,375	40,014
Guaranteed Investment Certificate [Member]
Investment, Cost	9,973	20,016
Investment, Unrealized gain/(loss)	(19)
Investment, Market value	9,954	20,016
Canadian Treasury Bill Securities [Member]
Investment, Cost	12,439	19,998
Investment, Unrealized gain/(loss)	(18)	0
Investment, Market value	$ 12,421	$ 19,998

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, 2022	Dec. 31, 2021
Assets, fair value	$ 61,817	$ 78,834
Fair Value, Inputs, Level 1 [Member]
Assets, fair value	0	0
Fair Value, Inputs, Level 2 [Member]
Assets, fair value	61,817	78,834
Fair Value, Inputs, Level 3 [Member]
Assets, fair value	0	0
Money Market Accounts [Member]
Assets, fair value	215	17,974
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	215	17,974
Money Market Accounts [Member] | Fair Value, Inputs, Level 3 [Member]
Assets, fair value	0	0
Money Market Funds [Member]
Assets, fair value	26,736	15,801
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	26,736	15,801
Money Market Funds [Member] | Fair Value, Inputs, Level 3 [Member]
Assets, fair value	0	0
Bank Time Deposits [Member]
Assets, fair value	7,496	5,045
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	7,496	5,045
Bank Time Deposits [Member] | Fair Value, Inputs, Level 3 [Member]
Assets, fair value	0	0
United States Treasury Bill [Member]
Assets, fair value	9,954
United States Treasury Bill [Member] | Fair Value, Inputs, Level 1 [Member]
Assets, fair value	0
United States Treasury Bill [Member] | Fair Value, Inputs, Level 2 [Member]
Assets, fair value	9,954
United States Treasury Bill [Member] | Fair Value, Inputs, Level 3 [Member]
Assets, fair value	0
Commercial Notes [Member]
Assets, fair value	12,421	19,998
Commercial Notes [Member] | Fair Value, Inputs, Level 1 [Member]
Assets, fair value	0	0
Commercial Notes [Member] | Fair Value, Inputs, Level 2 [Member]
Assets, fair value	12,421	19,998
Commercial Notes [Member] | Fair Value, Inputs, Level 3 [Member]
Assets, fair value		0
Guaranteed Investment Certificate [Member]
Assets, fair value		20,016
Guaranteed Investment Certificate [Member] | Fair Value, Inputs, Level 1 [Member]
Assets, fair value		0
Guaranteed Investment Certificate [Member] | Fair Value, Inputs, Level 2 [Member]
Assets, fair value		20,016
Guaranteed Investment Certificate [Member] | Fair Value, Inputs, Level 3 [Member]
Assets, fair value		$ 0
Canadian Provincial Commercial Notes [Member]
Assets, fair value	4,995
Canadian Provincial Commercial Notes [Member] | Fair Value, Inputs, Level 1 [Member]
Assets, fair value
Canadian Provincial Commercial Notes [Member] | Fair Value, Inputs, Level 2 [Member]
Assets, fair value	4,995
Canadian Provincial Commercial Notes [Member] | Fair Value, Inputs, Level 3 [Member]
Assets, fair value

Note 8 - Accrued Liabilities -

Note 8 - Accrued Liabilities - Accrued Expenses (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Accrued personnel related costs	$ 1,371	$ 2,152
Accrued research and development expenses	4,536	3,520
Other accrued expenses	614	344
Total	$ 6,521	$ 6,016

Note 9 - Lease Liability (Detai

Note 9 - Lease Liability (Details Textual)	Jun. 30, 2022
Office Space [Member] | San Diego, California [Member]
Lessee, Operating Lease, Renewal Term (Year)	5 years
Office Space [Member] | Toronto, Ontario, Canada [Member]
Lessee, Operating Lease, Renewal Term (Year)	5 years
Lab Space [Member] | San Diego, California [Member]
Lessee, Operating Lease, Renewal Term (Year)	12 months

Note 9- Lease Liability - Sched

Note 9- Lease Liability - Schedule of Minimum Payments Under Operating Leases (Details) $ in Thousands	Jun. 30, 2022 USD ($)
2022	$ 269
2023	140
Thereafter	0
Total	$ 409

Note 9 - Lease Liability - Leas

Note 9 - Lease Liability - Lease Liability (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Weighted-average remaining term – operating leases (years) (Year)	9 months	1 year 2 months 12 days
Weighted-average discount rate – operating leases	5.14%	5.37%
Lease liability, current portion	$ 398	$ 459
Lease liability, long term portion	3	115
Total	$ 401	$ 574

Note 9 - Lease Liability - Oper

Note 9 - Lease Liability - Operating Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2022	Jun. 30, 2021
Operating lease cost		$ 117		$ 129	$ 238	$ 259
Operating cash flows from operating leases	$ 134	$ 134	$ 140	$ 140	$ 277	$ 277

Note 10 - Share Capital (Detail

Note 10 - Share Capital (Details Textual) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	May 05, 2020
Proceeds from Issuance of Common Stock	$ 29	$ 0	$ 29	$ 0
The 2020 ATM Offering [Member]
Stock Issuance Program, Authorized Amount					$ 75,000
Stock Issued During Period, Shares, New Issues (in shares)			28,038	0
Shares Issued, Price Per Share (in dollars per share)	$ 1.06		$ 1.06
Proceeds from Issuance of Common Stock, Gross			$ 30	$ 67
Proceeds from Issuance of Common Stock			$ 29	$ 65
Stock Issuance, Percent of Cash Commission to Broker	3%		3%

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, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Net loss	$ (10,565)	$ (13,470)	$ (22,046)	$ (29,697)
Weighted-average common shares – basic and diluted (in shares)	92,243	88,946	92,234	88,915
Net loss per share – basic and diluted (in dollars per share)	$ (0.11)	$ (0.15)	$ (0.24)	$ (0.33)

Note 11 - Stock-based Compens_3

Note 11 - Stock-based Compensation (Details Textual) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021	Jun. 01, 2021
Common Stock, No Par Value (in dollars per share)	$ 0		$ 0		$ 0
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year)			10 years
Employee Stock Purchase Plan, Maximum Payroll Deduction, Percent	15%		15%
Employee Stock Purchase Plan, Stock Purchase Price, Percent	85%		85%
Stock Issued During Period, Shares, Employee Stock Purchase Plans (in shares)			0		0
Share-Based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount	$ 5,480		$ 5,480
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)			1 year 7 months 6 days
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercisable, Number (in shares)	10,656,000	8,001,000	10,656,000	8,001,000
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercisable, Weighted Average Exercise Price (in dollars per share)	$ 4.65	$ 4.60	$ 4.65	$ 4.60
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term (Year)			4 years 9 months 18 days	5 years 8 months 12 days
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Remaining Contractual Term (Year)			6 years 4 months 24 days	6 years 9 months 18 days
Share-Based Payment Arrangement, Expense	$ 779	$ 2,164	$ 3,293	$ 8,807
Officer [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercisable, Number (in shares)	851,053	1,679,169	851,053	1,679,169
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term (Year)				12 months
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Remaining Contractual Term (Year)			12 years
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)			477,166	504,833
Officer [Member] | Vested Options [Member]
Share-Based Payment Arrangement, Expense			$ 67
Officer [Member] | Unvested Options [Member]
Share-Based Payment Arrangement, Expense				$ 1,600
Maximum [Member] | Officer [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercisable, Weighted Average Exercise Price (in dollars per share)	$ 6.91	$ 7.44	$ 6.91	$ 7.44
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term (Year)			12 years
Minimum [Member] | Officer [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercisable, Weighted Average Exercise Price (in dollars per share)	$ 1.34	$ 1.03	$ 1.34	$ 1.03
New Incentive Plan [Member]
Common Stock, No Par Value (in dollars per share)						$ 0
New Incentive Plan [Member] | Maximum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized (in shares)						9,343,242
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 Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)			1 year
Share-Based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount	$ 3		$ 3

Note 11 - Stock-based Compens_4

Note 11 - Stock-based Compensation - Stock Option Transactions (Details) - $ / shares shares in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Outstanding, options (in shares)	15,112	11,942
Outstanding, weighted average exercise price (in dollars per share)	$ 4.61	$ 4.97
Granted, options (in shares)	5,625	3,156
Granted, weighted average exercise price (in dollars per share)	$ 1.23	$ 4.55
Exercised, options (in shares)	(14)	(67)
Exercised, weighted average exercise price (in dollars per share)	$ 1.08	$ 2.39
Forfeited, options (in shares)	(1,567)	(800)
Forfeited, weighted average exercise price (in dollars per share)	$ 2.87	$ 5.67
Outstanding, options (in shares)	19,156	14,231
Outstanding, weighted average exercise price (in dollars per share)	$ 3.76	$ 4.88
Outstanding, end of the period (Year)	6 years 6 months	6 years 10 months 24 days
Exercisable, end of the period (in shares)	10,656	8,001
Exercisable, end of the period (in dollars per share)	$ 4.65	$ 4.60
Exercisable, end of the period (Year)	4 years 9 months 18 days	5 years 8 months 12 days
Vested and expected to vest, end of period (in shares)	17,879	13,296
Vested and expected to vest, end of period (in dollars per share)	$ 3.83	$ 4.85
Vested and expected to vest, end of period (Year)	6 years 4 months 24 days	6 years 9 months 18 days

Note 11 - Stock-based Compens_5

Note 11 - Stock-based Compensation - Weighted Average Assumptions (Details) - $ / shares	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Risk-free interest rate	2.07%	0.43%
Expected dividend yield	0%	0%
Expected volatility	82.90%	80.80%
Expected life of options (Year)	5 years	5 years
Grant date fair value (in dollars per share)	$ 0.82	$ 2.91

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, 2022	Jun. 30, 2021
Stock options granted in the period (in shares)	5,625	3,156
Options with Cliff Vesting After One Year Anniversary [Member]
Stock options granted in the period (in shares)	0	0
Options with Three Year Vesting [Member]
Stock options granted in the period (in shares)	425	430
Options with Four Year Vesting [Member]
Stock options granted in the period (in shares)	5,200	2,726

Note 11 - Stock-based Compens_7

Note 11 - Stock-based Compensation - Vesting Terms of Options Granted (Details) (Parentheticals)	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Options with Three Year Vesting [Member] | Share-Based Payment Arrangement, Tranche One [Member]
Vesting percentage	50%	50%
Options with Three Year Vesting [Member] | Share-Based Payment Arrangement, Tranche Two [Member]
Vesting percentage	25%	25%
Options with Three Year Vesting [Member] | Share-Based Payment Arrangement, Tranche Three [Member]
Vesting percentage	25%	25%
Options with Four Year Vesting [Member] | Share-Based Payment Arrangement, Tranche One [Member]
Vesting percentage	50%	50%
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 - Share-based Payment Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Share-based payment expense	$ 779	$ 2,164	$ 3,293	$ 8,807
Research and Development Expense [Member]
Share-based payment expense	537	998	1,483	2,376
General and Administrative Expense [Member]
Share-based payment expense	$ 242	$ 1,166	$ 1,810	$ 6,431

Note 12 - Subsequent Event (Det

Note 12 - Subsequent Event (Details Textual) - $ / shares		6 Months Ended
	Jul. 01, 2022	Jun. 30, 2022	Jun. 30, 2021
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares)		5,625,000	3,156,000
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in dollars per share)		$ 1.23	$ 4.55
Subsequent Event [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares)	620,000
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in dollars per share)	$ 0.81