Cover Page
Cover Page | 12 Months Ended |
Dec. 31, 2019shares | |
Cover [Abstract] | |
Document Type | 20-F |
Amendment Flag | false |
Document Period End Date | Dec. 31, 2019 |
Document Fiscal Year Focus | 2019 |
Document Fiscal Period Focus | FY |
Trading Symbol | CORV |
Entity Registrant Name | Correvio Pharma Corp. |
Entity Central Index Key | 0001036141 |
Current Fiscal Year End Date | --12-31 |
Entity Well-known Seasoned Issuer | No |
Entity Current Reporting Status | Yes |
Entity Filer Category | Accelerated Filer |
Entity Emerging Growth Company | false |
Entity Shell Company | false |
Entity Common Stock, Shares Outstanding | 55,382,228 |
Title of 12(g) Security | Common Shares |
Security Exchange Name | NASDAQ |
Entity Voluntary Filers | No |
Entity Address, Country | CA |
Document Shell Company Report | false |
Entity Interactive Data Current | Yes |
Document Transition Report | false |
Document Annual Report | true |
Document Registration Statement | false |
Document Accounting Standard | U.S. GAAP |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 13,299 | $ 15,596 |
Restricted cash (note 6) | 1,945 | 1,974 |
Accounts receivable, net of allowance for doubtful accounts of $92 (2018 - $102) | 11,987 | 7,723 |
Inventories (note 7) | 3,563 | 4,158 |
Prepaid expenses and other assets | 977 | 841 |
Assets, Current | 31,771 | 30,292 |
Property and equipment (note 8) | 452 | 512 |
Right-of-use assets from operating leases (note 11) | 2,057 | |
Intangible assets (note 9) | 22,232 | 26,469 |
Long-term inventories (note 7) | 1,763 | 1,663 |
Goodwill | 318 | 318 |
Deferred income tax assets (note 17) | 300 | 383 |
Assets | 58,893 | 59,637 |
Current liabilities: | ||
Accounts payable and accrued liabilities (note 10) | 11,295 | 9,403 |
Current portion of long-term debt (note 12) | 17,688 | |
Current operating lease liabilities (note 11) | 812 | |
Liabilities, Current | 29,795 | 9,403 |
Long-term debt (note 12) | 27,238 | 41,517 |
Deferred revenue | 1,228 | 1,252 |
Long-term operating lease liabilities (note 11) | 1,466 | |
Other long-term liabilities | 555 | |
Liabilities | 59,727 | 52,727 |
Stockholders' equity: | ||
Authorized - unlimited number without par value Issued and outstanding – 55,382,228 (2018 – 36,233,162) (note 13(b)) | 385,057 | 359,295 |
Additional paid-in capital | 42,734 | 40,456 |
Deficit | (444,928) | (409,744) |
Accumulated other comprehensive income | 16,303 | 16,903 |
Stockholders' Equity | (834) | 6,910 |
Liabilities and Equity | 58,893 | 59,637 |
Commitments and contingencies (notes 16 and 19) | ||
Subsequent events (notes 12, 13(b) and 21) |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Accounts Receivable, Allowance for Credit Loss, Current | $ 92 | $ 102 |
Common Stock, No Par Value | $ 0 | $ 0 |
Common Stock, Shares, Issued | 55,382,228 | 36,233,162 |
Common Stock, Shares, Outstanding | 55,382,228 | 36,233,162 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Revenue: | |||
Revenues | $ 32,634 | $ 28,674 | $ 24,008 |
Cost of goods sold | 9,827 | 8,294 | 6,776 |
Gross margin | 22,807 | 20,380 | 17,232 |
Expenses: | |||
Selling, general and administration | 46,319 | 42,578 | 36,694 |
Amortization and depreciation (notes 8 and 9) | 3,941 | 4,143 | 3,517 |
Operating Expenses | 50,260 | 46,721 | 40,211 |
Operating loss | (27,453) | (26,341) | (22,979) |
Other (expense) income: | |||
Gain on disposal of Canadian Operations (notes 1 and 9) | 18,489 | ||
Other expense on modification of long-term debt (note 12) | (1,451) | ||
Interest expense | (7,512) | (5,977) | (5,695) |
Other expense | (303) | (578) | (511) |
Foreign exchange gain (loss) | 263 | (2,134) | 1,188 |
Other (expense) income | (7,552) | 9,800 | (6,469) |
Loss before income taxes | (35,005) | (16,541) | (29,448) |
Income tax expense (note 17) | (179) | (38) | (363) |
Net loss | (35,184) | (16,579) | (29,811) |
Other comprehensive loss: | |||
Foreign currency translation adjustments | (600) | (226) | 791 |
Comprehensive loss | $ (35,784) | $ (16,805) | $ (29,020) |
Loss per common share (note 15) | |||
Basic and diluted | $ (0.79) | $ (0.47) | $ (0.90) |
Weighted average common shares outstanding (note 15) | |||
Basic | 44,275,800 | 35,148,303 | 33,192,480 |
Diluted | 44,275,800 | 35,148,303 | 33,227,924 |
Product and royalty revenues [Member] | |||
Revenue: | |||
Revenues | $ 32,634 | $ 27,051 | $ 23,811 |
Licensing and other fees [Member] | |||
Revenue: | |||
Revenues | $ 1,623 | $ 197 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Common shares [Member] | Additional paid-in capital [Member] | Deficit [Member] | Accumulated other comprehensive income [Member] |
Balance at Dec. 31, 2016 | $ 34,024 | $ 344,928 | $ 35,812 | $ (363,054) | $ 16,338 |
Balance (in shares) at Dec. 31, 2016 | 31,884,420 | ||||
Net loss | (29,811) | (29,811) | |||
Issuance of common stock (note 13(b)) | 8,487 | $ 8,487 | |||
Issuance of common stock (note 13(b)) (in shares) | 2,453,051 | ||||
Share issue costs | (1,072) | $ (1,072) | |||
Common stock issued upon exercise of options (note 13(b)) | 384 | $ 384 | |||
Common stock issued upon exercise of options (note 13(b)) (in shares) | 265,495 | ||||
Reallocation of additional paid in capital arising from stock-based compensation related to exercise of options | $ 360 | (360) | |||
Reallocation of stock-based compensation liability arising from stock-based compensation related to exercise of options | 29 | 29 | |||
Issuance of common shares on vesting of restricted share units, net of tax (note 13(b)) | (65) | $ 367 | (432) | ||
Issuance of common shares on vesting of restricted share units, net of tax (note 13(b)) (in shares) | 34,346 | ||||
Issuance of warrants (note 12) | 1,200 | 1,200 | |||
Stock-based compensation expense | 2,223 | 2,223 | |||
Foreign currency translation adjustments | 791 | 791 | |||
Balance at Dec. 31, 2017 | 16,190 | $ 353,483 | 38,443 | (392,865) | 17,129 |
Balance (in shares) at Dec. 31, 2017 | 34,637,312 | ||||
Adoption of accounting standards (note 3) at Dec. 31, 2017 | (300) | (300) | |||
Balance, adjusted at Dec. 31, 2017 | 15,890 | (393,165) | |||
Net loss | (16,579) | (16,579) | |||
Issuance of common stock (note 13(b)) | 5,392 | $ 5,392 | |||
Issuance of common stock (note 13(b)) (in shares) | 1,361,691 | ||||
Share issue costs | (231) | $ (231) | |||
Common stock issued upon exercise of options (note 13(b)) | 258 | $ 258 | |||
Common stock issued upon exercise of options (note 13(b)) (in shares) | 219,749 | ||||
Reallocation of additional paid in capital arising from stock-based compensation related to exercise of options | $ 226 | (226) | |||
Issuance of common shares on vesting of restricted share units, net of tax (note 13(b)) | (23) | $ 167 | (190) | ||
Issuance of common shares on vesting of restricted share units, net of tax (note 13(b)) (in shares) | 14,410 | ||||
Issuance of warrants (note 12) | 936 | 936 | |||
Stock-based compensation expense | 1,493 | 1,493 | |||
Foreign currency translation adjustments | (226) | (226) | |||
Balance at Dec. 31, 2018 | 6,910 | $ 359,295 | 40,456 | (409,744) | 16,903 |
Balance (in shares) at Dec. 31, 2018 | 36,233,162 | ||||
Net loss | (35,184) | $ 0 | 0 | (35,184) | 0 |
Issuance of common stock (note 13(b)) | 27,670 | $ 27,670 | 0 | 0 | 0 |
Issuance of common stock (note 13(b)) (in shares) | 19,102,844 | ||||
Share issue costs | (2,069) | $ (2,069) | 0 | 0 | 0 |
Common stock issued upon exercise of options (note 13(b)) | 0 | $ 0 | 0 | 0 | 0 |
Common stock issued upon exercise of options (note 13(b)) (in shares) | 15,654 | ||||
Reallocation of additional paid in capital arising from stock-based compensation related to exercise of options | 0 | $ 90 | (90) | 0 | 0 |
Issuance of common shares on vesting of restricted share units, net of tax (note 13(b)) | 0 | $ 71 | (71) | 0 | 0 |
Issuance of common shares on vesting of restricted share units, net of tax (note 13(b)) (in shares) | 30,568 | ||||
Stock-based compensation expense | 2,439 | $ 0 | 2,439 | 0 | 0 |
Foreign currency translation adjustments | (600) | 0 | 0 | 0 | (600) |
Balance at Dec. 31, 2019 | $ (834) | $ 385,057 | $ 42,734 | $ (444,928) | $ 16,303 |
Balance (in shares) at Dec. 31, 2019 | 55,382,228 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Operating activities: | |||
Net loss | $ (35,184) | $ (16,579) | $ (29,811) |
Items not affecting cash: | |||
Amortization (notes 8 and 9) | 3,941 | 4,143 | 3,517 |
Accretion of long-term debt (note 12) | 1,950 | 794 | 1,549 |
Interest paid in-kind on long-term debt (note 12) | 1,749 | 1,679 | 778 |
Stock-based compensation expense (note 14) | 2,424 | 1,678 | 2,065 |
Write-down of inventory (note 7) | 159 | 340 | 295 |
Gain on disposal of Canadian Operations (notes 1 and 9) | (18,489) | ||
Unrealized foreign exchange loss (gain) | 129 | 1,863 | (1,738) |
Changes in operating assets and liabilities: | |||
Accounts receivable | (4,083) | (2,036) | 448 |
Inventories | 233 | 400 | (1,533) |
Prepaid expenses and other assets | (63) | 43 | 510 |
Deferred revenue | (3) | (1,604) | (197) |
Accounts payable and accrued liabilities | 1,725 | 1,930 | (675) |
Other long-term liabilities | (52) | 59 | (31) |
Net cash used in operating activities | (27,075) | (25,779) | (24,823) |
Investing activities: | |||
Proceeds on disposal of Canadian Operations (notes 1 and 9) | 376 | 19,095 | |
Purchase of property and equipment | (129) | (284) | (5) |
Purchase of intangible assets (note 9) | (32) | (4,705) | (5,229) |
Net cash provided by (used in) investing activities | 215 | 14,106 | (5,234) |
Financing activities: | |||
Issuance of common stock (note 13(b)) | 26,994 | 5,392 | 8,487 |
Share issue costs | (2,069) | (231) | (1,072) |
Issuance of common stock upon exercise of stock options (note 13(b)) | 0 | 258 | 384 |
Income tax withholdings on vesting of restricted share units | 0 | (23) | (65) |
Proceeds from issuance of long-term debt | 0 | 20,000 | |
Financing fees on issuance of long-term debt (note 12) | (288) | (21) | (518) |
Payment of deferred consideration | 0 | (2,815) | |
Net cash provided by financing activities | 24,637 | 5,375 | 24,401 |
Decrease in cash and cash equivalents during the year | (2,223) | (6,298) | (5,656) |
Effect of foreign exchange rate changes on cash and cash equivalents | (103) | (313) | 532 |
Cash, cash equivalents, and restricted cash, beginning of year | 17,570 | 24,181 | 29,305 |
Cash, cash equivalents, and restricted cash, end of year (note 6) | 15,244 | 17,570 | 24,181 |
Supplemental cash flow information: | |||
Interest paid | 3,934 | 3,778 | 3,477 |
Interest received | 120 | 149 | 95 |
Net income taxes paid (received) | $ 101 | $ 146 | $ (334) |
Basis of presentation
Basis of presentation | 12 Months Ended |
Dec. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of presentation | 1. Basis of presentation: Correvio Pharma Corp. (the “Company” or “Correvio”) was incorporated on March 7, 2018 under the laws of the Canada Business Corporations Act as part of a court approved Plan of Arrangement (the “Arrangement”) to reorganize Cardiome Pharma Corp. (“Cardiome”). The Company’s head office is located at 1441 Creekside Drive, Vancouver, BC, V4S 4J7. Pursuant to the Arrangement effective May 15, 2018, substantially all of the assets and liabilities of Cardiome excluding its Canadian business portfolio were transferred to Correvio and the shareholders of Cardiome received common shares, on a one-for-one pre-transaction The consolidated financial statements for all periods presented herein include the consolidated operations of Cardiome until May 15, 2018 and the operations of the Company thereafter. As a non-recurring continuity-of-interests Correvio (including its former parent Cardiome until May 15, 2018) is a specialty pharmaceutical company dedicated to offering patients and healthcare providers innovative therapeutic options that effectively and conveniently manage acute medical conditions to improve health and quality of life. Correvio strives to find innovative, differentiated medicines that provide therapeutic and economic value to patients, physicians and healthcare systems. Correvio currently has two marketed, in-hospital ® ® ™ ® ® pre-registration ® As of December 31, 2019, the Company had $13,299 in cash and cash equivalents, compared to $15,596 at December 31, 2018. The Company has a history of incurring operating losses and negative cash flows from operations. Based on current projections, the Company may not have sufficient capital to fund its current planned operations during the twelve-month period subsequent to the issuance of these consolidated financial statements. On March 16, 2020, the Company announced that it had entered into an arrangement agreement dated March 15, 2020 in which ADVANZ PHARMA Corp. Limited (“ADVANZ PHARMA”) will acquire all the issued and outstanding shares of the Company, pursuant to a plan of arrangement under the Canada Business Corporations Act (note 21). The total purchase price of approximately $75,900 includes the repayment of certain of the Company’s indebtedness. The Boards of Directors of both companies have unanimously approved the transaction, which remains subject to approval by the Company’s shareholders. The Company is dependent on this transaction to meet its current planned operations during the twelve-month period subsequent to the issuance of these consolidated financial statements. There can be no assurance that the Company will be able to obtain shareholder approval to complete the transaction or raise such additional financing, as may be necessary otherwise. These factors raise substantial doubt about the Company’s ability to continue as a going concern within one year from the consolidated financial statements issuance date. The accompanying financial statements do not include any adjustments relating to the recoverability of assets and classification of liabilities that might be necessary should the Company be unable to continue as a going concern. |
Summary of significant accounti
Summary of significant accounting policies | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Summary of significant accounting policies | 2. Summary of significant accounting policies: The consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) and are presented in U.S. dollars. The following is a summary of significant accounting policies used in the preparation of these consolidated financial statements: (a) Principles of consolidation: The consolidated financial statements include the accounts of Correvio Pharma Corp. and its wholly owned subsidiaries from their respective dates of acquisition of control. All intercompany transactions and balances have been eliminated on consolidation. (b) Use of estimates: The consolidated financial statements have been prepared in conformity with U.S. GAAP, which requires management to make estimates and assumptions that affect the reported amounts in the consolidated financial statements. Significant areas requiring the use of accounting judgments and estimates include accounting for amounts recorded in connection with recoverability of inventories, carrying value of intangible assets, revenue recognition, bad debt and allowance for doubtful accounts, stock-based compensation expense, and contingencies. The reported amounts and note disclosure are determined using management’s best estimates based on assumptions that reflect the most probable set of economic conditions and planned course of action. Actual results could differ from those estimates. (c) Foreign currency translation: The net assets of foreign subsidiaries where the local currencies have been determined to be the functional currencies are translated into U.S. dollars using exchange rates at the balance sheet dates. Equity is translated at historical rates and revenue and expenses are translated at exchange rates prevailing during the period. The foreign exchange gains and losses arising from translation are recorded in the foreign currency translation account, which is included in other comprehensive income and reflected as a separate component of equity. For those subsidiaries where the U.S. dollar has been determined to be the functional currency, non-monetary period-end (d) Fair value measurements of financial instruments: Fair value measurements of financial instruments are determined by using a fair value hierarchy that prioritizes the inputs to valuation techniques into three levels according to the relative reliability of the inputs used to estimate the fair values. The three levels of inputs used to measure fair value are as follows: Level 1 - Level 2 - Level 3 - In determining fair value measurements, the most observable inputs are used when available. The fair value hierarchy level at which a financial instrument is categorized is determined on the basis of the lowest level input that is significant to the fair value measurement. (e) Cash and cash equivalents: Cash and cash equivalents include cash and short-term deposits with original maturities of 90 days or less. Short-term deposits are valued at amortized cost. The carrying amounts approximate fair value due to the short-term maturities of these instruments. (f) Accounts receivable: The Company records accounts receivable at outstanding amounts, net of any allowances for doubtful accounts. Accounts receivable generally consist of trade receivables, value-added-tax The Company maintains an allowance for accounts for estimated losses that may result from our customers’ inability to pay. The Company estimates an allowance for doubtful accounts primarily based on the credit worthiness of customers, aging of receivable balances and general economic conditions. Amounts later determined and specifically identified to be uncollectible are charged against this allowance. (g) Inventories: Inventories consist of finished goods, unfinished product (work in process) and raw materials and are valued at the lower of cost or estimated net realizable value, determined on a first-in-first-out The components of inventory and inventory purchase commitments are reviewed on a regular basis for excess and obsolete inventory based on estimated future usage and sales, demand from drug distributors and hospitals and economic conditions. Management believes that the estimates used in calculating the inventory provision are reasonable and properly reflect the risk of excess and obsolete inventory. (h) Property and equipment: Property and equipment are recorded at cost less accumulated amortization. Amortization is provided using the straight-line method over the following terms: Asset Rate Laboratory equipment 5 years Production equipment 7 years Computer equipment 3-5 Software 3-5 Furniture and office equipment 5-7 years Leasehold improvements are amortized on a straight-line basis over the lesser of their estimated useful life or the initial lease term. (i) Intangible assets: Intangible assets are comprised of patent costs, trade name, marketing rights and licenses, all of which have a definite life. Patent costs which are associated with the preparation, filing, and obtaining of patents are capitalized. Maintenance costs of patents are expensed as incurred. The estimated useful life of an intangible asset with a definite life is the period over which the asset is expected to contribute to future cash flows. When determining the useful life, the Company considers the expected use of the asset, useful life of a related intangible asset, any legal, regulatory or contractual provisions that limit the useful life, any legal, regulatory, or contractual renewal or extension provisions without substantial costs or modifications to the existing terms and conditions, the effects of obsolescence, demand, competition and other economic factors, and the expected level of maintenance expenditures relative to the cost of the asset required to obtain future cash flows from the asset. Amortization is provided using the straight-line method over the following terms: Asset Rate Patents over the patent life Trade name 10 years Marketing rights 10 years Licenses over the license term (j) Goodwill: Goodwill represents the excess of the purchase price of an acquired enterprise over the fair value assigned to assets acquired and liabilities assumed in a business combination. Goodwill is allocated as of the date of the business combination to the reporting units that are expected to benefit from the synergies of the business combination. Goodwill is not amortized, but reviewed for impairment on an annual basis or more frequently if impairment indicators arise. Qualitative factors are first assessed to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying value. If the qualitative assessment indicates that the reporting unit may be impaired, a two-step (k) Impairment of long-lived assets: Long-lived assets, including property and equipment, and definite life intangible assets other than goodwill, are assessed for potential impairment when there is evidence that events or changes in circumstances indicate that the carrying amount of an asset may not be recovered. The Company determines whether the carrying value of a long-lived depreciable asset or asset group is recoverable based on its estimates of future asset utilization and undiscounted expected future cash flows the assets are expected to generate. If the total of the expected undiscounted future cash flows is less than the carrying amount of the asset, a loss is recognized for the excess of the carrying amount over the fair value of the asset. (l) Leases: The Company determines if an arrangement is a lease at inception. Payments under lease arrangements are primarily fixed. Certain lease agreements contain variable payments, primarily payments for maintenance and utilities, which are expensed as incurred and not included in the lease assets and liabilities. For leases with an initial term of less than 12 months, the Company has elected not to recognize right-of-use non-lease (m) Long-term debt: Long-term debt is recorded under the effective interest method. Any debt issuance costs associated with an issuance of long-term debt are recorded as a direct deduction to the carrying value of the long-term debt and are amortized over the term under the effective interest method. The carrying value of the Company’s long-term debt includes any paid in-kind (n) Deferred revenue: Deferred revenue is recorded when upfront payments on distribution agreements are received. The deferred revenue is amortized into income over the applicable earnings period or when no further performance obligations exist. (o) Revenue recognition: The Company generates revenue primarily through the sale of its commercialized products and royalties. Product revenue is recognized at a point in time. Royalty revenue is recognized in the period in which the obligation is satisfied and the corresponding sales by its corporate partner occurs. The Company also earns licensing revenue from collaboration and license agreements from the commercial sale of approved products. Licensing revenue is recognized over time. (p) Stock-based compensation and other stock-based payments: Stock options and restricted share units granted to the Company’s directors, executive officers and employees are accounted for using the fair-value based method. Under this method, compensation expense for stock options is measured at fair value at the date of grant using the Black-Scholes valuation model and is expensed over the award’s vesting period on a graded basis. Stock options granted to foreign employees with Canadian dollar denominated stock options are subject to variable accounting treatment and are re-valued (q) Income taxes: The Company accounts for income taxes using the liability method of tax allocation. Deferred income taxes are recognized for the deferred income tax consequences attributable to differences between the carrying values of assets and liabilities and their respective income tax bases. Deferred income tax assets and liabilities are measured using enacted income tax rates expected to apply to taxable income in the years in which temporary differences are expected to be recovered or settled. The effect on deferred income tax assets and liabilities of a change in tax rates is included in income when a change in tax rates is enacted. Deferred income tax assets are evaluated periodically and if realization is not considered more likely than not, a valuation allowance is provided. Income tax credits, such as investment tax credits, are included as part of the provision for income taxes. (r) Loss per share: Basic loss per share is calculated by dividing net loss by the weighted average number of common shares outstanding during the period. Diluted earnings per share is computed using the treasury stock method. When the effect of options and other securities convertible into common shares is anti-dilutive, basic and diluted loss per share are generally the same. Diluted loss per share is calculated using the weighted average number of common shares outstanding during the period, adjusted to include the number of incremental common shares that would have been outstanding if all dilutive potential common shares had been issued. Under the treasury stock method, the number of dilutive shares, if any, is determined by dividing the average market price of shares for the period into the net proceeds of in-the-money |
Accounting pronouncements adopt
Accounting pronouncements adopted | 12 Months Ended |
Dec. 31, 2019 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Accounting pronouncements adopted | 3. Accounting pronouncements adopted: On January 1, 2019, the Company adopted Accounting Standards Update No. (“ASU”) 2016-02, 2018-11, catch-up right-of-use During the year ended December 31, 2018, the Company adopted the Accounting Standards Codification 606 (“ASC 606”), Revenue from Contracts with Customers, using the modified retrospective method. The Company has recognized the cumulative effect of applying ASC 606 as an adjustment to the opening balance of deficit. The comparative information has not been restated and will continue to be reported under the accounting standards in effect for those periods. The adoption of ASC 606 did not have a material impact on its statement of operations and comprehensive loss or on its statement of cash flows. The majority of the Company’s revenue continues to be recognized when products are shipped from its warehousing and logistics facilities. There were no changes to the treatment of cash flows and cash will continue to be collected in line with contractual terms. The cumulative effect of the adoption of ASC 606 on the Company’s consolidated January 1, 2018 balance sheet is summarized in the following table: December 31, 2017 Adjustments January 1, 2018 Deferred revenue $2,502 $300 $2,802 Deficit ($392,865) ($300) ($393,165) The transition adjustment arose from the Company’s treatment of an upfront payment it received from one of its distributors for the rights to distribute one of the Company’s commercialized products. The upfront payment was previously amortized immediately upon receipt over a 10-year |
Recent accounting pronouncement
Recent accounting pronouncements | 12 Months Ended |
Dec. 31, 2019 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Recent pronouncements | 4. Recent pronouncements: In June 2016, the FASB issued ASU 2016-13, held-to-maturity |
Financial instruments
Financial instruments | 12 Months Ended |
Dec. 31, 2019 | |
Investments, All Other Investments [Abstract] | |
Financial instruments | 5. Financial instruments: Financial instruments consist of cash and cash equivalents, restricted cash, accounts receivable, accounts payable and accrued liabilities, and long-term debt. The fair values of cash and cash equivalents, restricted cash, accounts receivable, and accounts payable and accrued liabilities approximate carrying values because of their short-term nature. The long-term debt is classified as Level 2 of the fair value hierarchy. Based on a pricing model using observable market inputs, the Company has determined that the fair value of long-term debt at December 31, 2019 is $42,008. The carrying value of long-term debt at December 31, 2019 is $44,926 (note 12). The inputs to the pricing model included benchmark yields for debt with comparable credit risk. In prior years, the Company determined that the fair value of long-term debt approximated its carrying value. The Company’s financial instruments are exposed to certain financial risks, including credit risk and market risk. (a) Credit risk: Credit risk is the risk of financial loss to the Company if a partner or counterparty to a financial instrument fails to meet its contractual obligations and arises principally from the Company’s cash and cash equivalents and accounts receivable. The carrying amount of the financial assets represents the maximum credit exposure. The Company limits its exposure to credit risk on cash and cash equivalents by placing these financial instruments with high-credit quality financial institutions. The Company is subject to credit risk related to its accounts receivable. The majority of the Company’s accounts receivable arise from product sales which are primarily due from drug distributors and hospitals. At December 31, 2019, approximately $4,400 of our accounts receivable was due from one distributor. The Company monitors the creditworthiness of its customers so that it can properly assess and respond to changes in their credit profile. (b) Market risk: Market risk is the risk that changes in market prices, such as foreign currency exchange rates and interest rates will affect the Company’s income or the value of the financial instruments held. (i) Foreign currency risk: Foreign currency risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in foreign exchange rates. The Company is exposed to foreign currency risk as a portion of the Company’s cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities, revenue, and operating expenses are denominated in other than U.S. dollars. The Company manages foreign currency risk by holding cash and cash equivalents in foreign currencies to support forecasted foreign currency cash outflows. The Company has not entered into any forward foreign exchange contracts. (ii) Interest rate risk: Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. Financial instruments that potentially subject the Company to interest rate risk include cash and cash equivalents. The Company is exposed to interest rate cash flow risk on its cash and cash equivalents as these instruments bear interest based on current market rates. |
Restricted cash
Restricted cash | 12 Months Ended |
Dec. 31, 2019 | |
Cash and Cash Equivalents [Abstract] | |
Restricted cash | 6. Restricted cash: At December 31, 2019, the Company had restricted cash relating to deposits pledged as collateral for bank guarantees for sales contracts with various hospitals and health authorities of $1,706 (December 31, 2018 - $1,739) and deposits pledged as collateral for operating lease arrangements of $239 (December 31, 2018 - $235). The following table provides a reconciliation of cash, cash equivalents, and restricted cash that sum to the total of the amounts shown in the consolidated statement of cash flows: December 31, December 31, Cash and cash equivalents $ 13,299 $ 15,596 Restricted cash 1,945 1,974 Cash, cash equivalents, and restricted cash $ 15,244 $ 17,570 |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2019 | |
Inventory, Net [Abstract] | |
Inventories | 7. Inventories: December 31, December 31, Finished goods $ 2,618 $ 3,288 Work in process 768 586 Raw materials 1,940 1,947 Inventories $ 5,326 $ 5,821 Less: current (3,563 ) (4,158 ) Long-term inventories $ 1,763 $ 1,663 During the year ended December 31, 2019, the Company had a write-down of inventory of $159 (2018 – $340; 2017 - $295). |
Property and equipment
Property and equipment | 12 Months Ended |
Dec. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |
Property and equipment | 8. Property and equipment: December 31, 2019 Cost Accumulated Net book Production equipment $ 67 $ 67 $ - Software 55 55 - Computer equipment 230 164 66 Leasehold improvements 699 315 384 Furniture and office equipment 177 175 2 $ 1,228 $ 776 $ 452 December 31, 2018 Cost Accumulated Net book Production equipment $ 67 $ 42 $ 25 Software 55 55 - Computer equipment 231 138 93 Leasehold improvements 574 209 365 Furniture and office equipment 177 148 29 $ 1,104 $ 592 $ 512 Amortization and depreciation expense for the year ended December 31, 2019 amounted to $184 (2018 - $124; 2017 - $143). |
Intangible assets
Intangible assets | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible assets | 9. Intangible assets: December 31, 2019 Cost Accumulated Net book Licenses $ 22,113 $ 6,361 $ 15,752 Marketing rights 14,745 8,988 5,757 Trade name 1,053 651 402 Patents 4,080 3,759 321 $ 41,991 $ 19,759 $ 22,232 December 31, 2018 Cost Accumulated Net book Licenses $ 22,538 $ 4,360 $ 18,178 Marketing rights 15,028 7,667 7,361 Trade name 1,074 564 510 Patents 4,126 3,706 420 $ 42,766 $ 16,297 $ 26,469 In May 2016, the Company announced the execution of a license agreement with Allergan plc (“Allergan”), for the rights to commercialize dalbavancin (branded DALVANCE ® TM non-refundable non-refundable In September 2017, the Company announced the execution of a distribution and license agreement with Basilea Pharmaceutica International Ltd. (“Basilea”), for the rights to commercialize Zevtera ® ® non-refundable pre-determined non-refundable pre-determined As part of the Arrangement (note 1), the Company divested its Canadian Operations, which included $1,349 in licenses, to Cipher. A gain on disposal of the Canadian Operations of $18,489 was recognized in the second quarter of 2018. Amortization and depreciation expense for the year ended December 31, 2019 amounted to $3,757 (2018 - $4,019; 2017 - $3,374). The estimated aggregate amortization expense for intangible assets held at December 31, 2019, for each of the five succeeding years is expected as follows: 2020 $ 3,740 2021 3,706 2022 3,682 2023 3,653 2024 2,153 |
Accounts payable and accrued li
Accounts payable and accrued liabilities | 12 Months Ended |
Dec. 31, 2019 | |
Payables and Accruals [Abstract] | |
Accounts payable and accrued liabilities | 10. Accounts payable and accrued liabilities: December 31, December 31, Trade accounts payable $ 6,551 $ 4,213 Employee-related accruals 2,643 3,249 Other accrued liabilities 2,101 1,941 $ 11,295 $ 9,403 |
Leases
Leases | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Leases | 11. Leases: The Company leases office space, vehicles, and certain equipment. Leases with an initial term of 12 months or less are not recorded on the balance sheet; the Company recognizes lease expense for these leases on a straight-line basis over the lease term. For the year ended December 31, 2019 Operating lease cost $ 908 Variable lease cost $ 166 Cash paid for amounts included in the measurement of operating lease liabilities: Operating cash flows from operating leases $ (964) Leases December 31, 2019 Right-of-use $ 2,057 Current operating lease liabilities $ 812 Long-term operating lease liabilities $ 1,466 Weighted average remaining operating lease term (years) 3.6 years Weighted average operating lease discount rate 6.0% As at December 31, 2019 future annual minimum lease payments are as follows: Operating leases 2020 $ 954 2021 760 2022 497 2023 212 2024 190 Thereafter - Total minimum lease payments 2,613 Less imputed interest (335) Total lease liability $ 2,278 As at December 31, 2018, future annual minimum lease payments were as follows: 2019 $ 937 2020 754 2021 347 2022 199 2023 185 Thereafter 170 Total minimum lease payments $ 2,592 Rent expense for the year ended December 31, 2019 was $774 (2018 - $827; 2017 - $658). |
Long term debt
Long term debt | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Long term debt | 12. Long term debt: December 31, December 31, Long-term debt $ 44,926 $ 41,517 Less: current portion (17,688 ) - Long-term debt $ 27,238 $ 41,517 On June 13, 2016, the Company entered into a term loan agreement with CRG-managed On May 11, 2017, the Company amended the terms of its term loan agreement (the “first amendment”). Under the terms of the amended agreement, up to $50,000 was available to the Company consisting of four tranches bearing interest at 13% per annum. The first tranche of $20,000 was drawn on June 13, 2016 when the Company entered into the original term loan agreement, and a second tranche of $10,000 was drawn on the date of the first amendment. A third tranche of $10,000 was drawn on August 8, 2017. The fourth tranche of up to $10,000 was never drawn. The loan matures on March 31, 2022 and is secured by substantially all of the assets of the Company. Under the terms of the amended agreement, an interest-only period is provided such that principal repayment begins in June 2020. The Company incurred expenses of $1,451 in connection with the modification of long-term debt in the second quarter of 2017 which is included in other expense. Interest is payable on a quarterly basis through the full term of the loan. Interest payments may be split, at the Company’s option, between 9% per annum cash interest and 4% per annum paid in-kind in-kind back-end in-kind In consideration for entering into the first amendment, 700,000 warrants with a strike price of $4.00 per common share were issued to CRG as of the date of the amended agreement. The warrants have a term of 5 years and are classified as equity. The warrants were fair valued at $1,200 using the Black-Scholes model and are being accounted for as a discount to the long-term debt on a proportionate basis to the fair value of the entire long-term debt as of the date of the amended agreement. The discount is being amortized to interest expense over the life of the amended agreement under the effective interest method. The Company is required to meet certain annual revenue covenants. If the revenue covenants are not met, the Company may exercise a cure right within 90 days of year-end On March 11, 2019, the Company further amended its term loan agreement with CRG for an additional credit facility of $10,000, to be drawn at the discretion of the Company, in increments of $2,500 through September 30, 2019, subject to the achievement of certain revenue and market capitalization requirements (the “Additional Credit Facility”). The facility bore interest at 13% per annum and carried the same terms and conditions as the term loan agreement. As consideration for the Additional Credit Facility, the Company made a one-time On December 17, 2019, the Company further amended its term loan agreement with CRG such that certain product rights could be sold. Upon receiving proceeds from the sale of these product rights, on March 9, 2020, the Company made a repayment of $2,000 to CRG, of which $1,777 related to a prepayment of principal, $142 related to the back-end Subsequent to the year ended December 31, 2019, the Company entered into an agreement with CRG to amend certain covenants related to the term loan agreement, including the annual revenue covenant. As a result of the retrospective amendment to the annual revenue covenant, the Company was in compliance with all covenants for the year ended December 31, 2019. Future repayments, assuming the Company continues to meet the amended revenue covenants, are as follows: 2020 $ 17,830 2021 21,214 2022 8,698 2023 - 2024 - Total repayments $ 47,742 |
Share capital
Share capital | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Share capital | 13. Share capital: (a) Authorized: The authorized share capital of the Company consists of an unlimited number of common shares without par value and an unlimited number of preferred shares without par value issuable in series. (b) Issued and outstanding: Common shares Number Balance, December 31, 2016 31,884,420 Issued through at-the-market (i) 1,958,598 Issued to Lincoln Park Capital Fund, LLC (ii) 494,453 Issued for cash upon exercise of options 215,000 Issued upon exercise of options in cashless transaction 50,495 Issued upon vesting of restricted share units, net of tax 34,346 Balance, December 31, 2017 34,637,312 Issued through at-the-market (iii) 1,361,691 Issued for cash upon exercise of options 200,000 Issued upon exercise of options in cashless transaction 19,749 Issued upon vesting of restricted share units, net of tax 14,410 Balance, December 31, 2018 36,233,162 Issued through at-the-market (iii) 2,970,781 Issued through at-the-market (iv) 6,932,063 Issued through common share offering (v) 9,200,000 Issued upon exercise of options in cashless transaction 15,654 Issued upon vesting of restricted share units 30,568 Balance, December 31, 2019 55,382,228 (i) On March 7, 2016, the Company filed a prospectus supplement pertaining to sales under an At Market Issuance Sales Agreement (the “ATM Sales Agreement”) with FBR Capital Markets & Co. (“FBR”) and MLV & Co. LLC (“MLV”). Under the terms of the ATM Sales Agreement, the Company could sell through at-the-market (ii) On January 12, 2016, the Company completed a purchase agreement (the “Purchase Agreement”) with Lincoln Park Capital Fund, LLC (“LPC”) which allowed LPC to purchase common shares with an aggregate value of up to $20,000. On March 7, 2016, the Company filed a prospectus supplement pertaining to the Purchase Agreement, under which LPC could purchase common shares up to a maximum of $6,900. During the year ended December 31, 2017, 494,453 common shares were issued to LPC for gross proceeds of $967 under this prospectus supplement. The Purchase Agreement was terminated in April 2018. (iii) On July 5, 2018, the Company filed a short form base shelf prospectus with the securities regulatory authorities in Canada, other than Quebec, and the United States Securities and Exchange Commission under a registration statement on Form F-10 25-month On July 10, 2018, the Company filed a prospectus supplement pertaining to sales under an ATM Sales Agreement with B. Riley FBR, Inc. (“BRFBR”). Under the terms of the ATM Sales Agreement, the Company could sell through at-the-market (iv) On March 13, 2019, the Company filed a prospectus supplement pertaining to sales under an ATM Sales Agreement with Cantor Fitzgerald & Co. (“Cantor”). Under the terms of the ATM Sales Agreement, the Company could sell through at-the-market offerings, with Cantor as agent, such common shares with an aggregate value of up to $50,000, subject to a maximum of $12,000 that may be offered and sold under this prospectus supplement. During the year ended December 31, 2019, 6,932,063 common shares were issued for gross proceeds of $7,523 under this prospectus supplement, of which $676 was recorded as accounts receivable at December 31, 2019 and was collected subsequent to year-end. Subsequent to December 31, 2019, 10,777,186 common shares were issued for gross proceeds of $4,476 under this prospectus supplement. (v) On August 7, 2019, the Company closed an underwritten public offering (the “Offering”) of 9,200,000 common shares at a price of $1.50 per common share, for aggregate gross proceeds of $13,800. Cantor acted as sole book-running manager in connection with the Offering. H.C. Wainwright & Co. acted as financial advisor to the Company in connection with the Offering. |
Share-based compensation
Share-based compensation | 12 Months Ended |
Dec. 31, 2019 | |
Share-based Payment Arrangement, Noncash Expense [Abstract] | |
Share-based compensation | 14. Share-based compensation: (a) Stock options: Under the terms of the Company’s incentive stock option plan (the “Plan”), the Company may grant options to directors, executive officers, employees and consultants of the Company. The Plan provides for granting of options at the fair market value of the Company’s common shares at the grant date. Options generally vest over periods of up to four years with an expiry term of five years and generally vest in equal amounts at the end of each month. The maximum number of shares available for issue under the Plan is a rolling number equal to a maximum of 12.5% of the issued common shares outstanding at the time of grant. The maximum number of stock options issuable to insiders under the Plan is restricted to 10% of the issued and outstanding common shares of the Company. Details of the stock option transactions for the years ended December 31, 2019, 2018 and 2017 are summarized as follows: Number Weighted Weighted Aggregate Outstanding as at December 31, 2016 2,001,557 5.82 2.72 1,110 Options granted 1,242,500 4.16 Options exercised (324,000) 2.16 Options forfeited (20,000) 5.10 Options expired (8,000) 1.70 Outstanding as at December 31, 2017 2,892,057 5.52 3.07 69 Options granted 1,082,000 2.76 Options exercised (267,000) 1.66 Options forfeited (30,183) 7.27 Options expired (157,000) 4.88 Outstanding as at December 31, 2018 3,519,874 5.04 3.07 820 Options granted 1,615,000 4.97 Options exercised (62,500) 4.01 Options forfeited (1,000) 4.49 Options expired (375,174) 7.30 Outstanding as at December 31, 2019 4,696,200 4.81 2.67 - Exercisable as at December 31, 2019 3,350,514 4.86 2.11 - The outstanding options expire at various dates ranging from March 26, 2020 to June 25, 2024. At December 31, 2019, stock options to executive officers and directors, employees and consultants were outstanding as follows: Options outstanding Options exercisable Range of exercise prices (CAD$) Number Weighted Weighted price (CAD$) Number Weighted price (CAD$) $2.49 to $3.25 1,085,000 2.51 2.54 880,804 2.55 $3.26 to $4.03 842,500 1.69 4.00 821,644 4.00 $4.04 to $6.26 2,353,500 3.47 5.23 1,232,866 5.34 $6.27 to $12.68 415,200 0.52 10.02 415,200 10.02 4,696,200 2.67 4.81 3,350,514 4.86 A summary of the Company’s non-vested Non-vested Number of options Weighted average grant-date fair value Non-vested 1,204,223 1.22 Granted 1,615,000 1.78 Forfeited (820) 1.78 Vested (1,472,717) 1.42 Non-vested 1,345,686 1.68 At December 31, 2019, there was $1,133 (December 31, 2018 - $536) of total unrecognized compensation cost related to non-vested The aggregate intrinsic value of stock options exercised during the year ended December 31, 2019 was $69 (2018 - $68; 2017 - $495). The aggregate fair value of vested options during the year ended December 31, 2019 was $2,087 (2018 - $1,394; 2017 - $1,729). For the year ended December 31, 2019, $2,269 was recorded as stock-based compensation expense with $15 being recorded as a recovery against liability and $2,284 being recorded against additional paid-in paid-in paid-in The weighted average fair value of stock options granted during the year ended December 31, 2019 was $1.78 (2018 - $1.03; 2017 - $1.53). The estimated fair value of the stock options granted was determined using the Black-Scholes option pricing model with the following weighted-average assumptions: December 31, December 31, December 31, Dividend yield - - - Expected volatility 71.6% 62.1% 63.7% Risk-free interest rate 2.1% 2.2% 1.2% Expected average life of the options 3.9 years 4.0 years 3.8 years Estimated forfeiture rate - - - There is no dividend yield as the Company has not paid, and does not plan to pay, dividends on its common shares. The expected volatility is based on the historical share price volatility of the Company’s daily share closing prices over a period equal to the expected life of each option grant. The risk-free interest rate is based on yields from Canadian government bond yields with a term equal to the expected term of the options being valued. The expected life of options represents the period of time that the options are expected to be outstanding based on the contractual term of the options and on historical data of option holder exercise and post-vesting employment termination history. Forfeitures are estimated at the time of grant and, if necessary, management revises that estimate if actual forfeitures differ and adjusts stock-based compensation expense accordingly. (b) Restricted share unit plan: The Company’s treasury-based Restricted Share Unit Plan (the “RSU Plan”) provides long-term incentives to certain executives and other key employees and to support the objective of employee share ownership through the granting of restricted share units (“RSUs”). There is no exercise price and no monetary payment is required from the employees to the Company upon grant of the RSUs or upon the subsequent issuance of shares to settle the award. The vested RSUs may be settled through the issuance of common shares from treasury, by the delivery of common shares purchased on the open market, in cash or in any combination of the foregoing, at the option of the Company. Vesting of RSUs is conditional upon the expiry of a time-based vesting period. The duration of the vesting period and other vesting terms applicable to the grant of the RSUs are determined at the time of the grant. Generally, RSUs vest annually over three years, in equal amounts, on the anniversary date of the date of grant. Details of RSU transactions for the years ended December 31, 2019, 2018 and 2017 are summarized as follows: Number Weighted Weighted Aggregate Outstanding as at December 31, 2016 119,703 $ 6.95 1.71 $ 334 RSUs granted 52,962 3.46 194 RSUs vested (57,003) 7.59 174 RSUs forfeited (18,706) 6.21 Outstanding as at December 31, 2017 96,956 $ 4.83 1.68 $ 147 RSUs granted 69,872 2.43 160 RSUs vested (95,622) 4.73 202 RSUs forfeited (22,718) 2.58 Outstanding as at December 31, 2018 48,488 $ 2.63 2.50 $ 119 RSUs granted 115,251 3.42 397 RSUs vested (30,568) 2.30 79 RSUs forfeited (10,040) 3.10 Outstanding as at December 31, 2019 123,131 $ 3.41 2.06 $ 51 At December 31, 2019, there was $225 (December 31, 2018 - $76) of total unrecognized compensation cost related to non-vested RSUs are valued at the market price of the underlying securities on the grant date and the compensation expense, based on the estimated number of awards expected to vest, is recognized on a straight-line basis over the three-year vesting period. On May 10, 2018, in connection with the closing of the Arrangement Agreement, 69,877 RSUs vested immediately and were settled in cash. For the year ended December 31, 2018, stock-based compensation expense in connection with the accelerated vesting of these RSUs of $175 was recorded in selling, general and administration expense. For the year ended December 31, 2019, stock-based compensation expense related to RSUs of $155 (2018 - $270; 2017 - $402) was recorded in selling, general and administration expense and recorded against additional paid-in |
Basic and diluted loss per shar
Basic and diluted loss per share | 12 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |
Basic and diluted loss per share | 15. Basic and diluted loss per share: Basic and diluted loss per share is calculated as set forth below: Year ended December 31, 2019 2018 2017 Net loss $ (35,184) $ (16,579) $ (29,811) Less: recovery of fair value of liability classified awards - - (153) Diluted loss available to common shareholders $ (35,184) $ (16,579) $ (29,964) Weighted average number of common shares for basic loss per share 44,275,800 35,148,303 33,192,480 Plus: incremental shares from assumed exercise - - 35,444 Diluted weighted average number of common shares for diluted loss per share 44,275,800 35,148,303 33,227,924 Loss per share – basic and diluted $ (0.79) $ (0.47) $ (0.90) For the year ended December 31, 2017, $5 of the recovery of fair value of liability classified awards has been excluded from the calculation of diluted loss available to common shareholders due to the fact that it is anti-dilutive. |
Commitments
Commitments | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments | 16. Commitments: (a) Commitments for clinical and other agreements: The Company entered into various clinical and other agreements requiring it to fund future expenditures of $97 (2018 - $1,613; 2017 - $7,309). (b) Purchase commitments: The Company has purchase commitments with certain suppliers who assist in the production of its commercialized products. The amount of the purchase commitment is based on physical quantities manufactured; however, as at December 31, 2019, there is an aggregate minimum purchase obligation of $156 (December 31, 2018 - $318). |
Income taxes
Income taxes | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income taxes | 17. Income taxes: The components of loss before income taxes consist of the following: 2019 2018 2017 Canadian $ (12,667 ) $ 5,015 $ (14,841 ) Foreign (22,338 ) (21,556 ) (14,607 ) Loss before income taxes $ (35,005 ) $ (16,541 ) $ (29,448 ) The reconciliation of income tax computed at statutory tax rates to income tax expense, using a 27.0% (2018 – 27.0%; 2017 – 26.0%) statutory tax rate, is: December 31, December 31, December 31, Loss before income taxes $ (35,005 ) $ (16,541 ) $ (29,448 ) Statutory tax rate 27.0% 27.0% 26.0% Income tax recovery at Canadian statutory income tax rates $ (9,451 ) $ (4,466 ) $ (7,656 ) Change in valuation allowance 11,576 (87,082 ) 1,625 Disposal of Canadian Operations (notes 1 and 9) - 81,690 - Permanent differences 808 875 967 Expiry of investment tax credits and non-capital 1,589 5,838 1,243 Tax rate differences 613 748 790 Change in U.S. statutory rate - - 6,394 Change in Canadian statutory rate - - (2,595 ) Adjustments related to prior periods (4,956 ) 2,167 (417 ) Other differences - 268 12 Income tax expense $ 179 $ 38 $ 363 As a result of tax legislation enacted in the U.S. at the end of 2017, the federal U.S. corporate tax rate applicable to years subsequent to 2017 was substantially reduced. The Company recorded a deferred income tax expense in respect of its U.S. operations in 2017 using the new federal rate of 21%; however, there was no impact on tax expense as a valuation allowance is provided on most of these deferred tax assets. The Company also revalued its deferred tax assets in respect of its Canadian operations to reflect the increase in the Canadian corporate income tax rate to 27% for years subsequent to 2017. There was no impact on tax expense as a full valuation allowance is provided on these deferred tax assets. Significant components of the Company’s deferred tax assets are shown below: December 31, 2019 December 31, 2018 Deferred tax assets: Tax loss carryforwards $ 38,173 $ 27,226 Tax values of depreciable assets in excess of accounting values 481 69 Share issue costs and other 637 486 Total deferred tax assets 39,291 27,781 Valuation allowance (38,991) (27,398) Net deferred tax assets $ 300 $ 383 The Company also has total loss carryforwards of $162,080 (December 31, 2018 - $118,373) available to offset future taxable income: in Canada, in the amount of $12,352 (December 31, 2018 - $2,580); in Switzerland, in the amount of $106,838 (December 31, 2018 - $70,647); in the United States, in the amount of $42,525 (December 31, 2018 - $44,679); and in the United Kingdom, in the amount of $365 (December 31, 2018 - $467). The loss carryforwards expire between 2020 and 2039, except for the United Kingdom. The loss carryforwards in the United Kingdom do not expire. The Company’s non-capital Non-capital 2020 $ 18,167 2021 16,932 2022 20,552 2023 16,820 2024 25,657 Thereafter until 2038 63,952 $ 162,080 The Company recognizes interest and penalties related to income taxes in interest and other income. To date, the Company has not incurred any significant interest and penalties. The Company is subject to assessments by various taxation authorities which may interpret tax legislations and tax filing positions differently from the Company. The Company provides for such differences when it is likely that a taxation authority will not sustain the Company’s filing position and the amount of the tax exposure can be reasonably estimated. As at December 31, 2019, a provision of nil (December 31, 2018 - nil) has been made in the financial statements for estimated tax liabilities. Tax years ranging from 2011 to 2019 remain subject to examination in the various countries we operate in. |
Related party transactions
Related party transactions | 12 Months Ended |
Dec. 31, 2019 | |
Related Party Transactions [Abstract] | |
Related party transactions | 18. Related party transactions: During the years ended December 31, 2019, 2018 and 2017, the Company incurred expenses for consulting services provided by a company owned by one of the officers of the Company. The amounts charged were recorded at their exchange amounts and were subject to normal trade terms. The Company incurred expenses of $258 for the year ended December 31, 2019 for services provided by the consulting company relating to general corporate matters (2018 - $226; 2017 - $193). Included in accounts payable and accrued liabilities at December 31, 2019 was $28 owing to the consulting company (December 31, 2018 - $198). |
Contingencies
Contingencies | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies | 19. Contingencies: (a) The Company may, from time to time, be subject to claims and legal proceedings brought against it in the normal course of business. Such matters are subject to many uncertainties. Management believes that adequate provisions have been made in the accounts where required and the ultimate resolution of such contingencies will not have a material adverse effect on the consolidated financial position of the Company. On December 12, 2019, a putative securities class action complaint was filed against the Company and certain of its current and past officers (collectively “the Defendants”) in the United States District Court for the Southern District of New York. The Court appointed co-lead The complaint alleges, among other things, that the Company made materially false and misleading statements and omissions regarding the Company’s business, operational and compliance policies. Specifically, the complaint alleges that the Company made false and/or misleading statements and/or failed to disclose that data supporting the resubmitted New Drug Application (“NDA”) for Brinavess ® The plaintiffs have not specified an amount of alleged damages in the action. Because this action is in the early stages, the possible loss or range of losses, if any, arising from the litigation cannot be estimated. The Company believes that the claims asserted in the complaint are without merit and intends to defend the lawsuit vigorously. (b) The Company entered into indemnification agreements with all officers and directors. The maximum potential amount of future payments required under these indemnification agreements is unlimited. However, the Company maintains liability insurance that limits the exposure and enables the Company, and/or its officers and directors, to recover future amounts paid, less any deductible amounts pursuant to the terms of the respective policies. (c) The Company has entered into license and research agreements with third parties that include indemnification provisions that are customary in the industry. These indemnification provisions generally require the Company to compensate the other party for certain damages and costs incurred as a result of third-party claims or damages arising from these transactions. In some cases, the maximum potential amount of future payments that could be required under these indemnification provisions is unlimited. These indemnification provisions may survive termination of the underlying agreement. The nature of the indemnification obligations prevents the Company from making a reasonable estimate of the maximum potential amount it could be required to pay. Historically, the Company has not made any indemnification payments under such agreements and no amount has been accrued in the accompanying consolidated financial statements with respect to these indemnification obligations. |
Segmented information
Segmented information | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
Segmented information | 20. Segmented information: Revenue is earned through the sale of the Company’s commercialized products and licensing and other fees. The Company recognizes segmentation based on geography as follows: Year ended December 31, 2019 Europe Rest of World Total Revenue $ 22,425 $ 10,209 $ 32,634 Cost of goods sold 7,170 2,657 9,827 Gross margin 15,255 7,552 22,807 Gross margin % 68% 74% 70% Year ended December 31, 2018 Europe Rest of World Total Revenue $ 16,165 $ 12,509 $ 28,674 Cost of goods sold 5,466 2,828 8,294 Gross margin 10,699 9,681 20,380 Gross margin % 66% 77% 71% Year ended December 31, 2017 Europe Rest of World Total Revenue $ 10,953 $ 13,055 $ 24,008 Cost of goods sold 2,974 3,802 6,776 Gross margin 7,979 9,253 17,232 Gross margin % 73% 71% 72% The following table presents the Company’s revenues disaggregated by revenue source: Year ended December 31, 2019 2018 2017 Cardiology $ 19,358 $ 22,497 $ 22,753 Antibiotic 13,276 6,177 1,255 $ 32,634 $ 28,674 $ 24,008 During the year ended December 31, 2019, there were three customers that individually accounted for more than 10% of total revenue. During the year ended December 31, 2019, these customers accounted for 19%, 15% and 11% of total revenue. During the years ending December 31, 2018 and 2017, there were two customers that individually accounted for more than 10% of total revenue. During the year ended December 31, 2018, these customers accounted for 17% and 14% of total revenue (2017 – 20% and 24%). |
Subsequent events
Subsequent events | 12 Months Ended |
Dec. 31, 2019 | |
Subsequent Events [Abstract] | |
Subsequent events | 21. Subsequent events: On March 10, 2020, the Company announced that it entered into an exclusive agreement with Hong Kong Teson Pharma Limited (“Teson”) for the commercialization of Aggrastat ® one-time ® On March 16, 2020, the Company announced that it entered into an arrangement agreement dated March 15, 2020 in which ADVANZ PHARMA will acquire all of the issued and outstanding shares of the Company, pursuant to a plan of arrangement under the Canada Business Corporations Act. The acquisition, which will be executed through ADVANZ PHARMA’s wholly-owned subsidiary Mercury Pharma Group Limited, is expected to have a total purchase price of approximately $75,900, which includes the repayment of certain of the Company’s indebtedness. The Boards of Directors of both companies have unanimously approved the transaction, which remains subject to approval by the Company’s shareholders. The transaction is subject to customary closing conditions and is expected to be completed during the second quarter of 2020. |
Summary of significant accoun_2
Summary of significant accounting policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | (a) Principles of consolidation: The consolidated financial statements include the accounts of Correvio Pharma Corp. and its wholly owned subsidiaries from their respective dates of acquisition of control. All intercompany transactions and balances have been eliminated on consolidation. |
Use Of Estimates, Policy [Policy Text Block] | (b) Use of estimates: The consolidated financial statements have been prepared in conformity with U.S. GAAP, which requires management to make estimates and assumptions that affect the reported amounts in the consolidated financial statements. Significant areas requiring the use of accounting judgments and estimates include accounting for amounts recorded in connection with recoverability of inventories, carrying value of intangible assets, revenue recognition, bad debt and allowance for doubtful accounts, stock-based compensation expense, and contingencies. The reported amounts and note disclosure are determined using management’s best estimates based on assumptions that reflect the most probable set of economic conditions and planned course of action. Actual results could differ from those estimates. |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | (c) Foreign currency translation: The net assets of foreign subsidiaries where the local currencies have been determined to be the functional currencies are translated into U.S. dollars using exchange rates at the balance sheet dates. Equity is translated at historical rates and revenue and expenses are translated at exchange rates prevailing during the period. The foreign exchange gains and losses arising from translation are recorded in the foreign currency translation account, which is included in other comprehensive income and reflected as a separate component of equity. For those subsidiaries where the U.S. dollar has been determined to be the functional currency, non-monetary period-end |
Fair Value Of Financial Instruments, Policy [Policy Text Block] | (d) Fair value measurements of financial instruments: Fair value measurements of financial instruments are determined by using a fair value hierarchy that prioritizes the inputs to valuation techniques into three levels according to the relative reliability of the inputs used to estimate the fair values. The three levels of inputs used to measure fair value are as follows: Level 1 - Level 2 - Level 3 - In determining fair value measurements, the most observable inputs are used when available. The fair value hierarchy level at which a financial instrument is categorized is determined on the basis of the lowest level input that is significant to the fair value measurement. |
Cash and Cash Equivalents, Policy [Policy Text Block] | (e) Cash and cash equivalents: Cash and cash equivalents include cash and short-term deposits with original maturities of 90 days or less. Short-term deposits are valued at amortized cost. The carrying amounts approximate fair value due to the short-term maturities of these instruments. |
Accounts Receivable, Policy [Policy Text Block] | (f) Accounts receivable: The Company records accounts receivable at outstanding amounts, net of any allowances for doubtful accounts. Accounts receivable generally consist of trade receivables, value-added-tax The Company maintains an allowance for accounts for estimated losses that may result from our customers’ inability to pay. The Company estimates an allowance for doubtful accounts primarily based on the credit worthiness of customers, aging of receivable balances and general economic conditions. Amounts later determined and specifically identified to be uncollectible are charged against this allowance. |
Inventory, Policy [Policy Text Block] | (g) Inventories: Inventories consist of finished goods, unfinished product (work in process) and raw materials and are valued at the lower of cost or estimated net realizable value, determined on a first-in-first-out The components of inventory and inventory purchase commitments are reviewed on a regular basis for excess and obsolete inventory based on estimated future usage and sales, demand from drug distributors and hospitals and economic conditions. Management believes that the estimates used in calculating the inventory provision are reasonable and properly reflect the risk of excess and obsolete inventory. |
Property, Plant and Equipment, Policy [Policy Text Block] | (h) Property and equipment: Property and equipment are recorded at cost less accumulated amortization. Amortization is provided using the straight-line method over the following terms: Asset Rate Laboratory equipment 5 years Production equipment 7 years Computer equipment 3-5 Software 3-5 Furniture and office equipment 5-7 years Leasehold improvements are amortized on a straight-line basis over the lesser of their estimated useful life or the initial lease term. |
Intangible Assets, Finite-Lived, Policy [Policy Text Block] | (i) Intangible assets: Intangible assets are comprised of patent costs, trade name, marketing rights and licenses, all of which have a definite life. Patent costs which are associated with the preparation, filing, and obtaining of patents are capitalized. Maintenance costs of patents are expensed as incurred. The estimated useful life of an intangible asset with a definite life is the period over which the asset is expected to contribute to future cash flows. When determining the useful life, the Company considers the expected use of the asset, useful life of a related intangible asset, any legal, regulatory or contractual provisions that limit the useful life, any legal, regulatory, or contractual renewal or extension provisions without substantial costs or modifications to the existing terms and conditions, the effects of obsolescence, demand, competition and other economic factors, and the expected level of maintenance expenditures relative to the cost of the asset required to obtain future cash flows from the asset. Amortization is provided using the straight-line method over the following terms: Asset Rate Patents over the patent life Trade name 10 years Marketing rights 10 years Licenses over the license term |
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block] | (j) Goodwill: Goodwill represents the excess of the purchase price of an acquired enterprise over the fair value assigned to assets acquired and liabilities assumed in a business combination. Goodwill is allocated as of the date of the business combination to the reporting units that are expected to benefit from the synergies of the business combination. Goodwill is not amortized, but reviewed for impairment on an annual basis or more frequently if impairment indicators arise. Qualitative factors are first assessed to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying value. If the qualitative assessment indicates that the reporting unit may be impaired, a two-step |
Impairment Of Long Lived Assets [Policy Text Block] | (k) Impairment of long-lived assets: Long-lived assets, including property and equipment, and definite life intangible assets other than goodwill, are assessed for potential impairment when there is evidence that events or changes in circumstances indicate that the carrying amount of an asset may not be recovered. The Company determines whether the carrying value of a long-lived depreciable asset or asset group is recoverable based on its estimates of future asset utilization and undiscounted expected future cash flows the assets are expected to generate. If the total of the expected undiscounted future cash flows is less than the carrying amount of the asset, a loss is recognized for the excess of the carrying amount over the fair value of the asset. |
Leases, Policy [Policy Text Block] | (l) Leases: The Company determines if an arrangement is a lease at inception. Payments under lease arrangements are primarily fixed. Certain lease agreements contain variable payments, primarily payments for maintenance and utilities, which are expensed as incurred and not included in the lease assets and liabilities. For leases with an initial term of less than 12 months, the Company has elected not to recognize right-of-use non-lease |
Long-Term Debt, Policy [Policy Text Block] | (m) Long-term debt: Long-term debt is recorded under the effective interest method. Any debt issuance costs associated with an issuance of long-term debt are recorded as a direct deduction to the carrying value of the long-term debt and are amortized over the term under the effective interest method. The carrying value of the Company’s long-term debt includes any paid in-kind |
Deferred Revenue [Policy Text Block] | (n) Deferred revenue: Deferred revenue is recorded when upfront payments on distribution agreements are received. The deferred revenue is amortized into income over the applicable earnings period or when no further performance obligations exist. |
Revenue [Policy Text Block] | (o) Revenue recognition: The Company generates revenue primarily through the sale of its commercialized products and royalties. Product revenue is recognized at a point in time. Royalty revenue is recognized in the period in which the obligation is satisfied and the corresponding sales by its corporate partner occurs. The Company also earns licensing revenue from collaboration and license agreements from the commercial sale of approved products. Licensing revenue is recognized over time. |
Stock-based compensation and other stock-based payments [Policy Text Block] | (p) Stock-based compensation and other stock-based payments: Stock options and restricted share units granted to the Company’s directors, executive officers and employees are accounted for using the fair-value based method. Under this method, compensation expense for stock options is measured at fair value at the date of grant using the Black-Scholes valuation model and is expensed over the award’s vesting period on a graded basis. Stock options granted to foreign employees with Canadian dollar denominated stock options are subject to variable accounting treatment and are re-valued |
Income Tax, Policy [Policy Text Block] | (q) Income taxes: The Company accounts for income taxes using the liability method of tax allocation. Deferred income taxes are recognized for the deferred income tax consequences attributable to differences between the carrying values of assets and liabilities and their respective income tax bases. Deferred income tax assets and liabilities are measured using enacted income tax rates expected to apply to taxable income in the years in which temporary differences are expected to be recovered or settled. The effect on deferred income tax assets and liabilities of a change in tax rates is included in income when a change in tax rates is enacted. Deferred income tax assets are evaluated periodically and if realization is not considered more likely than not, a valuation allowance is provided. Income tax credits, such as investment tax credits, are included as part of the provision for income taxes. |
Earnings Per Share, Policy [Policy Text Block] | (r) Loss per share: Basic loss per share is calculated by dividing net loss by the weighted average number of common shares outstanding during the period. Diluted earnings per share is computed using the treasury stock method. When the effect of options and other securities convertible into common shares is anti-dilutive, basic and diluted loss per share are generally the same. Diluted loss per share is calculated using the weighted average number of common shares outstanding during the period, adjusted to include the number of incremental common shares that would have been outstanding if all dilutive potential common shares had been issued. Under the treasury stock method, the number of dilutive shares, if any, is determined by dividing the average market price of shares for the period into the net proceeds of in-the-money |
Summary of significant accoun_3
Summary of significant accounting policies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Summary of Useful Lives of Property and Equipment | Property and equipment are recorded at cost less accumulated amortization. Amortization is provided using the straight-line method over the following terms: Asset Rate Laboratory equipment 5 years Production equipment 7 years Computer equipment 3-5 Software 3-5 Furniture and office equipment 5-7 years |
Summary of Useful Lives of Intangible Assets | Amortization is provided using the straight-line method over the following terms: Asset Rate Patents over the patent life Trade name 10 years Marketing rights 10 years Licenses over the license term |
Accounting pronouncements ado_2
Accounting pronouncements adopted (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Summary of Cumulative Effect of Adoption of ASC 606 | The cumulative effect of the adoption of ASC 606 on the Company’s consolidated January 1, 2018 balance sheet is summarized in the following table: December 31, 2017 Adjustments January 1, 2018 Deferred revenue $2,502 $300 $2,802 Deficit ($392,865) ($300) ($393,165) |
Restricted cash (Tables)
Restricted cash (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Cash and Cash Equivalents [Abstract] | |
Reconciliation of Cash, Cash Equivalents, and Restricted Cash | The following table provides a reconciliation of cash, cash equivalents, and restricted cash that sum to the total of the amounts shown in the consolidated statement of cash flows: December 31, December 31, Cash and cash equivalents $ 13,299 $ 15,596 Restricted cash 1,945 1,974 Cash, cash equivalents, and restricted cash $ 15,244 $ 17,570 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Inventory, Net [Abstract] | |
Summary of Inventories | December 31, December 31, Finished goods $ 2,618 $ 3,288 Work in process 768 586 Raw materials 1,940 1,947 Inventories $ 5,326 $ 5,821 Less: current (3,563 ) (4,158 ) Long-term inventories $ 1,763 $ 1,663 |
Property and equipment (Tables)
Property and equipment (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |
Summary of Property and Equipment | December 31, 2019 Cost Accumulated Net book Production equipment $ 67 $ 67 $ - Software 55 55 - Computer equipment 230 164 66 Leasehold improvements 699 315 384 Furniture and office equipment 177 175 2 $ 1,228 $ 776 $ 452 December 31, 2018 Cost Accumulated Net book Production equipment $ 67 $ 42 $ 25 Software 55 55 - Computer equipment 231 138 93 Leasehold improvements 574 209 365 Furniture and office equipment 177 148 29 $ 1,104 $ 592 $ 512 |
Intangible assets (Tables)
Intangible assets (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Disclosure Of Detailed Information About Intangible Assets | December 31, 2019 Cost Accumulated Net book Licenses $ 22,113 $ 6,361 $ 15,752 Marketing rights 14,745 8,988 5,757 Trade name 1,053 651 402 Patents 4,080 3,759 321 $ 41,991 $ 19,759 $ 22,232 December 31, 2018 Cost Accumulated Net book Licenses $ 22,538 $ 4,360 $ 18,178 Marketing rights 15,028 7,667 7,361 Trade name 1,074 564 510 Patents 4,126 3,706 420 $ 42,766 $ 16,297 $ 26,469 |
Summary of Estimated Aggregate Amortization Expense for Intangible Assets | The estimated aggregate amortization expense for intangible assets held at December 31, 2019, for each of the five succeeding years is expected as follows: 2020 $ 3,740 2021 3,706 2022 3,682 2023 3,653 2024 2,153 |
Accounts payable and accrued _2
Accounts payable and accrued liabilities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Payables and Accruals [Abstract] | |
Disclosure of Detailed Information on Accounts Payable and Other Liabilities | December 31, December 31, Trade accounts payable $ 6,551 $ 4,213 Employee-related accruals 2,643 3,249 Other accrued liabilities 2,101 1,941 $ 11,295 $ 9,403 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Schedule of lease expense and additional disclosure | For the year ended December 31, 2019 Operating lease cost $ 908 Variable lease cost $ 166 Cash paid for amounts included in the measurement of operating lease liabilities: Operating cash flows from operating leases $ (964) Leases December 31, 2019 Right-of-use $ 2,057 Current operating lease liabilities $ 812 Long-term operating lease liabilities $ 1,466 Weighted average remaining operating lease term (years) 3.6 years Weighted average operating lease discount rate 6.0% |
Schedule Of Future Annual Minimum Lease Payments | As at December 31, 2019 future annual minimum lease payments are as follows: Operating leases 2020 $ 954 2021 760 2022 497 2023 212 2024 190 Thereafter - Total minimum lease payments 2,613 Less imputed interest (335) Total lease liability $ 2,278 As at December 31, 2018, future annual minimum lease payments were as follows: 2019 $ 937 2020 754 2021 347 2022 199 2023 185 Thereafter 170 Total minimum lease payments $ 2,592 |
Long term debt (Tables)
Long term debt (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Summary of Long-term Debt | December 31, December 31, Long-term debt $ 44,926 $ 41,517 Less: current portion (17,688 ) - Long-term debt $ 27,238 $ 41,517 |
Summary of Future Repayments | Future repayments, assuming the Company continues to meet the amended revenue covenants, are as follows: 2020 $ 17,830 2021 21,214 2022 8,698 2023 - 2024 - Total repayments $ 47,742 |
Share capital (Tables)
Share capital (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Schedule of Common Stock Outstanding Roll Forward [Table Text Block] | Common shares Number Balance, December 31, 2016 31,884,420 Issued through at-the-market (i) 1,958,598 Issued to Lincoln Park Capital Fund, LLC (ii) 494,453 Issued for cash upon exercise of options 215,000 Issued upon exercise of options in cashless transaction 50,495 Issued upon vesting of restricted share units, net of tax 34,346 Balance, December 31, 2017 34,637,312 Issued through at-the-market (iii) 1,361,691 Issued for cash upon exercise of options 200,000 Issued upon exercise of options in cashless transaction 19,749 Issued upon vesting of restricted share units, net of tax 14,410 Balance, December 31, 2018 36,233,162 Issued through at-the-market (iii) 2,970,781 Issued through at-the-market (iv) 6,932,063 Issued through common share offering (v) 9,200,000 Issued upon exercise of options in cashless transaction 15,654 Issued upon vesting of restricted share units 30,568 Balance, December 31, 2019 55,382,228 (i) On March 7, 2016, the Company filed a prospectus supplement pertaining to sales under an At Market Issuance Sales Agreement (the “ATM Sales Agreement”) with FBR Capital Markets & Co. (“FBR”) and MLV & Co. LLC (“MLV”). Under the terms of the ATM Sales Agreement, the Company could sell through at-the-market (ii) On January 12, 2016, the Company completed a purchase agreement (the “Purchase Agreement”) with Lincoln Park Capital Fund, LLC (“LPC”) which allowed LPC to purchase common shares with an aggregate value of up to $20,000. On March 7, 2016, the Company filed a prospectus supplement pertaining to the Purchase Agreement, under which LPC could purchase common shares up to a maximum of $6,900. During the year ended December 31, 2017, 494,453 common shares were issued to LPC for gross proceeds of $967 under this prospectus supplement. The Purchase Agreement was terminated in April 2018. (iii) On July 5, 2018, the Company filed a short form base shelf prospectus with the securities regulatory authorities in Canada, other than Quebec, and the United States Securities and Exchange Commission under a registration statement on Form F-10 25-month On July 10, 2018, the Company filed a prospectus supplement pertaining to sales under an ATM Sales Agreement with B. Riley FBR, Inc. (“BRFBR”). Under the terms of the ATM Sales Agreement, the Company could sell through at-the-market (iv) On March 13, 2019, the Company filed a prospectus supplement pertaining to sales under an ATM Sales Agreement with Cantor Fitzgerald & Co. (“Cantor”). Under the terms of the ATM Sales Agreement, the Company could sell through at-the-market offerings, with Cantor as agent, such common shares with an aggregate value of up to $50,000, subject to a maximum of $12,000 that may be offered and sold under this prospectus supplement. During the year ended December 31, 2019, 6,932,063 common shares were issued for gross proceeds of $7,523 under this prospectus supplement, of which $676 was recorded as accounts receivable at December 31, 2019 and was collected subsequent to year-end. Subsequent to December 31, 2019, 10,777,186 common shares were issued for gross proceeds of $4,476 under this prospectus supplement. (v) On August 7, 2019, the Company closed an underwritten public offering (the “Offering”) of 9,200,000 common shares at a price of $1.50 per common share, for aggregate gross proceeds of $13,800. Cantor acted as sole book-running manager in connection with the Offering. H.C. Wainwright & Co. acted as financial advisor to the Company in connection with the Offering. |
Share-based compensation (Table
Share-based compensation (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Share-based Payment Arrangement, Noncash Expense [Abstract] | |
Schedule of stock option transactions | Details of the stock option transactions for the years ended December 31, 2019, 2018 and 2017 are summarized as follows: Number Weighted Weighted Aggregate Outstanding as at December 31, 2016 2,001,557 5.82 2.72 1,110 Options granted 1,242,500 4.16 Options exercised (324,000) 2.16 Options forfeited (20,000) 5.10 Options expired (8,000) 1.70 Outstanding as at December 31, 2017 2,892,057 5.52 3.07 69 Options granted 1,082,000 2.76 Options exercised (267,000) 1.66 Options forfeited (30,183) 7.27 Options expired (157,000) 4.88 Outstanding as at December 31, 2018 3,519,874 5.04 3.07 820 Options granted 1,615,000 4.97 Options exercised (62,500) 4.01 Options forfeited (1,000) 4.49 Options expired (375,174) 7.30 Outstanding as at December 31, 2019 4,696,200 4.81 2.67 - Exercisable as at December 31, 2019 3,350,514 4.86 2.11 - |
Schedule of stock options outstanding | At December 31, 2019, stock options to executive officers and directors, employees and consultants were outstanding as follows: Options outstanding Options exercisable Range of exercise prices (CAD$) Number Weighted Weighted price (CAD$) Number Weighted price (CAD$) $2.49 to $3.25 1,085,000 2.51 2.54 880,804 2.55 $3.26 to $4.03 842,500 1.69 4.00 821,644 4.00 $4.04 to $6.26 2,353,500 3.47 5.23 1,232,866 5.34 $6.27 to $12.68 415,200 0.52 10.02 415,200 10.02 4,696,200 2.67 4.81 3,350,514 4.86 |
Summary of non-vested stock option activity and related information | A summary of the Company’s non-vested Non-vested Number of options Weighted average grant-date fair value Non-vested 1,204,223 1.22 Granted 1,615,000 1.78 Forfeited (820) 1.78 Vested (1,472,717) 1.42 Non-vested 1,345,686 1.68 |
Schedule of estimated fair value of the stock options granted weighted-average assumptions | The estimated fair value of the stock options granted was determined using the Black-Scholes option pricing model with the following weighted-average assumptions: December 31, December 31, December 31, Dividend yield - - - Expected volatility 71.6% 62.1% 63.7% Risk-free interest rate 2.1% 2.2% 1.2% Expected average life of the options 3.9 years 4.0 years 3.8 years Estimated forfeiture rate - - - |
Schedule of restricted stock units transactions activity | Details of RSU transactions for the years ended December 31, 2019, 2018 and 2017 are summarized as follows: Number Weighted Weighted Aggregate Outstanding as at December 31, 2016 119,703 $ 6.95 1.71 $ 334 RSUs granted 52,962 3.46 194 RSUs vested (57,003) 7.59 174 RSUs forfeited (18,706) 6.21 Outstanding as at December 31, 2017 96,956 $ 4.83 1.68 $ 147 RSUs granted 69,872 2.43 160 RSUs vested (95,622) 4.73 202 RSUs forfeited (22,718) 2.58 Outstanding as at December 31, 2018 48,488 $ 2.63 2.50 $ 119 RSUs granted 115,251 3.42 397 RSUs vested (30,568) 2.30 79 RSUs forfeited (10,040) 3.10 Outstanding as at December 31, 2019 123,131 $ 3.41 2.06 $ 51 |
Basic and diluted loss per sh_2
Basic and diluted loss per share (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |
Schedule of basic and diluted loss per share computation | Basic and diluted loss per share is calculated as set forth below: Year ended December 31, 2019 2018 2017 Net loss $ (35,184) $ (16,579) $ (29,811) Less: recovery of fair value of liability classified awards - - (153) Diluted loss available to common shareholders $ (35,184) $ (16,579) $ (29,964) Weighted average number of common shares for basic loss per share 44,275,800 35,148,303 33,192,480 Plus: incremental shares from assumed exercise - - 35,444 Diluted weighted average number of common shares for diluted loss per share 44,275,800 35,148,303 33,227,924 Loss per share – basic and diluted $ (0.79) $ (0.47) $ (0.90) |
Income taxes (Tables)
Income taxes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Schedule of components for loss before income taxes | The components of loss before income taxes consist of the following: 2019 2018 2017 Canadian $ (12,667 ) $ 5,015 $ (14,841 ) Foreign (22,338 ) (21,556 ) (14,607 ) Loss before income taxes $ (35,005 ) $ (16,541 ) $ (29,448 ) |
Schedule of reconciliation for computed income tax expense | The reconciliation of income tax computed at statutory tax rates to income tax expense, using a 27.0% (2018 – 27.0%; 2017 – 26.0%) statutory tax rate, is: December 31, December 31, December 31, Loss before income taxes $ (35,005 ) $ (16,541 ) $ (29,448 ) Statutory tax rate 27.0% 27.0% 26.0% Income tax recovery at Canadian statutory income tax rates $ (9,451 ) $ (4,466 ) $ (7,656 ) Change in valuation allowance 11,576 (87,082 ) 1,625 Disposal of Canadian Operations (notes 1 and 9) - 81,690 - Permanent differences 808 875 967 Expiry of investment tax credits and non-capital 1,589 5,838 1,243 Tax rate differences 613 748 790 Change in U.S. statutory rate - - 6,394 Change in Canadian statutory rate - - (2,595 ) Adjustments related to prior periods (4,956 ) 2,167 (417 ) Other differences - 268 12 Income tax expense $ 179 $ 38 $ 363 |
Schedule of significant components of deferred tax assets | Significant components of the Company’s deferred tax assets are shown below: December 31, 2019 December 31, 2018 Deferred tax assets: Tax loss carryforwards $ 38,173 $ 27,226 Tax values of depreciable assets in excess of accounting values 481 69 Share issue costs and other 637 486 Total deferred tax assets 39,291 27,781 Valuation allowance (38,991) (27,398) Net deferred tax assets $ 300 $ 383 |
Summary of income tax purposes for non-capital loss | The Company’s non-capital Non-capital 2020 $ 18,167 2021 16,932 2022 20,552 2023 16,820 2024 25,657 Thereafter until 2038 63,952 $ 162,080 |
Segmented information (Tables)
Segmented information (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
Schedule of segment reporting information based on geography | The Company recognizes segmentation based on geography as follows: Year ended December 31, 2019 Europe Rest of World Total Revenue $ 22,425 $ 10,209 $ 32,634 Cost of goods sold 7,170 2,657 9,827 Gross margin 15,255 7,552 22,807 Gross margin % 68% 74% 70% Year ended December 31, 2018 Europe Rest of World Total Revenue $ 16,165 $ 12,509 $ 28,674 Cost of goods sold 5,466 2,828 8,294 Gross margin 10,699 9,681 20,380 Gross margin % 66% 77% 71% Year ended December 31, 2017 Europe Rest of World Total Revenue $ 10,953 $ 13,055 $ 24,008 Cost of goods sold 2,974 3,802 6,776 Gross margin 7,979 9,253 17,232 Gross margin % 73% 71% 72% |
Summary of revenues disaggregated by source | The following table presents the Company’s revenues disaggregated by revenue source: Year ended December 31, 2019 2018 2017 Cardiology $ 19,358 $ 22,497 $ 22,753 Antibiotic 13,276 6,177 1,255 $ 32,634 $ 28,674 $ 24,008 |
Basis of presentation - Additio
Basis of presentation - Additional Information (Detail) - USD ($) $ in Thousands | Mar. 31, 2020 | Mar. 16, 2020 | Jun. 30, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | May 15, 2018 |
Cash and Cash Equivalents, at Carrying Value | $ 13,299 | $ 15,596 | ||||
Gain (Loss) on Disposition of Business | 18,489 | |||||
Business combination consideration transferred | $ 75,900 | |||||
ADVANZ PHARMA Corp Limited [Member] | Subsequent Event [Member] | ||||||
Business combination consideration transferred | $ 75,900 | |||||
Canadian Business Portfolio [Member] | ||||||
Gain (Loss) on Disposition of Business | $ 18,489 | $ 18,489 | ||||
Cipher Pharmaceuticals [Member] | ||||||
Divestiture of Business, Consideration Receivable | $ 25,500 |
Summary of significant accoun_4
Summary of significant accounting policies - Summary of Useful Lives of Property and Equipment (Detail) | 12 Months Ended |
Dec. 31, 2019 | |
Laboratory equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 5 years |
Production equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 7 years |
Computer equipment [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 3 years |
Computer equipment [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 5 years |
Software [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 3 years |
Software [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 5 years |
Furniture and office equipment [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 5 years |
Furniture and office equipment [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 7 years |
Summary of significant accoun_5
Summary of significant accounting policies -Summary of Useful Lives of Intangible Assets (Detail) | 12 Months Ended |
Dec. 31, 2019 | |
Trade name [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-Lived Intangible Asset, Useful Life | 10 years |
Marketing rights [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-Lived Intangible Asset, Useful Life | 10 years |
Summary of significant accoun_6
Summary of significant accounting policies - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2019 | |
Investment Maturity Period | 90 days or less |
Accounting pronouncements ado_3
Accounting pronouncements adopted - Summary of Cumulative Effect of Adoption of ASC 606 (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Jan. 01, 2018 | Dec. 31, 2017 |
Deferred revenue | $ 1,228 | $ 1,252 | $ 2,802 | $ 2,502 |
Deficit | $ (444,928) | $ (409,744) | $ (393,165) | (392,865) |
Adjustments | ||||
Deferred revenue | 300 | |||
Deficit | $ (300) |
Accounting pronouncements ado_4
Accounting pronouncements adopted (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2019 | Jan. 01, 2019 |
Lease assets | $ 2,057 | |
Accounting Standards Update 2016-02 [Member] | ||
Lease assets | $ 2,680 | |
Unamortized lease inducements | $ 260 |
Restricted cash (Details Textua
Restricted cash (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Restricted Cash and Cash Equivalents, Current | $ 1,945 | $ 1,974 |
Property Available for Operating Lease [Member] | ||
Restricted Cash and Cash Equivalents, Current | 239 | 235 |
Bank Guarantees For Sales Contracts With Various Hospitals And Health Authorities [Member] | ||
Restricted Cash and Cash Equivalents, Current | $ 1,706 | $ 1,739 |
Restricted cash (Details)
Restricted cash (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Cash and cash equivalents | $ 13,299 | $ 15,596 | ||
Restricted cash | 1,945 | 1,974 | ||
Cash, cash equivalents, and restricted cash | $ 15,244 | $ 17,570 | $ 24,181 | $ 29,305 |
Financial Instruments - Additio
Financial Instruments - Additional Information (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Fair value of long-term debt | $ 42,008 | |
Long-term Debt | 44,926 | $ 41,517 |
Accounts receivable | 11,987 | $ 7,723 |
One Distributor [Member] | ||
Accounts receivable | $ 4,400 |
Inventories - Summay of Invento
Inventories - Summay of Inventories (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Finished goods | $ 2,618 | $ 3,288 |
Work in process | 768 | 586 |
Raw materials | 1,940 | 1,947 |
Inventories | 5,326 | 5,821 |
Less: current | (3,563) | (4,158) |
Long-term inventories | $ 1,763 | $ 1,663 |
Inventories - Additional Inform
Inventories - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Inventory Write-down | $ 159 | $ 340 | $ 295 |
Property and equipment - Summar
Property and equipment - Summary of Property and Equipment (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Property, Plant and Equipment [Line Items] | ||
Cost | $ 1,228 | $ 1,104 |
Accumulated amortization | 776 | 592 |
Net book value | 452 | 512 |
Production equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Cost | 67 | 67 |
Accumulated amortization | 67 | 42 |
Net book value | 25 | |
Software [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Cost | 55 | 55 |
Accumulated amortization | 55 | 55 |
Computer equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Cost | 230 | 231 |
Accumulated amortization | 164 | 138 |
Net book value | 66 | 93 |
Leasehold improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Cost | 699 | 574 |
Accumulated amortization | 315 | 209 |
Net book value | 384 | 365 |
Furniture and office equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Cost | 177 | 177 |
Accumulated amortization | 175 | 148 |
Net book value | $ 2 | $ 29 |
Property and equipment - Additi
Property and equipment - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Amortization expense | $ 184 | $ 124 | $ 143 |
Intangible assets - Disclosure
Intangible assets - Disclosure Of Detailed Information About Intangible Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Finite-Lived Intangible Assets [Line Items] | ||
Cost | $ 41,991 | $ 42,766 |
Accumulated amortization | 19,759 | 16,297 |
Net book value | 22,232 | 26,469 |
Marketing rights [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost | 14,745 | 15,028 |
Accumulated amortization | 8,988 | 7,667 |
Net book value | 5,757 | 7,361 |
Trade name [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost | 1,053 | 1,074 |
Accumulated amortization | 651 | 564 |
Net book value | 402 | 510 |
Patents [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost | 4,080 | 4,126 |
Accumulated amortization | 3,759 | 3,706 |
Net book value | 321 | 420 |
Licensing Agreements [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost | 22,113 | 22,538 |
Accumulated amortization | 6,361 | 4,360 |
Net book value | $ 15,752 | $ 18,178 |
Intangible Assets - Summary of
Intangible Assets - Summary of Estimated Aggregate Amortization Expense for Intangible Assets (Detail) $ in Thousands | Dec. 31, 2019USD ($) |
2020 | $ 3,740 |
2021 | 3,706 |
2022 | 3,682 |
2023 | 3,653 |
2024 | $ 2,153 |
Intangible assets - Additional
Intangible assets - Additional Information (Detail) SFr in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||
Jun. 30, 2018USD ($) | Sep. 30, 2017USD ($) | Sep. 30, 2017CHF (SFr) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Finite-Lived Intangible Assets, Net | $ 22,232 | $ 26,469 | |||||
Gain (Loss) on Disposition of Business | 18,489 | ||||||
Depreciation, Depletion and Amortization | $ 3,757 | 4,019 | $ 3,374 | ||||
Canadian Business Portfolio [Member] | |||||||
Gain (Loss) on Disposition of Business | $ 18,489 | 18,489 | |||||
Licensing Agreements [Member] | Canadian Business Portfolio [Member] | |||||||
Finite-Lived Intangible Assets, Net | 1,349 | 1,349 | |||||
Allergan Plc [Member] | |||||||
Finite-lived Intangible Assets Acquired | $ 13,000 | ||||||
Payment Of Milestone In Relation To License Agreement | $ 4,537 | ||||||
Allergan Plc [Member] | Licensing Agreements [Member] | |||||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 10 years | ||||||
Basilea Pharmaceutica International Ltd [Member] | Licensing Agreements [Member] | |||||||
Finite-lived Intangible Assets Acquired | $ 5,200 | SFr 5,000 | |||||
Finite-Lived Intangible Asset, Useful Life | 15 years | 15 years | |||||
Number of Countries in which Entity Operates | 34 | 34 | |||||
Accrued milestone payment | $ 281 |
Accounts payable and accrued _3
Accounts payable and accrued liabilities - Disclosure of Detailed Information on Accounts Payable and Other Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Trade accounts payable | $ 6,551 | $ 4,213 |
Employee-related accruals | 2,643 | 3,249 |
Other accrued liabilities | 2,101 | 1,941 |
Total | $ 11,295 | $ 9,403 |
Leases - Summary of Operating L
Leases - Summary of Operating Lease (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Operating lease cost | $ 908 |
Variable lease cost | 166 |
Cash paid for amounts included in the measurement of operating lease liabilities: | |
Operating cash flows from operating leases | (964) |
Leases: | |
Right-of-use assets from operating leases | 2,057 |
Current operating lease liabilities | 812 |
Long-term operating lease liabilities | $ 1,466 |
Weighted average remaining operating lease term (years) | 3 years 7 months 6 days |
Weighted average operating lease discount rate | 6.00% |
Leases - Summary of Future Annu
Leases - Summary of Future Annual Minimum Lease Payments (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Leases [Abstract] | ||
2019 | $ 937 | |
2020 | $ 954 | 754 |
2021 | 760 | 347 |
2022 | 497 | 199 |
2023 | 212 | 185 |
2024 | 190 | |
Thereafter | 0 | 170 |
Total minimum payments required | 2,613 | $ 2,592 |
Less imputed interest | (335) | |
Total lease liability | $ 2,278 |
Leases - Additional Information
Leases - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Leases [Abstract] | |||
Lease rent expense | $ 774 | $ 827 | $ 658 |
Long term debt - Summary of Lon
Long term debt - Summary of Long-term Debt (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Long-term debt | $ 44,926 | $ 41,517 |
Less: current portion | (17,688) | |
Long-term debt | $ 27,238 | $ 41,517 |
Long term debt - Summary of Fut
Long term debt - Summary of Future Repayments (Detail) $ in Thousands | Dec. 31, 2019USD ($) |
2020 | $ 17,830 |
2021 | 21,214 |
2022 | 8,698 |
2023 | |
2024 | |
Total repayments | $ 47,742 |
Long term debt - Additional Inf
Long term debt - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | Mar. 09, 2020 | Mar. 11, 2019 | Aug. 08, 2017 | May 11, 2017 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2020 | Mar. 27, 2018 | Jun. 13, 2016 |
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 13.00% | ||||||||||
Debt Instrument, Face Amount | $ 44,206 | $ 42,457 | $ 40,778 | ||||||||
Debt Instrument, Payment Terms | Interest is payable on a quarterly basis through the full term of the loan. Interest payments may be split, at the Company’s option, between 9% per annum cash interest and 4% per annum paid in-kind interest in the form of additional term loans until March 31, 2020. Subsequent to March 31, 2020, interest shall be payable entirely in cash. If certain revenue milestones are met by the Company, the period in which the Company, at its option, may split its interest payments between 9% per annum cash interest and 4% per annum paid in-kind interest in the form of additional term loans may be extended to March 31, 2022. | ||||||||||
Paid-in-Kind Interest | 1,749 | $ 1,679 | 778 | ||||||||
Long-term Debt | $ 47,742 | ||||||||||
Debt Instrument, Interest Rate, Effective Percentage | 17.00% | ||||||||||
Number of Warrants Issued | 700,000 | ||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 4 | ||||||||||
Warrants Not Settleable in Cash, Fair Value Disclosure | $ 1,200 | ||||||||||
Other Expense on Modification of Long Term Debt | $ 1,451 | ||||||||||
Crg [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Warrants Exercise Term | 5 years | ||||||||||
CRG- managed Funds [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 30,000 | ||||||||||
Long-term debt | $ 20,000 | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 8.00% | 14.00% | |||||||||
Warrant Term | 5 years | ||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 2.50 | ||||||||||
Warrants Not Settleable in Cash, Fair Value Disclosure | $ 936 | ||||||||||
Class of Warrants Issued | 800,000 | ||||||||||
CRG- managed Funds [Member] | First Tranche [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Long-term debt | $ 20,000 | ||||||||||
CRG- managed Funds [Member] | Second Tranche [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Unused Borrowing Capacity, Amount | 5,000 | ||||||||||
CRG- managed Funds [Member] | Third Tranche [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Unused Borrowing Capacity, Amount | $ 5,000 | ||||||||||
Term Loan Agreement [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 10,000 | $ 50,000 | |||||||||
Proceeds from Lines of Credit | $ 10,000 | ||||||||||
Debt Instrument, Maturity Date | Mar. 31, 2022 | ||||||||||
Term Loan Agreement [Member] | Crg [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 13.00% | ||||||||||
Line of credit, additional credit facility | $ 10,000 | ||||||||||
Discretion of the Company, Increments | 2,500 | ||||||||||
Debt instrument expenses | $ 250 | ||||||||||
Subsequent Event [Member] | Term Loan Agreement [Member] | Crg [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Prepayment of Term Loan Agreement | $ 2,000 | ||||||||||
Fee percentage | 8.00% | ||||||||||
Subsequent Event [Member] | Term Loan Agreement [Member] | Crg [Member] | Prepayments Of Principal [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Prepayment of Term Loan Agreement | 1,777 | ||||||||||
Subsequent Event [Member] | Term Loan Agreement [Member] | Crg [Member] | Back End Facility Fees Member [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Prepayment of Term Loan Agreement | 142 | ||||||||||
Subsequent Event [Member] | Term Loan Agreement [Member] | Crg [Member] | Interest Expense [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Prepayment of Term Loan Agreement | 45 | ||||||||||
Subsequent Event [Member] | Term Loan Agreement [Member] | Crg [Member] | Prepayment Fees [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Prepayment of Term Loan Agreement | $ 36 |
Share capital - Summary of issu
Share capital - Summary of issued and outstanding (Detail) - shares | 12 Months Ended | |||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||||
Balance (in shares) | 36,233,162 | |||||
Balance (in shares) | 55,382,228 | 36,233,162 | ||||
Issuance of common stock [Member] | ||||||
Balance (in shares) | 36,233,162 | 34,637,312 | 31,884,420 | |||
Issued through at-the-market offering | 1,361,691 | [1] | 1,958,598 | [2] | ||
Issued through common share offering | [3] | 9,200,000 | ||||
Issuance of common stock (in shares) | 19,102,844 | 1,361,691 | 2,453,051 | |||
Issued for cash upon exercise of options | 200,000 | 215,000 | ||||
Issued upon exercise of options in cashless transaction | 15,654 | 19,749 | 50,495 | |||
Issued upon vesting of restricted share units, net of tax | 30,568 | 14,410 | 34,346 | |||
Balance (in shares) | 55,382,228 | 36,233,162 | 34,637,312 | |||
Issuance of common stock [Member] | B. Riley FBR At Market Issuance Sales Agreement [Member] | ||||||
Issued through at-the-market offering | [1] | 2,970,781 | ||||
Issuance of common stock [Member] | Cantor Fitzgerald & Co. At Market Issuance Sales Agreement [Member] | ||||||
Issued through at-the-market offering | [4] | 6,932,063 | ||||
Lincoln Park Capital Fund, LLC [Member] | Issuance of common stock [Member] | ||||||
Issuance of common stock (in shares) | [5] | 494,453 | ||||
[1] | On July 5, 2018, the Company filed a short form base shelf prospectus with the securities regulatory authorities in Canada, other than Quebec, and the United States Securities and Exchange Commission under a registration statement on Form F-10 (together, the “Base Shelf Prospectuses”). The Base Shelf Prospectuses provide for the potential offering in Canada and the United States of up to an aggregate of $250,000 of the Company’s common shares, preferred shares, debt securities, warrants, subscription receipts and units from time to time over a 25-month period.On July 10, 2018, the Company filed a prospectus supplement pertaining to sales under an ATM Sales Agreement with B. Riley FBR, Inc. (“BRFBR”). Under the terms of the ATM Sales Agreement, the Company could sell through at-the-market offerings, with BRFBR as agent, such common shares with an aggregate value of up to $30,000, subject to a maximum of $13,000 that may be offered and sold under this prospectus supplement. During the year ended December 31, 2019, 2,970,781 common shares were issued for gross proceeds of $6,347 under this prospectus supplement. During the year ended December 31, 2018, 1,361,691 common shares were issued for gross proceeds of $5,392 under this prospectus supplement. The ATM Sales Agreement with BRFBR was terminated on March 1, 2019. | |||||
[2] | On March 7, 2016, the Company filed a prospectus supplement pertaining to sales under an At Market Issuance Sales Agreement (the “ATM Sales Agreement”) with FBR Capital Markets & Co. (“FBR”) and MLV & Co. LLC (“MLV”). Under the terms of the ATM Sales Agreement, the Company could sell through at-the-market offerings, with FBR and MLV as agents, such common shares with an aggregate value of up to $30,000, subject to a maximum of $6,900 that may be offered and sold under this prospectus supplement. During the year ended December 31, 2017, 1,666,765 common shares were issued for gross proceeds of $6,890 under this prospectus supplement. On August 10, 2017, the Company filed a new prospectus supplement under which the Company could offer and sell common shares up to a maximum of $10,700. During the year ended December 31, 2017, 291,833 common shares were issued for gross proceeds of $630 under this prospectus supplement. The ATM Sales Agreement with FBR and MLV was terminated in April 2018. | |||||
[3] | On August 7, 2019, the Company closed an underwritten public offering (the “Offering”) of 9,200,000 common shares at a price of $1.50 per common share, for aggregate gross proceeds of $13,800. Cantor acted as sole book-running manager in connection with the Offering. H.C. Wainwright & Co. acted as financial advisor to the Company in connection with the Offering. | |||||
[4] | On March 13, 2019, the Company filed a prospectus supplement pertaining to sales under an ATM Sales Agreement with Cantor Fitzgerald & Co. (“Cantor”). Under the terms of the ATM Sales Agreement, the Company could sell through at-the-market offerings, with Cantor as agent, such common shares with an aggregate value of up to $50,000, subject to a maximum of $12,000 that may be offered and sold under this prospectus supplement. During the year ended December 31, 2019, 6,932,063 common shares were issued for gross proceeds of $7,523 under this prospectus supplement, of which $676 was recorded as accounts receivable at December 31, 2019 and was collected subsequent to year-end. Subsequent to December 31, 2019, 10,777,186 common shares were issued for gross proceeds of $4,476 under this prospectus supplement. | |||||
[5] | On January 12, 2016, the Company completed a purchase agreement (the “Purchase Agreement”) with Lincoln Park Capital Fund, LLC (“LPC”) which allowed LPC to purchase common shares with an aggregate value of up to $20,000. On March 7, 2016, the Company filed a prospectus supplement pertaining to the Purchase Agreement, under which LPC could purchase common shares up to a maximum of $6,900. During the year ended December 31, 2017, 494,453 common shares were issued to LPC for gross proceeds of $967 under this prospectus supplement. The Purchase Agreement was terminated in April 2018. |
Share capital - Additional Info
Share capital - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Mar. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Aug. 07, 2019 | Mar. 13, 2019 | Jul. 10, 2018 | Jul. 05, 2018 | Aug. 10, 2017 | Mar. 07, 2016 | Jan. 12, 2016 | |
Proceeds from Issuance of Common Stock | $ 26,994 | $ 5,392 | $ 8,487 | ||||||||
Common shares, Issued | 55,382,228 | 36,233,162 | |||||||||
IPO [Member] | |||||||||||
Common shares, Issued | 9,200,000 | ||||||||||
Lincoln Park Capital Fund, LLC Purchase Agreement [Member] | |||||||||||
Common Stock Reserved For Future Issuance Amount | $ 6,900 | ||||||||||
Stock Issued During Period, Shares, New Issues | 494,453 | ||||||||||
Proceeds from Issuance of Common Stock | $ 967 | ||||||||||
Aggregate Value Of Common Shares Allowed To Purchase Under Purchase Agreement | $ 20,000 | ||||||||||
B. Riley FBR At Market Issuance Sales Agreement [Member] | |||||||||||
Common Stock Reserved For Future Issuance Amount | $ 30,000 | ||||||||||
Stock Issued During Period, Shares, New Issues | 2,970,781 | 1,361,691 | |||||||||
Proceeds from Issuance of Common Stock | $ 6,347 | $ 5,392 | |||||||||
Maximum Amount Reserved For Future issuance of Common Stock | $ 13,000 | ||||||||||
Cantor Fitzgerald & Co [Member] | |||||||||||
Common Stock Reserved For Future Issuance Amount | $ 50,000 | ||||||||||
Stock Issued During Period, Shares, New Issues | 6,932,063 | ||||||||||
Proceeds from Issuance of Common Stock | $ 7,523 | ||||||||||
Maximum Amount Reserved For Future issuance of Common Stock | $ 12,000 | ||||||||||
Accounts Receivable, after Allowance for Credit Loss, Current, Total | $ 676 | ||||||||||
Cantor Fitzgerald & Co [Member] | IPO [Member] | |||||||||||
Common shares, per share value | $ 1.50 | ||||||||||
Common shares, Value | $ 13,800 | ||||||||||
Cantor Fitzgerald & Co [Member] | Subsequent Event [Member] | |||||||||||
Stock Issued During Period, Shares, New Issues | 10,777,186 | ||||||||||
Proceeds from Issuance of Common Stock | $ 4,476 | ||||||||||
Potential Offering [Member] | |||||||||||
Common Stock Reserved For Future Issuance Amount | $ 250,000 | ||||||||||
FBR Capital Markets Co And MLV Co. LLC [Member] | |||||||||||
Common Stock Reserved For Future Issuance Amount | 30,000 | ||||||||||
Stock Issued During Period, Shares, New Issues | 1,666,765 | ||||||||||
Proceeds from Issuance of Common Stock | $ 6,890 | ||||||||||
Maximum Amount Reserved For Future issuance of Common Stock | $ 6,900 | ||||||||||
FBR Capital Markets Co And MLV Co. LLC [Member] | Additional Shares [Member] | |||||||||||
Stock Issued During Period, Shares, New Issues | 291,833 | ||||||||||
Proceeds from Issuance of Common Stock | $ 630 | ||||||||||
Maximum Amount Reserved For Future issuance of Common Stock | $ 10,700 |
Share-based compensation - Summ
Share-based compensation - Summary of Stock Option Transactions (Detail) - Share Compensation Plan [Member] $ / shares in Units, $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2019CAD ($)$ / sharesshares | Dec. 31, 2019CAD ($)$ / shares$ / sharesshares | Dec. 31, 2018CAD ($)$ / sharesshares | Dec. 31, 2017CAD ($)$ / sharesshares | Dec. 31, 2016CAD ($)$ / sharesshares | Dec. 31, 2019$ / shares | |
Outstanding beginning balance, Number | 3,519,874 | 2,892,057 | 2,001,557 | |||
Options granted, Number | 1,615,000 | 1,082,000 | 1,242,500 | |||
Options exercised, Number | (62,500) | (267,000) | (324,000) | |||
Options forfeited, Number | (1,000) | (30,183) | (20,000) | |||
Options expired, Number | (375,174) | (157,000) | (8,000) | |||
Outstanding ending balance, Number | 4,696,200 | 3,519,874 | 2,892,057 | 2,001,557 | ||
Exercisable, Number | 3,350,514 | 3,350,514 | ||||
Outstanding beginning balance, Weighted average exercise price | $ / shares | $ 5.04 | $ 5.52 | $ 5.82 | |||
Options granted, Weighted average exercise price | $ / shares | 4.97 | 2.76 | 4.16 | |||
Options exercised, Weighted average exercise price | $ / shares | 4.01 | 1.66 | 2.16 | |||
Options forfeited, Weighted average exercise price | $ / shares | 4.49 | 7.27 | 5.10 | |||
Options expired, Weighted average exercise price | $ / shares | 7.30 | 4.88 | 1.70 | |||
Outstanding ending balance, Weighted average exercise price | (per share) | 4.81 | $ 4.81 | $ 5.04 | $ 5.52 | $ 5.82 | |
Exercisable, Weighted average exercise price | (per share) | $ 4.86 | $ 4.86 | $ 4.86 | |||
Options Outstanding, Weighted average remaining contractual life | 2 years 8 months 1 day | 3 years 25 days | 3 years 25 days | 2 years 8 months 19 days | ||
Exercisable, Weighted average remaining contractual life (years) | 2 years 1 month 9 days | |||||
Outstanding beginning balance, Aggregate intrinsic value | $ | $ 820 | $ 69 | $ 1,110 | |||
Outstanding ending balance, Aggregate intrinsic value | $ | 0 | $ 820 | $ 69 | $ 1,110 | ||
Exercisable, Aggregate intrinsic value | $ | $ 0 | $ 0 |
Share-based compensation - Su_2
Share-based compensation - Summary Stock Options to Executive Officers and Directors Employees and Consultants (Detail) - Share Compensation Plan [Member] | 12 Months Ended | ||||
Dec. 31, 2019$ / sharesshares | Dec. 31, 2019$ / sharesshares | Dec. 31, 2018$ / sharesshares | Dec. 31, 2017$ / sharesshares | Dec. 31, 2016$ / sharesshares | |
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |||||
Options outstanding, Number | 4,696,200 | 4,696,200 | 3,519,874 | 2,892,057 | 2,001,557 |
Options outstanding, Weighted average remaining contractual life | 2 years 8 months 1 day | ||||
Options outstanding, Weighted average exercise price | (per share) | $ 4.81 | $ 4.81 | $ 5.04 | $ 5.52 | $ 5.82 |
Options exercisable, Number | 3,350,514 | 3,350,514 | |||
Options exercisable, Weighted average exercise price | (per share) | $ 4.86 | $ 4.86 | |||
$2.49 to $3.25 [Member] | |||||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |||||
Options outstanding, Number | 1,085,000 | 1,085,000 | |||
Options outstanding, Weighted average remaining contractual life | 2 years 6 months 3 days | ||||
Options outstanding, Weighted average exercise price | $ / shares | $ 2.54 | ||||
Options exercisable, Number | 880,804 | 880,804 | |||
Options exercisable, Weighted average exercise price | $ / shares | $ 2.55 | ||||
$3.26 to $4.03 [Member] | |||||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |||||
Options outstanding, Number | 842,500 | 842,500 | |||
Options outstanding, Weighted average remaining contractual life | 1 year 8 months 8 days | ||||
Options outstanding, Weighted average exercise price | $ / shares | $ 4 | ||||
Options exercisable, Number | 821,644 | 821,644 | |||
Options exercisable, Weighted average exercise price | $ / shares | $ 4 | ||||
$4.04 to $6.26 [Member] | |||||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |||||
Options outstanding, Number | 2,353,500 | 2,353,500 | |||
Options outstanding, Weighted average remaining contractual life | 3 years 5 months 19 days | ||||
Options outstanding, Weighted average exercise price | $ / shares | $ 5.23 | ||||
Options exercisable, Number | 1,232,866 | 1,232,866 | |||
Options exercisable, Weighted average exercise price | $ / shares | $ 5.34 | ||||
$6.27 to $12.68 [Member] | |||||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |||||
Options outstanding, Number | 415,200 | 415,200 | |||
Options outstanding, Weighted average remaining contractual life | 6 months 7 days | ||||
Options outstanding, Weighted average exercise price | $ / shares | $ 10.02 | ||||
Options exercisable, Number | 415,200 | 415,200 | |||
Options exercisable, Weighted average exercise price | $ / shares | $ 10.02 |
Share-based compensation - Su_3
Share-based compensation - Summary of Non-Vested Stock Option Activity (Detail) - $ / shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Granted, Weighted average grant-date fair value | $ 1.78 | $ 1.03 | $ 1.53 |
Share Compensation Plan [Member] | |||
Non-vested, Number of options - Beginning balace | 1,204,223 | ||
Non-vested, Number of options Granted | 1,615,000 | 1,082,000 | 1,242,500 |
Non-vested, Number of options Vested | (1,472,717) | ||
Non-vested, Number of options Forfeited | (820) | ||
Non-vested, Number of options - Ending balace | 1,345,686 | 1,204,223 | |
Non-vested, Weighted average grant-date fair value - Beginning balace | $ 1.22 | ||
Granted, Weighted average grant-date fair value | 1.78 | ||
Vested, Weighted average grant-date fair value | 1.78 | ||
Forfeited, Weighted average grant-date fair value | 1.42 | ||
Non-vested, Weighted average grant-date fair value- Ending balace | $ 1.68 | $ 1.22 |
Share-based compensation - Su_4
Share-based compensation - Summary of Stock Option Weighted-Average Assumptions (Detail) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Dividend yield | 0.00% | 0.00% | 0.00% |
Expected volatility | 71.60% | 62.10% | 63.70% |
Risk-free interest rate | 2.10% | 2.20% | 1.20% |
Expected average life of the options | 3 years 10 months 24 days | 4 years | 3 years 9 months 18 days |
Estimated forfeiture rate | 0.00% | 0.00% | 0.00% |
Share-based compensation - Su_5
Share-based compensation - Summary of Restricted Stock Units Transactions (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Balance, Number | 48,488 | 96,956 | 119,703 | |
RSUs granted, Number | 115,251 | 69,872 | 52,962 | |
RSUs vested, Number | (30,568) | (95,622) | (57,003) | |
RSUs forfeited, Number | (10,040) | (22,718) | (18,706) | |
Balance, Number | 123,131 | 48,488 | 96,956 | 119,703 |
Balance, Weighted average grant date fair value | $ 2.63 | $ 4.83 | $ 6.95 | |
RSUs granted, Weighted average grant date fair value | 3.42 | 2.43 | 3.46 | |
RSUs vested, Weighted average grant date fair value | 2.30 | 4.73 | 7.59 | |
RSUs forfeited, Weighted average grant date fair value | 3.10 | 2.58 | 6.21 | |
Balance, Weighted average grant date fair value | $ 3.41 | $ 2.63 | $ 4.83 | $ 6.95 |
Balance, Weighted average remaining contractual life (years) | 2 years 21 days | 2 years 6 months | 1 year 8 months 4 days | 1 year 8 months 15 days |
Balance, Aggregate intrinsic value | $ 119 | $ 147 | $ 334 | |
RSUs granted, Aggregate intrinsic value | 397 | 160 | 194 | |
RSUs vested, Aggregate intrinsic value | 79 | 202 | 174 | |
Balance, Aggregate Intrinsic Value | $ 51 | $ 119 | $ 147 | $ 334 |
Share-based compensation - Addi
Share-based compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | May 10, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Nonvested options, unrecognized share-based compensation costs | $ 1,133 | $ 536 | ||
Nonvested options, weighted average period for recognition of unrecognized share-based compensation costs | 1 year 3 months 18 days | 1 year 1 month 6 days | ||
Intrinsic value of options exercised | $ 69 | $ 68 | $ 495 | |
Granted, Weighted average grant-date fair value | $ 1.78 | $ 1.03 | $ 1.53 | |
Fair value of options vested | $ 2,087 | $ 1,394 | $ 1,729 | |
Allocated Share-based Compensation Expense | 2,284 | 1,383 | 1,821 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost | $ 2,269 | $ 1,408 | $ 1,663 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 30,568 | 95,622 | 57,003 | |
Other Liabilities [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Allocated Share-based Compensation Expense | $ (15) | $ 25 | $ (158) | |
Restricted Stock Units (RSUs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Nonvested options, unrecognized share-based compensation costs | $ 225 | $ 76 | ||
Nonvested options, weighted average period for recognition of unrecognized share-based compensation costs | 2 years 1 month 6 days | 2 years 4 months 24 days | ||
Allocated Share-based Compensation Expense | $ 175 | $ 155 | $ 270 | $ 402 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 69,877 | |||
Amended Plan [Member] | Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Percentage of Outstanding Stock Maximum | 12.50% | |||
Amended Plan [Member] | Insider Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Percentage of Outstanding Stock Maximum | 10.00% |
Basic and diluted loss per sh_3
Basic and diluted loss per share - Summary of Basic and Diluted Loss Per Share Computation (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Net loss | $ (35,184) | $ (16,579) | $ (29,811) |
Less: recovery of fair value of liability classified awards | (153) | ||
Diluted loss available to common shareholders | $ (35,184) | $ (16,579) | $ (29,964) |
Weighted average number of common shares for basic loss per share | 44,275,800 | 35,148,303 | 33,192,480 |
Plus: incremental shares from assumed exercise | 35,444 | ||
Diluted weighted average number of common shares for diluted loss per share | 44,275,800 | 35,148,303 | 33,227,924 |
Loss per share – basic and diluted | $ (0.79) | $ (0.47) | $ (0.90) |
Basic and diluted loss per sh_4
Basic and diluted loss per share - Additional Information (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Recovery of fair value of liability classified awards excluded | $ 5 |
Commitments - Additional Inform
Commitments - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Summary of Commitments [Line Items] | |||
Rent expense | $ 774 | $ 827 | $ 658 |
Clinical and other agreements expenses | 97 | 1,613 | $ 7,309 |
Minimum [Member] | |||
Summary of Commitments [Line Items] | |||
Purchase commitments | $ 156 | $ 318 |
Income taxes - Summary of Loss
Income taxes - Summary of Loss Before Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Loss before income taxes | $ (35,005) | $ (16,541) | $ (29,448) |
Canadian [Member] | |||
Loss before income taxes | (12,667) | 5,015 | (14,841) |
Foreign [Member] | |||
Loss before income taxes | $ (22,338) | $ (21,556) | $ (14,607) |
Income taxes - Summary of Incom
Income taxes - Summary of Income Tax Expense Reconciliation (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Summary of Income Tax [Line Items] | |||
Loss before income taxes | $ (35,005) | $ (16,541) | $ (29,448) |
Statutory tax rate | 27.00% | 27.00% | 26.00% |
Income tax recovery at Canadian statutory income tax rates | $ (9,451) | $ (4,466) | $ (7,656) |
Change in valuation allowance | 11,576 | (87,082) | 1,625 |
Disposal of Canadian Operations | 81,690 | ||
Permanent differences | 808 | 875 | 967 |
Expiry of investment tax credits and non-capital losses | 1,589 | 5,838 | 1,243 |
Tax rate differences | 613 | 748 | 790 |
Change in U.S. statutory rate | 6,394 | ||
Change in Canadian statutory rate | (2,595) | ||
Adjustments related to prior periods | (4,956) | 2,167 | (417) |
Other differences | 0 | 268 | 12 |
Income tax expense | $ 179 | $ 38 | $ 363 |
Income taxes - Components of De
Income taxes - Components of Deferred Tax Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Deferred tax assets: | ||
Tax loss carryforwards | $ 38,173 | $ 27,226 |
Tax values of depreciable assets in excess of accounting values | 481 | 69 |
Share issue costs and other | 637 | 486 |
Total deferred tax assets | 39,291 | 27,781 |
Valuation allowance | (38,991) | (27,398) |
Net deferred tax assets | $ 300 | $ 383 |
Income taxes - Summary of Non-C
Income taxes - Summary of Non-Capital Loss (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Tax Credit Carryforward [Line Items] | ||
Non-capital losses | $ 162,080 | $ 118,373 |
2020 | ||
Tax Credit Carryforward [Line Items] | ||
Non-capital losses | 18,167 | |
2021 | ||
Tax Credit Carryforward [Line Items] | ||
Non-capital losses | 16,932 | |
2022 | ||
Tax Credit Carryforward [Line Items] | ||
Non-capital losses | 20,552 | |
2023 | ||
Tax Credit Carryforward [Line Items] | ||
Non-capital losses | 16,820 | |
2024 | ||
Tax Credit Carryforward [Line Items] | ||
Non-capital losses | 25,657 | |
Thereafter until 2038 | ||
Tax Credit Carryforward [Line Items] | ||
Non-capital losses | $ 63,952 |
Income taxes - Additional Infor
Income taxes - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Summary of Income Tax [Line Items] | |||
Operating Loss Carryforwards | $ 162,080 | $ 118,373 | |
Statutory tax rate | 27.00% | 27.00% | 26.00% |
Estimated tax liabilities | $ 0 | $ 0 | |
Foreign income tax rate | 27.00% | ||
Scenario, Plan [Member] | |||
Summary of Income Tax [Line Items] | |||
Statutory tax rate | 21.00% | ||
Canada Loss Carryforwards [Member] | |||
Summary of Income Tax [Line Items] | |||
Operating Loss Carryforwards | $ 12,352 | 2,580 | |
Switzerland Loss Carryforwards [Member] | |||
Summary of Income Tax [Line Items] | |||
Operating Loss Carryforwards | 106,838 | 70,647 | |
United States Loss Carryforwards [Member] | |||
Summary of Income Tax [Line Items] | |||
Operating Loss Carryforwards | 42,525 | 44,679 | |
United Kingdom Loss Carryforwards [Member] | |||
Summary of Income Tax [Line Items] | |||
Operating Loss Carryforwards | $ 365 | $ 467 |
Related party transactions - Ad
Related party transactions - Additional Information (Detail) - Officer [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Related Party Transaction [Line Items] | |||
Accounts payable to related party | $ 28 | $ 198 | |
Expenses from related party transactions | $ 258 | $ 226 | $ 193 |
Segmented information - Summary
Segmented information - Summary of Recognizes Segmentation Based on Geography (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Revenue | $ 32,634 | $ 28,674 | $ 24,008 |
Cost of goods sold | 9,827 | 8,294 | 6,776 |
Gross margin | $ 22,807 | $ 20,380 | $ 17,232 |
Gross margin % | 70.00% | 71.00% | 72.00% |
Europe [Member] | |||
Revenue | $ 22,425 | $ 16,165 | $ 10,953 |
Cost of goods sold | 7,170 | 5,466 | 2,974 |
Gross margin | $ 15,255 | $ 10,699 | $ 7,979 |
Gross margin % | 68.00% | 66.00% | 73.00% |
Rest of World [Member] | |||
Revenue | $ 10,209 | $ 12,509 | $ 13,055 |
Cost of goods sold | 2,657 | 2,828 | 3,802 |
Gross margin | $ 7,552 | $ 9,681 | $ 9,253 |
Gross margin % | 74.00% | 77.00% | 71.00% |
Segmented information - Summa_2
Segmented information - Summary of Revenues Disaggregated by Revenue Source (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Revenues | $ 32,634 | $ 28,674 | $ 24,008 |
Cardiology [Member] | |||
Revenues | 19,358 | 22,497 | 22,753 |
Antibiotic [Member] | |||
Revenues | $ 13,276 | $ 6,177 | $ 1,255 |
Segmented information - Additio
Segmented information - Additional Information (Detail) - Customers | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Number of customers | 3 | 2 | 2 |
Percentage of revenue | 10.00% | 10.00% | 10.00% |
One Customer [Member] | |||
Percentage of revenue | 19.00% | 17.00% | 20.00% |
Two Customer [Member] | |||
Percentage of revenue | 15.00% | 14.00% | 24.00% |
Three Customer [Member] | |||
Percentage of revenue | 11.00% |
Subsequent events - Additional
Subsequent events - Additional Information (Detail) - USD ($) $ in Thousands | Mar. 16, 2020 | Mar. 10, 2020 |
Business combination consideration transferred | $ 75,900 | |
Subsequent Event [Member] | Upfront Payment [Member] | ||
Cash | $ 3,000 | |
Subsequent Event [Member] | First Receipt [Member] | ||
Cash | $ 500 |