Document and Entity Information
Document and Entity Information | 9 Months Ended |
Sep. 30, 2019 | |
Cover [Abstract] | |
Entity Registrant Name | Aeterna Zentaris Inc. |
Entity Central Index Key | 0001113423 |
Document Type | 6-K |
Document Period End Date | Sep. 30, 2019 |
Amendment Flag | false |
Current Fiscal Year End Date | --12-31 |
Document Fiscal Period Focus | Q3 |
Document Fiscal Year Focus | 2019 |
Condensed Interim Consolidated
Condensed Interim Consolidated Statements of Financial Position (Unaudited) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Current Assets | ||
Cash and cash equivalents | $ 10,862 | $ 14,512 |
Trade and other receivables (note 6) | 587 | 294 |
Inventory | 582 | 240 |
Prepaid expenses and other current assets | 762 | 1,210 |
Total current assets | 12,793 | 16,256 |
Restricted cash | 356 | 418 |
Right of use assets (note 4) | 418 | |
Property, plant and equipment | 42 | 65 |
Identifiable intangible assets | 44 | 62 |
Goodwill | 7,849 | 8,210 |
Total assets | 21,502 | 25,011 |
Current liabilities | ||
Payables and accrued liabilities (note 7) | 2,279 | 2,966 |
Provision for restructuring and other costs (note 8) | 877 | 887 |
Income taxes payable | 1,595 | 1,669 |
Current portion of deferred revenues | 74 | 74 |
Current portion of lease liabilities (note 4) | 629 | |
Current portion of warrant liability (note 9) | 14 | |
Total current liabilities | 5,468 | 5,596 |
Deferred revenues | 203 | 258 |
Lease liabilities (note 4) | 408 | |
Warrant liability (note 9) | 2,774 | 3,634 |
Employee future benefits (note 10) | 14,477 | 13,205 |
Non-current portion of provision for restructuring and other costs (note 8) | 365 | 411 |
Total liabilities | 23,695 | 23,104 |
SHAREHOLDERS' (DEFICIENCY) EQUITY | ||
Share capital | 224,531 | 222,335 |
Other capital | 89,758 | 89,342 |
Deficit | (316,844) | (309,781) |
Accumulated other comprehensive income | 362 | 11 |
Total shareholders' (deficiency) equity | (2,193) | 1,907 |
Total liabilities and shareholders' (deficiency) equity | $ 21,502 | $ 25,011 |
Condensed Interim Consolidate_2
Condensed Interim Consolidated Statements of Changes in Shareholders' (Deficiency) Equity (Unaudited) - USD ($) $ in Thousands | Share Capital [Member] | Other Capital [Member] | Deficit [Member] | Accumulated Other Comprehensive Income [Member] | Total |
Balance at Dec. 31, 2017 | $ 222,335 | $ 88,772 | $ (314,161) | $ 271 | $ (2,783) |
Balance, shares at Dec. 31, 2017 | 16,440,760 | ||||
Statement Line Items [Line Items] | |||||
Net income (loss) | 9,313 | 9,313 | |||
Other comprehensive loss: Foreign currency translation adjustments | (247) | (247) | |||
Other comprehensive loss: Actuarial gain (loss) on defined benefit plan (note 10) | 611 | 611 | |||
Comprehensive income (loss) | 9,924 | (247) | 9,677 | ||
Share-based compensation costs | 516 | 516 | |||
Balance at Sep. 30, 2018 | $ 222,335 | 89,288 | (304,237) | 24 | 7,410 |
Balance, shares at Sep. 30, 2018 | 16,440,760 | ||||
Balance at Jun. 30, 2018 | $ 222,335 | 89,288 | (302,134) | 21 | 9,510 |
Balance, shares at Jun. 30, 2018 | 16,440,760 | ||||
Statement Line Items [Line Items] | |||||
Net income (loss) | (2,509) | (2,509) | |||
Other comprehensive loss: Foreign currency translation adjustments | 3 | 3 | |||
Other comprehensive loss: Actuarial gain (loss) on defined benefit plan (note 10) | 406 | 406 | |||
Comprehensive income (loss) | (2,103) | 3 | (2,100) | ||
Share-based compensation costs | |||||
Balance at Sep. 30, 2018 | $ 222,335 | 89,288 | (304,237) | 24 | 7,410 |
Balance, shares at Sep. 30, 2018 | 16,440,760 | ||||
Balance at Dec. 31, 2018 | $ 222,335 | 89,342 | (309,781) | 11 | 1,907 |
Balance, shares at Dec. 31, 2018 | 16,440,760 | ||||
Statement Line Items [Line Items] | |||||
Net income (loss) | (5,036) | (5,036) | |||
Other comprehensive loss: Foreign currency translation adjustments | 351 | 351 | |||
Other comprehensive loss: Actuarial gain (loss) on defined benefit plan (note 10) | (2,027) | (2,027) | |||
Comprehensive income (loss) | (7,063) | 351 | (6,712) | ||
Share-based compensation costs | 745 | 745 | |||
Exercise of warrants, stock options and deferred share units (notes 9 and 11) | $ 906 | (329) | 577 | ||
Exercise of warrants, stock options and deferred share units, shares (notes 9 and 11) | 228,750 | ||||
Issuance of common shares and warrants, net (notes 9 and 11) | $ 1,290 | 1,290 | |||
Issuance of common shares and warrants, net, shares (notes 9 and 11) | 3,325,000 | ||||
Balance at Sep. 30, 2019 | $ 224,531 | 89,758 | (316,844) | 362 | (2,193) |
Balance, shares at Sep. 30, 2019 | 19,994,510 | ||||
Balance at Jun. 30, 2019 | $ 223,140 | 89,824 | (315,977) | (15) | (3,028) |
Balance, shares at Jun. 30, 2019 | 16,632,410 | ||||
Statement Line Items [Line Items] | |||||
Net income (loss) | (331) | (331) | |||
Other comprehensive loss: Foreign currency translation adjustments | 377 | 377 | |||
Other comprehensive loss: Actuarial gain (loss) on defined benefit plan (note 10) | (536) | (536) | |||
Comprehensive income (loss) | (867) | 377 | (490) | ||
Share-based compensation costs | 55 | 55 | |||
Issuance of common shares and warrants, net (notes 9 and 11) | $ 1,290 | 1,290 | |||
Issuance of common shares and warrants, net, shares (notes 9 and 11) | 3,325,000 | ||||
Exercise of deferred share units (note 11) | $ 101 | (121) | (20) | ||
Exercise of deferred share units, shares (note 11) | 37,100 | ||||
Balance at Sep. 30, 2019 | $ 224,531 | $ 89,758 | $ (316,844) | $ 362 | $ (2,193) |
Balance, shares at Sep. 30, 2019 | 19,994,510 |
Condensed Interim Consolidate_3
Condensed Interim Consolidated Statements of Comprehensive (Loss) Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Revenues | ||||
Royalty income (note 5) | $ 8 | $ 29 | ||
Product sales (note 5) | 663 | 129 | 721 | |
Sales commission and other | 256 | 301 | 111 | |
Licensing revenue (note 5) | 19 | 55 | 24,657 | |
Total revenues | 283 | 663 | 514 | 25,489 |
Cost of goods sold | 494 | 101 | 691 | |
Gross income | 283 | 169 | 413 | 24,798 |
Research and development costs | 475 | 358 | 1,574 | 2,165 |
General and administrative expenses | 1,364 | 2,439 | 4,924 | 7,229 |
Selling expenses | 377 | 383 | 1,176 | 2,521 |
Restructuring costs (note 8) | 773 | |||
Impairment (reversal) of right of use asset (note 4) | (125) | 276 | ||
Write-off of other current assets | 169 | |||
Total operating expenses (note 12) | 2,091 | 3,180 | 8,892 | 11,915 |
(Loss) income from operations | (1,808) | (3,011) | (8,479) | 12,883 |
Gain (loss) due to changes in foreign currency exchange rates | 3 | (133) | 61 | 592 |
Change in fair value of warrant liability (note 9) | 2,120 | 58 | 3,985 | 1,752 |
Other finance (costs) income | (646) | 30 | (603) | 174 |
Net finance income (costs) | 1,477 | (45) | 3,443 | 2,518 |
Income (loss) before income taxes | (331) | (3,056) | (5,036) | 15,401 |
Income tax recovery (expense) | 547 | (6,088) | ||
Net (loss) income | (331) | (2,509) | (5,036) | 9,313 |
Items that may be reclassified subsequently to profit or loss: | ||||
Foreign currency translation adjustments | 377 | 3 | 351 | (247) |
Items that will not be reclassified to profit or loss: | ||||
Actuarial (gain) loss on defined benefit plans | (536) | 406 | (2,027) | 611 |
Comprehensive (loss) income | $ (490) | $ (2,100) | $ (6,712) | $ 9,677 |
Net (loss) income per share [basic] | $ (0.02) | $ (0.15) | $ (0.31) | $ 0.57 |
Net (loss) income per share [diluted] | $ (0.02) | $ (0.15) | $ (0.31) | $ 0.56 |
Weighted average number of shares outstanding (note 17): | ||||
Basic | 16,887,819 | 16,440,760 | 16,651,969 | 16,440,760 |
Diluted | 16,887,819 | 16,440,760 | 16,651,969 | 16,655,576 |
Condensed Interim Consolidate_4
Condensed Interim Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Cash flows from operating activities | ||||
Net (loss) income for the period | $ (331) | $ (2,509) | $ (5,036) | $ 9,313 |
Items not affecting cash and cash equivalents: | ||||
Change in fair value of warrant liability (note 9) | (2,120) | (58) | (3,985) | (1,752) |
Transaction costs of warrants issued expensed as finance cost | 545 | 545 | ||
Provision for restructuring costs (note 8) | (120) | 773 | (339) | |
Depreciation and amortization | 119 | 12 | 255 | 47 |
Impairment (reversal) of right of use asset (note 4) | (125) | 276 | ||
Write-off of current assets | 169 | |||
Deferred income taxes | 3,479 | |||
Share-based compensation costs | 55 | 1 | 745 | 516 |
Employee future benefits (note 10) | 60 | 12 | 196 | (221) |
Amortization of deferred revenues | (19) | (55) | (541) | |
Foreign exchange loss on items denominated in foreign currencies | (12) | 140 | (61) | (583) |
(Gain) loss on disposal of long-term assets | (3) | (6) | 9 | |
Other non-cash items | 2 | 26 | ||
Interest accretion on lease liability (note 4) | (15) | (53) | ||
Changes in operating assets and liabilities (note 13) | (749) | 84 | (1,534) | (450) |
Net cash (used in) provided by operating activities | (2,595) | (2,435) | (7,771) | 9,504 |
Cash flows from financing activities | ||||
Issuance of common shares and warrants (notes 9 and 11) | 4,988 | 4,988 | ||
Transaction costs | (786) | (786) | ||
Proceeds from exercise of warrants, options and deferred share units (notes 9 and 11) | 314 | |||
Payments on lease liability (note 4) | (152) | (462) | ||
Net cash from financing activities | 4,050 | 4,054 | ||
Cash flows from investing activities | ||||
Disposal of property, plant and equipment | 11 | |||
Change in restricted cash | (50) | 50 | (50) | |
Net cash from investing activities | (50) | 50 | (39) | |
Effect of exchange rate changes on cash and cash equivalents | (276) | (661) | 17 | (445) |
Net change in cash and cash equivalents | 1,179 | (3,146) | (3,650) | 9,020 |
Cash and cash equivalents - Beginning of period | 9,683 | 19,946 | 14,512 | 7,780 |
Cash and cash equivalents - End of period | $ 10,862 | $ 16,800 | $ 10,862 | $ 16,800 |
Going Concern
Going Concern | 9 Months Ended |
Sep. 30, 2019 | |
Going Concern | |
Going Concern | 1 Going Concern Aeterna Zentaris Inc. (“Aeterna Zentaris” or the “Company”) has incurred significant expenses in its efforts to develop and co-promote products. Consequently, the Company has incurred operating losses and negative cash flow from operations historically and in each of the last several years except for the year ended December 31, 2018 when the Company earned revenue from the sale of a license for the adult indication of Macrilen™ (macimorelin) in the United States and Canada (note 5). As at September 30, 2019, the Company had an accumulated deficit of $317 million. The Company also had a net loss of $5,036 for the nine months ended September 30, 2019, and negative cash flow from operations of $7,771 in this period. The Company’s principal focus is on the licensing and development of Macrilen™ (macimorelin) and it currently does not have any other approved products. Under the terms of License and Assignment Agreement (as defined below), Novo Nordisk A/S (“Novo”) is funding 70% of the pediatric clinical trial submitted to the EMA and FDA, the Company’s sole development activity. On March 12, 2019, the Company announced that its board of directors formed a special committee of independent directors (the “Special Committee”) to review strategic options available to the Company and the engagement of Torreya, its financial advisor. In October 2019, the Company ended its arrangement with Torreya and re-commenced business development activities on its own. Based on the contract with Torreya, should the Company agree to license macimorelin to certain companies in a defined period of time after the cancellation of the contract the Company would owe a fee to Torreya Management has evaluated whether material uncertainties exist relating to events or conditions and has considered the following in making that critical judgment. The ability of the Company to realize its assets and meet its obligations as they come due is dependent on earning sufficient revenues under the License and Assignment Agreement, developing opportunities for Macrilen™ (macimorelin) in the rest of the world, realizing other monetizing transactions, and raising additional sources of funding, the outcome of which cannot be predicted at this time. The revenue provided under the License and Assignment Agreement was $29 for the nine months ended September 30, 2019 and as at September 30, 2019, the Company had cash of $10,862. In September 2019, the Company closed an equity financing which provided $4,202 in net cash proceeds. A significant portion of the Company’s cash is held in Aeterna Zentaris GmbH (“AEZS Germany”), our wholly owned German subsidiary. AEZS Germany is also the counter-party for revenue earned under the License and Assignment Agreement. If and when current and medium term liabilities of AEZS Germany exceed the values ascribed to AEZS Germany’s assets, it may no longer be possible under applicable German solvency laws for AEZS Germany’s operations to continue. The Company has some discretion to manage research and development costs, administrative expenses and capital expenditures in order to maintain its cash liquidity; however, the Company will need to conclude agreement(s) for licensing or selling the European or worldwide rights to Macrilen™ (macimorelin) and, if necessary, obtain further financing in order to continue its currently planned operations. Management has assessed the Company’s ability to continue as a going concern and concluded that additional capital will be required. There can be no assurance that the Company will be able to execute license or purchase agreements or to obtain equity or debt financing, or on terms acceptable to it. Factors within and outside the Company’s control could have a significant bearing on its ability to obtain additional financing. As a result, management has determined that there are material uncertainties that may cast significant doubt upon the Company’s ability to continue as a going concern. These financial statements have been prepared on a going concern basis, which asserts the Company has the ability in the near term to continue to realize its assets and discharge its liabilities and commitments in a planned manner giving consideration to the above and expected possible outcomes. Conversely, if the going concern assumption is not appropriate, adjustments to the carrying amounts of the Company’s assets, liabilities, revenues, expenses and balance sheet classifications may be necessary, and these adjustments could be material. |
Summary of Business and Basis o
Summary of Business and Basis of Preparation | 9 Months Ended |
Sep. 30, 2019 | |
Summary Of Business And Basis Of Preparation | |
Summary of Business and Basis of Preparation | 2 Summary of business and basis of preparation Summary of business The Company is a specialty biopharmaceutical company which is commercializing novel pharmaceutical therapies. On December 20, 2017, the FDA granted marketing approval for Macrilen™ (macimorelin) to be used in the diagnosis of patients with adult growth hormone deficiency (“AGHD”). On January 16, 2018, the Company, through AEZS Germany, entered into a license and assignment agreement with Strongbridge Ireland Limited (“Strongbridge”) to carry out development, manufacturing, registration, regulatory and supply chain services for the commercialization of Macrilen™ (macimorelin) in the United States and Canada (the “License and Assignment Agreement”). Effective December 19, 2018, Strongbridge sold the United States and Canadian rights to Macrilen™ (macimorelin) under the License and Assignment Agreement to Novo. Basis of presentation These unaudited condensed interim consolidated financial statements have been prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board (“IFRS”) applicable to the preparation of interim financial statements, including IAS 34, Interim Financial Reporting The accounting policies in these condensed interim consolidated financial statements are consistent with those presented in the Company’s annual consolidated financial statements, except for the adoption, of IFRS 16, Leases, These unaudited condensed interim consolidated financial statements were approved by the Company’s Board of Directors on November 7, 2019. As described in Note 1, these unaudited condensed interim consolidated financial statements were prepared on a going concern basis. |
Critical Accounting Estimates a
Critical Accounting Estimates and Judgments | 9 Months Ended |
Sep. 30, 2019 | |
Critical Accounting Estimates And Judgments | |
Critical Accounting Estimates and Judgments | 3 Critical accounting estimates and judgments The preparation of condensed interim consolidated financial statements in accordance with IFRS requires management to make judgments, estimates and assumptions that affect the reported amounts of the Company’s assets, liabilities, revenues, expenses and related disclosures. Judgments, estimates and assumptions are based on historical experience, expectations, current trends and other factors that management believes to be relevant at the time at which the Company’s condensed interim consolidated financial statements are prepared. Management reviews, on a regular basis, the Company’s accounting policies, assumptions, estimates and judgments in order to ensure that the condensed interim consolidated financial statements are presented fairly and in accordance with IFRS. Revisions to accounting estimates are recognized in the period in which the estimates are revised and in any future periods affected. Critical accounting estimates and assumptions, as well as critical judgments used in applying accounting policies in the preparation of the Company’s condensed interim consolidated financial statements, were the same as those found in note 4 to the Company’s annual consolidated financial statements as of December 31, 2018 and 2017 and for the years ended December 31, 2018, and 2017 except for those related to the adoption of IFRS 16, as follows: Critical judgments in determining the lease term and discount rate In determining the lease term, management considers all facts and circumstances that create an economic incentive to exercise an extension option, or not exercise a termination option. Extension options (or periods after termination options) are only included in the lease term if the lease is reasonably certain to be extended (or not terminated). In determining the appropriate discount rate, management identified the rate for the building based on the type and location of the Company’s office, laboratory and storage facility in Frankfurt and, for vehicle and equipment leases, used the risk-free rate, credit spread and lease specific adjustment for similar assets. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2019 | |
Disclosure of initial application of standards or interpretations [abstract] | |
Recent Accounting Pronouncements | 4 Recent accounting pronouncements Impact of adoption of significant new IFRS standards in 2019 The following new IFRS standards have been adopted by the Company effective January 1, 2019: A) IFRS 16, Leases The Company has adopted IFRS 16 on a modified retrospective basis from January 1, 2019 with no restatement of comparatives, as permitted under the specific transitional provisions in the standard. (i) Adjustments recognized on adoption of IFRS 16 Lease liabilities The Company has operating leases for building, cars and equipment leases at its location in Frankfurt. Upon adoption of IFRS 16, the Company recognized lease liabilities in relation to leases which had previously been classified as ‘operating leases’ under the principles of IAS 17 Leases. Under IFRS 16, these liabilities were measured at the present value of the remaining lease payments excluding renewal options as they are not expected to be exercised, discounted using the Company’s incremental borrowing rate as of January 1, 2019. The Company’s incremental annual borrowing rate applied to the lease liabilities on January 1, 2019 were: ● Building lease 5.5% ● Car leases ranging from 4.84% to 5.32% ● Equipment leases 3.88% The weighted average incremental borrowing rate applied to lease liabilities recognized in the statement of financial position at January 1, 2019 was 5.45%. 2019 Operating lease commitments disclosed as at December 31, 2018 1,620 Discounted using the lessee’s incremental borrowing rate of at the date of initial application: Lease liability recognized as at January 1, 2019 1,522 Current lease liabilities 629 Non-current lease liabilities 893 During the nine-month period ended September 30, 2019 Interest paid as charged to comprehensive profit and loss as other finance income 53 Payment against lease liabilities 462 Foreign exchange 31 Lease liability recognized as at September 30, 2019 1,037 Current lease liabilities 629 Non-current lease liabilities 408 The Company’s lease liabilities come due, as at September 30, 2019, as follows: $ Less than 1 year 629 1 - 3 years 403 4 - 5 years 5 More than 5 years — Total 1,037 Right of use assets The Company’s related right of use assets were measured at the amount equal to the lease liability at the date of initial application. Only the building right of use asset was further adjusted by the application of $663 in related onerous lease provision to the value at inception. Building Cars and equipment Total $ $ $ Cost At January 1, 2019 735 124 859 Additions 45 32 77 Disposals (7 ) (43 ) (50 ) Impact of foreign exchange rate changes (35 ) (10 ) (45 ) At September 30, 2019 738 103 841 Building Cars and equipment Total $ $ $ Accumulated Amortization At January 1, 2019 — — — Disposals (2 ) (12 ) (14 ) Depreciation 136 40 176 Impairment 276 — 276 Impact of foreign exchange rate changes (14 ) (1 ) (15 ) At September 30, 2019 396 27 423 Building Cars and equipment Total $ $ $ Carrying amount At September 30, 2019 342 76 418 During the three-month period ended March 31, 2019, management continued its search for a sub-lessee. However, there were delays which led to a reassessment of its onerous lease provision as the Company has determined that its plan to exit its building lease, in full, as at December 31, 2019 was not probable. As such, the Company recognized an impairment of its right of use building asset of $337 in the statement of comprehensive income and loss during the first quarter of 2019. In light of the June 2019 restructuring of the German operations (note 8), management recognized an additional impairment of $64 as office and lab space will become vacant or underutilized. During the third quarter of 2019, a new sub-lessee signed a 6-month lease for certain lab and office space. As such, management reduced the impairment of its building right of use asset by $125. Overall impact from adoption The change in accounting policy affected the following items in the balance sheet on January 1, 2019: ● Right of use assets - increase by $859 ● Provision of onerous lease contracts - decrease by $663 ● Lease liabilities - increase by $1,522 Income (loss) per share for the three and nine months to September 30, 2019 was not affected as a result of the adoption of IFRS 16. (ii) Practical expedients applied In applying IFRS 16 for the first time, the Company has used the following practical expedients permitted by the standard: ● the use of a single discount rate to a portfolio of leases with reasonably similar characteristics ● reliance on previous assessments on whether leases are onerous ● the exclusion of initial direct costs for the measurement of the right of use asset at the date of initial application; and ● the use of hindsight in determining the lease term where the contract contains options to extend or terminate the lease. The Company has also elected not to reassess whether a contract is or contains a lease at the date of initial application. Instead, for contracts entered into before the transition date, the Company relied on its assessment made applying IAS 17 and IFRIC 4 Determining whether an Arrangement contains a Lease. (iii) The Company’s leasing activities and how these are accounted for The Company leases various office and lab premises (building), cars and equipment. The building lease was originally for 10 years with one five-year extension, such extension is ending on April 30, 2021. Car lease contracts are typically made for fixed periods of three to four years while the equipment lease is for five years ending April 30, 2020. Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. and the lease agreements do not impose any covenants, but leased assets may not be used as security for borrowing purposes. Until the 2018 financial year, leases of property, plant and equipment were classified as operating leases. Payments made under operating leases (net of any incentives received from the lessor) were charged to profit or loss on a straight-line basis over the period of the lease. As of January 1, 2019, leases are recognized as a right of use asset and a corresponding liability at the date at which the leased asset is available for use by the Company. Each lease payment is allocated between the liability and finance cost. The finance cost is charged to comprehensive profit or loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period. The right of use assets are measured at cost and are depreciated over the shorter of the assets’ useful life and the lease terms on a straight-line basis, less any accumulated impairment losses and adjusted for any remeasurement of the lease liability. Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of its fixed payments (including in-substance fixed payments), less any lease incentives receivable The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be determined, the lessee’s incremental borrowing rate is used, being the rate that the lessee would have to pay to borrow the funds necessary to obtain an asset of similar value in a similar economic environment with similar terms and conditions. Right of use assets are measured at cost comprising the following: ● the amount of the initial measurement of lease liability; ● any lease payments made at or before the commencement date less any lease incentives received; ● any initial direct costs; ● onerous lease provisions as previously determined (note 8); and ● any restoration costs. Payments associated with short-term leases and leases of low-value assets are recognized on a straight-line basis as an expense in the statement of comprehensive profit or loss. B) IFRIC 23, “ Uncertainty over Income Tax Treatment In June 2017, IFRIC 23, was issued and it provides guidance on how to value uncertain income tax positions based on the probability of whether the relevant tax authorities will accept the company’s tax treatments. A company is to assume that a taxation authority with the right to examine any amounts reported to it will examine those amounts and will have full knowledge of all relevant information when doing so. IFRIC 23 is effective for annual periods beginning on or after January 1, 2019. The adoption of this interpretation did not have a significant impact on the Company’s condensed interim consolidated financial statements. C) Amendments in Plan Amendment, Curtailment or Settlement (Amendments to IAS 19) In June 2015, the IASB published ED/2015/5 Remeasurement on a Plan Amendment, Curtailment or Settlement/Availability of a Refund from a Defined Benefit Plan (Proposed amendments to IAS 19 and IFRIC 14) Employee Benefits IAS 19 - The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction September 2017 confirmed it would do so despite putting off the amendments to IFRIC 14. The amendments in Plan Amendment, Curtailment or Settlement (Amendments to IAS 19) |
Licensing Arrangement
Licensing Arrangement | 9 Months Ended |
Sep. 30, 2019 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Licensing Arrangement | 5 Licensing arrangement On January 16, 2018, the Company, through AEZS Germany, entered into the License and Assignment Agreement with Strongbridge to carry out development, manufacturing, registration, regulatory and supply chain services for the commercialization of Macrilen™ (macimorelin) in the United States and Canada, which provides for (i) the “right to use” license relating to the Adult Indication; (ii) the sale of the right to acquire a license of a future FDA-approved Pediatric Indication; (iii) the agreement by Strongbridge to fund 70% of the costs of a pediatric clinical trial (the “PIP study”) submitted for approval to the EMA and FDA to be run by the Company with customary oversight from a joint steering committee; and (iv) an Interim Supply Arrangement. Effective December 19, 2018, Strongbridge sold the entity which is the licensee under the License and Assignment Agreement to Novo. Royalty income earned under the License and Assignment Agreement for the nine-month period ending September 30, 2019 was $29 (2018- $nil). During the nine-month period ended September 30, 2019, the Company invoiced Novo $809 for its share of PIP study costs (2018-Strongbridge $206) and $1,094 for supply chain costs (2018-Strongbridge $663). |
Trade and Other Receivables
Trade and Other Receivables | 9 Months Ended |
Sep. 30, 2019 | |
Trade and other receivables [abstract] | |
Trade and Other Receivables | 6 Trade and other receivables September 30, 2019 December 31, 2018 $ $ Trade accounts receivable (net of expected credit losses of $55 (December 31, 2018 - $55) 256 142 Value added tax 310 49 Other 21 103 587 294 |
Payables and Accrued Liabilitie
Payables and Accrued Liabilities | 9 Months Ended |
Sep. 30, 2019 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Payables and Accrued Liabilities | 7 Payables and accrued liabilities September 30, 2019 December 31, 2018 $ $ Trade accounts payable 705 1,282 Accrued research and development costs — 26 Salaries, employment taxes and benefits 124 183 Financing of insurance premiums 15 738 Prepayments received 944 175 Accrued audit fees 222 231 Other accrued liabilities 269 331 2,279 2,966 |
Provision for Restructuring and
Provision for Restructuring and Other Costs | 9 Months Ended |
Sep. 30, 2019 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Provision for Restructuring and Other Costs | 8 Provision for restructuring and other costs In the third quarter of 2017, AEZS Germany and its Works Council approved a restructuring program (the “2017 German Restructuring”), which was rolled out as a part of the continued strategy to transition into a commercially operating specialty biopharmaceutical organization focused on the commercialization of Macrilen™ (macimorelin). On June 6, 2019, the Company announced that it was further reducing the size of its German workforce to more closely reflect the Company’s ongoing commercial activities in Frankfurt. AEZS Germany and its Works Council approved a restructuring that affects 8 employees and resulted in $773 of severance costs that is expected to be paid by January 31, 2020. The changes in the Company’s provision for restructuring and other costs can be summarized as follows: Cetrotide (R) German Restructuring: onerous lease German Restructuring: severance Total $ $ $ $ Balance – January 1, 2019 547 663 88 1,298 Adoption of IFRS 16 (note 4) — (663 ) — (663 ) Utilization of provision (73 ) — — (73 ) Change in provision 56 — 773 829 Impact of foreign exchange rate changes (23 ) — (126 ) (149 ) Balance – September 30, 2019 507 — 735 1,242 Less current portion (142 ) — (735 ) (877 ) Non-current portion 365 — — 365 |
Warrant Liability
Warrant Liability | 9 Months Ended |
Sep. 30, 2019 | |
Warrant Liability | |
Warrant Liability | 9 Warrant liability The change in the Company’s warrant liability can be summarized as follows: Nine months ended September 30, 2019 $ Balance – January 1, 2019 3,634 Exercise of warrants (note 11) (318 ) Issuance of warrants 3,457 Change in fair value of warrant liability (3,985 ) Balance – September 30, 2019 2,788 Current portion of warrant liability 14 Long-term portion of warrant liability 2,774 On September 20, 2019, the Company entered into a securities purchase agreement with U.S. institutional investors to purchase $4,988 (before total transaction costs of $786) of its common shares in a registered direct offering and warrants to purchase common shares in a concurrent private placement (together, the “Offering”). The combined purchase price for one common share and one warrant was $1.50. Under the terms of the securities purchase agreement, the Company sold 3,325,000 common shares. In a concurrent private placement, the Company issued warrants to purchase up to an aggregate of 3,325,000 common shares. The warrants are exercisable commencing six months from the date of issuance, have an exercise price of $1.65 per share and expire 5 years following the date of issuance. A summary of the activity related to the Company’s share purchase warrants that are classified as a liability is provided below. Nine months ended September 30, 2019 Year ended December 31, 2018 Number Weighted average exercise price Number Weighted average exercise price $ $ Balance – Beginning of period 3,391,844 6.23 3,417,840 7.59 Exercised (87,700 ) 1.07 — — Issued 3,325,000 1.65 — — Expired — — (25,996 ) 185.00 Balance – End of period 6,629,144 4.00 3,391,844 6.23 The table presented below shows the inputs and assumptions applied to the Black-Scholes option pricing model in order to determine the fair value of all warrants outstanding as at September 30, 2019. The Black-Scholes option pricing model uses “Level 2” inputs, as defined by IFRS 13, Fair value measurement Number of equivalent shares Market value per share price Weighted average exercise price Risk-free annual interest rate Expected volatility Expected life (years) Expected dividend yield ($) ($) (a) (b) (c) (d) March 2015 Series A Warrants (e) 28,144 1.03 1.07 1.74 % 95.18 % 0.44 0.00 % December 2015 Warrants 2,331,000 1.03 7.10 1.72 % 90.57 % 1.21 0.00 % November 2016 Warrants (f) 945,000 1.03 4.70 1.74 % 89.94 % 0.59 0.00 % September 2019 Warrants (g) 3,325,000 1.03 1.65 1.54 % 122.48 % 4.99 0.00 % (a) Based on United States Treasury Government Bond interest rates with a term that is consistent with the expected life of the warrants. (b) Based on the historical volatility of the Company’s stock price over the most recent period consistent with the expected life of the warrants, as well as on future expectations. (c) Based upon time to expiry from the reporting period date. (d) The Company has not paid dividends and it does not intend to pay dividends in the foreseeable future. (e) For the March 2015 Series A Warrants, the inputs and assumptions applied to the Black-Scholes option pricing model have been further adjusted to take into consideration the value attributed to certain anti-dilution provisions. Specifically, the weighted average exercise price is subject to adjustment (see note 11 - Share and other capital). (f) For the November 2016 Warrants, the Company reduced the fair value of these warrants to take into consideration the fair value of the $10.00 call option, which was also calculated using the Black-Scholes pricing model. (g) Based on a grant price of $1.65, risk-free annual interest rate of 1.51%, expected volatility of 122.07%, expected life of 5.00 years and expected dividend yield of 0.00% |
Employee Future Benefits
Employee Future Benefits | 9 Months Ended |
Sep. 30, 2019 | |
Employee Future Benefits | |
Employee Future Benefits | 10 Employee future benefits The Company sponsors a pension plan in Germany (The Aeterna Zentaris GmbH Pension Plan). The change in the Company’s accrued benefit obligations is summarized as follows: Nine months ended September 30, 2019 Year ended December 31, 2018 Pension benefit plans Other benefit plans Total Total $ $ $ $ Balances – Beginning of the period 13,100 105 13,205 14,229 Current service cost 30 5 35 72 Interest cost 160 1 161 225 Actuarial loss (gain) arising from changes in financial assumptions 2,027 — 2,027 (174 ) Benefits paid (313 ) — (313 ) (494 ) Impact of foreign exchange rate changes (633 ) (5 ) (638 ) (653 ) Balances – End of the period 14,371 106 14,477 13,205 Amounts recognized: In net loss (190 ) (6 ) (196 ) (316 ) In other comprehensive loss 2,027 — 2,027 846 The calculation of the pension benefit obligation is sensitive to the discount rate assumption. Throughout 2019, management has reduced the discount rate assumption on a quarterly basis from 1.9% at December 31, 2018 to 1.4% to 1.1% to 0.8% as at September 30, 2019. |
Share and Other Capital
Share and Other Capital | 9 Months Ended |
Sep. 30, 2019 | |
Share And Other Capital | |
Share and Other Capital | 11 Share and other capital The Company has an unlimited number of authorized common shares (being voting and participating shares) with no par value, as well as an unlimited number of preferred, first and second ranking shares, issuable in series, with rights and privileges specific to each class, with no par value. On September 20, 2019, the Company entered into a securities purchase agreement with U.S. institutional investors to purchase $4,988 (before total transaction costs of $786) of its common shares in a registered direct offering and warrants (note 9) to purchase common shares in a concurrent private placement (together, the “Offering”). The combined purchase price for one common share and one warrant was $1.50. Under the terms of the securities purchase agreement, the Company sold 3,325,000 common shares. In April 2019, there were 87,850 stock options, 23,000 deferred share units and 87,700 warrants exercised for gross proceeds of $314 with 191,650 common shares issued. In September 2019, 53,000 deferred share units were exercised with 37,100 common shares being issued. Shareholder rights plan Effective May 8, 2019, the shareholders re-approved the Company’s shareholder rights plan (the “Rights Plan”) that provides the board of directors and the Company’s shareholders with additional time to assess any unsolicited take-over bid for the Company and, where appropriate, to pursue other alternatives for maximizing shareholder value. Under the Rights Plan, one right has been issued for each currently issued common share, and one right will be issued with each additional common share that may be issued from time to time. Other capital The Company accounts for costs associated with share-based compensation from security grants under its long-term incentive plan and stock option plans as other capital in its consolidated statements of changes in shareholders’ equity (deficiency) and as general and administrative expenses in its consolidated statements of comprehensive income (loss). Long-term incentive plan The following tables summarizes the activity under the LTIP and the Stock Option Plan: Nine months ended Year ended September 30, 2019 December 31, 2018 US dollar-denominated stock options and DSU Number Weighted average exercise price Number Weighted average exercise price Balance – Beginning of the period 888,816 3.66 712,415 4.66 Granted 175,000 3.01 426,000 1.74 Exercised (163,850 ) 2.42 — — Forfeited (6,000 ) 13.63 (249,599 ) 3.23 Balance – End of period 893,966 3.69 888,816 3.66 Nine months ended Year ended September 30, 2019 December 31, 2018 Canadian dollar-denominated options Number Weighted average exercise price Number Weighted average exercise price Balance – Beginning of the period 869 743.56 1,503 605.84 Forfeited — — (104 ) 668.65 Expired — — (530 ) 367.70 Balance – End of the period 869 743.56 869 743.56 Mr. Ernst did not stand for re-election at the Company’s May 8, 2019 annual and special meeting of shareholders and at such time his outstanding stock options and DSUs became exercisable. As of the date hereof, the underlying common shares have not been issued. |
Operating Expenses
Operating Expenses | 9 Months Ended |
Sep. 30, 2019 | |
Analysis of income and expense [abstract] | |
Operating Expenses | 12 Operating expenses The nature of the Company’s operating expenses from operations include the following: Nine months ended September 30, 2019 2018 $ $ Key management personnel: Salaries and short-term employee benefits 835 2,045 Consultant fees 151 — Share-based compensation costs 731 489 Post-employment benefits — 56 Termination benefits — 205 1,717 2,795 Other employees: Salaries and short-term employee benefits 1,318 1,174 Share-based compensation costs 14 27 Post-employment benefits 262 28 Termination benefits 773 19 2,367 1,248 Professional fees 2,287 5,098 Consulting fees 120 — Insurance 663 940 Third-party R&D 480 157 Contracted sales force — 169 Travel 130 441 Marketing services 2 169 Laboratory supplies 32 303 Other goods and services 112 271 Leasing costs, net of sublease receipts of $126 (2018 - $92) 238 249 Impairment of right of use asset (note 4) 276 — Write-off of other current assets 169 — Depreciation and amortization 255 47 Operating foreign exchange losses 44 28 8,892 11,915 |
Supplemental Disclosure of Cash
Supplemental Disclosure of Cash Flow Information | 9 Months Ended |
Sep. 30, 2019 | |
Statement of cash flows [abstract] | |
Supplemental Disclosure of Cash Flow Information | 13 Supplemental disclosure of cash flow information Three months ended Nine months ended 2019 2018 2019 2018 $ $ $ $ Changes in operating assets and liabilities: Trade and other receivables (85 ) 114 (281 ) (155 ) Inventory (42 ) (149 ) (538 ) (965 ) Prepaid expenses and other current assets (1 ) 311 (124 ) 160 Other non-current assets — — — 150 Payables and accrued liabilities (525 ) 158 (278 ) (706 ) Provision for restructuring costs — 45 — (1,307 ) Income taxes payable — (565 ) — 2,339 Employee future benefits (note 10) (96 ) 423 (313 ) 567 Provisions and other non-current liabilities — (253 ) — (533 ) (749 ) 84 (1,534 ) (450 ) |
Capital Disclosures
Capital Disclosures | 9 Months Ended |
Sep. 30, 2019 | |
Summary Of Business And Basis Of Preparation | |
Capital Disclosures | 14 Capital disclosures The Company’s objective in managing capital, consisting of shareholders’ equity, with cash and cash equivalents and restricted cash being its primary components, is to ensure sufficient liquidity to fund R&D costs, selling expenses, general and administrative expenses and working capital requirements (see note 1 - Going Concern). Over the past several years, the Company has raised capital via public equity offerings and issuances under various ATM sales programs as its primary source of liquidity. The policy on dividends is to retain cash to keep funds available to finance the activities required to advance the Company’s product development portfolio and to pursue appropriate commercial opportunities as they may arise. The Company is not subject to any capital requirements imposed by any regulators or by any other external source. |
Financial Instruments and Finan
Financial Instruments and Financial Risk Management | 9 Months Ended |
Sep. 30, 2019 | |
Warrant Liability | |
Financial Instruments and Financial Risk Management | 15 Financial instruments and financial risk management Financial assets (liabilities) as at September 30, 2019 and December 31, 2018 are presented below. September 30, 2019 Financial assets at amortized cost Financial Financial Total $ $ $ $ Cash and cash equivalents * 10,862 — — 10,862 Trade and other receivables 587 — — 587 Restricted cash 356 — — 356 Payables and accrued liabilities — — (2,279 ) (2,279 ) Warrant liability — (2,788 ) — (2,788 ) 11,805 (2,788 ) (2,279 ) 6,738 December 31, 2018 Financial assets at amortized cost Financial Financial Total $ $ $ $ Cash and cash equivalents * 14,512 — — 14,512 Trade and other receivables 245 — — 245 Restricted cash 418 — — 418 Payables and accrued liabilities — — (2,940 ) (2,940 ) Warrant liability — (3,634 ) — (3,634 ) 15,175 (3,634 ) (2,940 ) 8,601 * As at September 30, 2019 and December 31, 2018, cash and cash equivalents consisted only of balances with banks. Fair value IFRS 13, establishes a hierarchy that prioritizes the inputs used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurement) and the lowest priority to unobservable inputs (Level 3 measurement). The input levels discussed in IFRS 13 are: Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 – Inputs other than quoted prices included within Level 1 that are observable for an asset or liability, either directly (i.e. prices) or indirectly (i.e. derived from prices). Level 3 – Inputs for an asset or liability that are not based on observable market data (unobservable inputs). As discussed above in note 9 - Warrant liability, the Black-Scholes valuation methodology uses “Level 2” inputs in calculating fair value. The carrying values of the Company’s cash and cash equivalents, trade and other receivables, restricted cash, payables and accrued liabilities and provision for restructuring and other costs approximate their fair values due to their short-term maturities or to the prevailing interest rates of the related instruments, which are comparable to those of the market. Financial risk factors The following provides disclosures relating to the nature and extent of the Company’s exposure to risks arising from financial instruments, including credit risk, liquidity risk and market risk (share price risk) and how the Company manages those risks. (a) Credit risk Credit risk is the risk of an unexpected loss if a customer or counterparty to a financial instrument fails to meet its contractual obligations. The Company regularly monitors credit risk exposure and takes steps to mitigate the likelihood of this exposure resulting in losses. The Company’s exposure to credit risk currently relates to the financial assets at amortized cost in the table above. The Company holds its available cash in amounts that are readily convertible to known amounts of cash and deposits its cash balances with financial institutions that have an investment grade rating of at least “P-2” or the equivalent. This information is supplied by independent rating agencies where available and, if not available, the Company uses publicly available financial information to ensure that it invests its cash in creditworthy and reputable financial institutions. Once there are indicators that there is no reasonable expectation of recovery, such financial assets are written off but are still subject to enforcement activity. As at September 30, 2019, trade accounts receivable for an amount of approximately $311 were with six counterparties of which $55 was past due and impaired and fully provided for (December 31, 2018 - $197 with four counterparties and $55 past due and impaired and fully provided for). The licensee is obligated to pay its quarterly royalties, 60 days after quarter-end. Generally, the Company does not require collateral or other security from customers for trade accounts receivable; however, credit is extended following an evaluation of creditworthiness. In addition, the Company performs ongoing credit reviews of all of its customers and establishes an allowance for doubtful accounts. On this basis, as at September 30, 2019, the Company has provided for all outstanding and unpaid amounts relating to its operations before its licensing of Macrilen TM The maximum exposure to credit risk approximates the amount outstanding in the Company’s consolidated statement of financial position. (b) Liquidity risk Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they become due. As indicated in note 14 - Capital risk management, the Company manages this risk through the management of its capital structure. It also manages liquidity risk by continuously monitoring actual and projected cash flows as further discussed in note 1 - Going Concern. The Board of Directors reviews and approves the Company’s operating and capital budgets, as well as any material transactions occurring outside of the ordinary course of business. The Company has adopted an investment policy in respect of the safety and preservation of its capital to ensure the Company’s liquidity needs are met. The instruments are selected with regard to the expected timing of expenditures and prevailing interest rates. (c) Market risk Share price risk The change in fair value of the Company’s warrant liability, which is measured at FVTPL, results from the periodic “mark-to-market” revaluation, via the application of option pricing models, of currently outstanding share purchase warrants. These valuation models are impacted, among other inputs, by the market price of the Company’s common shares. As a result, the change in fair value of the warrant liability, which is reported in the consolidated statements of comprehensive loss, has been and may continue in future periods to be materially affected most notably by changes in the Company’s common share closing price, which on the NASDAQ ranged from $1.00 to $5.43 during the nine-months ended September 30, 2019. If variations in the market price of our common shares of -30% and +30% were to occur, the impact on the Company’s net loss related to the warrant liability held at September 30, 2019 would be as follows: Carrying amount -30% +30% $ $ $ Warrant liability 2,788 1,015 (952 ) Total impact on net loss – decrease /(increase) 1,015 (952 ) (d) Foreign exchange risk Entities using the Euro as their functional currency The Company is exposed to foreign exchange risk due to its investments in foreign operations whose functional currency is the Euro. As at September 30, 2019, if the US dollar had increased or decreased by 10% against the Euro, with all variables held constant, net income for the nine-month period ended September 30, 2019 would have been lower or higher by approximately $710 (2018 - $1,400). |
Segment Information
Segment Information | 9 Months Ended |
Sep. 30, 2019 | |
Segment Information | |
Segment Information | 16 Segment information The Company operates in a single operating segment, being the biopharmaceutical segment. |
Net (Loss) Income Per Share
Net (Loss) Income Per Share | 9 Months Ended |
Sep. 30, 2019 | |
Earnings per share [abstract] | |
Net (Loss) Income Per Share | 17 Net (loss) income per share The following table sets forth pertinent data relating to the computation of basic and diluted net loss per share attributable to common shareholders. Three months ended Nine months ended 2019 2018 2019 2018 $ $ $ $ Net (loss) income (331 ) (2,509 ) (5,036 ) 9,313 Basic weighted average number of shares outstanding 16,887,819 16,440,760 16,651,969 16,440,760 Net (loss) income per share (basic) (0.02 ) (0.15 ) (0.31 ) 0.57 Dilutive effect of stock options — — — 165,000 Dilutive effect of share purchase warrants 805,905 — 1,744,657 49,816 Diluted weighted average number of shares outstanding 17,693,724 16,440,760 18,396,626 16,655,576 Net (loss) income per share (diluted) (0.02 ) (0.15 ) (0.31 ) 0.56 Items excluded from the calculation of diluted net loss per share because the exercise price was greater than the average market price of the common shares or due to their anti-dilutive effect Stock options 660,021 — 660,021 165,000 Deferred stock units 235,000 — 235,000 — Warrants (number of equivalent shares) 4,081,905 — 5,020,657 49,816 Net (loss) income per share is calculated by dividing net (loss) income by the weighted average number of shares outstanding during the relevant period. Diluted weighted average number of shares reflects the dilutive effect of equity instruments, such as any “in the money” stock options and share purchase warrants. In periods with reported net losses, all stock options and share purchase warrants are deemed anti-dilutive such that basic net loss per share and diluted net loss per share are equal, and thus “in the money” stock options and share purchase warrants have not been included in the computation of net loss per share because to do so would be anti-dilutive. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2019 | |
Commitments And Contingencies | |
Commitments and Contingencies | 18 Commitments and contingencies Service and manufacturing $ Less than 1 year 2,275 1 - 3 years 20 4 - 5 years 2 More than 5 years — Total 2,297 Contingencies In the normal course of operations, the Company may become involved in various claims and legal proceedings related to, for example, contract terminations and employee-related and other matters. Securities class action lawsuit The Company and certain of its current and former officers are defendants in a class-action lawsuit pending the U.S. District Court for the District of New Jersey, brought on behalf of the shareholders of the Company. The lawsuit alleges violations of the Securities Exchange Act of 1934 Other lawsuits On December 21, 2018, the Company settled a dispute with its former President and Chief Executive Officer and with its former Senior Vice President, Chief Administrative Officer, General Counsel and Corporate Secretary with the Company agreeing to make a payment in the amount of $775. On November 5, 2018, the Company settled a dispute with Cogas Consulting, LLC with the Company agreeing to make a payment of $625. |
Subsequent Event
Subsequent Event | 9 Months Ended |
Sep. 30, 2019 | |
Subsequent Event | |
Subsequent Event | 19 Subsequent event On October 4, 2019, Dr. Klaus Paulini replaced Michael Ward as President and Chief Executive Officer of the Company. Mr. Ward is entitled to severance of approximately $488 payable in equal installments over 12 months. |
Recent Accounting Pronounceme_2
Recent Accounting Pronouncements (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Disclosure of initial application of standards or interpretations [abstract] | |
Schedule of Operating Lease Liabilities | Operating lease commitments disclosed as at December 31, 2018 1,620 Discounted using the lessee’s incremental borrowing rate of at the date of initial application: Lease liability recognized as at January 1, 2019 1,522 Current lease liabilities 629 Non-current lease liabilities 893 During the nine-month period ended September 30, 2019 Interest paid as charged to comprehensive profit and loss as other finance income 53 Payment against lease liabilities 462 Foreign exchange 31 Lease liability recognized as at September 30, 2019 1,037 Current lease liabilities 629 Non-current lease liabilities 408 |
Schedule of Maturity of Operating Lease Liabilities | The Company’s lease liabilities come due, as at September 30, 2019, as follows: $ Less than 1 year 629 1 - 3 years 403 4 - 5 years 5 More than 5 years — Total 1,037 |
Schedule of Right of Use Assets | Building Cars and equipment Total $ $ $ Cost At January 1, 2019 735 124 859 Additions 45 32 77 Disposals (7 ) (43 ) (50 ) Impact of foreign exchange rate changes (35 ) (10 ) (45 ) At September 30, 2019 738 103 841 Building Cars and equipment Total $ $ $ Accumulated Amortization At January 1, 2019 — — — Disposals (2 ) (12 ) (14 ) Depreciation 136 40 176 Impairment 276 — 276 Impact of foreign exchange rate changes (14 ) (1 ) (15 ) At September 30, 2019 396 27 423 Building Cars and equipment Total $ $ $ Carrying amount At September 30, 2019 342 76 418 |
Trade and Other Receivables (Ta
Trade and Other Receivables (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Trade and other receivables [abstract] | |
Schedule of Trade and Other Receivables | September 30, 2019 December 31, 2018 $ $ Trade accounts receivable (net of expected credit losses of $55 (December 31, 2018 - $55) 256 142 Value added tax 310 49 Other 21 103 587 294 |
Payables and Accrued Liabilit_2
Payables and Accrued Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Schedule of Payables and Accrued Liabilities | September 30, 2019 December 31, 2018 $ $ Trade accounts payable 705 1,282 Accrued research and development costs — 26 Salaries, employment taxes and benefits 124 183 Financing of insurance premiums 15 738 Prepayments received 944 175 Accrued audit fees 222 231 Other accrued liabilities 269 331 2,279 2,966 |
Provision for Restructuring a_2
Provision for Restructuring and Other Costs (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Schedule of Provision for Restructuring and Other Costs | The changes in the Company’s provision for restructuring and other costs can be summarized as follows: Cetrotide (R) German Restructuring: onerous lease German Restructuring: severance Total $ $ $ $ Balance – January 1, 2019 547 663 88 1,298 Adoption of IFRS 16 (note 4) — (663 ) — (663 ) Utilization of provision (73 ) — — (73 ) Change in provision 56 — 773 829 Impact of foreign exchange rate changes (23 ) — (126 ) (149 ) Balance – September 30, 2019 507 — 735 1,242 Less current portion (142 ) — (735 ) (877 ) Non-current portion 365 — — 365 |
Warrant Liability (Tables)
Warrant Liability (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Warrant Liability | |
Schedule of Changes in Warrant Liability | The change in the Company’s warrant liability can be summarized as follows: Nine months ended September 30, 2019 $ Balance – January 1, 2019 3,634 Exercise of warrants (note 11) (318 ) Issuance of warrants 3,457 Change in fair value of warrant liability (3,985 ) Balance – September 30, 2019 2,788 Current portion of warrant liability 14 Long-term portion of warrant liability 2,774 |
Summary of Share Purchase Warrant Activity | A summary of the activity related to the Company’s share purchase warrants that are classified as a liability is provided below. Nine months ended September 30, 2019 Year ended December 31, 2018 Number Weighted average exercise price Number Weighted average exercise price $ $ Balance – Beginning of period 3,391,844 6.23 3,417,840 7.59 Exercised (87,700 ) 1.07 — — Issued 3,325,000 1.65 — — Expired — — (25,996 ) 185.00 Balance – End of period 6,629,144 4.00 3,391,844 6.23 |
Summary of Share Purchase Warrants Outstanding and Exercisable | The table presented below shows the inputs and assumptions applied to the Black-Scholes option pricing model in order to determine the fair value of all warrants outstanding as at September 30, 2019. The Black-Scholes option pricing model uses “Level 2” inputs, as defined by IFRS 13, Fair value measurement Number of equivalent shares Market value per share price Weighted average exercise price Risk-free annual interest rate Expected volatility Expected life (years) Expected dividend yield ($) ($) (a) (b) (c) (d) March 2015 Series A Warrants (e) 28,144 1.03 1.07 1.74 % 95.18 % 0.44 0.00 % December 2015 Warrants 2,331,000 1.03 7.10 1.72 % 90.57 % 1.21 0.00 % November 2016 Warrants (f) 945,000 1.03 4.70 1.74 % 89.94 % 0.59 0.00 % September 2019 Warrants (g) 3,325,000 1.03 1.65 1.54 % 122.48 % 4.99 0.00 % (a) Based on United States Treasury Government Bond interest rates with a term that is consistent with the expected life of the warrants. (b) Based on the historical volatility of the Company’s stock price over the most recent period consistent with the expected life of the warrants, as well as on future expectations. (c) Based upon time to expiry from the reporting period date. (d) The Company has not paid dividends and it does not intend to pay dividends in the foreseeable future. (e) For the March 2015 Series A Warrants, the inputs and assumptions applied to the Black-Scholes option pricing model have been further adjusted to take into consideration the value attributed to certain anti-dilution provisions. Specifically, the weighted average exercise price is subject to adjustment (see note 11 - Share and other capital). (f) For the November 2016 Warrants, the Company reduced the fair value of these warrants to take into consideration the fair value of the $10.00 call option, which was also calculated using the Black-Scholes pricing model. (g) Based on a grant price of $1.65, risk-free annual interest rate of 1.51%, expected volatility of 122.07%, expected life of 5.00 years and expected dividend yield of 0.00% |
Employee Future Benefits (Table
Employee Future Benefits (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Employee Future Benefits | |
Disclosure of Net Defined Benefit Liability (Asset) | The Company sponsors a pension plan in Germany (The Aeterna Zentaris GmbH Pension Plan). The change in the Company’s accrued benefit obligations is summarized as follows: Nine months ended September 30, 2019 Year ended December 31, 2018 Pension benefit plans Other benefit plans Total Total $ $ $ $ Balances – Beginning of the period 13,100 105 13,205 14,229 Current service cost 30 5 35 72 Interest cost 160 1 161 225 Actuarial loss (gain) arising from changes in financial assumptions 2,027 — 2,027 (174 ) Benefits paid (313 ) — (313 ) (494 ) Impact of foreign exchange rate changes (633 ) (5 ) (638 ) (653 ) Balances – End of the period 14,371 106 14,477 13,205 Amounts recognized: In net loss (190 ) (6 ) (196 ) (316 ) In other comprehensive loss 2,027 — 2,027 846 |
Share and Other Capital (Tables
Share and Other Capital (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Share And Other Capital | |
Disclosure of Change in Stock Options Issued | The following tables summarizes the activity under the LTIP and the Stock Option Plan: Nine months ended Year ended September 30, 2019 December 31, 2018 US dollar-denominated stock options and DSU Number Weighted average exercise price Number Weighted average exercise price Balance – Beginning of the period 888,816 3.66 712,415 4.66 Granted 175,000 3.01 426,000 1.74 Exercised (163,850 ) 2.42 — — Forfeited (6,000 ) 13.63 (249,599 ) 3.23 Balance – End of period 893,966 3.69 888,816 3.66 Nine months ended Year ended September 30, 2019 December 31, 2018 Canadian dollar-denominated options Number Weighted average exercise price Number Weighted average exercise price Balance – Beginning of the period 869 743.56 1,503 605.84 Forfeited — — (104 ) 668.65 Expired — — (530 ) 367.70 Balance – End of the period 869 743.56 869 743.56 |
Operating Expenses (Tables)
Operating Expenses (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Analysis of income and expense [abstract] | |
Schedule of Operating Expenses | The nature of the Company’s operating expenses from operations include the following: Nine months ended September 30, 2019 2018 $ $ Key management personnel: Salaries and short-term employee benefits 835 2,045 Consultant fees 151 — Share-based compensation costs 731 489 Post-employment benefits — 56 Termination benefits — 205 1,717 2,795 Other employees: Salaries and short-term employee benefits 1,318 1,174 Share-based compensation costs 14 27 Post-employment benefits 262 28 Termination benefits 773 19 2,367 1,248 Professional fees 2,287 5,098 Consulting fees 120 — Insurance 663 940 Third-party R&D 480 157 Contracted sales force — 169 Travel 130 441 Marketing services 2 169 Laboratory supplies 32 303 Other goods and services 112 271 Leasing costs, net of sublease receipts of $126 (2018 - $92) 238 249 Impairment of right of use asset (note 4) 276 — Write-off of other current assets 169 — Depreciation and amortization 255 47 Operating foreign exchange losses 44 28 8,892 11,915 |
Supplemental Disclosure of Ca_2
Supplemental Disclosure of Cash Flow Information (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Statement of cash flows [abstract] | |
Disclosure of Changes in Operating Assets and Liabilities | Three months ended Nine months ended 2019 2018 2019 2018 $ $ $ $ Changes in operating assets and liabilities: Trade and other receivables (85 ) 114 (281 ) (155 ) Inventory (42 ) (149 ) (538 ) (965 ) Prepaid expenses and other current assets (1 ) 311 (124 ) 160 Other non-current assets — — — 150 Payables and accrued liabilities (525 ) 158 (278 ) (706 ) Provision for restructuring costs — 45 — (1,307 ) Income taxes payable — (565 ) — 2,339 Employee future benefits (note 10) (96 ) 423 (313 ) 567 Provisions and other non-current liabilities — (253 ) — (533 ) (749 ) 84 (1,534 ) (450 ) |
Financial Instruments and Fin_2
Financial Instruments and Financial Risk Management (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Warrant Liability | |
Disclosure of Fair Value Measurement of Assets | Financial assets (liabilities) as at September 30, 2019 and December 31, 2018 are presented below. September 30, 2019 Financial assets at amortized cost Financial Financial Total $ $ $ $ Cash and cash equivalents * 10,862 — — 10,862 Trade and other receivables 587 — — 587 Restricted cash 356 — — 356 Payables and accrued liabilities — — (2,279 ) (2,279 ) Warrant liability — (2,788 ) — (2,788 ) 11,805 (2,788 ) (2,279 ) 6,738 December 31, 2018 Financial assets at amortized cost Financial Financial Total $ $ $ $ Cash and cash equivalents * 14,512 — — 14,512 Trade and other receivables 245 — — 245 Restricted cash 418 — — 418 Payables and accrued liabilities — — (2,940 ) (2,940 ) Warrant liability — (3,634 ) — (3,634 ) 15,175 (3,634 ) (2,940 ) 8,601 * As at September 30, 2019 and December 31, 2018, cash and cash equivalents consisted only of balances with banks. |
Disclosure of Nature and Extent of Risks Arising from Financial Instruments | If variations in the market price of our common shares of -30% and +30% were to occur, the impact on the Company’s net loss related to the warrant liability held at September 30, 2019 would be as follows: Carrying amount -30% +30% $ $ $ Warrant liability 2,788 1,015 (952 ) Total impact on net loss – decrease /(increase) 1,015 (952 ) |
Net (Loss) Income Per Share (Ta
Net (Loss) Income Per Share (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Earnings per share [abstract] | |
Summary of Pertinent Data Relating to Computation of Basic and Diluted Net (Loss) Income Per Share | The following table sets forth pertinent data relating to the computation of basic and diluted net loss per share attributable to common shareholders. Three months ended Nine months ended 2019 2018 2019 2018 $ $ $ $ Net (loss) income (331 ) (2,509 ) (5,036 ) 9,313 Basic weighted average number of shares outstanding 16,887,819 16,440,760 16,651,969 16,440,760 Net (loss) income per share (basic) (0.02 ) (0.15 ) (0.31 ) 0.57 Dilutive effect of stock options — — — 165,000 Dilutive effect of share purchase warrants 805,905 — 1,744,657 49,816 Diluted weighted average number of shares outstanding 17,693,724 16,440,760 18,396,626 16,655,576 Net (loss) income per share (diluted) (0.02 ) (0.15 ) (0.31 ) 0.56 Items excluded from the calculation of diluted net loss per share because the exercise price was greater than the average market price of the common shares or due to their anti-dilutive effect Stock options 660,021 — 660,021 165,000 Deferred stock units 235,000 — 235,000 — Warrants (number of equivalent shares) 4,081,905 — 5,020,657 49,816 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Commitments And Contingencies | |
Schedule of Expected Future Minimum Lease Payments | Service and manufacturing $ Less than 1 year 2,275 1 - 3 years 20 4 - 5 years 2 More than 5 years — Total 2,297 |
Going Concern (Details Narrativ
Going Concern (Details Narrative) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | |
Statement Line Items [Line Items] | |||||
Accumulated deficit | $ (316,844) | $ (316,844) | $ (309,781) | ||
Net loss | (331) | $ (2,509) | (5,036) | $ 9,313 | |
Net cash (used in) provided by operating activities | (2,595) | (2,435) | (7,771) | 9,504 | |
Licensing revenue | 19 | 55 | 24,657 | ||
License and Assignment Agreement [Member] | Macrilen [Member] | |||||
Statement Line Items [Line Items] | |||||
Licensing revenue | 29 | ||||
Cash | $ 10,862 | 10,862 | |||
Proceeds from equity financing | $ 4,202 | ||||
Novo Nordisk A/S [Member] | |||||
Statement Line Items [Line Items] | |||||
Percentage of cost sharing | 70.00% |
Recent Accounting Pronounceme_3
Recent Accounting Pronouncements (Details Narrative) - USD ($) $ in Thousands | Jan. 02, 2019 | Jun. 30, 2019 | Sep. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2019 | Dec. 31, 2018 |
Statement Line Items [Line Items] | ||||||
Weighted average incremental borrowing rate | 5.45% | |||||
Lease liabilities | $ 1,037 | $ 1,037 | $ 1,620 | |||
Operating lease expiration description | The Company leases various office and lab premises (building), cars and equipment. The building lease was originally for 10 years with one five-year extension, such extension is ending on April 30, 2021. Car lease contracts are typically made for fixed periods of three to four years while the equipment lease is for five years ending April 30, 2020. | |||||
Buildings [Member] | ||||||
Statement Line Items [Line Items] | ||||||
Operating lease arrangements period | 10 years | |||||
Equipment [Member] | ||||||
Statement Line Items [Line Items] | ||||||
Operating lease arrangements period | 5 years | |||||
IFRS 16 Leases [Member] | ||||||
Statement Line Items [Line Items] | ||||||
Right of use assets | $ 859 | |||||
Impairment of right of use assets | $ 276 | |||||
Lease liabilities | 1,522 | |||||
IFRS 16 Leases [Member] | Onerous Lease Provision Building Asset [Member] | ||||||
Statement Line Items [Line Items] | ||||||
Impairment of right of use assets | 125 | $ 337 | ||||
IFRS 16 Leases [Member] | Restructuring of German operations on underutilized office and lab space [Member] | ||||||
Statement Line Items [Line Items] | ||||||
Impairment of right of use assets | $ 64 | |||||
IFRS 16 Leases [Member] | Provision of Onerous Lease Contracts [Member] | ||||||
Statement Line Items [Line Items] | ||||||
Impairment of right of use assets | $ 663 | |||||
Bottom of range [Member] | Cars and Equipment [Member] | ||||||
Statement Line Items [Line Items] | ||||||
Operating lease arrangements period | 3 years | |||||
Top of range [Member] | Cars and Equipment [Member] | ||||||
Statement Line Items [Line Items] | ||||||
Operating lease arrangements period | 4 years | |||||
Buildings [Member] | ||||||
Statement Line Items [Line Items] | ||||||
Incremental annual borrowing rate to lease liabilities | 5.50% | |||||
Right of use assets | $ 663 | $ 663 | ||||
Buildings [Member] | IFRS 16 Leases [Member] | ||||||
Statement Line Items [Line Items] | ||||||
Impairment of right of use assets | $ 276 | |||||
Car [Member] | Bottom of range [Member] | ||||||
Statement Line Items [Line Items] | ||||||
Incremental annual borrowing rate to lease liabilities | 4.84% | |||||
Car [Member] | Top of range [Member] | ||||||
Statement Line Items [Line Items] | ||||||
Incremental annual borrowing rate to lease liabilities | 5.32% | |||||
Equipment [Member] | ||||||
Statement Line Items [Line Items] | ||||||
Incremental annual borrowing rate to lease liabilities | 3.88% |
Recent Accounting Pronounceme_4
Recent Accounting Pronouncements - Schedule of Operating Lease Liabilities (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Jan. 02, 2019 | Dec. 31, 2018 | |
Statement Line Items [Line Items] | ||||||
Lease liability recognized | $ 1,037 | $ 1,037 | $ 1,620 | |||
Current lease liabilities | 629 | 629 | ||||
Non-current lease liabilities | 408 | 408 | ||||
Interest paid as charged to comprehensive profit and loss as other finance income | 53 | |||||
Payment against lease liabilities | $ 152 | 462 | ||||
Foreign exchange | $ 31 | |||||
IFRS 16 Leases [Member] | ||||||
Statement Line Items [Line Items] | ||||||
Lease liability recognized | $ 1,522 | |||||
Current lease liabilities | 629 | |||||
Non-current lease liabilities | $ 893 |
Recent Accounting Pronounceme_5
Recent Accounting Pronouncements - Schedule of Maturity of Operating Lease Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Statement Line Items [Line Items] | ||
Lease liability | $ 1,037 | $ 1,620 |
Less than 1 year [Member] | ||
Statement Line Items [Line Items] | ||
Lease liability | 629 | |
1 - 3 years [Member] | ||
Statement Line Items [Line Items] | ||
Lease liability | 403 | |
4 - 5 years [Member] | ||
Statement Line Items [Line Items] | ||
Lease liability | 5 | |
More than 5 years [Member] | ||
Statement Line Items [Line Items] | ||
Lease liability |
Recent Accounting Pronounceme_6
Recent Accounting Pronouncements - Schedule of Right of Use Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Statement Line Items [Line Items] | ||||
Right of use assets, at cost, beginning | ||||
Impact of foreign exchange rate changes | $ (276) | $ (661) | 17 | $ (445) |
Right of use assets, at cost, ending | 418 | 418 | ||
IFRS 16 Leases [Member] | ||||
Statement Line Items [Line Items] | ||||
Right of use assets, at cost, beginning | 859 | |||
Additions | 77 | |||
Disposals | (50) | |||
Impact of foreign exchange rate changes | (45) | |||
Right of use assets, at cost, ending | 841 | 841 | ||
Accumulated amortization, Beginning | ||||
Disposals | (14) | |||
Depreciation | 176 | |||
Impairment | 276 | |||
Impact of foreign exchange rate changes | (15) | |||
Accumulated amortization, ending | 423 | 423 | ||
Right of use assets, carrying amount | 418 | 418 | ||
IFRS 16 Leases [Member] | Buildings [Member] | ||||
Statement Line Items [Line Items] | ||||
Right of use assets, at cost, beginning | 735 | |||
Additions | 45 | |||
Disposals | (7) | |||
Impact of foreign exchange rate changes | (35) | |||
Right of use assets, at cost, ending | 738 | 738 | ||
Accumulated amortization, Beginning | ||||
Disposals | (2) | |||
Depreciation | 136 | |||
Impairment | 276 | |||
Impact of foreign exchange rate changes | (14) | |||
Accumulated amortization, ending | 396 | 396 | ||
Right of use assets, carrying amount | 342 | 342 | ||
IFRS 16 Leases [Member] | Cars and Equipment [Member] | ||||
Statement Line Items [Line Items] | ||||
Right of use assets, at cost, beginning | 124 | |||
Additions | 32 | |||
Disposals | (43) | |||
Impact of foreign exchange rate changes | (10) | |||
Right of use assets, at cost, ending | 103 | 103 | ||
Accumulated amortization, Beginning | ||||
Disposals | (12) | |||
Depreciation | 40 | |||
Impairment | ||||
Impact of foreign exchange rate changes | (1) | |||
Accumulated amortization, ending | 27 | 27 | ||
Right of use assets, carrying amount | $ 76 | $ 76 |
Licensing Arrangement (Details
Licensing Arrangement (Details Narrative) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Statement Line Items [Line Items] | ||||
Licensing revenue | $ 19 | $ 55 | $ 24,657 | |
Pediatric clinical trial study costs | 809 | |||
Supply chain costs | 1,094 | |||
License and Assignment Agreement [Member] | Macrilen [Member] | ||||
Statement Line Items [Line Items] | ||||
Licensing revenue | $ 29 | |||
Novo Nordisk A/S [Member] | ||||
Statement Line Items [Line Items] | ||||
Percentage of cost sharing | 70.00% | |||
Strongbridge Ireland Limited [Member] | ||||
Statement Line Items [Line Items] | ||||
Pediatric clinical trial study costs | 206 | |||
Supply chain costs | $ 663 |
Trade and Other Receivables - S
Trade and Other Receivables - Schedule of Trade and Other Receivables (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Trade and other receivables [abstract] | ||
Trade accounts receivable (net of expected credit losses of $55 (December 31, 2018 - $55) | $ 256 | $ 142 |
Value added tax | 310 | 49 |
Other | 21 | 103 |
Trade and other receivables | $ 587 | $ 294 |
Trade and Other Receivables -_2
Trade and Other Receivables - Schedule of Trade and Other Receivables (Details) (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Trade and other receivables [abstract] | ||
Trade accounts receivable, expected credit losses | $ 55 | $ 55 |
Payables and Accrued Liabilit_3
Payables and Accrued Liabilities - Schedule of Payables and Accrued Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Subclassifications of assets, liabilities and equities [abstract] | ||
Trade accounts payable | $ 705 | $ 1,282 |
Accrued research and development costs | 26 | |
Salaries, employment taxes and benefits | 124 | 183 |
Financing of insurance premiums | 15 | 738 |
Prepayments received | 944 | 175 |
Accrued audit fees | 222 | 231 |
Other accrued liabilities | 269 | 331 |
Payables and accrued liabilities | $ 2,279 | $ 2,966 |
Provision for Restructuring a_3
Provision for Restructuring and Other Costs (Details Narrative) - 2017 German Restructuring [Member] $ in Thousands | Jun. 06, 2019USD ($)Employee |
Statement Line Items [Line Items] | |
Number of employees | Employee | 8 |
Severance cost | $ | $ 773 |
Provision for Restructuring a_4
Provision for Restructuring and Other Costs - Schedule of Provision for Restructuring and Other Costs (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2019 | Dec. 31, 2018 | |
Statement Line Items [Line Items] | ||
Beginning balance | $ 1,298 | |
Adoption of IFRS 16 (note 4) | (663) | |
Utilization of provision | (73) | |
Change in provision | 829 | |
Impact of foreign exchange rate changes | (149) | |
Ending balance | 1,242 | |
Less current portion | (877) | $ (887) |
Non-current portion | 365 | |
Cetrotide(R) Onerous Contracts [Member] | ||
Statement Line Items [Line Items] | ||
Beginning balance | 547 | |
Adoption of IFRS 16 (note 4) | ||
Utilization of provision | (73) | |
Change in provision | 56 | |
Impact of foreign exchange rate changes | (23) | |
Ending balance | 507 | |
Less current portion | (142) | |
Non-current portion | 365 | |
German Restructuring Onerous Lease [Member] | ||
Statement Line Items [Line Items] | ||
Beginning balance | 663 | |
Adoption of IFRS 16 (note 4) | (663) | |
Utilization of provision | ||
Change in provision | ||
Impact of foreign exchange rate changes | ||
Ending balance | ||
Less current portion | ||
Non-current portion | ||
German Restructuring Severance [Member] | ||
Statement Line Items [Line Items] | ||
Beginning balance | 88 | |
Adoption of IFRS 16 (note 4) | ||
Utilization of provision | ||
Change in provision | 773 | |
Impact of foreign exchange rate changes | (126) | |
Ending balance | 735 | |
Less current portion | (735) | |
Non-current portion |
Warrant Liability - (Details Na
Warrant Liability - (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands | Sep. 20, 2019 | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Apr. 30, 2019 |
Statement Line Items [Line Items] | ||||||
Issuance of common shares and warrants | $ 4,988 | $ 4,988 | ||||
Transaction costs | $ (786) | $ (786) | ||||
Number of common shares sold | 3,325,000 | 191,650 | ||||
Warrants price, per share | $ 1.65 | |||||
Warrants expiration | 5 years | |||||
Securities Purchase Agreement [Member] | ||||||
Statement Line Items [Line Items] | ||||||
Issuance of common shares and warrants | $ 4,988 | |||||
Transaction costs | $ (786) | |||||
Combined purchase price, description | The combined purchase price for one common share and one warrant was $1.50. | |||||
Number of common shares sold | 3,325,000 |
Warrant Liability - Schedule of
Warrant Liability - Schedule of Changes in Warrant Liability (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2019 | Dec. 31, 2018 | |
Statement Line Items [Line Items] | ||
Current portion of warrant liability | $ 14 | |
Warrant Liability [Member] | ||
Statement Line Items [Line Items] | ||
Balance – Beginning of the year | 3,634 | |
Exercise of warrants (note 11) | (318) | |
Issuance of warrants | 3,457 | |
Change in fair value of warrant liability | (3,985) | |
Balance - End of the year | 2,788 | |
Current portion of warrant liability | 14 | |
Long-term portion of warrant liability | $ 2,774 |
Warrant Liability - Summary of
Warrant Liability - Summary of Share Purchase Warrant Activity (Details) - $ / shares | 1 Months Ended | 9 Months Ended | 12 Months Ended |
Apr. 30, 2019 | Sep. 30, 2019 | Dec. 31, 2018 | |
Statement Line Items [Line Items] | |||
Warrants exercised | 87,700 | ||
Warrant Liability [Member] | |||
Statement Line Items [Line Items] | |||
Warrants outstanding, beginning | 3,391,844 | 3,417,840 | |
Warrants exercised | (87,700) | ||
Warrants Issued | 3,325,000 | ||
Warrants expired | (25,996) | ||
Warrants outstanding, end of period | 6,629,144 | 3,391,844 | |
Weighted average exercise price, beginning of period | $ 6.23 | $ 7.59 | |
Weighted average exercise price, exercised | 1.07 | ||
Weighted average exercise price, issued | 1.65 | ||
Weighted average exercise price, expired | 185 | ||
Weighted average exercise price, end of period | $ 4 | $ 6.23 |
Warrant Liability - Summary o_2
Warrant Liability - Summary of Share Purchase Warrants Outstanding and Exercisable (Details) | 9 Months Ended | |
Sep. 30, 2019$ / sharesshares | ||
Statement Line Items [Line Items] | ||
Weighted average exercise price | $ 1.65 | |
Risk-free annual interest rate | 1.51% | |
Expected volatility | 122.07% | |
Expected life | 5 years | |
Expected dividend yield | 0.00% | |
March 2015 Series A Warrants [Member] | ||
Statement Line Items [Line Items] | ||
Number of equivalent shares | shares | 28,144 | [1] |
Market value per share price | $ 1.03 | [1] |
Weighted average exercise price | $ 1.07 | [1] |
Risk-free annual interest rate | 1.74% | [1],[2] |
Expected volatility | 95.18% | [1],[3] |
Expected life | 5 months 9 days | [1],[4] |
Expected dividend yield | 0.00% | [1],[5] |
December 2015 Warrants [Member] | ||
Statement Line Items [Line Items] | ||
Number of equivalent shares | shares | 2,331,000 | |
Market value per share price | $ 1.03 | |
Weighted average exercise price | $ 7.10 | |
Risk-free annual interest rate | 1.72% | [2] |
Expected volatility | 90.57% | [3] |
Expected life | 1 year 2 months 16 days | [4] |
Expected dividend yield | 0.00% | [5] |
November 2016 Warrants [Member] | ||
Statement Line Items [Line Items] | ||
Number of equivalent shares | shares | 945,000 | [6] |
Market value per share price | $ 1.03 | [6] |
Weighted average exercise price | $ 4.70 | [6] |
Risk-free annual interest rate | 1.74% | [2],[6] |
Expected volatility | 89.94% | [3],[6] |
Expected life | 7 months 2 days | [4],[6] |
Expected dividend yield | 0.00% | [5],[6] |
September 2019 Warrants [Member] | ||
Statement Line Items [Line Items] | ||
Number of equivalent shares | shares | 3,325,000 | [7] |
Market value per share price | $ 1.03 | [7] |
Weighted average exercise price | $ 1.65 | [7] |
Risk-free annual interest rate | 1.54% | [2],[7] |
Expected volatility | 122.48% | [3],[7] |
Expected life | 4 years 11 months 26 days | [4],[7] |
Expected dividend yield | 0.00% | [5],[7] |
[1] | For the March 2015 Series A Warrants, the inputs and assumptions applied to the Black-Scholes option pricing model have been further adjusted to take into consideration the value attributed to certain anti-dilution provisions. Specifically, the weighted average exercise price is subject to adjustment (see note 11 - Share and other capital). | |
[2] | Based on United States Treasury Government Bond interest rates with a term that is consistent with the expected life of the warrants. | |
[3] | Based on the historical volatility of the Company's stock price over the most recent period consistent with the expected life of the warrants, as well as on future expectations. | |
[4] | Based upon time to expiry from the reporting period date. | |
[5] | The Company has not paid dividends and it does not intend to pay dividends in the foreseeable future. | |
[6] | For the November 2016 Warrants, the Company reduced the fair value of these warrants to take into consideration the fair value of the $10.00 call option, which was also calculated using the Black-Scholes pricing model. | |
[7] | Based on a grant price of $1.65, risk-free annual interest rate of 1.51%, expected volatility of 122.07%, expected life of 5.00 years and expected dividend yield of 0.00% |
Warrant Liability - Summary o_3
Warrant Liability - Summary of Share Purchase Warrants Outstanding and Exercisable (Details) (Parenthetical) | 9 Months Ended |
Sep. 30, 2019$ / shares | |
Warrant Liability | |
Other equity, call option price | $ 10 |
Weighted average exercise price | $ 1.65 |
Risk-free annual interest rate | 1.51% |
Expected volatility | 122.07% |
Expected life | 5 years |
Expected dividend yield | 0.00% |
Employee Future Benefits (Detai
Employee Future Benefits (Details Narrative) - Pension Benefit Plans [Member] | Sep. 30, 2019 | Dec. 31, 2018 |
Top of range [Member] | ||
Disclosure of defined benefit plans [line items] | ||
Discount rate | 1.10% | 1.90% |
Bottom of range [Member] | ||
Disclosure of defined benefit plans [line items] | ||
Discount rate | 0.80% | 1.40% |
Employee Future Benefits - Disc
Employee Future Benefits - Disclosure of Net Defined Benefit Liability (Asset) (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2019 | Dec. 31, 2018 | |
Disclosure of net defined benefit liability (asset) [line items] | ||
Balances - Beginning of the year | $ 13,205 | $ 14,229 |
Current service cost | 35 | 72 |
Interest cost | 161 | 225 |
Actuarial loss (gain) arising from changes in financial assumptions | 2,027 | (174) |
Benefits paid | (313) | (494) |
Impact of foreign exchange rate changes | (638) | (653) |
Balances - End of the year | 14,477 | 13,205 |
Amounts recognized in net loss | (196) | (316) |
Amounts recognized in other comprehensive loss | 2,027 | 846 |
Pension Benefit Plans [Member] | Unfunded Plan One [Member] | ||
Disclosure of net defined benefit liability (asset) [line items] | ||
Balances - Beginning of the year | 13,100 | |
Current service cost | 30 | |
Interest cost | 160 | |
Actuarial loss (gain) arising from changes in financial assumptions | 2,027 | |
Benefits paid | (313) | |
Impact of foreign exchange rate changes | (633) | |
Balances - End of the year | 14,371 | 13,100 |
Amounts recognized in net loss | (190) | |
Amounts recognized in other comprehensive loss | 2,027 | |
Other Benefit Plans [Member] | Unfunded Plan One [Member] | ||
Disclosure of net defined benefit liability (asset) [line items] | ||
Balances - Beginning of the year | 105 | |
Current service cost | 5 | |
Interest cost | 1 | |
Actuarial loss (gain) arising from changes in financial assumptions | ||
Benefits paid | ||
Impact of foreign exchange rate changes | (5) | |
Balances - End of the year | 106 | $ 105 |
Amounts recognized in net loss | (6) | |
Amounts recognized in other comprehensive loss |
Share and Other Capital (Detail
Share and Other Capital (Details Narrative) $ in Thousands | Sep. 20, 2019USD ($)shares | Apr. 30, 2019USD ($)shares | Sep. 30, 2019USD ($)shares | Sep. 30, 2018USD ($) | Sep. 30, 2019USD ($)Employeeshares | Sep. 30, 2018USD ($) |
Statement Line Items [Line Items] | ||||||
Issuance of common shares and warrants | $ | $ 4,988 | $ 4,988 | ||||
Transaction costs | $ | $ (786) | $ (786) | ||||
Number of common shares sold | shares | 3,325,000 | 191,650 | ||||
Stock options, shares | shares | 87,850 | |||||
Deferred share units | shares | 23,000 | 53,000 | 53,000 | |||
Warrants exercised | shares | 87,700 | |||||
Gross proceeds of warrants | $ | $ 314 | |||||
Common stock shares exercised | Employee | 37,100 | |||||
Securities Purchase Agreement [Member] | ||||||
Statement Line Items [Line Items] | ||||||
Issuance of common shares and warrants | $ | $ 4,988 | |||||
Transaction costs | $ | $ (786) | |||||
Combined purchase price, description | The combined purchase price for one common share and one warrant was $1.50. | |||||
Number of common shares sold | shares | 3,325,000 |
Share and Other Capital - Discl
Share and Other Capital - Disclosure of Change in Stock Options Issued (Details) | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2019Employee$ / shares | Sep. 30, 2019Employee$ / shares | Dec. 31, 2018Employee$ / shares | Dec. 31, 2018Employee$ / shares | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Exercised, Number (in shares) | (37,100) | (37,100) | ||
Employee Stock Option USD [Member] | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Balance - Beginning of the year, Number (in shares) | 888,816 | 888,816 | 712,415 | 712,415 |
Granted, Number (in shares) | 175,000 | 175,000 | 426,000 | 426,000 |
Exercised, Number (in shares) | (163,850) | (163,850) | ||
Forfeited, Number (in shares) | (6,000) | (6,000) | (249,599) | (249,599) |
Balance - End of period, Number (in shares) | 893,966 | 893,966 | 888,816 | 888,816 |
Balance - Beginning of the year, Weighted average exercise price (in US and CAN dollars per share) | $ / shares | $ 3.66 | $ 4.66 | ||
Granted, Weighted average exercise price (in US and CAN dollars per share) | $ / shares | 3.01 | 1.74 | ||
Exercised, Weighted average exercise price (in US and CAN dollars per share) | $ / shares | 2.42 | |||
Forfeited, Weighted average exercise price (in US and CAN dollars per share) | $ / shares | 13.63 | 3.23 | ||
Balance - End of period, Weighted average exercise price (in US and CAN dollars per share) | $ / shares | $ 3.69 | $ 3.66 | ||
Employee Stock Option CAD [Member] | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Balance - Beginning of the year, Number (in shares) | 869 | 869 | 1,503 | 1,503 |
Forfeited, Number (in shares) | (104) | (104) | ||
Expired, Number (in shares) | (530) | (530) | ||
Balance - End of period, Number (in shares) | 869 | 869 | 869 | 869 |
Balance - Beginning of the year, Weighted average exercise price (in US and CAN dollars per share) | $ / shares | $ 743.56 | $ 605.84 | ||
Forfeited, Weighted average exercise price (in US and CAN dollars per share) | $ / shares | 668.65 | |||
Expired, Weighted average exercise price (in US and CAN dollars per share) | $ / shares | 367.70 | |||
Balance - End of period, Weighted average exercise price (in US and CAN dollars per share) | $ / shares | $ 743.56 | $ 743.56 |
Operating Expenses - Schedule o
Operating Expenses - Schedule of Operating Expenses (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Statement Line Items [Line Items] | ||||
Total operating expenses | $ 2,091 | $ 3,180 | $ 8,892 | $ 11,915 |
Unfunded Plan One [Member] | Other Benefit Plans [Member] | ||||
Statement Line Items [Line Items] | ||||
Salaries and short-term employee benefits | 835 | 2,045 | ||
Consultant fees | 151 | |||
Share-based compensation costs | 731 | 489 | ||
Post-employment benefits | 56 | |||
Termination benefits | 205 | |||
Key management personnel compensation | 1,717 | 2,795 | ||
Salaries and short-term employee benefits | 1,318 | 1,174 | ||
Share-based compensation costs | 14 | 27 | ||
Post-employment benefits | 262 | 28 | ||
Termination benefits | 773 | 19 | ||
Other employee compensation | 2,367 | 1,248 | ||
Professional fees | 2,287 | 5,098 | ||
Consulting fees | 120 | |||
Insurance | 663 | 940 | ||
Third-party R&D | 480 | 157 | ||
Contracted sales force | 169 | |||
Travel | 130 | 441 | ||
Marketing services | 2 | 169 | ||
Laboratory supplies | 32 | 303 | ||
Other goods and services | 112 | 271 | ||
Leasing costs, net of sublease receipts of $126 (2018 - $92) | 238 | 249 | ||
Impairment of right of use asset (note 4) | 276 | |||
Write-off of other current assets | 169 | |||
Depreciation and amortization | 255 | 47 | ||
Operating foreign exchange losses | 44 | 28 | ||
Total operating expenses | $ 8,892 | $ 11,915 |
Operating Expenses - Schedule_2
Operating Expenses - Schedule of Operating Expenses (Details) (Parenthetical) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Unfunded Plan One [Member] | Other Benefit Plans [Member] | ||
Statement Line Items [Line Items] | ||
Net of sublease | $ 126 | $ 92 |
Supplemental Disclosure of Ca_3
Supplemental Disclosure of Cash Flow Information - Disclosure of Changes in Operating Assets and Liabilities (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Statement of cash flows [abstract] | ||||
Trade and other receivables | $ (85) | $ 114 | $ (281) | $ (155) |
Inventory | (42) | (149) | (538) | (965) |
Prepaid expenses and other current assets | (1) | 311 | (124) | 160 |
Other non-current assets | 150 | |||
Payables and accrued liabilities | (525) | 158 | (278) | (706) |
Provision for restructuring costs | 45 | (1,307) | ||
Income taxes payable | (565) | 2,339 | ||
Employee future benefits (note 10) | (96) | 423 | (313) | 567 |
Provisions and other non-current liabilities | (253) | (533) | ||
Increase (decrease) in operating assets and liabilities | $ (749) | $ 84 | $ (1,534) | $ (450) |
Financial Instruments and Fin_3
Financial Instruments and Financial Risk Management (Details Narrative) $ / shares in Units, $ in Thousands | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2019USD ($)counterparty$ / shares | Sep. 30, 2018USD ($) | Dec. 31, 2018USD ($)counterparty | |
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Foreign exchange risk, description | As at September 30, 2019, if the US dollar had increased or decreased by 10% against the Euro, with all variables held constant, net income for the nine-month period ended September 30, 2019 would have been lower or higher by approximately $710 (2018 - $1,400). | ||
Foreign exchange risk exposure | $ 710 | $ 1,400 | |
Trade and Other Current Receivables [Member] | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Trade receivables, number of counterparties | counterparty | 6 | 4 | |
Trade and Other Current Receivables [Member] | Credit risk [Member] | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Trade accounts receivables | $ 311 | $ 197 | |
Trade and Other Current Receivables [Member] | Financial Assets Past Due but Not Impaired [Member] | Credit risk [Member] | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Trade accounts receivables | $ 55 | $ 55 | |
Trade and Warrant Liability [Member] | Bottom of range [Member] | Equity Price Risk [Member] | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Common stock, share price | $ / shares | $ 1 | ||
Trade and Warrant Liability [Member] | Top of range [Member] | Equity Price Risk [Member] | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Common stock, share price | $ / shares | $ 5.43 |
Financial Instruments and Fin_4
Financial Instruments and Financial Risk Management - Disclosure of Fair Value Measurement of Assets (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 | |
Disclosure of detailed information about financial instruments [line items] | |||
Financial asset (liabilities) | $ 6,738 | $ 8,601 | |
Financial Liabilities at Fair Value Through Profit Or Loss, Category [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Financial asset (liabilities) | (2,788) | (3,634) | |
Financial Liabilities At Amortised Cost Category [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Financial asset (liabilities) | (2,279) | (2,940) | |
Payables and Accrued Liabilities [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Financial asset (liabilities) | (2,279) | (2,940) | |
Warrant Liability [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Financial asset (liabilities) | (2,788) | (3,634) | |
Payables and Accrued Liabilities [Member] | Financial Liabilities at Fair Value Through Profit Or Loss, Category [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Financial asset (liabilities) | |||
Payables and Accrued Liabilities [Member] | Financial Liabilities At Amortised Cost Category [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Financial asset (liabilities) | (2,279) | (2,940) | |
Warrant Liability [Member] | Financial Liabilities at Fair Value Through Profit Or Loss, Category [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Financial asset (liabilities) | (2,788) | (3,634) | |
Warrant Liability [Member] | Financial Liabilities At Amortised Cost Category [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Financial asset (liabilities) | |||
Cash and Cash Equivalents [Member] | Financial Liabilities at Fair Value Through Profit Or Loss, Category [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Financial asset (liabilities) | [1] | ||
Cash and Cash Equivalents [Member] | Financial Liabilities At Amortised Cost Category [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Financial asset (liabilities) | [1] | ||
Trade and Other Receivables [Member] | Financial Liabilities at Fair Value Through Profit Or Loss, Category [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Financial asset (liabilities) | |||
Trade and Other Receivables [Member] | Financial Liabilities At Amortised Cost Category [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Financial asset (liabilities) | |||
Restricted Cash [Member] | Financial Liabilities at Fair Value Through Profit Or Loss, Category [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Financial asset (liabilities) | |||
Restricted Cash [Member] | Financial Liabilities At Amortised Cost Category [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Financial asset (liabilities) | |||
Financial Assets At Amortised Cost Category [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Financial asset (liabilities) | 11,805 | 15,175 | |
Financial Assets At Amortised Cost Category [Member] | Payables and Accrued Liabilities [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Financial asset (liabilities) | |||
Financial Assets At Amortised Cost Category [Member] | Warrant Liability [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Financial asset (liabilities) | |||
Financial Assets At Amortised Cost Category [Member] | Cash and Cash Equivalents [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Financial asset (liabilities) | [1] | 10,862 | 14,512 |
Financial Assets At Amortised Cost Category [Member] | Trade and Other Receivables [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Financial asset (liabilities) | 587 | 245 | |
Financial Assets At Amortised Cost Category [Member] | Restricted Cash [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Financial asset (liabilities) | 356 | 418 | |
Cash and Cash Equivalents [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Financial asset (liabilities) | [1] | 10,862 | 14,512 |
Trade and Other Receivables [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Financial asset (liabilities) | 587 | 245 | |
Restricted Cash [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Financial asset (liabilities) | $ 356 | $ 418 | |
[1] | As at September 30, 2019 and December 31, 2018, cash and cash equivalents consisted only of balances with banks. |
Financial Instruments and Fin_5
Financial Instruments and Financial Risk Management - Disclosure of Nature and Extent of Risks Arising from Financial Instruments (Details) $ in Thousands | Sep. 30, 2019USD ($) |
-30% Bottom of range [Member] | |
Disclosure of detailed information about financial instruments [line items] | |
Sensitivity analysis for types of market risk, reasonably possible change in risk variable, other relevant impact | $ 1,015 |
+30% Top of range [Member] | |
Disclosure of detailed information about financial instruments [line items] | |
Sensitivity analysis for types of market risk, reasonably possible change in risk variable, other relevant impact | (952) |
Warrant Liability [Member] | |
Disclosure of detailed information about financial instruments [line items] | |
Warrant liability | 2,788 |
Warrant Liability [Member] | -30% Bottom of range [Member] | Market risk [Member] | |
Disclosure of detailed information about financial instruments [line items] | |
Sensitivity analysis for types of market risk, reasonably possible change in risk variable, other relevant impact | 1,015 |
Warrant Liability [Member] | +30% Top of range [Member] | Market risk [Member] | |
Disclosure of detailed information about financial instruments [line items] | |
Sensitivity analysis for types of market risk, reasonably possible change in risk variable, other relevant impact | $ (952) |
Segment Information (Details Na
Segment Information (Details Narrative) | 9 Months Ended |
Sep. 30, 2019Segment | |
Segment Information | |
Number of Operating Segments | 1 |
Net (Loss) Income Per Share - S
Net (Loss) Income Per Share - Summary of Pertinent Data Relating to Computation of Basic and Diluted Net (Loss) Income Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Earnings per share [line items] | ||||
Net (loss) income | $ (331) | $ (2,509) | $ (5,036) | $ 9,313 |
Basic weighted average number of shares outstanding (in shares) | 16,887,819 | 16,440,760 | 16,651,969 | 16,440,760 |
Net (loss) income per share (basic) | $ (0.02) | $ (0.15) | $ (0.31) | $ 0.57 |
Dilutive effect of stock options | 165,000 | |||
Dilutive effect of share purchase warrants | 805,905 | 1,744,657 | 49,816 | |
Diluted weighted average number of shares outstanding (in shares) | 16,887,819 | 16,440,760 | 16,651,969 | 16,655,576 |
Net (loss) income per share (diluted) | $ (0.02) | $ (0.15) | $ (0.31) | $ 0.56 |
Stock Options [Member] | ||||
Earnings per share [line items] | ||||
Antidilutive securities excluded from computation of earnings per share (in shares) | 660,021 | 660,021 | 165,000 | |
Deferred Stock Units [Member] | ||||
Earnings per share [line items] | ||||
Antidilutive securities excluded from computation of earnings per share (in shares) | 235,000 | 235,000 | ||
Stock Purchase Warrants [Member] | ||||
Earnings per share [line items] | ||||
Antidilutive securities excluded from computation of earnings per share (in shares) | 4,081,905 | 5,020,657 | 49,816 |
Commitments and Contingencies_2
Commitments and Contingencies (Details Narrative) - USD ($) $ in Thousands | Dec. 21, 2018 | Nov. 05, 2018 |
Disclosure of contingent liabilities [line items] | ||
Payments for legal settlements | $ 775 | |
Cogas Consulting LLC [Member] | ||
Disclosure of contingent liabilities [line items] | ||
Payments for legal settlements | $ 625 |
Commitments and Contingencies -
Commitments and Contingencies - Schedule of Expected Future Minimum Lease Payments (Details) $ in Thousands | Sep. 30, 2019USD ($) |
Statement Line Items [Line Items] | |
Total | $ 2,297 |
Less Than 1 Year [Member] | |
Statement Line Items [Line Items] | |
Service and manufacturing | 2,275 |
1 - 3 Years [Member] | |
Statement Line Items [Line Items] | |
Service and manufacturing | 20 |
4 - 5 Years [Member] | |
Statement Line Items [Line Items] | |
Service and manufacturing | 2 |
More than 5 Years [Member] | |
Statement Line Items [Line Items] | |
Service and manufacturing |
Subsequent Event (Details Narra
Subsequent Event (Details Narrative) - Non-adjusting events after reporting period [Member] - Michael Ward [Member] $ in Thousands | Oct. 04, 2019USD ($) |
Statement Line Items [Line Items] | |
Severance payable in installments | $ 488 |
Number of equal installments payable term | 12 months |