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AEZS Aeterna Zentaris

Document and Entity Information

Document and Entity Information3 Months Ended
Mar. 31, 2021
Cover [Abstract]
Entity Registrant NameAeterna Zentaris Inc.
Entity Central Index Key0001113423
Document Type6-K
Document Period End DateMar. 31,
2021
Amendment Flagfalse
Current Fiscal Year End Date--12-31
Document Fiscal Period FocusQ1
Document Fiscal Year Focus2021

Condensed Interim Consolidated

Condensed Interim Consolidated Statements of Financial Position (Unaudited) - USD ($) $ in ThousandsMar. 31, 2021Dec. 31, 2020
Current assets
Cash and cash equivalents $ 73,371 $ 24,271
Trade and other receivables (note 5)1,075 1,681
Inventory60 21
Prepaid expenses and other current assets (note 6)3,050 1,913
Total current assets77,556 27,886
Restricted cash equivalents325 338
Right of use assets122 157
Property, plant and equipment37 22
Identifiable intangible assets541 59
Goodwill8,433 8,815
Total Assets87,014 37,277
Current liabilities
Payables and accrued liabilities (note 7)2,252 2,199
Current portion of provisions (note 8)86 92
Income taxes378 395
Current portion of deferred revenues2,101 2,193
Current portion of lease liabilities129 135
Total current liabilities4,946 5,014
Deferred revenues3,800 3,289
Lease liabilities15 49
Employee future benefits (note 9)13,807 15,435
Provisions (note 8)272 279
Total liabilities22,840 24,066
SHAREHOLDERS' EQUITY
Share capital (note 10)293,781 235,008
Warrants (note 10)4,595 12,402
Other capital (note 10)89,518 89,505
Deficit(323,222)(322,659)
Accumulated other comprehensive loss ("AOCI")(498)(1,045)
Total shareholders' equity64,174 13,211
Total liabilities and shareholders' equity $ 87,014 $ 37,277

Condensed Interim Consolidate_2

Condensed Interim Consolidated Statements of Changes in Shareholders' Equity (Deficiency) (Unaudited) - USD ($) $ in ThousandsShare Capital [Member]Warrants [Member]Other Capital [Member]Deficit [Member]Accumulated Other Comprehensive Income [Member]Total
Balance at Dec. 31, 2019 $ 224,528 $ 89,806 $ (316,891) $ 94 $ (2,463)
Balance, shares at Dec. 31, 201919,994,510
Statement Line Items [Line Items]
Net Income (loss) 779 779
Other comprehensive loss: Foreign currency translation adjustments 210 210
Other comprehensive loss: Actuarial loss on defined benefit plans (note 9) 1,388 1,388
Comprehensive loss 2,167 210 2,377
Issuance of common shares and warrants, net of transaction costs (note 10) $ 1,885 1,885
Issuance of common shares and warrants, net of transaction costs (note 10), shares3,478,261
Share-based compensation costs (112) (112)
Balance at Mar. 31, 2020 $ 226,413 89,694 (314,724)304 1,687
Balance, shares at Mar. 31, 202023,472,771
Balance at Dec. 31, 2020 $ 235,008 12,402 89,505 (322,659)(1,045)13,211
Balance, shares at Dec. 31, 202062,678,613
Statement Line Items [Line Items]
Net Income (loss) (1,445) (1,445)
Other comprehensive loss: Foreign currency translation adjustments 547 547
Other comprehensive loss: Actuarial loss on defined benefit plans (note 9) 882 882
Comprehensive loss (563)547 (16)
Issuance of common shares and warrants, net of transaction costs (note 10) $ 29,082 1,897 30,979
Issuance of common shares and warrants, net of transaction costs (note 10), shares23,586,207
Exercise of warrants (note 10) $ 29,691 (9,704) 19,987
Exercise of warrants (note 10), shares34,888,965
Share-based compensation costs 13 13
Balance at Mar. 31, 2021 $ 293,781 $ 4,595 $ 89,518 $ (323,222) $ (498) $ 64,174
Balance, shares at Mar. 31, 2021121,153,785

Condensed Interim Consolidate_3

Condensed Interim Consolidated Statements of Comprehensive (Loss) Income (Unaudited) - USD ($) $ in Thousands3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Revenues
Royalty income $ 8 $ 14
Product sales 1,016
Supply chain41 41
Licensing revenue537 19
Total revenues586 1,090
Operating expenses
Cost of sales29 862
Research and development costs363 319
General and administrative expenses1,264 1,124
Selling expenses246 248
Gain on modification of building lease (185)
Total operating expenses (note 11)1,902 2,368
Loss from operations(1,316)(1,278)
Loss due to changes in foreign currency exchange rates(248)(104)
Change in fair value of warrant liability 2,470
Other finance costs(10)(309)
Net finance (costs) income(258)2,057
(Loss) income before income taxes(1,574)779
Income tax recovery129
Net (loss) income(1,445)779
Items that may be reclassified subsequently to profit or loss:
Foreign currency translation adjustments547 210
Items that will not be reclassified to profit or loss:
Actuarial gain on defined benefit plans (note 9)882 1,388
Comprehensive (loss) income $ (16) $ 2,377
Net (loss) income per share [basic and diluted] $ (0.02) $ 0.04
Weighted average number of shares outstanding (note 14):
Basic95,444,990 21,523,416
Diluted95,444,990 21,860,416

Condensed Interim Consolidate_4

Condensed Interim Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Cash flows from operating activities
Net (loss) income for the period $ (1,445) $ 779
Items not affecting cash and cash equivalents:
Change in fair value of warrant liability (2,470)
Transaction costs of warrants issued and expensed as finance cost 310
Utilization of provisions (note 8)19 (327)
Depreciation and amortization36 107
Gain on modification of building lease (185)
Share-based compensation costs13 (112)
Employee future benefits (note 9)49 49
Amortization of deferred revenues(537)(14)
Foreign exchange gain on items denominated in foreign currencies266 52
Other non-cash items29 (15)
Interest accretion on lease liabilities2 (11)
Payment of income taxes(1,124)(811)
Changes in operating assets and liabilities (note 12)1,647 204
Net cash used in operating activities(1,045)(2,444)
Cash flows from financing activities
Issuance of common shares (note 10)34,200
Issuance of common shares and warrants (note 10) 4,500
Transaction costs (note 10)(3,221)(600)
Proceeds from exercise of warrants (note 10)19,987
Payments on lease liabilities(33)(158)
Net cash provided by financing activities50,933 3,742
Cash flows from investing activities
Purchase of intangible assets(490)
Purchase of property and equipment(17)
Net cash used by investing activities(507)
Effect of exchange rate changes on cash and cash equivalents(281)46
Net change in cash and cash equivalents49,100 1,344
Cash and cash equivalents - Beginning of period24,271 7,838
Cash and cash equivalents - End of period $ 73,371 $ 9,182

Business Overview

Business Overview3 Months Ended
Mar. 31, 2021
Disclosure of initial application of standards or interpretations [abstract]
Business Overview1. Business overview Summary of business Aeterna Zentaris (the “Company”
or “Aeterna”) is a specialty biopharmaceutical company commercializing and developing therapeutics and diagnostic tests. The
Company’s lead product, Macrilen™ (macimorelin), is the first and only U.S. Food and Drug Administration (“FDA”)
and European Commission approved oral test indicated for the diagnosis of patients with adult growth hormone deficiency (“AGHD”).
Macimorelin is currently marketed in the U.S. under the tradename Macrilen™ through a license agreement with Novo Nordisk Biopharm
Limited (“Novo Nordisk”) where Aeterna Zentaris receives royalties on net sales. Macimorelin will be marketed in Europe and
the United Kingdom through a license agreement with Consilient Health Ltd. (“Consilient Health”) and Aeterna Zentaris will
receive royalties on net sales and other potential payments. The Company is conducting the Phase 3 study (“DETECT” trial)
for macimorelin in the U.S. and Europe for the diagnosis of childhood-onset growth hormone deficiency (“CGHD”) in partnership
with Novo Nordisk. Novo Nordisk is paying 100% of costs up to €9,000 (approximately $10,980) and includes reimbursement of Aeterna’s
budgeted internal labor costs and any additional external jointly approved DETECT trial costs incurred over €9,000 (approximately
$10,980) will be shared equally between Novo Nordisk and Aeterna. The Company is actively pursuing business development opportunities
for the commercialization of macimorelin in Asia and the rest of the world, in addition to other non-strategic assets to monetize their
value. In addition, the Company is pursuing innovative
development candidates in different indications with a focus on rare or orphan indications and potential for pediatric use. COVID-19 impact In 2020, the COVID-19 pandemic began causing
significant financial market declines and social dislocation and, to date, the Company has not experienced significant business disruption
from COVID-19. The situation is dynamic with various cities and countries around the world are responding in different ways to address
the outbreak. The spread of COVID-19 may impact the Company’s operations, including the potential interruption of our clinical trial
activities and the Company’s supply chain, or that of the Company’s licensee. For example, the COVID-19 outbreak may delay
enrollment in the Company’s clinical trials due to prioritization of hospital resources toward the outbreak, and some patients may
be unwilling to be enrolled in the Company’s trials or be unable to comply with clinical trial protocols if quarantines impede patient
movement or interrupt healthcare services, which would delay the Company’s ability to conduct clinical trials or release clinical
trial results and could delay the Company’s ability to obtain regulatory approval and commercialize the Company’s product
candidates. The pandemic may also impact the ability of the Company’s suppliers to deliver components or raw materials on a timely
basis or at all. In addition, hospitals may reduce staffing and reduce or postpone certain treatments in response to the spread of an
infectious disease. The Company’s licensee may be impacted due to significant delays of diagnostic activities in the U.S. Management
will continue to monitor and assess the impact of the pandemic on its judgments, estimates, accounting policies and amounts recognized
in these consolidated financial statements. As at March 31, 2021, the Company assessed the possible impacts of COVID-19 on its financial
results. The Company has evaluated its financial assets, property, plant and equipment, intangible assets, and goodwill for impairment
and no changes from the carrying amount were required in the reporting period. 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. These unaudited condensed interim consolidated financial statements should be read in conjunction with the Company’s
annual consolidated financial statements as at and for the year ended December 31, 2020. The accounting policies in these condensed interim
consolidated financial statements are consistent with those presented in the Company’s annual consolidated financial statements. These unaudited condensed interim consolidated
financial statements were approved by the Board of Directors (the “Board”) on May 4, 2021.

Critical Accounting Estimates a

Critical Accounting Estimates and Judgements3 Months Ended
Mar. 31, 2021
Trade And Other Current Payables, Excluding Deferred Income Classified As Current
Critical Accounting Estimates and Judgements2. Critical accounting estimates and judgements 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 applicable to interim financial statements. 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 applied to the Company’s annual consolidated financial statements as of December 31,
2020 and 2019 and for the years then ended except for the following: Intangible assets Separately acquired intangible assets are
recognized at the price paid in cash, less amortization and impairments. All intangible assets are tested for impairment when there are
indications that the carrying value may not be recoverable, or, at a minimum, annually. The recoverable amount is determined as the higher
of value in use or fair value less costs to sell using a discounted cash flow calculation, where the products’ expected cash flows
are risk-adjusted over their estimated remaining useful economic life. Any impairment losses are recognized immediately in the consolidated
statements of comprehensive (loss) income. Intangible assets relating to products which fail during development (or for which development
ceases for other reasons) are also tested for impairment and are written down to their recoverable amount (which is usually nil). If,
subsequent to an impairment loss being recognized, development restarts or other facts and circumstances change indicating that the impairment
is less or no longer exists, the value of the asset is re-estimated and its carrying value is increased to the recoverable amount, but
not exceeding the original value, by recognizing an impairment reversal in the consolidated statements of comprehensive (loss) income.
Amortization of such intangible assets begins once such assets are ready for their intended use. Contingent payments The Company accounts for contingent variable
payments for separately acquired intangible assets with the cost accumulation approach. Contingent consideration is not considered on
initial recognition of the asset but is added to the cost of the asset initially recorded, when incurred. Measurement uncertainty: The significant spread of COVID-19 within
the U.S., Canada, Germany and elsewhere has resulted in a widespread health crisis and has had adverse effects on local, national and
global economies generally, the markets the Company serves, its operations and the market price of its common shares. Uncertain factors, including the duration
of the outbreak, the severity of the disease and the actions to contain or treat its impact, could cause interruptions in the Company’s
operations and supply chain, which could impact the Company’s ability to accurately measure the net realizable value of inventory
and fair value of trade and other receivables.

Recent Accounting Pronouncement

Recent Accounting Pronouncements Issued But Not Yet Effective3 Months Ended
Mar. 31, 2021
Disclosure of initial application of standards or interpretations [abstract]
Recent Accounting Pronouncements Issued But Not Yet Effective3. Recent accounting pronouncements issued but not yet effective The recent accounting pronouncements issued
but not yet effective included in note 4 to the Company’s annual audited consolidated financial statements as at December 31, 2020
and 2019 and for the years then ended are unchanged.

License and Distribution Arrang

License and Distribution Arrangements3 Months Ended
Mar. 31, 2021
Subclassifications of assets, liabilities and equities [abstract]
License and Distribution Arrangements4. License and distribution arrangements
(a) License Agreement for U.S. and Canada Royalty income earned under the agreement
with Novo Nordisk agreement for the three-month period ended March 31, 2021 was $8 (2020 - $14) and during the three-month period ended
March 31, 2021, the Company invoiced Novo Nordisk $2,113 for the DETECT trial costs (2020 - $193), which is recorded as a reduction in
research and development expenses, and $41 for supply chain activities (2020 - $41), which is recorded as revenue, both in the condensed
interim consolidated statements of comprehensive (loss) income.
(b) License agreement for European Union and the United Kingdom On December 7, 2020, the Company entered
into an exclusive licensing and supply agreements with Consilient Health, Ltd. (“CH” or “Consilient Health”) for
the commercialization in the European Union and the United Kingdom of macimorelin in any diagnostic application. As per the agreement
terms, the Company received a cash payment of €1 million ($1,207) in January 2021. This cash payment has been recognized in the
consolidated statements of financial position as long-term deferred revenue.

Trade and Other Receivables

Trade and Other Receivables3 Months Ended
Mar. 31, 2021
Trade and other receivables [abstract]
Trade and Other Receivables5. Trade and other receivables
March 31, 2021 December 31, 2020
$ $
Trade accounts receivable (net of expected credit losses of $55 (December 31, 2020 - $55)) 554 1,190
Value added tax and income tax receivable 511 468
Other 10 23
1,075 1,681

Prepaid Expenses and Other Curr

Prepaid Expenses and Other Current Assets3 Months Ended
Mar. 31, 2021
Prepaid Expenses And Other Current Assets
Prepaid Expenses and Other Current Assets6. Prepaid expenses and other current assets
March 31, 2021 December 31, 2020
$ $
Prepaid insurance 825 1,021
Prepaid income taxes 2,128 873
Other 97 19
3,050 1,913

Payables and Accrued Liabilitie

Payables and Accrued Liabilities3 Months Ended
Mar. 31, 2021
Subclassifications of assets, liabilities and equities [abstract]
Payables and Accrued Liabilities7. Payables and accrued liabilities
March 31, 2021 December 31, 2020
$ $
Trade accounts payable 1,046 1,187
Salaries, employment taxes and benefits 478 474
Accrued audit fees 104 144
Accrued research and development costs 255 23
Other accrued liabilities 369 371
2,252 2,199

Provisions

Provisions3 Months Ended
Mar. 31, 2021
Subclassifications of assets, liabilities and equities [abstract]
Provisions8. Provisions The changes in the Company’s provisions for onerous contracts
can be summarized as follows:
Cetrotide (R)
$
Balance – January 1, 2021 371
Utilization of provisions (16 )
Change in provisions 19
Impact of foreign exchange rate changes (16 )
Balance – March 31, 2021 358
Less current portion 86
Non-current portion 272

Employee Future Benefits

Employee Future Benefits3 Months Ended
Mar. 31, 2021
Employee Future Benefits
Employee Future Benefits9. 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:
March 31, 2021 Year ended
Pension Other Total Total
$ $ $ $
Balances – Beginning of the period 15,341 94 15,435 13,788
Current service cost 15 1 16 54
Interest cost 23 — 23 163
Actuarial (gain) loss arising from changes in financial assumptions (882 ) — (882 ) 651
Benefits paid (115 ) (2 ) (117 ) (532 )
Impact of foreign exchange rate changes (664 ) (4 ) (668 ) 1,311
Balances – End of the period 13,718 89 13,807 15,435
Amounts recognized:
In net loss (77 ) (1 ) (78 ) (218 )
In other comprehensive loss (1,546 ) (4 ) (1,550 ) (1,961 ) The calculation of the pension benefit
obligation is sensitive to the discount rate assumption. Discount rates were 0.6% at December 31, 2020 and 1% at March 31, 2021.

Share Capital, Warrants and Oth

Share Capital, Warrants and Other Capital3 Months Ended
Mar. 31, 2021
Share Capital Warrants And Other Capital
Share Capital, Warrants and Other Capital10. Share capital, warrants 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. 2021 On February 19, 2021, the Company closed
a public offering of 20,509,746 common shares at a price to the public of $1.45 per common share, for gross proceeds of $29,739, before
deducting underwriting discounts, commissions and offering expenses payable by the Company, in the amount of $2,837. Aeterna also granted
the underwriter, which was also the Placement agent, a 30-day over-allotment option (the “Underwriter Option”) to purchase
up to 3,076,461 additional common shares at the public offering price, less underwriting discounts and commissions, and 1,435,682 Placement
agent warrants with an exercise price of $1.8125 and expiring on February 17, 2026. The net cash proceeds to the Company from the offering
totaled $26,902. On February 22, 2021, the underwriter exercised the Underwriter Option in full and received 3,076,461 common shares for
gross proceeds to the Company of $4,461. In connection with the public offering and the exercise of the Underwriter Option, the Company
paid commissions and other expenses of $384 and issued 215,352 Placement agent warrants priced at $1.8125 and expiring on February 17,
2026. The net proceeds from the Underwriter Option was $4,077. Collectively, this financing is referred to as the “February 2021
Financing”. The gross proceeds of $34,200 was recorded to share capital with cash transaction costs of $3,221 and the fair value
of the Placement agent warrants of $1,897 included as share issuance costs and as warrants in shareholders’ equity. The table presented below shows the inputs
and assumptions applied to the Black-Scholes option pricing model in order to determine the fair value of these Placement agent warrants:
Number of Market Weighted Risk-free Expected Expected Expected
($) ($) (i) (ii) (iii) (iv)
February 2021 Placement agent warrants – public offering 1,435,682 1.48 1.8125 0.58734 % 119.18 % 4.99 0.00 %
February 2021 Placement agent warrants – Underwriter Option 215,352 1.48 1.8125 0.58544 % 119.57 % 4.98 0.00 %
(i) Based on United States Treasury Government Bond interest rates with a term that is consistent with the expected life of the warrants.
(ii) Based on the historical volatility of the Company’s stock price over the most recent period consistent with the expected life of the warrants.
(iii) Based upon time to expiry from the reporting period date.
(iv) The Company has not paid dividends and it does not intend to pay dividends in the foreseeable future. During the three-month period ended March
31, 2021, holders exercised warrants as follows:
Number Exercised Exercise Price Cash Receipts
September 2019 Investor warrants 2,000,000 $ 1.65 $ 3,300,000
February 2020 Investor warrants 1,739,130 $ 1.20 $ 2,086,956
July 2020 Investor warrants 20,823,333 $ 0.45 $ 9,370,500
July 2020 Placement Agent warrants 1,866,667 $ 0.5625 $ 1,050,000
August 2020 Investor warrants 7,589,883 $ 0.47 $ 3,567,245
August 2020 Placement Agent warrants 869,952 $ 0.7040625 $ 612,501
34,888,965 $ 19,987,202 2020 On February 21, 2020, the Company closed
a registered direct offering for 3,478,261 common shares, at a purchase price of $1.29 per share, priced at-the-market. Additionally,
2,608,696 investor warrants were issued at an exercise price of $1.20 per common share and 243,478 broker warrants were issued at an exercise
price of $1.62 per common share. The net cash proceeds to the Company from the offering totaled $3,900. The gross proceeds of $4,500 was
allocated as $2,325 to warrant liability based on the ascribed fair value and the remaining gross proceeds of $2,175 were allocated to
share capital. The transaction costs of $600 were allocated between share capital and warrants based on their relative fair values. The
fair value of the share capital was recorded within equity net of the allocated transaction costs and the transaction costs of $310 allocated
to the warrant liability were recorded as expense in the consolidated statements of comprehensive loss. Warrants
Number Weighted
(US$) $
Balance – January 1, 2020 — — —
Warrant liability reclassified to equity 16,368,033 0.8556 7,377
Warrants issued as equity (July 2020) 28,533,333 0.4574 5,025
Balance – December 31, 2020 44,901,366 0.6025 12,402
Warrants granted 1,651,034 1.8125 1,897
Warrants exercised (34,888,965 ) 0.5728 (9,704 )
Balance – March 31, 2021 11,663,435 0.8624 4,595 Other capital There are no changes in US dollar denominated
(US$) Stock options and DSUs since December 31, 2020.
Year ended
US$ Stock Options
Weighted average (US$) DSUs CAN$ Stock options
Weighted exercise price
Balance – Beginning of period 741,116 3.61 212,000 441 912.00
Granted 180,000 0.37 120,000 — —
Exercised — — (159,000 ) — —
Canceled/Forfeited (330,350 ) 2.56 — — —
Expired (84,366 ) 2.14 — (441 ) 912.00
Balance – End of period 506,400 1.44 173,000 — —

Operating Expenses

Operating Expenses3 Months Ended
Mar. 31, 2021
Analysis of income and expense [abstract]
Operating Expenses11. Operating expenses The nature of the Company’s operating
expenses from operations include the following:
Three months ended March 31,
2021 2020
$ $
Key management personnel:
Salaries and short-term employee benefits 219 163
Consultant fees 48 46
Share-based compensation costs 10 11
Post-employment benefits including defined contribution plan benefits of $4 in 2021 and $7 in 2020 12 8
289 228
Other employees:
Salaries and short-term employee benefits 310 316
Post-employment benefits including defined contribution plan benefits of $7 in 2021 and $2 in 2020 38 51
Share-based compensation costs 3 (123 )
351 244
Cost of inventory used and services provided 29 862
Professional fees 580 498
Consulting fees 130 141
Insurance 227 221
Third-party research and development 52 97
Travel 22 33
Marketing services 97 36
Laboratory supplies 15 —
Other goods and services 19 30
Leasing costs 34 46
Gain on modification of building lease — (185 )
Depreciation and amortization 36 107
Operating foreign exchange losses 21 10
1,902 2,368

Supplemental Disclosure of Cash

Supplemental Disclosure of Cash Flow Information3 Months Ended
Mar. 31, 2021
Statement of cash flows [abstract]
Supplemental Disclosure of Cash Flow Information12. Supplemental disclosure of cash flow information
Three months ended
March 31,
2021 2020
$ $
Changes in operating assets and liabilities:
Trade and other receivables 650 (7 )
Inventory (40 ) 836
Prepaid expenses and other current assets (93 ) 378
Payables and accrued liabilities 115 (492 )
Taxes payable (129 ) —
Deferred revenues 1,227 (406 )
Employee future benefits (83 ) (105 )
1,647 204

Segment Information

Segment Information3 Months Ended
Mar. 31, 2021
Segment Information
Segment Information13. Segment information The Company operates in a single operating
segment, being the biopharmaceutical segment.

Net (Loss) Income Per Share

Net (Loss) Income Per Share3 Months Ended
Mar. 31, 2021
Earnings per share [abstract]
Net (Loss) Income Per Share14. Net (loss) income per share The following table sets forth pertinent
data relating to the computation of basic and diluted net (loss) income per share attributable to common shareholders.
Three months ended
March 31,
2021 2020
$ $
Net (loss) income (1,445 ) 779
Basic weighted average number of shares outstanding 95,444,990 21,523,416
Net (loss) income per share (basic) (0.02 ) 0.04
Dilutive effect of stock options and DSUs — 337,000
Dilutive effect of warrants — —
Diluted weighted average number of shares outstanding 95,444,990 21,860,416
Net loss per share (diluted) (0.02 ) 0.04
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 and DSUs 679,400 208,357
Warrants 11,663,435 9,453,174 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 warrants.
In periods with reported net losses, all stock options and 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 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 Contingencies3 Months Ended
Mar. 31, 2021
Commitments And Contingencies
Commitments and Contingencies15. Commitments and Contingencies
Service and
R&D contracts
TOTAL
$ $ $
Less than 1 year 440 1,073 1,513
1 - 3 years 11 1,297 1,308
4 - 5 years — 36 36
More than 5 years — — —
Total 451 2,406 2,857 During the first quarter of 2021, the Company
executed various agreements including in-licensing and similar arrangements with development partners with $490 in additions of separately
acquired intangible assets recognized in the condensed interim consolidated statements of financial position. Such agreements may require
the Company to make payments on achievement of stages of development, launch or revenue milestones, although the Company generally has
the right to terminate these agreements at no penalty. The Company recognizes research and development milestones as an intangible asset
once it is committed to the payment, which is generally when the Company reaches a set point in the development cycle. Based on the closing exchange rates, the
Company expects to pay $2,406, including $2,116 [EUR 1,801], and $290 [GBP 210], in R&D contracts and up to $4,726, including $3,141
[EUR 2,675] and $1,585 [GBP 1,150], in R&D milestone payments and up to $7,656, including $5,933 [EUR 5,050] and $1,723 [GBP 1,250],
in revenue related milestone payments. The table below contains all potential R&D and revenue-related milestone payments that the
Company may be required to make under such agreements:
Future potential
Future potential payments
TOTAL
$ $ $
Less than 1 year 29 — 29
1 - 3 years — — —
4 - 5 years 431 — 431
More than 5 years 4,266 7,656 11,922
Total 4,726 7,656 12,382 The table excludes any payments already
capitalized in the condensed interim consolidated statements of financial position. The future payments that are disclosed represent contract
payments and are not discounted and are not risk-adjusted. The development of any pharmaceutical product candidates is a complex and risky
process that may fail at any stage in the development process due to a number of factors. The timing of the payments is based on the Company’s
current best estimate of achievement of the relevant milestone. 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. On March 9, 2020, the Company settled the
previously disclosed class-action lawsuit against it pending in the U.S. District Court for the District of New Jersey. This settlement
remains subject to execution of final settlement documents and approval by the U.S. District Court for the District of New Jersey.

Trade and Other Receivables (Ta

Trade and Other Receivables (Tables)3 Months Ended
Mar. 31, 2021
Trade and other receivables [abstract]
Schedule of Trade and Other ReceivablesMarch 31, 2021 December 31, 2020
$ $
Trade accounts receivable (net of expected credit losses of $55 (December 31, 2020 - $55)) 554 1,190
Value added tax and income tax receivable 511 468
Other 10 23
1,075 1,681

Prepaid Expenses and Other Cu_2

Prepaid Expenses and Other Current Assets (Tables)3 Months Ended
Mar. 31, 2021
Prepaid Expenses And Other Current Assets
Summary of Prepaid Expenses and Other Current AssetsMarch 31, 2021 December 31, 2020
$ $
Prepaid insurance 825 1,021
Prepaid income taxes 2,128 873
Other 97 19
3,050 1,913

Payables and Accrued Liabilit_2

Payables and Accrued Liabilities (Tables)3 Months Ended
Mar. 31, 2021
Subclassifications of assets, liabilities and equities [abstract]
Schedule of Payables and Accrued LiabilitiesMarch 31, 2021 December 31, 2020
$ $
Trade accounts payable 1,046 1,187
Salaries, employment taxes and benefits 478 474
Accrued audit fees 104 144
Accrued research and development costs 255 23
Other accrued liabilities 369 371
2,252 2,199

Provisions (Tables)

Provisions (Tables)3 Months Ended
Mar. 31, 2021
Subclassifications of assets, liabilities and equities [abstract]
Schedule of Changes in Provisions for Onerous ContractsThe changes in the Company’s provisions for onerous contracts
can be summarized as follows:
Cetrotide (R)
$
Balance – January 1, 2021 371
Utilization of provisions (16 )
Change in provisions 19
Impact of foreign exchange rate changes (16 )
Balance – March 31, 2021 358
Less current portion 86
Non-current portion 272

Employee Future Benefits (Table

Employee Future Benefits (Tables)3 Months Ended
Mar. 31, 2021
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:
March 31, 2021 Year ended
Pension Other Total Total
$ $ $ $
Balances – Beginning of the period 15,341 94 15,435 13,788
Current service cost 15 1 16 54
Interest cost 23 — 23 163
Actuarial (gain) loss arising from changes in financial assumptions (882 ) — (882 ) 651
Benefits paid (115 ) (2 ) (117 ) (532 )
Impact of foreign exchange rate changes (664 ) (4 ) (668 ) 1,311
Balances – End of the period 13,718 89 13,807 15,435
Amounts recognized:
In net loss (77 ) (1 ) (78 ) (218 )
In other comprehensive loss (1,546 ) (4 ) (1,550 ) (1,961 )

Share Capital, Warrants and O_2

Share Capital, Warrants and Other Capital (Tables)3 Months Ended
Mar. 31, 2021
Share Capital Warrants And Other Capital
Schedule of Fair Value of Warrants AssumptionsThe table presented below shows the inputs
and assumptions applied to the Black-Scholes option pricing model in order to determine the fair value of these Placement agent warrants:
Number of Market Weighted Risk-free Expected Expected Expected
($) ($) (i) (ii) (iii) (iv)
February 2021 Placement agent warrants – public offering 1,435,682 1.48 1.8125 0.58734 % 119.18 % 4.99 0.00 %
February 2021 Placement agent warrants – Underwriter Option 215,352 1.48 1.8125 0.58544 % 119.57 % 4.98 0.00 %
(i) Based on United States Treasury Government Bond interest rates with a term that is consistent with the expected life of the warrants.
(ii) Based on the historical volatility of the Company’s stock price over the most recent period consistent with the expected life of the warrants.
(iii) Based upon time to expiry from the reporting period date.
(iv) The Company has not paid dividends and it does not intend to pay dividends in the foreseeable future.
Summary of Warrants Exercise TransactionsDuring the three-month period ended March
31, 2021, holders exercised warrants as follows:
Number Exercised Exercise Price Cash Receipts
September 2019 Investor warrants 2,000,000 $ 1.65 $ 3,300,000
February 2020 Investor warrants 1,739,130 $ 1.20 $ 2,086,956
July 2020 Investor warrants 20,823,333 $ 0.45 $ 9,370,500
July 2020 Placement Agent warrants 1,866,667 $ 0.5625 $ 1,050,000
August 2020 Investor warrants 7,589,883 $ 0.47 $ 3,567,245
August 2020 Placement Agent warrants 869,952 $ 0.7040625 $ 612,501
34,888,965 $ 19,987,202
Schedule of Warrants Activity Reclassified into EquityNumber Weighted
(US$) $
Balance – January 1, 2020 — — —
Warrant liability reclassified to equity 16,368,033 0.8556 7,377
Warrants issued as equity (July 2020) 28,533,333 0.4574 5,025
Balance – December 31, 2020 44,901,366 0.6025 12,402
Warrants granted 1,651,034 1.8125 1,897
Warrants exercised (34,888,965 ) 0.5728 (9,704 )
Balance – March 31, 2021 11,663,435 0.8624 4,595
Disclosure of Change in Stock Options IssuedYear ended
US$ Stock Options
Weighted average (US$) DSUs CAN$ Stock options
Weighted exercise price
Balance – Beginning of period 741,116 3.61 212,000 441 912.00
Granted 180,000 0.37 120,000 — —
Exercised — — (159,000 ) — —
Canceled/Forfeited (330,350 ) 2.56 — — —
Expired (84,366 ) 2.14 — (441 ) 912.00
Balance – End of period 506,400 1.44 173,000 — —

Operating Expenses (Tables)

Operating Expenses (Tables)3 Months Ended
Mar. 31, 2021
Analysis of income and expense [abstract]
Schedule of Operating ExpensesThe nature of the Company’s operating
expenses from operations include the following:
Three months ended March 31,
2021 2020
$ $
Key management personnel:
Salaries and short-term employee benefits 219 163
Consultant fees 48 46
Share-based compensation costs 10 11
Post-employment benefits including defined contribution plan benefits of $4 in 2021 and $7 in 2020 12 8
289 228
Other employees:
Salaries and short-term employee benefits 310 316
Post-employment benefits including defined contribution plan benefits of $7 in 2021 and $2 in 2020 38 51
Share-based compensation costs 3 (123 )
351 244
Cost of inventory used and services provided 29 862
Professional fees 580 498
Consulting fees 130 141
Insurance 227 221
Third-party research and development 52 97
Travel 22 33
Marketing services 97 36
Laboratory supplies 15 —
Other goods and services 19 30
Leasing costs 34 46
Gain on modification of building lease — (185 )
Depreciation and amortization 36 107
Operating foreign exchange losses 21 10
1,902 2,368

Supplemental Disclosure of Ca_2

Supplemental Disclosure of Cash Flow Information (Tables)3 Months Ended
Mar. 31, 2021
Statement of cash flows [abstract]
Disclosure of Changes in Operating Assets and LiabilitiesThree months ended
March 31,
2021 2020
$ $
Changes in operating assets and liabilities:
Trade and other receivables 650 (7 )
Inventory (40 ) 836
Prepaid expenses and other current assets (93 ) 378
Payables and accrued liabilities 115 (492 )
Taxes payable (129 ) —
Deferred revenues 1,227 (406 )
Employee future benefits (83 ) (105 )
1,647 204

Net (Loss) Income Per Share (Ta

Net (Loss) Income Per Share (Tables)3 Months Ended
Mar. 31, 2021
Earnings per share [abstract]
Summary of Pertinent Data Relating to Computation of Basic and Diluted Net (Loss) Income Per ShareThe following table sets forth pertinent
data relating to the computation of basic and diluted net (loss) income per share attributable to common shareholders.
Three months ended
March 31,
2021 2020
$ $
Net (loss) income (1,445 ) 779
Basic weighted average number of shares outstanding 95,444,990 21,523,416
Net (loss) income per share (basic) (0.02 ) 0.04
Dilutive effect of stock options and DSUs — 337,000
Dilutive effect of warrants — —
Diluted weighted average number of shares outstanding 95,444,990 21,860,416
Net loss per share (diluted) (0.02 ) 0.04
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 and DSUs 679,400 208,357
Warrants 11,663,435 9,453,174

Commitments and Contingencies (

Commitments and Contingencies (Tables)3 Months Ended
Mar. 31, 2021
Commitments And Contingencies
Schedule of Expected Future Minimum Lease PaymentsService and
R&D contracts
TOTAL
$ $ $
Less than 1 year 440 1,073 1,513
1 - 3 years 11 1,297 1,308
4 - 5 years — 36 36
More than 5 years — — —
Total 451 2,406 2,857
Schedule of R&D and Revenue Related Milestone PaymentsFuture potential
Future potential payments
TOTAL
$ $ $
Less than 1 year 29 — 29
1 - 3 years — — —
4 - 5 years 431 — 431
More than 5 years 4,266 7,656 11,922
Total 4,726 7,656 12,382

Business Overview (Details Narr

Business Overview (Details Narrative) - Novo Nordisk A/S [Member] $ in Thousands3 Months Ended
Mar. 31, 2021USD ($)
Statement Line Items [Line Items]
Percentage of clinical trial costs reimbursement100.00%
Clinical trial costs $ 10,980
Additional clinical trial costs10,980
Euro [Member]
Statement Line Items [Line Items]
Additional clinical trial costs9,000
Top of Range [Member] | Euro [Member]
Statement Line Items [Line Items]
Clinical trial costs $ 9,000

License and Distribution Arra_2

License and Distribution Arrangements (Details Narrative) € in Thousands, $ in Thousands1 Months Ended3 Months Ended
Jan. 31, 2021USD ($)Jan. 31, 2021EUR (€)Mar. 31, 2021USD ($)Mar. 31, 2020USD ($)
Statement Line Items [Line Items]
Royalty income $ 8 $ 14
License Agreement [Member]
Statement Line Items [Line Items]
Royalty income8 14
License Agreement [Member] | Consilient Health, Ltd [Member]
Statement Line Items [Line Items]
Proceeds from license agreement $ 1,207
License Agreement [Member] | Consilient Health, Ltd [Member] | Euro [Member]
Statement Line Items [Line Items]
Proceeds from license agreement | € € 1,000
License Agreement [Member] | Novo Nordisk A/S [Member]
Statement Line Items [Line Items]
Licensee costs2,113 193
Supply chain costs $ 41 $ 41

Trade and Other Receivables - S

Trade and Other Receivables - Schedule of Trade and Other Receivables (Details) - USD ($) $ in ThousandsMar. 31, 2021Dec. 31, 2020
Trade and other receivables [abstract]
Trade accounts receivable (net of expected credit losses of $55 (December 31, 2020 - $55)) $ 554 $ 1,190
Value added tax and income tax receivable511 468
Other10 23
Trade and other receivables $ 1,075 $ 1,681

Trade and Other Receivables -_2

Trade and Other Receivables - Schedule of Trade and Other Receivables (Details) (Parenthetical) - USD ($) $ in ThousandsMar. 31, 2021Dec. 31, 2020
Trade and other receivables [abstract]
Trade accounts receivable, expected credit losses $ 55 $ 55

Prepaid Expenses and Other Cu_3

Prepaid Expenses and Other Current Assets - Summary of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in ThousandsMar. 31, 2021Dec. 31, 2020
Prepaid Expenses And Other Current Assets
Prepaid insurance $ 825 $ 1,021
Prepaid income taxes2,128 873
Other97 19
Prepaid expenses and other current assets $ 3,050 $ 1,913

Payables and Accrued Liabilit_3

Payables and Accrued Liabilities - Schedule of Payables and Accrued Liabilities (Details) - USD ($) $ in ThousandsMar. 31, 2021Dec. 31, 2020
Subclassifications of assets, liabilities and equities [abstract]
Trade accounts payable $ 1,046 $ 1,187
Salaries, employment taxes and benefits478 474
Accrued audit fees104 144
Accrued research and development costs255 23
Other accrued liabilities369 371
Payables and accrued liabilities $ 2,252 $ 2,199

Provisions - Schedule of Change

Provisions - Schedule of Changes in Provisions for Onerous Contracts (Details) - USD ($) $ in Thousands3 Months Ended
Mar. 31, 2021Dec. 31, 2020
Statement Line Items [Line Items]
Less current portion $ 86 $ 92
Cetrotide(R) Onerous Contracts [Member]
Statement Line Items [Line Items]
Beginning balance371
Utilization of provisions(16)
Change in the provisions19
Impact of foreign exchange rate changes(16)
Ending balance358
Less current portion86
Non-current portion $ 272

Employee Future Benefits (Detai

Employee Future Benefits (Details Narrative)Mar. 31, 2021Dec. 31, 2020
Pension Benefit Plans [Member]
Disclosure of defined benefit plans [line items]
Discount rate1.00%0.60%

Employee Future Benefits - Disc

Employee Future Benefits - Disclosure of Net Defined Benefit Liability (Asset) (Details) - Unfunded Plan One [Member] - USD ($) $ in Thousands3 Months Ended12 Months Ended
Mar. 31, 2021Dec. 31, 2020
Disclosure of net defined benefit liability (asset) [line items]
Balances - Beginning of the period $ 15,435 $ 13,788
Current service cost16 54
Interest cost23 163
Actuarial (gain) loss arising from changes in financial assumptions(882)651
Benefits paid(117)(532)
Impact of foreign exchange rate changes(668)1,311
Balances - End of the period13,807 15,435
Amounts recognized: In net loss(78)(218)
Amounts recognized: In other comprehensive loss(1,550)(1,961)
Pension Benefit Plans [Member]
Disclosure of net defined benefit liability (asset) [line items]
Balances - Beginning of the period15,341
Current service cost15
Interest cost23
Actuarial (gain) loss arising from changes in financial assumptions(882)
Benefits paid(115)
Impact of foreign exchange rate changes(664)
Balances - End of the period13,718 15,341
Amounts recognized: In net loss(77)
Amounts recognized: In other comprehensive loss(1,546)
Other Benefit Plans [Member]
Disclosure of net defined benefit liability (asset) [line items]
Balances - Beginning of the period94
Current service cost1
Interest cost
Actuarial (gain) loss arising from changes in financial assumptions
Benefits paid(2)
Impact of foreign exchange rate changes(4)
Balances - End of the period89 $ 94
Amounts recognized: In net loss(1)
Amounts recognized: In other comprehensive loss $ (4)

Share Capital, Warrants and O_3

Share Capital, Warrants and Other Capital (Details Narrative) - USD ($) $ / shares in Units, $ in ThousandsFeb. 22, 2021Feb. 19, 2021Feb. 21, 2020Mar. 31, 2021Mar. 31, 2020
Statement Line Items [Line Items]
Transaction costs $ 3,221 $ 600
Registered Direct Offering [Member]
Statement Line Items [Line Items]
Number of common shares issued, shares3,478,261
Share price $ 1.29
Proceeds from issuing common shares $ 4,500
Warrants [Member]
Statement Line Items [Line Items]
Number of common shares issued, shares243,478
Proceeds from issuing common shares $ 2,325
Transaction costs $ 600
Exercise price $ 1.62
Warrants [Member] | Registered Direct Offering [Member]
Statement Line Items [Line Items]
Number of common shares issued, shares2,608,696
Proceeds from issuing common shares $ 3,900
Warrant liability $ 310
Exercise price $ 1.20
Placement Agent Warrants [Member]
Statement Line Items [Line Items]
Number of common shares issued, shares215,352
Proceeds from issuing common shares $ 4,461
Placement agent fees and other offering expenses $ 384
Option to purchase common stock3,076,461
Warrants exercise price $ 1.8125
Warrants expiry dateFeb. 17,
2026
Warrant liability $ 1,897
Share Capital [Member]
Statement Line Items [Line Items]
Proceeds from issuing common shares $ 2,175
Transaction costs $ 600
Public Offering [Member]
Statement Line Items [Line Items]
Number of common shares issued, shares20,509,746
Share price $ 1.45
Proceeds from issuing common shares $ 29,739
Placement agent fees and other offering expenses2,837
Underwriting discounts and commissions1,435,682
Public Offering [Member] | Warrants [Member]
Statement Line Items [Line Items]
Proceeds from issuing common shares $ 26,902
Warrants exercise price $ 1.8125
Warrants expiry dateFeb. 17,
2026
Public Offering [Member] | Top of Range [Member]
Statement Line Items [Line Items]
Option to purchase common stock3,076,461
Underwriter Offering [Member]
Statement Line Items [Line Items]
Proceeds from issuing common shares4,077
Underwriter Offering [Member] | Share Capital [Member]
Statement Line Items [Line Items]
Proceeds from issuing common shares34,200
Transaction costs $ 3,221

Share Capital, Warrants and O_4

Share Capital, Warrants and Other Capital - Schedule of Fair Value of Warrants Assumptions (Details)3 Months Ended
Mar. 31, 2021$ / sharesshares
February 2021 Placement agent Warrants - Public Offering [Member]
Statement Line Items [Line Items]
Number of equivalent shares | shares1,435,682
Market value per share price $ 1.48
Weighted average exercise price $ 1.8125
Risk-free annual interest rate0.5873%[1]
Expected volatility119.18%[2]
Expected life (years)4 years 11 months 26 days[3]
Expected dividend yield0.00%[4]
February 2021 Placement agent Warrants - Underwriter Option [Member]
Statement Line Items [Line Items]
Number of equivalent shares | shares215,352
Market value per share price $ 1.48
Weighted average exercise price $ 1.8125
Risk-free annual interest rate0.5854%[1]
Expected volatility119.57%[2]
Expected life (years)4 years 11 months 23 days[3]
Expected dividend yield0.00%[4]
[1]Based on United States Treasury Government Bond interest rates with a term that is consistent with the expected life of the warrants.
[2]Based on the historical volatility of the Company's stock price over the most recent period consistent with the expected life of the warrants.
[3]Based upon time to expiry from the reporting period date.
[4]The Company has not paid dividends and it does not intend to pay dividends in the foreseeable future.

Share Capital, Warrants and O_5

Share Capital, Warrants and Other Capital - Summary of Warrants Exercise Transactions (Details) $ / shares in Units, $ in Thousands3 Months Ended
Mar. 31, 2021USD ($)Period$ / shares
Statement Line Items [Line Items]
Number Exercised | Period34,888,965
Cash Receipts | $ $ 19,987,202
September 2019 Investor Warrants [Member]
Statement Line Items [Line Items]
Number Exercised | Period2,000,000
Exercise Price | $ / shares $ 1.65
Cash Receipts | $ $ 3,300,000
February 2020 Investor Warrants [Member]
Statement Line Items [Line Items]
Number Exercised | Period1,739,130
Exercise Price | $ / shares $ 1.20
Cash Receipts | $ $ 2,086,956
July 2020 Investor Warrants [Member]
Statement Line Items [Line Items]
Number Exercised | Period20,823,333
Exercise Price | $ / shares $ 0.45
Cash Receipts | $ $ 9,370,500
July 2020 Placement Agent Warrants [Member]
Statement Line Items [Line Items]
Number Exercised | Period1,866,667
Exercise Price | $ / shares $ 0.5625
Cash Receipts | $ $ 1,050,000
August 2020 Investor Warrants [Member]
Statement Line Items [Line Items]
Number Exercised | Period7,589,883
Exercise Price | $ / shares $ 0.47
Cash Receipts | $ $ 3,567,245
August 2020 Placement Agent Warrants [Member]
Statement Line Items [Line Items]
Number Exercised | Period869,952
Exercise Price | $ / shares $ 0.7040625
Cash Receipts | $ $ 612,501

Share Capital, Warrants and O_6

Share Capital, Warrants and Other Capital - Schedule of Warrants Activity Reclassified into Equity (Details) - USD ($) $ / shares in Units, $ in Thousands3 Months Ended12 Months Ended
Mar. 31, 2021Dec. 31, 2019
Share Capital Warrants And Other Capital
Warrants Outstanding, Beginning of year44,901,366
Warrant liability reclassified to equity16,368,033
Warrants issued as equity (July 2020)28,533,333
Warrants granted1,651,034
Warrants exercised(34,888,965)
Warrants Outstanding, End of year11,663,435 44,901,366
Weighted Average Exercise Price, Beginning of year $ 0.6025
Weighted Average Exercise Price, Warrant liability reclassified to equity0.8556
Weighted Average Exercise Price, Warrants issued as equity (July 2020)0.4574
Weighted Average Exercise Price, Warrants granted1.8125
Weighted Average Exercise Price, Warrants exercised0.5728
Weighted Average Exercise Price, End of year $ 0.8624 $ 0.6025
Warrants Outstanding, Beginning of year, value $ 12,402
Warrant liability reclassified to equity, value7,377
Warrants issued as equity (July 2020), value5,025
Warrants granted, value1,897
Warrants exercised, value(9,704)
Warrants Outstanding, End of year, value $ 4,595 $ 12,402

Share Capital, Warrants and O_7

Share Capital, Warrants and Other Capital - Disclosure of Change in Stock Options Issued (Details)3 Months Ended12 Months Ended
Mar. 31, 2021Period$ / sharesDec. 31, 2020Period$ / shares
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercised, Number (in shares)(34,888,965)
Employee Stock Option USD [Member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Balance - Beginning of year, Number (in shares)506,400 741,116
Granted, Number (in shares)180,000
Exercised, Number (in shares)
Canceled/Forfeited, Number (in shares)(330,350)
Expired, Number (in shares)(84,366)
Balance - End of year, Number (in shares)506,400
Balance - Beginning of year, Weighted average exercise price (in US and CAN dollars per share) | $ / shares $ 1.44 $ 3.61
Granted, Weighted average exercise price (in US and CAN dollars per share) | $ / shares0.37
Exercised, Weighted average exercise price (in US and CAN dollars per share) | $ / shares
Canceled/Forfeited, Weighted average exercise price (in US and CAN dollars per share) | $ / shares2.56
Expired, Weighted average exercise price (in US and CAN dollars per share) | $ / shares2.14
Balance - End of year, Weighted average exercise price (in US and CAN dollars per share) | $ / shares $ 1.44
Deferred Stock Units DSU's [Member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Balance - Beginning of year, Number (in shares)173,000 212,000
Granted, Number (in shares)120,000
Exercised, Number (in shares)(159,000)
Canceled/Forfeited, Number (in shares)
Expired, Number (in shares)
Balance - End of year, Number (in shares)173,000
Employee Stock Option CAD [Member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Balance - Beginning of year, Number (in shares) 441
Granted, Number (in shares)
Exercised, Number (in shares)
Canceled/Forfeited, Number (in shares)
Expired, Number (in shares)(441)
Balance - End of year, Number (in shares)
Balance - Beginning of year, Weighted average exercise price (in US and CAN dollars per share) | $ / shares $ 912
Granted, Weighted average exercise price (in US and CAN dollars per share) | $ / shares
Exercised, Weighted average exercise price (in US and CAN dollars per share) | $ / shares
Canceled/Forfeited, Weighted average exercise price (in US and CAN dollars per share) | $ / shares
Expired, Weighted average exercise price (in US and CAN dollars per share) | $ / shares912
Balance - End of year, Weighted average exercise price (in US and CAN dollars per share) | $ / shares

Operating Expenses - Schedule o

Operating Expenses - Schedule of Operating Expenses (Details) - USD ($) $ in Thousands3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Statement Line Items [Line Items]
Cost of inventory used and services provided $ 29 $ 862
Gain on modification of building lease (185)
Total operating expenses (note 11)1,902 2,368
Unfunded Plan One [Member] | Other Benefit Plans [Member]
Statement Line Items [Line Items]
Salaries and short-term employee benefits219 163
Consultant fees48 46
Share-based compensation costs10 11
Post-employment benefits including defined contribution plan benefits of $4 in 2021 and $7 in 202012 8
Key management personnel compensation289 228
Salaries and short-term employee benefits310 316
Post-employment benefits including defined contribution plan benefits of $7 in 2021 and $2 in 202038 51
Share-based compensation costs3 (123)
Other employees compensation351 244
Cost of inventory used and services provided29 862
Professional fees580 498
Consulting fees130 141
Insurance227 221
Third-party research and development52 97
Travel22 33
Marketing services97 36
Laboratory supplies15
Other goods and services19 30
Leasing costs34 46
Gain on modification of building lease (185)
Depreciation and amortization36 107
Operating foreign exchange losses21 10
Total operating expenses (note 11) $ 1,902 $ 2,368

Operating Expenses - Schedule_2

Operating Expenses - Schedule of Operating Expenses (Details) (Parenthetical) - Unfunded Plan One [Member] - Other Benefit Plans [Member] - USD ($) $ in Thousands3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Key Management Personnel Compensation [Member]
Statement Line Items [Line Items]
Post-employment benefits, including defined contribution plan benefits $ 4 $ 7
Other Employees Compensation [Member]
Statement Line Items [Line Items]
Post-employment benefits, including defined contribution plan benefits $ 7 $ 2

Supplemental Disclosure of Ca_3

Supplemental Disclosure of Cash Flow Information - Disclosure of Changes in Operating Assets and Liabilities (Details) - USD ($) $ in Thousands3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Statement of cash flows [abstract]
Trade and other receivables $ 650 $ (7)
Inventory(40)836
Prepaid expenses and other current assets(93)378
Payables and accrued liabilities115 (492)
Taxes payable(129)
Deferred revenues1,227 (406)
Employee future benefits(83)(105)
Increase (decrease) in operating assets and liabilities $ 1,647 $ 204

Segment Information (Details Na

Segment Information (Details Narrative)3 Months Ended
Mar. 31, 2021Segment
Segment Information
Number of operating segments1

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 Thousands3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Earnings per share [line items]
Net (loss) income $ (1,445) $ 779
Basic weighted average number of shares outstanding (in shares)95,444,990 21,523,416
Net (loss) income per share (basic) $ (0.02) $ 0.04
Diluted weighted average number of shares outstanding (in shares)95,444,990 21,860,416
Net income (loss) per share (diluted) $ (0.02) $ 0.04
Stock Options and DSUs [Member]
Earnings per share [line items]
Diluted weighted average number of shares outstanding (in shares) 337,000
Antidilutive securities excluded from computation of earnings per share (in shares)679,400 208,357
Warrants [Member]
Earnings per share [line items]
Diluted weighted average number of shares outstanding (in shares)
Antidilutive securities excluded from computation of earnings per share (in shares)11,663,435 9,453,174

Commitments and Contingencies_2

Commitments and Contingencies (Details Narrative) € in Thousands, £ in Thousands, $ in Thousands3 Months Ended
Mar. 31, 2021USD ($)Mar. 31, 2021EUR (€)Mar. 31, 2021GBP (£)
Disclosure of contingent liabilities [line items]
Intangible assets recognized, acquired $ 490
R&D Contracts [Member]
Disclosure of contingent liabilities [line items]
Potential milestone payments $ 2,406
Potential milestone payments, descriptionThe Company expects to pay $2,406, including $2,116 [EUR 1,801], and $290 [GBP 210], in R&D contractsThe Company expects to pay $2,406, including $2,116 [EUR 1,801], and $290 [GBP 210], in R&D contractsThe Company expects to pay $2,406, including $2,116 [EUR 1,801], and $290 [GBP 210], in R&D contracts
R&D Contracts [Member] | Euro [Member]
Disclosure of contingent liabilities [line items]
Potential milestone payments | € € 1,801
R&D Contracts [Member] | GBP [Member]
Disclosure of contingent liabilities [line items]
Potential milestone payments | £ £ 210
R&D Milestone Payments [Member]
Disclosure of contingent liabilities [line items]
Potential milestone payments $ 4,726
Potential milestone payments, descriptionUp to $4,726, including $3,141 [EUR 2,675] and $1,585 [GBP 1,150], in R&D milestone paymentsUp to $4,726, including $3,141 [EUR 2,675] and $1,585 [GBP 1,150], in R&D milestone paymentsUp to $4,726, including $3,141 [EUR 2,675] and $1,585 [GBP 1,150], in R&D milestone payments
R&D Milestone Payments [Member] | Euro [Member]
Disclosure of contingent liabilities [line items]
Potential milestone payments | € € 2,675
R&D Milestone Payments [Member] | GBP [Member]
Disclosure of contingent liabilities [line items]
Potential milestone payments | £ £ 1,150
Revenue Related Milestone Payments [Member]
Disclosure of contingent liabilities [line items]
Potential milestone payments $ 7,656
Potential milestone payments, descriptionUp to $7,656, including $5,933 [EUR 5,050] and $1,723 [GBP 1,250], in revenue related milestone paymentsUp to $7,656, including $5,933 [EUR 5,050] and $1,723 [GBP 1,250], in revenue related milestone paymentsUp to $7,656, including $5,933 [EUR 5,050] and $1,723 [GBP 1,250], in revenue related milestone payments
Revenue Related Milestone Payments [Member] | Euro [Member]
Disclosure of contingent liabilities [line items]
Potential milestone payments | € € 5,050
Revenue Related Milestone Payments [Member] | GBP [Member]
Disclosure of contingent liabilities [line items]
Potential milestone payments | £ £ 1,250

Commitments and Contingencies -

Commitments and Contingencies - Schedule of Expected Future Minimum Lease Payments (Details) $ in ThousandsMar. 31, 2021USD ($)
Statement Line Items [Line Items]
Service and manufacturing $ 451
R&D contracts2,406
Total2,857
Less Than 1 Year [Member]
Statement Line Items [Line Items]
Service and manufacturing440
R&D contracts1,073
Total1,513
1 - 3 Years [Member]
Statement Line Items [Line Items]
Service and manufacturing11
R&D contracts1,297
Total1,308
4 - 5 Years [Member]
Statement Line Items [Line Items]
Service and manufacturing
R&D contracts36
Total36
More than 5 Years [Member]
Statement Line Items [Line Items]
Service and manufacturing
R&D contracts
Total

Commitments and Contingencies_3

Commitments and Contingencies - Schedule of R&D and Revenue Related Milestone Payments (Details) $ in ThousandsMar. 31, 2021USD ($)
Statement Line Items [Line Items]
Future potential R&D milestone payments $ 4,726
Future potential revenue milestone payments7,656
Total12,382
Less Than 1 Year [Member]
Statement Line Items [Line Items]
Future potential R&D milestone payments29
Future potential revenue milestone payments
Total29
1 - 3 Years [Member]
Statement Line Items [Line Items]
Future potential R&D milestone payments
Future potential revenue milestone payments
Total
4 - 5 Years [Member]
Statement Line Items [Line Items]
Future potential R&D milestone payments431
Future potential revenue milestone payments
Total431
More than 5 Years [Member]
Statement Line Items [Line Items]
Future potential R&D milestone payments4,266
Future potential revenue milestone payments7,656
Total $ 11,922