Document and Entity Information
Document and Entity Information Document | 12 Months Ended |
Dec. 31, 2017shares | |
Document And Entity Information [Abstract] | |
Entity Registrant Name | ONCOLYTICS BIOTECH INC |
Entity Central Index Key | 1,129,928 |
Current Fiscal Year End Date | --12-31 |
Entity Filer Category | Non-accelerated Filer |
Document Type | 20-F |
Document Period End Date | Dec. 31, 2017 |
Document Fiscal Year Focus | 2,017 |
Document Fiscal Period Focus | FY |
Amendment Flag | false |
Entity Common Stock, Shares Outstanding | 141,805,722 |
Entity Well-known Seasoned Issuer | Yes |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
CONSOLIDATED STATEMENTS OF FINA
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION | Dec. 31, 2017CAD ($) | Dec. 31, 2016CAD ($) |
Current assets | ||
Cash and cash equivalents | $ 11,836,119 | $ 12,034,282 |
Short-term investments | 0 | 2,088,800 |
Contract receivable | 4,767,100 | 0 |
Other receivables | 37,726 | 54,406 |
Prepaid expenses | 1,176,063 | 260,841 |
Total current assets | 17,817,008 | 14,438,329 |
Non-current assets | ||
Property and equipment | 333,441 | 319,955 |
Total non-current assets | 333,441 | 319,955 |
Total assets | 18,150,449 | 14,758,284 |
Current Liabilities | ||
Accounts payable and accrued liabilities | 3,684,023 | 4,068,664 |
Contract liability | 1,545,645 | 0 |
Total current liabilities | 5,229,668 | 4,068,664 |
Non-current liabilities | ||
Contract liability | 4,636,935 | 0 |
Total non-current liabilities | 4,636,935 | 0 |
Total liabilities | 9,866,603 | 4,068,664 |
Commitments and contingencies | ||
Shareholders’ equity | ||
Share capital Authorized: unlimited Issued: December 31, 2017 – 141,805,722 December 31, 2016 – 121,258,222 | 271,710,138 | 262,321,825 |
Warrants | 3,617,900 | 0 |
Contributed surplus | 27,028,238 | 26,643,044 |
Accumulated other comprehensive income | 373,730 | 554,060 |
Accumulated deficit | (294,446,160) | (278,829,309) |
Total shareholders’ equity | 8,283,846 | 10,689,620 |
Total liabilities and equity | $ 18,150,449 | $ 14,758,284 |
CONSOLIDATED STATEMENTS OF FIN3
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (Parenthetical) - shares | Dec. 31, 2017 | Dec. 31, 2016 |
Statement of financial position [abstract] | ||
Share capital issued (shares) | 141,805,722 | 121,258,222 |
CONSOLIDATED STATEMENTS OF LOSS
CONSOLIDATED STATEMENTS OF LOSS AND COMPREHENSIVE LOSS - CAD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Expenses | |||
Research and development | $ 9,392,623 | $ 9,770,007 | $ 8,601,864 |
Operating | 6,212,831 | 5,524,500 | 5,315,837 |
Loss before the following | (15,605,454) | (15,294,507) | (13,917,701) |
Interest | 130,101 | 163,902 | 197,859 |
Loss before income taxes | (15,475,353) | (15,130,605) | (13,719,842) |
Income tax expense | (141,498) | (9,374) | (3,153) |
Net loss | (15,616,851) | (15,139,979) | (13,722,995) |
Other comprehensive (loss) income items that may be reclassified to net loss | |||
Translation adjustment | (180,330) | (206,918) | 480,935 |
Net comprehensive loss | $ (15,797,181) | $ (15,346,897) | $ (13,242,060) |
Basic and diluted loss per common share (cad per share) | $ (0.12) | $ (0.13) | $ (0.12) |
Weighted average number of shares (basic) | 132,395,752 | 119,880,200 | 112,613,845 |
Weighted average number of shares (diluted) | 132,395,752 | 119,880,200 | 112,613,845 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - CAD ($) | Total | Share Purchase Agreement | At-the-market agreement | Public Offering | Share Capital $ | Share Capital $Share Purchase Agreement | Share Capital $At-the-market agreement | Share Capital $Public Offering | Warrants $ | Warrants $Public Offering | Contributed Surplus $ | Accumulated Other Comprehensive Income $ | Accumulated Deficit $ |
Equity at Dec. 31, 2014 | $ 13,819,193 | $ 237,657,056 | $ 0 | $ 25,848,429 | $ 280,043 | $ (249,966,335) | |||||||
Net loss and other comprehensive income | (13,242,060) | 480,935 | (13,722,995) | ||||||||||
Issue pursuant to At the Market Agreement | $ 4,371,687 | $ 20,049,693 | $ 4,371,687 | $ 20,049,693 | |||||||||
Share based compensation | 429,537 | 429,537 | |||||||||||
Share issue costs | (753,744) | (753,744) | |||||||||||
Equity at Dec. 31, 2015 | 24,674,306 | 261,324,692 | 0 | 26,277,966 | 760,978 | (263,689,330) | |||||||
Net loss and other comprehensive income | (15,346,897) | (206,918) | (15,139,979) | ||||||||||
Issue pursuant to At the Market Agreement | 1,456,296 | 1,456,296 | |||||||||||
Issued pursuant to stock option plan | 0 | 41,000 | (41,000) | ||||||||||
Share based compensation | 406,078 | 406,078 | |||||||||||
Share issue costs | (500,163) | (500,163) | (500,163) | ||||||||||
Equity at Dec. 31, 2016 | 10,689,620 | 262,321,825 | 0 | 26,643,044 | 554,060 | (278,829,309) | |||||||
Net loss and other comprehensive income | (15,797,181) | (180,330) | (15,616,851) | ||||||||||
Issue pursuant to At the Market Agreement | 2,348,821 | $ 11,511,500 | $ 2,348,821 | $ 7,893,600 | $ 3,617,900 | ||||||||
Issued pursuant to stock option plan | $ 343,440 | $ 536,949 | (193,509) | ||||||||||
Share based compensation | 578,703 | 578,703 | |||||||||||
Share issue costs | (1,391,057) | $ (245,655) | (1,391,057) | ||||||||||
Equity at Dec. 31, 2017 | $ 8,283,846 | $ 271,710,138 | $ 3,617,900 | $ 27,028,238 | $ 373,730 | $ (294,446,160) |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - CAD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Operating Activities | |||
Net loss for the year | $ (15,616,851) | $ (15,139,979) | $ (13,722,995) |
Amortization - property and equipment | 90,768 | 162,233 | 180,411 |
Share based compensation | 578,703 | 406,078 | 429,537 |
Unrealized foreign exchange gain | (124,793) | (139,810) | (816,319) |
Net change in non-cash working capital | 180,855 | 2,233,865 | (1,105,464) |
Cash used in operating activities | (14,891,318) | (12,477,613) | (15,034,830) |
Investing Activities | |||
Acquisition of property and equipment | (105,765) | (23,527) | (108,268) |
Redemption (purchase) of short-term investments | 2,088,800 | (27,823) | (29,292) |
Cash provided by (used in) investing activities | 1,983,035 | (51,350) | (137,560) |
Financing Activities | |||
Proceeds from Share Purchase Agreement | 0 | 0 | 4,305,396 |
Proceeds from exercise of stock options | 343,440 | 0 | 0 |
Cash provided by financing activities | 12,812,704 | 956,133 | 23,667,636 |
(Decrease) increase in cash | (95,579) | (11,572,830) | 8,495,246 |
Cash and cash equivalents, beginning of year | 12,034,282 | 24,016,275 | 14,152,825 |
Impact of foreign exchange on cash and cash equivalents | (102,584) | (409,163) | 1,368,204 |
Cash and cash equivalents, end of year | 11,836,119 | 12,034,282 | 24,016,275 |
At-the-market agreement | |||
Financing Activities | |||
Proceeds from share issuance | 2,103,166 | 956,133 | 19,362,240 |
Public Offering | |||
Financing Activities | |||
Proceeds from share issuance | $ 10,366,098 | $ 0 | $ 0 |
Incorporation and Nature of Ope
Incorporation and Nature of Operations | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure Of Notes And Other Explanatory Information [Abstract] | |
Incorporation and Nature of Operations | Incorporation and Nature of Operations Oncolytics Biotech Inc. was incorporated on April 2, 1998 under the Business Corporations Act (Alberta) as 779738 Alberta Ltd. On April 8, 1998, we changed our name to Oncolytics Biotech Inc. Our consolidated financial statements for the year ended December 31, 2017 , were authorized for issue in accordance with a resolution of the Board of Directors (the "Board") on March 8, 2018 . We are a limited company incorporated and domiciled in Canada. Our shares are publicly traded and our registered office is located at 210, 1167 Kensington Crescent NW, Calgary, Alberta, Canada. We are a development stage biopharmaceutical company that focuses on the discovery and development of pharmaceutical products for the treatment of cancers that have not been successfully treated with conventional therapeutics. Our lead product, REOLYSIN ® , is a potential immuno-oncology viral-agent that may be a novel treatment for certain types of cancer and may be an alternative to existing cytotoxic or cytostatic therapies. Our clinical development program for REOLYSIN emphasizes three programs: chemotherapy combinations to trigger selective tumor lysis; immune modulator (IMiD) combinations to facilitate innate immune responses; and immuno-therapy combinations to produce adaptive immune responses. |
Basis of Financial Statement Pr
Basis of Financial Statement Presentation | 12 Months Ended |
Dec. 31, 2017 | |
Corporate Information And Statement Of IFRS Compliance [Abstract] | |
Basis of Financial Statement Presentation | Basis of Financial Statement Presentation Our consolidated financial statements include our financial statements and the financial statements of our subsidiaries Oncolytics Biotech (Barbados) Inc., Oncolytics Biotech (US) Inc., and Oncolytics Biotech (UK) Inc. and are presented in Canadian dollars, our functional currency. The accounts are prepared on the historical cost basis, except for certain assets and liabilities which are measured at fair value as explained in the notes to these financial statements. These consolidated financial statements have been prepared in accordance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB"). Basis of consolidation Our accounts include the accounts of Oncolytics Biotech Inc. and our subsidiaries. Subsidiaries are entities over which we have control which is achieved when we are exposed, or have the rights, to variable returns from our involvement with the investee and has the ability to affect those returns through our power to govern. Accounting policies of subsidiaries are consistent with our accounting policies and all intra-group transactions, balances, income and expenses are eliminated on consolidation. A change in ownership interest of a subsidiary, without a change in control, is accounted for as an equity transaction. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2017 | |
Summary Of Significant Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies The consolidated financial statements have, in management's opinion, been properly prepared within reasonable limits of materiality and within the framework of the significant accounting policies summarized below. Deferred income taxes We follow the liability method of accounting for income taxes. Under the liability method, deferred income taxes are recognized for the difference between financial statement carrying values and the respective income tax basis of assets and liabilities (temporary differences). Deferred income tax assets and liabilities are measured using substantively enacted income tax rates and laws expected to apply in the years in which temporary differences are expected to be recovered or settled. The effect on deferred income tax assets and liabilities of a change in tax rates is charged or credited to income, except when it is related to items charged or credited to either other comprehensive income or directly to equity. Financial instruments Financial assets Financial assets are comprised of cash and cash equivalents, contract receivable, other receivables and short-term investments. Financial assets are initially recorded at fair market value and are classified as follows: Cash and cash equivalents Cash and cash equivalents consist of cash on hand and interest bearing deposits with our bank and have been designated as held for trading. Contract receivable and other receivables Contract receivable and other receivables have been classified as loans and receivables. Short-term investments We determine the appropriate classification of our short-term investments at the time of purchase and re-evaluate such classification as of each reporting date. We classify our short-term investments as held-to-maturity as we have the positive intent and ability to hold the securities to maturity. Held-to-maturity securities are stated at original cost, adjusted for amortization of premiums and accretion of discounts to maturity computed under the effective interest rate method. Such amortization and interest on securities classified as held-to-maturity are included in interest income. Impairment of financial assets We assess at each reporting date whether there is any objective evidence that a financial asset or a group of financial assets is impaired. A financial asset or a group of financial assets is deemed to be impaired if, and only if, there is objective evidence of impairment as a result of one or more events that has occurred after the initial recognition of the asset (an incurred loss event) and that loss event has an impact on the estimated future cash flows of the financial asset or the group of financial assets that can be reliably estimated. Financial liabilities Trade accounts payable Trade accounts payable are non interest-bearing and recorded at fair market value. They are classified as other financial liabilities and are subsequently measured at amortized cost using the effective interest rate method. Fair Value Measurement Fair value is the price that would be received to sell an asset, or paid to transfer a liability in an orderly transaction between market participants, at the measurement date. In determining the fair value measurement of our financial instruments we prioritize the related inputs used in measuring fair value into the following hierarchy: Level 1 - Quoted prices (unadjusted) in active markets for identical assets or liabilities; Level 2 - Inputs other than quoted prices included within Level 1 that are either directly or indirectly observable; Level 3 - Unobservable inputs in which little or no market activity exists, therefore requiring an entity to develop its own assumptions about the assumptions that market participants would use in pricing. Transaction Costs Transaction costs are expensed as incurred for financial instruments designated as held for trading. Transaction costs for other financial instruments are recognized as part of the financial instrument's carrying value. Foreign currency translation The financial statements for each of our subsidiaries are prepared using their functional currency. Our presentation currency is the Canadian dollar which is also Oncolytics Biotech Inc.'s functional currency. Foreign currency transactions are translated into the functional currency using exchange rates prevailing at the dates of the transactions. Exchange differences resulting from the settlement of such transactions and from the translation at exchange rates ruling at the statement of financial position date of monetary assets and liabilities denominated in currencies other than the functional currency are recognized directly in the consolidated statement of loss and comprehensive loss. Exceptions to this are where the monetary items form part of the net investment in a foreign operation and the foreign operation's functional currency is the local currency. These exchange differences are initially recognized in equity. The statement of financial position of foreign operations is translated into Canadian dollars using the exchange rate at the statement of financial position date and the income statements are translated into Canadian dollars using the average exchange rate for the period. Where this average is not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, the exchange rate on the transaction date is used. Exchange differences on translation into Canadian dollars are recognized as a separate component of equity. On disposal of a foreign operation, any cumulative exchange differences held in equity are transferred to the consolidated statement of loss and comprehensive loss. Investment tax credits Investment tax credits ("ITCs") relating to qualifying scientific research and experimental development expenditures that are refundable are accounted for as a reduction in research and development expenditures. ITCs that are non-refundable, but are recoverable against future taxes payable, are accrued only when there is reasonable assurance that the credits will be realized. ITCs are subject to technical and financial review by the Canadian tax authorities on a project-by-project basis. Therefore, amounts ultimately received may vary significantly from the amounts recorded. Any such differences are recorded as an adjustment to the recognized amount in the year the review by the Canadian tax authority is completed and the results are made known to us. Loss per common share Basic loss per common share is determined using the weighted average number of common shares outstanding during the period. We use the treasury stock method to calculate diluted loss per common share. Under this method, diluted loss per common share is computed in a manner consistent with basic loss per common share except that the weighted average common shares outstanding are increased to include additional common shares from the assumed exercise of options and warrants, if dilutive. The number of additional common shares is calculated by assuming that any outstanding “in the money” options, restricted share units, performance share units and warrants were exercised at the later of the beginning of the period or the date of issue and that the proceeds from such exercises were used to acquire shares of common stock at the average market price during the reporting period. Property and equipment Property and equipment are recorded at cost. Depreciation is provided on bases and at rates designed to amortize the cost of the assets over their estimated useful lives. Depreciation is recorded using the declining balance method at the following annual rates: Office equipment and furniture 20% Medical equipment 20% Computer equipment 30% Leasehold improvements Straight-line over the term of the lease Research and development costs Research costs are expensed as incurred, net of recoveries. We record accruals for the estimated costs of our clinical trial activities performed by third parties. The financial terms of these agreements are subject to negotiation, vary from contract to contract and may result in uneven payment flows to our vendors. Payments under the contracts depend on factors such as the achievement of certain events, successful enrollment of patients, and completion of certain clinical trial activities. We generally accrue costs associated with the treatment phase of clinical trials based on the total estimated cost of the treatment phase on a per patient basis and we expense the per patient cost ratably over the estimated patient treatment period based on patient enrollment in the trials. Advance payments for goods or services that will be used or rendered for future research and development activities are capitalized as prepaid expenses and recognized as expense as the related goods are delivered or the related services are performed. We base our estimates on the best information available at the time. However, additional information may become available to us which may allow us to make a more accurate estimate in future periods. In this event, we may be required to record adjustments to research and development expenses in future periods when the actual level of activity becomes more certain. Such increases or decreases in cost are generally considered to be changes in estimates and will be reflected in research and development expenses in the period identified. Development costs that meet specific criteria related to technical, market and financial feasibility will be capitalized. To date, all development costs have been expensed. Revenue recognition Revenue relates to a long-term contract associated with a regional licensing agreement (the "Agreement") with Adlai Nortye Biopharma Co., Ltd. ("Adlai"). The pricing for the contract was based on the specific negotiations with Adlai and includes non-refundable upfront license fees, development and regulatory milestone payments, royalties and sales-based milestone payments. We account for a contract when it has approval and commitment from both parties, the rights of the parties are identified, payment terms are identified, the contract has commercial substance and collectability of consideration is probable. Under the Agreement, we have granted a regional license to our intellectual property. The granting of this license is accounted for as one performance obligation. We have determined that we provide Adlai with a right to access our intellectual property, and therefore recognize revenue related to the upfront license fee over time. Revenue is recognized based on the extent of progress towards completion of the performance obligation using the input method. Under the input method, the extent of progress towards completion is measured based on the ratio of costs incurred to date to the total estimated costs at completion of the performance obligation. We use this method because Adlai receives and consumes the benefit of our intellectual property as we undertake activities that impact the intellectual property. Management must use judgment in making assumptions and estimates regarding total estimated costs, the complexity of the work to be performed, and the length of time to complete the performance obligation, among other variables. The contract also provides for development and regulatory milestone payments, royalties and sales-based milestone payments. These amounts are contingent on the occurrence of a future event and therefore give rise to variable consideration. We estimate variable consideration at the most likely amount to which we expect to be entitled. We include estimated amounts in the transaction price when it becomes highly probable that the amount will not be subject to significant reversal when the uncertainty associated with the variable consideration is resolved. Our estimates of variable consideration and determination of whether to include estimated amounts in the transaction price are based largely on an assessment of our anticipated performance and all information (historical, current and forecasted) that is reasonably available to us. Based on this information and related analysis, any quarterly adjustments to revenue are recognized as necessary in the period they become known. The upfront license fee is not considered a significant financing component because it is used to meet working capital demands that can be higher in the early stages of a contract and to protect us from the other party failing to adequately complete some or all of its obligations under the contract. Revenue from sales-based royalties and the achievement of annual sales volumes will be recognized when the subsequent sale occurs, as the license of the intellectual property is the predominant item to which the royalty relates. We consider payments associated with the achievement of annual sales volumes to be, in substance, royalty payments and we will recognize such sales-based payments upon achievement of such sales volumes, provided that collection is reasonably assured. Contract receivable - Contract receivable includes amounts billed and currently due from customers. When appropriate, we provide for an allowance for doubtful accounts by reserving for specifically identified doubtful accounts. We perform a review of our customer’s credit risk and payment histories, including payments made subsequent to year-end. Contract liability - Our contract liability includes upfront license fees and billings in excess of revenue recognized. Contract liabilities are recognized as revenue as or when we perform under the contract. We classify our contract liability as current or noncurrent based on the timing of when we expect to recognize revenue. Share based payments Stock option plan We have one stock option plan (the “Option Plan”) available to officers, directors, employees, consultants and suppliers with grants under the Option Plan approved from time to time by our Board of Directors (the “Board”). Under the Option Plan, the exercise price of each option is set at equal to or higher than the trading price of our stock on the date of grant in accordance with Toronto Stock Exchange guidelines. Vesting is provided for at the discretion of the Board and the expiration of options is to be no greater than 10 years from the date of grant. Exercised stock options are settled with common shares issued from treasury. We use the fair value based method of accounting for stock option awards granted under the Option Plan. We recognize compensation expense and a corresponding adjustment to contributed surplus equal to the fair value of the stock options granted using the Black Scholes Option Pricing Model. The fair value of stock options with a graded vesting schedule is determined based on different expected lives for the options that vest each year, as it would be if the award were viewed as several separate awards, each with a different vesting date, and it is accounted for over the respective vesting period taking into consideration forfeiture estimates. Compensation expense is adjusted for subsequent changes in management’s estimate of the number of options that are expected to vest. Share based payments to non-employees are measured at the date we obtain the goods or the date the counterparty renders the service. Incentive share award plan Our incentive share award plan (the "Share Plan") is available to directors, officers and employees. Under our Share Plan, performance share units and restricted share units may be approved from time to time by the Board. Performance share units ("PSUs") are an award to certain officers and employees to which common shares shall be issued based upon achieving the applicable performance criteria. Restricted share units ("RSUs") are an award to certain officers and employees and to non-employee directors to which common shares shall be issued in accordance with the Share Plan. We recognize compensation expense and a corresponding adjustment to contributed surplus equal to the market value of our common shares at the date of grant based on the number of PSUs/RSUs expected to vest, recognized over the term of the vesting period. Compensation expense is adjusted for subsequent changes in management’s estimate of the number of PSUs/RSUs that are expected to vest. The effect of these changes is recognized in the period of the change. Adoption of New Accounting Standards IFRS 15 - Revenue from Contracts with Customers In May 2014, the IASB issued IFRS 15 Revenue from Contracts with Customers . The new standard will replace IAS 18 Revenue and IAS 11 Construction Contracts . IFRS 15 establishes a comprehensive framework for determining whether, how much and when revenue is recognised, and also contains new requirements related to presentation. The core principle in that framework is that revenue should be recognised dependent on the transfer of promised goods or services to the customer for an amount that reflects the consideration which should be received in exchange for those goods or services. The objective of the standard is to provide a five-step approach to revenue recognition that includes identifying contracts with customers, identifying performance obligations, determining transaction prices, allocating transaction prices to performance obligations, and recognising revenue when or as performance obligations are satisfied. Judgment will need to be applied, including making estimates and assumptions, for multiple-element contracts in identifying performance obligations, in constraining estimates of variable consideration and in allocating the transaction price to each performance obligation. This new standard is effective for annual periods beginning on or after January 1, 2018, with early adoption permitted. We early adopted this standard effective for our year ended December 31, 2017 using the full retrospective method. There were no adjustments to our consolidated financial statements resulting from this early adoption. Accounting Standards and Interpretations Issued but Not Yet Effective IFRS 9 - Financial Instruments In July 2014, on completion of the impairment phase of the project to reform accounting for financial instruments and replace IAS 39 Financial Instruments: Recognition and Measurement , the IASB issued the final version of IFRS 9 Financial Instruments. IFRS 9 includes guidance on the classification and measurement of financial assets and financial liabilities and impairment of financial assets (i.e. recognition of credit losses). Under the classification and measurement requirements for financial assets, financial assets must be classified and measured at either amortized cost or at fair value through profit or loss or through other comprehensive income, depending on the basis of the entity’s business model for managing the financial asset and the contractual cash flow characteristics of the financial asset. The classification requirements for financial liabilities are unchanged from IAS 39. IFRS 9 requirements address the problem of volatility in net earnings arising from an issuer choosing to measure certain liabilities at fair value and require that the portion of the change in fair value due to changes in the entity’s own credit risk be presented in other comprehensive income, rather than within net earnings. The new requirements for impairment of financial assets introduce an expected loss impairment model that requires more timely recognition of expected credit losses. IAS 39 impairment requirements are based on an incurred loss model where credit losses are not recognized until there is evidence of a trigger event. IFRS 9 is effective for annual periods beginning on or after January 1, 2018 with early adoption permitted. We are assessing the impact of adopting this standard on our consolidated financial statements. IFRS 16 - Leases In January 2016, the IASB issued IFRS 16 - Leases (“IFRS 16”), which replaces IAS 17 - Leases (“IAS 17”) and related interpretations. IFRS 16 provides a single lessee accounting model, requiring the recognition of assets and liabilities for all leases, unless the lease term is 12-months or less or the underlying asset has a low value. IFRS 16 substantially carries forward the lessor accounting in IAS 17 with the distinction between operating leases and finance leases being retained. IFRS 16 will be applied retrospectively for annual periods beginning on or after January 1, 2019. Early adoption is permitted under certain circumstances. We are assessing the potential impact of adopting this standard on our consolidated financial statements. |
Significant Judgments, Estimate
Significant Judgments, Estimates and Assumptions | 12 Months Ended |
Dec. 31, 2017 | |
Significant Judgments, Estimates And Assumptions [Abstract] | |
Significant Judgments, Estimates and Assumptions | Significant Judgments, Estimates and Assumptions Judgments The preparation of our consolidated financial statements requires us to make judgments, estimates and assumptions that affect the reported amount of expenses, assets, liabilities, and the disclosure of contingent liabilities, at the end of the reporting period. However, uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of the asset or liability affected in future periods. Estimates and assumptions Because a precise determination of many assets and liabilities is dependent upon future events, the preparation of financial statements in conformity with IFRS requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of expenses during the reporting periods. Actual results could differ from those estimates and such differences could be significant. Significant estimates made by management affecting our consolidated financial statements include: Revenue recognition We entered into an Agreement which provides, among other payments, for upfront license fees in exchange for a regional license to our intellectual property. Management uses its judgment in applying the input method when determining the extent of progress towards completion of the performance obligation. Revenue recognition requires assumptions and estimates regarding total estimated costs, the complexity of the work to be performed, and the length of time to complete the performance obligation, among other variables. Share based payments Part of our share based payment expense is measured by reference to the fair value of our stock options at the date at which they are granted. Estimating fair value for granted stock options requires determining the most appropriate valuation model which is dependent on the terms and conditions of the grant. This estimate also requires determining the most appropriate inputs to the valuation model including the expected life of the option, volatility, dividend yield, and rate of forfeitures and making assumptions about them. The value of the share based payment expense for the year along with the assumptions and model used for estimating fair value for share based compensation transactions are disclosed in Note 8. Taxes Uncertainties exist with respect to the interpretation of complex tax regulations and the amount and timing of future taxable income. Currently, we are accumulating tax loss carry forward balances in various tax jurisdictions creating a deferred tax asset. Deferred tax assets are recognized for all unused tax losses to the extent that it is probable that taxable profit will be available against which the losses can be utilized. Management judgment is required to determine the amount of deferred tax assets that can be recognized, based upon the likely timing and the level of future taxable profits together with future tax planning strategies. To date we have determined that none of our deferred tax assets should be recognized. Our deferred tax assets are mainly comprised of our net operating losses from prior years, prior year research and development expenses, and non-refundable investment tax credits. These tax pools relate to entities that have a history of losses, have varying expiry dates, and may not be used to offset taxable income within our other subsidiaries. As well, there are no taxable temporary differences or any tax planning opportunities available that could partly support the recognition of these losses as deferred tax assets. |
Cash Equivalents and Short Term
Cash Equivalents and Short Term Investments | 12 Months Ended |
Dec. 31, 2017 | |
Cash Equivalents And Short Term Investments [Abstract] | |
Cash Equivalents and Short Term Investments | Cash Equivalents and Short Term Investments Cash Equivalents Cash equivalents consist of interest bearing deposits with our bank totaling $ 9,204,919 ( December 31, 2016 – $10,679,992 ). The current annual interest rate earned on these deposits is 1.38% ( December 31, 2016 – 0.96% ). Short-Term Investments Short-term investments consisted of guaranteed investment certificates which are liquid investments that are readily convertible to known amounts of cash and are subject to an insignificant risk of changes in value. The objectives for holding short-term investments were to invest our excess cash resources in investment vehicles that provided a better rate of return compared to our interest bearing bank account with limited risk to the principal invested. We intended to match the maturities of these short-term investments with the cash requirements of the Company’s activities and treat these as held-to-maturity short-term investments. Face Value $ Original Cost $ Accrued Interest $ Carrying Value $ Fair Value $ Effective Interest Rate % December 31, 2017 Short-term investments — — — — — —% December 31, 2016 Short-term investments 2,088,800 2,088,800 — 2,088,800 2,088,800 1.41% Fair value is determined by using published market prices provided by our investment advisor. |
Property and Equipment
Property and Equipment | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of detailed information about property, plant and equipment [abstract] | |
Property and Equipment | Property and Equipment Medical Equipment Computer Equipment Office Furniture Office Equipment Leasehold Improvements Total Cost As at December 31, 2015 197,870 685,277 214,085 87,964 465,865 1,651,061 Additions, net of foreign exchange impact — 20,098 — 1,502 770 22,370 As at December 31, 2016 197,870 705,375 214,085 89,466 466,635 1,673,431 Additions, net of foreign exchange impact — 24,778 11,811 — 67,665 104,254 Disposals — (48,168 ) — — — (48,168 ) As at December 31, 2017 197,870 681,985 225,896 89,466 534,300 1,729,517 Amortization As at December 31, 2015 133,477 505,245 127,383 58,759 366,379 1,191,243 Amortization for the year 11,492 48,929 10,241 5,408 86,163 162,233 As at December 31, 2016 144,969 554,174 137,624 64,167 452,542 1,353,476 Amortization for the year 9,365 43,558 9,710 4,620 23,515 90,768 Disposals — (48,168 ) — — — (48,168 ) As at December 31, 2017 154,334 549,564 147,334 68,787 476,057 1,396,076 Net book value As at December 31, 2017 43,536 132,421 78,562 20,679 58,243 333,441 As at December 31, 2016 52,901 151,201 76,461 25,299 14,093 319,955 |
Share Capital
Share Capital | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of Share Capital, Reserves And Other Equity Interest [Abstract] | |
Share Capital | Share Capital Authorized: Unlimited number of no par value common shares Issued: Shares Warrants Number Amount Number Amount $ Balance, December 31, 2014 93,512,494 237,657,056 — — Issued pursuant to Share Purchase (a) 5,778,674 4,371,687 — — Issued pursuant to "At the Market" sales agreement (b) 18,860,454 20,049,693 — — Share issue costs — (753,744 ) — — Balance, December 31, 2015 118,151,622 261,324,692 — — Issued pursuant to incentive share award plan 100,000 41,000 — — Issued pursuant to "At the Market" equity distribution agreement (c) 3,006,600 1,456,296 — — Share issue costs — (500,163 ) — — Balance, December 31, 2016 121,258,222 262,321,825 — — Issued pursuant to stock option plan 801,000 536,949 — — Issued pursuant to "At the Market" equity distribution agreement (c) 3,301,500 2,348,821 — — Issued pursuant to public offering (d) 16,445,000 7,893,600 16,445,000 3,617,900 Share issue costs — (1,391,057 ) — — Balance, December 31, 2017 141,805,722 271,710,138 16,445,000 3,617,900 (a) In 2014, we entered into a share purchase agreement (the "Share Purchase Agreement") with Lincoln Park Capital Fund, LLC ("LPC") to sell up to US$26,000,000 of common stock. Subject to the terms and conditions of the Share Purchase Agreement and at our sole discretion, we may sell up to US$26.0 million worth of common shares to LPC over the 30 -month term. The purchase price of the common shares was based on prevailing market prices of our common shares immediately preceding the notice of a sale without any fixed discount. Subject to the Share Purchase Agreement, we controlled the timing and amount of each investment and LPC was obligated to make such purchases, if and when elected. The Share Purchase Agreement did not impose any upper price limit restrictions, negative covenants or restrictions on our future financing activities, but required that we maintained our NASDAQ listing. Under the Share Purchase Agreement, we issued an initial commitment fee of 292,793 common shares to LPC valued at fair value of US$455,000 . An additional 292,793 common shares was to be issued on a pro rata basis under the terms of the Share Purchase Agreement as an additional commitment fee. On October 20, 2014, we reached an agreement to amend the Share Purchase Agreement. The specific amendments included allowing the Company to sell shares to LPC at the Company's sole option independent of the closing price of the Common Stock, increasing the number of shares that may have been sold to LPC at certain price levels and changed the way the number of Commitment Shares issuable was to be calculated. In consideration of the amendments to the Agreement, the Company issued 146,397 shares of Common Stock to LPC. In 2015, under the terms of the amended Share Purchase Agreement, we issued 5,778,674 common shares for net proceeds of approximately US$3.5 million . As part of the shares issued, we issued 78,674 commitment shares. The commitment shares have been valued at fair value of US$50,024 and have been recorded as additional share issue costs. On November 5, 2015, we were delisted from the NASDAQ Capital Market and as a result we were unable to sell common shares under the Share Purchase Agreement. (b) On October 24, 2014, we entered into an "at-the-market" ("ATM") equity distribution agreement with Canaccord Genuity Inc. acting as sole agent. Under the terms of the distribution agreement, we were able to, from time to time, sell shares of our common stock having an aggregate offering value of up to US$20 million through Canaccord Genuity Inc. directly to investors in the US through our NASDAQ listing. We were able to determine, at our sole discretion, the timing and number of shares to be sold under this ATM facility. During 2015, we issued 18,860,454 common shares for net proceeds of approximately US$15.5 million . On November 5, 2015, we were delisted from the NASDAQ Capital Market and as a result we were unable to sell common shares under our existing ATM. (c) On February 25, 2016, we entered into an ATM equity distribution agreement with Canaccord Genuity Inc. acting as our sole agent with an aggregate offering value of up to $4.6 million which allows us to sell our common shares through the facilities of the Toronto Stock Exchange or other "marketplace” (as defined in National Instrument 21-101 Marketplace Operation) in Canada (our "Canadian ATM"). Subject to the terms of our Canadian ATM, we are able to determine, at our sole discretion, the timing and number of shares to be sold under this ATM facility. During 2017, we sold 3,301,500 (2016 - 3,006,600 ) common shares for gross proceeds of $ 2,348,821 (2016 - $ 1,456,296 ). We incurred share issue costs of $ 245,655 (2016 - $500,163 ). (d) On June 1, 2017, pursuant to an underwritten public offering, 16,445,000 units were sold at a purchase price of $0.70 per unit for gross proceeds of $11,511,500 . Each unit included one common share (ascribed value of $0.48 ) and one common share purchase warrant (ascribed value of $0.22 ). The ascribed value was determined using the relative fair value method. The ascribed value of the common share purchase warrants was determined using the Black Scholes option pricing model. Each common share purchase warrant entitles the holder to purchase one common share in the capital of the Company until June 1, 2022, at an exercise price of $0.95 . The common share purchase warrants will be subject to acceleration if the volume weighted average price of the Company's common shares equals or exceeds $2.50 for 15 consecutive trading dates. We incurred share issue costs of $1,145,402 . Warrants The following table summarizes the assumptions used in the Black Scholes Option Pricing Model with respect to the valuation of warrants issued: 2017 Risk-free interest rate 0.70% Expected hold period to exercise 2.0 years Volatility in the price of the Company's shares 89.30% Dividend yield Nil We use historical data to estimate the expected dividend yield and expected volatility of our stock in determining the fair value of the warrants. The risk-free interest rate is based on the Government of Canada benchmark bond yield rates in effect at the time of grant and the expected life of the warrants represents the estimated length of time the warrants are expected to remain outstanding. The following table summarizes our outstanding warrants at December 31, 2017: Exercise Price Outstanding, Beginning of the Year Granted During the Year Outstanding, End of the Year Weighted Average Remaining Contractual Life (years) $ 0.95 — 16,445,000 16,445,000 4.42 |
Share Based Payments
Share Based Payments | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure Of Share-based Payment Arrangements [Abstract] | |
Share Based Payments | Share Based Payments Stock Option Plan We have issued stock options to acquire common stock through our stock option plan of which the following are outstanding at December 31 : 2017 2016 2015 Stock Options Weighted Average Exercise Price Stock Options Weighted Average Exercise Price Stock Options Weighted Average Exercise Price Outstanding, beginning of the year 8,674,227 1.83 8,561,394 2.17 5,446,394 3.19 Granted during the year 405,000 0.48 1,572,000 0.28 3,280,000 0.43 Forfeited during the year (2,012,660 ) 3.45 (737,500 ) 0.65 (100,000 ) 1.69 Expired during the year (116,900 ) 2.22 (721,667 ) 3.61 (65,000 ) 1.49 Exercised during the year (801,000 ) 0.43 — — — — Outstanding, end of the year 6,148,667 1.39 8,674,227 1.83 8,561,394 2.17 Options exercisable, end of the year 5,453,501 1.51 6,729,643 2.27 6,476,394 2.73 The following table summarizes information about the stock options outstanding and exercisable at December 31, 2017 : Range of Exercise Prices Number Outstanding Weighted Average Remaining Contractual Life (years) Weighted Average Exercise Price Number Exercisable Weighted Average Exercise Price $0.26 - $0.42 3,437,000 8.46 0.35 2,921,834 0.35 $0.51 - $0.80 538,000 8.22 0.64 358,000 0.70 $1.45 - $2.00 1,002,667 5.62 1.77 1,002,667 1.77 $2.13 - $3.89 545,500 3.74 3.42 545,500 3.42 $4.01 - $6.72 625,500 3.94 5.34 625,500 5.34 6,148,667 7.09 1.39 5,453,501 1.51 Non-exercisable options vest either annually over periods ranging from one to three years or upon satisfaction of certain performance criteria. The estimated fair value of stock options issued during the year was determined using the Black Scholes Option Pricing Model using the following weighted average assumptions and fair value of options: 2017 2016 2015 Risk-free interest rate 1.18% 0.82% 0.63% Expected hold period to exercise 3.0 years 3.0 years 3.0 years Volatility in the price of the Company's shares 90.73% 94.84% 90% Rate of forfeiture 3.67% 3.67% 3.67% Dividend yield Nil Nil Nil Weighted average fair value of options $0.28 $0.17 $0.24 We use historical data to estimate the expected dividend yield and expected volatility of our stock in determining the fair value of the stock options. The risk-free interest rate is based on the Government of Canada benchmark bond yield rates in effect at the time of grant and the expected life of the options represents the estimated length of time the options are expected to remain outstanding. Incentive Share Award Plan Restricted Share Units We have issued restricted share units ("RSUs") to non-employee directors through our incentive share award plan. Grants of RSUs to non-employee directors vest either on the third anniversary date from the grant date or when the director ceases to be a member of the board. We have also issued RSUs to certain officers and employees of the Company. Grants of RSUs to certain officers and employees of the Company vest over a three year period. The following RSUs are outstanding at December 31 : 2017 2016 2015 Outstanding, beginning of the year 1,322,829 368,831 — Granted during the year 486,238 1,053,998 368,831 Forfeited during the year — — — Vested during the year — (100,000 ) — Outstanding, end of the year 1,809,067 1,322,829 368,831 (1) The weighted average fair value of the RSUs granted was $0.63 in 2017 (2016 - $0.31 ). Performance Share Units We have also issued performance share units ("PSUs") to certain officers and employees of the Company. Grants of PSUs require completion of certain performance criteria and cliff vest after 3 years or vest over a three year period, depending on the grant. PSU grants to certain officers will vest immediately upon a change of control of the Company. If certain officers cease employment with the Company, vesting occurs on a pro rata basis prior to the third anniversary of the grant but after the first anniversary. The following PSUs are outstanding at December 31 : 2017 2016 2015 Outstanding, beginning of the year 840,000 — — Granted during the year 60,000 1,500,000 — Forfeited during the year — (660,000 ) — Outstanding, end of the year 900,000 840,000 — (1) The weighted average fair value of the PSUs granted was $ 0.35 in 2017 (2016 - $0.36 ). We have reserved 14,180,572 common shares for issuance relating to our outstanding equity compensation plans. Compensation expense related to stock options, RSUs and PSUs for the year ended December 31, 2017 was $578,703 ( 2016 - $406,078 ; 2015 - $429,537 ). |
Loss Per Common Share
Loss Per Common Share | 12 Months Ended |
Dec. 31, 2017 | |
Earnings per share [abstract] | |
Loss Per Common Share | Loss Per Common Share Loss per common share is calculated using net loss for the year and the weighted average number of common shares outstanding for the year ended December 31, 2017 of 132,395,752 ( 2016 - 119,880,200 ; 2015 - 112,613,845 ). The effect of any potential exercise of our stock options and warrants outstanding during the year has been excluded from the calculation of diluted loss per common share, as it would be anti-dilutive. |
Contract Liability and Receivab
Contract Liability and Receivable | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of revenue from contracts with customers [Abstract] | |
Contract liability and receivable | Contract liability and receivable Regional licensing agreement We entered into a regional licensing agreement (the "Agreement") with Adlai Nortye Biopharma Co., Ltd. ("Adlai") in November 2017. Under the terms of the Agreement, Adlai will have exclusive development and commercialization rights to REOLYSIN in China, Hong Kong, Macau, Singapore, South Korea and Taiwan. We are entitled to receive upfront license fees, development and regulatory milestone payments, royalties and sales-based milestone payments. Warrant purchase agreement We also entered into a warrant purchase agreement with Adlai. Under the terms of the warrant purchase agreement, we are entitled to receive two milestone payments totaling US $8 million made of of two common share purchase warrants: • One common share purchase warrant of US $2 million whereby, upon exercise, Adlai may purchase our common shares priced at a 20% premium to the five -day weighted average closing price immediately preceding the exercise date. We have the right to call this warrant when the first patient is enrolled in the phase 3 metastatic breast cancer study or six months after execution of the Agreement, whichever is later. • One common share purchase warrant of US $6 million whereby, upon exercise, Adlai may purchase our common shares priced at a 20% premium to the five -day weighted average closing price immediately preceding the exercise date. We have the right to call this warrant upon the enrollment of the 50 th patient in the phase 3 metastatic breast cancer study. Contract liability Our contract liability balance at December 31, which w e expect to record in revenue over the next five years , is as follows: 2017 2016 Balance, beginning of the year — — Regional licensing agreement 6,182,580 — Revenue recognized in the year — — Balance, end of the year 6,182,580 — Contract liability - current 1,545,645 — Contract liability - non-current 4,636,935 — 6,182,580 — Contract receivable Our contract receivable due from Adlai at December 31, 2017 is $4,767,100 . |
Commitments
Commitments | 12 Months Ended |
Dec. 31, 2017 | |
Commitments [Abstract] | |
Commitments | Commitments We are committed to payments totaling $5,980,454 during 2018 for activities related to our clinical trial, manufacturing and collaboration programs. We are committed to rental payments (excluding our portion of operating costs and rental taxes) under the terms of our office leases. Annual payments under the terms of these leases are as follows: Amount $ 2018 285,987 2019 251,743 2020 159,990 2021 43,130 740,850 Under a clinical trial agreement entered into with the Alberta Cancer Board (“ACB”), we have agreed to repay the amount funded under the agreement together with a royalty, to a combined maximum amount of $400,000 plus an overhead repayment of $100,000 , upon sales of a specified product. We agreed to repay the ACB in annual installments in an amount equal to the lesser of: (a) 5% of gross sales of a specified product; or (b) $100,000 per annum once sales of a specified product commence. |
Contingencies
Contingencies | 12 Months Ended |
Dec. 31, 2017 | |
Contingencies [Abstract] | |
Contingencies | Contingencies Assumption Agreement In 1999, we entered into an agreement that assumed certain obligations (the “Assumption Agreement”) in connection with a Share Purchase Agreement (the “Agreement”) between SYNSORB and our former shareholders to make milestone payments and royalty payments. As of December 31, 2017 , a milestone payment was still outstanding for $1.0 million , due within 90 days of the first receipt from an Appropriate Regulatory Authority, for marketing approval to sell REOLYSIN ® to the public or the approval of a new drug application for REOLYSIN. This milestone payment, when payable, will be accounted for as research and development expense and will not be deductible for income tax purposes. In addition to the milestone payment, payments may become due and payable in accordance with the Agreement upon realization of sales of REOLYSIN. If we receive royalty payments or other payments as a result of entering into partnerships or other arrangements for the development of the reovirus technology, we are obligated to pay to the founding shareholders 10.75% (2016 - 11.75% ) of the royalty payments and other payments received. Alternatively, if we develop the reovirus treatment to the point where it may be marketed at a commercial level, the payments referred to in the foregoing sentence will be amended to a royalty payment of 2.15% (2016 - 2.35% ) of Net Sales received for such products. BRI “Work in Kind” Contribution We entered into an engineering and process development agreement with the Biotechnology Research Institute of the National Research Council of Canada (“BRI”). The terms of this Agreement include a “work in kind” contribution from BRI. In exchange for this “work in kind” contribution, we agreed to provide a royalty, contingent upon receiving Sales Revenue, at the lesser of 0.5% of Sales Revenue or $20,000 per year. The total royalty under this Agreement is equal to two times the “work in kind” contribution. As of December 31, 2017 , we estimate that the accumulated work in kind totals approximately $301,000 . |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of income tax [Abstract] | |
Income Taxes | Income Taxes The provision for income taxes recorded in the consolidated financial statements differs from the amount which would be obtained by applying the statutory income tax rate to the loss before income taxes as follows: 2017 2016 2015 Loss before income taxes (15,475,353 ) (15,130,605 ) (13,719,842 ) Statutory Canadian corporate tax rate 27.00 % 27.00 % 26.00 % Anticipated tax recovery (4,178,345 ) (4,085,263 ) (3,567,159 ) Foreign jurisdiction tax rate difference 2,899,190 2,184,796 2,659,145 Employee stock based compensation 156,250 109,641 111,680 Change in tax rate — — (1,336,941 ) Adjustment to opening tax pools 162,162 (39,569 ) (1,339,467 ) Other permanent differences 53,039 100,525 23,620 Change in deferred tax benefits deemed not probable to 1,051,725 1,739,557 3,455,622 Current income taxes 144,021 9,687 6,500 Adjustment in respect to prior periods (2,523 ) (313 ) (3,347 ) Net current tax expense 141,498 9,374 3,153 As at December 31, 2017 , we have the following non-capital losses for income tax purposes in Canada: Expiry $ 2026 9,809,000 2027 12,170,000 2029 4,009,000 2030 4,774,000 2031 4,343,000 2032 2,873,000 2033 2,457,000 2034 2,472,000 2035 3,125,000 2036 6,430,000 2037 4,846,000 57,308,000 As at December 31, 2017 , we have the following non-refundable federal investment tax credits for income tax purposes in Canada: Expiry $ 2020 189,000 2021 471,000 2022 465,000 2023 361,000 2024 228,000 2025 271,000 2026 520,000 2027 596,000 2028 622,000 2029 173,000 2030 91,000 2031 114,000 2032 381,000 2033 487,000 2034 270,000 2035 183,000 2036 41,000 2037 600 5,463,600 As well, we have unclaimed scientific research and experimental development expenditures available to reduce future years’ taxable income of approximately $27,400,000 . We have not recorded the potential benefits of these tax pools in these consolidated financial statements. Deferred tax assets are recognized, to the extent that it is probable that taxable income will be available, against which the deductible temporary differences and the carry-forward of unused tax credits and unused tax losses can be utilized. The components of our unrecognized deferred tax asset are as follows: 2017 2016 2015 Net operating losses carried forward 19,160,218 17,821,631 15,950,044 Scientific research and experimental development 7,406,099 7,394,707 7,278,284 Investment tax credits 3,988,325 3,990,664 3,987,214 Undepreciated capital costs in excess of book value of property and equipment and intellectual property 1,927,640 1,908,654 1,839,107 Share issue costs 493,343 432,659 619,066 Net capital losses carried forward 7,598 7,598 7,598 Unrecognized deferred tax asset 32,983,223 31,555,913 29,681,313 |
Capital Disclosures
Capital Disclosures | 12 Months Ended |
Dec. 31, 2017 | |
Statement of changes in equity [abstract] | |
Capital Disclosures | Capital Disclosures Our objective when managing capital is to maintain a strong statement of financial position. We achieve our objective by obtaining adequate cash resources to support planned activities which include the clinical trial program, product manufacturing, administrative costs and intellectual property expansion and protection. We include shareholders’ equity, cash and cash equivalents and short-term investments in the definition of capital. 2017 2016 Cash and cash equivalents 11,836,119 12,034,282 Short-term investments — 2,088,800 Shareholders’ equity 8,283,846 10,689,620 We do not have any debt other than trade accounts payable and we have potential contingent obligations relating to the completion of our research and development of REOLYSIN. In managing our capital, we estimate our future cash requirements by preparing a budget and a multi-year plan annually for review and approval by our Board. The budget establishes the approved activities for the upcoming year and estimates the costs associated with these activities. The multi-year plan estimates future activity along with the potential cash requirements and is based on our assessment of our current clinical trial progress along with the expected results from the coming year’s activity. Budget to actual variances are prepared and reviewed by management and are presented quarterly to the Board. Historically, funding for our plan is primarily managed through the issuance of additional common shares and common share purchase warrants that upon exercise are converted to common shares. Management regularly monitors the capital markets attempting to balance the timing of issuing additional equity with our progress through our clinical trial program, general market conditions, and the availability of capital. There are no assurances that funds will be made available to us when required. On February 16, 2016, we renewed our short form base shelf prospectus (the “Base Shelf”) that qualifies for distribution of up to $150,000,000 of common shares, subscription receipts, warrants, or units (the “Securities”) in Canada. Under our Base Shelf, we may sell Securities to or through underwriters, dealers, placement agents or other intermediaries and also may sell Securities directly to purchasers or through agents, subject to obtaining any applicable exemption from registration requirements. The distribution of Securities may be effected from time to time in one or more transactions at a fixed price or prices, which may be changed, at market prices prevailing at the time of sale, or at prices related to such prevailing market prices to be negotiated with purchasers and as set forth in an accompanying Prospectus Supplement. Renewing our Base Shelf provides us with additional flexibility when managing our cash resources as, under certain circumstances, it shortens the time period required to close a financing and is expected to increase the number of potential investors that may be prepared to invest in our company. Funds received from a Prospectus Supplement will be used in line with our Board approved budget and multi-year plan. Our renewed Base Shelf expires on March 16, 2018 and allowed us to enter into our Canadian ATM equity distribution agreement (see Note 7). We use this equity arrangement to assist us in achieving our capital objective. We are not subject to externally imposed capital requirements and there have been no changes in how we define or manage our capital in 2017. |
Financial Instruments
Financial Instruments | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of detailed information about financial instruments [abstract] | |
Financial Instruments | Financial Instruments Our financial instruments consist of cash and cash equivalents, short-term investments, contract receivable, other receivables and accounts payable. As at December 31, 2017 , there are no significant differences between the carrying values of these amounts and their estimated market values. Credit risk Credit risk is the risk of financial loss if a counterparty to a financial instrument fails to meet its contractual obligations. We are exposed to credit risk on our cash and cash equivalents, short-term investments and contract receivable in the event of non-performance by counterparties, but we do not anticipate such non-performance. Our maximum exposure to credit risk at the end of the period is the carrying value of our cash and cash equivalents, short-term investments and contract receivable. We mitigate our exposure to credit risk by maintaining our primary operating and investment bank accounts with Schedule I banks in Canada. For our foreign domiciled bank accounts, we use referrals or recommendations from our Canadian banks to open foreign bank accounts and these accounts are used solely for the purpose of settling accounts payable or payroll. We also mitigate our exposure to credit risk by restricting our portfolio to investment grade securities with short-term maturities and by monitoring the credit risk and credit standing of counterparties. As at December 31, 2016, 100% of our short-term investments were in guaranteed investment certificates. We mitigate our exposure to credit risk connected to our contract receivable by performing a review of our customer's credit risk and payment histories, including payments made subsequent to year-end. Interest rate risk Interest rate risk is the risk that future cash flows of a financial instrument will fluctuate because of changes in market interest rates. We are exposed to interest rate risk through our cash and cash equivalents and our portfolio of short-term investments. We mitigate this risk through our investment policy that only allows investment of excess cash resources in investment grade vehicles while matching maturities with our operational requirements. Fluctuations in market rates of interest do not have a significant impact on our results of operations due to the short term to maturity of the investments held. Currency risk Currency risk is the risk that future cash flows of a financial instrument will fluctuate because of changes in foreign exchange rates. In the normal course of our operations, we are exposed to currency risk from the purchase of goods and services primarily in the U.S., the U.K. and the European Union. In addition, we are exposed to currency risk to the extent cash is held in foreign currencies from either the purchase of foreign currencies or when we receive foreign currency proceeds from operating and financing activities. As well, we are exposed to currency risk related to our regional licensing agreement. The impact of a $0.01 increase in the value of the U.S. dollar against the Canadian dollar would have increased our net loss in 2017 by approximately $5,056 . The impact of a $0.10 increase in the value of the British pound against the Canadian dollar would have increased our net loss in 2017 by approximately $21,492 . The impact of a $0.10 increase in the value of the Euro against the Canadian dollar would have increased our net loss in 2017 by approximately $11,736 . We mitigate our foreign exchange risk by maintaining sufficient foreign currencies, through the purchase of foreign currencies or receiving foreign currencies from financing activities, to settle our foreign accounts payable. Balances in foreign currencies at December 31, 2017 are as follows: US dollars $ British pounds £ Euro Cash and cash equivalents 1,948,573 21,755 19,372 Contract receivable 3,800,000 — — Accounts payable (777,271 ) (13,949 ) (1,100 ) 4,971,302 7,806 18,272 Liquidity risk Liquidity risk is the risk that we will encounter difficulty in meeting obligations associated with financial liabilities. We manage liquidity risk through the management of our capital structure as outlined in Note 14. Accounts payable are all due within the current operating period. |
Additional Cash Flow Disclosure
Additional Cash Flow Disclosures | 12 Months Ended |
Dec. 31, 2017 | |
Statement of cash flows [abstract] | |
Additional Cash Flow Disclosures | Additional Cash Flow Disclosures Net Change In Non-Cash Working Capital 2017 2016 2015 Change in: Contract receivable (4,767,100 ) — — Other receivables 16,680 285,653 (148,308 ) Prepaid expenses (915,222 ) 245,828 (215,116 ) Accounts payable and accrued liabilities (384,641 ) 1,359,172 (664,505 ) Contract liability 6,182,580 — — Non-cash impact of foreign exchange 48,558 343,212 (77,535 ) Change in non-cash working capital related to operating activities 180,855 2,233,865 (1,105,464 ) Other Cash Flow Disclosures 2017 2016 2015 Cash interest received 130,101 163,902 197,859 Cash taxes paid 136,163 4,468 3,421 |
Indemnification of Officers and
Indemnification of Officers and Directors | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure Of Indemnification Of Officers and Directors [Abstract] | |
Indemnification of Officers and Directors | Indemnification of Officers and Directors Our corporate by-laws require that, except to the extent expressly prohibited by law, we will indemnify our officers and directors against all costs, charges and expenses, including an amount paid to settle an action or satisfy a judgment reasonably incurred in respect of any civil, criminal or administrative action or proceeding as it relates to their services to the Company. The by-laws provide no limit to the amount of the indemnification. We have purchased directors’ and officers’ insurance coverage to cover claims made against the directors and officers during the applicable policy periods. The amounts and types of coverage have varied from period to period as dictated by market conditions. We believe that we have adequate insurance coverage; however, there is no guarantee that all indemnification payments will be covered under our existing insurance policies. There is no pending litigation or proceeding involving any of our officers or directors as to which indemnification is being sought, nor are we aware of any threatened litigation that may result in claims for indemnification. |
Economic Dependence
Economic Dependence | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure Of Economic Dependence [Abstract] | |
Economic Dependence | Economic Dependence We are economically dependent on our toll manufacturers. We primarily use one toll manufacturer in the US to produce the clinical grade REOLYSIN required for our clinical trial program. Any significant disruption of the services provided by our primary toll manufacturer has the potential to delay the progress of our clinical trial program. We have used another toll manufacturer in the U.K. that has also produced clinical grade REOLYSIN at a smaller scale. We have attempted to mitigate this risk by producing sufficient REOLYSIN in advance of patient enrollment in a particular clinical trial. |
Other Expenses and Adjustments
Other Expenses and Adjustments | 12 Months Ended |
Dec. 31, 2017 | |
Analysis of income and expense [abstract] | |
Other Expenses and Adjustments | Other Expenses and Adjustments We present our expenses based on the function of each expense and therefore include realized foreign exchange gains and losses, unrealized non-cash foreign exchange gains and losses and non-cash stock based compensation associated with research and development activity as a component of research and development expenses and amortization of property and equipment and stock based compensation associated with operating activities as a component of operating expenses. 2017 2016 2015 $ Included in research and development expenses: Realized foreign exchange (gain) loss (120,794 ) 104,851 238,709 Unrealized non-cash foreign exchange loss (gain) 55,538 67,109 (816,319 ) Non-cash share based compensation 230,141 233,919 257,016 Included in operating expenses Amortization of property and equipment 90,768 162,233 180,411 Non-cash share based compensation 348,562 172,159 172,521 Office minimum lease payments 231,509 148,600 196,601 |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of related party [Abstract] | |
Related Party Transactions | Related Party Transactions Compensation of Key Management Personnel Key management personnel are those persons having authority and responsibility for planning, directing and controlling our activities as a whole. We have determined that key management personnel consists of the members of the Board of Directors along with certain officers of the Company. 2017 2016 2015 Short-term employee compensation and benefits 2,596,082 2,753,553 2,941,342 Termination benefits 779,666 1,330,828 — Share-based payments 459,298 372,008 353,419 3,835,046 4,456,389 3,294,761 Assumption Agreement In November 2017, with the signing of a regional licensing agreement with upfront license fees (see Note 10), the Company triggered a liability of US $178,125 to an officer as detailed in the Assumption Agreement (see Note 12). As at December 31, 2017, US$ 178,125 was included in accounts payable and accrued liabilities. US $35,625 was paid in January 2018 and the balance will be paid after receipt of the contract receivable from Adlai. |
Summary of Significant Accoun27
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Summary Of Significant Accounting Policie [Abstract] | |
Deferred income taxes | We follow the liability method of accounting for income taxes. Under the liability method, deferred income taxes are recognized for the difference between financial statement carrying values and the respective income tax basis of assets and liabilities (temporary differences). Deferred income tax assets and liabilities are measured using substantively enacted income tax rates and laws expected to apply in the years in which temporary differences are expected to be recovered or settled. The effect on deferred income tax assets and liabilities of a change in tax rates is charged or credited to income, except when it is related to items charged or credited to either other comprehensive income or directly to equity. |
Financial assets | Financial assets are comprised of cash and cash equivalents, contract receivable, other receivables and short-term investments. Financial assets are initially recorded at fair market value and are classified as follows: Cash and cash equivalents Cash and cash equivalents consist of cash on hand and interest bearing deposits with our bank and have been designated as held for trading. Contract receivable and other receivables Contract receivable and other receivables have been classified as loans and receivables. Short-term investments We determine the appropriate classification of our short-term investments at the time of purchase and re-evaluate such classification as of each reporting date. We classify our short-term investments as held-to-maturity as we have the positive intent and ability to hold the securities to maturity. Held-to-maturity securities are stated at original cost, adjusted for amortization of premiums and accretion of discounts to maturity computed under the effective interest rate method. Such amortization and interest on securities classified as held-to-maturity are included in interest income. Impairment of financial assets We assess at each reporting date whether there is any objective evidence that a financial asset or a group of financial assets is impaired. A financial asset or a group of financial assets is deemed to be impaired if, and only if, there is objective evidence of impairment as a result of one or more events that has occurred after the initial recognition of the asset (an incurred loss event) and that loss event has an impact on the estimated future cash flows of the financial asset or the group of financial assets that can be reliably estimated. |
Financial liabilities | Trade accounts payable Trade accounts payable are non interest-bearing and recorded at fair market value. They are classified as other financial liabilities and are subsequently measured at amortized cost using the effective interest rate method. |
Fair value measurement | Fair value is the price that would be received to sell an asset, or paid to transfer a liability in an orderly transaction between market participants, at the measurement date. In determining the fair value measurement of our financial instruments we prioritize the related inputs used in measuring fair value into the following hierarchy: Level 1 - Quoted prices (unadjusted) in active markets for identical assets or liabilities; Level 2 - Inputs other than quoted prices included within Level 1 that are either directly or indirectly observable; Level 3 - Unobservable inputs in which little or no market activity exists, therefore requiring an entity to develop its own assumptions about the assumptions that market participants would use in pricing. |
Transaction costs | Transaction costs are expensed as incurred for financial instruments designated as held for trading. Transaction costs for other financial instruments are recognized as part of the financial instrument's carrying value. |
Foreign currency translation | The financial statements for each of our subsidiaries are prepared using their functional currency. Our presentation currency is the Canadian dollar which is also Oncolytics Biotech Inc.'s functional currency. Foreign currency transactions are translated into the functional currency using exchange rates prevailing at the dates of the transactions. Exchange differences resulting from the settlement of such transactions and from the translation at exchange rates ruling at the statement of financial position date of monetary assets and liabilities denominated in currencies other than the functional currency are recognized directly in the consolidated statement of loss and comprehensive loss. Exceptions to this are where the monetary items form part of the net investment in a foreign operation and the foreign operation's functional currency is the local currency. These exchange differences are initially recognized in equity. The statement of financial position of foreign operations is translated into Canadian dollars using the exchange rate at the statement of financial position date and the income statements are translated into Canadian dollars using the average exchange rate for the period. Where this average is not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, the exchange rate on the transaction date is used. Exchange differences on translation into Canadian dollars are recognized as a separate component of equity. On disposal of a foreign operation, any cumulative exchange differences held in equity are transferred to the consolidated statement of loss and comprehensive loss. |
Investment tax credits | Investment tax credits ("ITCs") relating to qualifying scientific research and experimental development expenditures that are refundable are accounted for as a reduction in research and development expenditures. ITCs that are non-refundable, but are recoverable against future taxes payable, are accrued only when there is reasonable assurance that the credits will be realized. ITCs are subject to technical and financial review by the Canadian tax authorities on a project-by-project basis. Therefore, amounts ultimately received may vary significantly from the amounts recorded. Any such differences are recorded as an adjustment to the recognized amount in the year the review by the Canadian tax authority is completed and the results are made known to us. |
Loss per common share | Basic loss per common share is determined using the weighted average number of common shares outstanding during the period. We use the treasury stock method to calculate diluted loss per common share. Under this method, diluted loss per common share is computed in a manner consistent with basic loss per common share except that the weighted average common shares outstanding are increased to include additional common shares from the assumed exercise of options and warrants, if dilutive. The number of additional common shares is calculated by assuming that any outstanding “in the money” options, restricted share units, performance share units and warrants were exercised at the later of the beginning of the period or the date of issue and that the proceeds from such exercises were used to acquire shares of common stock at the average market price during the reporting period. |
Property and equipment | Property and equipment are recorded at cost. Depreciation is provided on bases and at rates designed to amortize the cost of the assets over their estimated useful lives. Depreciation is recorded using the declining balance method at the following annual rates: Office equipment and furniture 20% Medical equipment 20% Computer equipment 30% Leasehold improvements Straight-line over the term of the lease |
Research and development costs | Research costs are expensed as incurred, net of recoveries. We record accruals for the estimated costs of our clinical trial activities performed by third parties. The financial terms of these agreements are subject to negotiation, vary from contract to contract and may result in uneven payment flows to our vendors. Payments under the contracts depend on factors such as the achievement of certain events, successful enrollment of patients, and completion of certain clinical trial activities. We generally accrue costs associated with the treatment phase of clinical trials based on the total estimated cost of the treatment phase on a per patient basis and we expense the per patient cost ratably over the estimated patient treatment period based on patient enrollment in the trials. Advance payments for goods or services that will be used or rendered for future research and development activities are capitalized as prepaid expenses and recognized as expense as the related goods are delivered or the related services are performed. We base our estimates on the best information available at the time. However, additional information may become available to us which may allow us to make a more accurate estimate in future periods. In this event, we may be required to record adjustments to research and development expenses in future periods when the actual level of activity becomes more certain. Such increases or decreases in cost are generally considered to be changes in estimates and will be reflected in research and development expenses in the period identified. Development costs that meet specific criteria related to technical, market and financial feasibility will be capitalized. To date, all development costs have been expensed. |
Revenue recognition | Revenue relates to a long-term contract associated with a regional licensing agreement (the "Agreement") with Adlai Nortye Biopharma Co., Ltd. ("Adlai"). The pricing for the contract was based on the specific negotiations with Adlai and includes non-refundable upfront license fees, development and regulatory milestone payments, royalties and sales-based milestone payments. We account for a contract when it has approval and commitment from both parties, the rights of the parties are identified, payment terms are identified, the contract has commercial substance and collectability of consideration is probable. Under the Agreement, we have granted a regional license to our intellectual property. The granting of this license is accounted for as one performance obligation. We have determined that we provide Adlai with a right to access our intellectual property, and therefore recognize revenue related to the upfront license fee over time. Revenue is recognized based on the extent of progress towards completion of the performance obligation using the input method. Under the input method, the extent of progress towards completion is measured based on the ratio of costs incurred to date to the total estimated costs at completion of the performance obligation. We use this method because Adlai receives and consumes the benefit of our intellectual property as we undertake activities that impact the intellectual property. Management must use judgment in making assumptions and estimates regarding total estimated costs, the complexity of the work to be performed, and the length of time to complete the performance obligation, among other variables. The contract also provides for development and regulatory milestone payments, royalties and sales-based milestone payments. These amounts are contingent on the occurrence of a future event and therefore give rise to variable consideration. We estimate variable consideration at the most likely amount to which we expect to be entitled. We include estimated amounts in the transaction price when it becomes highly probable that the amount will not be subject to significant reversal when the uncertainty associated with the variable consideration is resolved. Our estimates of variable consideration and determination of whether to include estimated amounts in the transaction price are based largely on an assessment of our anticipated performance and all information (historical, current and forecasted) that is reasonably available to us. Based on this information and related analysis, any quarterly adjustments to revenue are recognized as necessary in the period they become known. The upfront license fee is not considered a significant financing component because it is used to meet working capital demands that can be higher in the early stages of a contract and to protect us from the other party failing to adequately complete some or all of its obligations under the contract. Revenue from sales-based royalties and the achievement of annual sales volumes will be recognized when the subsequent sale occurs, as the license of the intellectual property is the predominant item to which the royalty relates. We consider payments associated with the achievement of annual sales volumes to be, in substance, royalty payments and we will recognize such sales-based payments upon achievement of such sales volumes, provided that collection is reasonably assured. Contract receivable - Contract receivable includes amounts billed and currently due from customers. When appropriate, we provide for an allowance for doubtful accounts by reserving for specifically identified doubtful accounts. We perform a review of our customer’s credit risk and payment histories, including payments made subsequent to year-end. Contract liability - Our contract liability includes upfront license fees and billings in excess of revenue recognized. Contract liabilities are recognized as revenue as or when we perform under the contract. We classify our contract liability as current or noncurrent based on the timing of when we expect to recognize revenue. |
Share based payments | Stock option plan We have one stock option plan (the “Option Plan”) available to officers, directors, employees, consultants and suppliers with grants under the Option Plan approved from time to time by our Board of Directors (the “Board”). Under the Option Plan, the exercise price of each option is set at equal to or higher than the trading price of our stock on the date of grant in accordance with Toronto Stock Exchange guidelines. Vesting is provided for at the discretion of the Board and the expiration of options is to be no greater than 10 years from the date of grant. Exercised stock options are settled with common shares issued from treasury. We use the fair value based method of accounting for stock option awards granted under the Option Plan. We recognize compensation expense and a corresponding adjustment to contributed surplus equal to the fair value of the stock options granted using the Black Scholes Option Pricing Model. The fair value of stock options with a graded vesting schedule is determined based on different expected lives for the options that vest each year, as it would be if the award were viewed as several separate awards, each with a different vesting date, and it is accounted for over the respective vesting period taking into consideration forfeiture estimates. Compensation expense is adjusted for subsequent changes in management’s estimate of the number of options that are expected to vest. Share based payments to non-employees are measured at the date we obtain the goods or the date the counterparty renders the service. Incentive share award plan Our incentive share award plan (the "Share Plan") is available to directors, officers and employees. Under our Share Plan, performance share units and restricted share units may be approved from time to time by the Board. Performance share units ("PSUs") are an award to certain officers and employees to which common shares shall be issued based upon achieving the applicable performance criteria. Restricted share units ("RSUs") are an award to certain officers and employees and to non-employee directors to which common shares shall be issued in accordance with the Share Plan. We recognize compensation expense and a corresponding adjustment to contributed surplus equal to the market value of our common shares at the date of grant based on the number of PSUs/RSUs expected to vest, recognized over the term of the vesting period. Compensation expense is adjusted for subsequent changes in management’s estimate of the number of PSUs/RSUs that are expected to vest. The effect of these changes is recognized in the period of the change. |
Adoption of new accounting standards | IFRS 15 - Revenue from Contracts with Customers In May 2014, the IASB issued IFRS 15 Revenue from Contracts with Customers . The new standard will replace IAS 18 Revenue and IAS 11 Construction Contracts . IFRS 15 establishes a comprehensive framework for determining whether, how much and when revenue is recognised, and also contains new requirements related to presentation. The core principle in that framework is that revenue should be recognised dependent on the transfer of promised goods or services to the customer for an amount that reflects the consideration which should be received in exchange for those goods or services. The objective of the standard is to provide a five-step approach to revenue recognition that includes identifying contracts with customers, identifying performance obligations, determining transaction prices, allocating transaction prices to performance obligations, and recognising revenue when or as performance obligations are satisfied. Judgment will need to be applied, including making estimates and assumptions, for multiple-element contracts in identifying performance obligations, in constraining estimates of variable consideration and in allocating the transaction price to each performance obligation. This new standard is effective for annual periods beginning on or after January 1, 2018, with early adoption permitted. We early adopted this standard effective for our year ended December 31, 2017 using the full retrospective method. There were no adjustments to our consolidated financial statements resulting from this early adoption. |
Accounting standards and interpretations issued but not yet effective | IFRS 9 - Financial Instruments In July 2014, on completion of the impairment phase of the project to reform accounting for financial instruments and replace IAS 39 Financial Instruments: Recognition and Measurement , the IASB issued the final version of IFRS 9 Financial Instruments. IFRS 9 includes guidance on the classification and measurement of financial assets and financial liabilities and impairment of financial assets (i.e. recognition of credit losses). Under the classification and measurement requirements for financial assets, financial assets must be classified and measured at either amortized cost or at fair value through profit or loss or through other comprehensive income, depending on the basis of the entity’s business model for managing the financial asset and the contractual cash flow characteristics of the financial asset. The classification requirements for financial liabilities are unchanged from IAS 39. IFRS 9 requirements address the problem of volatility in net earnings arising from an issuer choosing to measure certain liabilities at fair value and require that the portion of the change in fair value due to changes in the entity’s own credit risk be presented in other comprehensive income, rather than within net earnings. The new requirements for impairment of financial assets introduce an expected loss impairment model that requires more timely recognition of expected credit losses. IAS 39 impairment requirements are based on an incurred loss model where credit losses are not recognized until there is evidence of a trigger event. IFRS 9 is effective for annual periods beginning on or after January 1, 2018 with early adoption permitted. We are assessing the impact of adopting this standard on our consolidated financial statements. IFRS 16 - Leases In January 2016, the IASB issued IFRS 16 - Leases (“IFRS 16”), which replaces IAS 17 - Leases (“IAS 17”) and related interpretations. IFRS 16 provides a single lessee accounting model, requiring the recognition of assets and liabilities for all leases, unless the lease term is 12-months or less or the underlying asset has a low value. IFRS 16 substantially carries forward the lessor accounting in IAS 17 with the distinction between operating leases and finance leases being retained. IFRS 16 will be applied retrospectively for annual periods beginning on or after January 1, 2019. Early adoption is permitted under certain circumstances. We are assessing the potential impact of adopting this standard on our consolidated financial statements. |
Summary of Significant Accoun28
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Summary Of Significant Accounting Policies [Abstract] | |
Schedule of depreciation rates | Depreciation is recorded using the declining balance method at the following annual rates: Office equipment and furniture 20% Medical equipment 20% Computer equipment 30% Leasehold improvements Straight-line over the term of the lease Medical Equipment Computer Equipment Office Furniture Office Equipment Leasehold Improvements Total Cost As at December 31, 2015 197,870 685,277 214,085 87,964 465,865 1,651,061 Additions, net of foreign exchange impact — 20,098 — 1,502 770 22,370 As at December 31, 2016 197,870 705,375 214,085 89,466 466,635 1,673,431 Additions, net of foreign exchange impact — 24,778 11,811 — 67,665 104,254 Disposals — (48,168 ) — — — (48,168 ) As at December 31, 2017 197,870 681,985 225,896 89,466 534,300 1,729,517 Amortization As at December 31, 2015 133,477 505,245 127,383 58,759 366,379 1,191,243 Amortization for the year 11,492 48,929 10,241 5,408 86,163 162,233 As at December 31, 2016 144,969 554,174 137,624 64,167 452,542 1,353,476 Amortization for the year 9,365 43,558 9,710 4,620 23,515 90,768 Disposals — (48,168 ) — — — (48,168 ) As at December 31, 2017 154,334 549,564 147,334 68,787 476,057 1,396,076 Net book value As at December 31, 2017 43,536 132,421 78,562 20,679 58,243 333,441 As at December 31, 2016 52,901 151,201 76,461 25,299 14,093 319,955 |
Cash Equivalents and Short Te29
Cash Equivalents and Short Term Investments (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Cash Equivalents And Short Term Investments [Abstract] | |
Schedule of short-term investments | Face Value $ Original Cost $ Accrued Interest $ Carrying Value $ Fair Value $ Effective Interest Rate % December 31, 2017 Short-term investments — — — — — —% December 31, 2016 Short-term investments 2,088,800 2,088,800 — 2,088,800 2,088,800 1.41% |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of detailed information about property, plant and equipment [abstract] | |
Schedule of property and equipment | Depreciation is recorded using the declining balance method at the following annual rates: Office equipment and furniture 20% Medical equipment 20% Computer equipment 30% Leasehold improvements Straight-line over the term of the lease Medical Equipment Computer Equipment Office Furniture Office Equipment Leasehold Improvements Total Cost As at December 31, 2015 197,870 685,277 214,085 87,964 465,865 1,651,061 Additions, net of foreign exchange impact — 20,098 — 1,502 770 22,370 As at December 31, 2016 197,870 705,375 214,085 89,466 466,635 1,673,431 Additions, net of foreign exchange impact — 24,778 11,811 — 67,665 104,254 Disposals — (48,168 ) — — — (48,168 ) As at December 31, 2017 197,870 681,985 225,896 89,466 534,300 1,729,517 Amortization As at December 31, 2015 133,477 505,245 127,383 58,759 366,379 1,191,243 Amortization for the year 11,492 48,929 10,241 5,408 86,163 162,233 As at December 31, 2016 144,969 554,174 137,624 64,167 452,542 1,353,476 Amortization for the year 9,365 43,558 9,710 4,620 23,515 90,768 Disposals — (48,168 ) — — — (48,168 ) As at December 31, 2017 154,334 549,564 147,334 68,787 476,057 1,396,076 Net book value As at December 31, 2017 43,536 132,421 78,562 20,679 58,243 333,441 As at December 31, 2016 52,901 151,201 76,461 25,299 14,093 319,955 |
Share Capital (Tables)
Share Capital (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of Share Capital, Reserves And Other Equity Interest [Abstract] | |
Schedule of share capital | Authorized: Unlimited number of no par value common shares Issued: Shares Warrants Number Amount Number Amount $ Balance, December 31, 2014 93,512,494 237,657,056 — — Issued pursuant to Share Purchase (a) 5,778,674 4,371,687 — — Issued pursuant to "At the Market" sales agreement (b) 18,860,454 20,049,693 — — Share issue costs — (753,744 ) — — Balance, December 31, 2015 118,151,622 261,324,692 — — Issued pursuant to incentive share award plan 100,000 41,000 — — Issued pursuant to "At the Market" equity distribution agreement (c) 3,006,600 1,456,296 — — Share issue costs — (500,163 ) — — Balance, December 31, 2016 121,258,222 262,321,825 — — Issued pursuant to stock option plan 801,000 536,949 — — Issued pursuant to "At the Market" equity distribution agreement (c) 3,301,500 2,348,821 — — Issued pursuant to public offering (d) 16,445,000 7,893,600 16,445,000 3,617,900 Share issue costs — (1,391,057 ) — — Balance, December 31, 2017 141,805,722 271,710,138 16,445,000 3,617,900 (a) In 2014, we entered into a share purchase agreement (the "Share Purchase Agreement") with Lincoln Park Capital Fund, LLC ("LPC") to sell up to US$26,000,000 of common stock. Subject to the terms and conditions of the Share Purchase Agreement and at our sole discretion, we may sell up to US$26.0 million worth of common shares to LPC over the 30 -month term. The purchase price of the common shares was based on prevailing market prices of our common shares immediately preceding the notice of a sale without any fixed discount. Subject to the Share Purchase Agreement, we controlled the timing and amount of each investment and LPC was obligated to make such purchases, if and when elected. The Share Purchase Agreement did not impose any upper price limit restrictions, negative covenants or restrictions on our future financing activities, but required that we maintained our NASDAQ listing. Under the Share Purchase Agreement, we issued an initial commitment fee of 292,793 common shares to LPC valued at fair value of US$455,000 . An additional 292,793 common shares was to be issued on a pro rata basis under the terms of the Share Purchase Agreement as an additional commitment fee. On October 20, 2014, we reached an agreement to amend the Share Purchase Agreement. The specific amendments included allowing the Company to sell shares to LPC at the Company's sole option independent of the closing price of the Common Stock, increasing the number of shares that may have been sold to LPC at certain price levels and changed the way the number of Commitment Shares issuable was to be calculated. In consideration of the amendments to the Agreement, the Company issued 146,397 shares of Common Stock to LPC. In 2015, under the terms of the amended Share Purchase Agreement, we issued 5,778,674 common shares for net proceeds of approximately US$3.5 million . As part of the shares issued, we issued 78,674 commitment shares. The commitment shares have been valued at fair value of US$50,024 and have been recorded as additional share issue costs. On November 5, 2015, we were delisted from the NASDAQ Capital Market and as a result we were unable to sell common shares under the Share Purchase Agreement. (b) On October 24, 2014, we entered into an "at-the-market" ("ATM") equity distribution agreement with Canaccord Genuity Inc. acting as sole agent. Under the terms of the distribution agreement, we were able to, from time to time, sell shares of our common stock having an aggregate offering value of up to US$20 million through Canaccord Genuity Inc. directly to investors in the US through our NASDAQ listing. We were able to determine, at our sole discretion, the timing and number of shares to be sold under this ATM facility. During 2015, we issued 18,860,454 common shares for net proceeds of approximately US$15.5 million . On November 5, 2015, we were delisted from the NASDAQ Capital Market and as a result we were unable to sell common shares under our existing ATM. (c) On February 25, 2016, we entered into an ATM equity distribution agreement with Canaccord Genuity Inc. acting as our sole agent with an aggregate offering value of up to $4.6 million which allows us to sell our common shares through the facilities of the Toronto Stock Exchange or other "marketplace” (as defined in National Instrument 21-101 Marketplace Operation) in Canada (our "Canadian ATM"). Subject to the terms of our Canadian ATM, we are able to determine, at our sole discretion, the timing and number of shares to be sold under this ATM facility. During 2017, we sold 3,301,500 (2016 - 3,006,600 ) common shares for gross proceeds of $ 2,348,821 (2016 - $ 1,456,296 ). We incurred share issue costs of $ 245,655 (2016 - $500,163 ). (d) On June 1, 2017, pursuant to an underwritten public offering, 16,445,000 units were sold at a purchase price of $0.70 per unit for gross proceeds of $11,511,500 . Each unit included one common share (ascribed value of $0.48 ) and one common share purchase warrant (ascribed value of $0.22 ). The ascribed value was determined using the relative fair value method. The ascribed value of the common share purchase warrants was determined using the Black Scholes option pricing model. Each common share purchase warrant entitles the holder to purchase one common share in the capital of the Company until June 1, 2022, at an exercise price of $0.95 . The common share purchase warrants will be subject to acceleration if the volume weighted average price of the Company's common shares equals or exceeds $2.50 for 15 consecutive trading dates. We incurred share issue costs of $1,145,402 . |
Summary of assumptions used in the Black Scholes Option Pricing Model for Warrants | The following table summarizes the assumptions used in the Black Scholes Option Pricing Model with respect to the valuation of warrants issued: 2017 Risk-free interest rate 0.70% Expected hold period to exercise 2.0 years Volatility in the price of the Company's shares 89.30% Dividend yield Nil |
Summary of Outstanding Warrants | The following table summarizes our outstanding warrants at December 31, 2017: Exercise Price Outstanding, Beginning of the Year Granted During the Year Outstanding, End of the Year Weighted Average Remaining Contractual Life (years) $ 0.95 — 16,445,000 16,445,000 4.42 The following table summarizes information about the stock options outstanding and exercisable at December 31, 2017 : Range of Exercise Prices Number Outstanding Weighted Average Remaining Contractual Life (years) Weighted Average Exercise Price Number Exercisable Weighted Average Exercise Price $0.26 - $0.42 3,437,000 8.46 0.35 2,921,834 0.35 $0.51 - $0.80 538,000 8.22 0.64 358,000 0.70 $1.45 - $2.00 1,002,667 5.62 1.77 1,002,667 1.77 $2.13 - $3.89 545,500 3.74 3.42 545,500 3.42 $4.01 - $6.72 625,500 3.94 5.34 625,500 5.34 6,148,667 7.09 1.39 5,453,501 1.51 |
Share Based Payments (Tables)
Share Based Payments (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of share-based payment arrangement [Abstract] | |
Schedule of stock options and weighted average exercise prices of share options | We have issued stock options to acquire common stock through our stock option plan of which the following are outstanding at December 31 : 2017 2016 2015 Stock Options Weighted Average Exercise Price Stock Options Weighted Average Exercise Price Stock Options Weighted Average Exercise Price Outstanding, beginning of the year 8,674,227 1.83 8,561,394 2.17 5,446,394 3.19 Granted during the year 405,000 0.48 1,572,000 0.28 3,280,000 0.43 Forfeited during the year (2,012,660 ) 3.45 (737,500 ) 0.65 (100,000 ) 1.69 Expired during the year (116,900 ) 2.22 (721,667 ) 3.61 (65,000 ) 1.49 Exercised during the year (801,000 ) 0.43 — — — — Outstanding, end of the year 6,148,667 1.39 8,674,227 1.83 8,561,394 2.17 Options exercisable, end of the year 5,453,501 1.51 6,729,643 2.27 6,476,394 2.73 |
Schedule of stock options outstanding and exercisable by range of exercise price | The following table summarizes information about the stock options outstanding and exercisable at December 31, 2017 : Range of Exercise Prices Number Outstanding Weighted Average Remaining Contractual Life (years) Weighted Average Exercise Price Number Exercisable Weighted Average Exercise Price $0.26 - $0.42 3,437,000 8.46 0.35 2,921,834 0.35 $0.51 - $0.80 538,000 8.22 0.64 358,000 0.70 $1.45 - $2.00 1,002,667 5.62 1.77 1,002,667 1.77 $2.13 - $3.89 545,500 3.74 3.42 545,500 3.42 $4.01 - $6.72 625,500 3.94 5.34 625,500 5.34 6,148,667 7.09 1.39 5,453,501 1.51 |
Schedule of weighted average remaining contractual life and outstanding stock options by exercise price | The following table summarizes our outstanding warrants at December 31, 2017: Exercise Price Outstanding, Beginning of the Year Granted During the Year Outstanding, End of the Year Weighted Average Remaining Contractual Life (years) $ 0.95 — 16,445,000 16,445,000 4.42 The following table summarizes information about the stock options outstanding and exercisable at December 31, 2017 : Range of Exercise Prices Number Outstanding Weighted Average Remaining Contractual Life (years) Weighted Average Exercise Price Number Exercisable Weighted Average Exercise Price $0.26 - $0.42 3,437,000 8.46 0.35 2,921,834 0.35 $0.51 - $0.80 538,000 8.22 0.64 358,000 0.70 $1.45 - $2.00 1,002,667 5.62 1.77 1,002,667 1.77 $2.13 - $3.89 545,500 3.74 3.42 545,500 3.42 $4.01 - $6.72 625,500 3.94 5.34 625,500 5.34 6,148,667 7.09 1.39 5,453,501 1.51 |
Disclosure weighted average assumptions and fair value of options | The estimated fair value of stock options issued during the year was determined using the Black Scholes Option Pricing Model using the following weighted average assumptions and fair value of options: 2017 2016 2015 Risk-free interest rate 1.18% 0.82% 0.63% Expected hold period to exercise 3.0 years 3.0 years 3.0 years Volatility in the price of the Company's shares 90.73% 94.84% 90% Rate of forfeiture 3.67% 3.67% 3.67% Dividend yield Nil Nil Nil Weighted average fair value of options $0.28 $0.17 $0.24 |
Schedule of number of other equity instruments | The following RSUs are outstanding at December 31 : 2017 2016 2015 Outstanding, beginning of the year 1,322,829 368,831 — Granted during the year 486,238 1,053,998 368,831 Forfeited during the year — — — Vested during the year — (100,000 ) — Outstanding, end of the year 1,809,067 1,322,829 368,831 (1) The weighted average fair value of the RSUs granted was $0.63 in 2017 (2016 - $0.31 ). The following PSUs are outstanding at December 31 : 2017 2016 2015 Outstanding, beginning of the year 840,000 — — Granted during the year 60,000 1,500,000 — Forfeited during the year — (660,000 ) — Outstanding, end of the year 900,000 840,000 — (1) The weighted average fair value of the PSUs granted was $ 0.35 in 2017 (2016 - $0.36 ). |
Contract Liability and Receiv33
Contract Liability and Receivable (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of revenue from contracts with customers [Abstract] | |
Explanation of significant changes in contract assets and contract liabilities [text block] | Our contract liability balance at December 31, which w e expect to record in revenue over the next five years , is as follows: 2017 2016 Balance, beginning of the year — — Regional licensing agreement 6,182,580 — Revenue recognized in the year — — Balance, end of the year 6,182,580 — Contract liability - current 1,545,645 — Contract liability - non-current 4,636,935 — 6,182,580 — |
Commitments (Tables)
Commitments (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Commitments [Abstract] | |
Disclosure of rental payments | We are committed to rental payments (excluding our portion of operating costs and rental taxes) under the terms of our office leases. Annual payments under the terms of these leases are as follows: Amount $ 2018 285,987 2019 251,743 2020 159,990 2021 43,130 740,850 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of income tax [Abstract] | |
Provision for income taxes | The provision for income taxes recorded in the consolidated financial statements differs from the amount which would be obtained by applying the statutory income tax rate to the loss before income taxes as follows: 2017 2016 2015 Loss before income taxes (15,475,353 ) (15,130,605 ) (13,719,842 ) Statutory Canadian corporate tax rate 27.00 % 27.00 % 26.00 % Anticipated tax recovery (4,178,345 ) (4,085,263 ) (3,567,159 ) Foreign jurisdiction tax rate difference 2,899,190 2,184,796 2,659,145 Employee stock based compensation 156,250 109,641 111,680 Change in tax rate — — (1,336,941 ) Adjustment to opening tax pools 162,162 (39,569 ) (1,339,467 ) Other permanent differences 53,039 100,525 23,620 Change in deferred tax benefits deemed not probable to 1,051,725 1,739,557 3,455,622 Current income taxes 144,021 9,687 6,500 Adjustment in respect to prior periods (2,523 ) (313 ) (3,347 ) Net current tax expense 141,498 9,374 3,153 |
Schedule of unrecognized non-capital losses, non-refundable credits and deferred tax assets | As at December 31, 2017 , we have the following non-capital losses for income tax purposes in Canada: Expiry $ 2026 9,809,000 2027 12,170,000 2029 4,009,000 2030 4,774,000 2031 4,343,000 2032 2,873,000 2033 2,457,000 2034 2,472,000 2035 3,125,000 2036 6,430,000 2037 4,846,000 57,308,000 As at December 31, 2017 , we have the following non-refundable federal investment tax credits for income tax purposes in Canada: Expiry $ 2020 189,000 2021 471,000 2022 465,000 2023 361,000 2024 228,000 2025 271,000 2026 520,000 2027 596,000 2028 622,000 2029 173,000 2030 91,000 2031 114,000 2032 381,000 2033 487,000 2034 270,000 2035 183,000 2036 41,000 2037 600 5,463,600 Deferred tax assets are recognized, to the extent that it is probable that taxable income will be available, against which the deductible temporary differences and the carry-forward of unused tax credits and unused tax losses can be utilized. The components of our unrecognized deferred tax asset are as follows: 2017 2016 2015 Net operating losses carried forward 19,160,218 17,821,631 15,950,044 Scientific research and experimental development 7,406,099 7,394,707 7,278,284 Investment tax credits 3,988,325 3,990,664 3,987,214 Undepreciated capital costs in excess of book value of property and equipment and intellectual property 1,927,640 1,908,654 1,839,107 Share issue costs 493,343 432,659 619,066 Net capital losses carried forward 7,598 7,598 7,598 Unrecognized deferred tax asset 32,983,223 31,555,913 29,681,313 |
Capital Disclosures (Tables)
Capital Disclosures (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Statement of changes in equity [abstract] | |
Schedule of capital components | 2017 2016 Cash and cash equivalents 11,836,119 12,034,282 Short-term investments — 2,088,800 Shareholders’ equity 8,283,846 10,689,620 |
Financial Instruments (Tables)
Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of detailed information about financial instruments [abstract] | |
Schedule of balances in foreign currencies | Balances in foreign currencies at December 31, 2017 are as follows: US dollars $ British pounds £ Euro Cash and cash equivalents 1,948,573 21,755 19,372 Contract receivable 3,800,000 — — Accounts payable (777,271 ) (13,949 ) (1,100 ) 4,971,302 7,806 18,272 |
Additional Cash Flow Disclosu38
Additional Cash Flow Disclosures (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Statement of cash flows [abstract] | |
Net change in non-cash working capital | Net Change In Non-Cash Working Capital 2017 2016 2015 Change in: Contract receivable (4,767,100 ) — — Other receivables 16,680 285,653 (148,308 ) Prepaid expenses (915,222 ) 245,828 (215,116 ) Accounts payable and accrued liabilities (384,641 ) 1,359,172 (664,505 ) Contract liability 6,182,580 — — Non-cash impact of foreign exchange 48,558 343,212 (77,535 ) Change in non-cash working capital related to operating activities 180,855 2,233,865 (1,105,464 ) |
Other cash flow disclosures | Other Cash Flow Disclosures 2017 2016 2015 Cash interest received 130,101 163,902 197,859 Cash taxes paid 136,163 4,468 3,421 |
Other Expenses and Adjustments
Other Expenses and Adjustments (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Analysis of income and expense [abstract] | |
Other expenses and adjustments | 2017 2016 2015 $ Included in research and development expenses: Realized foreign exchange (gain) loss (120,794 ) 104,851 238,709 Unrealized non-cash foreign exchange loss (gain) 55,538 67,109 (816,319 ) Non-cash share based compensation 230,141 233,919 257,016 Included in operating expenses Amortization of property and equipment 90,768 162,233 180,411 Non-cash share based compensation 348,562 172,159 172,521 Office minimum lease payments 231,509 148,600 196,601 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of related party [Abstract] | |
Schedule of related party transactions | 2017 2016 2015 Short-term employee compensation and benefits 2,596,082 2,753,553 2,941,342 Termination benefits 779,666 1,330,828 — Share-based payments 459,298 372,008 353,419 3,835,046 4,456,389 3,294,761 |
Summary of Significant Accoun41
Summary of Significant Accounting Policies - Schedule of Depreciation Rates (Details) | 12 Months Ended |
Dec. 31, 2017 | |
Office equipment and furniture | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Annual depreciation rate | 20.00% |
Medical equipment | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Annual depreciation rate | 20.00% |
Computer equipment | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Annual depreciation rate | 30.00% |
Summary of Significant Accoun42
Summary of Significant Accounting Policies - Narrative (Details) | 12 Months Ended |
Dec. 31, 2017plan | |
Summary Of Significant Accounting Policie [Abstract] | |
Number of plans | 1 |
Maximum option expiration term | 10 years |
Cash Equivalents and Short Te43
Cash Equivalents and Short Term Investments - Narrative (Details) - CAD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Cash Equivalents And Short Term Investments [Abstract] | ||
Cash equivalents | $ 9,204,919 | $ 10,679,992 |
Current annual interest rate | 1.38% | 0.96% |
Cash Equivalents and Short Te44
Cash Equivalents and Short Term Investments - Schedule Of Short-term Investments (Details) - Held-to-maturity short-term investments - CAD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of financial assets [line items] | ||
Effective Interest Rate % | 0.00% | 1.41% |
Carrying Value | ||
Disclosure of financial assets [line items] | ||
Short-term investments | $ 0 | $ 2,088,800 |
Original Cost | ||
Disclosure of financial assets [line items] | ||
Short-term investments | 0 | 2,088,800 |
Fair Value | Face Value | ||
Disclosure of financial assets [line items] | ||
Short-term investments | 0 | 2,088,800 |
Fair Value | Fair Value | ||
Disclosure of financial assets [line items] | ||
Short-term investments | $ 0 | $ 2,088,800 |
Property and Equipment (Details
Property and Equipment (Details) - CAD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property and equipment | $ 319,955 | |
Property and equipment | 333,441 | $ 319,955 |
Cost | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property and equipment | 1,673,431 | 1,651,061 |
Additions | 104,254 | 22,370 |
Disposals | (48,168) | |
Property and equipment | 1,729,517 | 1,673,431 |
Amortization | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property and equipment | 1,353,476 | 1,191,243 |
Additions | 90,768 | 162,233 |
Property and equipment | 1,396,076 | 1,353,476 |
Medical equipment | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property and equipment | 52,901 | |
Property and equipment | 43,536 | 52,901 |
Medical equipment | Cost | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property and equipment | 197,870 | 197,870 |
Additions | 0 | 0 |
Disposals | 0 | |
Property and equipment | 197,870 | 197,870 |
Medical equipment | Amortization | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property and equipment | 144,969 | 133,477 |
Additions | 9,365 | 11,492 |
Property and equipment | 154,334 | 144,969 |
Computer equipment | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property and equipment | 151,201 | |
Property and equipment | 132,421 | 151,201 |
Computer equipment | Cost | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property and equipment | 705,375 | 685,277 |
Additions | 24,778 | 20,098 |
Disposals | (48,168) | |
Property and equipment | 681,985 | 705,375 |
Computer equipment | Amortization | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property and equipment | 554,174 | 505,245 |
Additions | 43,558 | 48,929 |
Property and equipment | 549,564 | 554,174 |
Office Furniture | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property and equipment | 76,461 | |
Property and equipment | 78,562 | 76,461 |
Office Furniture | Cost | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property and equipment | 214,085 | 214,085 |
Additions | 11,811 | 0 |
Disposals | 0 | |
Property and equipment | 225,896 | 214,085 |
Office Furniture | Amortization | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property and equipment | 137,624 | 127,383 |
Additions | 9,710 | 10,241 |
Property and equipment | 147,334 | 137,624 |
Office Equipment | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property and equipment | 25,299 | |
Property and equipment | 20,679 | 25,299 |
Office Equipment | Cost | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property and equipment | 89,466 | 87,964 |
Additions | 0 | 1,502 |
Disposals | 0 | |
Property and equipment | 89,466 | 89,466 |
Office Equipment | Amortization | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property and equipment | 64,167 | 58,759 |
Additions | 4,620 | 5,408 |
Property and equipment | 68,787 | 64,167 |
Leasehold Improvements | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property and equipment | 14,093 | |
Property and equipment | 58,243 | 14,093 |
Leasehold Improvements | Cost | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property and equipment | 466,635 | 465,865 |
Additions | 67,665 | 770 |
Disposals | 0 | |
Property and equipment | 534,300 | 466,635 |
Leasehold Improvements | Amortization | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Property and equipment | 452,542 | 366,379 |
Additions | 23,515 | 86,163 |
Property and equipment | $ 476,057 | $ 452,542 |
Share Capital - Schedule of Sha
Share Capital - Schedule of Share Capital (Details) - CAD ($) | Jun. 01, 2017 | Oct. 20, 2014 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Disclosure of classes of share capital [line items] | |||||
Equity | $ 10,689,620 | $ 24,674,306 | $ 13,819,193 | ||
Share capital issued, beginning (shares) | 121,258,222 | ||||
Share issue costs | $ (1,391,057) | (500,163) | (753,744) | ||
Equity | $ 8,283,846 | $ 10,689,620 | 24,674,306 | ||
Share capital issued ending (shares) | 141,805,722 | 121,258,222 | |||
Share Purchase Agreement | |||||
Disclosure of classes of share capital [line items] | |||||
Issued shares | 4,371,687 | ||||
At-the-market agreement | |||||
Disclosure of classes of share capital [line items] | |||||
Issued shares | $ 2,348,821 | $ 1,456,296 | $ 20,049,693 | ||
Issued (shares) | 3,301,500 | 3,006,600 | 18,860,454 | ||
Gross proceeds from common shares | $ 2,348,821 | $ 1,456,296 | |||
Share issue costs | (245,655) | (500,163) | |||
Public Offering | |||||
Disclosure of classes of share capital [line items] | |||||
Issued shares | 11,511,500 | ||||
Issued (shares) | 16,445,000 | ||||
Gross proceeds from common shares | $ 11,511,500 | ||||
Share issue costs | $ (1,145,402) | ||||
Shares | |||||
Disclosure of classes of share capital [line items] | |||||
Equity | $ 262,321,825 | $ 261,324,692 | $ 237,657,056 | ||
Share capital issued, beginning (shares) | 121,258,222 | 118,151,622 | 93,512,494 | ||
Issued shares | $ 536,949 | $ 41,000 | |||
Issued (shares) | 146,397 | 801,000 | 100,000 | ||
Share issue costs | $ (1,391,057) | $ (500,163) | $ (753,744) | ||
Equity | $ 271,710,138 | $ 262,321,825 | $ 261,324,692 | ||
Share capital issued ending (shares) | 141,805,722 | 121,258,222 | 118,151,622 | ||
Shares | Share Purchase Agreement | |||||
Disclosure of classes of share capital [line items] | |||||
Issued shares | $ 4,371,687 | ||||
Issued (shares) | 5,778,674 | ||||
Shares | At-the-market agreement | |||||
Disclosure of classes of share capital [line items] | |||||
Issued shares | $ 2,348,821 | $ 20,049,693 | |||
Issued (shares) | 3,301,500 | 18,860,454 | |||
Shares | Public Offering | |||||
Disclosure of classes of share capital [line items] | |||||
Issued shares | $ 7,893,600 | ||||
Issued (shares) | 16,445,000 | ||||
Warrants | |||||
Disclosure of classes of share capital [line items] | |||||
Equity | $ 0 | $ 0 | $ 0 | ||
Share capital issued, beginning (shares) | 0 | 0 | 0 | ||
Issued (shares) | 16,445,000 | ||||
Equity | $ 3,617,900 | $ 0 | $ 0 | ||
Share capital issued ending (shares) | 16,445,000 | 0 | 0 | ||
Warrants | Public Offering | |||||
Disclosure of classes of share capital [line items] | |||||
Issued shares | $ 3,617,900 | ||||
Issued (shares) | 16,445,000 |
Share Capital - Schedule of S47
Share Capital - Schedule of Share Capital Footnotes (Details) | Jun. 01, 2017CAD ($)$ / sharesshares | Oct. 20, 2014shares | Dec. 31, 2017CAD ($)shares | Dec. 31, 2016CAD ($)shares | Dec. 31, 2015CAD ($)shares | Dec. 31, 2015USD ($)shares | Dec. 31, 2014CAD ($)shares | Jun. 01, 2017$ / sharesshares | Feb. 25, 2016CAD ($) | Dec. 31, 2014USD ($) | Oct. 24, 2014USD ($) |
Disclosure of classes of share capital [line items] | |||||||||||
Equity | $ 8,283,846 | $ 10,689,620 | $ 24,674,306 | $ 13,819,193 | |||||||
Share issue related cost | $ 1,391,057 | $ 500,163 | $ 753,744 | ||||||||
Number of common shares issuable per warrant | shares | 1 | 1 | |||||||||
Share Purchase Agreement | |||||||||||
Disclosure of classes of share capital [line items] | |||||||||||
Share Purchase Agreement | $ 26,000,000 | ||||||||||
Share Purchase Agreement term | 30 months | ||||||||||
At-the-market agreement | |||||||||||
Disclosure of classes of share capital [line items] | |||||||||||
Share Purchase Agreement | $ 20,000,000 | ||||||||||
Issued (shares) | shares | 3,301,500 | 3,006,600 | 18,860,454 | 18,860,454 | |||||||
Proceeds from shares issued under Share Purchase Agreement | $ 15,500,000 | ||||||||||
Equity | $ 4,600,000 | ||||||||||
Gross proceeds from common shares | $ 2,348,821 | $ 1,456,296 | |||||||||
Share issue related cost | $ 245,655 | $ 500,163 | |||||||||
Public Offering | |||||||||||
Disclosure of classes of share capital [line items] | |||||||||||
Issued (shares) | shares | 16,445,000 | ||||||||||
Gross proceeds from common shares | $ 11,511,500 | ||||||||||
Share issue related cost | $ 1,145,402 | ||||||||||
Purchase price (cad per share) | $ / shares | $ 0.70 | ||||||||||
Shares | |||||||||||
Disclosure of classes of share capital [line items] | |||||||||||
Issued (shares) | shares | 146,397 | 801,000 | 100,000 | ||||||||
Future issuance pursuant to Share Purchase Agreement (shares) | shares | 292,793 | ||||||||||
Equity | $ 271,710,138 | $ 262,321,825 | $ 261,324,692 | $ 237,657,056 | |||||||
Share issue related cost | $ 1,391,057 | 500,163 | $ 753,744 | ||||||||
Shares | Share Purchase Agreement | |||||||||||
Disclosure of classes of share capital [line items] | |||||||||||
Issued (shares) | shares | 5,778,674 | 5,778,674 | |||||||||
Shares | Initial commitment fee | |||||||||||
Disclosure of classes of share capital [line items] | |||||||||||
Issued (shares) | shares | 292,793 | ||||||||||
Proceeds from shares issued under Share Purchase Agreement | $ 455,000 | ||||||||||
Shares | Amended Share Purchase Agreement | |||||||||||
Disclosure of classes of share capital [line items] | |||||||||||
Issued (shares) | shares | 5,778,674 | 5,778,674 | |||||||||
Proceeds from shares issued under Share Purchase Agreement | $ 3,500,000 | ||||||||||
Shares | Amended initial commitment fee | |||||||||||
Disclosure of classes of share capital [line items] | |||||||||||
Issued (shares) | shares | 78,674 | 78,674 | |||||||||
Proceeds from shares issued under Share Purchase Agreement | $ 50,024 | ||||||||||
Shares | At-the-market agreement | |||||||||||
Disclosure of classes of share capital [line items] | |||||||||||
Issued (shares) | shares | 3,301,500 | 18,860,454 | 18,860,454 | ||||||||
Shares | Public Offering | |||||||||||
Disclosure of classes of share capital [line items] | |||||||||||
Issued (shares) | shares | 16,445,000 | ||||||||||
Warrants | |||||||||||
Disclosure of classes of share capital [line items] | |||||||||||
Issued (shares) | shares | 16,445,000 | ||||||||||
Equity | $ 3,617,900 | $ 0 | $ 0 | $ 0 | |||||||
Warrants | Public Offering | |||||||||||
Disclosure of classes of share capital [line items] | |||||||||||
Issued (shares) | shares | 16,445,000 | ||||||||||
Purchase price (cad per share) | $ / shares | 0.48 | ||||||||||
Common shares per unit | $ / shares | $ 1 | ||||||||||
Common share purchase warrant per unit | $ / shares | $ 1 | ||||||||||
Purchase price (cad per share) | $ / shares | 0.22 | ||||||||||
Exercise Price | $ 0.95 | ||||||||||
Acceleration threshold weighted average price (cad per share) | $ / shares | $ 2.50 | ||||||||||
Acceleration threshold weighted average price, trading days | 15 | 15 |
Share Capital - Summary of Assu
Share Capital - Summary of Assumptions Used in the Black Scholes Option Pricing Model for Warrants (Details) - year | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of classes of share capital [line items] | |||
Risk-free interest rate | 1.18% | 0.82% | 0.63% |
Expected hold period to exercise | 3 | 3 | 3 |
Volatility in the price of the Company's shares | 90.73% | 94.84% | 90.00% |
Warrants | |||
Disclosure of classes of share capital [line items] | |||
Risk-free interest rate | 0.70% | ||
Expected hold period to exercise | 2 | ||
Volatility in the price of the Company's shares | 89.30% | ||
Dividend yield | 0.00% |
Share Capital - Summary of Outs
Share Capital - Summary of Outstanding Warrants (Details) | 12 Months Ended | ||
Dec. 31, 2017CAD ($)yearshares | Dec. 31, 2016shares | Dec. 31, 2015shares | |
Disclosure of classes of share capital [line items] | |||
Share capital issued, beginning (shares) | 121,258,222 | ||
Share capital issued ending (shares) | 141,805,722 | 121,258,222 | |
Weighted average remaining contractual life of outstanding share options | year | 7.09 | ||
Warrants | |||
Disclosure of classes of share capital [line items] | |||
Exercise Price | $ | $ 0.95 | ||
Share capital issued, beginning (shares) | 0 | 0 | 0 |
Issued (shares) | 16,445,000 | ||
Share capital issued ending (shares) | 16,445,000 | 0 | 0 |
Weighted average remaining contractual life of outstanding share options | 4.42 |
Share Based Payments - Schedule
Share Based Payments - Schedule of Stock Options and Weighted Average Exercise Prices (Details) | 12 Months Ended | ||||
Dec. 31, 2017CAD ($)shares | Dec. 31, 2016CAD ($)shares | Dec. 31, 2015CAD ($)shares | Dec. 31, 2017CAD ($) | Dec. 31, 2017 | |
Disclosure Of Share-based Payment Arrangements [Abstract] | |||||
Outstanding, beginning of the year (shares) | shares | 8,674,227 | 8,561,394 | 5,446,394 | ||
Granted during the year (shares) | shares | 405,000 | 1,572,000 | 3,280,000 | ||
Forfeited during the year (shares) | shares | (2,012,660) | (737,500) | (100,000) | ||
Expired during the year (shares) | shares | (116,900) | (721,667) | (65,000) | ||
Exercised during the year (shares) | shares | (801,000) | 0 | 0 | ||
Outstanding, end of the year (shares) | shares | 6,148,667 | 8,674,227 | 8,561,394 | ||
Options exercisable, end of the year (shares) | 5,453,501 | 6,729,643 | 6,476,394 | 5,453,501 | |
Outstanding, beginning of the year (cad per share) | $ 1.83 | $ 2.17 | $ 3.19 | ||
Granted during the year (cad per share) | 0.48 | 0.28 | 0.43 | ||
Forfeited during the year (cad per share) | 3.45 | 0.65 | 1.69 | ||
Expired during the year (cad per share) | 2.22 | 3.61 | 1.49 | ||
Exercised during the year (cad per share) | 0.43 | 0 | 0 | ||
Outstanding, end of the year (cad per share) | $ 1.39 | 1.83 | 2.17 | ||
Options exercisable, end of the year (cad per share) | $ 2.27 | $ 2.73 | $ 1.51 |
Share Based Payments - Narrativ
Share Based Payments - Narrative (Details) | 12 Months Ended | ||
Dec. 31, 2017CAD ($)shares | Dec. 31, 2016CAD ($) | Dec. 31, 2015CAD ($) | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Non-cash share based compensation | $ | $ 578,703 | $ 406,078 | $ 429,537 |
Restricted share units | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Vesting period | 3 | ||
Performance share units | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Vesting period | 3 | ||
Reserve of share-based payments | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Common shares reserved for issuance | shares | 14,180,572 | ||
Minimum | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Vesting period | 1 | ||
Maximum | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Vesting period | 3 |
Share Based Payments - Schedu52
Share Based Payments - Schedule of Stock Options Outstanding and Exercisable by Range of Exercise Price (Details) | Dec. 31, 2017year | Dec. 31, 2017shares | Dec. 31, 2017CAD ($) | Dec. 31, 2017 | Dec. 31, 2016CAD ($)shares | Dec. 31, 2015CAD ($)shares | Dec. 31, 2014CAD ($)shares |
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||||||
Number Outstanding (options) | shares | 6,148,667 | 8,674,227 | 8,561,394 | 5,446,394 | |||
Weighted Average Remaining Contractual Life (years) | year | 7.09 | ||||||
Weighted Average Exercise Price (cad per share) | $ 1.39 | $ 1.83 | $ 2.17 | $ 3.19 | |||
Number Exercisable (options) | 5,453,501 | 5,453,501 | 6,729,643 | 6,476,394 | |||
Weighted Average Exercise Price (cad per share) | 1.51 | $ 2.27 | $ 2.73 | ||||
$0.26 - $0.42 | |||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||||||
Number Outstanding (options) | shares | 3,437,000 | ||||||
Weighted Average Remaining Contractual Life (years) | year | 8.46 | ||||||
Weighted Average Exercise Price (cad per share) | 0.35 | ||||||
Number Exercisable (options) | 2,921,834 | ||||||
Weighted Average Exercise Price (cad per share) | 0.35 | ||||||
$0.26 - $0.42 | Minimum | |||||||
Disclosure of range of exercise prices of outstanding share options [line items] | |||||||
Exercise Price | 0.26 | ||||||
$0.26 - $0.42 | Maximum | |||||||
Disclosure of range of exercise prices of outstanding share options [line items] | |||||||
Exercise Price | 0.42 | ||||||
$0.51 - $0.80 | |||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||||||
Number Outstanding (options) | shares | 538,000 | ||||||
Weighted Average Remaining Contractual Life (years) | year | 8.22 | ||||||
Weighted Average Exercise Price (cad per share) | 0.64 | ||||||
Number Exercisable (options) | 358,000 | ||||||
Weighted Average Exercise Price (cad per share) | 0.70 | ||||||
$0.51 - $0.80 | Minimum | |||||||
Disclosure of range of exercise prices of outstanding share options [line items] | |||||||
Exercise Price | 0.51 | ||||||
$0.51 - $0.80 | Maximum | |||||||
Disclosure of range of exercise prices of outstanding share options [line items] | |||||||
Exercise Price | 0.8 | ||||||
$1.45 - $2.00 | |||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||||||
Number Outstanding (options) | shares | 1,002,667 | ||||||
Weighted Average Remaining Contractual Life (years) | year | 5.62 | ||||||
Weighted Average Exercise Price (cad per share) | 1.77 | ||||||
Number Exercisable (options) | 1,002,667 | ||||||
Weighted Average Exercise Price (cad per share) | 1.77 | ||||||
$1.45 - $2.00 | Minimum | |||||||
Disclosure of range of exercise prices of outstanding share options [line items] | |||||||
Exercise Price | 1.45 | ||||||
$1.45 - $2.00 | Maximum | |||||||
Disclosure of range of exercise prices of outstanding share options [line items] | |||||||
Exercise Price | 2 | ||||||
$2.13 - $3.89 | |||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||||||
Number Outstanding (options) | shares | 545,500 | ||||||
Weighted Average Remaining Contractual Life (years) | year | 3.74 | ||||||
Weighted Average Exercise Price (cad per share) | 3.42 | ||||||
Number Exercisable (options) | 545,500 | ||||||
Weighted Average Exercise Price (cad per share) | 3.42 | ||||||
$2.13 - $3.89 | Minimum | |||||||
Disclosure of range of exercise prices of outstanding share options [line items] | |||||||
Exercise Price | 2.13 | ||||||
$2.13 - $3.89 | Maximum | |||||||
Disclosure of range of exercise prices of outstanding share options [line items] | |||||||
Exercise Price | 3.89 | ||||||
$4.01 - $6.72 | |||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||||||
Number Outstanding (options) | shares | 625,500 | ||||||
Weighted Average Remaining Contractual Life (years) | year | 3.94 | ||||||
Weighted Average Exercise Price (cad per share) | 5.34 | ||||||
Number Exercisable (options) | 625,500 | ||||||
Weighted Average Exercise Price (cad per share) | 5.34 | ||||||
$4.01 - $6.72 | Minimum | |||||||
Disclosure of range of exercise prices of outstanding share options [line items] | |||||||
Exercise Price | 4.01 | ||||||
$4.01 - $6.72 | Maximum | |||||||
Disclosure of range of exercise prices of outstanding share options [line items] | |||||||
Exercise Price | $ 6.72 |
Share Based Payments - Disclosu
Share Based Payments - Disclosure Weighted Average Assumptions and Fair Value of Options (Details) | 12 Months Ended | ||
Dec. 31, 2017CAD ($)year | Dec. 31, 2016CAD ($)year | Dec. 31, 2015CAD ($)year | |
Disclosure Of Share-based Payment Arrangements [Abstract] | |||
Risk-free interest rate | 1.18% | 0.82% | 0.63% |
Option life, share options granted | year | 3 | 3 | 3 |
Volatility in the price of the Company's shares | 90.73% | 94.84% | 90.00% |
Rate of forfeiture | 3.67% | 3.67% | 3.67% |
Dividend yield | 0.00% | 0.00% | 0.00% |
Weighted average fair value of options (cad per share) | $ | $ 0.28 | $ 0.17 | $ 0.24 |
Share Based Payments - Schedu54
Share Based Payments - Schedule of Number of Other Equity Instruments (Details) | 12 Months Ended | ||
Dec. 31, 2017CAD ($)shares | Dec. 31, 2016CAD ($)shares | Dec. 31, 2015shares | |
Restricted share units | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Outstanding, beginning of the year (shares) | 1,322,829 | 368,831 | 0 |
Granted during the year (shares) | 486,238 | 1,053,998 | 368,831 |
Forfeited during the year (shares) | 0 | 0 | 0 |
Vested during the year (shares) | 0 | (100,000) | 0 |
Outstanding, end of the year (shares) | 1,809,067 | 1,322,829 | 368,831 |
Weighted average fair value at measurement date, other equity instruments granted | $ | $ 0.63 | $ 0.31 | |
Performance share units | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Outstanding, beginning of the year (shares) | 840,000 | 0 | 0 |
Granted during the year (shares) | 60,000 | 1,500,000 | 0 |
Forfeited during the year (shares) | 0 | (660,000) | 0 |
Outstanding, end of the year (shares) | 900,000 | 840,000 | 0 |
Weighted average fair value at measurement date, other equity instruments granted | $ | $ 0.35 | $ 0.36 |
Loss Per Common Share (Details)
Loss Per Common Share (Details) - shares | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Earnings per share [abstract] | |||
Weighted average number of common shares outstanding | 132,395,752 | 119,880,200 | 112,613,845 |
Contract Liability and Receiv56
Contract Liability and Receivable - Narrative (Details) $ in Millions | 1 Months Ended | ||
Nov. 30, 2017USD ($)patient | Dec. 31, 2017CAD ($) | Dec. 31, 2016CAD ($) | |
Class of Warrant or Right1 [Line Items] | |||
Warrant purchase agreement | $ 8 | ||
Expected recognition period | 5 | ||
Contract receivable | $ 4,767,100 | $ 0 | |
Milestone 1 | |||
Class of Warrant or Right1 [Line Items] | |||
Warrant purchase agreement | $ 2 | ||
Common share premium | 20.00% | ||
Weighted average closing price term | 5 | ||
Patients | patient | 1 | ||
Right to call warrant from time of agreement, term | 6 | ||
Milestone 2 | |||
Class of Warrant or Right1 [Line Items] | |||
Warrant purchase agreement | $ 6 | ||
Common share premium | 20.00% | ||
Weighted average closing price term | 5 | ||
Patients | patient | 50 |
Contract Liability and Receiv57
Contract Liability and Receivable - Schedule of Contract Revenues and Liabilities (Details) | 12 Months Ended | |||||
Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2017CAD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016CAD ($) | Dec. 31, 2016USD ($) | |
Disclosure of revenue from contracts with customers [Abstract] | ||||||
Balance, beginning of the year | $ 0 | $ 0 | ||||
Regional licensing agreement | 6,182,580 | 0 | ||||
Revenue recognized in the year | 0 | 0 | ||||
Balance, end of the year | 6,182,580 | 0 | ||||
Contract liability - current | $ 1,545,645 | $ 1,545,645 | $ 0 | $ 0 | ||
Contract liability - non-current | $ 4,636,935 | 4,636,935 | $ 0 | 0 | ||
Contract liabilities | $ 0 | $ 0 | $ 6,182,580 | $ 0 |
Commitments (Details)
Commitments (Details) | Dec. 31, 2017CAD ($) |
Commitments [Abstract] | |
Commitment for payment | $ 5,980,454 |
Disclosure of maturity analysis of operating lease payments [line items] | |
Rental payments | 740,850 |
Repayment, maximum | 400,000 |
Overhead repayment | $ 100,000 |
Annual installment of gross sales of product, percent | 5.00% |
Annual installment of annual product sales | $ 100,000 |
2,018 | |
Disclosure of maturity analysis of operating lease payments [line items] | |
Rental payments | 285,987 |
2,019 | |
Disclosure of maturity analysis of operating lease payments [line items] | |
Rental payments | 251,743 |
2,020 | |
Disclosure of maturity analysis of operating lease payments [line items] | |
Rental payments | 159,990 |
2,021 | |
Disclosure of maturity analysis of operating lease payments [line items] | |
Rental payments | $ 43,130 |
Contingencies (Details)
Contingencies (Details) - CAD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of contingent liabilities [line items] | ||
Royalty payment on sales revenue, percent | 0.50% | |
Royalty payment maximum | $ 20,000 | |
Contingent Royalty Payment, Contribution Rate | 2 | |
Estimated accumulated work in kind total | $ 301,000 | |
SYNSORB | ||
Disclosure of contingent liabilities [line items] | ||
Milestone payment in connection with Share Purchase Agreement | $ 1,000,000 | |
Payment due period | 90 days | |
Royalty payment due to founding shareholders, percent | 10.75% | 11.75% |
Royalty payment on net sales due to founding shareholders, percent | 2.15% | 2.35% |
Income Taxes - Provision for In
Income Taxes - Provision for Income Taxes (Details) - CAD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of income tax [Abstract] | |||
Loss before income taxes | $ (15,475,353) | $ (15,130,605) | $ (13,719,842) |
Statutory Canadian corporate tax rate | 27.00% | 27.00% | 26.00% |
Anticipated tax recovery | $ (4,178,345) | $ (4,085,263) | $ (3,567,159) |
Foreign jurisdiction tax rate difference | 2,899,190 | 2,184,796 | 2,659,145 |
Employee stock based compensation | 156,250 | 109,641 | 111,680 |
Change in tax rate | 0 | 0 | (1,336,941) |
Adjustment to opening tax pools | 162,162 | (39,569) | (1,339,467) |
Other permanent differences | 53,039 | 100,525 | 23,620 |
Change in deferred tax benefits deemed not probable to be recovered | 1,051,725 | 1,739,557 | 3,455,622 |
Current income taxes | 144,021 | 9,687 | 6,500 |
Adjustment in respect to prior periods | (2,523) | (313) | (3,347) |
Net current tax expense | $ 141,498 | $ 9,374 | $ 3,153 |
Income Taxes - Summary of Non-c
Income Taxes - Summary of Non-capital Losses (Details) - Non-capital losses $ in Thousands | Dec. 31, 2017CAD ($) |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Unused tax losses | $ 57,308 |
2,026 | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Unused tax losses | 9,809 |
2,027 | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Unused tax losses | 12,170 |
2,029 | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Unused tax losses | 4,009 |
2,030 | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Unused tax losses | 4,774 |
2,031 | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Unused tax losses | 4,343 |
2,032 | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Unused tax losses | 2,873 |
2,033 | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Unused tax losses | 2,457 |
2,034 | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Unused tax losses | 2,472 |
2,035 | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Unused tax losses | 3,125 |
2,036 | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Unused tax losses | 6,430 |
2,037 | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Unused tax losses | $ 4,846 |
Income Taxes - Summary of Non-r
Income Taxes - Summary of Non-refundable Federal Investment Tax Credits (Details) | Dec. 31, 2017CAD ($) |
Non-refundable federal investment tax credits | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Unused tax credits | $ 5,463,600 |
Unclaimed scientific research and experimental development expenditures | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Unused tax credits | 27,400,000 |
2020 | Non-refundable federal investment tax credits | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Unused tax credits | 189,000 |
2021 | Non-refundable federal investment tax credits | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Unused tax credits | 471,000 |
2022 | Non-refundable federal investment tax credits | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Unused tax credits | 465,000 |
2023 | Non-refundable federal investment tax credits | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Unused tax credits | 361,000 |
2024 | Non-refundable federal investment tax credits | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Unused tax credits | 228,000 |
2025 | Non-refundable federal investment tax credits | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Unused tax credits | 271,000 |
2026 | Non-refundable federal investment tax credits | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Unused tax credits | 520,000 |
2027 | Non-refundable federal investment tax credits | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Unused tax credits | 596,000 |
2028 | Non-refundable federal investment tax credits | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Unused tax credits | 622,000 |
2029 | Non-refundable federal investment tax credits | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Unused tax credits | 173,000 |
2030 | Non-refundable federal investment tax credits | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Unused tax credits | 91,000 |
2031 | Non-refundable federal investment tax credits | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Unused tax credits | 114,000 |
2032 | Non-refundable federal investment tax credits | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Unused tax credits | 381,000 |
2033 | Non-refundable federal investment tax credits | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Unused tax credits | 487,000 |
2034 | Non-refundable federal investment tax credits | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Unused tax credits | 270,000 |
2035 | Non-refundable federal investment tax credits | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Unused tax credits | 183,000 |
2036 | Non-refundable federal investment tax credits | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Unused tax credits | 41,000 |
2037 | Non-refundable federal investment tax credits | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Unused tax credits | $ 600 |
Income Taxes - Schedule of Unre
Income Taxes - Schedule of Unrecognized Deferred Tax Assets (Details) - CAD ($) | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Unrecognized deferred tax asset | $ 32,983,223 | $ 31,555,913 | $ 29,681,313 |
Net operating losses carried forward | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Unrecognized deferred tax asset | 19,160,218 | 17,821,631 | 15,950,044 |
Scientific research and experimental development | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Unrecognized deferred tax asset | 7,406,099 | 7,394,707 | 7,278,284 |
Investment tax credits | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Unrecognized deferred tax asset | 3,988,325 | 3,990,664 | 3,987,214 |
Undepreciated capital costs in excess of book value of property and equipment and intellectual property | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Unrecognized deferred tax asset | 1,927,640 | 1,908,654 | 1,839,107 |
Share issue costs | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Unrecognized deferred tax asset | 493,343 | 432,659 | 619,066 |
Net capital losses carried forward | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Unrecognized deferred tax asset | $ 7,598 | $ 7,598 | $ 7,598 |
Capital Disclosures (Details)
Capital Disclosures (Details) - CAD ($) | Dec. 31, 2017 | Dec. 31, 2016 | Feb. 16, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Statement of changes in equity [abstract] | |||||
Cash and cash equivalents | $ 11,836,119 | $ 12,034,282 | $ 24,016,275 | $ 14,152,825 | |
Short-term investments | 0 | 2,088,800 | |||
Shareholders’ equity | $ 8,283,846 | $ 10,689,620 | $ 24,674,306 | $ 13,819,193 | |
Base Shelf securities authorized | $ 150,000,000 |
Financial Instruments - Narrati
Financial Instruments - Narrative (Details) | 12 Months Ended |
Dec. 31, 2017CAD ($) | |
Disclosure of detailed information about financial instruments [abstract] | |
Short-Term Investment Held In Guaranteed Investment Certificates, Percent | 100.00% |
Currency risk | US dollars $ | |
Disclosure of nature and extent of risks arising from financial instruments [line items] | |
Impact of increase in value of currency, amount | $ 0.01 |
(Increase) decrease in net loss due to change in currency value | (5,056) |
Currency risk | British pounds £ | |
Disclosure of nature and extent of risks arising from financial instruments [line items] | |
Impact of increase in value of currency, amount | 0.10 |
(Increase) decrease in net loss due to change in currency value | 21,492 |
Currency risk | Euro € | |
Disclosure of nature and extent of risks arising from financial instruments [line items] | |
Impact of increase in value of currency, amount | 0.10 |
(Increase) decrease in net loss due to change in currency value | $ 11,736 |
Financial Instruments - Schedul
Financial Instruments - Schedule of Balances in Foreign Currencies (Details) | Dec. 31, 2017EUR (€) | Dec. 31, 2017GBP (£) | Dec. 31, 2017CAD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016CAD ($) | Dec. 31, 2015CAD ($) | Dec. 31, 2014CAD ($) |
Currency1 [Line Items] | |||||||
Cash and cash equivalents | $ 11,836,119 | $ 12,034,282 | $ 24,016,275 | $ 14,152,825 | |||
Contract receivable | $ 4,767,100 | $ 0 | |||||
US dollars $ | |||||||
Currency1 [Line Items] | |||||||
Cash and cash equivalents | $ 1,948,573 | ||||||
Contract receivable | 3,800,000 | ||||||
Accounts payable | (777,271) | ||||||
Balances in foreign currencies | $ 4,971,302 | ||||||
British pounds £ | |||||||
Currency1 [Line Items] | |||||||
Cash and cash equivalents | £ | £ 21,755 | ||||||
Contract receivable | £ | 0 | ||||||
Accounts payable | £ | (13,949) | ||||||
Balances in foreign currencies | £ | £ 7,806 | ||||||
Euro € | |||||||
Currency1 [Line Items] | |||||||
Cash and cash equivalents | € | € 19,372 | ||||||
Contract receivable | € | 0 | ||||||
Accounts payable | € | (1,100) | ||||||
Balances in foreign currencies | € | € 18,272 |
Additional Cash Flow Disclosu67
Additional Cash Flow Disclosures - Net Change In Non-Cash Working Capital (Details) - CAD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Statement of cash flows [abstract] | |||
Contract receivable | $ (4,767,100) | $ 0 | $ 0 |
Other receivables | 16,680 | 285,653 | (148,308) |
Prepaid expenses | (915,222) | 245,828 | (215,116) |
Accounts payable and accrued liabilities | (384,641) | 1,359,172 | (664,505) |
Contract liability | 6,182,580 | 0 | 0 |
Non-cash impact of foreign exchange | 48,558 | 343,212 | (77,535) |
Change in non-cash working capital related to operating activities | $ 180,855 | $ 2,233,865 | $ (1,105,464) |
Additional Cash Flow Disclosu68
Additional Cash Flow Disclosures - Other Cash Flow Disclosures (Details) - CAD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Statement of cash flows [abstract] | |||
Cash interest received | $ 130,101 | $ 163,902 | $ 197,859 |
Cash taxes paid | $ 136,163 | $ 4,468 | $ 3,421 |
Economic Dependence (Details)
Economic Dependence (Details) | 12 Months Ended |
Dec. 31, 2017manufacturer | |
Toll manufacturer | |
Concentration Risk Type1 [Line Items] | |
Concentration, number | 1 |
Other Expenses and Adjustment70
Other Expenses and Adjustments (Details) - CAD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Other Expenses And Adjustments [Line Items] | |||
Unrealized non-cash foreign exchange loss (gain) | $ (124,793) | $ (139,810) | $ (816,319) |
Non-cash share based compensation | 578,703 | 406,078 | 429,537 |
Included in research and development expenses: | |||
Other Expenses And Adjustments [Line Items] | |||
Realized foreign exchange (gain) loss | (120,794) | 104,851 | 238,709 |
Unrealized non-cash foreign exchange loss (gain) | 55,538 | 67,109 | (816,319) |
Non-cash share based compensation | 230,141 | 233,919 | 257,016 |
Included in operating expenses | |||
Other Expenses And Adjustments [Line Items] | |||
Non-cash share based compensation | 348,562 | 172,159 | 172,521 |
Amortization of property and equipment | 90,768 | 162,233 | 180,411 |
Office minimum lease payments | $ 231,509 | $ 148,600 | $ 196,601 |
Related Party Transactions (Det
Related Party Transactions (Details) | 1 Months Ended | 12 Months Ended | ||||
Jan. 31, 2018USD ($) | Dec. 31, 2017CAD ($) | Dec. 31, 2016CAD ($) | Dec. 31, 2015CAD ($) | Dec. 31, 2017USD ($) | Nov. 30, 2017USD ($) | |
Disclosure of related party [Abstract] | ||||||
Short-term employee compensation and benefits | $ 2,596,082 | $ 2,753,553 | $ 2,941,342 | |||
Termination benefits | 779,666 | 1,330,828 | 0 | |||
Share-based payments | 459,298 | 372,008 | 353,419 | |||
Compensation of key management personnel | $ 3,835,046 | $ 4,456,389 | $ 3,294,761 | |||
Liability to officer | $ 178,125 | $ 178,125 | ||||
Officer liability paid | $ 35,625 |