Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2019shares | |
Document Information [Line Items] | |
Document Type | 20-F |
Amendment Flag | false |
Document Period End Date | Dec. 31, 2019 |
Document Fiscal Year Focus | 2019 |
Document Fiscal Period Focus | FY |
Entity Registrant Name | LIMINAL BIOSCIENCES INC. |
Entity Central Index Key | 0001351172 |
Entity Current Reporting Status | Yes |
Entity Voluntary Filers | No |
Entity Interactive Data Current | Yes |
Current Fiscal Year End Date | --12-31 |
Entity Filer Category | Non-accelerated Filer |
Entity Well-known Seasoned Issuer | No |
Entity Common Stock, Shares Outstanding | 23,313,164 |
Entity Shell Company | false |
Entity Emerging Growth Company | true |
Entity Ex Transition Period | false |
Trading Symbol | LMNL |
Title of 12(b) Security | Common Shares, no par value |
Security Exchange Name | NASDAQ |
Entity File Number | 001-39131 |
Entity Incorporation, State or Country Code | CA |
Entity Address, Address Line One | 440 Armand-Frappier Boulevard |
Entity Address, Address Line Two | Suite 300 |
Entity Address, City or Town | Laval |
Entity Address, State or Province | QC |
Entity Address, Postal Zip Code | H7V 4B4 |
Document Annual Report | true |
Document Transition Report | false |
Document Shell Company Report | false |
Document Registration Statement | false |
Document Accounting Standard | International Financial Reporting Standards |
Business Contact | |
Document Information [Line Items] | |
Contact Personnel Name | Kenneth Galbraith |
Entity Address, Address Line One | 440 Armand-Frappier Boulevard |
Entity Address, Address Line Two | Suite 300 |
Entity Address, City or Town | Laval |
Entity Address, State or Province | QC |
Entity Address, Postal Zip Code | H7V 4B4 |
City Area Code | +1 450 |
Local Phone Number | 781 0115 |
Consolidated Statements of Fina
Consolidated Statements of Financial Position - CAD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Current assets | ||
Cash and cash equivalents | $ 61,285 | $ 7,389 |
Accounts receivable (note 6) | 4,086 | 11,882 |
Income tax receivable | 9,214 | 8,091 |
Inventories (note 7) | 7,532 | 12,028 |
Prepaids | 12,733 | 1,452 |
Total current assets | 94,850 | 40,842 |
Long-term income tax receivable | 117 | |
Other long-term assets (note 8) | 1,170 | 411 |
Capital assets (note 9) | 21,471 | 41,113 |
Right-of-use assets (note 10) | 33,254 | 39,149 |
Intangible assets (note 11) | 13,846 | 19,803 |
Deferred tax assets (note 26) | 507 | 606 |
Total assets | 165,098 | 102,892 |
Current liabilities | ||
Accounts payable and accrued liabilities (note 13) | 22,808 | 31,855 |
Deferred revenues | 507 | |
Current portion of lease liabilities (note 14) | 8,290 | |
Warrant liability (note 15) | 157 | |
Current portion of long-term debt (note 16) | 165 | 3,211 |
Total current liabilities | 31,263 | 35,730 |
Long-term portion of deferred revenues | 170 | |
Long-term portion of lease liabilities (note 14) | 29,947 | |
Long-term portion of operating and finance lease inducements and obligations (note 17) | 1,850 | |
Other long-term liabilities (note 18) | 285 | 5,695 |
Long-term debt (note 16) | 8,669 | 122,593 |
Total liabilities | 70,164 | 166,038 |
EQUITY | ||
Share capital (note 19a) | 932,951 | 583,117 |
Contributed surplus (note 19b) | 43,532 | 21,923 |
Warrants (note 19c) | 95,856 | 95,296 |
Accumulated other comprehensive loss | (3,099) | (1,252) |
Deficit | (967,051) | (755,688) |
Equity (deficiency) attributable to owners of the parent | 102,189 | (56,604) |
Non-controlling interests (note 20) | (7,255) | (6,542) |
Total equity (deficiency) | 94,934 | (63,146) |
Total liabilities and equity | $ 165,098 | $ 102,892 |
Consolidated Statements of Oper
Consolidated Statements of Operations - CAD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Statement [Abstract] | |||
Revenues (note 22) | $ 4,904 | $ 24,633 | $ 22,313 |
Expenses | |||
Cost of sales and other production expenses (note 7) | 2,763 | 25,707 | 3,689 |
Research and development expenses (note 23a) | 75,114 | 84,858 | 93,523 |
Administration, selling and marketing expenses | 45,283 | 29,448 | 29,563 |
Bad debt expense (note 22) | 20,491 | ||
Loss (gain) on foreign exchange | (1,451) | 4,696 | (781) |
Finance costs (note 23b) | 14,056 | 22,041 | 7,889 |
Loss (gain) on extinguishments of liabilities (notes 16,19) | 92,374 | (33,626) | 4,191 |
Change in fair value of financial instruments measured at fair value through profit or loss (note 15) | (1,140) | 1,000 | |
Impairment losses (note 25) | 12,366 | 149,952 | |
Share of losses of an associate (note 12) | 22 | ||
Net income (loss) from continuing operations before taxes | (234,461) | (259,465) | (136,252) |
Income tax recovery on continuing operations (note 26) | (237) | (19,637) | (14,302) |
Net loss from continuing operations | (234,224) | (239,828) | (121,950) |
Discontinued operations, net of taxes | |||
Gain on sale of subsidiaries (note 5) | 26,346 | ||
Net income from discontinued operations (note 5) | 1,125 | 1,932 | 1,914 |
Net loss | (206,753) | (237,896) | (120,036) |
Net income (loss) attributable to: | |||
Non-controlling interests - continuing operations (note 20) | (1,044) | (42,530) | (10,305) |
Owners of the parent | |||
- Continuing operations | (233,180) | (197,298) | (111,645) |
- Discontinued operations | 27,471 | 1,932 | 1,914 |
Total Net loss attributable to owners of the parent from continuing and discontinued operations | (205,709) | (195,366) | (109,731) |
Net loss | $ (206,753) | $ (237,896) | $ (120,036) |
Attributable to the owners of the parent basic and diluted (note 27): | |||
From continuing operations | $ (14.52) | $ (238.28) | $ (140.26) |
From discontinued operations | 1.71 | 2.33 | 2.40 |
Total loss per share | $ (12.81) | $ (235.95) | $ (137.85) |
Weighted average number of outstanding shares (in thousands) (note 27) | 16,062 | 828 | 796 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Loss - CAD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement Of Comprehensive Income [Abstract] | |||
Net Loss | $ (206,753) | $ (237,896) | $ (120,036) |
Items that may be subsequently reclassified to profit and loss: | |||
Exchange differences on translation of foreign operations from continuing operations | 294 | (462) | (344) |
Exchange differences on translation of foreign operations from discontinued operations (note 5) | (692) | 832 | 686 |
Reclassification of exchange differences on translation of foreign operations sold to consolidated statement of operations (note 5) | (1,449) | ||
Total other comprehensive income (loss) | (1,847) | 370 | 342 |
Total comprehensive loss | (208,600) | (237,526) | (119,694) |
Total comprehensive income (loss) attributable to: | |||
Non-controlling interests | (1,044) | (42,530) | (10,305) |
Owners of the parent- Continuing operations | (232,886) | (197,760) | (111,989) |
Owners of the parent- Discontinued operations | 25,330 | 2,764 | 2,600 |
Total comprehensive loss | $ (208,600) | $ (237,526) | $ (119,694) |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity - CAD ($) $ in Thousands | Total | Share Capital | Contributed Surplus | Warrants | Foreign Currency Translation Reserve | Deficit | Total Equity (Deficiency) Attributable to Owners of the Parent | Non-controlling Interests |
Beginning balance at Dec. 31, 2016 | $ 159,343 | $ 480,237 | $ 12,919 | $ 64,201 | $ (1,964) | $ (423,026) | $ 132,367 | $ 26,976 |
Net Loss | (120,036) | (109,731) | (109,731) | (10,305) | ||||
Foreign currency translation reserve | 342 | 342 | 342 | |||||
Issuance of shares (note 19a) | 61,450 | 61,450 | 61,450 | |||||
Share-based payments expense (note 19b) | 8,662 | 8,662 | 8,662 | |||||
Exercise of stock options (note 19b) | 481 | 811 | (330) | 481 | ||||
Shares issued pursuant to restricted share unit plan (note 19b) | 5,058 | (5,058) | ||||||
Exercise of future investment rights | 21,052 | 27,594 | (6,542) | 21,052 | ||||
Issuance of warrants (note 19c) | 16,285 | 16,285 | 16,285 | |||||
Share and warrant issuance cost (note 19a,c) | (4,148) | (4,148) | (4,148) | |||||
Effect of funding arrangements on non-controlling interest (note 20) | (4,776) | (4,776) | 4,776 | |||||
Ending balance (Adjusted Balance) at Dec. 31, 2017 | 143,541 | 575,150 | 16,193 | 73,944 | (1,622) | (541,571) | 122,094 | 21,447 |
Ending balance at Dec. 31, 2017 | 143,431 | 575,150 | 16,193 | 73,944 | (1,622) | (541,681) | 121,984 | 21,447 |
Impact of adopting IFRS 9 (note 4a) | Application of IFRS 9 | 110 | 110 | 110 | |||||
Net Loss | (237,896) | (195,366) | (195,366) | (42,530) | ||||
Foreign currency translation reserve | 370 | 370 | 370 | |||||
Issuance of shares (note 19a) | 6,340 | 6,340 | 6,340 | |||||
Share-based payments expense (note 19b) | 6,722 | 6,722 | 6,722 | |||||
Exercise of stock options (note 19b) | 635 | 1,073 | (438) | 635 | ||||
Shares issued pursuant to restricted share unit plan (note 19b) | 554 | (554) | ||||||
Issuance of warrants (note 19c) | 21,352 | 21,352 | 21,352 | |||||
Share and warrant issuance cost (note 19a,c) | (581) | (581) | (581) | |||||
Effect of changes in the ownership of a subsidiary and funding arrangements on non-controlling interests (note 20) | (3,629) | (18,170) | (18,170) | 14,541 | ||||
Ending balance at Dec. 31, 2018 | (63,146) | 583,117 | 21,923 | 95,296 | (1,252) | (755,688) | (56,604) | (6,542) |
Net Loss | (206,753) | (205,709) | (205,709) | (1,044) | ||||
Foreign currency translation reserve | (398) | (398) | (398) | |||||
Reclassification of exchange differences on translation of foreign operations to consolidated statement of operations (note 5) | (1,449) | (1,449) | (1,449) | |||||
Issuance of shares (note 19a) | 349,834 | 349,834 | 349,834 | |||||
Share-based payments expense (note 19b) | 22,030 | 22,030 | 22,030 | |||||
Share-based compensation paid in cash (note 19b) | (421) | (421) | (421) | |||||
Issuance of warrants (note 19c) | 560 | 560 | 560 | |||||
Share issuance cost (note 19a) | (5,323) | (5,323) | (5,323) | |||||
Effect of funding arrangements on non-controlling interest (note 20) | (331) | (331) | 331 | |||||
Ending balance at Dec. 31, 2019 | $ 94,934 | $ 932,951 | $ 43,532 | $ 95,856 | $ (3,099) | $ (967,051) | $ 102,189 | $ (7,255) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - CAD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Cash flows used in operating activities | |||
Net loss from continuing operations for the year | $ (234,224) | $ (239,828) | $ (121,950) |
Net income from discontinued operations for the year | 27,471 | 1,932 | 1,914 |
Adjustments to reconcile net loss to cash flows used in operating activities: | |||
Finance costs and foreign exchange | 12,809 | 25,282 | 8,787 |
Change in operating and finance lease inducements and obligations | 2,565 | 2,391 | |
Carrying value of capital and intangible assets disposed | 196 | 513 | 563 |
Share of losses of an associate (note 12) | 22 | ||
Gain on sale of subsidiaries (note 5) | (26,346) | ||
Change in fair value of financial instruments measured at fair value through profit or loss (note 15) | (1,140) | 1,000 | |
Impairment losses (note 25) | 12,366 | 149,952 | |
Loss (gain) on extinguishments of liabilities (notes 16, 19a) | 92,374 | (33,626) | 4,191 |
Deferred income taxes (note 26) | 87 | (13,815) | (11,587) |
Share-based payments expense (note 19b) | 21,609 | 6,722 | 8,662 |
Depreciation of capital assets (note 9) | 3,734 | 4,086 | 3,632 |
Depreciation of right-of-use assets (note 10) | 4,913 | ||
Amortization of intangible assets (note 11) | 1,259 | 1,372 | 944 |
Cash flows from (used in) operations before changes in working capital | (84,892) | (93,823) | (102,453) |
Change in non-cash working capital items | (14,498) | 11,369 | (20,120) |
Cash flows used in operating activities | (99,390) | (82,454) | (122,573) |
Cash flows from financing activities | |||
Proceeds from share issuances (note 19a) | 118,785 | 751 | 53,125 |
Proceeds from debt and warrant issuances (notes 16, 19c) | 19,859 | 79,105 | 50,717 |
Repayment of principal on long-term debt (note 16) | (988) | (3,184) | (3,454) |
Repayment of interest on long-term debt (note 16) | (3,540) | (3,934) | (163) |
Exercise of options (note 19b) | 635 | 481 | |
Exercise of future investment rights | 21,052 | ||
Payments of principal on lease liabilities (note 14) | (7,563) | ||
Payment of interest on lease liabilities (note 14) | (1,767) | ||
Debt, share and warrants issuance costs | (6,867) | (970) | (4,306) |
Payments of principal under finance leases | (245) | ||
Cash flows from financing activities | 117,919 | 72,158 | 117,452 |
Cash flows from (used in) investing activities | |||
Additions to capital assets | (2,741) | (3,786) | (7,688) |
Additions to intangible assets | (1,703) | (1,342) | (2,395) |
Proceeds from sale of discontinued operations business, net of cash divested | 43,958 | ||
Transaction costs paid relating to the sale of discontinued operations business | (4,228) | ||
Proceeds from the sale of marketable securities and short-term investments | 11,063 | ||
Acquisition of convertible debt | (955) | ||
Additions to other long-term assets | (63) | ||
Release of restricted cash | 65 | ||
Interest received | 745 | 224 | 202 |
Cash flows used in investing activities | 36,096 | (5,859) | 1,119 |
Net change in cash and cash equivalents during the year | 54,625 | (16,155) | (4,002) |
Net effect of currency exchange rate on cash and cash equivalents | (729) | 378 | (638) |
Cash and cash equivalents, beginning of year | 7,389 | 23,166 | 27,806 |
Cash and cash equivalents, end of year | 61,285 | 7,389 | 23,166 |
Comprising of: | |||
Cash | 41,761 | $ 7,389 | $ 23,166 |
Cash equivalents | $ 19,524 |
Nature of operations
Nature of operations | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Of Nature Of Operations [Abstract] | |
Nature of operations | 1. Nature of operations Liminal BioSciences Inc. (“Liminal” or the “Company”) is incorporated under the Canada Business Corporations Act and is a publicly traded clinical stage biotechnology company (NASDAQ & TSX symbol: LMNL) focused on discovering, developing and commercializing novel treatments for patients suffering from diseases related to fibrosis, including respiratory, liver and kidney diseases that have high unmet medical need. Liminal has a deep understanding of certain biological targets and pathways that have been implicated in the fibrotic process, including fatty acid receptors such as G-protein-coupled receptor 40, or GPR40, and G-protein-coupled receptor 84, or GPR84, and peroxisome proliferator-activated receptors, or PPARs. Liminal’s lead small molecule segment product candidate, fezagepras (PBI 4050), is currently being developed for the treatment of respiratory diseases and for the treatment of Alström Syndrome. The plasma‑derived therapeutics segment leverages Liminal’s experience in bioseparation technologies used to isolate and purify biopharmaceuticals from human plasma. With respect to this second platform, the Company is focused on the development of its plasma-derived product candidate Ryplazim® (plasminogen) (“Ryplazim®”). On July 5, 2019, the Company performed a one thousand-to-one share consolidation of the its common shares, stock options, restricted share units and warrants. The quantities and per unit prices presented in these audited annual consolidated financial statements have been retroactively adjusted to give effect to the share consolidation. On October 7, 2019, the Company formerly named Prometic Life Sciences Inc. changed its name to Liminal BioSciences Inc. and the Company’s TSX stock symbol changed from PLI to LMNL. On November 24, 2019 the Company sold the majority of its bioseparations business to a third party. These activities are presented as discontinued operations in the annual consolidated financial statements. Details on this transaction and the results from discontinued operations are disclosed in note 5. The prior period results from discontinued operations have been reclassified and presented in the consolidated statements of operations. The Company’s head office is located at 440, Boul. Armand-Frappier, suite 300, Laval, Québec, Canada, H7V 4B4. Liminal has Research and Development (“R&D”) facilities in Canada, the U.K. and the U.S. and manufacturing facilities in Canada. Structured Alpha LP (“SALP”) has been Liminal’s majority and controlling shareholder since the debt restructuring on April 23, 2019 (note 13) and is considered Liminal’s parent entity for accounting purposes. Thomvest Asset Management Ltd. is the general partner of SALP and the ultimate controlling parent, for accounting purposes, of Liminal is The 2003 TIL Settlement. Prior to this date, Liminal did not have a controlling parent. The consolidated financial statements for the year ended December 31, 2019 have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (”IASB”) on a going concern basis, which presumes the Company will continue its operations for the foreseeable future and will be able to realize its assets and discharge its liabilities and commitments in the ordinary course of business. The financial condition of the Company improved significantly since April 2019 following the completion of several transactions including the debt restructuring, and the proceeds from the sale of the bioseparations operations, resulting in a cash and cash equivalent position of $61,285 at December 31, 2019. The Company has a positive working capital position, i.e. the current assets net of current liabilities, of $63,587 at December 31, 2019. The Company also has access to a line of credit of up to $30,298 (note 29) as at December 31, 2019, as a result of a loan agreement with SALP signed November 11, 2019. As at March 20, 2020, following the receipt of additional payment for the sales of the bioseparations operations, the amount available to be drawn was reduced to $29,123. Despite the improved liquidity situation, Liminal is an R&D stage enterprise and until the Company can generate a sufficient amount of product revenue to finance its cash requirements, management expects, as required, to finance future cash needs primarily through a combination of public or private equity offerings, debt financings, strategic collaborations, business and asset divestitures, and grant funding. |
Significant accounting policies
Significant accounting policies | 12 Months Ended |
Dec. 31, 2019 | |
Significant Accounting Policies [Abstract] | |
Significant accounting policies | 2. Significant accounting policies Statement of compliance These consolidated financial statements have been prepared in accordance with IFRS as issued by the IASB and were approved by the Board of Directors on March 20, 2020. Basis of measurement The consolidated financial statements have been prepared on a historical cost basis, except for the convertible debt, equity investments and the warrant liability which have been measured at fair value. Certain assets may be carried at their net realizable value or at their recoverable amount if they have been subject to impairment. Functional and presentation currency The consolidated financial statements are presented in Canadian dollars, which is also the Company’s functional currency. Basis of consolidation The consolidated financial statements include the accounts of Liminal BioSciences Inc., and those of its subsidiaries. The Company’s subsidiaries at December 31, 2019, 2018 and 2017 are as follows: Name of subsidiary Segment activity Place of incorporation and operation Proportion of ownership interest held by group 2019 2018 2017 Liminal R&D BioSciences Inc. (formerly Prometic Biosciences Inc.) Small molecule therapeutics Quebec, Canada 100% 100% 100% Prometic Bioproduction Inc. Plasma-derived therapeutics Quebec, Canada 100% 100% 87% Prometic Bioseparations Ltd Discontinued operations Isle of Man, British Isles nil 100% 100% Prometic Biotherapeutics Inc. Plasma-derived therapeutics Delaware, U.S. 100% 100% 100% Prometic Biotherapeutics Ltd Plasma-derived therapeutics Cambridge, United Kingdom 100% 100% 100% Prometic Biotherapeutics B.V. Plasma-derived therapeutics Amsterdam, Netherlands 100% N/A N/A Prometic Manufacturing Inc. Discontinued operations Quebec, Canada nil 100% 100% Pathogen Removal and Diagnostic Technologies Inc. Corporate Delaware, U.S. 77% 77% 77% NantPro Biosciences, LLC Plasma-derived therapeutics Delaware, U.S. 73% 73% 73% Prometic Plasma Resources Inc. Plasma-derived therapeutics Winnipeg, Canada 100% 100% 100% Prometic Plasma Resources USA Inc. Plasma-derived therapeutics Delaware, U.S. 100% 100% N/A Liminal BioSciences Holdings Limited (formerly Prometic Pharma SMT Holdings Limited) Small molecule therapeutics Cambridge, United Kingdom 100% 100% 100% Liminal BioSciences Limited (formerly Prometic Pharma SMT Limited) Small molecule therapeutics Cambridge, United Kingdom 100% 100% 100% Prometic Pharma SMT B.V Small molecule therapeutics Amsterdam, Netherlands 100% N/A N/A Telesta Therapeutics Inc. Plasma-derived therapeutics Quebec, Canada 100% 100% 100% The Company consolidates investees when, based on the evaluation of the substance of the relationship with the Company, it concludes that it controls the investees. The Company controls an investee when it is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. The financial statements of the subsidiaries are prepared for the same reporting period as the parent Company, using consistent accounting policies. All intra-group transactions, balances, income and expenses are eliminated in full upon consolidation. When a subsidiary is not wholly-owned the Company recognizes the non-controlling interests’ share of the net assets and results of operations in the subsidiary. When the proportion of the equity held by non-controlling interests’ changes without resulting in a change of control, the carrying amount of the controlling and non-controlling interest are adjusted to reflect the changes in their relative interests in the subsidiary. In these situations, the Company recognizes directly in equity the effect of the change in ownership of a subsidiary on the non-controlling interests. Similarly, after recognizing its share of the operating losses, the non-controlling interest is adjusted for its share of the equity contribution made by Liminal that does not modify the interest held by either party. The offset to this adjustment is recorded in the deficit. The effect of these transactions is presented in the consolidated statement of changes in equity. Financial instruments Recognition and derecognition Financial instruments are recognized in the consolidated statement of financial position when the Company becomes a party to the contractual obligations of the instrument. On initial recognition, financial instruments are recognized at their fair value plus, in the case of financial instruments not at fair value through profit or loss (“FVPL”), transaction costs that are directly attributable to the acquisition or issue of financial instruments. Financial assets are subsequently derecognized when payment is received in cash or other financial assets or if the debtor is discharged of its liability. A financial liability is derecognized when the obligation under the liability is discharged or cancelled or expires. When an existing liability is replaced by another from the same creditor on substantially different terms, or the terms of the liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognized in the consolidated statement of operations. Classification Subsequent to initial recognition, financial instruments are measured according to the category to which they are classified. Financial instruments are measured at amortized cost unless they are classified as fair value through other comprehensive income (“FVOCI”), classified as FVPL or designated as FVPL, in which case they are subsequently measured at fair value. The classification of financial asset debt instruments is driven by the Company’s business model for managing the financial assets and their contractual cash flow characteristics. Assets that are held to collect contractual cash flows where those cash flows represent solely payments of principal and interest are measured at amortized cost. Equity instruments that are held for trading (including all equity derivative instruments) are classified as FVPL. For other equity instruments, on the day of acquisition the Company can make an irrevocable election (on an instrument-by-instrument basis) to designate them as at FVOCI instead of FVPL. Financial liabilities are measured at amortized cost, unless they are required to be measured at FVPL (such as instruments held for trading or derivatives) or the Company has opted to measure them at FVPL. Currently, the Company classifies cash, cash equivalents, trade receivables, other receivables, restricted cash, and long-term deposits as financial assets measured at amortized cost and trade payables, wages and benefits payable, settlement fee payable, royalty payment obligations, license acquisition payment obligations, other employee benefit liabilities, other long-term liabilities and long-term debt as financial liabilities measured at amortized cost. The Company previously held investments in equity instruments and convertible debt that it classified as financial assets at FVPL and a warrant liability classified as a financial liability at FVPL. Impairment of financial assets The expected credit losses associated with its debt instruments carried at amortized cost is assessed on a forward-looking basis. The impairment methodology applied depends on whether there has been a significant increase in credit risk. For trade receivables, the Company applies the simplified approach permitted by IFRS 9, which requires lifetime expected losses to be recognized from initial recognition of the receivables. Cash equivalents Cash and cash equivalents comprise deposits in banks and highly liquid investments having an original maturity of 90 days or less when issued. Financial instrument accounting policy used before the adoption of IFRS 9, Financial instruments (“IFRS 9”) on January 1, 2018 Prior to January 1, 2018, the Company applied IAS 39 Financial instruments. The accounting policy and classification of the financial instruments applied under that standard is detailed in the following paragraphs. i) Financial assets and financial liabilities at fair value through profit and loss Cash, marketable securities and restricted cash are respectively classified as fair value through profit and loss. They are measured at fair value and changes in fair value are recognized in the consolidated statements of operations. Directly related transaction costs are recognized in the consolidated statements of operations. ii) Loans and receivables Cash equivalents, short-term investments, trade receivables, other receivables and long-term receivables are classified as loans and receivables. They are initially recognized at fair value and subsequently carried at amortized cost using the effective interest method. iii) Available-for-sale financial assets Investments in common or preferred shares of private companies are classified as available-for-sale and are measured at cost since their fair value cannot be measured reliably. iv) Financial liabilities Trade payable, wages and severances payable, other employee benefit liabilities, settlement fee payable, royalty payment obligation, other long-term liabilities, advance on revenues from a supply agreement and long-term debt are classified as other financial liabilities. They are measured at amortized cost using the effective interest method. Credit facility fees are recorded in deferred financing cost and are amortized into finance cost over the term of the Credit Facility. Impairment of investments When there has been a significant or prolonged decline in the value of an investment, the investment is written down to recognize the loss. Inventories Inventories of raw materials, work in progress and finished goods are valued at the lower of cost and net realizable value. Cost is determined on a first in, first out basis. The cost of manufactured inventories comprises all costs that are directly attributable to the manufacturing process, such as raw materials, direct labour and manufacturing overhead based on normal operating capacity. Net realizable value is the estimated selling price in the ordinary course of business less the estimated cost of completion and the estimated selling costs except for raw materials for which it is determined using replacement cost. Capital assets Capital assets are recorded at cost less any government assistance, accumulated depreciation and accumulated impairment losses, if any. Depreciation is calculated on a straight-line basis over the estimated useful lives of the assets, as described below. Capital asset Period Buildings and improvements 20 years Leasehold improvements The lower of the lease term and the useful life Production and laboratory equipment 5 - 20 years Furniture 5 - 10 years Computer equipment 3 - 5 years Assets held under financing leases * The lower of the lease term and the useful life * Assets held under financing leases are presented as part of capital assets prior to the adoption of IFRS 16, Leases and since January 1, 2019 are included under Right-of-use assets (note 10). The estimated useful lives, residual values and depreciation methods are reviewed annually with the effect of any changes in estimates accounted for on a prospective basis. The gain or loss arising on the disposal or retirement of a capital asset is determined as the difference between the sales proceeds and its carrying amount and is recognized in profit or loss. Government assistance Government assistance programs, including investment tax credits on research and development expenses, are reflected as reductions to the cost of the assets or to the expenses to which they relate and are recognized when there is reasonable assurance that the assistance will be received and all attached conditions are complied with. Right-of-use (“ROU”) assets The Company recognizes a right-of-use asset at the commencement date of a lease which is when the date at which the underlying asset is available for use. Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognized, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. Unless the Company is reasonably certain to obtain ownership of the leased asset at the end of the lease term, the recognized right-of-use asset is depreciated on a straight-line basis over the shorter of its estimated useful life and the lease term. Intangible Assets Intangible assets include acquired rights such as licenses for product manufacturing and commercialization, donor lists, external patent costs and software costs. They are carried at cost less accumulated amortization. Amortization commences when the intangible asset is available for use and is calculated over the estimated useful lives of the intangible assets acquired using the straight-line method. The maximum period used for each category of intangible asset are presented in the table below. The estimated useful lives and amortization method are reviewed annually, with the effect of any changes in estimates being accounted for on a prospective basis. The amortization expense is recognized in the consolidated statement of operations in the expense category consistent with the function of the intangible assets. Intangible asset Period Licenses and other rights 30 years Donor lists 10 years Patents 20 years Software 5 years Impairment of tangible and intangible assets At the end of each reporting period, the Company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If impairment indicators exist, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss, if any. For intangible assets not yet available for use, an impairment test is performed annually at November 30, until amortization commences, whether or not there are impairment indicators. When it is not possible to estimate the recoverable amount of an individual asset, the Company estimates the recoverable amount of the cash-generating unit (CGU) which represents the smallest identifiable group of assets that generates cash inflows that are largely independent of the cash inflows from other assets, groups of assets or CGUs to which the asset belongs. Where a reasonable and consistent basis of allocation can be identified, the corporate assets are also allocated to individual CGUs, or otherwise they are allocated to the smallest group of CGUs for which a reasonable and consistent allocation basis can be identified. The recoverable amount is the higher of the fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. An impairment loss is recognized when the carrying amount of an asset or a CGU exceeds its recoverable amount by the amount of this excess. An impairment loss is recognized immediately in profit or loss in the period during which the loss is incurred. Where an impairment loss subsequently reverses, the carrying amount of the asset or CGU is increased to the revised estimate of its recoverable amount; on reversal of an impairment loss, the increased carrying amount does not exceed the carrying amount that would have been determined had an impairment loss not been recognized for the asset or CGU in prior periods. A reversal of an impairment loss is recognized immediately in profit or loss. Investment in an associate Investments in associates are accounted for using the equity method. An associate is an entity over which the Company has significant influence. Under the equity method, the investment in the associate is carried on the consolidated statement of financial position at cost plus post acquisition changes in the Company’s share of net assets of the associate. The consolidated statement of operations reflects the Company’s share of the results of operations of the associate. If the Company’s share of cumulative losses of an associate equal or exceeds its interest in the associate, the Company discontinues recognizing its share of further losses. After the interest in an associate is reduced to zero, additional losses are provided for, and a liability is recognized, only to the extent that the Company has incurred legal or constructive obligations or made payments on behalf of the associate. If the associate subsequently reports profits, the Company resumes recognizing its share of those profits only after its share of the profits equals the share of losses not recognized. At each balance sheet date, management considers whether there is objective evidence of impairment in associates. If there is such evidence, management determines the amount of impairment to record, if any, in relation to the associate. When the level of influence over an associate changes either following a loss of significant influence over the associate, or the obtaining of control over the associate or when an investment in a financial asset accounted for under IFRS 9 becomes subject to significant influence, the Company measures and recognizes its investment at its fair value. Any difference between the carrying amount of the associate at the time of the change in influence and the fair value of the investment, and proceeds from disposal if any, is recognized in profit or loss. Lease liabilities At the commencement date of a lease, the Company recognizes a lease liability measured at the present value of lease payments to be made over the lease term. The lease payments include fixed payments (including in-substance fixed payments) less any lease incentives, variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Company and payments of penalties for terminating a lease, if the lease term reflects the Company exercising the option to terminate. The variable lease payments that do not depend on an index or a rate are recognized as expense in the period on which the event or condition that triggers the payment occurs. In calculating the present value of lease payments, the Company uses the incremental borrowing rate at the lease commencement date if the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of a lease liability is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of a lease liability is remeasured if there is a modification, a change in the lease term, a change in the in-substance fixed lease payments or a change in the assessment whether the underlying asset will be purchased. The Company applies the short-term lease recognition exemption to leases of 12 months or less, as well as the lease of low-value assets recognition exemption i.e. leases with a value below seven dollars. Lease payments on short-term leases and leases of low-value assets are recognized as expense on a straight-line basis over the lease term. Prior to the adoption of IFRS 16, Leases on January 1, 2019 (note 3), as a lessor, the Company only recognized finance lease obligations while operating leases obligations were only disclosed. Revenue recognition To determine revenue recognition for contracts with customers, Liminal performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the entity satisfies a performance obligation. The five-step model is only applied to contracts when it is probable that we will collect the consideration we are entitled to in exchange for the goods or services we transfer. At contract inception, the Company assesses the goods or services promised within each contract, determines those that are performance obligations, and assesses whether each promised good or service is distinct. The transaction price that is allocated to the respective performance obligation is recognized as revenue when (or as) the performance obligation is satisfied. Sale of goods Revenue from sale of goods is recognized when the terms of a contract with a customer have been satisfied. This occurs when: • The control over the product has been transferred to the customer; and • The product is received by the customer or transfer of title to the customer occurs upon shipment. Following delivery, the customer bears the risks of obsolescence and loss in relation to the goods. Revenue is recognized based on the price specified in the contract, net of estimated sales discounts and returns. Rendering of services Revenues from contracted services are generally recognized as the performance obligations are satisfied over time, and the related expenditures are incurred pursuant to the terms of the agreement. Contract revenue is recognized on a percentage of completion basis based on key milestones contained within the contract. Unbilled revenues and deferred revenues If the Company has recognized revenues but has not issued an invoice, the entitlement is recognized as a contract asset and is presented in the statement of financial position as unbilled revenues. When the amounts are invoiced, then the amounts are transferred into trade receivables. If the Company has received payments prior to satisfying its performance obligation, the obligation is recognized as a contract liability and is presented in the consolidated statement of financial position as deferred revenues. Licensing fees and milestone payments Under IFRS 15, the Company determines whether the Company's promise to grant a license provides its customer with either a right to access the Company’s intellectual property ("IP") or a right to use the Company’s IP. A license will provide a right to access the intellectual property if there is significant development of the intellectual property expected in the future whereas for a right to use, the intellectual property is to be used in the condition it is at the time the license is signed. Revenue from a license that provides a customer the right to use the Company’s IP is recognized at a point in time when the transfers to the licensee is completed and the license period begins. When a license provides access to the Company's IP over a license term, the performance obligation is satisfied over time and, therefore, revenue is recognized over the term of the license arrangement. Milestone payments are immediately recognized as licensing revenue when the condition is met, if the milestone is not a condition to future deliverables and collectability is reasonably assured. Otherwise, they are recognized over the remaining term of the agreement or the performance period. Rental revenue The Company accounts for the lease or sub-lease with its tenant as an operating lease when the Company has not transferred substantially all of the risks and benefits of ownership of its property or leased property. Revenue recognition under an operating lease commences when the tenant has a right to use the leased asset, and the total amount of contractual rent to be received from the operating lease is recognized on a straight-line basis over the term of the lease. Rental revenue also includes recoveries of operating expenses and property taxes. Revenue recognition accounting policy used before the adoption of IFRS 15, Revenue from contracts with customers (“IFRS 15”) on January 1, 2018 The Company earns revenues from research and development services, license and milestone fees, sale of goods and leasing arrangements, which may include multiple elements. The individual elements of each agreement are divided into separate units of accounting, if certain criteria are met. The applicable revenue recognition method is then applied to each unit. Otherwise, the applicable revenue recognition criteria are applied to combined elements as a single unit of accounting. Rendering of services Revenues from research and development services are recognized using the proportional performance method. Under this method, revenues are recognized proportionally with the degree of completion of the services under the contract when it is probable that the economic benefits will flow to the Company and revenue and costs associated with the transaction can be measured reliably. Licensing fees and milestone payments Certain license fees are comprised of up-front fees and milestone payments. Up-front fees are recognized over the estimated term during which the Company maintains substantive obligations. Milestone payments are recognized as revenue when the milestone is achieved, customer acceptance is obtained, and the customer is obligated to make performance payments. Certain license arrangements require no continuing involvement by the Company. Non-refundable license fees are recognized as revenue when the Company has no further involvement or obligation to perform under the arrangement, the fee is fixed or determinable and collection of the amount is reasonably assured. Sale of goods Revenue from the sale of goods is recognized when all the following conditions are satisfied: • the Company has transferred to the customer the significant risks and rewards of ownership of the goods; • the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; • the amount of revenue can be measured reliably; • it is probable that the economic benefits associated with the transaction will flow to the entity; and • the costs incurred or to be incurred in respect of the transaction can be measured reliably. Revenue is reduced for estimated customer returns and other similar allowances. Amounts received in advance of meeting the revenue recognition criteria are recorded as deferred revenue on the consolidated statements of financial position. Rental revenue The Company accounts for the lease with its tenant as an operating lease when the Company has not transferred substantially all of the risks and benefits of ownership of its property. Revenue recognition under an operating lease commences when the tenant has a right to use the leased asset, and the total amount of contractual rent to be received from the operating lease is recognized on a straight-line basis over the term of the lease. Rental revenue also includes recoveries of operating expenses and property taxes. Research and development expenses Expenditure on research activities is recognized as an expense in the period during which it is incurred. An internally generated intangible asset arising from development (or from the development phase of an internal project) is recognized if, and only if, all of the following have been demonstrated: • the technical feasibility of completing the intangible asset so that it will be available for use or sale; • the intention to complete the intangible asset and use or sell it; • the ability to use or sell the intangible asset; • how the intangible asset will generate probable future economic benefits; • the availability of adequate technical, financial and other resources to complete the development and to use or sell the intangible asset; and • the ability to measure reliably the expenditures attributable to the intangible asset during its development. To date, the Company has not capitalized any development costs. Research and development expenses presented in the consolidated statement of operations comprise the costs to manufacture the plasma-derived product candidates used in pre-clinical tests and clinical trials. It also includes the cost of product candidates used in our small molecule clinical trials such as PBI-4050, external consultants supporting the clinical trials and pre-clinical tests, employee compensation and other operating expenses involved in research and development activities. Foreign currency translation Transactions and balances Transactions in foreign currencies are initially recorded by the Company and its entities at their respective functional currency rates prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the functional currency spot rate of exchange at the reporting date. All differences are taken to the consolidated statement of operations. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rates at the dates when the initial transactions took place. Group companies The assets and liabilities of foreign operations are translated into Canadian dollars at the rate of exchange prevailing at the reporting date and their statements of operations are translated at exchange rates prevailing at the dates of the transactions. The exchange differences arising on the translation are recognized in other comprehensive loss. On disposal of a foreign operation, the component of other comprehensive loss relating to that particular foreign operation is reclassified from the consolidated statement of comprehensive loss to the consolidated statement of operations as part of the gain or loss on the disposal of the foreign operation. Income taxes The Company uses the liability method of accounting for income taxes. Deferred income tax assets and liabilities are recognized in the consolidated statement of financial position for the future tax consequences attributable to differences between the consolidated financial statements carrying values of existing assets and liabilities and their respective income tax bases. Deferred income tax assets and liabilities are measured using income tax rates expected to apply when the assets are realized or the liabilities are settled. The effect of a change in income tax rates is recognized in the year during which these rates change. Deferred income tax assets are recognized to the extent that it is probable that future tax profits will allow the deferred tax assets to be recovered. When uncertainties exist over income tax treatments, the Company applies the guidance in IFRIC 23, Uncertainty over income tax treatments when evaluating its income tax provisions. Share-based payments The Company has a stock option plan and a restricted share unit plan. The fair value of stock options granted is determined at the grant date using the Black-Scholes option pricing model and is expensed over the vesting period of the options. Awards with graded vesting are considered to be multiple awards for fair value measurement. The fair value of Restricted Share Units (“RSU”) is determined using the market value of the Company’s shares on the grant date. The expense associated with RSU awards that vest over time are recognized over the vesting period. When the vesting of RSU is dependent on meeting performance targets as well as a service requirement, the Company will estimate the outcome of the performance targets to determine the expense to recognize over the vesting period, and revise those estimates until the final outcome is determined. An estimate of the number of awards that are expected to be forfeited is also made at the time of grant and revised periodically if actual forfeitures differ from those estimates. The Company’s policy is to issue new shares upon the exercise of stock options and the release of RSU for which conditions have been met. Assets held for sale and discontinued operations The Company classifies non-current assets and disposal groups as held for sale if their carrying amounts will be recovered principally through a sale rather than through continuing use. Such non-current assets and disposal groups classified as held for sale are measured at the lower of their carrying amount and their fair value less cost to sell. Costs to sell are the incremental costs directly attributable to the sale, excluding finance costs and income tax expense. Such assets are only presented as held for sale when the sale is hig |
Significant accounting judgemen
Significant accounting judgements and estimation uncertainty | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Of Changes In Accounting Estimates [Abstract] | |
Significant accounting judgements and estimation uncertainty | 3. Significant accounting judgements and estimation uncertainty The preparation of these consolidated financial statements requires the use of judgments, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities and the accompanying disclosures. The uncertainty that is often inherent in estimates and assumptions could result in material adjustments to assets or liabilities affected in future periods. Significant judgments Going concern - In assessing whether the going concern assumption is appropriate and whether there are material uncertainties that may cast significant doubt about the Company’s ability to continue as a going concern, management must estimate future cash flows for a period of at least twelve months following the end of the reporting period by considering relevant available information about the future. Management has considered a wide range of factors relating to expected cash inflows such as whether the Company will earn licensing and milestone revenues, obtain regulatory approval for commercialization of product candidates and potential sources of debt and equity financing available to it. Management has also estimated expected cash outflows such as operating and capital expenditures and debt repayment schedules, including the ability to delay uncommitted expenditures. These cash flow estimates are subject to uncertainty. Accounting for loan modifications – When the terms of a loan are modified, management must evaluate whether the terms of the loan are substantially different in order to determine the accounting treatment. If they are considered to be substantially different, the modification will be accounted for as a derecognition of the carrying value of the pre-modified loan and the recognition of a new loan at its fair value. Otherwise, the changes will be treated as a modification which will result in adjusting the carrying amount to the present value of the modified cash flows using the original effective interest rate of the loan instrument. In assessing whether the terms of a loan are substantially different, management performs a quantitative analysis of the changes in the cash flows under the previous agreement and the new agreement and also considers other modifications that have no cash flow impact. In the context of the simultaneous modification to the terms of several loans with the same lender, management uses judgment to determine if the cash flow analysis should be performed on the loans in aggregate or individually. Judgment is also used to evaluate the relative importance of additional rights given to the lender such as additional Board of Director seats and the extension of the term of the security compared to the quantitative analysis. Revenue recognition – The Company enters into revenue agreements from time to time which provide, among other payments, up-front and milestone payments in exchange for licenses and other access to intellectual property. It may also enter into several agreements simultaneously that are different in nature such as license agreements, R&D services, supply and manufacturing agreements. In determining the appropriate method for recognizing revenues in a given contract, management may be required to apply significant judgment including the identification of performance obligations. Determining whether performance obligations are distinct involves evaluating whether the customer can benefit from the good or service on its own or together with other resources that are readily available to the customer. Once the distinct performance obligations are identified, management must then determine if each performance obligation is satisfied at a point in time or over time. For license agreements, this requires management to assess the level of advancement of the intellectual property being licensed. Functional currency – The functional currency of foreign subsidiaries is reviewed on an ongoing basis to assess if changes in the underlying transactions, events and conditions have resulted in a change. During the years ended December 31, 2019, 2018 and 2017 no changes were deemed necessary. This assessment is also performed for new subsidiaries. When assessing the functional currency of a foreign subsidiary, management’s judgment is applied in order to determine, amongst other things, the primary economic environment in which an entity operates, the currency in which the activities are funded and the degree of autonomy of the foreign subsidiary from the reporting entity in its operations and financially. Judgment is also applied in determining whether the inter-company loans denominated in foreign currencies form part of the parent Company’s net investment in the foreign subsidiary. Considering such loans as part of the net investment in the foreign subsidiary results in foreign currency translation gains or losses from the translation of these loans being recorded in other comprehensive loss instead of the consolidated statement of operations. Estimates and assumptions Fair value of financial instruments – The individual fair values attributed to the different components of a financing transaction, are determined using valuation techniques. Management uses judgment to select the methods used to determine certain inputs/assumptions used in the models and the models used to perform the fair value calculations in order to determine, 1) the values attributed to each component of a transaction at the time of their issuance, 2) the fair value measurements for certain instruments that require subsequent measurement at fair value on a recurring basis and 3) the fair value of financial instruments subsequently carried at amortized cost. When the determination of the fair value of a new loan is required, discounted cash flow techniques which includes inputs that are not based on observable market data and inputs that are derived from observable market data are used. When determining the appropriate discount rates to use, Management seeks comparable interest rates where available. If unavailable, it uses those considered appropriate for the risk profile of a Company in the industry. The fair value estimates could be significantly different because of the use of judgment and the inherent uncertainty in estimating the fair value of these instruments that are not quoted in an active market. Leases - The Company determines the lease term as the non-cancellable term of the lease, together with any periods covered by an option to extend the lease if it is reasonably certain to be exercised, or any periods covered by an option to terminate the lease, if it is reasonably certain that this option will not be exercised. The Company has the option, under some of its leases to lease the assets for additional terms of up to fifteen years. Judgement is applied in evaluating whether it is reasonably certain that the Company will exercise the option to renew. That is, all relevant factors that create an economic incentive for it to exercise the renewal are considered. After the commencement date, the lease term is reassessed if there is a significant event or change in circumstances that is within the Company’s control and affects its ability to exercise (or not to exercise) the option to renew. The renewal period is included as part of the lease term for a manufacturing plant lease since the Company estimated it is reasonably certain to exercise due to the importance of this asset to its operations, the limited availability on the market of a similar asset with similar rental terms and the related cost of moving the production equipment to another facility. Uncertainty over income tax treatments - R&D tax credits for the current period and prior periods are measured at the amount the Company expects to recover, based on its best estimate and judgment, of the amounts it expects to receive from the tax authorities as at the reporting date, either in the form of income tax refunds or refundable grants. However, there are uncertainties as to the interpretation of the tax legislation and regulations, in particular regarding what constitutes eligible R&D activities and expenditures, as well the amount and timing of recovery of these tax credits. In order to determine whether the expenses it incurs are eligible for R&D tax credits, the Company must use judgment and apply to complex techniques, which makes the recovery of tax credits uncertain. As a result, there may be a significant difference between the estimated timing and amount recognized in the consolidated financial statements in respect of tax credits receivable and the actual amount of tax credits received as a result of the tax administrations' review of matters that were subject to interpretation. The amounts recognized in the consolidated financial statements are based on the best estimates of the Company and in its best possible judgment, as noted above. Assessing the recoverable amount of long-lived assets - The Company evaluates the recoverable value of long-lived assets when indicators of impairment arise or as part of the annual impairment test, if they are intangible assets not yet available for use. The recoverable value is the higher of the value in use and the fair value less cost to sell. Long-lived assets include capital assets and intangible assets such as licenses and other rights and some of these rights are considered not available for use. When calculating the value in use, Management must make estimates and assumptions regarding the estimated future cash flows and their timing including the amount and timing of the capital expenditure investments necessary to increase manufacturing capacities, to bring the facilities to Good Manufacturing Practices (“GMP”) standards, timing of production capacities coming on-line, production costs, ongoing research and clinical trial expenses, market penetration and selling prices for the Company’s product candidates, if approved, and, the date of approval of the product candidates for commercial sale, if any. The future cash flows are estimated using a five-year projection of cash flows before taxes which are based on the most recent budgets and forecasts available to the Company. If the projections include revenues in the fifth year, then this year is extrapolated, using an expected annual growth rate. The estimated cash flows are then discounted to their net present value using a pre-tax discount rate that includes a risk premium specific to the line of business. When calculating the fair value less cost to sell of an asset or a group of assets for which selling price information for comparable assets are not readily available, Management also must make assumptions regarding the value it may recuperate from its sale. During the year ended December 31, 2019 and 2018, as a result of strategic decisions made by the Company on the areas where it would focus its resources, several impairments recorded on intangible assets (note 25). Expense recognition of restricted share units – The RSU expense recognized for RSU in which the performance conditions have not yet been met, is based on an estimation of the probability of successful achievement of a number of performance conditions, many of which depend on research, regulatory process and business development outcomes which are difficult to predict, as well as the timing of their achievement. The final expense is only determinable when the outcome is known. Valuation of deferred income tax assets – To determine the extent to which deferred income tax assets can be recognized, management estimates the amount of probable future taxable profits that will be available against which deductible temporary differences and unused tax losses can be utilized. Management exercises judgment to determine the extent to which realization of future taxable benefits is probable, considering the history of taxable profits, budgets and forecasts and availability of tax strategies. |
Change in standards, interpreta
Change in standards, interpretations and accounting policies | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Of Initial Application Of Standards Or Interpretations [Abstract] | |
Change in standards, interpretations and accounting policies | 4. Change in standards, interpretations and accounting policies a) Adoption of new accounting standards The accounting policies used in these annual consolidated financial statements are consistent with those applied by the Company in its December 31, 2018 and 2017 audited annual consolidated financial statements except for the amendments to certain accounting standards which are relevant to the Company and were adopted by the Company as of January 1, 2018 and January 1, 2019 as described below. IFRS 9, Financial Instruments IFRS 9 replaces the provisions of IAS 39, Financial Instruments – Recognition and Measurement The Corporation adopted IFRS 9 as of January 1, 2018 and the new standard has been applied retrospectively in accordance with the transitional provisions of IFRS 9. The following table presents the carrying amount of financial assets held by Liminal at December 31, 2017 and their measurement category under IAS 39 and the new model under IFRS 9. IAS 39 IFRS 9 Measurement Carrying Measurement Carrying category amount category amount Cash and cash equivalents FVPL $ 23,166 Amortized cost $ 23,166 Trade receivables Amortized cost 1,796 Amortized cost 1,796 Other receivables Amortized cost 397 Amortized cost 397 Restricted cash FVPL 226 Amortized cost 226 Long-term receivables Amortized cost 1,856 Amortized cost 1,856 Equity investments Cost 1,228 FVPL 1,228 Convertible debt Cost 87 FVPL 87 There has been no impact caused by the new classification of financial assets under IFRS 9. The classification of all financial liabilities at amortized cost remains unchanged as well as their measurement resulting from their classification. Under IFRS 9, modifications to financial assets and financial liabilities, shall be accounted for by recalculating the present value of the modified contractual cashflows at the original effective interest rate and the adjustment shall be recognized as a gain or loss in profit or loss. Under IAS 39, the impact of modifications was recognized prospectively over the remaining term of the debt. The adoption of the accounting for modifications under the new standard has resulted in the restatement of the opening deficit and the long-term debt at January 1, 2018 as follows: Deficit $ 110 Long-term debt (110 ) IFRS 15, Revenue from contracts with customers IFRS 15 replaces IAS 11, Construction Contracts Revenue The Corporation adopted IFRS 15 as of January 1, 2018 and the new standard has been applied retrospectively using the modified retrospective approach, where prior periods are not restated and the cumulative effect of initially applying this standard is recognized in the opening deficit balance on January 1, 2018. The Corporation has also availed itself of the following practical expedients: • the standard was applied retrospectively only to contracts that were not completed on January 1, 2018; and • for contracts that were modified before January 1, 2018, the Corporation analy There has been no impact of the adoption of IFRS 15 as at January 1, 2018 and for the year end December 31, 2018. IFRIC 22, Foreign Currency Transactions and Advance Consideration IFRIC 22 addresses how to determine the date of the transaction for the purpose of determining the exchange rate to use on initial recognition of the related asset, expense or income (or part of it) and on the derecognition of a non-monetary asset or non-monetary liability arising from the payment or receipt of advance consideration in a foreign currency. IFRIC 22 is effective for annual periods beginning on or after January 1, 2018. The Corporation adopted IFRIC 22 retrospectively on January 1, 2018. The adoption of the standard did not have a significant impact on the financial statements. IFRS 16, Leases IFRS 16 replaces IAS 17, Leases Effective January 1, 2019, the Company adopted IFRS 16 using the modified retrospective approach and accordingly the information presented for 2018 has not been restated. The cumulative effect of initially applying the standard is recognized at the date of initial application. The current and long-term portions of operating and finance lease inducements and obligations presented in the statement of financial position at December 31, 2018, reflect the accounting treatment under IAS 17 and related interpretations. The Company elected to use the transitional practical expedient allowing the standard to be applied only to contracts that were previously identified as leases under IAS 17 and IFRIC 4, Determining whether an arrangement contains a lease The Company also elected to record right-of-use assets for leases previously classified as operating leases under IAS 17 based on the corresponding lease liability, adjusted for prepaids or liabilities existing at the date of the transition that relate to the lease. When measuring lease liabilities, the Company discounted lease payments using its incremental borrowing rate at January 1, 2019. The weighted average discount rate applied to the total lease liabilities recognized on transition was 18.54%. For leases that were previously classified as finance leases under IAS 17, the carrying amount of the right-of-use asset and the lease liability at the date of adoption was established as the carrying amount of the lease asset classified in capital assets and the finance lease obligation at December 31, 2018. These assets and liabilities are grouped under right-of-use assets and lease liabilities as of January 1, 2019 and IFRS 16 applies to these leases as of that date. In addition, the Company elected to apply the practical expedient to account for leases for which the lease term ends within 12 months of the date of initial application as short-term leases for which it is not required to recognize a right-of-use asset and a corresponding lease liability. The Company also elected to not apply IFRS 16 when the underlying asset in a lease is of low value. The Company has elected, for the class of assets related to the lease of building space, not to separate non-lease components from lease components, and instead account for each lease component and any associated non-lease components as a single lease component. The table below shows which line items of the consolidated financial statements were affected by the adoption of IFRS 16 and the impact. There was no net impact on the deficit. Adjustments As reported as at for the transition Balance as at December 31, 2018 to IFRS 16 January 1, 2019 Assets Prepaids $ 1,452 $ (84 ) $ 1,368 Capital assets (note 9) 41,113 (1,043 ) 40,070 Right-of-use assets (note 10) - 39,149 39,149 Liabilities Accounts payable and accrued liabilities (note 13) $ 31,855 $ (2,499 ) $ 29,356 Current portion of lease liabilities (note 14) - 8,575 8,575 Long-term portion of lease liabilities (note 14) - 34,126 34,126 Long-term portion of operating and finance lease inducements and obligations (note 17) 1,850 (1,850 ) - Other long-term liabilities (note 18) 5,695 (330 ) 5,365 Prior to adopting IFRS 16, the total minimum operating lease commitments as at December 31, 2018 were $74,977. The decrease between the total of the minimum lease payments set out in Note 29 of the audited annual consolidated financial statements for the year ended December 31, 2018 and the total lease liabilities recognized on adoption of $42,701 was principally due to the effect of discounting on the minimum lease payments. The amount also decreased slightly due to the fact that certain costs that are contractually committed under lease contracts, but which do not qualify to be accounted for as a lease liability, such as variable lease payments not tied to an index or rate, were previously included in the lease commitment table whereas they are not included in the calculation of the lease liabilities. These impacts were partially offset by the inclusion of lease payments beyond minimum commitments relating to reasonably certain renewal periods that had not yet been exercised as at December 31, 2018 which effect is to increase the liability. Right-of-use assets at transition have been measured at an amount equal to the corresponding lease liabilities, adjusted for any prepaid or accrued rent relating to that lease. The consolidated statement of operations for the year ended December 31, 2019 was impacted by the adoption of IFRS 16 as the recording of depreciation of the right-of-use assets continues to be recorded in the same financial statement line items as it was previously while the implicit financing component of leasing agreements is now recorded under finance costs. The impact is not simply in the form of a reclassification but also in terms of measurement, which are very much affected by the discount rates used and whether the Company has included renewal periods when calculating the lease liability. The consolidated cash flow statement for the year ended December 31, 2019 was also impacted since the cash flows attributable to the lease component of the lease agreements are now shown as payments of principal and interest on lease liabilities which are now part of cash flows from financing activities. IFRIC 23, Uncertainty over income tax treatments IFRIC 23 clarifies how the recognition and measurement requirements of IAS 12 – Income Taxes b) New Standards and interpretations not yet adopted There are currently no new standards or interpretations not yet in effect that the Company reasonably expects would have an impact on its consolidated financial statements. |
Discontinued operations
Discontinued operations | 12 Months Ended |
Dec. 31, 2019 | |
Discontinued Operations [Abstract] | |
Discontinued operations | 5. Discontinued operations On November 25, 2019, the Company sold two subsidiaries in its bioseparations segment, representing the majority of its bioseparations operations and all of the bioseparations revenues. This transaction fits as part of the Company’s goal to monetize non-core assets as it focuses its resources on the small molecules segment. This disposal has been presented as discontinued operations with the revenues and costs relating to ceased activities being reclassified and presented retrospectively in the consolidated statements of operations, statements of comprehensive loss, statements of cash flows and notes to the financial statements as discontinued operations. Gain on the sale of the subsidiaries Fair value of the consideration received and receivable: $ 51,927 Less: Carrying amount of net assets sold (22,015 ) Transaction costs (5,015 ) Reclassification of foreign currency translation reserve from other comprehensive income into the statement of operations 1,449 Gain on sale of subsidiaries (income tax $nil) $ 26,346 In the event the operations sold achieve certain performance criteria during the period January 1, 2020 to December 31, 2023 as specified in the sale agreement, cash consideration of up to $22,309 (£13,000,000) may be receivable. An additional amount of $4,290 (£2,500,000) may also become receivable depending on the achievement of certain events. At the time of the sale, the fair value of the contingent consideration was determined to be $nil as its receipt is dependent on future target achievement that is out of the Company’s influence and is primarily dependent on the growth of operations. As of December 31, 2019, the Company received $50,752 and the remaining $1,175 was received subsequent to the period end. Results and cash flows from discontinued operations The results and the cash flows from discontinued operations for the years ended December 31, 2018 and 2017 and for the period from January 1, 2019 until November 24, 2019, the date of the sale, are presented in the following tables: November 24, December 31, December 31, Period ended 2019 2018 2017 Revenues $ 22,499 $ 22,741 $ 16,802 Expenses Cost of sales and other production expenses 11,347 12,295 6,460 Research and development expenses 5,926 6,808 6,869 Administration, selling and marketing expenses 3,387 2,084 1,878 Loss (gain) on foreign exchange (64 ) (15 ) 55 Finance costs 737 19 76 Net income before income taxes $ 1,166 $ 1,550 $ 1,464 Income tax expense (recovery): Current 65 (382 ) (474 ) Deferred (24 ) - 24 Total income tax expense (recovery) 41 (382 ) (450 ) Net income from discontinued operations $ 1,125 $ 1,932 $ 1,914 Gain on sale of discontinued operations net of tax of $nil 26,346 - - Discontinued operations, net of taxes $ 27,471 $ 1,932 $ 1,914 November 24, December 31, December 31, Years ended 2019 2018 2017 Cash flows from operating activities $ 6,327 $ 1,379 $ 2,189 Cash flows used in financing activities (866 ) - - Cash flows from (used in) investing activities* 39,690 (1,752 ) (2,115 ) Net change in cash during the year $ 45,151 $ (373 ) $ 74 Net effect of currency exchange rate on cash 54 41 32 Net increase(decrease) in cash generated by discontinued operations $ 45,205 $ (332 ) $ 106 *Cash flows from investing activities for the period ended November 24, 2019 include the proceeds from the sale of the discontinued operations business (net of the cash disposed), of $43,958 and transaction costs paid relating to the sale of the discontinued operations business of $4,228. The carrying amounts of assets and liabilities sold are as follows: Cash $ 6,794 Accounts receivable 1,148 Inventories 8,313 Prepaids 236 Other long-term assets 48 Capital assets 8,483 Right-of-use assets 3,300 Intangible assets 370 Deferred tax assets 12 Total assets $ 28,704 Accounts payable and accrued liabilities 2,163 Deferred revenue 370 Current portion of lease liabilities 809 Long-term portion of deferred revenues 87 Long-term portion of lease liabilities 3,260 Total liabilities $ 6,689 Net assets sold $ 22,015 |
Accounts receivable
Accounts receivable | 12 Months Ended |
Dec. 31, 2019 | |
Trade And Other Receivables [Abstract] | |
Accounts receivable | 6. Accounts receivable December 31, December 31, 2019 2018 Trade receivables $ 44 $ 7,051 Tax credits and government grants receivable 1,546 3,737 Sales taxes receivable 863 774 Other receivables 1,633 320 $ 4,086 $ 11,882 |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2019 | |
Classes Of Inventories [Abstract] | |
Inventories | 7. Inventories December 31, December 31, 2019 2018 Raw materials $ 7,175 $ 5,428 Work in progress - 3,740 Finished goods 357 2,860 $ 7,532 $ 12,028 Inventories sold in the amount of $2,315, $23,136 and $1,353 were recognized as cost of sales and other production expenses from continuing operations, and $10,126, $10,295 and $5,241 from discontinued operations during the years ended December 31, 2019, 2018 and 2017 respectively. Inventory write‑downs of $163, $2,028 and $nil, from continuing operations and $642, $981 and $246 from discontinued operations, also included in cost of sales and other production expenses, were recorded during the years ended December 31, 2019, 2018 and 2017 respectively. |
Other long-term assets
Other long-term assets | 12 Months Ended |
Dec. 31, 2019 | |
Other Non Current Assets [Abstract] | |
Other long-term assets | 8. Other long-term assets December 31, December 31, 2019 2018 Restricted cash (a) $ 169 $ 245 Long-term deposits 143 142 Tax credits receivable 858 - Other - 24 $ 1,170 $ 411 a) Restricted Cash Restricted cash is composed of a guaranteed investment certificate, bearing interest at 0.35% per annum (at December 31, 2018, bearing interest at 0.35%), pledged as collateral for a letter of credit to a landlord which automatically renews until the end of the lease. |
Capital assets
Capital assets | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Of Property Plant And Equipment [Abstract] | |
Capital assets | 9. Capital assets Production Furniture and Land and Leasehold and laboratory computer Buildings improvements equipment equipment Total Cost Balance at January 1, 2018 $ 4,539 $ 12,824 $ 36,787 $ 3,555 $ 57,705 Additions 28 2,977 2,396 279 5,680 Disposals - - (452 ) (58 ) (510 ) Effect of foreign exchange differences - 233 154 10 397 Balance at December 31, 2018 $ 4,567 $ 16,034 $ 38,885 $ 3,786 $ 63,272 Impact of adopting IFRS 16 1) - - (1,170 ) - (1,170 ) Balance at January 1, 2019 4,567 16,034 37,715 3,786 62,102 Additions - 61 712 202 975 Disposals - (5 ) (109 ) (14 ) (128 ) Sold - discontinued operations (note 5) - (7,307 ) (5,774 ) (744 ) (13,825 ) Effect of foreign exchange differences - (225 ) (127 ) (7 ) (359 ) Balance at December 31, 2019 $ 4,567 $ 8,558 $ 32,417 $ 3,223 $ 48,765 Accumulated depreciation Balance at January 1, 2018 $ 219 $ 3,726 $ 6,962 $ 1,544 $ 12,451 Depreciation expense 195 641 2,511 739 4,086 Disposals - - (146 ) (36 ) (182 ) Impairments (note 25) - - 5,689 - 5,689 Effect of foreign exchange differences - 54 55 6 115 Balance at December 31, 2018 $ 414 $ 4,421 $ 15,071 $ 2,253 $ 22,159 Impact of adopting IFRS 16 1) - - (127 ) - (127 ) Balance at January 1, 2019 414 4,421 14,944 2,253 22,032 Depreciation expense 195 786 2,136 617 3,734 Disposals - (2 ) (106 ) (14 ) (122 ) Impairments (note 25) - 559 6,408 103 7,070 Sold - discontinued operations (note 5) - (2,297 ) (2,550 ) (495 ) (5,342 ) Effect of foreign exchange differences - (38 ) (36 ) (4 ) (78 ) Balance at December 31, 2019 $ 609 $ 3,429 $ 20,796 $ 2,460 $ 27,294 Carrying amounts At December 31, 2019 $ 3,958 $ 5,129 $ 11,621 $ 763 $ 21,471 At January 1, 2019 4,153 11,613 22,771 1,533 40,070 At December 31, 2018 4,153 11,613 23,814 1,533 41,113 1 ) The depreciation expense for the year ending December 31, 2017 was $3,632. As at December 31, 2019, there are $2,352 and $nil of production and laboratory equipment and leasehold improvements, respectively, net of government grants, that are not yet available for use and for which depreciation has not started ($8,322 and $6,610 as of December 31, 2018). Certain investments in equipment are eligible for government grants. The government grants receivable are recorded in the same period as the eligible additions and are credited against the capital asset addition. During the year ended December 31, 2019, the Company recognized $694 ($2 during the year ended December 31, 2018) in government grants. Impairment losses of $7,070 were recorded on capital assets during the year ended December 31, 2019 ($5,689 during the year ended December 31, 2018, $nil in 2017). Details of these impairments are provided in note 25. |
Right-of-use assets
Right-of-use assets | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Of Quantitative Information About Rightofuse Assets [Abstract] | |
Right-of-use assets | 10. Right-of-use assets Production and laboratory Buildings equipment Other Total Cost Transfer from capital assets on adoption of IFRS 16 (note 9) $ - $ 1,170 $ - $ 1,170 Initial recognition of assets under operating leases on adoption of IFRS 16 37,552 460 94 38,106 Balance at January 1, 2019 37,552 1,630 94 39,276 Additions 2,331 - 49 2,380 Remeasurement of the lease liability 36 - - 36 Sold - discontinued operations (note 5) (3,586 ) - - (3,586 ) Effect of foreign exchange differences (99 ) - - (99 ) Balance at December 31, 2019 $ 36,234 $ 1,630 $ 143 $ 38,007 Accumulated depreciation Transfer from capital assets on adoption of IFRS 16 (note 9) $ - $ 127 $ - $ 127 Balance at January 1, 2019 - 127 - 127 Depreciation expense 4,274 592 47 4,913 Sold - discontinued operations (note 5) (286 ) - - (286 ) Effect of foreign exchange differences - (1 ) - (1 ) Balance at December 31, 2019 $ 3,988 $ 718 $ 47 $ 4,753 Carrying amounts At December 31, 2019 $ 32,246 $ 912 $ 96 $ 33,254 At January 1, 2019 37,552 1,503 94 39,149 |
Intangible assets
Intangible assets | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Of Intangible Assets [Abstract] | |
Intangible assets | 11. Intangible assets Licenses and other rights Patents Software Total Cost Balance at January 1, 2018 $ 154,572 $ 6,346 $ 2,213 $ 163,131 Additions 5,512 639 1,145 7,296 Disposals - (332 ) (68 ) (400 ) Effect of foreign exchange differences 698 344 (4 ) 1,038 Balance at December 31, 2018 $ 160,782 $ 6,997 $ 3,286 $ 171,065 Additions - 728 467 1,195 Sold - discontinued operations (note 5) (2,505 ) (842 ) (47 ) (3,394 ) Disposals - (524 ) (39 ) (563 ) Effect of foreign exchange differences (9 ) (50 ) (19 ) (78 ) Balance at December 31, 2019 $ 158,268 $ 6,309 $ 3,648 $ 168,225 Accumulated amortization Balance at January 1, 2018 $ 3,497 $ 2,250 $ 737 $ 6,484 Amortization expense 556 448 368 1,372 Disposals - (177 ) (38 ) (215 ) Impairments 142,609 - - 142,609 Effect of foreign exchange differences 694 317 1 1,012 Balance at December 31, 2018 $ 147,356 $ 2,838 $ 1,068 $ 151,262 Amortization expense 410 403 446 1,259 Disposals - (364 ) (9 ) (373 ) Impairments (note 25) 4,528 761 7 5,296 Sold - discontinued operations (note 5) (2,418 ) (570 ) (36 ) (3,024 ) Effect of foreign exchange differences (6 ) (29 ) (6 ) (41 ) Balance at December 31, 2019 $ 149,870 $ 3,039 $ 1,470 $ 154,379 Carrying amounts At December 31, 2019 $ 8,398 $ 3,270 $ 2,178 $ 13,846 At December 31, 2018 13,426 4,159 2,218 19,803 Intangible assets include $7,106 pertaining to the reacquired right from a licensee; these rights are not yet available for use and consequently their amortization has not commenced (note 18a,ii). An impairment loss of $5,296 was recorded on certain licenses and patents during the year ended December 31, 2019 ($142,609 during the year ended December 31, 2018, $nil in 2017) (note 25). The amortization expense for the year ended December 31, 2017 was $944. On January 29, 2018, the Company acquired two licenses. The first license, valued at $1,743, was paid for by the issuance of warrants (note 19c). The second license was purchased for an equivalent of US$3 million; US$1 million on the date of the transaction, and another US$1 million on both the first and second anniversary of the transaction, to be settled in common shares of the Company (see note 18b for the license acquisition payment obligation and note 19a for the shares issued on the transaction date). The value attributed to the second license, based on the value recorded for the initial equity issued and the value of the payment obligation at the date of the transaction is $3,769. The estimated useful life of the first and second license is 10 years and 20 years, respectively. |
Investment in an associate
Investment in an associate | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Of Significant Investments In Associates [Abstract] | |
Investment in an associate | 12. Investment in an associate At each reporting period, the Company assesses whether it has significant influence over its investments. During the quarter ended September 30, 2018, the Company concluded it exerted significant influence over ProThera Biologics, Inc. (“ProThera”), a company headquartered in Rhode Island, U.S.A., since August 15, 2018. As such, ProThera became an associate as well as a related party from that date and consequently, the equity investment in ProThera was accounted for using the equity method (note 2), and the transactions between the Company and its associate were disclosed in the consolidated financial statements as of December 31, 2018. ProThera is a biotherapeutics company developing methods for using Inter-alpha Inhibitor Proteins (“IaIP”) to treat severe inflammation associated with infection, trauma and disease. The Company entered into research and development agreements as well as a license agreement with ProThera in 2015 to develop, manufacture and market IaIP for the treatment of two indications. As of December 31, 2018, Liminal held 15.2% of the outstanding common shares of Prothera having a historical cost of $1,204. It also held an investment in convertible debt of ProThera. At December 31, 2018, the Company had invested $1,181 (US$ 866,000) in convertible debt of Prothera Biologics Inc. The convertible debt was convertible at the option of the issuer or the holder into preferred shares of ProThera, denominated in U.S. dollars and earning interest at 8.0% per annum, to be received at the date of maturity which is January 3, 2020. As required when significant influence over an investment is obtained, the investment must be measured at fair value as of the date it became an associate. A fair value approach was applied by management in developing preliminary estimates of the identifiable assets and liabilities of ProThera. These fair value assessments require management to make significant estimates and assumptions as well as applying judgment in selecting the appropriate valuation techniques, building valuation models, and compiling, preparing and validating this information. When publishing its third quarter results at September 30, 2018, certain aspects of the valuation were not finalized, namely the valuation of the intangible assets and therefore the amounts recognized were based on the preliminary results. During the fourth quarter of 2018, following changes to the Company’s strategic plans, an impairment of the investment in the associate, in the amount of $1,182 was recognized (note 25). On January 3, 2019, the principal of the loan and the interest outstanding at December 31, 2018 held by Liminal were converted into preferred shares of ProThera by the issuer. In February 2019, the Company decided that it was no longer part of its strategy to pursue the development of Inter-alpha Inhibitor proteins and undertook discussions with ProThera Biologics, Inc. (“ProThera”) to terminate the various corporate and commercial agreements it had in place with ProThera. The Company determined that, from that point on, it no longer had significant influence over ProThera and therefore changed its accounting for its investment in ProThera’s common shares as an investment in an associate to that of a financial asset at fair value through profit and loss. The fair value of such financial asset was evaluated at $nil at that time. Any transactions between the Company and ProThera as of that date are no longer considered as a related party transaction. During December 2019, Liminal transferred the preferred shares it held back to ProThera in consideration for the termination of the agreement. Changes in the carrying amount of the investment in an associate from the date it was initially recognized as an associate on August 15, 2018 to December 31, 2018 are as follows: Loss and comprehensive loss of an associate from August 15 to December 31, 2018 $ 144 Share of losses of an associate 22 Historical cost of the investment in an associate 1,204 Less: Share of losses of an associate 22 Impairment on investment in an associate (note 25) 1,182 Carrying amount of the investment in an associate as at December 31, 2018 $ - |
Accounts payable and accrued li
Accounts payable and accrued liabilities | 12 Months Ended |
Dec. 31, 2019 | |
Trade And Other Current Payables [Abstract] | |
Accounts payable and accrued liabilities | 13. Accounts payable and accrued liabilities December 31, 2019 December 31, 2018 Trade payables $ 10,496 $ 21,097 Wages and benefits payable 5,593 1,975 Current portion of operating and finance lease inducements and obligations (note 17) - 5,844 Current portion of settlement fee payable - 102 Current portion of royalty payment obligations (note 18) 3,043 68 Current portion of license acquisition payment obligation (note 18) 1,302 1,363 Current portion of other employee benefit liabilities (note 18) 2,374 1,406 $ 22,808 $ 31,855 |
Lease liabilities
Lease liabilities | 12 Months Ended |
Dec. 31, 2019 | |
Lease Liabilities [Abstract] | |
Lease liabilities | 14. Lease liabilities The transactions affecting the lease liabilities during the year ended December 31, 2019 were as follows: Transfer of finance leases from operating and finance lease inducements and obligations $ 846 Initial recognition of lease liabilities under operating leases on adoption of IFRS 16 41,855 Balance at January 1, 2019 $ 42,701 Additions 2,823 Interest expense 7,068 Payments (9,330 ) Derecognized - discontinued operations (note 5) (4,069 ) Effect of foreign exchange differences (956 ) Balance at December 31, 2019 $ 38,237 Less current portion of lease liabilities 8,290 Long-term portion of lease liabilities $ 29,947 Interest expense on lease liabilities for the year ended December 31, 2019 was $7,068 and is included as part of finance costs in the consolidated statement of operations. |
Warrant liability
Warrant liability | 12 Months Ended |
Dec. 31, 2019 | |
Warrant Liability [Abstract] | |
Warrant liability | 15. Warrant liability As consideration for the modification of the terms of the loan agreements on November 14, 2018, the Company had a commitment to issue warrants (“Warrants #9”) to the holder of the long-term debt on or before March 20, 2019. The exact number of warrants to be issued was based on the number of warrants necessary to increase the ownership of the holder of the long-term debt to 19.99% on a fully diluted basis at the date of issuance. On February 22, 2019, the Company further amended the fourth loan agreement with the addition of two tranches, one of US$10 million and another one of US$5 million, that were drawn on February 22, 2019 and March 22, 2019 respectively. As consideration for the modification to the fourth loan agreement, the Company amended the terms applicable at the time of issuance of Warrants #9 to reduce the originally agreed exercise price from $1,000.00 to $156.36 per preferred share and to issue the Warrants #9 concurrently with the modification. Accordingly, the Company issued 19,402 warrants on February 22, 2019. Each warrant entitles the holder to acquire one preferred share (note 19c) at a price of $156.36 per preferred share and expires on February 22, 2027. The Warrants #9 did not meet the definition of an equity instrument since the underlying preferred shares qualify as a liability instrument, and therefore they were accounted for as a financial instrument carried at fair value through profit or loss. The change in fair value of the warrant liability between December 31, 2018, when it was valued at $157 and prior to its modification on February 22, 2019, in the amount of $218 was recorded in the consolidated statement of operations. The Company recorded the increase in fair value of the warrants of $1,137 resulting from the reduction of the exercise price of Warrants #9 on February 22, 2019 against the two additional tranches of the credit facility, treating the increase as financing fees. The change in fair value of the warrant liability between February 22, 2019, after the modification, and March 31, 2019 was an increase of $11 and a decrease in fair value of $1,369 (a gain) between March 31, 2019 to April 23, 2019. Both variations were recorded in the consolidated statements of operations. The estimated fair value of these warrants at April 23, 2019 was $153. As part of the debt restructuring agreement entered into on April 23, 2019 (note 16), all the outstanding warrants belonging to the holder of the debt, including the Warrants #9, were cancelled and replaced by new warrants (note 19c). The cancellation and the issuance of new warrants was treated as a modification. Following this modification, the Warrants #9 no longer meet the definition of a liability instrument and the Company reclassified the fair value of the Warrants #9 as of April 23, 2019 of $153 from warrant liability to warrants classified as equity. The fair value of Warrants #9 on the various dates was calculated using a Black-Scholes option pricing model with the assumptions provided in the table below. In order to estimate the fair value of the underlying preferred share, the Company used the market price of Liminal’s common shares at the measurement date, discounted for the fact that the preferred shares are illiquid. The value of the discount was calculated using a European put option model to sell a common share of Liminal at the price of $1,000.00 or $156.36 per share in 20 years. April 23, February 22, December 31, 2019 2019 2018 Underlying preferred share fair value 32.43 152.15 130.00 Number of warrants issued 19,402 19,402 14,088 Volatility 55.6 % 48.1 % 44.5 % Risk-free interest rate 1.66 % 1.84 % 2.82 % Remaining life until expiry 7.8 8.0 7.9 Expected dividend rate - - - |
Long-term debt
Long-term debt | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Of Detailed Information About Borrowings [Abstract] | |
Long-term debt | 16. Long-term debt The transactions during the year ended December 31, 2019 and 2018 and the carrying value of the long-term debt at December 31, 2019 and 2018 were as follows: 2019 2018 Balance at January 1 $ 125,804 $ 87,020 Impact of adoption of IFRS 9 - (110 ) Stated and accreted interest 7,874 18,856 Drawdown on Credit Facility 18,677 71,721 Repayment of principal through share issuance (141,536 ) - Repayment of principal with cash (988 ) (3,184 ) Repayment of stated interest (3,540 ) (3,934 ) Foreign exchange revaluation on Credit Facility balance (1,311 ) 5,425 Reduction of the face value of the second OID loan by $3,917 - (2,639 ) Extinguishment of loans following a debt modification (4,667 ) (155,055 ) Recognition of loans following a debt modification 8,521 107,704 Balance at December 31 $ 8,834 $ 125,804 At December 31, 2019 and 2018, the carrying amount of the debt comprised the following loans: December 31, December 31, 2019 2018 Loan with the parent (formerly Third OID loan) having a principal of $10,000 maturing on April 23, 2024 with an effective interest rate of 15,05% 1) $ 8,669 $ - Non-interest bearing government term loan having a principal amount of $165 repayable in equal monthly installments of $82 until January 31, 2020 with an effective interest rate of 8.8% 165 1,111 First OID loan having a face value of 63,273 maturing on September 30, 2024 with an effective interest rate of 20.06% - 27,221 Second OID loan having a face value of $17,694 maturing on September 30, 2024 with an effective interest rate of 20.06% - 7,612 Third OID loan having a face value of $31,370 maturing on September 30, 2024 with an effective interest rate of 20.06% - 13,495 US dollars Credit Facility draws, expiring on September 30, 2024 bearing stated interest of 8.5% per annum (effective interest rate of 18.87%) - 76,365 $ 8,834 $ 125,804 Less current portion of long-term debt (165 ) (3,211 ) Long-term portion of long-term debt $ 8,669 $ 122,593 1) On February 22, 2019, the Company amended the fourth loan agreement (“Credit Facility”) with the addition of two tranches of US$10 million and US$5 million which the Company drew on February 22 and March 22, 2019 respectively. Those two tranches bear interest at an annual rate of 8.5% payable quarterly. Concurrently with the amendment, the Company agreed to reduce the exercise price of Warrants #9 from $1,000.00 to $156.36 per preferred share and to immediately issue those warrants (note 15). The incremental fair value of the warrant liability of $1,137 due to this change was recognized as deferred financing fees related to the additional two tranches received. The Company recorded the credit facility draws on February 22, 2019 and March 22, 2019 at their fair value at the transaction date less the associated transaction costs and financing fees of $45 and $1,137, respectively, for a net amount of $18,677. On April 23, 2019, the Company entered into a debt restructuring agreement with the long-term debt holder whereby the entirety of the principal on the Credit Facility plus a portion of the interest due, the entirety of the First and Second Original Issue Discount (“OID”) loans and the majority of the Third OID loan would be repaid by Liminal by the issuance of common shares, at a conversion price, rounded to the nearest two decimals, of $15.21 per common share. Consequently, the US$95 million of principal plus interest due on the Credit Facility was reduced to $663 and the aggregate face value of the three OID loans was reduced by $99,552 to $10,000 with the remaining balance of the Third OID loan modified into an interest-bearing loan at a stated interest of 10% payable quarterly. This resulted in the reduction of the long-term debt recorded on the consolidated statement of financial position by $141,536. The Company issued 15,050,312 common shares on that date which were recorded in share capital at a value of $228,915. The difference between the carrying amount of the debt converted into common shares and the increase in the value of the share capital is recognized as a loss on extinguishment of a loan of $87,379. The balance of interest due on the credit facility of $663 was paid in cash. Since November 14, 2018, all transactions with SALP are considered related party transactions; however, following the issuance of the common shares to SALP as a result of the debt restructuring, SALP obtained control over the Company and since then, is Liminal’s controlling parent. P The modification in terms of the remaining balance of the Third OID loan of $10,000 was accounted for as an extinguishment of the long-term debt and the re-issuance of a new interest-bearing loan (“Loan with the parent”). The difference between the carrying amount of the loan extinguished of $4,667 and the $8,521 recognized as the fair value of the new loan with the parent was recorded as a loss on debt extinguishment of $3,854. The fair value of the modified loan was determined using a discounted cash flow model with a market interest rate of 15.1%. As a result of this transaction and the extinguishments of liabilities that occurred earlier in the beginning of 2019 following payments made to suppliers by the issuance of equity (note 19a), the consolidated statement of operations for the year ended December 31, 2019, includes a loss on extinguishment of liabilities of $92,374 detailed as follows: Loss on extinguishment of liabilities due to April 23, 2019 loan modification Comprising the following elements: Debt to equity conversion $ 87,379 Expensing of financing fees on loan extinguishment 653 Extinguishment of previous loan (4,667 ) Recognition of modified loan 8,521 Expensing of increase in the fair value of the warrants (note 19c) 408 Loss on extinguishment of liabilities due to April 23, 2019 loan modification $ 92,294 Loss on extinguishment of liabilities to suppliers (note 19a) 80 Loss on extinguishments of liabilities $ 92,374 As at December 31, 2019, the Company was in compliance with all of its covenants under its long-term debt agreement. 2018 In November 2017, the Company entered into a Credit Facility agreement bearing interest of 8.5% per annum expiring on November 30, 2019. The Credit Facility comprised two US$40 million tranches which became available to draw down once certain conditions were met. The drawdowns on the available tranches were limited to US$10 million per month. As part of the agreement, the Company issued 54,000 warrants on November 30, 2017 (“Warrants #7”) to the holder of the long-term debt in consideration for the Credit Facility. Further details concerning the warrants are provided in note 19c. At each drawdown, the value of the proceeds drawn are allocated to the debt and the warrants classified as equity based on their fair value. A royalty agreement between the Company and holder of long-term debt became effective upon drawing on the second tranche of the Credit Facility and then was subsequently modified as part of the loan modification discussed below. The proceeds to be received upon the first three draws on the second US$40 million tranche was increased from US$10.0 million to US$11.5 million to include the consideration paid by the holder for the royalty commitment (note 31). In 2018, the Company drew on the remaining US$60 million available on the Credit Facility throughout the year, bringing the cumulative draws from US$20 million at December 31, 2017 to US$80 million at December 31, 2018. The table below summarizes by quarter, the impact of the various drawdowns and the royalty proceeds on the consolidated financial statements: Allocation of Proceeds Quarter USD proceeds CAD equivalent* Debt * Warrants * Royalty liability* Q1 2018 20,000,000 25,155,000 19,585,372 5,569,628 - Q2 2018 11,500,000 14,768,300 12,881,631 1,886,669 - Q3 2018 23,000,000 29,808,690 27,144,445 2,531,438 132,807 Q4 2018 10,000,000 13,280,100 12,109,314 1,170,786 - *Exceptionally for this table Canadian dollars are not rounded to thousands of dollars. For the August and September 2018 draws, the holder of the long-term debt used the set-off of principal right under the Original Issue Discount (“OID”) loan agreements to settle $3,917 (US$3 million) of the amounts due to the Company under the royalty agreement by reducing the face value of the second OID loan from $21,172 to $17,255. As a result, the cash proceeds received for those two draws were $25,892. These transactions were accounted for as an extinguishment of a portion of the OID loan and the difference between the adjustment to the carrying value of the loan of $2,639 and the reduction in the face value of the OID loan of $3,917, was recorded as a loss on extinguishment of liabilities of $1,278. On November 14, 2018, the Company and the holder of the debt modified the terms of the four loan agreements to extend the maturity date of the Credit Facility from November 30, 2019 to September 30, 2024 and all three OID loans from July 31, 2022 to September 30, 2024. Interest on amounts outstanding on the Credit Facility will continue to be payable quarterly at an annual rate of 8.5% during the period of the extension. As of July 31, 2022, the OID loans will be restructured into cash paying loans bearing interest at an annual rate of 10%, payable quarterly. The outstanding face values of the OID loans at that date will become the principal amounts of the restructured loans. As additional consideration for the extension of the maturity dates, Liminal agreed to cancel 100,117 existing warrants (Warrants #3 to 7) and issue replacement warrants to the holder of the long-term debt, bearing a term of 8 years and exercisable at a per share price equal to $1,000.00 (note 19c). The exact number of warrants to be granted will be set at a number that will result in the holder of the long-term debt having a 19.99% fully-diluted ownership level in Liminal upon issuance of the warrants, which are to be issued no later than March 20, 2019. On November 30, 2018, Warrants #3 to 7 were cancelled and 128,057 warrants to purchase common shares (“Warrants #8”), representing a portion of the replacement warrants, were issued. At the end of the agreed upon measurement period for calculating the number of new warrants to be issued, Liminal will issue the remaining replacement warrant under a new series of warrants (“Warrants #9”), which will give the holder the right to acquire preferred shares (notes 15 and 19a). The holder of the long- Management assessed the changes made to the previous agreements and determined that the modification should be accounted for as an extinguishment of the previous loans and the recording of new loans at their fair value determined as of the date of the modification. The fair value of the modified loans, determined using a discounted cash flow model with a market interest rate of 20.1%, was $107,704. Any cost or fees incurred with this transaction were recognized as part of the gain on extinguishment, including legal fees incurred in the amount of $434 and the improvements to the terms of the warrants. To determine this value, the Company estimated the fair value of the vested warrants (Warrants #3 to 7) and the fair value of the new warrants, excluding the 6,000 warrants that were associated with the last draw on the Credit Facility that occurred on November 22, 2018. The incremental fair value was $8,778 of which $338 pertains to Warrants #9 (note 15). In addition, the fees incurred in regards of the Credit Facility, that were previously recorded in the consolidated statement of financial position as other long-term assets and were being amortized and recognized in the consolidated statement of operations over the original term of the Credit Facility, were recognized as part of the gain on extinguishment for an amount of $3,245. As a result of this transaction and the extinguishments of debt that occurred earlier in the year following the use of the set-off of principal right by the debt holder, the consolidated statement of operations for the year ended December 31, 2018, includes a gain on extinguishment of liabilities of $33,626 detailed as follows: Gain on extinguishment of liabilities due to November 14, 2018 debt modification Comprising the following elements: Extinguishment of previous loans $ (155,055 ) Expensing of deferred financing fees on Credit Facility 3,245 Recognition of modified loans 107,704 Expensing of increase in the fair value of the warrants 8,778 Warrants proceeds (10 ) Expensing of legal fees incurred with the debt modification 434 Gain on extinguishment of liabilities due to November 14, 2018 debt modification $ (34,904 ) Loss on extinguishment of liabilities due to set-off of principal 1,278 Gain on extinguishments of liabilities $ (33,626 ) 2017 In 2017, the holder of the long-term debt used the set-off of principal right under the loan agreements, to settle the amounts due to the Company, following its participation in a private placement for 5,045 common shares which occurred concurrently with the closing of a public offering of common shares on July 6, 2017. As a result, the face value of the third OID loan was reduced by $8,577, from $39,170 to $30,593. The reduction of $8,577 is equivalent to the value of the shares issued at the agreed price of $1,700.00 concluded in connection with the private placement. This transaction was accounted for as an extinguishment of a portion of the OID loan and the difference between the adjustment to the carrying value of the loan of $4,134 and the amount recorded for the shares issued of $8,325 was recorded as a loss on extinguishment of a liabilities of $4,191. |
Operating and finance lease ind
Operating and finance lease inducements and obligations | 12 Months Ended |
Dec. 31, 2019 | |
Lease [Abstract] | |
Operating and finance lease inducements and obligations | 17. Operating and finance lease inducements and obligations December 31, 2018 Finance lease obligations $ 818 Deferred operating lease inducements and obligations 6,876 $ 7,694 Less current portion of operating and finance lease inducements and obligations (note 13) (5,844 ) $ 1,850 All operating and finance lease inducements and obligations were transferred to right-of-use assets following the adoption of IFRS 16 on January 1, 2019 (note 4a). |
Other long-term liabilities
Other long-term liabilities | 12 Months Ended |
Dec. 31, 2019 | |
Miscellaneous Noncurrent Liabilities [Abstract] | |
Other long-term liabilities | 18. Other long-term liabilities December 31, December 31, 2019 2018 Royalty payment obligations (a) $ 3,148 $ 3,077 License acquisition payment obligation (b) 1,302 2,726 Other employee benefit liabilities 2,554 2,399 Other long-term liabilities - 330 $ 7,004 $ 8,532 Less: Current portion of royalty payment obligations (note 13) (3,043 ) (68 ) Current portion of license acquisition payment obligation (note 13) (1,302 ) (1,363 ) Current portion of other employee benefit liabilities (note 13) (2,374 ) (1,406 ) $ 285 $ 5,695 a ) Royalty payment obligations i) Royalty payment obligations to the holder of the long-term debt During the second quarter of 2018, the Company signed a royalty agreement with the holder of the long-term debt at the same time as certain conditions pertaining to the second advance of the Credit Facility were modified. As a result of the agreement, the Company obtained the right to receive US$1.5 million milestone payments upon each draw of the second tranche of the Credit Facility in exchange for increasing royalty entitlements on future revenues relating to patents existing as of the date of the agreement of PBI-1402 and analogues, including PBI-4050. The agreement includes a minimum royalty payment of US$5,000 per quarter until approximately 2033 and a liability of $131 was recognized in the consolidated statement of financial position at December 31, 2019 representing the discounted value of the minimum royalty payments to be made until the expiry of the patents covered by the agreement, using a discount rate of 18.57% ($138 at December 31, 2018). In the case where royalties based on revenues became payable, the minimum royalty previously paid would be deducted from future remittances. On November 14, 2018, as part of the debt modification agreement, the royalty rate was increased from 1.5% to 2% on future revenues relating to the specified patents and the right to receive the final US$1.5 million milestone payment was foregone. ii) Royalty payment obligation for reacquired rights As part of the consideration given by the Company in 2016 for the reacquisition of the rights to 50% of the worldwide profits pertaining to the sale of plasminogen for the treatment of plasminogen congenital deficiency which were previously granted to a licensee under a license agreement, the Company agreed to make royalty payments on the sales of plasminogen for congenital deficiency, using a rate of 5% up to a total of US$2.5 million. If by December 2020 the full royalty obligation has not been paid, the unpaid balance will become due. The Company has recognized a royalty payment obligation of $2,978 (US$2.3 million) in the consolidated statement of financial position at December 31, 2019 ($2,898; US$2.3 million at December 31, 2018), representing the discounted value of the expected royalty payments to be made until December 2020, using a discount rate of 9.2%. b ) Licence acquisition payment obligation In consideration for acquiring a license in January 2018 (note 11), the Company agreed to pay an equivalent of US$3 million; US$1 million on the date of the transaction, and US$1 million on both the first and second anniversary of the transaction, to be settled in common shares of the Company. A $1,302 financial liability has been recognised as at December 31, 2019 for the last payment due in January 2020 ($2,726 at December 31, 2018). |
Share capital and other equity
Share capital and other equity instruments | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Abstract] | |
Share capital and other equity instruments | 19. Share capital and other equity instruments On July 5, 2019, the Company performed a one thousand-to-one share consolidation of the its common shares, stock options, restricted share units and warrants. The quantities and per unit prices presented throughout the consolidated financial statements, including this note, have been retroactively adjusted to give effect to the share consolidation. a) Share capital Authorized and without par value Common shares: Preferred shares: unlimited number authorized, issuable in one or more series. - Series A preferred shares : unlimited number authorized, no par value, non-voting, ranking in priority to the common shares, entitled to the same dividends as the common shares, non-transferable, redeemable at the redemption amount offered for the common shares upon a change in control event. The share capital issued and outstanding at December 31, 2019 and 2018 is as follows: December 31, 2019 December 31, 2018 Number Amount Number Amount Issued common shares 23,313,164 $ 932,951 720,306 $ 583,517 Share purchase loan to a former officer - - - (400 ) Issued and fully paid common shares 23,313,164 $ 932,951 720,306 $ 583,117 Changes in the issued and outstanding common shares during the year ended December 31, 2019 and 2018 were as follows: 2019 2018 Number Amount Number Amount Balance - beginning of year 720,306 $ 583,117 710,549 $ 575,150 Issued to acquire assets 4,420 1,326 1,113 1,960 Issued to acquire non-controlling interest (note 20) - - 4,712 3,629 Exercise of stock options (note 19b) - - 1,677 1,073 Shares issued pursuant to a restricted share units plan (note 19b) - - 310 554 Shares issued pursuant to debt restructuring 15,050,312 228,915 - - Shares issued for cash 7,536,654 118,648 1,945 751 Shares released from escrow - 400 - - Shares issued in payment to suppliers 1,472 545 - - Balance - end of year 23,313,164 $ 932,951 720,306 $ 583,117 2019 In November 2018, the Company entered into an ”At-the-Market” (“ATM”) Equity Distribution Agreement (“EDA”) under which the Company is able, at its discretion and from time to time, subject to conditions in the EDA, to offer common shares through ATM issuances on the TSX or any other marketplace for aggregate proceeds not exceeding $31 million. This agreement provides that common shares are to be sold at market prices prevailing at the time of sale. The Company issued a total of 12,865 common shares at an average price of $327.55 per share under the ATM in January and February 2019, for aggregate gross proceeds of $4,214, less transaction costs of $248 recorded in deficit, for total net proceeds of $3,966. The use of the ATM facility was suspended concurrently with our Nasdaq registration. On January 29, 2019, the Company issued 4,420 common shares in settlement of second payment due for the license acquisition payment obligation (note 18) and recorded $1,326 in share capital based on the market value of the shares on that date. On February 25 and 27, 2019, the Company issued a total of 1,472 common shares in payment for amounts due to certain suppliers. This transaction was accounted for as an extinguishment of liabilities and the difference between the carrying value of the accounts payable of $465 and the amount recorded for the shares issued of $545, which were valued at the market price of the shares on their date of issuance, was recorded as a loss on extinguishment of liabilities of $80. As part of the settlement agreement concluded in April 2019 with the former CEO of the Company, common shares held in escrow as security for a share purchase loan of $400 to the former CEO were released and the loan extinguished in exchange for the receipt of a payment of $137, representing the fair value of the shares at the time of the settlement. On April 23, 2019, the Company issued 15,050,312 common shares as part of the debt restructuring (note 16). The shares issued in relation with the debt restructuring contained trading restrictions and accordingly, the Company determined that their quoted price did not fairly represent the value of the shares issued. As such, the issued shares were recorded at fair value using a market approach under a level 2 fair value measurement of $15.21 per share, resulting in a value of the shares issued of $228,915. The fair value was based on a share issuance for cash on the same date with a non-related party. Concurrently with the debt restructuring, the Company closed two private placements for 4,931,161 common shares at a subscription price of $15.21 for gross proceeds of $75,000, In May 2019, the Company announced a Rights Offering to the holders of its common shares at the close of business on May 21, 2019 to subscribe for up to 20 additional common shares, for each share they held, for a subscription price rounded to the nearest two decimals of $15.21 per common share. The Right Offering was subject to a proration to ensure that no more than $75,000 was raised. In June 2019, the Company issued 2,592,628 common shares for gross proceeds of $39,434 as part of the Right Offerings less transactions costs of $271 recorded in deficit, for total net proceeds of $39,163. 2018 On January 29, 2018, the Company issued 742 common shares in partial payment for the acquisition of a license (note 11) and 371 common shares to acquire an option to buy production equipment. Based on the $1760 share price on that date, the values attributed to the shares issued were $1,960. On April 27, 2018, the Company reacquired the non-controlling shareholders’ 13% interest in Prometic Bioproduction Inc. in exchange for the issuance of 4,712 common shares of the Company. Based on the $770.00 share price on that date, the value attributed to the shares issued was $3,629 (note 19). In the year ended December 31, 2018, the Company has issued a total of 1,945 common shares at an average price of $386.12 per share under the ATM for aggregate gross proceeds of $751, less transaction costs of $23 recorded in deficit, for total net proceeds of $728. b) Contributed surplus (Share-based payments) Stock options The Company has established a stock option plan for its directors, officers, employees and service providers. The plan provides that the aggregate number of shares reserved for issuance at any time under the plan may not exceed 3,749,714 common shares and the maximum number of common shares, which may be reserved for issuance to any individual, may not exceed 5% of the outstanding common shares. The stock options issued under the plan may be exercised over a period not exceeding ten years from the date they were granted. All stock options granted since May 2017 have a contractual life of 10 years. Stock options issued prior to May 2017 had a life of five years. The vesting period of the stock options varies from immediate vesting to vesting over a period not exceeding 6 years. Participants meeting certain service and age requirements may see the vesting of certain awards accelerate upon retirement. The vesting conditions are established by the Board of Directors on the grant date. The exercise price is based on the weighted average share price for the five business days prior to the grant. Changes in the number of stock options outstanding during the years ended December 31, 2019, 2018 and 2017 were as follows: 2019 2018 2017 Weighted Weighted Weighted average average average Number exercise price Number exercise price Number exercise price Balance - beginning of year 21,625 $ 1,464.49 14,256 $ 1,782.70 14,220 $ 1,406.24 Granted 2,218,810 33.13 10,837 755.97 3,720 1,993.06 Forfeited (16,774 ) 159.61 (377 ) 1,933.34 (599 ) 2,535.18 Exercised - - (1,681 ) 376.10 (3,081 ) 155.03 Cancelled (11,713 ) 1,237.94 - - - - Expired (2,084 ) 1,176.20 (1,410 ) 408.43 (4 ) 127.50 Balance - end of year 2,209,864 $ 38.72 21,625 $ 1,464.49 14,256 $ 1,782.70 2019 On January 24, 2019, 1,622 stock options were granted at an exercise price of $300.00 and vesting on December 31, 2019. On June 4, 2019, 1,794,224 stock options were granted to management at a strike price of $36.00 of which 248,825 stock options vested immediately and the remaining vest over a period up to six years. On June 19, 2019, 251,714 stock options were issued at a strike price of $27.00 of which 60,717 stock options vested immediately and the remaining vest over a period up to four years. On September 3, 2019, 71,250 stock options were issued at a strike price of $11.99 and on December 3, 2019, 100,000 stock options were issued at a strike price of $7.86, both of these grants having a vesting period of up to four years. The weighted average grant date fair value of the stock options issued in 2019 was $12.74. In June and August 2019, the Company cancelled the options that were issued prior to June 2019, as the exercise price of these options were so above the market price at the time, that it was highly unlikely that they would ever be exercised. In compensation for their agreement to the cancellation, key management and employees, received the new options granted to them in June 2019 discussed above. Consequently, 11,084 stock options with a weighted average exercise price of $1,256.73 were cancelled. There was no exercise of stock options in 2019. 2018 During the year ended December 31, 2018, 10,837 stock options having a contractual term of 10 years and a vesting period of up to four years were granted. During the year ended December 31, 2018, 1,681 stock options were exercised resulting in cash proceeds of $635 and a transfer from contributed surplus to share capital of $438. The weighted average share price on the date of exercise of the options during the year ended December 31, 2018 was $1,044.16. 2017 During the year ended December 31, 2017, 175 and 3,545 options having a contractual term of five and ten years, respectively, and a vesting period of up to four years were granted. During the year ended December 31, 2017, 3,081 stock options were exercised resulting in cash proceeds of $481 and a transfer from contributed surplus to share capital of $330. The weighted average share price on the date of exercise of the stock options during the year ended December 31, 2017 was $1,713.31. The Company uses the Black-Scholes option pricing model to calculate the fair value of options at the date of grant. The weighted average inputs into the model and the resulting grant date fair values during the years ended December 31, 2019, 2018 and 2017 were as follows: 2019 2018 2017 Expected dividend rate - - - Expected volatility of share price 45.0 % 66.1 % 61.8 % Risk-free interest rate 1.4 % 2.1 % 1.2 % Expected life in years 7.2 7.9 6.7 Weighted average grant date fair value $ 12.74 $ 221.64 $ 1,181.38 At December 31, 2019, stock options issued and outstanding by range of exercise price are as follows: Weighted average remaining Weighted Weighted Range of Number contractual life average Number average exercise price outstanding (in years) exercise price exercisable exercise price $7.86 - $27.00 407,788 9.6 $ 19.68 74,705 $ 27.00 $ 36.00 1,794,224 9.4 36.00 311,605 36.00 $390.00 - 3,190.00 7,852 5.8 1647.67 6,490 1,758.22 2,209,864 9.4 $ 38.72 392,800 $ 62.74 A share-based payment compensation expense of $12,212 was recorded for the stock options for the year ended December 31, 2019 ($3,372 and $3,436 for the year ended December 31, 2018 and 2017 respectively). Restricted share units (“RSU”) The Company has established an equity-settled restricted share units plan for executive officers of the Company, as part of its incentive program designed to align the interests of its executives with those of its shareholders, and in accordance with its Long-Term Incentive Plan. The vesting conditions are established by the Board of Directors on the grant date. Participants meeting certain service and age requirements may see the vesting of certain awards accelerate upon retirement. Each vested RSU gives the right to receive a common share. Changes in the number of RSU outstanding during the years ended December 31, 2019, 2018 and 2017 were as follows: 2019 2018 2017 Balance - beginning of year 18,299 9,799 9,237 Granted 12,564 10,329 7,449 Expired - (1,578 ) (3,157 ) Forfeited (409 ) (19 ) (539 ) Released - (232 ) (3,191 ) Paid in cash (8,396 ) - - Cancelled (4,493 ) - - Balance - end of year 17,565 18,299 9,799 2019 On January 31, 2019, the Company granted 12,564 RSU at a grant price of $300.00 and a one-year vesting period. On May 30, 2019, the Company decided to vest the 12,564 RSU and the employees were given the choice to receive the then current value of the shares in cash or to receive the shares at a later date. As a result, 8,396 RSU were released and paid in cash resulting in a reduction to contributed surplus of $421. On May 7, 2019 the 12,886 performance‑based RSU pertaining to the “2017-2019” cycle and the “2018-2020” cycle were modified by removing the performance conditions and converting them into time-vesting RSU. The quantity modified into time-vesting units was equivalent to the 100% achievement range whereby in the past, the outcome of the performance conditions could go from zero to 150%. Historically, the Company has always reported the quantity of RSU outstanding as the maximum number of shares that could be issued under the plan. This change resulted in the cancellation of 4,305 units. At December 31, 2019, 13,262 vested RSU and 4,303 unvested RSU were outstanding. Share-based payments compensation expense of $9,818 was recorded during the year ended December 31, 2019. 2018 On December 4, 2018, the Company granted 10,329 RSU to management (the “2018-2020 RSU”) with a time period to meet the vesting conditions extending to December 31, 2020. The grant included 2,374 units that vest at a rate of 33.3% at the end of each year and become available for release at the time of vesting, and 7,955 units that have performance-based conditions with a scaling payout depending on performance (ranging from 0% to 150%). These 2018-2020 performance-based RSU have since been converted into time-vesting RSU at 100% in 2019 as mentioned above. Share-based payments compensation expense of $3,350 was recorded during the year ended December 31, 2018. 2017 During 2017, the Board decided to replace 1,221 of the expired RSU with an equivalent number of RSU keeping the same vesting conditions but extending the evaluation period for the attainment of the objectives by one year to December 31, 2017. The replacement RSU were issued on April 11, 2017. This transaction was accounted for as a modification of the existing RSU that did not have an impact on the value of the RSU. Share-based payments compensation expense of $5,226 was recorded during the year ended December 31, 2017. On November 24, 2017, the Company granted 6,091 RSU to management (the “2017-2019 RSU”), with a time period to meet the vesting conditions extending to December 31, 2019. The grant included 1,083 units that vest at a rate of 33.3% at the end of each year and become available for release at the time of vesting, and 5,008 units that have performance-based conditions with a scaling payout depending on performance. These 2017‑2019 performance based RSU were subsequently converted into time vesting RSU in 2019, at 100% of target as mentioned above. Share-based payments expense The total share-based payments expense, comprising the above-mentioned expenses for stock options and RSU, has been included in the consolidated statements of operations for the years ended December 31, 2019, 2018 and 2017 as indicated in the following table: 2019 2018 2017 Cost of sales and other production expenses $ 107 $ 299 $ 370 Research and development expenses 7,137 2,295 4,150 Administration, selling and marketing expenses 14,786 4,128 4,142 $ 22,030 $ 6,722 $ 8,662 c) Warrants The following table summarizes the changes in the number of warrants outstanding during the years ended December 31, 2019 and 2018: 2019 2018 Weighted Weighted average average Number exercise price Number exercise price Balance of warrants - beginning of year 153,611 $ 1,028.35 121,671 $ 2,109.21 Issued for cash 19,402 156.36 - - Issued to acquire assets - - 4,000 3,000.00 Cancelled - loan modification (168,735 ) 872.51 (100,117 ) 2,384.42 Issued - loan modification 168,735 15.21 128,057 1,000.00 Expired (278 ) 6,390.00 - - Balance of warrants - end of year 172,735 $ 84.33 153,611 $ 1,028.35 Balance of warrants exercisable - end of year 170,735 $ 50.17 149,611 $ 975.64 2019 On February 22, 2019, pursuant to modifying the fourth loan agreement (note 16), the Company issued 19,402 warrants, Warrants #9, having an exercise price of $156.36. Warrants #9 do not meet the definition of an equity instrument since the underlying preferred shares qualify as a liability instrument, and therefore they must be accounted for as a financial instrument carried at fair value through profit or loss (note 15). On April 23, 2019, as part of the debt restructuring (note 16), 168,735 warrants (Warrants #1, 2, 8 and 9) were cancelled and replaced with an equivalent number of new warrants, Warrants #10, that will be exercisable at an exercise price of $15.21 per common share and expire on April 23, 2027. The increase in the fair value of the replacement warrants compared to those cancelled was $408 at the date of the modification and was recorded in shareholders’ equity – warrants with the corresponding expense recorded as part of the loss on extinguishment of liabilities due to the debt restructuring. 2018 On November 30, 2017, pursuant to entering into a non-revolving credit facility agreement, the Company issued Warrants #7 to the holder of the long-term debt. Further details concerning the credit facility are provided in note 13. Warrants #7 consist of 54,000 warrants from which 10,000 warrants were exercisable as of the date of the agreement and the remaining 44,000 warrants become exercisable as and if the Company draws upon the credit facility in increments of US$10 million; 5,000 warrants become exercisable for each US$10 million drawn on the first US$40 million tranche of the credit facility and 6,000 warrants become exercisable for each US$10 million drawn on the second US$40 million tranche of the credit facility. Each warrant gives the holder the right to acquire one common share at an exercise price of $1,700.00. The warrants expire on June 30, 2026. Although the warrants are presented as issued in the warrant table above as of November 30, 2017, for accounting purposes, these warrants will be recognized and measured at the time they become exercisable. As the Company drew an amount of US$10 million on the Credit Facility on each of January 22, February 23, April 30, August 2, September 21, and November 22, 2018, the amounts received were allocated to the debt and the Warrants #7 that vested upon the draw, based on their fair value at the time of the drawdown. The aggregate value of the proceeds attributed to the warrants that became exercisable on those dates was $11,159, which was recorded in equity. On January 29, 2018, the Company issued 4,000 warrants to acquire common shares, as consideration for a license (note 11). The warrants have an exercise price of $3,000.00 per share and expire after five years. The first 2,000 warrants become exercisable after one year while the second 2,000 warrants become exercisable after two years. The fair value of the warrants and consequently the value of the license is $1,743 and was determined using a Black-Scholes option pricing model. On November 14, 2018, an agreement was signed between the Company and the holder of the long-term debt to extend the maturity of the three OID loans and the Credit Facility (note 13). As part of the cost for the debt modification, the Company proceeded on November 30, 2018 to cancel 100,117 existing warrants (Warrants #3 to 7) and replace them with 128,057 new warrants (Warrants #8), each giving the holder the right to acquire one common share at an exercise price of $1000.00 per share, paid either in cash or in consideration of the lender’s cancellation of an equivalent amount of the face value of an OID loan. The warrants expire on November 30, 2026. A payment of $10 was received from the holder of the long-term debt as part of this transaction. The increase in the fair value of the replacement warrants compared to those cancelled was $8,440 at the date of the modification. This value in addition to the payment received was recorded in shareholders’ equity – warrants and the corresponding debit was recorded against the gain on extinguishment of liabilities relating to the debt modification. The warrants outstanding as at December 31, 2019, their exercise price, expiry rate and the overall weighted average exercise price are as follows: Number Expiry date Exercise price 4,000 January 2023 3,000.00 168,735 April 2027 15.21 172,735 $ 84.33 |
Non-controlling interests
Non-controlling interests | 12 Months Ended |
Dec. 31, 2019 | |
Non Controlling Interest [Abstract] | |
Non-controlling interests | 20. Non-controlling interests The interests in the subsidiaries for which the Company holds or held less than 100% interest for the three-year period ended December 31, 2019 are as follows: Name of subsidiary Segment activity Place of incorporation and operation Proportion of ownership interest held by group 2019 2018 2017 Prometic Bioproduction Inc. Plasma-derived therapeutics Quebec, Canada 100 % 100 % 87 % Pathogen Removal and Diagnostic Technologies Inc. Corporate Delaware, U.S. 77 % 77 % 77 % NantPro Biosciences, LLC Plasma-derived therapeutics Delaware, U.S. 73 % 73 % 73 % The non-controlling interest (“NCI”) in Prometic Bioproduction Inc.’s owned 13% of the common shares until April 2018, when the Company acquired these shares. Until that time, the NCI in Prometic Bioproduction Inc. was attributed its share of the operating results and the financial position of the entity. Summarized financial information for the entities having a non-controlling interest at December 31, 2019, 2018 and 2017 is provided in the following tables. This information is based on amounts before inter-company eliminations. 2019 Summarized statement of financial position: PRDT NantPro Receivables (current) $ 9 $ - Capital and intangible assets (long-term) 156 - Trade and other payables (current) (748 ) - Intercompany loans and lease inducements and obligations (long-term) (15,956 ) - Total equity (negative equity) $ (16,539 ) $ - Attributable to non-controlling interests $ (7,255 ) $ - Summarized statement of operations: PRDT NantPro Revenues or services rendered to other members of the group $ 585 $ - Cost of sales and production (132 ) (1,213 ) Research and development expenses (215 ) - Administration and other expenses (896 ) (13 ) Impairment loss (129 ) - Net loss and comprehensive loss $ (787 ) $ (1,226 ) Attributable to non-controlling interests $ (713 ) $ (331 ) 2018 Summarized statement of financial position: PRDT NantPro Capital and intangible assets (long-term) $ 351 $ - Trade and other payables (current) (613 ) - Intercompany loans (long-term) (15,672 ) - Total equity (negative equity) $ (15,934 ) $ - Attributable to non-controlling interests $ (6,542 ) $ - Summarized statement of operations: PRDT NantPro Revenues or services rendered to other members of the group $ 839 $ - Cost of sales and production (190 ) (10,526 ) Research and development expenses (179 ) (30 ) Administration and other expenses (1,001 ) (131 ) Impairment loss - (141,025 ) Net loss and comprehensive loss $ (531 ) $ (151,712 ) Attributable to non-controlling interests $ (641 ) $ (40,962 ) 2017 Summarized statement of financial position: PBP PRDT NantPro Investment tax credits receivables and other current assets $ 13,250 $ - $ - Capital and intangible assets (long-term) 20,427 398 141,025 Trade and other payables (current) (6,965 ) (417 ) - Intercompany loans (long-term) (120,789 ) (15,003 ) - Total equity (negative equity) $ (94,077 ) $ (15,022 ) $ 141,025 Attributable to non-controlling interests $ (10,722 ) $ (5,901 ) $ 38,070 Summarized statement of operations: PBP PRDT NantPro Revenues or services rendered to other members of the group $ 3,712 $ 181 $ - Cost of sales and production (1,635 ) - - Research and development expenses (34,027 ) (335 ) (17,482 ) Administration and other expenses (4,587 ) (957 ) (210 ) Net loss and comprehensive loss $ (36,537 ) $ (1,111 ) $ (17,692 ) Attributable to non-controlling interests $ (4,750 ) $ (779 ) $ (4,776 ) For all years presented, the losses allocated to the NCI in the consolidated statements of operations, per subsidiary are as follows: 2019 2018 2017 Consolidated statements of operations: Prometic Bioproduction Inc. $ - $ (927 ) $ (4,750 ) Pathogen Removal and Diagnostic Technologies Inc. (713 ) (641 ) (778 ) NantPro Biosciences, LLC (331 ) (40,962 ) (4,777 ) Total non-controlling interests $ (1,044 ) $ (42,530 ) $ (10,305 ) The NantPro Biosciences, LLC (“NantPro”) non-controlling interest’s share in the funding of the subsidiary by Liminal was $331 for the year ended December 31, 2019 ($2,892 for the year ended December 31, 2018 and $4,776 for the year ended December 31, 2017) and has been presented in the consolidated statements of changes in equity. The share of the NCI in the NantPro statement of financial position is $nil at December 31, 2019 and 2018. The share of the NCI in Pathogen Diagnostic Technologies Inc. statement of financial position represents an asset on the Company’s consolidated statement of financial position of $7,255 and $6,542 at December 31, 2019 and 2018 respectively. |
Capital disclosures
Capital disclosures | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Of Capital Disclosures [Abstract] | |
Capital disclosures | 21. Capital disclosures 2019 2018 Warrant liability $ - $ 157 Finance lease obligations - 818 Lease liabilities 38,237 - Long-term debt 8,834 125,804 Total equity (deficiency) 94,934 (63,146 ) Cash and cash equivalents (61,285 ) (7,389 ) Total capital $ 80,720 $ 56,244 The Company’s objective in managing capital is to ensure sufficient liquidity to finance its research and development activities, administration, selling and marketing expenses, working capital and overall expenditures on capital and intangible assets. The Company makes every effort to manage its liquidity to minimize dilution to its shareholders, whenever possible. The Company is subject to one externally imposed capital requirement (note 16) and the Company’s overall strategy with respect to capital risk management remains unchanged from the year ended December 31, 2018. |
Revenues from continuing operat
Revenues from continuing operations | 12 Months Ended |
Dec. 31, 2019 | |
Revenue [Abstract] | |
Revenues from continuing operations | 22. Revenues from continuing operations 2019 2018 2017 Revenues from the sale of goods $ 4,734 $ 23,874 $ 1,469 Milestone and licensing revenues - - 19,724 Revenues from the rendering of services 34 260 120 Rental revenue 136 499 1,000 $ 4,904 $ 24,633 $ 22,313 All the rental revenues are generated from subleasing right-of-use assets. In August 2017, the Company entered into a licensing agreement with a third-party in China and as a result, milestone and licensing revenues of $19,724 were recorded during the third quarter of 2017. The third party having not remitted funds associated with the license fee and initial milestone payment within the specified payment terms was consequently in breach of the agreement. As a result, the Company was in a position to exercise its contractual rights and opted to terminate the agreement in March 2018 thereby returning all the rights previously conferred under the license agreement back to Liminal. The Company wrote-off the accounts receivable to bad debt expense as at December 31, 2017 (note 32b). |
Supplemental information regard
Supplemental information regarding the consolidated statements of operations | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Of Supplemental Information Regarding Consolidated Statements Of Operations | |
Supplemental information regarding the consolidated statements of operations | 23. Supplemental information regarding the consolidated statements of operations Year ended December 31 2019 2018 2017 a) Government assistance included in research and development Gross research and development expenses $ 75,686 $ 94,841 $ 101,946 Research and development tax credits (572 ) (3,175 ) (1,554 ) $ 75,114 $ 91,666 $ 100,392 b) Finance costs Interest accretion on long-term debt $ 7,874 $ 18,856 $ 7,686 Amortization of fees for Credit Facility 10 2,625 208 Other interest expense, transaction and bank fees 594 886 384 Interest expense on lease liabilities 7,068 - - Interest income (753 ) (307 ) (313 ) $ 14,793 $ 22,060 $ 7,965 c) Employee compensation expense Wages and salaries $ 48,846 $ 46,775 $ 44,211 Employer's benefits 8,263 8,377 8,556 Share-based payments expense 22,030 6,722 8,662 $ 79,139 $ 61,874 $ 61,429 |
Pension Plan
Pension Plan | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Of Defined Benefit Plans [Abstract] | |
Pension Plan | 24. Pension Plan The Company maintains a defined contribution pension plan for its permanent employees. The Company matches the contributions made by employees who elect to participate in the plan up to a maximum percentage of their annual salary. The Company’s contributions recognized as an expense for the year ended December 31, 2019 amounted to $1,495 ($1,635 and $1,596 for the years ended December 31, 2018 and 2017 respectively). |
Impairment losses
Impairment losses | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Of Impairment Loss And Reversal Of Impairment Loss [Abstract] | |
Impairment losses | 25. Impairment losses 2019 2018 Intangible assets (note 11) $ 5,296 $ 142,609 Capital assets (note 9) 7,070 5,689 Option to purchase equipment - 653 Investment in an associate (note 12) - 1,182 Deferred revenue - (181 ) $ 12,366 $ 149,952 There were no impairment losses in 2017. 2019 During the year, the Company, headed by its new Chief Executive Officer, or CEO, has been evaluating its intellectual property and the related market opportunities in the context of the Company’s financial situation and has made further decisions about the areas the Company will or will not pursue. One of these decisions is to no longer pursue further indications relating to the human-plasma protein plasminogen. As such, the Company decided it would retain sufficient staff to complete and resubmit a Biological License Application (“BLA”) for congenital plasminogen deficiency and to build ongoing manufacturing supply, but then it would cease all R&D activities in the plasma-derived therapeutics segment not relating to Ryplazim ® In reviewing its portfolio of compounds in the Small molecule therapeutics segment, the Company identified compounds that where not within the areas of fibrosis on which it intends to focus and evaluated the net recoverable value of those related patents as $nil, determined as the fair value less cost of disposal using a market approach. An impairment on intangible assets of $634 was recognized for the year ended December 31, 2019. As a result of the bioseparations business sale, some intellectual property including patents retained by the company are no longer expected to be developed. The company evaluated the net recoverable value of those patents is $nil, using a fair value less cost of disposal using a market approach. An impairment on intangible assets of $127 was recognized for the year ended December 31, 2019. 2018 As a result of various events affecting the Company during 2018, including; 1) the delay of the commercial launch of Ryplazim ® ® ® ® These changes and their various impacts prompted Management to perform an impairment test of the IVIG cash generating unit, which includes assets such as the licenses held by NantPro and Prometic Biotherapeutics inc. amongst others, manufacturing equipment located at its Canadian manufacturing facilities and the CMO facility at December 31, 2018, and to review whether other assets pertaining to follow-on proteins might be impaired. In regards to the IVIG CGU, the substantial work, time and investment required to complete a robust CMC package for IVIG prior to the BLA filing, the limited resources available to complete the CMC section and the reduction of the forecasted IVIG production capacity at all plants will significantly delay the commercialisation of IVIG compared to previous timelines and as a result, cash inflows beginning beyond 2023 were not considered in the determination of the value in use due to the inherent uncertainty in forecasting cash flows beyond a five year period. As a result, the value in use for the IVIG CGU was $nil. Management also evaluated the fair value less cost to sell and determined that this value would also approximate $nil. Consequently, impairment losses for the carrying amounts of the NantPro license and a second license acquired in January 2018, giving the rights to use IVIG clinical data and the design plans for a plant with a production capacity in excess of current needs, of $141,025 and $1,584, respectively, were recorded. The Company acquired an option to purchase equipment located in Europe in January 2018 whose purchase was settled by the issuance of common shares as described in note 19a. An impairment was subsequently recorded on the option to purchase equipment in the amount of $653 since the likelihood of exercising this option is low in view of the current manufacturing and production plans. Finally, an impairment of $5,689 was recorded on IVIG production equipment, to reduce its value to the fair value less cost to sell. When performing the impairment test in the previous year, a pre-tax discount rate of 17.33% was used to calculate the value in use at November 30, 2017 equivalent to a post-tax discount rate of 11.87%. Management also reviewed the carrying amount of its investment in ProThera, as this represents an investment in follow-on proteins the Company had acquired, since the resources for further advancement of these assets are currently limited due to the focus on Ryplazim ® The uncertainty of future cash flows for product candidates that have not yet commenced phase 1 trials was an important consideration is making these estimates. As a result, the Company recorded an impairment on its investment in an associate of $1,182 and the fair value of the investment in convertible debt was also reduced to $nil. The value in use and the fair value less cost to sell of the investment in an associate were estimated to approximate $nil, as was the fair value of the convertible debt. |
Income taxes
Income taxes | 12 Months Ended |
Dec. 31, 2019 | |
Major Components Of Tax Expense Income [Abstract] | |
Income taxes | 26. Income taxes The income tax recovery reported in the consolidated statement of operations for the years ended December 31, 2019, 2018 and 2017 are as follows: 2019 2018 2017 Current income taxes $ (348 ) $ (5,822 ) $ (2,691 ) Deferred income taxes 111 (13,815 ) (11,611 ) Income tax recovery from continuing operations (237 ) (19,637 ) (14,302 ) Income taxes from discontinued operations (note 5) 41 (382 ) (450 ) Total income tax recovery $ (196 ) $ (20,019 ) $ (14,752 ) The following table provides a reconciliation of the income tax recovery calculated at the combined statutory income tax rate to the income tax recovery for both continuing and discontinued operations, recognized in the consolidated statements of operations: 2019 2018 2017 Net loss before tax from continuing operations $ (234,461 ) $ (259,465 ) $ (136,252 ) Net income before tax from discontinued operations 27,512 1,550 1,464 Combined Canadian statutory income tax rate 26.6 % 26.7 % 26.8 % Income tax at combined income tax rate (55,048 ) (68,863 ) (36,123 ) Increase (decrease) in income taxes resulting from: Unrecorded potential tax benefit arising from current-period losses and other deductible temporary differences 31,962 29,693 35,568 Effect of tax rate differences in foreign subsidiaries 4,989 4,481 (2,513 ) Non-deductible or taxable items (696 ) 6,074 (1,132 ) Change in tax rate 1,609 242 (6,175 ) Write off of previously recognized tax losses - 22,415 - Non-deductible loss (taxable gain) on debt renegociation 24,572 (8,784 ) - Recognition of previous years unrecognized deferred tax assets - - (1,221 ) Research and development tax credit (740 ) (5,072 ) (4,193 ) Foreign withholding tax - - 1,039 Non-taxable gain on disposition of subsidiary (note 5) (6,903 ) - - Other 59 (205 ) (2 ) Income tax recovery $ (196 ) $ (20,019 ) $ (14,752 ) The following table presents the nature of the deferred tax assets and liabilities that make up the deferred tax assets and deferred tax liabilities balance at December 31, 2019 and 2018. Intangible assets R&D expenses Losses Other Total As at January 1, 2018 Deferred tax liabilities $ 27,481 $ (938 ) $ (12,160 ) $ 21 $ 14,404 Charged (credited) to profit or loss (27,481 ) 320 13,356 (9 ) (13,814 ) Charged (credited) to profit and loss (foreign exchange) - - (1,196 ) - (1,196 ) As at December 31, 2018 Deferred tax assets $ - $ (618 ) $ - $ 12 $ (606 ) Charged (credited) to profit and loss - 111 - (24 ) 87 Derecognized - discontinued operations (note 5) - - - 12 12 As at December 31, 2019 - Deferred tax assets $ - $ (507 ) $ - - $ (507 ) Available temporary differences not recognized at December 31, 2019 and 2018 are as follows: 2019 2018 Tax losses (non-capital) $ 416,816 $ 461,123 Tax losses (capital) - 36,951 Unused research and development expenses 115,491 86,255 Undeducted financing expenses 21,258 19,007 Interest expenses carried forward 5,358 7,433 Trade and other payable 4,022 1,579 Capital assets 4,673 1,753 Intangible assets 81,899 88,980 Start-up expense 4,569 4,290 Unrealized loss on exchange rate 6,612 - Other 938 1,252 $ 661,636 $ 708,623 At December 31, 2019, the Company has non-capital losses of $425,592 of which $416,816 are available to reduce future taxable income for which the benefits have not been recognized. These losses expire at various dates from 2027 to 2039 (except for the non-capital losses in the U.K. and U.S. losses that arose after 2017 which do not expire). The Company had capital losses of $36,951 which are no longer available since the refinancing transaction of April 23, 2019. At December 31, 2019, the Company also has unused research and development expenses of $117,403 of which $115,491 are available to reduce future taxable income for which the benefits have not been recognized. These deductible expenses can be carried forward indefinitely. At December 31, 2019, the Company also had unused federal tax credits available to reduce future income tax in the amount of $10,800 expiring between 2023 and 2039. Those credits have not been recorded and no deferred income tax assets have been recognized in respect to those tax credits. Credits in an amount of $1,268 was recorded in the current taxation year to shelter an income tax expense for prior taxation years as well as the current year. The unused non-capital losses expire as indicated in the table below: Canada Foreign At December 31, 2019 Federal Provincial Countries Losses carried forward expiring in: 2027 $ 3,510 $ 3,495 $ 4,877 2028 - - 5,645 2029 76 76 2,716 2030 977 977 5,487 2031 855 855 6,518 2032 4,215 3,975 - 2033 8,761 8,261 - 2034 9,156 10,667 2,592 2035 30,273 22,668 13,368 2036 25,800 25,695 23,799 2037 36,165 36,156 32,763 2038 24,109 24,128 - 2039 38,591 38,589 - $ 182,488 $ 175,542 $ 97,765 Not expiring - UK - - 94,805 Not expiring - US (post 2017) - - 50,538 $ 182,488 $ 175,542 $ 243,108 As a result of the discontinued operations, UK tax losses in an amount of $28,427 are no longer available to the As a result of the conversion of the parent's debt into Liminal shares on April 23, 2019, more than 50% of the issued shares of Liminal were owned by a single shareholder at December 31, 2019. US tax rules impose restrictions that will impact how $246,708 of losses are available to shelter income in future taxation years. As a result of the US restrictions, approximately $114,283 of losses will no longer be available to the Company and are not presented in the available tax loss table presented above. The utilization of the remainder of the Company’s available U.S. tax losses included under foreign tax loss carryforwards above are subject to restrictions, and management is evaluating strategies to be able to benefit from them. The Company has $15,820 of U.S. tax loss carryforwards which arose after April 23, 2019 not subject to these limitations. A deferred tax asset has not been recognized for any loss carryforwards at December 31, 2019. |
Basic and diluted earnings per
Basic and diluted earnings per share | 12 Months Ended |
Dec. 31, 2019 | |
Basic And Diluted Earnings Per Share [Abstract] | |
Basic and diluted earnings per share | 27. Basic and diluted earnings per share The Company presents basic and diluted earnings per share (“EPS”) data for its common shares. Basic EPS is calculated by dividing the profit or loss attributable to common shareholders of the Company by the weighted average number of common shares outstanding during the period, adjusted for any bonus element. The numbers for the average basic and diluted shares outstanding for all the periods presented in the consolidated statements of operations have been adjusted in order to reflect the effect of the bonus element of the Rights Offering that occurred in June 2019 and the share consolidation that took place on July 5, 2019 (note 19). |
Segmented information
Segmented information | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Of Operating Segments [Abstract] | |
Segmented information | 28. Segmented information The Company has two operating segments at December 31, 2019 which are the small molecule therapeutics segment, and the plasma-derived therapeutics segment. In previous financial statements, the Company also presented results for the bioseparations segment but since the sale of the bioseparation business on November 25, 2019 (note 5), those operations are presented as discontinued operations in the consolidated statements of operations. Prior periods have been restated to present the existing segments at the reporting date. Small molecule therapeutics: The segment is a small molecule drug discovery platform focused on discovering, developing and commercializing novel treatments for patients suffering from diseases related to fibrosis, including conditions of the lung, liver and kidney that have high unmet medical need. Our lead small product candidate, fezagepras (PBI 4050), is currently being developed for the treatment of respiratory diseases and for the treatment of Alström Syndrome. Plasma-derived therapeutics: The segment develops manufacturing processes, based on Liminal’s own affinity chromatography technology, to provide efficient extraction and purification of therapeutic proteins from human plasma, the Plasma Protein Purification System (PPPSTM), a multi-product sequential purification process. With respect to this second platform, the Company is focused on the development of its plasma-derived product candidate Ryplazim ® ® The reconciliation to the consolidated statement of operations column includes the elimination of intercompany transactions between the segments and the remaining activities not included in the above segments. These expenses generally pertain to public entity reporting obligations, investor relations, financing and other corporate office activities. The accounting policies of the segments are the same as the accounting policies of the Company. The operating segments results include intercompany transactions between the segments which are done in a manner similar to transactions with third parties. a) Revenues and expenses by operating segments: For the year ended December 31, 2019 Small molecule therapeutics Plasma- derived therapeutics Reconciliation to statement of operations Total Revenues $ 34 $ 4,736 $ 134 $ 4,904 Cost of sales and other production expenses - 2,633 130 2,763 Manufacturing and purchase cost of product candidates used for R&D activities 132 37,107 (195 ) 37,044 R&D - Other expenses 15,419 22,366 285 38,070 Administration, selling and marketing expenses 4,709 8,368 32,206 45,283 Segment loss $ (20,226 ) $ (65,738 ) $ (32,292 ) $ (118,256 ) Gain on foreign exchange (1,451 ) Finance costs 14,056 Loss on extinguishments of liabilities 92,374 Change in fair value of financial instruments measured at fair value through profit or loss (1,140 ) Impairment loss 12,366 Net loss before income taxes from continuing operations $ (234,461 ) Other information Depreciation and amortization $ 779 $ 7,400 $ 679 $ 8,858 Share-based payment expense 4,782 4,390 12,369 21,541 For the year ended December 31, 2018 Small molecule therapeutics Plasma- derived therapeutics Reconciliation to statement of operations Total Revenues $ - $ 24,521 $ 112 $ 24,633 Cost of sales and other production expenses - 25,297 410 25,707 Manufacturing and purchase cost of product candidates used for R&D activities 1,692 37,107 (132 ) 38,667 R&D - Other expenses 14,234 31,727 230 46,191 Administration, selling and marketing expenses 3,522 10,393 15,533 29,448 Segment loss $ (19,448 ) $ (80,003 ) $ (15,929 ) $ (115,380 ) Loss on foreign exchange 4,696 Finance costs 22,041 Gain on extinguishments of liabilities (33,626 ) Share of losses of an associate 22 Impairment losses 149,952 Change in fair value of financial instruments measured at fair value through profit or loss 1,000 Net loss before income taxes from continuing operations $ (259,465 ) Other information Depreciation and amortization $ 480 $ 3,644 $ 415 $ 4,539 Share-based payment expense 1,270 1,524 3,606 6,400 For the year ended December 31, 2017 Small molecule therapeutics Plasma- derived therapeutics Reconciliation to statement of operations Total Revenues $ 19,724 $ 2,529 $ 60 $ 22,313 Cost of sales and other production expenses - 4,014 (325 ) 3,689 Manufacturing and purchase cost of product candidates used for R&D activities 1,755 32,764 184 34,703 R&D - Other expenses 17,426 40,963 431 58,820 Administration, selling and marketing expenses 3,669 13,488 12,406 29,563 Bad debt expense 20,491 - - 20,491 Segment loss $ (23,617 ) $ (88,700 ) $ (12,636 ) $ (124,953 ) Loss (gain) on foreign exchange (781 ) Finance costs 7,889 Loss (gain) on extinguishments of liabilities 4,191 Net loss before income taxes from continuing operations $ (136,252 ) Other information Depreciation and amortization $ 428 $ 2,880 $ 361 $ 3,669 Share-based payment expense 1,509 2,269 4,490 8,268 Information by geographic area b) Capital, intangible and right-of-use assets by geographic area 2019 2018 Canada $ 48,309 $ 27,647 United States 3,141 19,287 United Kingdom 17,121 13,982 $ 68,571 $ 60,916 c) Revenues by location from continuing operations 2019 2018 2017 United States $ 3,023 $ 22,854 $ 120 Canada 1,881 1,519 2,469 China - - 19,724 Norway - 260 - $ 4,904 $ 24,633 $ 22,313 Revenues are attributed to countries based on the location of customers. The Company derives significant revenues from certain customers. During the year ended December 31, 2019, there were two customers in the Plasma-derived therapeutics segment who accounted for 97% (62% and 35% respectively) of total revenue from continuing operations. For the year ended December 31, 2018, there were two customers in the Plasma-derived therapeutics segment who accounted for 93% (57% and 36% respectively) of total revenues for continuing operations. For the year ended December 31, 2017, there was one customer in the Small molecule therapeutics segment that accounted for 88% of total revenues from continuing operations. |
Related party transactions
Related party transactions | 12 Months Ended |
Dec. 31, 2019 | |
Related Party Transactions [Abstract] | |
Related party transactions | 29. Related party transactions Balances and transactions between the Company and its subsidiaries, which are related parties of the Company, have been eliminated on consolidation and are not disclosed in this note. Details of transactions between the Company and other related parties are disclosed below and in other notes accordingly to the nature of the transactions. These transactions have been recorded at the exchange amount, meaning the amount agreed to between the parties. Following the debt modification on November 14, 2018, the Company assessed whether SALP, the holder of the debt, had gained significant influence for accounting purposes, despite holding less than 20% of voting rights. The Company deemed that qualitative factors were significant enough to conclude that the holder of the debt had gained significant influence over the Company and had become a related party. SALP subsequently became Liminal’s parent Company following the debt restructuring completed on April 23, 2019. All material transactions with SALP are disclosed in notes 15, 16, and 18a where the transactions are disclosed and otherwise in this note. 2019 The former CEO had a share purchase loan outstanding in the amount of $400 at December 31, 2018. The loan bore interest at prime plus 1% and had a maturity date of the earlier of (i) March 31, 2019 or (ii) 30 days preceding a targeted Nasdaq or New York Stock Exchange listing date of Liminal’s shares. As part of the settlement agreement concluded in April 2019 with the former CEO of the Company, common shares held in escrow as security for a share purchase loan of $400 to the former CEO were released and the loan extinguished in exchange for the receipt of a payment of $137, representing the fair value of the shares at the time of the settlement. During the year ended December 31, 2019 the Company paid interest on the loan with its parent, SALP, in the amount of $7,831. The Company also recorded professional fee expenses, incurred by the parent and recharged to the Company, during the year ended December 31, 3019 of $469, all of which were paid as of December 31, 2019. On November 11, 2019, the Company and SALP amended the April 23, 2019 loan agreement to include a non-revolving line of credit (“LOC”) with a limit of up to $75.0 million, bearing a stated interest of 10%, payable quarterly, and maturing on April 23, 2024. The LOC limit available to draw upon will be automatically reduced by the amounts of net proceeds generated, upon the occurrence of all or any of the following transactions; the sale of the bioseparations operations, a licensing transaction for its product candidate Ryplazim ® During the year ended December 31, 2019 the Company recorded $47 of research and development expenses, relating to a consulting service agreement signed with one of its directors in 2019 of which $37 remains payable as at December 31, 2019. 2018 During the year ended December 31, 2018, the Company earned interest revenues on the share purchase loan in the amount of $19 and at December 31, 2018, the unpaid interest was $31. |
Compensation of key management
Compensation of key management personnel | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Of Compensation Of Key Management Personnel [Abstract] | |
Compensation of key management personnel | 30. Compensation of key management personnel The Company’s key management personnel comprise the external directors, officers and executives which included 28 individuals in 2019, 25 individuals in 2018 and 24 individuals in 2017. The remuneration of the key management personnel during the years ended December 31, 2019, 2018 and 2017 was as follows: 2019 2018 2017 Current employee benefits 1) $ 10,083 $ 5,953 $ 7,750 Pension costs 267 268 293 Share-based payments 16,842 3,685 6,515 Termination benefits 2,919 3,651 - $ 30,111 $ 13,557 $ 14,558 1) |
Commitments
Commitments | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Of Commitments [Abstract] | |
Commitments | 31. Commitments Royalties SALP has a right to receive a 2% royalty on future revenues relating to patents existing as of the date of the agreement of PBI-1402 and analogues, including PBI-4050. The obligation under this royalty agreement is secured by all the assets of the Company until the expiry of the last patent anticipated in 2033. In the normal course of business, the Company enters into license agreements for the market launching or commercialization of products. Under these licenses, including the ones mentioned above, the Company has committed to pay royalties ranging generally between 0.5% and 12.0% of net sales from products it commercializes and 3% of license revenues in regard to certain small molecule product candidates. Other commitments The Company signed a long-term manufacturing contract with a third party which provides the Company with additional manufacturing capacity (the “CMO contract”). In connection with this CMO contract, the Company has committed to a minimum annual spending of $7,000 for 2020 and $9,000 for 2021 to 2030 (the end of the initial term) which includes all expenditures under the contract. As of December 31, 2019, the remaining payment under the CMO contract was $98,921 or $48,734 after deduction of the minimum lease payments under the CMO contract recognized in the consolidated financial statements as a lease liability following the adoption of IFRS 16 (note 14). As at December 31, 2019, total commitment remaining under the CMO agreement that are not recognized in the lease liability are as follows: Within 1 year 2 - 5 years Later than 5 years Total CMO operating expense commitment $ 3,464 $ 20,761 $ 24,509 $ 48,734 The Company has entered into multiple plasma purchase agreements whereby it has committed to purchase varying volumes of plasma until December 31, 2022. As at December 31, 2019, the future purchase commitments are as follows: 2020 $ 4,816 2021 14,604 2022 4,920 $ 24,340 |
Financial instruments and finan
Financial instruments and financial risk management | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Of Financial Instruments [Abstract] | |
Financial instruments and financial risk management | 32. Financial instruments and financial risk management a) Fair value The fair values of financial assets and financial liabilities for which fair value disclosure is required, together with the carrying amounts included in the statement of financial position, are as follows: 2019 2018 Carrying Fair Carrying Fair amount value amount value Financial liabilities Royalty payment obligation $ 3,148 $ 3,148 $ 3,077 $ 2,685 License acquisition payment obligations 1,302 1,302 2,726 2,492 Long-term debt 8,834 8,834 125,804 112,914 The fair value of financial liabilities at December 31, 2019 was calculated using a discounted cash flow model via the market interest rate specific to the term of the debt instruments ranging from 8.83% to 15.05% (14.43% to 21.94% at December 31, 2018). The fair value on the tax credits receivable approximated the carrying amount since the amounts recoverable are re-assessed each reporting period, with any variations recognized in the consolidated statement of operations. Fair value hierarchy Financial instruments recorded at fair value on the consolidated statements of financial position are classified using a fair value hierarchy that reflects the significance of the inputs used in making the measurements. The fair value hierarchy has the following levels: Level 1 – valuation based on quoted prices observed in active markets for identical assets or liabilities. Level 2 – valuation techniques based on inputs that are quoted prices of similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; inputs other than quoted prices used in a valuation model that are observable for that instrument; and inputs that are derived principally from or corroborated by observable market data by correlation or other means. Level 3 – valuation techniques with significant unobservable market inputs. A financial instrument is classified to the lowest level of the hierarchy for which a significant input has been considered in measuring fair value. Cash, cash equivalents, and restricted cash are considered to be level 1 fair value measurements. The long-term receivables, royalty payment obligation, license acquisition payment obligations, and long-term debt are level 2 measurements. The investment in convertible debt and the warrant liability are considered to be a level 3 measurements. Further discussion regarding assumptions used in determining their fair values are discussed in notes 15 and 25 respectively. b) The Company has exposure to credit risk, liquidity risk and market risk. The Company’s Board of Directors has the overall responsibility for the oversight of these risks and reviews the Company’s policies on an ongoing basis to ensure that these risks are appropriately managed. Credit risk: Credit risk is the risk of financial loss to the Company if a customer, partner or counterparty to a financial instrument fails to meet its contractual obligations, and arises principally from the Company’s cash, investments, receivables and share purchase loan to a former officer. The carrying amount of the financial assets represents the maximum credit exposure. The Company mitigates credit risk through its reviews of new customer’s credit history before extending credit and conducts regular reviews of its existing customers’ credit performance. We evaluate at each reporting period, the lifetime expected credit losses on our accounts receivable balances based on the age of the receivable, credit history of the customers and past collection experience. Following the sale of its bioseparations business, the Company has limited product sales from its plasma-derived therapeutics segment and has such the Company’s exposure to customer credit risk is limited. In August 2017, the Company entered into a licensing agreement with a third-party in China and as a result, milestone and licensing revenues of $19,724 were recorded during the third quarter. The third party having not remitted funds associated with the license fee and initial milestone payment within the specified payment terms was consequently in breach of the agreement. As a result, the Company was in a position to exercise its contractual rights and opted to terminate the agreement in March 2018 thereby returning all the rights previously conferred under the license agreement back to Liminal. The Company wrote-off the accounts receivable of $18,518 to bad debt expense and reversed the withholding taxes of $1,972 that was expected to be paid on this transaction as at December 31, 2017. The difference between the amount of revenue recognized and the bad debt amount is the withholding taxes that were recorded in deduction of the accounts receivable and the effect of the change in the CAD/£ exchange rate on the accounts receivable. Liquidity risk: Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they come due. The Company manages its liquidity risk by continuously monitoring forecasts and actual cash flows. The Company’s current liquidity situation is discussed in note 1. The following table presents the contractual maturities of the financial liabilities as of December 31, 2019: Contractual Cash flows Carrying amount Payable within 1 year 1 - 4 years 5 years Later than 5 years Total Accounts payable and accrued liabilities 1) $ 22,808 $ 22,808 $ - $ - $ - $ 22,808 Long-term portion of royalty payment obligations 105 - 78 26 254 358 Lease liabilities 38,237 8,901 23,630 6,723 37,658 76,912 Long-term portion of other employee benefit liabilities 180 - 180 - - 180 Long-term debt 2) 8,834 1,176 3,025 10,314 - 14,515 $ 70,164 $ 32,885 $ 26,913 $ 17,063 $ 37,912 $ 114,773 1) Short term portions of the royalty payment obligations and of other employee benefit liabilities are included in the account payable and accrued liabilities. 2 ) Under the terms of the Loan with the parent (note 16), the holder of Warrants #10 may decide to cancel a portion of the principal value of the loan as payment upon the exercise of these warrants. The maximum repayment due on the loan has been included in the above table. Market risk: Market risk is the risk that changes in market prices, such as interest rates and foreign exchange rates, will affect the Company’s income or the value of its financial instruments. i) Interest risk The Company’s interest-bearing financial liabilities have fixed rates and as such, there is limited exposure to changes in interest payments as a result of interest rate risk. ii) Foreign exchange risk: The Company is exposed to the financial risk related to the fluctuation of foreign exchange rates. The Company has operations in the U.S. and the U.K., and previously had operations in the Isle of Man (discontinued operations) and a portion of its expenses incurred are in U.S. dollars and in pounds sterling (£). Historically, the majority of the Company’s revenues have been in U.S. dollars and in £, continuing operations revenues are in U.S. dollars, which serve to mitigate a portion of the foreign exchange risk relating to the expenditures. Financial instruments that have exposed the Company to foreign exchange risk have been cash and cash equivalents, short-term investments, receivables, trade and other payables, lease liabilities, licence payment obligations and the amounts drawn on the credit facility. The Company manages foreign exchange risk by holding foreign currencies it received to support forecasted cash outflows in foreign currencies. As at December 31, 2019 and 2018, the Company’s net exposure to currency risk through assets and liabilities denominated respectively in U.S. dollars and £ was as follows: 2019 2018 Amount Equivalent in Amount Equivalent in Exposure in US dollars in U.S. dollar full CDN in U.S, dollar full CDN dollar Cash and cash equivalents 26,032,017 33,883,273 2,600,253 3,544,145 Accounts receivable 159,604 207,741 2,718,508 3,705,326 Other long-term assets 45,428 59,129 51,127 69,686 Accounts payable and accrued liabilities (7,209,564 ) (9,383,969 ) (9,006,635 ) (12,276,044 ) Lease liabilities (22,426,384 ) (29,140,152 ) - - Other long-term liabilities - - (3,126,476 ) (4,261,387 ) Finance lease obligations - - (600,674 ) (818,719 ) Long-term debt - - (81,601,614 ) (111,223,000 ) Net exposure (3,398,899 ) (4,373,978 ) (88,965,511 ) (121,259,993 ) 2019 2018 Amount Equivalent in Amount Equivalent in Exposure in pounds (£) in £ full CDN dollar in £ full CDN dollar Cash and cash equivalents 279,840 480,233 729,732 1,266,596 Accounts receivable 713,078 1,223,713 6,837,168 11,867,272 Income tax receivable 5,369,467 9,214,542 - - Accounts payable and accrued liabilities (971,763 ) (1,667,642 ) (1,535,107 ) (2,664,485 ) Lease liabilities (350,783 ) (601,979 ) - - Net exposure 5,039,839 8,648,867 6,031,793 10,469,383 Based on the above net exposures as at December 31, 2019, and assuming that all other variables remain constant, a 10 % depreciation or appreciation of the Canadian dollar against the U.S. dollar would result in a decrease or an increase of the consolidated net loss of approximately $437 while a 10 % depreciation or appreciation of the Canadian dollar against the £ would result in a decrease or an increase of the total comprehensive loss of approximately $865. The Company has not hedged its exposure to currency fluctuations. |
Subsequent events
Subsequent events | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Of Nonadjusting Events After Reporting Period [Abstract] | |
Subsequent events | 33. Subsequent events Consistent with its strategy to limit its involvement in the plasma-derived therapeutics segment to the development of Ryplazim ® On January 29, 2020, the Company issued 96,833 common shares as a consideration for the final payment for the licence acquired on January 29, 2018 (note 11) |
Significant accounting polici_2
Significant accounting policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Significant Accounting Policies [Abstract] | |
Statement of compliance | Statement of compliance These consolidated financial statements have been prepared in accordance with IFRS as issued by the IASB and were approved by the Board of Directors on March 20, 2020. |
Basis of measurement | Basis of measurement The consolidated financial statements have been prepared on a historical cost basis, except for the convertible debt, equity investments and the warrant liability which have been measured at fair value. Certain assets may be carried at their net realizable value or at their recoverable amount if they have been subject to impairment. |
Functional and presentation currency | Functional and presentation currency The consolidated financial statements are presented in Canadian dollars, which is also the Company’s functional currency. |
Basis of consolidation | Basis of consolidation The consolidated financial statements include the accounts of Liminal BioSciences Inc., and those of its subsidiaries. The Company’s subsidiaries at December 31, 2019, 2018 and 2017 are as follows: Name of subsidiary Segment activity Place of incorporation and operation Proportion of ownership interest held by group 2019 2018 2017 Liminal R&D BioSciences Inc. (formerly Prometic Biosciences Inc.) Small molecule therapeutics Quebec, Canada 100% 100% 100% Prometic Bioproduction Inc. Plasma-derived therapeutics Quebec, Canada 100% 100% 87% Prometic Bioseparations Ltd Discontinued operations Isle of Man, British Isles nil 100% 100% Prometic Biotherapeutics Inc. Plasma-derived therapeutics Delaware, U.S. 100% 100% 100% Prometic Biotherapeutics Ltd Plasma-derived therapeutics Cambridge, United Kingdom 100% 100% 100% Prometic Biotherapeutics B.V. Plasma-derived therapeutics Amsterdam, Netherlands 100% N/A N/A Prometic Manufacturing Inc. Discontinued operations Quebec, Canada nil 100% 100% Pathogen Removal and Diagnostic Technologies Inc. Corporate Delaware, U.S. 77% 77% 77% NantPro Biosciences, LLC Plasma-derived therapeutics Delaware, U.S. 73% 73% 73% Prometic Plasma Resources Inc. Plasma-derived therapeutics Winnipeg, Canada 100% 100% 100% Prometic Plasma Resources USA Inc. Plasma-derived therapeutics Delaware, U.S. 100% 100% N/A Liminal BioSciences Holdings Limited (formerly Prometic Pharma SMT Holdings Limited) Small molecule therapeutics Cambridge, United Kingdom 100% 100% 100% Liminal BioSciences Limited (formerly Prometic Pharma SMT Limited) Small molecule therapeutics Cambridge, United Kingdom 100% 100% 100% Prometic Pharma SMT B.V Small molecule therapeutics Amsterdam, Netherlands 100% N/A N/A Telesta Therapeutics Inc. Plasma-derived therapeutics Quebec, Canada 100% 100% 100% The Company consolidates investees when, based on the evaluation of the substance of the relationship with the Company, it concludes that it controls the investees. The Company controls an investee when it is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. The financial statements of the subsidiaries are prepared for the same reporting period as the parent Company, using consistent accounting policies. All intra-group transactions, balances, income and expenses are eliminated in full upon consolidation. When a subsidiary is not wholly-owned the Company recognizes the non-controlling interests’ share of the net assets and results of operations in the subsidiary. When the proportion of the equity held by non-controlling interests’ changes without resulting in a change of control, the carrying amount of the controlling and non-controlling interest are adjusted to reflect the changes in their relative interests in the subsidiary. In these situations, the Company recognizes directly in equity the effect of the change in ownership of a subsidiary on the non-controlling interests. Similarly, after recognizing its share of the operating losses, the non-controlling interest is adjusted for its share of the equity contribution made by Liminal that does not modify the interest held by either party. The offset to this adjustment is recorded in the deficit. The effect of these transactions is presented in the consolidated statement of changes in equity. |
Financial instruments | Financial instruments Recognition and derecognition Financial instruments are recognized in the consolidated statement of financial position when the Company becomes a party to the contractual obligations of the instrument. On initial recognition, financial instruments are recognized at their fair value plus, in the case of financial instruments not at fair value through profit or loss (“FVPL”), transaction costs that are directly attributable to the acquisition or issue of financial instruments. Financial assets are subsequently derecognized when payment is received in cash or other financial assets or if the debtor is discharged of its liability. A financial liability is derecognized when the obligation under the liability is discharged or cancelled or expires. When an existing liability is replaced by another from the same creditor on substantially different terms, or the terms of the liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognized in the consolidated statement of operations. Classification Subsequent to initial recognition, financial instruments are measured according to the category to which they are classified. Financial instruments are measured at amortized cost unless they are classified as fair value through other comprehensive income (“FVOCI”), classified as FVPL or designated as FVPL, in which case they are subsequently measured at fair value. The classification of financial asset debt instruments is driven by the Company’s business model for managing the financial assets and their contractual cash flow characteristics. Assets that are held to collect contractual cash flows where those cash flows represent solely payments of principal and interest are measured at amortized cost. Equity instruments that are held for trading (including all equity derivative instruments) are classified as FVPL. For other equity instruments, on the day of acquisition the Company can make an irrevocable election (on an instrument-by-instrument basis) to designate them as at FVOCI instead of FVPL. Financial liabilities are measured at amortized cost, unless they are required to be measured at FVPL (such as instruments held for trading or derivatives) or the Company has opted to measure them at FVPL. Currently, the Company classifies cash, cash equivalents, trade receivables, other receivables, restricted cash, and long-term deposits as financial assets measured at amortized cost and trade payables, wages and benefits payable, settlement fee payable, royalty payment obligations, license acquisition payment obligations, other employee benefit liabilities, other long-term liabilities and long-term debt as financial liabilities measured at amortized cost. The Company previously held investments in equity instruments and convertible debt that it classified as financial assets at FVPL and a warrant liability classified as a financial liability at FVPL. Impairment of financial assets The expected credit losses associated with its debt instruments carried at amortized cost is assessed on a forward-looking basis. The impairment methodology applied depends on whether there has been a significant increase in credit risk. For trade receivables, the Company applies the simplified approach permitted by IFRS 9, which requires lifetime expected losses to be recognized from initial recognition of the receivables. Cash equivalents Cash and cash equivalents comprise deposits in banks and highly liquid investments having an original maturity of 90 days or less when issued. |
Financial instrument accounting policy used before the adoption of IFRS 9, Financial instruments (“IFRS 9”) on January 1, 2018 | Financial instrument accounting policy used before the adoption of IFRS 9, Financial instruments (“IFRS 9”) on January 1, 2018 Prior to January 1, 2018, the Company applied IAS 39 Financial instruments. The accounting policy and classification of the financial instruments applied under that standard is detailed in the following paragraphs. i) Financial assets and financial liabilities at fair value through profit and loss Cash, marketable securities and restricted cash are respectively classified as fair value through profit and loss. They are measured at fair value and changes in fair value are recognized in the consolidated statements of operations. Directly related transaction costs are recognized in the consolidated statements of operations. ii) Loans and receivables Cash equivalents, short-term investments, trade receivables, other receivables and long-term receivables are classified as loans and receivables. They are initially recognized at fair value and subsequently carried at amortized cost using the effective interest method. iii) Available-for-sale financial assets Investments in common or preferred shares of private companies are classified as available-for-sale and are measured at cost since their fair value cannot be measured reliably. iv) Financial liabilities Trade payable, wages and severances payable, other employee benefit liabilities, settlement fee payable, royalty payment obligation, other long-term liabilities, advance on revenues from a supply agreement and long-term debt are classified as other financial liabilities. They are measured at amortized cost using the effective interest method. Credit facility fees are recorded in deferred financing cost and are amortized into finance cost over the term of the Credit Facility. Impairment of investments When there has been a significant or prolonged decline in the value of an investment, the investment is written down to recognize the loss. |
Inventories | Inventories Inventories of raw materials, work in progress and finished goods are valued at the lower of cost and net realizable value. Cost is determined on a first in, first out basis. The cost of manufactured inventories comprises all costs that are directly attributable to the manufacturing process, such as raw materials, direct labour and manufacturing overhead based on normal operating capacity. Net realizable value is the estimated selling price in the ordinary course of business less the estimated cost of completion and the estimated selling costs except for raw materials for which it is determined using replacement cost. |
Capital assets | Capital assets Capital assets are recorded at cost less any government assistance, accumulated depreciation and accumulated impairment losses, if any. Depreciation is calculated on a straight-line basis over the estimated useful lives of the assets, as described below. Capital asset Period Buildings and improvements 20 years Leasehold improvements The lower of the lease term and the useful life Production and laboratory equipment 5 - 20 years Furniture 5 - 10 years Computer equipment 3 - 5 years Assets held under financing leases * The lower of the lease term and the useful life * Assets held under financing leases are presented as part of capital assets prior to the adoption of IFRS 16, Leases and since January 1, 2019 are included under Right-of-use assets (note 10). The estimated useful lives, residual values and depreciation methods are reviewed annually with the effect of any changes in estimates accounted for on a prospective basis. The gain or loss arising on the disposal or retirement of a capital asset is determined as the difference between the sales proceeds and its carrying amount and is recognized in profit or loss. |
Government assistance | Government assistance Government assistance programs, including investment tax credits on research and development expenses, are reflected as reductions to the cost of the assets or to the expenses to which they relate and are recognized when there is reasonable assurance that the assistance will be received and all attached conditions are complied with. |
Right-of-use (“ROU”) assets | Right-of-use (“ROU”) assets The Company recognizes a right-of-use asset at the commencement date of a lease which is when the date at which the underlying asset is available for use. Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognized, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. Unless the Company is reasonably certain to obtain ownership of the leased asset at the end of the lease term, the recognized right-of-use asset is depreciated on a straight-line basis over the shorter of its estimated useful life and the lease term. |
Intangible Assets | Intangible Assets Intangible assets include acquired rights such as licenses for product manufacturing and commercialization, donor lists, external patent costs and software costs. They are carried at cost less accumulated amortization. Amortization commences when the intangible asset is available for use and is calculated over the estimated useful lives of the intangible assets acquired using the straight-line method. The maximum period used for each category of intangible asset are presented in the table below. The estimated useful lives and amortization method are reviewed annually, with the effect of any changes in estimates being accounted for on a prospective basis. The amortization expense is recognized in the consolidated statement of operations in the expense category consistent with the function of the intangible assets. Intangible asset Period Licenses and other rights 30 years Donor lists 10 years Patents 20 years Software 5 years |
Impairment of tangible and intangible assets | Impairment of tangible and intangible assets At the end of each reporting period, the Company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If impairment indicators exist, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss, if any. For intangible assets not yet available for use, an impairment test is performed annually at November 30, until amortization commences, whether or not there are impairment indicators. When it is not possible to estimate the recoverable amount of an individual asset, the Company estimates the recoverable amount of the cash-generating unit (CGU) which represents the smallest identifiable group of assets that generates cash inflows that are largely independent of the cash inflows from other assets, groups of assets or CGUs to which the asset belongs. Where a reasonable and consistent basis of allocation can be identified, the corporate assets are also allocated to individual CGUs, or otherwise they are allocated to the smallest group of CGUs for which a reasonable and consistent allocation basis can be identified. The recoverable amount is the higher of the fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. An impairment loss is recognized when the carrying amount of an asset or a CGU exceeds its recoverable amount by the amount of this excess. An impairment loss is recognized immediately in profit or loss in the period during which the loss is incurred. Where an impairment loss subsequently reverses, the carrying amount of the asset or CGU is increased to the revised estimate of its recoverable amount; on reversal of an impairment loss, the increased carrying amount does not exceed the carrying amount that would have been determined had an impairment loss not been recognized for the asset or CGU in prior periods. A reversal of an impairment loss is recognized immediately in profit or loss. |
Investment in an associate | Investment in an associate Investments in associates are accounted for using the equity method. An associate is an entity over which the Company has significant influence. Under the equity method, the investment in the associate is carried on the consolidated statement of financial position at cost plus post acquisition changes in the Company’s share of net assets of the associate. The consolidated statement of operations reflects the Company’s share of the results of operations of the associate. If the Company’s share of cumulative losses of an associate equal or exceeds its interest in the associate, the Company discontinues recognizing its share of further losses. After the interest in an associate is reduced to zero, additional losses are provided for, and a liability is recognized, only to the extent that the Company has incurred legal or constructive obligations or made payments on behalf of the associate. If the associate subsequently reports profits, the Company resumes recognizing its share of those profits only after its share of the profits equals the share of losses not recognized. At each balance sheet date, management considers whether there is objective evidence of impairment in associates. If there is such evidence, management determines the amount of impairment to record, if any, in relation to the associate. When the level of influence over an associate changes either following a loss of significant influence over the associate, or the obtaining of control over the associate or when an investment in a financial asset accounted for under IFRS 9 becomes subject to significant influence, the Company measures and recognizes its investment at its fair value. Any difference between the carrying amount of the associate at the time of the change in influence and the fair value of the investment, and proceeds from disposal if any, is recognized in profit or loss. At each reporting period, the Company assesses whether it has significant influence over its investments. |
Lease liabilities | Lease liabilities At the commencement date of a lease, the Company recognizes a lease liability measured at the present value of lease payments to be made over the lease term. The lease payments include fixed payments (including in-substance fixed payments) less any lease incentives, variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Company and payments of penalties for terminating a lease, if the lease term reflects the Company exercising the option to terminate. The variable lease payments that do not depend on an index or a rate are recognized as expense in the period on which the event or condition that triggers the payment occurs. In calculating the present value of lease payments, the Company uses the incremental borrowing rate at the lease commencement date if the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of a lease liability is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of a lease liability is remeasured if there is a modification, a change in the lease term, a change in the in-substance fixed lease payments or a change in the assessment whether the underlying asset will be purchased. The Company applies the short-term lease recognition exemption to leases of 12 months or less, as well as the lease of low-value assets recognition exemption i.e. leases with a value below seven dollars. Lease payments on short-term leases and leases of low-value assets are recognized as expense on a straight-line basis over the lease term. Prior to the adoption of IFRS 16, Leases on January 1, 2019 (note 3), as a lessor, the Company only recognized finance lease obligations while operating leases obligations were only disclosed. |
Revenue recognition | Revenue recognition To determine revenue recognition for contracts with customers, Liminal performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the entity satisfies a performance obligation. The five-step model is only applied to contracts when it is probable that we will collect the consideration we are entitled to in exchange for the goods or services we transfer. At contract inception, the Company assesses the goods or services promised within each contract, determines those that are performance obligations, and assesses whether each promised good or service is distinct. The transaction price that is allocated to the respective performance obligation is recognized as revenue when (or as) the performance obligation is satisfied. Sale of goods Revenue from sale of goods is recognized when the terms of a contract with a customer have been satisfied. This occurs when: • The control over the product has been transferred to the customer; and • The product is received by the customer or transfer of title to the customer occurs upon shipment. Following delivery, the customer bears the risks of obsolescence and loss in relation to the goods. Revenue is recognized based on the price specified in the contract, net of estimated sales discounts and returns. Rendering of services Revenues from contracted services are generally recognized as the performance obligations are satisfied over time, and the related expenditures are incurred pursuant to the terms of the agreement. Contract revenue is recognized on a percentage of completion basis based on key milestones contained within the contract. Unbilled revenues and deferred revenues If the Company has recognized revenues but has not issued an invoice, the entitlement is recognized as a contract asset and is presented in the statement of financial position as unbilled revenues. When the amounts are invoiced, then the amounts are transferred into trade receivables. If the Company has received payments prior to satisfying its performance obligation, the obligation is recognized as a contract liability and is presented in the consolidated statement of financial position as deferred revenues. Licensing fees and milestone payments Under IFRS 15, the Company determines whether the Company's promise to grant a license provides its customer with either a right to access the Company’s intellectual property ("IP") or a right to use the Company’s IP. A license will provide a right to access the intellectual property if there is significant development of the intellectual property expected in the future whereas for a right to use, the intellectual property is to be used in the condition it is at the time the license is signed. Revenue from a license that provides a customer the right to use the Company’s IP is recognized at a point in time when the transfers to the licensee is completed and the license period begins. When a license provides access to the Company's IP over a license term, the performance obligation is satisfied over time and, therefore, revenue is recognized over the term of the license arrangement. Milestone payments are immediately recognized as licensing revenue when the condition is met, if the milestone is not a condition to future deliverables and collectability is reasonably assured. Otherwise, they are recognized over the remaining term of the agreement or the performance period. Rental revenue The Company accounts for the lease or sub-lease with its tenant as an operating lease when the Company has not transferred substantially all of the risks and benefits of ownership of its property or leased property. Revenue recognition under an operating lease commences when the tenant has a right to use the leased asset, and the total amount of contractual rent to be received from the operating lease is recognized on a straight-line basis over the term of the lease. Rental revenue also includes recoveries of operating expenses and property taxes. |
Revenue recognition accounting policy used before the adoption of IFRS 15, Revenue from contracts with customers (“IFRS 15”) on January 1, 2018 | Revenue recognition accounting policy used before the adoption of IFRS 15, Revenue from contracts with customers (“IFRS 15”) on January 1, 2018 The Company earns revenues from research and development services, license and milestone fees, sale of goods and leasing arrangements, which may include multiple elements. The individual elements of each agreement are divided into separate units of accounting, if certain criteria are met. The applicable revenue recognition method is then applied to each unit. Otherwise, the applicable revenue recognition criteria are applied to combined elements as a single unit of accounting. Rendering of services Revenues from research and development services are recognized using the proportional performance method. Under this method, revenues are recognized proportionally with the degree of completion of the services under the contract when it is probable that the economic benefits will flow to the Company and revenue and costs associated with the transaction can be measured reliably. Licensing fees and milestone payments Certain license fees are comprised of up-front fees and milestone payments. Up-front fees are recognized over the estimated term during which the Company maintains substantive obligations. Milestone payments are recognized as revenue when the milestone is achieved, customer acceptance is obtained, and the customer is obligated to make performance payments. Certain license arrangements require no continuing involvement by the Company. Non-refundable license fees are recognized as revenue when the Company has no further involvement or obligation to perform under the arrangement, the fee is fixed or determinable and collection of the amount is reasonably assured. Sale of goods Revenue from the sale of goods is recognized when all the following conditions are satisfied: • the Company has transferred to the customer the significant risks and rewards of ownership of the goods; • the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; • the amount of revenue can be measured reliably; • it is probable that the economic benefits associated with the transaction will flow to the entity; and • the costs incurred or to be incurred in respect of the transaction can be measured reliably. Revenue is reduced for estimated customer returns and other similar allowances. Amounts received in advance of meeting the revenue recognition criteria are recorded as deferred revenue on the consolidated statements of financial position. Rental revenue The Company accounts for the lease with its tenant as an operating lease when the Company has not transferred substantially all of the risks and benefits of ownership of its property. Revenue recognition under an operating lease commences when the tenant has a right to use the leased asset, and the total amount of contractual rent to be received from the operating lease is recognized on a straight-line basis over the term of the lease. Rental revenue also includes recoveries of operating expenses and property taxes. |
Research and development expenses | Research and development expenses Expenditure on research activities is recognized as an expense in the period during which it is incurred. An internally generated intangible asset arising from development (or from the development phase of an internal project) is recognized if, and only if, all of the following have been demonstrated: • the technical feasibility of completing the intangible asset so that it will be available for use or sale; • the intention to complete the intangible asset and use or sell it; • the ability to use or sell the intangible asset; • how the intangible asset will generate probable future economic benefits; • the availability of adequate technical, financial and other resources to complete the development and to use or sell the intangible asset; and • the ability to measure reliably the expenditures attributable to the intangible asset during its development. To date, the Company has not capitalized any development costs. Research and development expenses presented in the consolidated statement of operations comprise the costs to manufacture the plasma-derived product candidates used in pre-clinical tests and clinical trials. It also includes the cost of product candidates used in our small molecule clinical trials such as PBI-4050, external consultants supporting the clinical trials and pre-clinical tests, employee compensation and other operating expenses involved in research and development activities. |
Foreign currency translation | Foreign currency translation Transactions and balances Transactions in foreign currencies are initially recorded by the Company and its entities at their respective functional currency rates prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the functional currency spot rate of exchange at the reporting date. All differences are taken to the consolidated statement of operations. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rates at the dates when the initial transactions took place. Group companies The assets and liabilities of foreign operations are translated into Canadian dollars at the rate of exchange prevailing at the reporting date and their statements of operations are translated at exchange rates prevailing at the dates of the transactions. The exchange differences arising on the translation are recognized in other comprehensive loss. On disposal of a foreign operation, the component of other comprehensive loss relating to that particular foreign operation is reclassified from the consolidated statement of comprehensive loss to the consolidated statement of operations as part of the gain or loss on the disposal of the foreign operation. |
Income taxes | Income taxes The Company uses the liability method of accounting for income taxes. Deferred income tax assets and liabilities are recognized in the consolidated statement of financial position for the future tax consequences attributable to differences between the consolidated financial statements carrying values of existing assets and liabilities and their respective income tax bases. Deferred income tax assets and liabilities are measured using income tax rates expected to apply when the assets are realized or the liabilities are settled. The effect of a change in income tax rates is recognized in the year during which these rates change. Deferred income tax assets are recognized to the extent that it is probable that future tax profits will allow the deferred tax assets to be recovered. When uncertainties exist over income tax treatments, the Company applies the guidance in IFRIC 23, Uncertainty over income tax treatments when evaluating its income tax provisions. |
Share-based payments | Share-based payments The Company has a stock option plan and a restricted share unit plan. The fair value of stock options granted is determined at the grant date using the Black-Scholes option pricing model and is expensed over the vesting period of the options. Awards with graded vesting are considered to be multiple awards for fair value measurement. The fair value of Restricted Share Units (“RSU”) is determined using the market value of the Company’s shares on the grant date. The expense associated with RSU awards that vest over time are recognized over the vesting period. When the vesting of RSU is dependent on meeting performance targets as well as a service requirement, the Company will estimate the outcome of the performance targets to determine the expense to recognize over the vesting period, and revise those estimates until the final outcome is determined. An estimate of the number of awards that are expected to be forfeited is also made at the time of grant and revised periodically if actual forfeitures differ from those estimates. The Company’s policy is to issue new shares upon the exercise of stock options and the release of RSU for which conditions have been met. |
Assets held for sale and discontinued operations | Assets held for sale and discontinued operations The Company classifies non-current assets and disposal groups as held for sale if their carrying amounts will be recovered principally through a sale rather than through continuing use. Such non-current assets and disposal groups classified as held for sale are measured at the lower of their carrying amount and their fair value less cost to sell. Costs to sell are the incremental costs directly attributable to the sale, excluding finance costs and income tax expense. Such assets are only presented as held for sale when the sale is highly probable and the assets or disposal group are available for immediate sale in their present condition. Actions required to complete the sale should indicate that it is unlikely that significant changes to the sale will be made or that the sale will be withdrawn. Management must be committed to the sale, which should be expected to qualify for recognition as a completed sale within one year from the date of classification. Capital assets included as part of the assets held for sale are not depreciated once classified as held for sale. Assets and liabilities classified as held for sale are presented separately as current items in the consolidated statement of financial position. The results of discontinued operations are presented net of tax in the consolidated statement of operations. Incremental cost related to the disposition and income taxes are allocated to discontinued operations. The discontinued operations also include the gain or loss on the disposal, which will also include the reclassification of historical exchange differences on translation of foreign operations sold. The results of discontinued operations exclude the allocation of the corporate finance costs and general corporate overheads in the forms of management fees if those costs will continue to be incurred by Liminal following the disposition. The prior period results from discontinued operations have been reclassified and presented in the consolidated statements of operations. |
Earnings per share (EPS) | Earnings per share (EPS) The Company presents basic and diluted earnings per share (“EPS”) data for its common shares. Basic EPS is calculated by dividing the profit or loss attributable to common shareholders of the Company by the weighted average number of common shares outstanding during the year adjusted for any bonus element. Diluted EPS is determined by adjusting the weighted average number of common shares outstanding for the effects of all dilutive potential common shares, which comprise warrants, stock options and RSU. For the years ended December 31, 2019, 2018 and 2017, all warrants, stock options and RSU were anti-dilutive since the Company reported net losses. The Company presents basic and diluted earnings per share (“EPS”) data for its common shares. Basic EPS is calculated by dividing the profit or loss attributable to common shareholders of the Company by the weighted average number of common shares outstanding during the period, adjusted for any bonus element. |
Share and warrant issue expenses | Share and warrant issue expenses The Company records share and warrant issue expenses as an increase to the deficit. |
Investments in Equipment | Certain investments in equipment are eligible for government grants. The government grants receivable are recorded in the same period as the eligible additions and are credited against the capital asset addition. |
Fair Value Hierarchy | Fair value hierarchy Financial instruments recorded at fair value on the consolidated statements of financial position are classified using a fair value hierarchy that reflects the significance of the inputs used in making the measurements. The fair value hierarchy has the following levels: Level 1 – valuation based on quoted prices observed in active markets for identical assets or liabilities. Level 2 – valuation techniques based on inputs that are quoted prices of similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; inputs other than quoted prices used in a valuation model that are observable for that instrument; and inputs that are derived principally from or corroborated by observable market data by correlation or other means. Level 3 – valuation techniques with significant unobservable market inputs. A financial instrument is classified to the lowest level of the hierarchy for which a significant input has been considered in measuring fair value. Cash, cash equivalents, and restricted cash are considered to be level 1 fair value measurements. The long-term receivables, royalty payment obligation, license acquisition payment obligations, and long-term debt are level 2 measurements. |
Significant Accounting Polici_3
Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Significant Accounting Policies [Abstract] | |
Summary of Company's Subsidiaries | The consolidated financial statements include the accounts of Liminal BioSciences Inc., and those of its subsidiaries. The Company’s subsidiaries at December 31, 2019, 2018 and 2017 are as follows: Name of subsidiary Segment activity Place of incorporation and operation Proportion of ownership interest held by group 2019 2018 2017 Liminal R&D BioSciences Inc. (formerly Prometic Biosciences Inc.) Small molecule therapeutics Quebec, Canada 100% 100% 100% Prometic Bioproduction Inc. Plasma-derived therapeutics Quebec, Canada 100% 100% 87% Prometic Bioseparations Ltd Discontinued operations Isle of Man, British Isles nil 100% 100% Prometic Biotherapeutics Inc. Plasma-derived therapeutics Delaware, U.S. 100% 100% 100% Prometic Biotherapeutics Ltd Plasma-derived therapeutics Cambridge, United Kingdom 100% 100% 100% Prometic Biotherapeutics B.V. Plasma-derived therapeutics Amsterdam, Netherlands 100% N/A N/A Prometic Manufacturing Inc. Discontinued operations Quebec, Canada nil 100% 100% Pathogen Removal and Diagnostic Technologies Inc. Corporate Delaware, U.S. 77% 77% 77% NantPro Biosciences, LLC Plasma-derived therapeutics Delaware, U.S. 73% 73% 73% Prometic Plasma Resources Inc. Plasma-derived therapeutics Winnipeg, Canada 100% 100% 100% Prometic Plasma Resources USA Inc. Plasma-derived therapeutics Delaware, U.S. 100% 100% N/A Liminal BioSciences Holdings Limited (formerly Prometic Pharma SMT Holdings Limited) Small molecule therapeutics Cambridge, United Kingdom 100% 100% 100% Liminal BioSciences Limited (formerly Prometic Pharma SMT Limited) Small molecule therapeutics Cambridge, United Kingdom 100% 100% 100% Prometic Pharma SMT B.V Small molecule therapeutics Amsterdam, Netherlands 100% N/A N/A Telesta Therapeutics Inc. Plasma-derived therapeutics Quebec, Canada 100% 100% 100% The interests in the subsidiaries for which the Company holds or held less than 100% interest for the three-year period ended December 31, 2019 are as follows: Name of subsidiary Segment activity Place of incorporation and operation Proportion of ownership interest held by group 2019 2018 2017 Prometic Bioproduction Inc. Plasma-derived therapeutics Quebec, Canada 100 % 100 % 87 % Pathogen Removal and Diagnostic Technologies Inc. Corporate Delaware, U.S. 77 % 77 % 77 % NantPro Biosciences, LLC Plasma-derived therapeutics Delaware, U.S. 73 % 73 % 73 % |
Summary of Estimated Useful Lives of the Capital Assets | Depreciation is calculated on a straight-line basis over the estimated useful lives of the assets, as described below. Capital asset Period Buildings and improvements 20 years Leasehold improvements The lower of the lease term and the useful life Production and laboratory equipment 5 - 20 years Furniture 5 - 10 years Computer equipment 3 - 5 years Assets held under financing leases * The lower of the lease term and the useful life * Assets held under financing leases are presented as part of capital assets prior to the adoption of IFRS 16, Leases and since January 1, 2019 are included under Right-of-use assets (note 10). |
Summary of Estimated Useful Lives of the Intangible Asset | The amortization expense is recognized in the consolidated statement of operations in the expense category consistent with the function of the intangible assets. Intangible asset Period Licenses and other rights 30 years Donor lists 10 years Patents 20 years Software 5 years |
Change in Standards, Interpre_2
Change in Standards, Interpretations and Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Of Initial Application Of Standards Or Interpretations [Abstract] | |
Schedule of Carrying Amount of Financial Assets and their Measurement Category Under IAS 39 and the New Model Under IFRS 9 | The following table presents the carrying amount of financial assets held by Liminal at December 31, 2017 and their measurement category under IAS 39 and the new model under IFRS 9. IAS 39 IFRS 9 Measurement Carrying Measurement Carrying category amount category amount Cash and cash equivalents FVPL $ 23,166 Amortized cost $ 23,166 Trade receivables Amortized cost 1,796 Amortized cost 1,796 Other receivables Amortized cost 397 Amortized cost 397 Restricted cash FVPL 226 Amortized cost 226 Long-term receivables Amortized cost 1,856 Amortized cost 1,856 Equity investments Cost 1,228 FVPL 1,228 Convertible debt Cost 87 FVPL 87 |
Summary of Deficit and Long-term Debt after Accounting Modifications | The adoption of the accounting for modifications under the new standard has resulted in the restatement of the opening deficit and the long-term debt at January 1, 2018 as follows: Deficit $ 110 Long-term debt (110 ) |
Schedule of Consolidated Financial Statements Were Affected by the Adoption of IFRS 16 | The table below shows which line items of the consolidated financial statements were affected by the adoption of IFRS 16 and the impact. There was no net impact on the deficit. Adjustments As reported as at for the transition Balance as at December 31, 2018 to IFRS 16 January 1, 2019 Assets Prepaids $ 1,452 $ (84 ) $ 1,368 Capital assets (note 9) 41,113 (1,043 ) 40,070 Right-of-use assets (note 10) - 39,149 39,149 Liabilities Accounts payable and accrued liabilities (note 13) $ 31,855 $ (2,499 ) $ 29,356 Current portion of lease liabilities (note 14) - 8,575 8,575 Long-term portion of lease liabilities (note 14) - 34,126 34,126 Long-term portion of operating and finance lease inducements and obligations (note 17) 1,850 (1,850 ) - Other long-term liabilities (note 18) 5,695 (330 ) 5,365 |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Discontinued Operations [Abstract] | |
Summary of Gain on the Sale of Subsidiaries | Fair value of the consideration received and receivable: $ 51,927 Less: Carrying amount of net assets sold (22,015 ) Transaction costs (5,015 ) Reclassification of foreign currency translation reserve from other comprehensive income into the statement of operations 1,449 Gain on sale of subsidiaries (income tax $nil) $ 26,346 |
Summary of Results and Cash Flows from Discontinued Operations | The results and the cash flows from discontinued operations for the years ended December 31, 2018 and 2017 and for the period from January 1, 2019 until November 24, 2019, the date of the sale, are presented in the following tables: November 24, December 31, December 31, Period ended 2019 2018 2017 Revenues $ 22,499 $ 22,741 $ 16,802 Expenses Cost of sales and other production expenses 11,347 12,295 6,460 Research and development expenses 5,926 6,808 6,869 Administration, selling and marketing expenses 3,387 2,084 1,878 Loss (gain) on foreign exchange (64 ) (15 ) 55 Finance costs 737 19 76 Net income before income taxes $ 1,166 $ 1,550 $ 1,464 Income tax expense (recovery): Current 65 (382 ) (474 ) Deferred (24 ) - 24 Total income tax expense (recovery) 41 (382 ) (450 ) Net income from discontinued operations $ 1,125 $ 1,932 $ 1,914 Gain on sale of discontinued operations net of tax of $nil 26,346 - - Discontinued operations, net of taxes $ 27,471 $ 1,932 $ 1,914 November 24, December 31, December 31, Years ended 2019 2018 2017 Cash flows from operating activities $ 6,327 $ 1,379 $ 2,189 Cash flows used in financing activities (866 ) - - Cash flows from (used in) investing activities* 39,690 (1,752 ) (2,115 ) Net change in cash during the year $ 45,151 $ (373 ) $ 74 Net effect of currency exchange rate on cash 54 41 32 Net increase(decrease) in cash generated by discontinued operations $ 45,205 $ (332 ) $ 106 *Cash flows from investing activities for the period ended November 24, 2019 include the proceeds from the sale of the discontinued operations business (net of the cash disposed), of $43,958 and transaction costs paid relating to the sale of the discontinued operations business of $4,228. |
Summary of Carrying Amounts of Assets and Liabilities Sold | The carrying amounts of assets and liabilities sold are as follows: Cash $ 6,794 Accounts receivable 1,148 Inventories 8,313 Prepaids 236 Other long-term assets 48 Capital assets 8,483 Right-of-use assets 3,300 Intangible assets 370 Deferred tax assets 12 Total assets $ 28,704 Accounts payable and accrued liabilities 2,163 Deferred revenue 370 Current portion of lease liabilities 809 Long-term portion of deferred revenues 87 Long-term portion of lease liabilities 3,260 Total liabilities $ 6,689 Net assets sold $ 22,015 |
Accounts Receivable (Tables)
Accounts Receivable (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Trade And Other Receivables [Abstract] | |
Summary of Trade and Other Receivables | December 31, December 31, 2019 2018 Trade receivables $ 44 $ 7,051 Tax credits and government grants receivable 1,546 3,737 Sales taxes receivable 863 774 Other receivables 1,633 320 $ 4,086 $ 11,882 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Classes Of Inventories [Abstract] | |
Summary of Inventories | December 31, December 31, 2019 2018 Raw materials $ 7,175 $ 5,428 Work in progress - 3,740 Finished goods 357 2,860 $ 7,532 $ 12,028 |
Other Long-term Assets (Tables)
Other Long-term Assets (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Other Non Current Assets [Abstract] | |
Summary of Other Long-term Assets | December 31, December 31, 2019 2018 Restricted cash (a) $ 169 $ 245 Long-term deposits 143 142 Tax credits receivable 858 - Other - 24 $ 1,170 $ 411 a) Restricted Cash Restricted cash is composed of a guaranteed investment certificate, bearing interest at 0.35% per annum (at December 31, 2018, bearing interest at 0.35%), pledged as collateral for a letter of credit to a landlord which automatically renews until the end of the lease. |
Capital Assets (Tables)
Capital Assets (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Of Property Plant And Equipment [Abstract] | |
Summary of Capital Assets | Production Furniture and Land and Leasehold and laboratory computer Buildings improvements equipment equipment Total Cost Balance at January 1, 2018 $ 4,539 $ 12,824 $ 36,787 $ 3,555 $ 57,705 Additions 28 2,977 2,396 279 5,680 Disposals - - (452 ) (58 ) (510 ) Effect of foreign exchange differences - 233 154 10 397 Balance at December 31, 2018 $ 4,567 $ 16,034 $ 38,885 $ 3,786 $ 63,272 Impact of adopting IFRS 16 1) - - (1,170 ) - (1,170 ) Balance at January 1, 2019 4,567 16,034 37,715 3,786 62,102 Additions - 61 712 202 975 Disposals - (5 ) (109 ) (14 ) (128 ) Sold - discontinued operations (note 5) - (7,307 ) (5,774 ) (744 ) (13,825 ) Effect of foreign exchange differences - (225 ) (127 ) (7 ) (359 ) Balance at December 31, 2019 $ 4,567 $ 8,558 $ 32,417 $ 3,223 $ 48,765 Accumulated depreciation Balance at January 1, 2018 $ 219 $ 3,726 $ 6,962 $ 1,544 $ 12,451 Depreciation expense 195 641 2,511 739 4,086 Disposals - - (146 ) (36 ) (182 ) Impairments (note 25) - - 5,689 - 5,689 Effect of foreign exchange differences - 54 55 6 115 Balance at December 31, 2018 $ 414 $ 4,421 $ 15,071 $ 2,253 $ 22,159 Impact of adopting IFRS 16 1) - - (127 ) - (127 ) Balance at January 1, 2019 414 4,421 14,944 2,253 22,032 Depreciation expense 195 786 2,136 617 3,734 Disposals - (2 ) (106 ) (14 ) (122 ) Impairments (note 25) - 559 6,408 103 7,070 Sold - discontinued operations (note 5) - (2,297 ) (2,550 ) (495 ) (5,342 ) Effect of foreign exchange differences - (38 ) (36 ) (4 ) (78 ) Balance at December 31, 2019 $ 609 $ 3,429 $ 20,796 $ 2,460 $ 27,294 Carrying amounts At December 31, 2019 $ 3,958 $ 5,129 $ 11,621 $ 763 $ 21,471 At January 1, 2019 4,153 11,613 22,771 1,533 40,070 At December 31, 2018 4,153 11,613 23,814 1,533 41,113 |
Right-of-use Assets (Tables)
Right-of-use Assets (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Of Quantitative Information About Rightofuse Assets [Abstract] | |
Summary of Quantitative Information About Right-Of-Use Assets | Production and laboratory Buildings equipment Other Total Cost Transfer from capital assets on adoption of IFRS 16 (note 9) $ - $ 1,170 $ - $ 1,170 Initial recognition of assets under operating leases on adoption of IFRS 16 37,552 460 94 38,106 Balance at January 1, 2019 37,552 1,630 94 39,276 Additions 2,331 - 49 2,380 Remeasurement of the lease liability 36 - - 36 Sold - discontinued operations (note 5) (3,586 ) - - (3,586 ) Effect of foreign exchange differences (99 ) - - (99 ) Balance at December 31, 2019 $ 36,234 $ 1,630 $ 143 $ 38,007 Accumulated depreciation Transfer from capital assets on adoption of IFRS 16 (note 9) $ - $ 127 $ - $ 127 Balance at January 1, 2019 - 127 - 127 Depreciation expense 4,274 592 47 4,913 Sold - discontinued operations (note 5) (286 ) - - (286 ) Effect of foreign exchange differences - (1 ) - (1 ) Balance at December 31, 2019 $ 3,988 $ 718 $ 47 $ 4,753 Carrying amounts At December 31, 2019 $ 32,246 $ 912 $ 96 $ 33,254 At January 1, 2019 37,552 1,503 94 39,149 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Of Intangible Assets [Abstract] | |
Summary of Intangible Assets | Licenses and other rights Patents Software Total Cost Balance at January 1, 2018 $ 154,572 $ 6,346 $ 2,213 $ 163,131 Additions 5,512 639 1,145 7,296 Disposals - (332 ) (68 ) (400 ) Effect of foreign exchange differences 698 344 (4 ) 1,038 Balance at December 31, 2018 $ 160,782 $ 6,997 $ 3,286 $ 171,065 Additions - 728 467 1,195 Sold - discontinued operations (note 5) (2,505 ) (842 ) (47 ) (3,394 ) Disposals - (524 ) (39 ) (563 ) Effect of foreign exchange differences (9 ) (50 ) (19 ) (78 ) Balance at December 31, 2019 $ 158,268 $ 6,309 $ 3,648 $ 168,225 Accumulated amortization Balance at January 1, 2018 $ 3,497 $ 2,250 $ 737 $ 6,484 Amortization expense 556 448 368 1,372 Disposals - (177 ) (38 ) (215 ) Impairments 142,609 - - 142,609 Effect of foreign exchange differences 694 317 1 1,012 Balance at December 31, 2018 $ 147,356 $ 2,838 $ 1,068 $ 151,262 Amortization expense 410 403 446 1,259 Disposals - (364 ) (9 ) (373 ) Impairments (note 25) 4,528 761 7 5,296 Sold - discontinued operations (note 5) (2,418 ) (570 ) (36 ) (3,024 ) Effect of foreign exchange differences (6 ) (29 ) (6 ) (41 ) Balance at December 31, 2019 $ 149,870 $ 3,039 $ 1,470 $ 154,379 Carrying amounts At December 31, 2019 $ 8,398 $ 3,270 $ 2,178 $ 13,846 At December 31, 2018 13,426 4,159 2,218 19,803 |
Investment in an Associate (Tab
Investment in an Associate (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Of Significant Investments In Associates [Abstract] | |
Investment In Associate Explanatory | Changes in the carrying amount of the investment in an associate from the date it was initially recognized as an associate on August 15, 2018 to December 31, 2018 are as follows: Loss and comprehensive loss of an associate from August 15 to December 31, 2018 $ 144 Share of losses of an associate 22 Historical cost of the investment in an associate 1,204 Less: Share of losses of an associate 22 Impairment on investment in an associate (note 25) 1,182 Carrying amount of the investment in an associate as at December 31, 2018 $ - |
Accounts Payable and Accrued _2
Accounts Payable and Accrued Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Trade And Other Current Payables [Abstract] | |
Summary of Accounts Payable and Accrued Liabilities | December 31, 2019 December 31, 2018 Trade payables $ 10,496 $ 21,097 Wages and benefits payable 5,593 1,975 Current portion of operating and finance lease inducements and obligations (note 17) - 5,844 Current portion of settlement fee payable - 102 Current portion of royalty payment obligations (note 18) 3,043 68 Current portion of license acquisition payment obligation (note 18) 1,302 1,363 Current portion of other employee benefit liabilities (note 18) 2,374 1,406 $ 22,808 $ 31,855 |
Lease Liabilities (Tables)
Lease Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Lease Liabilities [Abstract] | |
Summary of Lease Liabilities | The transactions affecting the lease liabilities during the year ended December 31, 2019 were as follows: Transfer of finance leases from operating and finance lease inducements and obligations $ 846 Initial recognition of lease liabilities under operating leases on adoption of IFRS 16 41,855 Balance at January 1, 2019 $ 42,701 Additions 2,823 Interest expense 7,068 Payments (9,330 ) Derecognized - discontinued operations (note 5) (4,069 ) Effect of foreign exchange differences (956 ) Balance at December 31, 2019 $ 38,237 Less current portion of lease liabilities 8,290 Long-term portion of lease liabilities $ 29,947 |
Warrant Liability (Tables)
Warrant Liability (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Warrant Liability [Abstract] | |
Schedule of Fair Value of Warrants | The fair value of Warrants #9 on the various dates was calculated using a Black-Scholes option pricing model with the assumptions provided in the table below. In order to estimate the fair value of the underlying preferred share, the Company used the market price of Liminal’s common shares at the measurement date, discounted for the fact that the preferred shares are illiquid. The value of the discount was calculated using a European put option model to sell a common share of Liminal at the price of $1,000.00 or $156.36 per share in 20 years. April 23, February 22, December 31, 2019 2019 2018 Underlying preferred share fair value 32.43 152.15 130.00 Number of warrants issued 19,402 19,402 14,088 Volatility 55.6 % 48.1 % 44.5 % Risk-free interest rate 1.66 % 1.84 % 2.82 % Remaining life until expiry 7.8 8.0 7.9 Expected dividend rate - - - |
Long-term Debt (Tables)
Long-term Debt (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Of Detailed Information About Borrowings [Abstract] | |
Summary of Transactions and Carrying Value of Long-term Debt | The transactions during the year ended December 31, 2019 and 2018 and the carrying value of the long-term debt at December 31, 2019 and 2018 were as follows: 2019 2018 Balance at January 1 $ 125,804 $ 87,020 Impact of adoption of IFRS 9 - (110 ) Stated and accreted interest 7,874 18,856 Drawdown on Credit Facility 18,677 71,721 Repayment of principal through share issuance (141,536 ) - Repayment of principal with cash (988 ) (3,184 ) Repayment of stated interest (3,540 ) (3,934 ) Foreign exchange revaluation on Credit Facility balance (1,311 ) 5,425 Reduction of the face value of the second OID loan by $3,917 - (2,639 ) Extinguishment of loans following a debt modification (4,667 ) (155,055 ) Recognition of loans following a debt modification 8,521 107,704 Balance at December 31 $ 8,834 $ 125,804 |
Summary of Carrying Value of Long-term Debt | At December 31, 2019 and 2018, the carrying amount of the debt comprised the following loans: December 31, December 31, 2019 2018 Loan with the parent (formerly Third OID loan) having a principal of $10,000 maturing on April 23, 2024 with an effective interest rate of 15,05% 1) $ 8,669 $ - Non-interest bearing government term loan having a principal amount of $165 repayable in equal monthly installments of $82 until January 31, 2020 with an effective interest rate of 8.8% 165 1,111 First OID loan having a face value of 63,273 maturing on September 30, 2024 with an effective interest rate of 20.06% - 27,221 Second OID loan having a face value of $17,694 maturing on September 30, 2024 with an effective interest rate of 20.06% - 7,612 Third OID loan having a face value of $31,370 maturing on September 30, 2024 with an effective interest rate of 20.06% - 13,495 US dollars Credit Facility draws, expiring on September 30, 2024 bearing stated interest of 8.5% per annum (effective interest rate of 18.87%) - 76,365 $ 8,834 $ 125,804 Less current portion of long-term debt (165 ) (3,211 ) Long-term portion of long-term debt $ 8,669 $ 122,593 1) |
Summary of Gain (Loss) on Extinguishment of Liabilities | Loss on extinguishment of liabilities due to April 23, 2019 loan modification Comprising the following elements: Debt to equity conversion $ 87,379 Expensing of financing fees on loan extinguishment 653 Extinguishment of previous loan (4,667 ) Recognition of modified loan 8,521 Expensing of increase in the fair value of the warrants (note 19c) 408 Loss on extinguishment of liabilities due to April 23, 2019 loan modification $ 92,294 Loss on extinguishment of liabilities to suppliers (note 19a) 80 Loss on extinguishments of liabilities $ 92,374 Gain on extinguishment of liabilities due to November 14, 2018 debt modification Comprising the following elements: Extinguishment of previous loans $ (155,055 ) Expensing of deferred financing fees on Credit Facility 3,245 Recognition of modified loans 107,704 Expensing of increase in the fair value of the warrants 8,778 Warrants proceeds (10 ) Expensing of legal fees incurred with the debt modification 434 Gain on extinguishment of liabilities due to November 14, 2018 debt modification $ (34,904 ) Loss on extinguishment of liabilities due to set-off of principal 1,278 Gain on extinguishments of liabilities $ (33,626 ) |
Summary by Quarter Impacting Various Drawdowns and Royalty Proceeds | The table below summarizes by quarter, the impact of the various drawdowns and the royalty proceeds on the consolidated financial statements: Allocation of Proceeds Quarter USD proceeds CAD equivalent* Debt * Warrants * Royalty liability* Q1 2018 20,000,000 25,155,000 19,585,372 5,569,628 - Q2 2018 11,500,000 14,768,300 12,881,631 1,886,669 - Q3 2018 23,000,000 29,808,690 27,144,445 2,531,438 132,807 Q4 2018 10,000,000 13,280,100 12,109,314 1,170,786 - *Exceptionally for this table Canadian dollars are not rounded to thousands of dollars. |
Operating and Finance Lease I_2
Operating and Finance Lease Inducements and Obligations (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Lease [Abstract] | |
Schedule of Operating and Finance Lease Obligations | December 31, 2018 Finance lease obligations $ 818 Deferred operating lease inducements and obligations 6,876 $ 7,694 Less current portion of operating and finance lease inducements and obligations (note 13) (5,844 ) $ 1,850 |
Other Long-Term Liabilities (Ta
Other Long-Term Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Miscellaneous Noncurrent Liabilities [Abstract] | |
Summary of Other Long-Term Liabilities | December 31, December 31, 2019 2018 Royalty payment obligations (a) $ 3,148 $ 3,077 License acquisition payment obligation (b) 1,302 2,726 Other employee benefit liabilities 2,554 2,399 Other long-term liabilities - 330 $ 7,004 $ 8,532 Less: Current portion of royalty payment obligations (note 13) (3,043 ) (68 ) Current portion of license acquisition payment obligation (note 13) (1,302 ) (1,363 ) Current portion of other employee benefit liabilities (note 13) (2,374 ) (1,406 ) $ 285 $ 5,695 |
Share Capital and Other Equit_2
Share Capital and Other Equity Instruments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |
Schedule of Share Capital Issued and Outstanding | The share capital issued and outstanding at December 31, 2019 and 2018 is as follows: December 31, 2019 December 31, 2018 Number Amount Number Amount Issued common shares 23,313,164 $ 932,951 720,306 $ 583,517 Share purchase loan to a former officer - - - (400 ) Issued and fully paid common shares 23,313,164 $ 932,951 720,306 $ 583,117 |
Schedule of Changes in Issued and Outstanding Common Share or RSU or Warrants | Changes in the issued and outstanding common shares during the year ended December 31, 2019 and 2018 were as follows: 2019 2018 Number Amount Number Amount Balance - beginning of year 720,306 $ 583,117 710,549 $ 575,150 Issued to acquire assets 4,420 1,326 1,113 1,960 Issued to acquire non-controlling interest (note 20) - - 4,712 3,629 Exercise of stock options (note 19b) - - 1,677 1,073 Shares issued pursuant to a restricted share units plan (note 19b) - - 310 554 Shares issued pursuant to debt restructuring 15,050,312 228,915 - - Shares issued for cash 7,536,654 118,648 1,945 751 Shares released from escrow - 400 - - Shares issued in payment to suppliers 1,472 545 - - Balance - end of year 23,313,164 $ 932,951 720,306 $ 583,117 |
Schedule of Changes in Number of Stock Options Outstanding and Weighted Average Exercise Price | Changes in the number of stock options outstanding during the years ended December 31, 2019, 2018 and 2017 were as follows: 2019 2018 2017 Weighted Weighted Weighted average average average Number exercise price Number exercise price Number exercise price Balance - beginning of year 21,625 $ 1,464.49 14,256 $ 1,782.70 14,220 $ 1,406.24 Granted 2,218,810 33.13 10,837 755.97 3,720 1,993.06 Forfeited (16,774 ) 159.61 (377 ) 1,933.34 (599 ) 2,535.18 Exercised - - (1,681 ) 376.10 (3,081 ) 155.03 Cancelled (11,713 ) 1,237.94 - - - - Expired (2,084 ) 1,176.20 (1,410 ) 408.43 (4 ) 127.50 Balance - end of year 2,209,864 $ 38.72 21,625 $ 1,464.49 14,256 $ 1,782.70 |
Summary of Weighted Average Inputs into Model and Resulting Grant Date Fair Values | The weighted average inputs into the model and the resulting grant date fair values during the years ended December 31, 2019, 2018 and 2017 were as follows: 2019 2018 2017 Expected dividend rate - - - Expected volatility of share price 45.0 % 66.1 % 61.8 % Risk-free interest rate 1.4 % 2.1 % 1.2 % Expected life in years 7.2 7.9 6.7 Weighted average grant date fair value $ 12.74 $ 221.64 $ 1,181.38 |
Schedule of Stock Options Issued and Outstanding by Range of Exercise Price | At December 31, 2019, stock options issued and outstanding by range of exercise price are as follows: Weighted average remaining Weighted Weighted Range of Number contractual life average Number average exercise price outstanding (in years) exercise price exercisable exercise price $7.86 - $27.00 407,788 9.6 $ 19.68 74,705 $ 27.00 $ 36.00 1,794,224 9.4 36.00 311,605 36.00 $390.00 - 3,190.00 7,852 5.8 1647.67 6,490 1,758.22 2,209,864 9.4 $ 38.72 392,800 $ 62.74 |
Schedule of Total Share-Based Payments Expense | The total share-based payments expense, comprising the above-mentioned expenses for stock options and RSU, has been included in the consolidated statements of operations for the years ended December 31, 2019, 2018 and 2017 as indicated in the following table: 2019 2018 2017 Cost of sales and other production expenses $ 107 $ 299 $ 370 Research and development expenses 7,137 2,295 4,150 Administration, selling and marketing expenses 14,786 4,128 4,142 $ 22,030 $ 6,722 $ 8,662 |
Restricted Stock Units | |
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |
Schedule of Changes in Issued and Outstanding Common Share or RSU or Warrants | Changes in the number of RSU outstanding during the years ended December 31, 2019, 2018 and 2017 were as follows: 2019 2018 2017 Balance - beginning of year 18,299 9,799 9,237 Granted 12,564 10,329 7,449 Expired - (1,578 ) (3,157 ) Forfeited (409 ) (19 ) (539 ) Released - (232 ) (3,191 ) Paid in cash (8,396 ) - - Cancelled (4,493 ) - - Balance - end of year 17,565 18,299 9,799 |
Warrants | |
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |
Schedule of Changes in Issued and Outstanding Common Share or RSU or Warrants | The following table summarizes the changes in the number of warrants outstanding during the years ended December 31, 2019 and 2018: 2019 2018 Weighted Weighted average average Number exercise price Number exercise price Balance of warrants - beginning of year 153,611 $ 1,028.35 121,671 $ 2,109.21 Issued for cash 19,402 156.36 - - Issued to acquire assets - - 4,000 3,000.00 Cancelled - loan modification (168,735 ) 872.51 (100,117 ) 2,384.42 Issued - loan modification 168,735 15.21 128,057 1,000.00 Expired (278 ) 6,390.00 - - Balance of warrants - end of year 172,735 $ 84.33 153,611 $ 1,028.35 Balance of warrants exercisable - end of year 170,735 $ 50.17 149,611 $ 975.64 |
Schedule of Warrants Outstanding, Exercise Price, Expiry Rate and Overall Weighted Average Exercise Price | The warrants outstanding as at December 31, 2019, their exercise price, expiry rate and the overall weighted average exercise price are as follows: Number Expiry date Exercise price 4,000 January 2023 3,000.00 168,735 April 2027 15.21 172,735 $ 84.33 |
Non-controlling Interests (Tabl
Non-controlling Interests (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Non Controlling Interest [Abstract] | |
Summary of Company's Subsidiaries | The consolidated financial statements include the accounts of Liminal BioSciences Inc., and those of its subsidiaries. The Company’s subsidiaries at December 31, 2019, 2018 and 2017 are as follows: Name of subsidiary Segment activity Place of incorporation and operation Proportion of ownership interest held by group 2019 2018 2017 Liminal R&D BioSciences Inc. (formerly Prometic Biosciences Inc.) Small molecule therapeutics Quebec, Canada 100% 100% 100% Prometic Bioproduction Inc. Plasma-derived therapeutics Quebec, Canada 100% 100% 87% Prometic Bioseparations Ltd Discontinued operations Isle of Man, British Isles nil 100% 100% Prometic Biotherapeutics Inc. Plasma-derived therapeutics Delaware, U.S. 100% 100% 100% Prometic Biotherapeutics Ltd Plasma-derived therapeutics Cambridge, United Kingdom 100% 100% 100% Prometic Biotherapeutics B.V. Plasma-derived therapeutics Amsterdam, Netherlands 100% N/A N/A Prometic Manufacturing Inc. Discontinued operations Quebec, Canada nil 100% 100% Pathogen Removal and Diagnostic Technologies Inc. Corporate Delaware, U.S. 77% 77% 77% NantPro Biosciences, LLC Plasma-derived therapeutics Delaware, U.S. 73% 73% 73% Prometic Plasma Resources Inc. Plasma-derived therapeutics Winnipeg, Canada 100% 100% 100% Prometic Plasma Resources USA Inc. Plasma-derived therapeutics Delaware, U.S. 100% 100% N/A Liminal BioSciences Holdings Limited (formerly Prometic Pharma SMT Holdings Limited) Small molecule therapeutics Cambridge, United Kingdom 100% 100% 100% Liminal BioSciences Limited (formerly Prometic Pharma SMT Limited) Small molecule therapeutics Cambridge, United Kingdom 100% 100% 100% Prometic Pharma SMT B.V Small molecule therapeutics Amsterdam, Netherlands 100% N/A N/A Telesta Therapeutics Inc. Plasma-derived therapeutics Quebec, Canada 100% 100% 100% The interests in the subsidiaries for which the Company holds or held less than 100% interest for the three-year period ended December 31, 2019 are as follows: Name of subsidiary Segment activity Place of incorporation and operation Proportion of ownership interest held by group 2019 2018 2017 Prometic Bioproduction Inc. Plasma-derived therapeutics Quebec, Canada 100 % 100 % 87 % Pathogen Removal and Diagnostic Technologies Inc. Corporate Delaware, U.S. 77 % 77 % 77 % NantPro Biosciences, LLC Plasma-derived therapeutics Delaware, U.S. 73 % 73 % 73 % |
Summary of Financial Information for Entities Non-controlling Interest | Summarized statement of financial position: PRDT NantPro Receivables (current) $ 9 $ - Capital and intangible assets (long-term) 156 - Trade and other payables (current) (748 ) - Intercompany loans and lease inducements and obligations (long-term) (15,956 ) - Total equity (negative equity) $ (16,539 ) $ - Attributable to non-controlling interests $ (7,255 ) $ - Summarized statement of operations: PRDT NantPro Revenues or services rendered to other members of the group $ 585 $ - Cost of sales and production (132 ) (1,213 ) Research and development expenses (215 ) - Administration and other expenses (896 ) (13 ) Impairment loss (129 ) - Net loss and comprehensive loss $ (787 ) $ (1,226 ) Attributable to non-controlling interests $ (713 ) $ (331 ) Summarized statement of financial position: PRDT NantPro Capital and intangible assets (long-term) $ 351 $ - Trade and other payables (current) (613 ) - Intercompany loans (long-term) (15,672 ) - Total equity (negative equity) $ (15,934 ) $ - Attributable to non-controlling interests $ (6,542 ) $ - Summarized statement of operations: PRDT NantPro Revenues or services rendered to other members of the group $ 839 $ - Cost of sales and production (190 ) (10,526 ) Research and development expenses (179 ) (30 ) Administration and other expenses (1,001 ) (131 ) Impairment loss - (141,025 ) Net loss and comprehensive loss $ (531 ) $ (151,712 ) Attributable to non-controlling interests $ (641 ) $ (40,962 ) Summarized statement of financial position: PBP PRDT NantPro Investment tax credits receivables and other current assets $ 13,250 $ - $ - Capital and intangible assets (long-term) 20,427 398 141,025 Trade and other payables (current) (6,965 ) (417 ) - Intercompany loans (long-term) (120,789 ) (15,003 ) - Total equity (negative equity) $ (94,077 ) $ (15,022 ) $ 141,025 Attributable to non-controlling interests $ (10,722 ) $ (5,901 ) $ 38,070 Summarized statement of operations: PBP PRDT NantPro Revenues or services rendered to other members of the group $ 3,712 $ 181 $ - Cost of sales and production (1,635 ) - - Research and development expenses (34,027 ) (335 ) (17,482 ) Administration and other expenses (4,587 ) (957 ) (210 ) Net loss and comprehensive loss $ (36,537 ) $ (1,111 ) $ (17,692 ) Attributable to non-controlling interests $ (4,750 ) $ (779 ) $ (4,776 ) |
Summary of Losses Allocated to NCI in Consolidated Statements of Operations, Per Subsidiary | For all years presented, the losses allocated to the NCI in the consolidated statements of operations, per subsidiary are as follows: 2019 2018 2017 Consolidated statements of operations: Prometic Bioproduction Inc. $ - $ (927 ) $ (4,750 ) Pathogen Removal and Diagnostic Technologies Inc. (713 ) (641 ) (778 ) NantPro Biosciences, LLC (331 ) (40,962 ) (4,777 ) Total non-controlling interests $ (1,044 ) $ (42,530 ) $ (10,305 ) |
Capital Disclosures (Tables)
Capital Disclosures (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Of Capital Disclosures [Abstract] | |
Summary of Capital Disclosures | 2019 2018 Warrant liability $ - $ 157 Finance lease obligations - 818 Lease liabilities 38,237 - Long-term debt 8,834 125,804 Total equity (deficiency) 94,934 (63,146 ) Cash and cash equivalents (61,285 ) (7,389 ) Total capital $ 80,720 $ 56,244 |
Revenues from Continuing Oper_2
Revenues from Continuing Operations (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Revenue [Abstract] | |
Summary of Revenues from Continuing Operations | 2019 2018 2017 Revenues from the sale of goods $ 4,734 $ 23,874 $ 1,469 Milestone and licensing revenues - - 19,724 Revenues from the rendering of services 34 260 120 Rental revenue 136 499 1,000 $ 4,904 $ 24,633 $ 22,313 |
Supplemental Information Rega_2
Supplemental Information Regarding the Consolidated Statements of Operations (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Of Supplemental Information Regarding Consolidated Statements Of Operations | |
Summary of Supplemental Information Regarding the Consolidated Statements of Operations | Year ended December 31 2019 2018 2017 a) Government assistance included in research and development Gross research and development expenses $ 75,686 $ 94,841 $ 101,946 Research and development tax credits (572 ) (3,175 ) (1,554 ) $ 75,114 $ 91,666 $ 100,392 b) Finance costs Interest accretion on long-term debt $ 7,874 $ 18,856 $ 7,686 Amortization of fees for Credit Facility 10 2,625 208 Other interest expense, transaction and bank fees 594 886 384 Interest expense on lease liabilities 7,068 - - Interest income (753 ) (307 ) (313 ) $ 14,793 $ 22,060 $ 7,965 c) Employee compensation expense Wages and salaries $ 48,846 $ 46,775 $ 44,211 Employer's benefits 8,263 8,377 8,556 Share-based payments expense 22,030 6,722 8,662 $ 79,139 $ 61,874 $ 61,429 |
Impairment Losses (Tables)
Impairment Losses (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Of Impairment Loss And Reversal Of Impairment Loss [Abstract] | |
Summary of Impairment Losses | 2019 2018 Intangible assets (note 11) $ 5,296 $ 142,609 Capital assets (note 9) 7,070 5,689 Option to purchase equipment - 653 Investment in an associate (note 12) - 1,182 Deferred revenue - (181 ) $ 12,366 $ 149,952 There were no impairment losses in 2017. |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Major Components Of Tax Expense Income [Abstract] | |
Summary of Income Tax Recovery in Consolidated Statement of Operations | The income tax recovery reported in the consolidated statement of operations for the years ended December 31, 2019, 2018 and 2017 are as follows: 2019 2018 2017 Current income taxes $ (348 ) $ (5,822 ) $ (2,691 ) Deferred income taxes 111 (13,815 ) (11,611 ) Income tax recovery from continuing operations (237 ) (19,637 ) (14,302 ) Income taxes from discontinued operations (note 5) 41 (382 ) (450 ) Total income tax recovery $ (196 ) $ (20,019 ) $ (14,752 ) |
Summary of Reconciliation of Income Tax Recovery for Continuing and Discontinued Operations Recognized in Consolidated Statement of Operations | The following table provides a reconciliation of the income tax recovery calculated at the combined statutory income tax rate to the income tax recovery for both continuing and discontinued operations, recognized in the consolidated statements of operations: 2019 2018 2017 Net loss before tax from continuing operations $ (234,461 ) $ (259,465 ) $ (136,252 ) Net income before tax from discontinued operations 27,512 1,550 1,464 Combined Canadian statutory income tax rate 26.6 % 26.7 % 26.8 % Income tax at combined income tax rate (55,048 ) (68,863 ) (36,123 ) Increase (decrease) in income taxes resulting from: Unrecorded potential tax benefit arising from current-period losses and other deductible temporary differences 31,962 29,693 35,568 Effect of tax rate differences in foreign subsidiaries 4,989 4,481 (2,513 ) Non-deductible or taxable items (696 ) 6,074 (1,132 ) Change in tax rate 1,609 242 (6,175 ) Write off of previously recognized tax losses - 22,415 - Non-deductible loss (taxable gain) on debt renegociation 24,572 (8,784 ) - Recognition of previous years unrecognized deferred tax assets - - (1,221 ) Research and development tax credit (740 ) (5,072 ) (4,193 ) Foreign withholding tax - - 1,039 Non-taxable gain on disposition of subsidiary (note 5) (6,903 ) - - Other 59 (205 ) (2 ) Income tax recovery $ (196 ) $ (20,019 ) $ (14,752 ) |
Summary of Deferred Tax Assets and Deferred Tax Liabilities | The following table presents the nature of the deferred tax assets and liabilities that make up the deferred tax assets and deferred tax liabilities balance at December 31, 2019 and 2018. Intangible assets R&D expenses Losses Other Total As at January 1, 2018 Deferred tax liabilities $ 27,481 $ (938 ) $ (12,160 ) $ 21 $ 14,404 Charged (credited) to profit or loss (27,481 ) 320 13,356 (9 ) (13,814 ) Charged (credited) to profit and loss (foreign exchange) - - (1,196 ) - (1,196 ) As at December 31, 2018 Deferred tax assets $ - $ (618 ) $ - $ 12 $ (606 ) Charged (credited) to profit and loss - 111 - (24 ) 87 Derecognized - discontinued operations (note 5) - - - 12 12 As at December 31, 2019 - Deferred tax assets $ - $ (507 ) $ - - $ (507 ) |
Summary of Available Temporary Differences Not Recognized | Available temporary differences not recognized at December 31, 2019 and 2018 are as follows: 2019 2018 Tax losses (non-capital) $ 416,816 $ 461,123 Tax losses (capital) - 36,951 Unused research and development expenses 115,491 86,255 Undeducted financing expenses 21,258 19,007 Interest expenses carried forward 5,358 7,433 Trade and other payable 4,022 1,579 Capital assets 4,673 1,753 Intangible assets 81,899 88,980 Start-up expense 4,569 4,290 Unrealized loss on exchange rate 6,612 - Other 938 1,252 $ 661,636 $ 708,623 |
Summary of Unused Non-capital Losses Expire | The unused non-capital losses expire as indicated in the table below: Canada Foreign At December 31, 2019 Federal Provincial Countries Losses carried forward expiring in: 2027 $ 3,510 $ 3,495 $ 4,877 2028 - - 5,645 2029 76 76 2,716 2030 977 977 5,487 2031 855 855 6,518 2032 4,215 3,975 - 2033 8,761 8,261 - 2034 9,156 10,667 2,592 2035 30,273 22,668 13,368 2036 25,800 25,695 23,799 2037 36,165 36,156 32,763 2038 24,109 24,128 - 2039 38,591 38,589 - $ 182,488 $ 175,542 $ 97,765 Not expiring - UK - - 94,805 Not expiring - US (post 2017) - - 50,538 $ 182,488 $ 175,542 $ 243,108 |
Segmented Information (Tables)
Segmented Information (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Of Operating Segments [Abstract] | |
Summary of Revenues and Expenses by Operating Segments | a) Revenues and expenses by operating segments: For the year ended December 31, 2019 Small molecule therapeutics Plasma- derived therapeutics Reconciliation to statement of operations Total Revenues $ 34 $ 4,736 $ 134 $ 4,904 Cost of sales and other production expenses - 2,633 130 2,763 Manufacturing and purchase cost of product candidates used for R&D activities 132 37,107 (195 ) 37,044 R&D - Other expenses 15,419 22,366 285 38,070 Administration, selling and marketing expenses 4,709 8,368 32,206 45,283 Segment loss $ (20,226 ) $ (65,738 ) $ (32,292 ) $ (118,256 ) Gain on foreign exchange (1,451 ) Finance costs 14,056 Loss on extinguishments of liabilities 92,374 Change in fair value of financial instruments measured at fair value through profit or loss (1,140 ) Impairment loss 12,366 Net loss before income taxes from continuing operations $ (234,461 ) Other information Depreciation and amortization $ 779 $ 7,400 $ 679 $ 8,858 Share-based payment expense 4,782 4,390 12,369 21,541 For the year ended December 31, 2018 Small molecule therapeutics Plasma- derived therapeutics Reconciliation to statement of operations Total Revenues $ - $ 24,521 $ 112 $ 24,633 Cost of sales and other production expenses - 25,297 410 25,707 Manufacturing and purchase cost of product candidates used for R&D activities 1,692 37,107 (132 ) 38,667 R&D - Other expenses 14,234 31,727 230 46,191 Administration, selling and marketing expenses 3,522 10,393 15,533 29,448 Segment loss $ (19,448 ) $ (80,003 ) $ (15,929 ) $ (115,380 ) Loss on foreign exchange 4,696 Finance costs 22,041 Gain on extinguishments of liabilities (33,626 ) Share of losses of an associate 22 Impairment losses 149,952 Change in fair value of financial instruments measured at fair value through profit or loss 1,000 Net loss before income taxes from continuing operations $ (259,465 ) Other information Depreciation and amortization $ 480 $ 3,644 $ 415 $ 4,539 Share-based payment expense 1,270 1,524 3,606 6,400 For the year ended December 31, 2017 Small molecule therapeutics Plasma- derived therapeutics Reconciliation to statement of operations Total Revenues $ 19,724 $ 2,529 $ 60 $ 22,313 Cost of sales and other production expenses - 4,014 (325 ) 3,689 Manufacturing and purchase cost of product candidates used for R&D activities 1,755 32,764 184 34,703 R&D - Other expenses 17,426 40,963 431 58,820 Administration, selling and marketing expenses 3,669 13,488 12,406 29,563 Bad debt expense 20,491 - - 20,491 Segment loss $ (23,617 ) $ (88,700 ) $ (12,636 ) $ (124,953 ) Loss (gain) on foreign exchange (781 ) Finance costs 7,889 Loss (gain) on extinguishments of liabilities 4,191 Net loss before income taxes from continuing operations $ (136,252 ) Other information Depreciation and amortization $ 428 $ 2,880 $ 361 $ 3,669 Share-based payment expense 1,509 2,269 4,490 8,268 |
Summary of Revenues, Capital, Intangible and Right-of-use Assets by Geographic Area | Information by geographic area b) Capital, intangible and right-of-use assets by geographic area 2019 2018 Canada $ 48,309 $ 27,647 United States 3,141 19,287 United Kingdom 17,121 13,982 $ 68,571 $ 60,916 c) Revenues by location from continuing operations 2019 2018 2017 United States $ 3,023 $ 22,854 $ 120 Canada 1,881 1,519 2,469 China - - 19,724 Norway - 260 - $ 4,904 $ 24,633 $ 22,313 |
Compensation of Key Managemen_2
Compensation of Key Management Personnel (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Of Compensation Of Key Management Personnel [Abstract] | |
Summary of the Remuneration of the Key Management Personnel | The remuneration of the key management personnel during the years ended December 31, 2019, 2018 and 2017 was as follows: 2019 2018 2017 Current employee benefits 1) $ 10,083 $ 5,953 $ 7,750 Pension costs 267 268 293 Share-based payments 16,842 3,685 6,515 Termination benefits 2,919 3,651 - $ 30,111 $ 13,557 $ 14,558 1) |
Commitments (Tables)
Commitments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Commitments [Abstract] | |
Schedule of Total Commitment Not Recognized in Lease Liability Payment | As at December 31, 2019, total commitment remaining under the CMO agreement that are not recognized in the lease liability are as follows Within 1 year 2 - 5 years Later than 5 years Total CMO operating expense commitment $ 3,464 $ 20,761 $ 24,509 $ 48,734 |
Summary of Future Purchase Agreement Commitments | The Company has entered into multiple plasma purchase agreements whereby it has committed to purchase varying volumes of plasma until December 31, 2022. As at December 31, 2019, the future purchase commitments are as follows: 2020 $ 4,816 2021 14,604 2022 4,920 $ 24,340 |
Financial Instruments and Fin_2
Financial Instruments and Financial Risk Management (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Of Financial Instruments [Abstract] | |
Schedule of Fair Values of Financial Assets and Financial Liabilities Together With Carrying Amounts Included in Statement of Financial Position | The fair values of financial assets and financial liabilities for which fair value disclosure is required, together with the carrying amounts included in the statement of financial position, are as follows: 2019 2018 Carrying Fair Carrying Fair amount value amount value Financial liabilities Royalty payment obligation $ 3,148 $ 3,148 $ 3,077 $ 2,685 License acquisition payment obligations 1,302 1,302 2,726 2,492 Long-term debt 8,834 8,834 125,804 112,914 |
Schedule of Contractual Maturities of Financial Liabilities | The following table presents the contractual maturities of the financial liabilities as of December 31, 2019: Contractual Cash flows Carrying amount Payable within 1 year 1 - 4 years 5 years Later than 5 years Total Accounts payable and accrued liabilities 1) $ 22,808 $ 22,808 $ - $ - $ - $ 22,808 Long-term portion of royalty payment obligations 105 - 78 26 254 358 Lease liabilities 38,237 8,901 23,630 6,723 37,658 76,912 Long-term portion of other employee benefit liabilities 180 - 180 - - 180 Long-term debt 2) 8,834 1,176 3,025 10,314 - 14,515 $ 70,164 $ 32,885 $ 26,913 $ 17,063 $ 37,912 $ 114,773 1) Short term portions of the royalty payment obligations and of other employee benefit liabilities are included in the account payable and accrued liabilities. 2 ) Under the terms of the Loan with the parent (note 16), the holder of Warrants #10 may decide to cancel a portion of the principal value of the loan as payment upon the exercise of these warrants. The maximum repayment due on the loan has been included in the above table. |
Schedule of Net Exposure to Currency Risk through Assets and Liabilities | As at December 31, 2019 and 2018, the Company’s net exposure to currency risk through assets and liabilities denominated respectively in U.S. dollars and £ was as follows: 2019 2018 Amount Equivalent in Amount Equivalent in Exposure in US dollars in U.S. dollar full CDN in U.S, dollar full CDN dollar Cash and cash equivalents 26,032,017 33,883,273 2,600,253 3,544,145 Accounts receivable 159,604 207,741 2,718,508 3,705,326 Other long-term assets 45,428 59,129 51,127 69,686 Accounts payable and accrued liabilities (7,209,564 ) (9,383,969 ) (9,006,635 ) (12,276,044 ) Lease liabilities (22,426,384 ) (29,140,152 ) - - Other long-term liabilities - - (3,126,476 ) (4,261,387 ) Finance lease obligations - - (600,674 ) (818,719 ) Long-term debt - - (81,601,614 ) (111,223,000 ) Net exposure (3,398,899 ) (4,373,978 ) (88,965,511 ) (121,259,993 ) 2019 2018 Amount Equivalent in Amount Equivalent in Exposure in pounds (£) in £ full CDN dollar in £ full CDN dollar Cash and cash equivalents 279,840 480,233 729,732 1,266,596 Accounts receivable 713,078 1,223,713 6,837,168 11,867,272 Income tax receivable 5,369,467 9,214,542 - - Accounts payable and accrued liabilities (971,763 ) (1,667,642 ) (1,535,107 ) (2,664,485 ) Lease liabilities (350,783 ) (601,979 ) - - Net exposure 5,039,839 8,648,867 6,031,793 10,469,383 |
Nature of Operations - Addition
Nature of Operations - Additional Information (Details) - CAD ($) $ in Thousands | Mar. 20, 2020 | Mar. 19, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure of nature of operations [line Item] | ||||||
Cash and cash equivalent position | $ 61,285 | $ 7,389 | $ 23,166 | $ 27,806 | ||
Positive working capital position | 63,587 | |||||
Loan Agreement | ||||||
Disclosure of nature of operations [line Item] | ||||||
Maximum line of credit | 30,298 | |||||
Loan Agreement | Top of Range | ||||||
Disclosure of nature of operations [line Item] | ||||||
Maximum line of credit | $ 30,298 | |||||
Sales of Bioseparations Operations | ||||||
Disclosure of nature of operations [line Item] | ||||||
Line of credit available to be drawn | $ 29,123 | $ 29,123 |
Significant Accounting Polici_4
Significant Accounting Policies - Summary of Company's Subsidiaries (Details) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of subsidiaries [line items] | |||
Proportion of ownership interest held by group | 100.00% | ||
Liminal R&D BioSciences Inc. | |||
Disclosure of subsidiaries [line items] | |||
Name of subsidiary | Liminal R&D BioSciences Inc.(formerly Prometic Biosciences Inc.) | ||
Segment activity | Small molecule therapeutics | ||
Place of incorporation and operation | Quebec, Canada | ||
Proportion of ownership interest held by group | 100.00% | 100.00% | 100.00% |
Prometic Bioproduction Inc. | |||
Disclosure of subsidiaries [line items] | |||
Name of subsidiary | Prometic Bioproduction Inc. | ||
Segment activity | Plasma-derived therapeutics | ||
Place of incorporation and operation | Quebec, Canada | ||
Proportion of ownership interest held by group | 100.00% | 100.00% | 87.00% |
Prometic Bioseparations Ltd | |||
Disclosure of subsidiaries [line items] | |||
Name of subsidiary | Prometic Bioseparations Ltd | ||
Segment activity | Discontinued operations | ||
Place of incorporation and operation | Isle of Man, British Isles | ||
Proportion of ownership interest held by group | 100.00% | 100.00% | |
Prometic Biotherapeutics Inc. | |||
Disclosure of subsidiaries [line items] | |||
Name of subsidiary | Prometic Biotherapeutics Inc. | ||
Segment activity | Plasma-derived therapeutics | ||
Place of incorporation and operation | Delaware, U.S. | ||
Proportion of ownership interest held by group | 100.00% | 100.00% | 100.00% |
Prometic Biotherapeutics Ltd | |||
Disclosure of subsidiaries [line items] | |||
Name of subsidiary | Prometic Biotherapeutics Ltd | ||
Segment activity | Plasma-derived therapeutics | ||
Place of incorporation and operation | Cambridge, United Kingdom | ||
Proportion of ownership interest held by group | 100.00% | 100.00% | 100.00% |
Prometic Biotherapeutics B.V. | |||
Disclosure of subsidiaries [line items] | |||
Name of subsidiary | Prometic Biotherapeutics B.V. | ||
Segment activity | Plasma-derived therapeutics | ||
Place of incorporation and operation | Amsterdam, Netherlands | ||
Proportion of ownership interest held by group | 100.00% | ||
Prometic Manufacturing Inc. | |||
Disclosure of subsidiaries [line items] | |||
Name of subsidiary | Prometic Manufacturing Inc. | ||
Segment activity | Discontinued operations | ||
Place of incorporation and operation | Quebec, Canada | ||
Proportion of ownership interest held by group | 100.00% | 100.00% | |
Pathogen Removal and Diagnostic Technologies Inc. | |||
Disclosure of subsidiaries [line items] | |||
Name of subsidiary | Pathogen Removal and Diagnostic Technologies Inc. | ||
Segment activity | Corporate | ||
Place of incorporation and operation | Delaware, U.S. | ||
Proportion of ownership interest held by group | 77.00% | 77.00% | 77.00% |
NantPro Biosciences, LLC | |||
Disclosure of subsidiaries [line items] | |||
Name of subsidiary | NantPro Biosciences, LLC | ||
Segment activity | Plasma-derived therapeutics | ||
Place of incorporation and operation | Delaware, U.S. | ||
Proportion of ownership interest held by group | 73.00% | 73.00% | 73.00% |
Prometic Plasma Resources Inc. | |||
Disclosure of subsidiaries [line items] | |||
Name of subsidiary | Prometic Plasma Resources Inc. | ||
Segment activity | Plasma-derived therapeutics | ||
Place of incorporation and operation | Winnipeg, Canada | ||
Proportion of ownership interest held by group | 100.00% | 100.00% | 100.00% |
Prometic Plasma Resources USA Inc. | |||
Disclosure of subsidiaries [line items] | |||
Name of subsidiary | Prometic Plasma Resources USA Inc. | ||
Segment activity | Plasma-derived therapeutics | ||
Place of incorporation and operation | Delaware, U.S. | ||
Proportion of ownership interest held by group | 100.00% | 100.00% | |
Liminal BioSciences Holdings Limited(formerly Prometic Pharma SMTHoldings Limited) | |||
Disclosure of subsidiaries [line items] | |||
Name of subsidiary | Liminal BioSciences Holdings Limited(formerly Prometic Pharma SMTHoldings Limited) | ||
Segment activity | Small molecule therapeutics | ||
Place of incorporation and operation | Cambridge, United Kingdom | ||
Proportion of ownership interest held by group | 100.00% | 100.00% | 100.00% |
Liminal BioSciences Limited (formerly Prometic Pharma SMT Limited) | |||
Disclosure of subsidiaries [line items] | |||
Name of subsidiary | Liminal BioSciences Limited (formerlyPrometic Pharma SMT Limited) | ||
Segment activity | Small molecule therapeutics | ||
Place of incorporation and operation | Cambridge, United Kingdom | ||
Proportion of ownership interest held by group | 100.00% | 100.00% | 100.00% |
Prometic Pharma SMT B.V | |||
Disclosure of subsidiaries [line items] | |||
Name of subsidiary | Prometic Pharma SMT B.V | ||
Segment activity | Small molecule therapeutics | ||
Place of incorporation and operation | Amsterdam, Netherlands | ||
Proportion of ownership interest held by group | 100.00% | ||
Telesta Therapeutics Inc. | |||
Disclosure of subsidiaries [line items] | |||
Name of subsidiary | Telesta Therapeutics Inc. | ||
Segment activity | Plasma-derived therapeutics | ||
Place of incorporation and operation | Quebec, Canada | ||
Proportion of ownership interest held by group | 100.00% | 100.00% | 100.00% |
Significant Accounting Polici_5
Significant Accounting Policies - Additional Information - (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2019CAD ($) | |
Significant Accounting Policies [Line Items] | |
Interest in an associate | $ 0 |
Description of leases of low value assets | The Company applies the short-term lease recognition exemption to leases of 12 months or less, as well as the lease of low-value assets recognition exemption i.e. leases with a value below seven dollars. |
Top of Range | |
Significant Accounting Policies [Line Items] | |
Cash and cash equivalents maturity, days | 90 days |
Significant Accounting Polici_6
Significant Accounting Policies - Summary of Estimated Useful Lives of the Capital Assets (Details) | 12 Months Ended |
Dec. 31, 2019 | |
Buildings and Improvements | |
Summary Of Significant Accounting Policies Details Estimated Useful Lives Of Assets [Line Items] | |
Useful lives of capital asset | 20 years |
Leasehold Improvements | |
Summary Of Significant Accounting Policies Details Estimated Useful Lives Of Assets [Line Items] | |
Useful lives of capital asset | The lower of the lease term and the useful life |
Production and Laboratory Equipment | |
Summary Of Significant Accounting Policies Details Estimated Useful Lives Of Assets [Line Items] | |
Useful lives of capital asset | 5 - 20 years |
Furniture | |
Summary Of Significant Accounting Policies Details Estimated Useful Lives Of Assets [Line Items] | |
Useful lives of capital asset | 5 - 10 years |
Computer Equipment | |
Summary Of Significant Accounting Policies Details Estimated Useful Lives Of Assets [Line Items] | |
Useful lives of capital asset | 3 - 5 years |
Assets Held Under Financing Leases | |
Summary Of Significant Accounting Policies Details Estimated Useful Lives Of Assets [Line Items] | |
Useful lives of capital asset | The lower of the lease term and the useful life |
Significant Accounting Polici_7
Significant Accounting Policies - Summary of Estimated Useful Lives of the Intangible Asset (Details) | 12 Months Ended |
Dec. 31, 2019 | |
Licenses and Other Rights | |
Summary Of Significant Accounting Policies Details Estimated Useful Lives Of Intangible Asset Line Item | |
Useful lives of Intangible asset | 30 years |
Donor Lists | |
Summary Of Significant Accounting Policies Details Estimated Useful Lives Of Intangible Asset Line Item | |
Useful lives of Intangible asset | 10 years |
Patents | |
Summary Of Significant Accounting Policies Details Estimated Useful Lives Of Intangible Asset Line Item | |
Useful lives of Intangible asset | 20 years |
Software | |
Summary Of Significant Accounting Policies Details Estimated Useful Lives Of Intangible Asset Line Item | |
Useful lives of Intangible asset | 5 years |
Change in Standards, Interpre_3
Change in Standards, Interpretations and Accounting Policies - Schedule of Carrying Amount of Financial Assets and their Measurement Category Under IAS 39 and the New Model Under IFRS 9 (Details) - CAD ($) $ in Thousands | Jan. 01, 2018 | Dec. 31, 2017 |
Cash and Cash Equivalents | IAS 39 | ||
Disclosure Of Initial Application Of Standards Or Interpretations [Line Items] | ||
Measurement category | FVPL | |
Carrying amount | $ 23,166 | |
Cash and Cash Equivalents | IFRS 9 | ||
Disclosure Of Initial Application Of Standards Or Interpretations [Line Items] | ||
Measurement category | Amortized cost | |
Carrying amount | $ 23,166 | |
Trade Receivables | IAS 39 | ||
Disclosure Of Initial Application Of Standards Or Interpretations [Line Items] | ||
Measurement category | Amortized cost | |
Carrying amount | $ 1,796 | |
Trade Receivables | IFRS 9 | ||
Disclosure Of Initial Application Of Standards Or Interpretations [Line Items] | ||
Measurement category | Amortized cost | |
Carrying amount | $ 1,796 | |
Other Receivables | IAS 39 | ||
Disclosure Of Initial Application Of Standards Or Interpretations [Line Items] | ||
Measurement category | Amortized cost | |
Carrying amount | $ 397 | |
Other Receivables | IFRS 9 | ||
Disclosure Of Initial Application Of Standards Or Interpretations [Line Items] | ||
Measurement category | Amortized cost | |
Carrying amount | $ 397 | |
Restricted Cash | IAS 39 | ||
Disclosure Of Initial Application Of Standards Or Interpretations [Line Items] | ||
Measurement category | FVPL | |
Carrying amount | $ 226 | |
Restricted Cash | IFRS 9 | ||
Disclosure Of Initial Application Of Standards Or Interpretations [Line Items] | ||
Measurement category | Amortized cost | |
Carrying amount | $ 226 | |
Long-term Receivables | IAS 39 | ||
Disclosure Of Initial Application Of Standards Or Interpretations [Line Items] | ||
Measurement category | Amortized cost | |
Carrying amount | $ 1,856 | |
Long-term Receivables | IFRS 9 | ||
Disclosure Of Initial Application Of Standards Or Interpretations [Line Items] | ||
Measurement category | Amortized cost | |
Carrying amount | $ 1,856 | |
Equity Investments | IAS 39 | ||
Disclosure Of Initial Application Of Standards Or Interpretations [Line Items] | ||
Measurement category | Cost | |
Carrying amount | $ 1,228 | |
Equity Investments | IFRS 9 | ||
Disclosure Of Initial Application Of Standards Or Interpretations [Line Items] | ||
Measurement category | FVPL | |
Carrying amount | $ 1,228 | |
Convertible Debt | IAS 39 | ||
Disclosure Of Initial Application Of Standards Or Interpretations [Line Items] | ||
Measurement category | Cost | |
Carrying amount | $ 87 | |
Convertible Debt | IFRS 9 | ||
Disclosure Of Initial Application Of Standards Or Interpretations [Line Items] | ||
Measurement category | FVPL | |
Carrying amount | $ 87 |
Change in Standards, Interpre_4
Change in Standards, Interpretations and Accounting Policies - Summary of Deficit and Long-term Debt after Accounting Modifications (Details) - CAD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Jan. 01, 2018 |
Disclosure Of Initial Application Of Standards Or Interpretations [Line Items] | |||
Deficit | $ (967,051) | $ (755,688) | |
IFRS 9 | |||
Disclosure Of Initial Application Of Standards Or Interpretations [Line Items] | |||
Deficit | $ 110 | ||
Long-term debt | $ (110) |
Change in Standards, Interpre_5
Change in Standards, Interpretations and Accounting Policies - Additional Information (Details) - CAD ($) $ in Thousands | Dec. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 |
Disclosure Of Initial Application Of Standards Or Interpretations [Abstract] | |||
Weighted average discount rate total lease liabilities recognized on transition | 18.54% | ||
Minimum operating lease commitments | $ 74,977 | ||
Lease liabilities | $ 38,237 | $ 42,701 |
Change in Standards, Interpre_6
Change in Standards, Interpretations and Accounting Policies - Schedule of Consolidated Financial Statements Were Affected by the Adoption of IFRS 16 (Details) - CAD ($) $ in Thousands | Dec. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 |
ASSETS | |||
Prepaids | $ 12,733 | $ 1,452 | |
Capital assets (note 9) | 21,471 | 41,113 | |
Right-of-use assets (note 10) | 33,254 | 39,149 | |
LIABILITIES | |||
Accounts payable and accrued liabilities (note 13) | 22,808 | 31,855 | |
Current portion of lease liabilities (note 14) | 8,290 | ||
Long-term portion of lease liabilities (note 14) | 29,947 | ||
Long-term portion of operating and finance lease inducements and obligations (note 17) | 1,850 | ||
Other long-term liabilities (note 18) | $ 285 | $ 5,695 | |
IFRS 16 | |||
ASSETS | |||
Prepaids | $ 1,368 | ||
Capital assets (note 9) | 40,070 | ||
Right-of-use assets (note 10) | 39,149 | ||
LIABILITIES | |||
Accounts payable and accrued liabilities (note 13) | 29,356 | ||
Current portion of lease liabilities (note 14) | 8,575 | ||
Long-term portion of lease liabilities (note 14) | 34,126 | ||
Other long-term liabilities (note 18) | 5,365 | ||
IFRS 16 | Adjustments for the Transition to IFRS 16 | |||
ASSETS | |||
Prepaids | (84) | ||
Capital assets (note 9) | (1,043) | ||
Right-of-use assets (note 10) | 39,149 | ||
LIABILITIES | |||
Accounts payable and accrued liabilities (note 13) | (2,499) | ||
Current portion of lease liabilities (note 14) | 8,575 | ||
Long-term portion of lease liabilities (note 14) | 34,126 | ||
Long-term portion of operating and finance lease inducements and obligations (note 17) | (1,850) | ||
Other long-term liabilities (note 18) | $ (330) |
Discontinued Operations - Addit
Discontinued Operations - Additional Information (Details) - Discontinued Operations | Nov. 25, 2019CAD ($)OperatingSegment | Dec. 31, 2019CAD ($) | Nov. 25, 2019GBP (£) |
Disclosure Of Analysis Of Single Amount Of Discontinued Operations [Line Items] | |||
Number of operations sold | OperatingSegment | 2 | ||
Additional cash consideration receivable | $ 4,290,000 | £ 2,500,000 | |
Fair value of the consideration received | $ 50,752,000 | ||
Fair value of the consideration receivable | $ 1,175,000 | ||
Top of Range | |||
Disclosure Of Analysis Of Single Amount Of Discontinued Operations [Line Items] | |||
Cash consideration receivable | $ 22,309,000 | £ 13,000,000 |
Discontinued Operations - Summa
Discontinued Operations - Summary of Sale of Subsidiaries (Details) - CAD ($) $ in Thousands | 11 Months Ended | 12 Months Ended | ||
Nov. 24, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure Of Analysis Of Single Amount Of Discontinued Operations [Line Items] | ||||
Net income from discontinued operations for the year | $ 27,471 | $ 1,932 | $ 1,914 | |
Discontinued Operations | ||||
Disclosure Of Analysis Of Single Amount Of Discontinued Operations [Line Items] | ||||
Carrying amount of net assets sold | $ 22,015 | |||
Net income from discontinued operations for the year | 27,471 | $ 1,932 | $ 1,914 | |
Discontinued Operations | Bioseparations Operations | ||||
Disclosure Of Analysis Of Single Amount Of Discontinued Operations [Line Items] | ||||
Fair value of the consideration received and receivable: | 51,927 | |||
Carrying amount of net assets sold | (22,015) | |||
Transaction costs | (5,015) | |||
Reclassification of foreign currency translation reserve from other comprehensive income into the statement of operations | 1,449 | |||
Net income from discontinued operations for the year | $ 26,346 |
Discontinued Operations - Sum_2
Discontinued Operations - Summary of Sale of Subsidiaries (Parenthetical) (Details) - Discontinued Operations | 11 Months Ended |
Nov. 24, 2019CAD ($) | |
Disclosure Of Analysis Of Single Amount Of Discontinued Operations [Line Items] | |
Income tax | |
Bioseparations Operations | |
Disclosure Of Analysis Of Single Amount Of Discontinued Operations [Line Items] | |
Income tax |
Discontinued Operations - Sum_3
Discontinued Operations - Summary of Results and Cash Flows from Discontinued Operations (Details) - CAD ($) $ in Thousands | 11 Months Ended | 12 Months Ended | ||
Nov. 24, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure Of Analysis Of Single Amount Of Discontinued Operations [Line Items] | ||||
Revenues (note 22) | $ 4,904 | $ 24,633 | $ 22,313 | |
Expenses | ||||
Cost of sales and other production expenses (note 7) | 2,763 | 25,707 | 3,689 | |
Research and development expenses (note 23a) | 75,114 | 84,858 | 93,523 | |
Administration, selling and marketing expenses | 45,283 | 29,448 | 29,563 | |
Loss (gain) on foreign exchange | 1,311 | (5,425) | ||
Finance costs (note 23b) | 14,056 | 22,041 | 7,889 | |
Net income (loss) from continuing operations before taxes | (234,461) | (259,465) | (136,252) | |
Income tax expense (recovery): | ||||
Net income from discontinued operations | 27,471 | 1,932 | 1,914 | |
Discontinued operations, net of taxes | 27,471 | 1,932 | 1,914 | |
Net change in cash and cash equivalents during the year | 54,625 | (16,155) | (4,002) | |
Net effect of currency exchange rate on cash and cash equivalents | $ (729) | 378 | (638) | |
Discontinued Operations | ||||
Disclosure Of Analysis Of Single Amount Of Discontinued Operations [Line Items] | ||||
Revenues (note 22) | $ 22,499 | 22,741 | 16,802 | |
Expenses | ||||
Cost of sales and other production expenses (note 7) | 11,347 | 12,295 | 6,460 | |
Research and development expenses (note 23a) | 5,926 | 6,808 | 6,869 | |
Administration, selling and marketing expenses | 3,387 | 2,084 | 1,878 | |
Loss (gain) on foreign exchange | (64) | (15) | 55 | |
Finance costs (note 23b) | 737 | 19 | 76 | |
Net income (loss) from continuing operations before taxes | 1,166 | 1,550 | 1,464 | |
Income tax expense (recovery): | ||||
Current | 65 | (382) | (474) | |
Deferred | (24) | 24 | ||
Total income tax expense (recovery) | 41 | (382) | (450) | |
Net income from discontinued operations | 1,125 | 1,932 | 1,914 | |
Gain on sale of discontinued operations net of tax of $nil | 26,346 | |||
Discontinued operations, net of taxes | 27,471 | 1,932 | 1,914 | |
Cash flows from operating activities | 6,327 | 1,379 | 2,189 | |
Cash flows used in financing activities | (866) | |||
Cash flows from (used in) investing activities | 39,690 | (1,752) | (2,115) | |
Net change in cash and cash equivalents during the year | 45,151 | (373) | 74 | |
Net effect of currency exchange rate on cash and cash equivalents | 54 | 41 | 32 | |
Net increase(decrease) in cash generated by discontinued operations | $ 45,205 | $ (332) | $ 106 |
Discontinued Operations - Sum_4
Discontinued Operations - Summary of Results and Cash Flows from Discontinued Operations (Parenthetical) (Details) - CAD ($) $ in Thousands | 11 Months Ended | 12 Months Ended |
Nov. 24, 2019 | Dec. 31, 2019 | |
Disclosure Of Analysis Of Single Amount Of Discontinued Operations [Line Items] | ||
Proceeds from sale of discontinued operations business, net of cash divested | $ 43,958 | |
Transaction costs paid relating to the sale of discontinued operations business | $ 4,228 | |
Discontinued Operations | ||
Disclosure Of Analysis Of Single Amount Of Discontinued Operations [Line Items] | ||
Income tax | ||
Discontinued Operations | Bioseparations Operations | ||
Disclosure Of Analysis Of Single Amount Of Discontinued Operations [Line Items] | ||
Income tax | ||
Proceeds from sale of discontinued operations business, net of cash divested | 43,958 | |
Transaction costs paid relating to the sale of discontinued operations business | $ 4,228 |
Discontinued Operations - Sum_5
Discontinued Operations - Summary of Carrying Amounts of Assets and Liabilities Sold (Details) - CAD ($) $ in Thousands | Dec. 31, 2019 | Nov. 24, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure Of Analysis Of Single Amount Of Discontinued Operations [Line Items] | ||||
Cash | $ 41,761 | $ 7,389 | $ 23,166 | |
Accounts receivable | 44 | 7,051 | ||
Inventories (note 7) | 7,532 | 12,028 | ||
Prepaids | 12,733 | 1,452 | ||
Other long-term assets (note 8) | 1,170 | 411 | ||
Capital assets (note 9) | 21,471 | 41,113 | ||
Right-of-use assets (note 10) | 33,254 | 39,149 | ||
Intangible assets (note 11) | 13,846 | 19,803 | ||
Deferred tax assets (note 26) | 507 | 606 | ||
Total assets | 165,098 | 102,892 | ||
Accounts payable and accrued liabilities (note 13) | 22,808 | 31,855 | ||
Deferred revenues | 507 | |||
Current portion of lease liabilities (note 14) | 8,290 | |||
Long-term portion of deferred revenues | 170 | |||
Long-term portion of lease liabilities (note 14) | 29,947 | |||
Total liabilities | $ 70,164 | $ 166,038 | ||
Discontinued Operations | ||||
Disclosure Of Analysis Of Single Amount Of Discontinued Operations [Line Items] | ||||
Cash | $ 6,794 | |||
Accounts receivable | 1,148 | |||
Inventories (note 7) | 8,313 | |||
Prepaids | 236 | |||
Other long-term assets (note 8) | 48 | |||
Capital assets (note 9) | 8,483 | |||
Right-of-use assets (note 10) | 3,300 | |||
Intangible assets (note 11) | 370 | |||
Deferred tax assets (note 26) | 12 | |||
Total assets | 28,704 | |||
Accounts payable and accrued liabilities (note 13) | 2,163 | |||
Deferred revenues | 370 | |||
Current portion of lease liabilities (note 14) | 809 | |||
Long-term portion of deferred revenues | 87 | |||
Long-term portion of lease liabilities (note 14) | 3,260 | |||
Total liabilities | 6,689 | |||
Net assets sold | $ 22,015 |
Accounts Receivable - Summary o
Accounts Receivable - Summary of Trade and Other Receivables (Details) - CAD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Trade And Other Receivables [Abstract] | ||
Trade receivables | $ 44 | $ 7,051 |
Tax credits and government grants receivable | 1,546 | 3,737 |
Sales taxes receivable | 863 | 774 |
Other receivables | 1,633 | 320 |
Trade and other receivables | $ 4,086 | $ 11,882 |
Inventories - Summary of Invent
Inventories - Summary of Inventories (Details) - CAD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Classes Of Inventories [Abstract] | ||
Raw materials | $ 7,175 | $ 5,428 |
Work in progress | 3,740 | |
Finished goods | 357 | 2,860 |
Inventories | $ 7,532 | $ 12,028 |
Inventories - Additional Inform
Inventories - Additional Information (Details) - CAD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Continuing Operations | |||
Classes Of Inventories [Line Items] | |||
Cost of sales and other production expenses | $ 2,315 | $ 23,136 | $ 1,353 |
Inventory write-downs | 163 | 2,028 | 0 |
Discontinued Operations | |||
Classes Of Inventories [Line Items] | |||
Cost of sales and other production expenses | 10,126 | 10,295 | 5,241 |
Inventory write-downs | $ 642 | $ 981 | $ 246 |
Other Long-term Assets - Summar
Other Long-term Assets - Summary of Other Long-Term Assets (Details) - CAD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Other Non Current Assets [Abstract] | ||
Restricted cash | $ 169 | $ 245 |
Long-term deposits | 143 | 142 |
Tax credits receivable | 858 | |
Other | 24 | |
Other non-current assets | $ 1,170 | $ 411 |
Other Long-term Assets -Summary
Other Long-term Assets -Summary of Other Long-Term Assets (Parenthetical) (Details) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Other Non Current Assets [Abstract] | ||
Interest rate on investment certificate | 0.35% | 0.35% |
Capital Assets - Summary of Cap
Capital Assets - Summary of Capital Assets (Details) - CAD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Jan. 01, 2019 | |
Disclosure Of Property Plant And Equipment [Line Items] | ||||
Beginning balance | $ 41,113 | |||
Depreciation expense | $ 3,632 | |||
Impairments (note 25) | 7,070 | $ 5,689 | ||
Ending balance | 21,471 | 41,113 | ||
Application of IFRS 16 | ||||
Disclosure Of Property Plant And Equipment [Line Items] | ||||
Beginning balance | 40,070 | |||
Ending balance | 40,070 | |||
Cost | ||||
Disclosure Of Property Plant And Equipment [Line Items] | ||||
Beginning balance | 63,272 | 57,705 | ||
Additions | 975 | 5,680 | ||
Disposals | (128) | (510) | ||
Sold - discontinued operations (note 5) | (13,825) | |||
Effect of foreign exchange differences | (359) | 397 | ||
Ending balance | 48,765 | 63,272 | 57,705 | |
Cost | Application of IFRS 16 | ||||
Disclosure Of Property Plant And Equipment [Line Items] | ||||
Impact of adopting IFRS 16 | $ (1,170) | |||
Cost | Adjusted Balance | ||||
Disclosure Of Property Plant And Equipment [Line Items] | ||||
Beginning balance | 62,102 | |||
Ending balance | 62,102 | |||
Accumulated Depreciation | ||||
Disclosure Of Property Plant And Equipment [Line Items] | ||||
Beginning balance | 22,159 | 12,451 | ||
Depreciation expense | 3,734 | 4,086 | ||
Disposals | (122) | (182) | ||
Impairments (note 25) | 7,070 | 5,689 | ||
Sold - discontinued operations (note 5) | (5,342) | |||
Effect of foreign exchange differences | (78) | 115 | ||
Ending balance | 27,294 | 22,159 | 12,451 | |
Accumulated Depreciation | Application of IFRS 16 | ||||
Disclosure Of Property Plant And Equipment [Line Items] | ||||
Impact of adopting IFRS 16 | (127) | |||
Accumulated Depreciation | Adjusted Balance | ||||
Disclosure Of Property Plant And Equipment [Line Items] | ||||
Beginning balance | 22,032 | |||
Ending balance | 22,032 | |||
Land and Buildings | ||||
Disclosure Of Property Plant And Equipment [Line Items] | ||||
Beginning balance | 4,153 | |||
Ending balance | 3,958 | 4,153 | ||
Land and Buildings | Application of IFRS 16 | ||||
Disclosure Of Property Plant And Equipment [Line Items] | ||||
Beginning balance | 4,153 | |||
Ending balance | 4,153 | |||
Land and Buildings | Cost | ||||
Disclosure Of Property Plant And Equipment [Line Items] | ||||
Beginning balance | 4,567 | 4,539 | ||
Additions | 28 | |||
Ending balance | 4,567 | 4,567 | 4,539 | |
Land and Buildings | Cost | Adjusted Balance | ||||
Disclosure Of Property Plant And Equipment [Line Items] | ||||
Beginning balance | 4,567 | |||
Ending balance | 4,567 | |||
Land and Buildings | Accumulated Depreciation | ||||
Disclosure Of Property Plant And Equipment [Line Items] | ||||
Beginning balance | 414 | 219 | ||
Depreciation expense | 195 | 195 | ||
Ending balance | 609 | 414 | 219 | |
Land and Buildings | Accumulated Depreciation | Adjusted Balance | ||||
Disclosure Of Property Plant And Equipment [Line Items] | ||||
Beginning balance | 414 | |||
Ending balance | 414 | |||
Leasehold Improvements | ||||
Disclosure Of Property Plant And Equipment [Line Items] | ||||
Beginning balance | 11,613 | |||
Ending balance | 5,129 | 11,613 | ||
Leasehold Improvements | Application of IFRS 16 | ||||
Disclosure Of Property Plant And Equipment [Line Items] | ||||
Beginning balance | 11,613 | |||
Ending balance | 11,613 | |||
Leasehold Improvements | Cost | ||||
Disclosure Of Property Plant And Equipment [Line Items] | ||||
Beginning balance | 16,034 | 12,824 | ||
Additions | 61 | 2,977 | ||
Disposals | (5) | |||
Sold - discontinued operations (note 5) | (7,307) | |||
Effect of foreign exchange differences | (225) | 233 | ||
Ending balance | 8,558 | 16,034 | 12,824 | |
Leasehold Improvements | Cost | Adjusted Balance | ||||
Disclosure Of Property Plant And Equipment [Line Items] | ||||
Beginning balance | 16,034 | |||
Ending balance | 16,034 | |||
Leasehold Improvements | Accumulated Depreciation | ||||
Disclosure Of Property Plant And Equipment [Line Items] | ||||
Beginning balance | 4,421 | 3,726 | ||
Depreciation expense | 786 | 641 | ||
Disposals | (2) | |||
Impairments (note 25) | 559 | |||
Sold - discontinued operations (note 5) | (2,297) | |||
Effect of foreign exchange differences | (38) | 54 | ||
Ending balance | 3,429 | 4,421 | 3,726 | |
Leasehold Improvements | Accumulated Depreciation | Adjusted Balance | ||||
Disclosure Of Property Plant And Equipment [Line Items] | ||||
Beginning balance | 4,421 | |||
Ending balance | 4,421 | |||
Production and Laboratory Equipment | ||||
Disclosure Of Property Plant And Equipment [Line Items] | ||||
Beginning balance | 23,814 | |||
Ending balance | 11,621 | 23,814 | ||
Production and Laboratory Equipment | Application of IFRS 16 | ||||
Disclosure Of Property Plant And Equipment [Line Items] | ||||
Beginning balance | 22,771 | |||
Ending balance | 22,771 | |||
Production and Laboratory Equipment | Cost | ||||
Disclosure Of Property Plant And Equipment [Line Items] | ||||
Beginning balance | 38,885 | 36,787 | ||
Additions | 712 | 2,396 | ||
Disposals | (109) | (452) | ||
Sold - discontinued operations (note 5) | (5,774) | |||
Effect of foreign exchange differences | (127) | 154 | ||
Ending balance | 32,417 | 38,885 | 36,787 | |
Production and Laboratory Equipment | Cost | Application of IFRS 16 | ||||
Disclosure Of Property Plant And Equipment [Line Items] | ||||
Impact of adopting IFRS 16 | (1,170) | |||
Production and Laboratory Equipment | Cost | Adjusted Balance | ||||
Disclosure Of Property Plant And Equipment [Line Items] | ||||
Beginning balance | 37,715 | |||
Ending balance | 37,715 | |||
Production and Laboratory Equipment | Accumulated Depreciation | ||||
Disclosure Of Property Plant And Equipment [Line Items] | ||||
Beginning balance | 15,071 | 6,962 | ||
Depreciation expense | 2,136 | 2,511 | ||
Disposals | (106) | (146) | ||
Impairments (note 25) | 6,408 | 5,689 | ||
Sold - discontinued operations (note 5) | (2,550) | |||
Effect of foreign exchange differences | (36) | 55 | ||
Ending balance | 20,796 | 15,071 | 6,962 | |
Production and Laboratory Equipment | Accumulated Depreciation | Application of IFRS 16 | ||||
Disclosure Of Property Plant And Equipment [Line Items] | ||||
Impact of adopting IFRS 16 | $ (127) | |||
Production and Laboratory Equipment | Accumulated Depreciation | Adjusted Balance | ||||
Disclosure Of Property Plant And Equipment [Line Items] | ||||
Beginning balance | 14,944 | |||
Ending balance | 14,944 | |||
Furniture and Computer Equipment | ||||
Disclosure Of Property Plant And Equipment [Line Items] | ||||
Beginning balance | 1,533 | |||
Ending balance | 763 | 1,533 | ||
Furniture and Computer Equipment | Application of IFRS 16 | ||||
Disclosure Of Property Plant And Equipment [Line Items] | ||||
Beginning balance | 1,533 | |||
Ending balance | 1,533 | |||
Furniture and Computer Equipment | Cost | ||||
Disclosure Of Property Plant And Equipment [Line Items] | ||||
Beginning balance | 3,786 | 3,555 | ||
Additions | 202 | 279 | ||
Disposals | (14) | (58) | ||
Sold - discontinued operations (note 5) | (744) | |||
Effect of foreign exchange differences | (7) | 10 | ||
Ending balance | 3,223 | 3,786 | 3,555 | |
Furniture and Computer Equipment | Cost | Adjusted Balance | ||||
Disclosure Of Property Plant And Equipment [Line Items] | ||||
Beginning balance | 3,786 | |||
Ending balance | 3,786 | |||
Furniture and Computer Equipment | Accumulated Depreciation | ||||
Disclosure Of Property Plant And Equipment [Line Items] | ||||
Beginning balance | 2,253 | 1,544 | ||
Depreciation expense | 617 | 739 | ||
Disposals | (14) | (36) | ||
Impairments (note 25) | 103 | |||
Sold - discontinued operations (note 5) | (495) | |||
Effect of foreign exchange differences | (4) | 6 | ||
Ending balance | 2,460 | 2,253 | $ 1,544 | |
Furniture and Computer Equipment | Accumulated Depreciation | Adjusted Balance | ||||
Disclosure Of Property Plant And Equipment [Line Items] | ||||
Beginning balance | $ 2,253 | |||
Ending balance | $ 2,253 |
Capital Assets - Additional Inf
Capital Assets - Additional Information (Details) - CAD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure Of Property Plant And Equipment [Line Items] | |||
Government grants recognized | $ 694 | $ 2 | |
Impairment loss on capital assets | 7,070 | 5,689 | |
Depreciation expense | $ 3,632 | ||
Laboratory Equipment | |||
Disclosure Of Property Plant And Equipment [Line Items] | |||
Property plant and equipment not yet available for use | $ 2,352 | 8,322 | |
Leasehold Improvements | |||
Disclosure Of Property Plant And Equipment [Line Items] | |||
Property plant and equipment not yet available for use | $ 6,610 |
Right-of-use Assets - Summary o
Right-of-use Assets - Summary of Quantitative Information About Right-Of-Use Assets (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Jan. 01, 2019 | |
Disclosure Of Quantitative Information About Rightofuse Assets [Line Items] | ||
Balance at January 1, 2019 | $ 39,149 | |
Depreciation of right-of-use assets (note 10) | 4,913 | |
Balance at December 31, 2019 | 33,254 | |
Cost | ||
Disclosure Of Quantitative Information About Rightofuse Assets [Line Items] | ||
Transfer from capital assets on adoption of IFRS 16 (note 9) | $ 1,170 | |
Initial recognition of assets under operating leases on adoption of IFRS 16 | 38,106 | |
Balance at January 1, 2019 | 39,276 | |
Additions | 2,380 | |
Remeasurement of the lease liability | 36 | |
Sold - discontinued operations (note 5) | (3,586) | |
Effect of foreign exchange differences | (99) | |
Balance at December 31, 2019 | 38,007 | |
Accumulated Depreciation | ||
Disclosure Of Quantitative Information About Rightofuse Assets [Line Items] | ||
Transfer from capital assets on adoption of IFRS 16 (note 9) | 127 | |
Balance at January 1, 2019 | 127 | |
Depreciation of right-of-use assets (note 10) | 4,913 | |
Sold - discontinued operations (note 5) | (286) | |
Effect of foreign exchange differences | (1) | |
Balance at December 31, 2019 | 4,753 | |
Buildings | ||
Disclosure Of Quantitative Information About Rightofuse Assets [Line Items] | ||
Balance at January 1, 2019 | 37,552 | |
Balance at December 31, 2019 | 32,246 | |
Buildings | Cost | ||
Disclosure Of Quantitative Information About Rightofuse Assets [Line Items] | ||
Initial recognition of assets under operating leases on adoption of IFRS 16 | 37,552 | |
Balance at January 1, 2019 | 37,552 | |
Additions | 2,331 | |
Remeasurement of the lease liability | 36 | |
Sold - discontinued operations (note 5) | (3,586) | |
Effect of foreign exchange differences | (99) | |
Balance at December 31, 2019 | 36,234 | |
Buildings | Accumulated Depreciation | ||
Disclosure Of Quantitative Information About Rightofuse Assets [Line Items] | ||
Depreciation of right-of-use assets (note 10) | 4,274 | |
Sold - discontinued operations (note 5) | (286) | |
Balance at December 31, 2019 | 3,988 | |
Production and Laboratory Equipment | ||
Disclosure Of Quantitative Information About Rightofuse Assets [Line Items] | ||
Balance at January 1, 2019 | 1,503 | |
Balance at December 31, 2019 | 912 | |
Production and Laboratory Equipment | Cost | ||
Disclosure Of Quantitative Information About Rightofuse Assets [Line Items] | ||
Transfer from capital assets on adoption of IFRS 16 (note 9) | 1,170 | |
Initial recognition of assets under operating leases on adoption of IFRS 16 | 460 | |
Balance at January 1, 2019 | 1,630 | |
Balance at December 31, 2019 | 1,630 | |
Production and Laboratory Equipment | Accumulated Depreciation | ||
Disclosure Of Quantitative Information About Rightofuse Assets [Line Items] | ||
Transfer from capital assets on adoption of IFRS 16 (note 9) | 127 | |
Balance at January 1, 2019 | 127 | |
Depreciation of right-of-use assets (note 10) | 592 | |
Effect of foreign exchange differences | (1) | |
Balance at December 31, 2019 | 718 | |
Other | ||
Disclosure Of Quantitative Information About Rightofuse Assets [Line Items] | ||
Balance at January 1, 2019 | 94 | |
Balance at December 31, 2019 | 96 | |
Other | Cost | ||
Disclosure Of Quantitative Information About Rightofuse Assets [Line Items] | ||
Initial recognition of assets under operating leases on adoption of IFRS 16 | $ 94 | |
Balance at January 1, 2019 | 94 | |
Additions | 49 | |
Balance at December 31, 2019 | 143 | |
Other | Accumulated Depreciation | ||
Disclosure Of Quantitative Information About Rightofuse Assets [Line Items] | ||
Depreciation of right-of-use assets (note 10) | 47 | |
Balance at December 31, 2019 | $ 47 |
Intangible Assets - Summary of
Intangible Assets - Summary of Intangible Assets (Details) - CAD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure Of Intangible Assets [Line Items] | |||
Beginning balance | $ 19,803 | ||
Amortization of intangible assets (note 11) | 1,259 | $ 1,372 | $ 944 |
Ending balance | 13,846 | 19,803 | |
Cost | |||
Disclosure Of Intangible Assets [Line Items] | |||
Beginning balance | 171,065 | 163,131 | |
Additions | 1,195 | 7,296 | |
Sold - discontinued operations | (3,394) | ||
Disposals | (563) | (400) | |
Effect of foreign exchange differences | (78) | 1,038 | |
Ending balance | 168,225 | 171,065 | 163,131 |
Accumulated Amortization | |||
Disclosure Of Intangible Assets [Line Items] | |||
Beginning balance | 151,262 | 6,484 | |
Amortization of intangible assets (note 11) | 1,259 | 1,372 | |
Sold - discontinued operations | (3,024) | ||
Disposals | (373) | (215) | |
Impairments | 5,296 | 142,609 | |
Effect of foreign exchange differences | (41) | 1,012 | |
Ending balance | 154,379 | 151,262 | 6,484 |
Licenses and Other Rights | |||
Disclosure Of Intangible Assets [Line Items] | |||
Beginning balance | 13,426 | ||
Ending balance | 8,398 | 13,426 | |
Licenses and Other Rights | Cost | |||
Disclosure Of Intangible Assets [Line Items] | |||
Beginning balance | 160,782 | 154,572 | |
Additions | 5,512 | ||
Sold - discontinued operations | (2,505) | ||
Effect of foreign exchange differences | (9) | 698 | |
Ending balance | 158,268 | 160,782 | 154,572 |
Licenses and Other Rights | Accumulated Amortization | |||
Disclosure Of Intangible Assets [Line Items] | |||
Beginning balance | 147,356 | 3,497 | |
Amortization of intangible assets (note 11) | 410 | 556 | |
Sold - discontinued operations | (2,418) | ||
Impairments | 4,528 | 142,609 | |
Effect of foreign exchange differences | (6) | 694 | |
Ending balance | 149,870 | 147,356 | 3,497 |
Patents | |||
Disclosure Of Intangible Assets [Line Items] | |||
Beginning balance | 4,159 | ||
Ending balance | 3,270 | 4,159 | |
Patents | Cost | |||
Disclosure Of Intangible Assets [Line Items] | |||
Beginning balance | 6,997 | 6,346 | |
Additions | 728 | 639 | |
Sold - discontinued operations | (842) | ||
Disposals | (524) | (332) | |
Effect of foreign exchange differences | (50) | 344 | |
Ending balance | 6,309 | 6,997 | 6,346 |
Patents | Accumulated Amortization | |||
Disclosure Of Intangible Assets [Line Items] | |||
Beginning balance | 2,838 | 2,250 | |
Amortization of intangible assets (note 11) | 403 | 448 | |
Sold - discontinued operations | (570) | ||
Disposals | (364) | (177) | |
Impairments | 761 | ||
Effect of foreign exchange differences | (29) | 317 | |
Ending balance | 3,039 | 2,838 | 2,250 |
Software | |||
Disclosure Of Intangible Assets [Line Items] | |||
Beginning balance | 2,218 | ||
Ending balance | 2,178 | 2,218 | |
Software | Cost | |||
Disclosure Of Intangible Assets [Line Items] | |||
Beginning balance | 3,286 | 2,213 | |
Additions | 467 | 1,145 | |
Sold - discontinued operations | (47) | ||
Disposals | (39) | (68) | |
Effect of foreign exchange differences | (19) | (4) | |
Ending balance | 3,648 | 3,286 | 2,213 |
Software | Accumulated Amortization | |||
Disclosure Of Intangible Assets [Line Items] | |||
Beginning balance | 1,068 | 737 | |
Amortization of intangible assets (note 11) | 446 | 368 | |
Sold - discontinued operations | (36) | ||
Disposals | (9) | (38) | |
Impairments | 7 | ||
Effect of foreign exchange differences | (6) | 1 | |
Ending balance | $ 1,470 | $ 1,068 | $ 737 |
Intangible Assets - Additional
Intangible Assets - Additional Information (Details) $ in Thousands, $ in Millions | Jan. 29, 2020USD ($) | Jan. 29, 2019USD ($) | Jan. 29, 2018CAD ($)License | Jan. 29, 2018USD ($)License | Dec. 31, 2019CAD ($) | Dec. 31, 2018CAD ($) | Dec. 31, 2017CAD ($) |
Disclosure Of Intangible Assets [Line Items] | |||||||
Intangible assets | $ 13,846 | $ 19,803 | |||||
Amortization expense | $ 944 | ||||||
Number of licenses acquired | License | 2 | 2 | |||||
Issuance of shares (note 19a) | 349,834 | 6,340 | $ 61,450 | ||||
Value of payment obligation of license | $ 3,769 | ||||||
Reacquired Right | |||||||
Disclosure Of Intangible Assets [Line Items] | |||||||
Intangible assets | 7,106 | ||||||
Licenses and Patents | |||||||
Disclosure Of Intangible Assets [Line Items] | |||||||
Impairments | $ 5,296 | $ 142,609 | |||||
First License | |||||||
Disclosure Of Intangible Assets [Line Items] | |||||||
Estimated useful life of license | 10 years | 10 years | |||||
First License | Warrants | |||||||
Disclosure Of Intangible Assets [Line Items] | |||||||
Value of license | $ 1,743 | ||||||
Second License | |||||||
Disclosure Of Intangible Assets [Line Items] | |||||||
Value of license | $ 3 | ||||||
Estimated useful life of license | 20 years | 20 years | |||||
Second License | Issuance of Warrants | |||||||
Disclosure Of Intangible Assets [Line Items] | |||||||
Issuance of shares (note 19a) | $ 1 | $ 1 | |||||
Second License | Major Ordinary Share Transactions | Issuance of Warrants | |||||||
Disclosure Of Intangible Assets [Line Items] | |||||||
Issuance of shares (note 19a) | $ 1 |
Investment in an Associate - Ad
Investment in an Associate - Additional Information (Details) $ in Thousands | 5 Months Ended | 12 Months Ended | |||
Dec. 31, 2018CAD ($) | Dec. 31, 2019CAD ($) | Dec. 31, 2018CAD ($) | Feb. 28, 2019CAD ($) | Dec. 31, 2018USD ($) | |
Disclosure Of Significant Investments In Associates [Line Items] | |||||
Impairment losses (note 25) | $ 12,366,000 | $ 149,952,000 | |||
Pro Thera Biologics Inc | |||||
Disclosure Of Significant Investments In Associates [Line Items] | |||||
Outstanding common shares | 15.20% | 15.20% | 15.20% | ||
Historical cost of the investment in an associate | $ 1,204,000 | $ 1,204,000 | |||
Percentage of interest earning on convertible debt | 8.00% | 8.00% | 8.00% | ||
Convertible debt maturity date | Jan. 3, 2020 | ||||
Impairment losses (note 25) | $ 1,182,000 | $ 1,182,000 | |||
Fair value of financial asset | 0 | $ 0 | $ 0 | ||
Pro Thera Biologics Inc | Convertible Debt | |||||
Disclosure Of Significant Investments In Associates [Line Items] | |||||
Cost of investment | $ 1,181,000 | $ 1,181,000 | $ 866,000 |
Investment in an Associate - Su
Investment in an Associate - Summary of Changes in Carrying Amount of Investment in Associate from Date it was Initially Recognized as Associate (Details) - CAD ($) $ in Thousands | 5 Months Ended | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure Of Significant Investments In Associates [Line Items] | |||
Share of losses of an associate (note 12) | $ 22 | ||
Impairment losses (note 25) | $ 12,366 | 149,952 | |
Pro Thera Biologics Inc | |||
Disclosure Of Significant Investments In Associates [Line Items] | |||
Loss and comprehensive loss of an associate from August 15 to December 31, 2018 | $ 144 | ||
Share of losses of an associate (note 12) | 22 | ||
Historical cost of the investment in an associate | 1,204 | $ 1,204 | |
Impairment losses (note 25) | $ 1,182 | $ 1,182 |
Accounts Payable and Accrued _3
Accounts Payable and Accrued Liabilities - Summary of Accounts Payable and Accrued Liabilities (Details) - CAD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Trade And Other Current Payables [Abstract] | ||
Trade payables | $ 10,496 | $ 21,097 |
Wages and benefits payable | 5,593 | 1,975 |
Current portion of operating and finance lease inducements and obligations (note 17) | 5,844 | |
Current portion of settlement fee payable | 102 | |
Current portion of royalty payment obligations (note 18) | 3,043 | 68 |
Current portion of license acquisition payment obligation (note 18) | 1,302 | 1,363 |
Current portion of other employee benefit liabilities (note 18) | 2,374 | 1,406 |
Trade and other current payables | $ 22,808 | $ 31,855 |
Lease Liabilities - Summary of
Lease Liabilities - Summary of Lease Liabilities (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Jan. 01, 2019 | |
Disclosure Of Quantitative Information About Rightofuse Assets [Line Items] | ||
Balance at December 31, 2019 | $ 38,237 | |
Less current portion of lease liabilities | 8,290 | |
Long-term portion of lease liabilities | 29,947 | |
IFRS 16 | ||
Disclosure Of Quantitative Information About Rightofuse Assets [Line Items] | ||
Less current portion of lease liabilities | $ 8,575 | |
Long-term portion of lease liabilities | $ 34,126 | |
Lease Liabilities | ||
Disclosure Of Quantitative Information About Rightofuse Assets [Line Items] | ||
Transfer of finance leases from operating and finance lease inducements and obligations | 846 | |
Balance at January 1, 2019 | 42,701 | |
Additions | 2,823 | |
Interest expense | 7,068 | |
Payments | (9,330) | |
Derecognized - discontinued operations (note 5) | (4,069) | |
Effect of foreign exchange differences | (956) | |
Balance at December 31, 2019 | 38,237 | |
Less current portion of lease liabilities | 8,290 | |
Long-term portion of lease liabilities | 29,947 | |
Lease Liabilities | IFRS 16 | ||
Disclosure Of Quantitative Information About Rightofuse Assets [Line Items] | ||
Initial recognition of lease liabilities under operating leases on adoption of IFRS 16 | $ 41,855 |
Lease Liabilities - Additional
Lease Liabilities - Additional Information (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2019CAD ($) | |
Lease Liabilities | |
Disclosure Of Quantitative Information About Rightofuse Assets [Line Items] | |
Interest expense | $ 7,068 |
Warrant Liability - Additional
Warrant Liability - Additional Information (Details) $ / shares in Units, $ in Thousands, $ in Millions | Apr. 23, 2019CAD ($) | Mar. 31, 2019CAD ($) | Feb. 22, 2019CAD ($)CreditFacility$ / shares | Apr. 23, 2019CAD ($) | Dec. 31, 2019CAD ($)$ / shares | Dec. 31, 2018CAD ($) | Mar. 20, 2019 | Feb. 22, 2019USD ($)shares | Dec. 31, 2017CAD ($) |
Disclosure Of Detailed Information About Warrant Liability [Line Items] | |||||||||
Date of warrants issued to long term debt | on or before March 20, 2019 | ||||||||
Percentage of warrants issued to increase ownership of long-term debt on fully diluted basis | 19.99% | ||||||||
Credit facility | $ 8,834 | $ 125,804 | $ 87,020 | ||||||
Change in fair value of warrant liability | $ 218 | $ 157 | |||||||
Increase (decrease) in fair value of warrants | $ 11 | $ 1,137 | $ (1,369) | ||||||
Number of tranches under credit facility | CreditFacility | 2 | ||||||||
Estimated fair value of warrants | $ 153 | ||||||||
Warrant liability classified as equity | $ 153 | $ 153 | |||||||
European Put Option Model | |||||||||
Disclosure Of Detailed Information About Warrant Liability [Line Items] | |||||||||
Common stock selling price, number of years | 20 years | ||||||||
Top of Range | European Put Option Model | |||||||||
Disclosure Of Detailed Information About Warrant Liability [Line Items] | |||||||||
Common stock selling price per share | $ / shares | $ 1,000 | ||||||||
Bottom Of Range [Member] | European Put Option Model | |||||||||
Disclosure Of Detailed Information About Warrant Liability [Line Items] | |||||||||
Common stock selling price per share | $ / shares | $ 156.36 | ||||||||
Fourth Loan Agreement | |||||||||
Disclosure Of Detailed Information About Warrant Liability [Line Items] | |||||||||
Maximum exercise price of preferred share | $ / shares | $ 1,000 | ||||||||
Minimum exercise price of preferred share | $ / shares | 156.36 | ||||||||
Number of warrant shares issued | shares | 19,402 | ||||||||
Price of per preferred share | $ / shares | $ 156.36 | ||||||||
Preferred share expiration date | Feb. 22, 2027 | ||||||||
Fourth Loan Agreement | Tranche One | |||||||||
Disclosure Of Detailed Information About Warrant Liability [Line Items] | |||||||||
Credit facility | $ 10 | ||||||||
Date of credit facility drawn | Feb. 22, 2019 | ||||||||
Fourth Loan Agreement | Tranche Two | |||||||||
Disclosure Of Detailed Information About Warrant Liability [Line Items] | |||||||||
Credit facility | $ 5 | ||||||||
Date of credit facility drawn | Mar. 22, 2019 |
Warrant Liability - Schedule of
Warrant Liability - Schedule of Fair Value of Warrants on Various Dates Calculated Using a Black-Scholes Option Pricing Model with Assumptions (Details) | Apr. 23, 2019year$ / sharesshares | Feb. 22, 2019year$ / sharesshares | Dec. 31, 2019year | Dec. 31, 2018year$ / sharesshares | Dec. 31, 2017year |
Disclosure Of Detailed Information About Warrant Liability [Line Items] | |||||
Volatility | 45.00% | 66.10% | 61.80% | ||
Risk-free interest rate | 1.40% | 2.10% | 1.20% | ||
Remaining life until expiry | 7.2 | 7.9 | 6.7 | ||
European Put Option | |||||
Disclosure Of Detailed Information About Warrant Liability [Line Items] | |||||
Underlying preferred share fair value | $ / shares | $ 32.43 | $ 152.15 | $ 130 | ||
Number of warrant shares issued | shares | 19,402 | 19,402 | 14,088 | ||
Volatility | 55.60% | 48.10% | 44.50% | ||
Risk-free interest rate | 1.66% | 1.84% | 2.82% | ||
Remaining life until expiry | 7.8 | 8 | 7.9 |
Long-term Debt - Summary of Tra
Long-term Debt - Summary of Transactions and Carrying Value of Long-term Debt (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure Of Detailed Information About Borrowings [Abstract] | ||
Balance at January 1 | $ 125,804 | $ 87,020 |
Impact of adoption of IFRS 9 | (110) | |
Stated and accreted interest | 7,874 | 18,856 |
Drawdown on Credit Facility | 18,677 | 71,721 |
Repayment of principal through share issuance | (141,536) | |
Repayment of principal with cash | (988) | (3,184) |
Repayment of stated interest | (3,540) | (3,934) |
Foreign exchange revaluation on Credit Facility balance | (1,311) | 5,425 |
Reduction of the face value of the second OID loan by $3,917 | (2,639) | |
Extinguishment of loans following a debt modification | (4,667) | (155,055) |
Recognition of loans following a debt modification | 8,521 | 107,704 |
Balance at December 31 | $ 8,834 | $ 125,804 |
Long-term Debt - Summary of T_2
Long-term Debt - Summary of Transactions and Carrying Value of Long-term Debt (Parenthetical) (Detail) - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure Of Detailed Information About Borrowings [Line Items] | ||
Reduction of face value of second OID loan | $ 2,639 | |
Royalty Agreement Related Loan | ||
Disclosure Of Detailed Information About Borrowings [Line Items] | ||
Reduction of face value of second OID loan | $ 3,917 |
Long-term Debt - Summary of Car
Long-term Debt - Summary of Carrying Value of Long-term Debt (Details) - CAD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure Of Detailed Information About Borrowings [Line Items] | |||
Borrowings | $ 8,834 | $ 125,804 | $ 87,020 |
Less current portion of long-term debt | (165) | (3,211) | |
Long-term portion of long-term debt | 8,669 | 122,593 | |
Loan With Parent (Formerly Third OID loan) | |||
Disclosure Of Detailed Information About Borrowings [Line Items] | |||
Borrowings | 8,669 | ||
Non-interest Bearing Government Term Loan | |||
Disclosure Of Detailed Information About Borrowings [Line Items] | |||
Borrowings | $ 165 | 1,111 | |
First Original Issue Discount Loan | |||
Disclosure Of Detailed Information About Borrowings [Line Items] | |||
Borrowings | 27,221 | ||
Second Original Issue Discount Loan | |||
Disclosure Of Detailed Information About Borrowings [Line Items] | |||
Borrowings | 7,612 | ||
Third Original Issue Discount Loan | |||
Disclosure Of Detailed Information About Borrowings [Line Items] | |||
Borrowings | 13,495 | ||
US Dollars Credit Facility Draws | |||
Disclosure Of Detailed Information About Borrowings [Line Items] | |||
Borrowings | $ 76,365 |
Long-term Debt - Summary of C_2
Long-term Debt - Summary of Carrying Value of Long-term Debt (Parenthetical) (Details) - CAD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Apr. 23, 2019 | |
Loan With Parent (Formerly Third OID loan) | |||
Disclosure Of Detailed Information About Borrowings [Line Items] | |||
Principal/face amount | $ 10,000 | ||
Maturity date | April 23, 2024 | ||
Loan With Parent (Formerly Third OID loan) | Effective Interest Rate | |||
Disclosure Of Detailed Information About Borrowings [Line Items] | |||
Interest rate | 15.05% | ||
Non-interest Bearing Government Term Loan | |||
Disclosure Of Detailed Information About Borrowings [Line Items] | |||
Principal/face amount | $ 165 | ||
Maturity date | January 31, 2020 | ||
Repayment of monthly installments | $ 82 | ||
Non-interest Bearing Government Term Loan | Effective Interest Rate | |||
Disclosure Of Detailed Information About Borrowings [Line Items] | |||
Interest rate | 8.80% | ||
First Original Issue Discount Loan | |||
Disclosure Of Detailed Information About Borrowings [Line Items] | |||
Principal/face amount | $ 63,273 | ||
Maturity date | September 30, 2024 | ||
First Original Issue Discount Loan | Effective Interest Rate | |||
Disclosure Of Detailed Information About Borrowings [Line Items] | |||
Interest rate | 20.06% | ||
Second Original Issue Discount Loan | |||
Disclosure Of Detailed Information About Borrowings [Line Items] | |||
Principal/face amount | $ 17,694 | ||
Maturity date | September 30, 2024 | ||
Second Original Issue Discount Loan | Effective Interest Rate | |||
Disclosure Of Detailed Information About Borrowings [Line Items] | |||
Interest rate | 20.06% | ||
Third Original Issue Discount Loan | |||
Disclosure Of Detailed Information About Borrowings [Line Items] | |||
Principal/face amount | $ 31,370 | $ 10,000 | |
Maturity date | September 30, 2024 | ||
Interest rate | 10.00% | ||
Third Original Issue Discount Loan | Effective Interest Rate | |||
Disclosure Of Detailed Information About Borrowings [Line Items] | |||
Interest rate | 20.06% | ||
US Dollars Credit Facility Draws | |||
Disclosure Of Detailed Information About Borrowings [Line Items] | |||
Maturity date | September 30, 2024 | ||
US Dollars Credit Facility Draws | Effective Interest Rate | |||
Disclosure Of Detailed Information About Borrowings [Line Items] | |||
Interest rate | 18.87% | ||
US Dollars Credit Facility Draws | Fixed Interest Rate | |||
Disclosure Of Detailed Information About Borrowings [Line Items] | |||
Interest rate | 8.50% |
Long-term Debt - Additional Inf
Long-term Debt - Additional Information (Details) $ / shares in Units, $ in Thousands, $ in Millions | Apr. 23, 2019CAD ($)$ / sharesshares | Apr. 23, 2019USD ($) | Mar. 31, 2019CAD ($) | Mar. 22, 2019CAD ($) | Feb. 22, 2019CAD ($)$ / shares | Nov. 14, 2018CAD ($) | Apr. 23, 2019CAD ($)$ / sharesshares | Sep. 30, 2018CAD ($) | Dec. 31, 2019CAD ($)shares | Dec. 31, 2018CAD ($)shares | Dec. 31, 2017CAD ($) | Feb. 22, 2019USD ($) |
Disclosure Of Detailed Information About Borrowings [Line Items] | ||||||||||||
Borrowings | $ 8,834 | $ 125,804 | $ 87,020 | |||||||||
Increase (decrease) in fair value of warrants | $ 11 | $ 1,137 | $ (1,369) | |||||||||
Drawdown on Credit Facility | $ 18,677 | $ 71,721 | ||||||||||
Common shares, issued | shares | 23,313,164 | 720,306 | ||||||||||
Share capital | $ 932,951 | $ 583,117 | 575,150 | |||||||||
Warrants maturity date | after five years | |||||||||||
Extinguishment of loans following a debt modification | $ 4,667 | 155,055 | ||||||||||
Recognition of loans following a debt modification | 8,521 | 107,704 | ||||||||||
Loss (gain) on extinguishments of liabilities | $ (33,626) | 92,374 | (33,626) | 4,191 | ||||||||
Fourth Loan Agreement | ||||||||||||
Disclosure Of Detailed Information About Borrowings [Line Items] | ||||||||||||
Credit facility, interest rate | 8.50% | |||||||||||
Maximum exercise price of preferred share | $ / shares | $ 1,000 | |||||||||||
Minimum exercise price of preferred share | $ / shares | $ 156.36 | |||||||||||
Fourth Loan Agreement | Tranche Nine | ||||||||||||
Disclosure Of Detailed Information About Borrowings [Line Items] | ||||||||||||
Borrowings | $ 10 | |||||||||||
Date of credit facility drawn | Feb. 22, 2019 | |||||||||||
Fourth Loan Agreement | Tranche Ten | ||||||||||||
Disclosure Of Detailed Information About Borrowings [Line Items] | ||||||||||||
Borrowings | $ 5 | |||||||||||
Date of credit facility drawn | Mar. 22, 2019 | |||||||||||
Fourth Loan Agreement | Tranche Nine and Ten | ||||||||||||
Disclosure Of Detailed Information About Borrowings [Line Items] | ||||||||||||
Credit facility, interest rate | 8.50% | 8.50% | ||||||||||
Increase (decrease) in fair value of warrants | $ 1,137 | |||||||||||
Fair value of transaction costs | 45 | |||||||||||
Fair value of financing fees | 1,137 | |||||||||||
Drawdown on Credit Facility | $ 18,677 | |||||||||||
Fourth Loan Agreement | Tranche Nine and Ten | Warrants #9 | ||||||||||||
Disclosure Of Detailed Information About Borrowings [Line Items] | ||||||||||||
Maximum exercise price of preferred share | $ / shares | $ 1,000 | |||||||||||
Minimum exercise price of preferred share | $ / shares | $ 156.36 | |||||||||||
Third Original Issue Discount Loan | ||||||||||||
Disclosure Of Detailed Information About Borrowings [Line Items] | ||||||||||||
Borrowings | $ 13,495 | |||||||||||
Credit facility, interest rate | 10.00% | 10.00% | ||||||||||
Conversion price per common share | $ / shares | $ 15.21 | $ 15.21 | ||||||||||
Interest due on credit facility | $ 663 | |||||||||||
Principal/face amount | 10,000 | $ 10,000 | $ 31,370 | |||||||||
Reduction of long-term debt | $ 141,536 | |||||||||||
Common shares, issued | shares | 15,050,312 | 15,050,312 | ||||||||||
Share capital | $ 228,915 | $ 228,915 | ||||||||||
Loss on extinguishment of loan | 87,379 | |||||||||||
Interest due on credit facility paid in cash | $ 663 | |||||||||||
Exercise price of warrants per common share | $ / shares | $ 15.21 | $ 15.21 | ||||||||||
Warrants maturity date | April 23, 2027 | |||||||||||
Extinguishment of loans following a debt modification | $ 4,667 | |||||||||||
Recognition of loans following a debt modification | 8,521 | |||||||||||
Gain (loss) on debt extinguishment | $ 3,854 | |||||||||||
Loss (gain) on extinguishments of liabilities | $ 4,191 | |||||||||||
Third Original Issue Discount Loan | Discounted Cash Flow | ||||||||||||
Disclosure Of Detailed Information About Borrowings [Line Items] | ||||||||||||
Credit facility, interest rate | 15.10% | 15.10% | ||||||||||
Third Original Issue Discount Loan | Bottom of Range | ||||||||||||
Disclosure Of Detailed Information About Borrowings [Line Items] | ||||||||||||
Principal/face amount | $ 10,000 | $ 10,000 | ||||||||||
US Credit Facility Agreement | ||||||||||||
Disclosure Of Detailed Information About Borrowings [Line Items] | ||||||||||||
Drawdown on Credit Facility | $ 95 | |||||||||||
Original Issue Discount Loan Agreement | ||||||||||||
Disclosure Of Detailed Information About Borrowings [Line Items] | ||||||||||||
Loss (gain) on extinguishments of liabilities | $ 1,278 | |||||||||||
Original Issue Discount Loan Agreement | Top of Range | ||||||||||||
Disclosure Of Detailed Information About Borrowings [Line Items] | ||||||||||||
Principal/face amount | $ 99,552 | $ 99,552 |
Long-term Debt - Summary of Los
Long-term Debt - Summary of Loss on Extinguishment of Liabilities (Details) - CAD ($) $ in Thousands | Apr. 23, 2019 | Nov. 14, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Loss on extinguishment of liabilities due to April 23, 2019 loan modification | |||||
Debt to equity conversion | $ (87,379) | ||||
Loss (gain) on extinguishments of liabilities | $ (33,626) | $ 92,374 | $ (33,626) | $ 4,191 | |
Loss on extinguishment of liabilities to suppliers | 80 | ||||
April 23, 2019 Loan Modification | |||||
Loss on extinguishment of liabilities due to April 23, 2019 loan modification | |||||
Debt to equity conversion | 87,379 | ||||
Expensing of financing fees on loan extinguishment | 653 | ||||
Extinguishment of previous loan | (4,667) | ||||
Recognition of modified loan | 8,521 | ||||
Expensing of increase in the fair value of the warrants (note 19c) | 408 | ||||
Loss (gain) on extinguishments of liabilities | $ 92,294 |
Long-term Debt - 2018 - Additio
Long-term Debt - 2018 - Additional Information (Details) $ / shares in Units, $ in Thousands | Feb. 22, 2019USD ($)CreditFacilityWarrant | Dec. 31, 2018USD ($) | Nov. 30, 2018$ / sharesshares | Nov. 22, 2018shares | Nov. 14, 2018CAD ($) | Nov. 30, 2017USD ($)Warrant | Sep. 30, 2018CAD ($) | Sep. 30, 2018USD ($) | Aug. 31, 2018CAD ($) | Aug. 31, 2018USD ($) | Nov. 30, 2017USD ($)Tranche | Sep. 30, 2018CAD ($) | Sep. 30, 2018CAD ($)draw | Mar. 31, 2018USD ($)draw | Dec. 31, 2017CAD ($)draw | Dec. 31, 2019CAD ($) | Dec. 31, 2018CAD ($) | Dec. 31, 2017CAD ($) | Jul. 31, 2022 | Mar. 20, 2019 |
Disclosure Of Detailed Information About Borrowings [Line Items] | ||||||||||||||||||||
Number of tranches under credit facility during Q1 2019 | CreditFacility | 2 | |||||||||||||||||||
Total Long-term debt | $ 87,020 | $ 8,834 | $ 125,804 | $ 87,020 | ||||||||||||||||
Drawdowns limit on the available tranches per month | 18,677 | 71,721 | ||||||||||||||||||
Proceeds from borrowings | 19,859 | 79,105 | 50,717 | |||||||||||||||||
Loss (gain) on extinguishments of liabilities | $ (33,626) | $ 92,374 | $ (33,626) | $ 4,191 | ||||||||||||||||
Percentage of warrants issued to increase ownership of long-term debt on fully diluted basis | 19.99% | |||||||||||||||||||
Cash Paying Loans | ||||||||||||||||||||
Disclosure Of Detailed Information About Borrowings [Line Items] | ||||||||||||||||||||
Credit facility, interest rate | 10.00% | |||||||||||||||||||
Replacement Warrants | ||||||||||||||||||||
Disclosure Of Detailed Information About Borrowings [Line Items] | ||||||||||||||||||||
Warrants cancelled | shares | 100,117 | |||||||||||||||||||
Warrants, term | 8 years | |||||||||||||||||||
Warrants, per share price | $ / shares | $ 1,000 | |||||||||||||||||||
Percentage of warrants issued to increase ownership of long-term debt on fully diluted basis | 19.99% | |||||||||||||||||||
Warrants | ||||||||||||||||||||
Disclosure Of Detailed Information About Borrowings [Line Items] | ||||||||||||||||||||
Warrants issued | shares | 128,057 | |||||||||||||||||||
Warrants #9 | ||||||||||||||||||||
Disclosure Of Detailed Information About Borrowings [Line Items] | ||||||||||||||||||||
Number of warrants issued | Warrant | 19,402 | |||||||||||||||||||
Credit Facility Agreement | ||||||||||||||||||||
Disclosure Of Detailed Information About Borrowings [Line Items] | ||||||||||||||||||||
Credit facility, interest rate | 8.50% | 8.50% | ||||||||||||||||||
Maturity date before modification | November 30, 2019 | |||||||||||||||||||
Number of tranches under credit facility during Q1 2019 | Tranche | 2 | |||||||||||||||||||
Drawdowns limit on the available tranches per month | $ 10,000,000 | |||||||||||||||||||
Proceeds from borrowings | $ 20,000,000 | |||||||||||||||||||
Proceeds from credit facility, remaining amount | $ 60,000,000 | |||||||||||||||||||
Proceeds from credit facility, aggregate amount | $ 80,000,000 | |||||||||||||||||||
Number of draws | draw | 2 | 2 | 2 | |||||||||||||||||
Credit Facility Agreement | Tranche One | ||||||||||||||||||||
Disclosure Of Detailed Information About Borrowings [Line Items] | ||||||||||||||||||||
Total Long-term debt | $ 40,000,000 | 40,000,000 | ||||||||||||||||||
Credit Facility Agreement | Tranche Two | ||||||||||||||||||||
Disclosure Of Detailed Information About Borrowings [Line Items] | ||||||||||||||||||||
Total Long-term debt | 40,000,000 | $ 40,000,000 | ||||||||||||||||||
Credit Facility Agreement | Tranche Two | Top of Range | ||||||||||||||||||||
Disclosure Of Detailed Information About Borrowings [Line Items] | ||||||||||||||||||||
Proceeds from borrowings | 10,000,000 | |||||||||||||||||||
Credit Facility Agreement | Tranche Two | Bottom of Range | ||||||||||||||||||||
Disclosure Of Detailed Information About Borrowings [Line Items] | ||||||||||||||||||||
Proceeds from borrowings | $ 11,500,000 | |||||||||||||||||||
Credit Facility Agreement | Warrants #7 | ||||||||||||||||||||
Disclosure Of Detailed Information About Borrowings [Line Items] | ||||||||||||||||||||
Number of warrants issued | Warrant | 54,000 | |||||||||||||||||||
Original Issue Discount Loan Agreement | ||||||||||||||||||||
Disclosure Of Detailed Information About Borrowings [Line Items] | ||||||||||||||||||||
Proceeds from borrowings | $ 25,892 | |||||||||||||||||||
Settlement of amount under royalty agreement | $ 3,917 | $ 3,000,000 | $ 3,000,000 | |||||||||||||||||
Face value of loan agreement | 21,172 | $ 21,172 | ||||||||||||||||||
Reduction in the face value second OID loan | 3,917 | $ 3,917 | 3,917 | |||||||||||||||||
Adjustment to carrying amount of OID loan | $ 2,639 | |||||||||||||||||||
Loss (gain) on extinguishments of liabilities | 1,278 | |||||||||||||||||||
Second OID | ||||||||||||||||||||
Disclosure Of Detailed Information About Borrowings [Line Items] | ||||||||||||||||||||
Reduction in the face value second OID loan | $ 17,255 | $ 17,255 | $ 17,255 | |||||||||||||||||
Fourth Loan Agreement | ||||||||||||||||||||
Disclosure Of Detailed Information About Borrowings [Line Items] | ||||||||||||||||||||
Credit facility, interest rate | 8.50% | |||||||||||||||||||
Fourth Loan Agreement | Top of Range | ||||||||||||||||||||
Disclosure Of Detailed Information About Borrowings [Line Items] | ||||||||||||||||||||
Maturity date before modification | September 30, 2024 | |||||||||||||||||||
Fourth Loan Agreement | Bottom of Range | ||||||||||||||||||||
Disclosure Of Detailed Information About Borrowings [Line Items] | ||||||||||||||||||||
Maturity date before modification | November 30, 2019 | |||||||||||||||||||
Fourth Loan Agreement | Tranche One | ||||||||||||||||||||
Disclosure Of Detailed Information About Borrowings [Line Items] | ||||||||||||||||||||
Total Long-term debt | $ 10,000,000 | |||||||||||||||||||
Fourth Loan Agreement | Tranche Two | ||||||||||||||||||||
Disclosure Of Detailed Information About Borrowings [Line Items] | ||||||||||||||||||||
Total Long-term debt | $ 5,000,000 | |||||||||||||||||||
All three OID Loans | Top of Range | ||||||||||||||||||||
Disclosure Of Detailed Information About Borrowings [Line Items] | ||||||||||||||||||||
Maturity date before modification | September 30, 2024 | |||||||||||||||||||
All three OID Loans | Bottom of Range | ||||||||||||||||||||
Disclosure Of Detailed Information About Borrowings [Line Items] | ||||||||||||||||||||
Maturity date before modification | July 31, 2022 | |||||||||||||||||||
November 14, 2018 Debt Modification | ||||||||||||||||||||
Disclosure Of Detailed Information About Borrowings [Line Items] | ||||||||||||||||||||
Loss (gain) on extinguishments of liabilities | $ 33,626 | |||||||||||||||||||
Market interest rate used in discounted cash flow model | 20.10% | |||||||||||||||||||
Recognition of modified loans | $ 107,704 | |||||||||||||||||||
Expensing of legal fees incurred with the debt modification | 434 | |||||||||||||||||||
Warrants associated on credit facility | shares | 6,000 | |||||||||||||||||||
Expensing of increase in the fair value of the warrants (note 19c) | 8,778 | |||||||||||||||||||
Expensing of deferred financing fees on Credit Facility | 3,245 | |||||||||||||||||||
November 14, 2018 Debt Modification | Warrants #9 | ||||||||||||||||||||
Disclosure Of Detailed Information About Borrowings [Line Items] | ||||||||||||||||||||
Expensing of increase in the fair value of the warrants (note 19c) | $ 338 |
Long-term Debt - Summary by Qua
Long-term Debt - Summary by Quarter Impacting Various Drawdowns and Royalty Proceeds (Details) | 3 Months Ended | |||||||
Dec. 31, 2018CAD ($) | Dec. 31, 2018USD ($) | Sep. 30, 2018CAD ($) | Sep. 30, 2018USD ($) | Jun. 30, 2018CAD ($) | Jun. 30, 2018USD ($) | Mar. 31, 2018CAD ($) | Mar. 31, 2018USD ($) | |
Disclosure Of Detailed Information About Borrowings [Line Items] | ||||||||
Proceeds from Credit Facility Drawdowns and royalty proceeds | $ 13,280,100 | $ 10,000,000 | $ 29,808,690 | $ 23,000,000 | $ 14,768,300 | $ 11,500,000 | $ 25,155,000 | $ 20,000,000 |
Debt | ||||||||
Disclosure Of Detailed Information About Borrowings [Line Items] | ||||||||
Proceeds from drawdown and royalties credited to long term debt | 12,109,314 | 27,144,445 | 12,881,631 | 19,585,372 | ||||
Warrants | ||||||||
Disclosure Of Detailed Information About Borrowings [Line Items] | ||||||||
Allocation of drawdowns and royalty proceeds to warrants | $ 1,170,786 | 2,531,438 | $ 1,886,669 | $ 5,569,628 | ||||
Royalty Liability | ||||||||
Disclosure Of Detailed Information About Borrowings [Line Items] | ||||||||
Amount of royalty liability recognized in exchange for proceeds received | $ 132,807 |
Long-term Debt - Summary of Gai
Long-term Debt - Summary of Gain (Loss) on Extinguishment of Liabilities (Details) - CAD ($) $ in Thousands | Nov. 14, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure Of Detailed Information About Gain Loss On Extinguishment Of Liabilities [Line Items] | ||||
Loss on extinguishment of liabilities due to set-off of principal | $ 1,278 | |||
Loss (gain) on extinguishments of liabilities | (33,626) | $ 92,374 | $ (33,626) | $ 4,191 |
November 14, 2018 Debt Modification | ||||
Disclosure Of Detailed Information About Gain Loss On Extinguishment Of Liabilities [Line Items] | ||||
Extinguishment of previous loans | (155,055) | |||
Expensing of deferred financing fees on Credit Facility | 3,245 | |||
Recognition of modified loans | 107,704 | |||
Expensing of increase in the fair value of the warrants (note 19c) | 8,778 | |||
Warrants proceeds | (10) | |||
Expensing of legal fees incurred with the debt modification | 434 | |||
Gain on extinguishment of liabilities due to November 14, 2018 debt modification | (34,904) | |||
Loss (gain) on extinguishments of liabilities | $ 33,626 |
Long-term Debt - 2017 - Additio
Long-term Debt - 2017 - Additional Information (Details) | Nov. 14, 2018CAD ($) | Jan. 31, 2017CAD ($) | Dec. 31, 2019CAD ($) | Dec. 31, 2018CAD ($) | Dec. 31, 2017CAD ($)shares |
Disclosure Of Detailed Information About Borrowings [Line Items] | |||||
Loss (gain) on extinguishments of liabilities | $ (33,626,000) | $ 92,374,000 | $ (33,626,000) | $ 4,191,000 | |
Loan Agreement | Private Placement | |||||
Disclosure Of Detailed Information About Borrowings [Line Items] | |||||
Number of common shares | shares | 5,045 | ||||
Closing period of public offering of common shares | Jul. 6, 2017 | ||||
Third Original Issue Discount Loan | |||||
Disclosure Of Detailed Information About Borrowings [Line Items] | |||||
Reduction amount of loan agreement | $ 8,577,000 | ||||
Adjustment to the carrying value of loans | 4,134,000 | ||||
Value of shares issued | 8,325,000 | ||||
Loss (gain) on extinguishments of liabilities | 4,191,000 | ||||
Third Original Issue Discount Loan | Bottom Of Range [Member] | |||||
Disclosure Of Detailed Information About Borrowings [Line Items] | |||||
Face value of loan agreement | $ 30,593,000 | ||||
Third Original Issue Discount Loan | Top of Range | |||||
Disclosure Of Detailed Information About Borrowings [Line Items] | |||||
Face value of loan agreement | $ 39,170,000 | ||||
Third Original Issue Discount Loan | Private Placement | |||||
Disclosure Of Detailed Information About Borrowings [Line Items] | |||||
Reduction of face value as result of share issued | 8,577,000 | ||||
Agreed price of share issued for reduction of loan face value | $ 1,700,000 |
Operating and Finance Lease I_3
Operating and Finance Lease Inducements and Obligations - Schedule of Operating and Finance Lease Obligations (Detail) $ in Thousands | Dec. 31, 2018CAD ($) |
Lease [Abstract] | |
Finance lease obligations | $ 818 |
Deferred operating lease inducements and obligations | 6,876 |
Finance lease and operating lease obligations | 7,694 |
Less current portion of operating and finance lease inducements and obligations (note 13) | (5,844) |
Long-term portion of operating and finance lease inducements and obligations (note 17) | $ 1,850 |
Other Long-Term Liabilities - S
Other Long-Term Liabilities - Summary of Other Long-Term Liabilities (Details) - CAD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Miscellaneous Noncurrent Liabilities [Abstract] | ||
Royalty payment obligations (a) | $ 3,148 | $ 3,077 |
License acquisition payment obligation (b) | 1,302 | 2,726 |
Other employee benefit liabilities | 2,554 | 2,399 |
Other long-term liabilities | 330 | |
Other Liabilities | 7,004 | 8,532 |
Current portion of royalty payment obligations (note 13) | (3,043) | (68) |
Current portion of license acquisition payment obligation (note 13) | (1,302) | (1,363) |
Current portion of other employee benefit liabilities (note 13) | (2,374) | (1,406) |
Other non-current liabilities | $ 285 | $ 5,695 |
Other Long-Term Liabilities - A
Other Long-Term Liabilities - Additional Information (Details) $ in Thousands | Jan. 29, 2020USD ($) | Jan. 29, 2019USD ($) | Nov. 14, 2018USD ($) | Jan. 29, 2018USD ($) | Jun. 30, 2018USD ($) | Dec. 31, 2019CAD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018CAD ($) | Dec. 31, 2017CAD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) |
Other Long Term Liabilities [Line Items] | |||||||||||
Royalty payment obligations | $ 3,148 | $ 3,077 | |||||||||
Issuance of shares (note 19a) | 349,834 | 6,340 | $ 61,450 | ||||||||
Current portion of license acquisition payment obligation | 1,302 | 1,363 | |||||||||
Reacquired Right | Plasminogen | |||||||||||
Other Long Term Liabilities [Line Items] | |||||||||||
Royalty payment obligations | $ 2,978 | 2,898 | $ 2,300,000 | $ 2,300,000 | |||||||
Royalty Discount Rate | 9.20% | 9.20% | |||||||||
Royalty rate | 5.00% | 5.00% | |||||||||
Percentage of reacquisition of rights | 50.00% | 50.00% | |||||||||
First And Second License | |||||||||||
Other Long Term Liabilities [Line Items] | |||||||||||
Value of license | $ 3,000,000 | ||||||||||
Current portion of license acquisition payment obligation | $ 1,302 | 2,726 | |||||||||
First And Second License | Issuance of Warrants | |||||||||||
Other Long Term Liabilities [Line Items] | |||||||||||
Issuance of shares (note 19a) | $ 1,000,000 | $ 1,000,000 | |||||||||
First And Second License | Issuance of Warrants | Major Ordinary Share Transactions | |||||||||||
Other Long Term Liabilities [Line Items] | |||||||||||
Issuance of shares (note 19a) | $ 1,000,000 | ||||||||||
Debt Modification Agreement | |||||||||||
Other Long Term Liabilities [Line Items] | |||||||||||
Milestone payments | $ 1,500,000 | ||||||||||
Bottom Of Range [Member] | Debt Modification Agreement | |||||||||||
Other Long Term Liabilities [Line Items] | |||||||||||
Royalty rate | 1.50% | ||||||||||
Top of Range | Reacquired Right | Plasminogen | |||||||||||
Other Long Term Liabilities [Line Items] | |||||||||||
Royalty payments | $ 2,500,000 | ||||||||||
Top of Range | Debt Modification Agreement | |||||||||||
Other Long Term Liabilities [Line Items] | |||||||||||
Royalty rate | 2.00% | ||||||||||
Tranche Two | |||||||||||
Other Long Term Liabilities [Line Items] | |||||||||||
Milestone payments | $ 1,500,000 | ||||||||||
Quarterly minimum royalty payment | $ 5,000 | ||||||||||
Royalty payment obligations | $ 131 | $ 138 | |||||||||
Royalty Discount Rate | 18.57% | 18.57% |
Share Capital and Other Equit_3
Share Capital and Other Equity Instruments - Share Capital - Additional Information (Details) $ / shares in Units, $ in Thousands | Apr. 23, 2019CAD ($)Private_Placement$ / sharesshares | Feb. 27, 2019CAD ($)shares | Jan. 29, 2019CAD ($)shares | Apr. 27, 2018CAD ($)$ / sharesshares | Jan. 29, 2018CAD ($)$ / sharesshares | Jun. 30, 2019CAD ($)shares | May 31, 2019CAD ($)$ / shares | Apr. 30, 2019CAD ($) | Nov. 30, 2018CAD ($)$ / sharesshares | Dec. 31, 2019CAD ($)$ / sharesshares | Dec. 31, 2018CAD ($)$ / sharesshares | May 21, 2019shares |
Disclosure Of Classes Of Share Capital [Line Items] | ||||||||||||
Description of share consolidation of common shares, stock options, restricted share units and warrants | On July 5, 2019, the Company performed a one thousand-to-one share consolidation of the its common shares, stock options, restricted share units and warrants. | |||||||||||
Number of shares issued | shares | 23,313,164 | 720,306 | ||||||||||
Shares issued in settlement of license acquisition payment obligation | shares | 4,420 | 4,420 | 1,113 | |||||||||
Share capital recorded from stock issuance under license acquisition payment | $ 1,326 | $ 1,326 | $ 1,960 | |||||||||
Shares issued in payment to suppliers, Number | shares | 1,472 | 1,472 | ||||||||||
Carrying value accounts payable to suppliers | $ 465 | |||||||||||
Shares issued in payment to suppliers | 545 | $ 545 | ||||||||||
Loss on extinguishment of liabilities | $ (80) | |||||||||||
Share purchase loan outstanding | $ 400 | 400 | ||||||||||
Amount held in escrow used for payment on loan extinguishment | $ 137 | |||||||||||
Shares issued pursuant to debt restructuring, Number | shares | 15,050,312 | 15,050,312 | ||||||||||
Shares issued, at fair value | $ / shares | $ 15.21 | |||||||||||
Shares issued pursuant to debt restructuring | $ 228,915 | $ 228,915 | ||||||||||
Adjustment to carrying value of loan | 141,536 | |||||||||||
Debt to equity conversion | $ (87,379) | |||||||||||
Private Placement | ||||||||||||
Disclosure Of Classes Of Share Capital [Line Items] | ||||||||||||
Par value per share | $ / shares | $ 15.21 | |||||||||||
Proceeds from issue of common shares | $ 75,000 | |||||||||||
Number of shares issued | shares | 4,931,161 | |||||||||||
Share issue transaction costs | $ 4,802 | |||||||||||
Net proceeds from issue of common shares | $ 70,198 | |||||||||||
Number of private placements closed | Private_Placement | 2 | |||||||||||
At-the-Market” (“ATM”) Equity Distribution Agreement | ||||||||||||
Disclosure Of Classes Of Share Capital [Line Items] | ||||||||||||
Proceeds from issue of common shares | $ 4,214 | $ 751 | ||||||||||
Number of shares issued | shares | 12,865 | 1,945 | ||||||||||
Average price per share | $ / shares | $ 327.55 | $ 386.12 | ||||||||||
Share issue transaction costs | $ 248 | $ 23 | ||||||||||
Net proceeds from issue of common shares | 3,966 | $ 728 | ||||||||||
S A L P | Private Placement | ||||||||||||
Disclosure Of Classes Of Share Capital [Line Items] | ||||||||||||
Proceeds from issue of common shares | $ 25,000,000 | |||||||||||
Rights Offering | Private Placement | ||||||||||||
Disclosure Of Classes Of Share Capital [Line Items] | ||||||||||||
Par value per share | $ / shares | $ 15.21 | |||||||||||
Proceeds from issue of common shares | $ 39,434 | |||||||||||
Number of shares issued | shares | 2,592,628 | |||||||||||
Share issue transaction costs | $ 271 | |||||||||||
Net proceeds from issue of common shares | $ 39,163 | |||||||||||
Acquisition of License | ||||||||||||
Disclosure Of Classes Of Share Capital [Line Items] | ||||||||||||
Par value per share | $ / shares | $ 1,760 | |||||||||||
Common shares issued, value | $ 1,960 | |||||||||||
Number of shares issued, partial payment | shares | 742 | |||||||||||
Production Equipment | ||||||||||||
Disclosure Of Classes Of Share Capital [Line Items] | ||||||||||||
Number of shares issued, partial payment | shares | 371 | |||||||||||
Prometic Bioproduction Inc. | ||||||||||||
Disclosure Of Classes Of Share Capital [Line Items] | ||||||||||||
Par value per share | $ / shares | $ 770 | |||||||||||
Number of shares issued | shares | 4,712 | |||||||||||
Common shares issued, value | $ 3,629 | |||||||||||
Non-controlling interests reacquired | 13.00% | |||||||||||
Top of Range | At-the-Market” (“ATM”) Equity Distribution Agreement | ||||||||||||
Disclosure Of Classes Of Share Capital [Line Items] | ||||||||||||
Proceeds from issue of common shares | $ 31,000 | |||||||||||
Top of Range | Rights Offering | ||||||||||||
Disclosure Of Classes Of Share Capital [Line Items] | ||||||||||||
Rights offering additional shares offered | shares | 20 | |||||||||||
Common shares issued, value | $ 75,000 | |||||||||||
Common Shares | ||||||||||||
Disclosure Of Classes Of Share Capital [Line Items] | ||||||||||||
Share capital description | unlimited number authorized, participating, carrying one vote per share, entitled to dividends. | |||||||||||
Preferred Shares | ||||||||||||
Disclosure Of Classes Of Share Capital [Line Items] | ||||||||||||
Share capital description | unlimited number authorized, issuable in one or more series. | |||||||||||
Series A Preferred Shares | ||||||||||||
Disclosure Of Classes Of Share Capital [Line Items] | ||||||||||||
Share capital description | unlimited number authorized, no par value, non-voting, ranking in priority to the common shares, entitled to the same dividends as the common shares, non-transferable, redeemable at the redemption amount offered for the common shares upon a change in control event. | |||||||||||
Par value per share | $ / shares | $ 0 |
Share Capital and Other Equit_4
Share Capital and Other Equity Instruments - Schedule of Share Capital Issued and Outstanding (Details) - CAD ($) $ in Thousands | Dec. 31, 2019 | Apr. 30, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure Of Classes Of Share Capital [Abstract] | ||||
Number of issued common shares | 23,313,164 | 720,306 | ||
Number of issued and fully paid common shares | 23,313,164 | 720,306 | ||
Issue common shares not fully paid | $ 932,951 | $ 583,517 | ||
Share purchase loan to a former officer | $ (400) | (400) | ||
Issued and fully paid common shares | $ 932,951 | $ 583,117 | $ 575,150 |
Share Capital and Other Equit_5
Share Capital and Other Equity Instruments - Schedule of Changes in Issued and Outstanding Common Shares (Details) - CAD ($) $ in Thousands | Apr. 23, 2019 | Feb. 27, 2019 | Jan. 29, 2019 | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure Of Classes Of Share Capital [Abstract] | |||||
Balance - beginning of year, Number | 720,306 | 710,549 | |||
Issued to acquire assets, Number | 4,420 | 4,420 | 1,113 | ||
Issued to acquire non-controlling interest, Number | 4,712 | ||||
Exercise of stock options, Number | 1,677 | ||||
Shares issued pursuant to a restricted share units plan, Number | 310 | ||||
Shares issued pursuant to debt restructuring, Number | 15,050,312 | 15,050,312 | |||
Shares issued for cash, Number | 7,536,654 | 1,945 | |||
Shares issued in payment to suppliers, Number | 1,472 | 1,472 | |||
Balance - end of year, Number | 23,313,164 | 720,306 | |||
Balance - beginning of year | $ 583,117 | $ 575,150 | |||
Issued to acquire assets | $ 1,326 | 1,326 | 1,960 | ||
Issued to acquire non-controlling interest | 3,629 | ||||
Exercise of stock options | 1,073 | ||||
Shares issued pursuant to a restricted share units plan | 554 | ||||
Shares issued pursuant to debt restructuring | $ 228,915 | 228,915 | |||
Shares issued for cash | 118,648 | 751 | |||
Shares released from escrow | 400 | ||||
Shares issued in payment to suppliers | $ 545 | 545 | |||
Balance - end of year | $ 932,951 | $ 583,117 |
Share Capital and Other Equit_6
Share Capital and Other Equity Instruments - Contributed Surplus (Share-Based Payments) - Additional Information (Details) $ / shares in Units, $ in Thousands | Dec. 03, 2019$ / sharesshares | Sep. 03, 2019$ / sharesshares | Jun. 19, 2019shares$ / shares | Jun. 04, 2019shares$ / shares | May 30, 2019CAD ($)shares | May 07, 2019shares | Jan. 31, 2019shares$ / shares | Jan. 24, 2019shares$ / shares | Dec. 04, 2018shares | Nov. 24, 2017shares | Jun. 30, 2019shares$ / shares | Dec. 31, 2019CAD ($)shares$ / shares | Dec. 31, 2018CAD ($)shares$ / shares | Dec. 31, 2017CAD ($)shares$ / shares | Dec. 31, 2016 |
Disclosure Of Classes Of Share Capital [Line Items] | |||||||||||||||
Contractual life of outstanding share options | 9 years 4 months 24 days | ||||||||||||||
Number of stock options granted | 2,218,810 | 10,837 | 3,720 | ||||||||||||
Number of stock options expired | 2,084 | 1,410 | 4 | ||||||||||||
weighted average price of options, cancelled | $ / shares | $ 1,176.20 | $ 408.43 | $ 127.50 | ||||||||||||
Number of stock options exercised | 1,681 | 3,081 | |||||||||||||
Proceeds from exercise of options | $ | $ 635 | $ 481 | |||||||||||||
Transfer from contributed surplus to share capital | $ | 635 | 481 | |||||||||||||
Share-based payment compensation expense | $ | $ 22,030 | $ 6,722 | $ 8,662 | ||||||||||||
Weighted Average Exercise Price, Granted | $ / shares | $ 33.13 | $ 755.97 | $ 1,993.06 | ||||||||||||
Share-based payments expense (note 19b) | $ | $ 21,609 | $ 6,722 | $ 8,662 | ||||||||||||
Number of expired RSU | 1,221 | ||||||||||||||
Performance based RSU percentage of target | 100.00% | ||||||||||||||
2017-2019 | |||||||||||||||
Disclosure Of Classes Of Share Capital [Line Items] | |||||||||||||||
Performance based RSU | 12,886 | ||||||||||||||
2018-2020 | |||||||||||||||
Disclosure Of Classes Of Share Capital [Line Items] | |||||||||||||||
Performance based RSU | 12,886 | ||||||||||||||
Stock Options | |||||||||||||||
Disclosure Of Classes Of Share Capital [Line Items] | |||||||||||||||
Number of shares reserved for issue under options | 3,749,714 | ||||||||||||||
Stock Options Issued Exercise Period | 10 years | ||||||||||||||
Date of grant of share-based payment arrangement | May 2017 | ||||||||||||||
Contractual life of outstanding share options | 10 years | 10 years | 5 years | ||||||||||||
Stock options exercise period, description | The exercise price is based on the weighted average share price for the five business days prior to the grant. | ||||||||||||||
Number of stock options granted | 1,622 | 10,837 | |||||||||||||
Exercise price of options granted | $ / shares | $ 300 | ||||||||||||||
Number of stock options vested | 60,717 | ||||||||||||||
Vesting period | 4 years | 4 years | 4 years | 4 years | 4 years | ||||||||||
Number of stock options issued | 100,000 | 71,250 | 251,714 | ||||||||||||
Exercise price of options issued | $ / shares | $ 7.86 | $ 11.99 | $ 27 | ||||||||||||
Weighted average grant date fair value of stock options issued | $ / shares | $ 12.74 | ||||||||||||||
Number of stock options expired | 11,084 | ||||||||||||||
weighted average price of options, cancelled | $ / shares | $ 1,256.73 | ||||||||||||||
Number of stock options exercised | 0 | 1,681 | 3,081 | ||||||||||||
Proceeds from exercise of options | $ | $ 635 | $ 481 | |||||||||||||
Transfer from contributed surplus to share capital | $ | $ 438 | $ 330 | |||||||||||||
Weighted average share price | $ / shares | $ 1,044.16 | $ 1,713.31 | |||||||||||||
Share-based payment compensation expense | $ | $ 12,212 | $ 3,372 | $ 3,436 | ||||||||||||
Stock Options | Option 1 | |||||||||||||||
Disclosure Of Classes Of Share Capital [Line Items] | |||||||||||||||
Contractual life of outstanding share options | 5 years | ||||||||||||||
Number of stock options granted | 175 | ||||||||||||||
Stock Options | Option 2 | |||||||||||||||
Disclosure Of Classes Of Share Capital [Line Items] | |||||||||||||||
Contractual life of outstanding share options | 10 years | ||||||||||||||
Number of stock options granted | 3,545 | ||||||||||||||
Stock Options | key Management | |||||||||||||||
Disclosure Of Classes Of Share Capital [Line Items] | |||||||||||||||
Number of stock options granted | 1,794,224 | ||||||||||||||
Exercise price of options granted | $ / shares | $ 36 | ||||||||||||||
Number of stock options vested | 248,825 | ||||||||||||||
Vesting period | 6 years | ||||||||||||||
Stock Options | Top of Range | |||||||||||||||
Disclosure Of Classes Of Share Capital [Line Items] | |||||||||||||||
Percentage of Common Shares Reserved for Issuance to Individual | 5.00% | ||||||||||||||
Share-based payment arrangement options vesting period | 6 years | ||||||||||||||
RSU | |||||||||||||||
Disclosure Of Classes Of Share Capital [Line Items] | |||||||||||||||
Vesting period | 1 year | ||||||||||||||
Number RSU granted | 12,564 | 10,329 | 6,091 | 12,564 | 10,329 | 7,449 | |||||||||
Weighted Average Exercise Price, Granted | $ / shares | $ 300 | ||||||||||||||
Number RSU vested | 12,564 | 1,083 | 13,262 | 2,374 | |||||||||||
Number RSU released | 8,396 | 232 | 3,191 | ||||||||||||
Number RSU paid in cash | 8,396 | 8,396 | |||||||||||||
Reduction to contributed surplus | $ | $ 421 | ||||||||||||||
Cancellation of units | 4,493 | ||||||||||||||
Number of unvested RSU outstanding | 4,303 | ||||||||||||||
RSU Vesting rate | 33.30% | ||||||||||||||
Number of expired RSU | 1,578 | 3,157 | |||||||||||||
Percentage of vesting rate | 33.30% | ||||||||||||||
Performance-based RSU | |||||||||||||||
Disclosure Of Classes Of Share Capital [Line Items] | |||||||||||||||
Time vesting units achievement range | 100.00% | 100.00% | |||||||||||||
Cancellation of units | 4,305 | ||||||||||||||
Performance-based units | 7,955 | ||||||||||||||
Performance based condition units | 5,008 | ||||||||||||||
Performance-based RSU | Top of Range | |||||||||||||||
Disclosure Of Classes Of Share Capital [Line Items] | |||||||||||||||
Outcome of Performance Conditions | 150.00% | ||||||||||||||
Percentage of performance based condition | 150.00% | ||||||||||||||
Performance-based RSU | Bottom of Range | |||||||||||||||
Disclosure Of Classes Of Share Capital [Line Items] | |||||||||||||||
Outcome of Performance Conditions | 0.00% | ||||||||||||||
Percentage of performance based condition | 0.00% | ||||||||||||||
Share-based payments | |||||||||||||||
Disclosure Of Classes Of Share Capital [Line Items] | |||||||||||||||
Share-based payments expense (note 19b) | $ | $ 9,818 | $ 3,350 | $ 5,226 |
Share Capital and Other Equit_7
Share Capital and Other Equity Instruments - Schedule of Changes in Number of Stock Options Outstanding and Weighted Average Exercise Price (Details) | 12 Months Ended | ||
Dec. 31, 2019shares$ / shares | Dec. 31, 2018shares$ / shares | Dec. 31, 2017shares$ / shares | |
Disclosure Of Classes Of Share Capital [Abstract] | |||
Number of Share Options, Beginning Balance | shares | 21,625 | 14,256 | 14,220 |
Number of Share Options, Granted | shares | 2,218,810 | 10,837 | 3,720 |
Number of Share Options, Forfeited | shares | (16,774) | (377) | (599) |
Number of Share Options, Exercised | shares | (1,681) | (3,081) | |
Number of Share Options, Cancelled | shares | (11,713) | ||
Number of Share Options, Expired | shares | (2,084) | (1,410) | (4) |
Number of share Options, Ending Balance | shares | 2,209,864 | 21,625 | 14,256 |
Weighted Average Exercise Price, Beginning Balance | $ / shares | $ 1,464.49 | $ 1,782.70 | $ 1,406.24 |
Weighted Average Exercise Price, Granted | $ / shares | 33.13 | 755.97 | 1,993.06 |
Weighted Average Exercise Price, Forfeited | $ / shares | 159.61 | 1,933.34 | 2,535.18 |
Weighted Average Exercise Price, Exercised | $ / shares | 376.10 | 155.03 | |
Weighted Average Exercise Price, Cancelled | $ / shares | 1,237.94 | ||
Weighted Average Exercise Price, Expired | $ / shares | 1,176.20 | 408.43 | 127.50 |
Weighted Average Exercise Price, Ending Balance | $ / shares | $ 38.72 | $ 1,464.49 | $ 1,782.70 |
Share Capital and Other Equit_8
Share Capital and Other Equity Instruments - Summary of Weighted Average Inputs into Model and Resulting Grant Date Fair Values (Details) | 12 Months Ended | ||
Dec. 31, 2019year$ / shares | Dec. 31, 2018year$ / shares | Dec. 31, 2017year$ / shares | |
Disclosure Of Classes Of Share Capital [Abstract] | |||
Volatility | 45.00% | 66.10% | 61.80% |
Risk-free interest rate | 1.40% | 2.10% | 1.20% |
Remaining life until expiry | year | 7.2 | 7.9 | 6.7 |
Weighted average grant date fair value | $ / shares | $ 12.74 | $ 221.64 | $ 1,181.38 |
Share Capital and Other Equit_9
Share Capital and Other Equity Instruments - Schedule of Stock Options Issued and Outstanding by Range of Exercise Price (Details) | 12 Months Ended | |||
Dec. 31, 2019shares$ / shares | Dec. 31, 2018shares$ / shares | Dec. 31, 2017shares$ / shares | Dec. 31, 2016shares$ / shares | |
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | ||||
Number outstanding, options | shares | 2,209,864 | 21,625 | 14,256 | 14,220 |
Weighted average remaining contractual life (in years) | 9 years 4 months 24 days | |||
Options outstanding, weighted average exercise price | $ / shares | $ 38.72 | $ 1,464.49 | $ 1,782.70 | $ 1,406.24 |
Number exercisable, options | shares | 392,800 | |||
Options exercisable, weighted average exercise price | $ / shares | $ 62.74 | |||
$7.86 - $27.00 | ||||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | ||||
Number outstanding, options | shares | 407,788 | |||
Weighted average remaining contractual life (in years) | 9 years 7 months 6 days | |||
Options outstanding, weighted average exercise price | $ / shares | $ 19.68 | |||
Number exercisable, options | shares | 74,705 | |||
Options exercisable, weighted average exercise price | $ / shares | $ 27 | |||
$36.00 | ||||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | ||||
Number outstanding, options | shares | 1,794,224 | |||
Weighted average remaining contractual life (in years) | 9 years 4 months 24 days | |||
Options outstanding, weighted average exercise price | $ / shares | $ 36 | |||
Number exercisable, options | shares | 311,605 | |||
Options exercisable, weighted average exercise price | $ / shares | $ 36 | |||
$390.00 - 3,190.00 | ||||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | ||||
Number outstanding, options | shares | 7,852 | |||
Weighted average remaining contractual life (in years) | 5 years 9 months 18 days | |||
Options outstanding, weighted average exercise price | $ / shares | $ 1,647.67 | |||
Number exercisable, options | shares | 6,490 | |||
Options exercisable, weighted average exercise price | $ / shares | $ 1,758.22 |
Share Capital and Other Equi_10
Share Capital and Other Equity Instruments - Schedule of Stock Options Issued and Outstanding by Range of Exercise Price (Parenthetical) (Details) | Dec. 31, 2019$ / shares |
$7.86 - $27.00 | Bottom of Range | |
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |
Range of exercise price | $ 7.86 |
$7.86 - $27.00 | Top of Range | |
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |
Range of exercise price | 27 |
$36.00 | |
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |
Range of exercise price | 36 |
$390.00 - 3,190.00 | Bottom of Range | |
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |
Range of exercise price | 390 |
$390.00 - 3,190.00 | Top of Range | |
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |
Range of exercise price | $ 3,190 |
Share Capital and Other Equi_11
Share Capital and Other Equity Instruments - Schedule of Changes in Number of RSU outstanding (Details) | May 30, 2019shares | Jan. 31, 2019shares | Dec. 04, 2018shares | Nov. 24, 2017shares | Dec. 31, 2019shares | Dec. 31, 2018shares | Dec. 31, 2017shares |
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |||||||
Expired | (1,221) | ||||||
RSU | |||||||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |||||||
Balance - beginning of year | 18,299 | 9,799 | 9,237 | ||||
Granted | 12,564 | 10,329 | 6,091 | 12,564 | 10,329 | 7,449 | |
Expired | (1,578) | (3,157) | |||||
Forfeited | (409) | (19) | (539) | ||||
Released | (8,396) | (232) | (3,191) | ||||
Paid in cash | (8,396) | (8,396) | |||||
Cancelled | (4,493) | ||||||
Balance - end of year | 17,565 | 18,299 | 9,799 |
Share Capital and Other Equi_12
Share Capital and Other Equity Instruments - Schedule of Total Share-Based Payments Expense (Details) - CAD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |||
Share-based payments expense | $ 22,030 | $ 6,722 | $ 8,662 |
Cost of Sales and Other Production Expenses | |||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |||
Share-based payments expense | 107 | 299 | 370 |
Research and Development Expenses | |||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |||
Share-based payments expense | 7,137 | 2,295 | 4,150 |
Administration, Selling and Marketing Expenses | |||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |||
Share-based payments expense | $ 14,786 | $ 4,128 | $ 4,142 |
Share Capital and Other Equi_13
Share Capital and Other Equity Instruments - Summary of Changes in Number of Warrants Outstanding and Weighted Average Exercise Price (Details) | 12 Months Ended | |
Dec. 31, 2019Warrant$ / shares | Dec. 31, 2018Warrant$ / shares | |
Disclosure Of Classes Of Share Capital [Abstract] | ||
Number of warrants, beginning of year | Warrant | 153,611 | 121,671 |
Number of warrants, Issued for cash | Warrant | 19,402 | |
Number of warrants, Issued to acquire assets | Warrant | 4,000 | |
Number of warrants, Cancelled - loan modification | Warrant | (168,735) | (100,117) |
Number of warrants, Issued - loan modification | Warrant | 168,735 | 128,057 |
Number of warrants, Expired | Warrant | (278) | |
Number of warrants, ending of year | Warrant | 172,735 | 153,611 |
Number of warrants, exercisable - end of year | Warrant | 170,735 | 149,611 |
Weighted average exercise price, beginning of year | $ / shares | $ 1,028.35 | $ 2,109.21 |
Weighted average exercise price, Issued for cash | $ / shares | 156.36 | |
Weighted average exercise price, Issued to acquire assets | $ / shares | 3,000 | |
Weighted average exercise price, Cancelled - loan modification | $ / shares | 872.51 | 2,384.42 |
Weighted average exercise price, Issued - loan modification | $ / shares | 15.21 | 1,000 |
Weighted average exercise price, Expired | $ / shares | 6,390 | |
Weighted average exercise price, beginning of year | $ / shares | 84.33 | 1,028.35 |
Weighted average exercise price, exercisable - end of year | $ / shares | $ 50.17 | $ 975.64 |
Share Capital and Other Equi_14
Share Capital and Other Equity Instruments - Warrants - Additional Information (Details) $ / shares in Units, $ in Thousands | Apr. 23, 2019CAD ($)$ / sharesshares | Feb. 22, 2019Warrant$ / shares | Jan. 29, 2018CAD ($)$ / sharesshares | Nov. 30, 2018CAD ($)sharesWarrant$ / shares | Nov. 30, 2017CAD ($)Warrantshares | Dec. 31, 2019CAD ($)Warrant | Dec. 31, 2018CAD ($)Warrant | Dec. 31, 2017Warrant |
Disclosure Of Classes Of Share Capital [Line Items] | ||||||||
Number of warrants exercisable | Warrant | 170,735 | 149,611 | ||||||
Warrant liability | $ 157 | |||||||
Warrants maturity date | after five years | |||||||
Number of warrants issued to acquire common stock | shares | 4,000 | |||||||
Warrants exercise price per share | $ / shares | $ 3,000 | |||||||
Fair value of warrants and license | $ 1,743 | |||||||
OID Loans and Credit Facility | ||||||||
Disclosure Of Classes Of Share Capital [Line Items] | ||||||||
Number of shares right to acquire common stock | shares | 1 | |||||||
Warrants maturity date | November 30, 2026 | |||||||
Warrants exercise price per share | $ / shares | $ 1,000 | |||||||
Number of existing warrants cancelled | Warrant | 100,117 | |||||||
Number of new warrants | Warrant | 128,057 | |||||||
Payment received from holder of long-term debt | $ 10 | |||||||
Tranche One | ||||||||
Disclosure Of Classes Of Share Capital [Line Items] | ||||||||
Number of warrants issued to acquire common stock | shares | 2,000 | |||||||
Warrants exercisable period | after one year | |||||||
Tranche Two | ||||||||
Disclosure Of Classes Of Share Capital [Line Items] | ||||||||
Number of warrants issued to acquire common stock | shares | 2,000 | |||||||
Warrants exercisable period | after two years | |||||||
Warrants #9 | ||||||||
Disclosure Of Classes Of Share Capital [Line Items] | ||||||||
Number of warrants issued | Warrant | 19,402 | |||||||
Range of exercise price | $ / shares | $ 15.21 | $ 156.36 | ||||||
Number of warrants, cancelled and replaced | shares | 168,735 | |||||||
Warrant expire date | Apr. 23, 2027 | |||||||
Increase decrease in fair value of replacement warrant compared to cancelled warrant | $ 408 | |||||||
Warrant #7 | ||||||||
Disclosure Of Classes Of Share Capital [Line Items] | ||||||||
Number of warrants issued | Warrant | 54,000 | |||||||
Number of warrants exercisable | Warrant | 10,000 | 44,000 | ||||||
Incremental drawn amount of credit facility | $ 10,000 | $ 10,000 | ||||||
Number of shares right to acquire common stock | shares | 1 | |||||||
Warrants exercise price | Warrant | 1,700 | |||||||
Warrants maturity date | June 30, 2026 | |||||||
Draw dates of credit facility | January 22, February 23, April 30, August 2, September 21, and November 22, 2018 | |||||||
Proceeds attributable to exercise of warrants equity | $ 11,159 | |||||||
Warrant #7 | Tranche One | ||||||||
Disclosure Of Classes Of Share Capital [Line Items] | ||||||||
Number of warrants exercisable | Warrant | 5,000 | |||||||
Incremental drawn amount of credit facility | $ 10,000 | |||||||
Warrant liability | $ 40,000 | |||||||
Warrant #7 | Tranche Two | ||||||||
Disclosure Of Classes Of Share Capital [Line Items] | ||||||||
Number of warrants exercisable | Warrant | 6,000 | |||||||
Incremental drawn amount of credit facility | $ 10,000 | |||||||
Warrant liability | $ 40,000 | |||||||
Warrants #3 to 7 | ||||||||
Disclosure Of Classes Of Share Capital [Line Items] | ||||||||
Increase decrease in fair value of replacement warrant compared to cancelled warrant | $ 8,440 |
Share Capital and Other Equi_15
Share Capital and Other Equity Instruments - Schedule of Warrants Outstanding, Exercise Price, Expiry Rate and Overall Weighted Average Exercise Price (Details) | 12 Months Ended | ||
Dec. 31, 2019Warrant$ / shares | Dec. 31, 2018Warrant$ / shares | Dec. 31, 2017Warrant$ / shares | |
Disclosure Of Classes Of Share Capital [Line Items] | |||
Number | Warrant | 172,735 | 153,611 | 121,671 |
Exercise price of warrant | $ / shares | $ 84.33 | $ 1,028.35 | $ 2,109.21 |
Warrant Expires on January 2023 | |||
Disclosure Of Classes Of Share Capital [Line Items] | |||
Number | Warrant | 4,000 | ||
Expiry date | Jan. 31, 2023 | ||
Exercise price of warrant | $ / shares | $ 3,000 | ||
Warrant Expires on April 2027 | |||
Disclosure Of Classes Of Share Capital [Line Items] | |||
Number | Warrant | 168,735 | ||
Expiry date | Apr. 30, 2027 | ||
Exercise price of warrant | $ / shares | $ 15.21 |
Non-controlling Interests - Add
Non-controlling Interests - Additional Information (Details) - CAD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Apr. 30, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of subsidiaries [line items] | ||||
Proportion of ownership interest held by group | 100.00% | |||
Attributable to non-controlling interests | $ (7,255) | $ (6,542) | ||
Prometic Bioproduction Inc. | ||||
Disclosure of subsidiaries [line items] | ||||
Proportion of ownership interest held by group | 100.00% | 100.00% | 87.00% | |
Proportion of ownership interest held by non-controlling interest | 13.00% | |||
Liminal | ||||
Disclosure of subsidiaries [line items] | ||||
Attributable to non-controlling interests | $ 331 | $ 2,892 | $ 4,776 | |
NantPro Biosciences, LLC | ||||
Disclosure of subsidiaries [line items] | ||||
Proportion of ownership interest held by group | 73.00% | 73.00% | 73.00% | |
Pathogen Diagnostic Technologies Inc | ||||
Disclosure of subsidiaries [line items] | ||||
Attributable to non-controlling interests | $ 7,255 | $ 6,542 |
Non-controlling Interests - Sum
Non-controlling Interests - Summary of Interests in Subsidiaries for which Company Holds or Held Less Than 100% Interest (Details) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of subsidiaries [line items] | |||
Proportion of ownership interest held by group | 100.00% | ||
Prometic Bioproduction Inc. | |||
Disclosure of subsidiaries [line items] | |||
Name of subsidiary | Prometic Bioproduction Inc. | ||
Segment activity | Plasma-derived therapeutics | ||
Place of incorporation and operation | Quebec, Canada | ||
Proportion of ownership interest held by group | 100.00% | 100.00% | 87.00% |
Pathogen Removal and Diagnostic Technologies Inc. | |||
Disclosure of subsidiaries [line items] | |||
Name of subsidiary | Pathogen Removal and Diagnostic Technologies Inc. | ||
Segment activity | Corporate | ||
Place of incorporation and operation | Delaware, U.S. | ||
Proportion of ownership interest held by group | 77.00% | 77.00% | 77.00% |
NantPro Biosciences, LLC | |||
Disclosure of subsidiaries [line items] | |||
Name of subsidiary | NantPro Biosciences, LLC | ||
Segment activity | Plasma-derived therapeutics | ||
Place of incorporation and operation | Delaware, U.S. | ||
Proportion of ownership interest held by group | 73.00% | 73.00% | 73.00% |
Non-controlling Interests - S_2
Non-controlling Interests - Summary of Statement of Financial Position (Details) - CAD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure Of Information About Consolidated Structured Entities [Line Items] | ||||
Receivables (current) | $ 44 | $ 7,051 | ||
Sales taxes receivable | 863 | 774 | ||
Total equity (negative equity) | (94,934) | 63,146 | $ (143,431) | $ (159,343) |
Attributable to non-controlling interests | 7,255 | 6,542 | ||
PRDT | ||||
Disclosure Of Information About Consolidated Structured Entities [Line Items] | ||||
Receivables (current) | 9 | |||
Capital and intangible assets (long-term) | 156 | 351 | 398 | |
Trade and other payables (current) | (748) | (613) | (417) | |
Intercompany loans and lease inducements and obligations (long-term) | (15,956) | (15,672) | (15,003) | |
Total equity (negative equity) | (16,539) | (15,934) | (15,022) | |
Attributable to non-controlling interests | $ (7,255) | $ (6,542) | (5,901) | |
NantPro | ||||
Disclosure Of Information About Consolidated Structured Entities [Line Items] | ||||
Capital and intangible assets (long-term) | 141,025 | |||
Total equity (negative equity) | 141,025 | |||
Attributable to non-controlling interests | 38,070 | |||
PBP | ||||
Disclosure Of Information About Consolidated Structured Entities [Line Items] | ||||
Sales taxes receivable | 13,250 | |||
Capital and intangible assets (long-term) | 20,427 | |||
Trade and other payables (current) | (6,965) | |||
Intercompany loans and lease inducements and obligations (long-term) | (120,789) | |||
Total equity (negative equity) | (94,077) | |||
Attributable to non-controlling interests | $ (10,722) |
Non-controlling Interests - S_3
Non-controlling Interests - Summary of Statement of Operations (Details) - CAD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure Of Information About Consolidated Structured Entities [Line Items] | |||
Revenues or services rendered to other members of the group | $ 4,904,000 | $ 24,633,000 | $ 22,313,000 |
Research and development expenses | (75,114,000) | (84,858,000) | (93,523,000) |
Impairment loss | (12,366,000) | (149,952,000) | 0 |
Net loss | (206,753,000) | (237,896,000) | (120,036,000) |
Total non-controlling interests | (1,044,000) | (42,530,000) | (10,305,000) |
PRDT | |||
Disclosure Of Information About Consolidated Structured Entities [Line Items] | |||
Revenues or services rendered to other members of the group | 585,000 | 839,000 | 181,000 |
Cost of sales and production | (132,000) | (190,000) | |
Research and development expenses | (215,000) | (179,000) | (335,000) |
Administration and other expenses | (896,000) | (1,001,000) | (957,000) |
Impairment loss | (129,000) | ||
Net loss | (787,000) | (531,000) | (1,111,000) |
Total non-controlling interests | (713,000) | (641,000) | (779,000) |
NantPro | |||
Disclosure Of Information About Consolidated Structured Entities [Line Items] | |||
Cost of sales and production | (1,213,000) | (10,526,000) | |
Research and development expenses | (30,000) | (17,482,000) | |
Administration and other expenses | (13,000) | (131,000) | (210,000) |
Impairment loss | (141,025,000) | ||
Net loss | (1,226,000) | (151,712,000) | (17,692,000) |
Total non-controlling interests | $ (331,000) | $ (40,962,000) | (4,776,000) |
PBP | |||
Disclosure Of Information About Consolidated Structured Entities [Line Items] | |||
Revenues or services rendered to other members of the group | 3,712,000 | ||
Cost of sales and production | (1,635,000) | ||
Research and development expenses | (34,027,000) | ||
Administration and other expenses | (4,587,000) | ||
Net loss | (36,537,000) | ||
Total non-controlling interests | $ (4,750,000) |
Non-controlling Interests - S_4
Non-controlling Interests - Summary of Losses Allocated to NCI in Consolidated Statements of Operations, Per Subsidiary (Details) - CAD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure Of Information About Consolidated Structured Entities [Line Items] | |||
Total non-controlling interests | $ (1,044) | $ (42,530) | $ (10,305) |
Prometic Bioproduction Inc. | |||
Disclosure Of Information About Consolidated Structured Entities [Line Items] | |||
Total non-controlling interests | (927) | (4,750) | |
Pathogen Removal and Diagnostic Technologies Inc. | |||
Disclosure Of Information About Consolidated Structured Entities [Line Items] | |||
Total non-controlling interests | (713) | (641) | (778) |
NantPro Biosciences, LLC | |||
Disclosure Of Information About Consolidated Structured Entities [Line Items] | |||
Total non-controlling interests | $ (331) | $ (40,962) | $ (4,777) |
Capital Disclosures - Summary o
Capital Disclosures - Summary of Capital Disclosures (Details) - CAD ($) $ in Thousands | Dec. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure Of Capital Disclosures [Abstract] | |||||
Warrant liability | $ 157 | ||||
Finance lease obligations | 818 | ||||
Lease liabilities | $ 38,237 | $ 42,701 | |||
Long-term debt | 8,834 | 125,804 | $ 87,020 | ||
Total equity (deficiency) | 94,934 | (63,146) | $ 143,431 | $ 159,343 | |
Cash and cash equivalents | (61,285) | (7,389) | |||
Total capital | $ 80,720 | $ 56,244 |
Revenues from Continuing Oper_3
Revenues from Continuing Operations - Summary of Revenues from Continuing Operations (Details) - CAD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Revenue [Abstract] | |||
Revenues from the sale of goods | $ 4,734 | $ 23,874 | $ 1,469 |
Milestone and licensing revenues | 19,724 | ||
Revenues from the rendering of services | 34 | 260 | 120 |
Rental revenue | 136 | 499 | 1,000 |
Revenues from continuing operations | $ 4,904 | $ 24,633 | $ 22,313 |
Revenues from Continuing Oper_4
Revenues from Continuing Operations - Additional Information (Details) - CAD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Sep. 30, 2017 | Dec. 31, 2017 | |
Disclosure Of Revenue [Line Items] | ||
Milestone and licensing revenues | $ 19,724 | |
China | ||
Disclosure Of Revenue [Line Items] | ||
Milestone and licensing revenues | $ 19,724 |
Supplemental Information Rega_3
Supplemental Information Regarding the Consolidated Statements of Operations - Summary of Consolidated Statements of Operations (Details) - CAD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Supplemental Information Of Statements Of Operations [Line Items] | |||
Research and development expense | $ 75,114 | $ 84,858 | $ 93,523 |
Finance costs | 14,056 | 22,041 | 7,889 |
Employer's benefits | 1,495 | 1,635 | 1,596 |
Share-based payments expense | 21,609 | 6,722 | 8,662 |
Research And Development | |||
Supplemental Information Of Statements Of Operations [Line Items] | |||
Gross research and development expenses | 75,686 | 94,841 | 101,946 |
Research and development tax credits | (572) | (3,175) | (1,554) |
Research and development expense | 75,114 | 91,666 | 100,392 |
Finance Costs | |||
Supplemental Information Of Statements Of Operations [Line Items] | |||
Interest accretion on long-term debt | 7,874 | 18,856 | 7,686 |
Amortization of fees for Credit Facility | 10 | 2,625 | 208 |
Other interest expense, transaction and bank fees | 594 | 886 | 384 |
Interest expense on lease liabilities | 7,068 | ||
Interest income | (753) | (307) | (313) |
Finance costs | 14,793 | 22,060 | 7,965 |
Employee Compensation Expense | |||
Supplemental Information Of Statements Of Operations [Line Items] | |||
Wages and salaries | 48,846 | 46,775 | 44,211 |
Employer's benefits | 8,263 | 8,377 | 8,556 |
Share-based payments expense | 22,030 | 6,722 | 8,662 |
Employee compensation expense | $ 79,139 | $ 61,874 | $ 61,429 |
Pension Plan - Additional Infor
Pension Plan - Additional Information (Details) - CAD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure Of Defined Benefit Plans [Abstract] | |||
Employer's benefits | $ 1,495 | $ 1,635 | $ 1,596 |
Impairment Losses - Summary of
Impairment Losses - Summary of Impairment Losses (Details) - CAD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure Of Impairment Loss And Reversal Of Impairment Loss [Abstract] | |||
Intangible assets | $ 5,296,000 | $ 142,609,000 | |
Capital assets | 7,070,000 | 5,689,000 | |
Option to purchase equipment | 653,000 | ||
Investment in an associate | 1,182,000 | ||
Deferred revenue | (181,000) | ||
Impairment loss | $ 12,366,000 | $ 149,952,000 | $ 0 |
Impairment Losses - Additional
Impairment Losses - Additional Information (Details) - CAD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure Of Impairment Loss And Reversal Of Impairment Loss [Line Items] | |||
Impairment loss | $ 12,366,000 | $ 149,952,000 | $ 0 |
Impairment on capital assets | 955,000 | ||
Intangible assets | 5,296,000 | 142,609,000 | |
Fair value of asset | 0 | ||
Capital assets (note 9) | 21,471,000 | 41,113,000 | |
Fair value of the investment in convertible debt | 0 | ||
Investment in an associate | 0 | ||
Investment in Associate | |||
Disclosure Of Impairment Loss And Reversal Of Impairment Loss [Line Items] | |||
Impairment loss | 1,182,000 | ||
Equipment | |||
Disclosure Of Impairment Loss And Reversal Of Impairment Loss [Line Items] | |||
Capital assets (note 9) | 653,000 | ||
IVIG CGU | |||
Disclosure Of Impairment Loss And Reversal Of Impairment Loss [Line Items] | |||
Fair value of asset | 0 | ||
IVIG Clinical Data | |||
Disclosure Of Impairment Loss And Reversal Of Impairment Loss [Line Items] | |||
Additional production earned though licensed plan | 141,025,000 | ||
Design Plans | |||
Disclosure Of Impairment Loss And Reversal Of Impairment Loss [Line Items] | |||
Additional production earned though licensed plan | 1,584,000 | ||
IVIG Production Equipment | |||
Disclosure Of Impairment Loss And Reversal Of Impairment Loss [Line Items] | |||
Impairment loss | $ 5,689,000 | ||
Pre-tax discount rate | 17.33% | ||
Post-tax discount rate | 11.87% | ||
Bioseparations Operations | |||
Disclosure Of Impairment Loss And Reversal Of Impairment Loss [Line Items] | |||
Intangible assets | $ 127,000 | ||
Plasma Derived Therapeutics | |||
Disclosure Of Impairment Loss And Reversal Of Impairment Loss [Line Items] | |||
Impairment loss | $ 148,770,000 | ||
Impairment on capital assets | 7,070,000 | ||
Intangible assets | 4,535,000 | ||
Small Molecule Therapeutics | |||
Disclosure Of Impairment Loss And Reversal Of Impairment Loss [Line Items] | |||
Intangible assets | $ 634,000 |
Income Taxes - Summary of Incom
Income Taxes - Summary of Income Tax Recovery in Consolidated Statement of Operations (Details) - CAD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items] | |||
Income tax recovery from continuing operations | $ (237) | $ (19,637) | $ (14,302) |
Total income tax recovery | (196) | (20,019) | (14,752) |
Income Tax Recovery | |||
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items] | |||
Current income taxes | (348) | (5,822) | (2,691) |
Deferred income taxes | 111 | (13,815) | (11,611) |
Income tax recovery from continuing operations | (237) | (19,637) | (14,302) |
Income taxes from discontinued operations (note 5) | 41 | (382) | (450) |
Total income tax recovery | $ (196) | $ (20,019) | $ (14,752) |
Income Taxes - Summary of Recon
Income Taxes - Summary of Reconciliation of Income Tax Recovery for Continuing and Discontinued Operations Recognized in Consolidated Statement of Operations (Details) - CAD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Major Components Of Tax Expense Income [Abstract] | |||
Net loss before tax from continuing operations | $ (234,461) | $ (259,465) | $ (136,252) |
Net income before tax from discontinued operations | $ 27,512 | $ 1,550 | $ 1,464 |
Combined Canadian statutory income tax rate | 26.60% | 26.70% | 26.80% |
Income tax at combined income tax rate | $ (55,048) | $ (68,863) | $ (36,123) |
Increase (decrease) in income taxes resulting from: | |||
Unrecorded potential tax benefit arising from current-period losses and other deductible temporary differences | 31,962 | 29,693 | 35,568 |
Effect of tax rate differences in foreign subsidiaries | 4,989 | 4,481 | (2,513) |
Non-deductible or taxable items | (696) | 6,074 | (1,132) |
Change in tax rate | 1,609 | 242 | (6,175) |
Write off of previously recognized tax losses | 22,415 | ||
Non-deductible loss (taxable gain) on debt renegociation | 24,572 | (8,784) | |
Recognition of previous years unrecognized deferred tax assets | (1,221) | ||
Research and development tax credit | (740) | (5,072) | (4,193) |
Foreign withholding tax | 1,039 | ||
Non-taxable gain on disposition of subsidiary (note 5) | (6,903) | ||
Other | 59 | (205) | (2) |
Total income tax recovery | $ (196) | $ (20,019) | $ (14,752) |
Income Taxes - Summary of Defer
Income Taxes - Summary of Deferred Tax Assets and Deferred Tax Liabilities (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items] | ||
Beginning balance | $ (606) | $ 14,404 |
Charged (credited) to profit or loss | 87 | (13,814) |
Derecognized - discontinued operations (note 5) | 12 | |
Charged (credited) to profit and loss (foreign exchange) | (1,196) | |
Ending balance | (507) | (606) |
Intangible assets other than goodwill [member] | ||
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items] | ||
Beginning balance | 27,481 | |
Charged (credited) to profit or loss | (27,481) | |
R&D Expenses | ||
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items] | ||
Beginning balance | (618) | (938) |
Charged (credited) to profit or loss | 111 | 320 |
Ending balance | (507) | (618) |
Losses | ||
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items] | ||
Beginning balance | (12,160) | |
Charged (credited) to profit or loss | 13,356 | |
Charged (credited) to profit and loss (foreign exchange) | (1,196) | |
Other | ||
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items] | ||
Beginning balance | 12 | 21 |
Charged (credited) to profit or loss | (24) | (9) |
Derecognized - discontinued operations (note 5) | $ 12 | |
Ending balance | $ 12 |
Income Taxes - Summary of Avail
Income Taxes - Summary of Available Temporary Differences Not Recognized (Details) - CAD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items] | ||
Available temporary differences not recognized | $ 661,636 | $ 708,623 |
Tax Losses (Non-capital) | ||
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items] | ||
Available temporary differences not recognized | 416,816 | 461,123 |
Tax Losses (Capital) | ||
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items] | ||
Available temporary differences not recognized | 36,951 | |
Unused Research and Development Expenses | ||
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items] | ||
Available temporary differences not recognized | 115,491 | 86,255 |
Undeducted Financing Expenses | ||
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items] | ||
Available temporary differences not recognized | 21,258 | 19,007 |
Interest Expenses Carried Forward | ||
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items] | ||
Available temporary differences not recognized | 5,358 | 7,433 |
Trade and Other Payable | ||
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items] | ||
Available temporary differences not recognized | 4,022 | 1,579 |
Capital Assets | ||
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items] | ||
Available temporary differences not recognized | 4,673 | 1,753 |
Intangible Assets | ||
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items] | ||
Available temporary differences not recognized | 81,899 | 88,980 |
Start-up Expense | ||
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items] | ||
Available temporary differences not recognized | 4,569 | 4,290 |
Unrealized Loss on Exchange Rate | ||
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items] | ||
Available temporary differences not recognized | 6,612 | |
Other | ||
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items] | ||
Available temporary differences not recognized | $ 938 | $ 1,252 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - CAD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Apr. 23, 2019 | Dec. 31, 2018 | |
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items] | |||
Losses/credit expire date | 2023 and 2039 | ||
Available temporary differences not recognized | $ 661,636,000 | $ 708,623,000 | |
Unused federal tax credits available to reduce future income tax | 10,800,000 | ||
Credits recorded in current taxation | $ 1,268,000 | ||
Minimum percentage owned by single shareholder | 50.00% | ||
United Kingdom | |||
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items] | |||
Available to reduce future taxable income for which the benefits have not been recognized | $ 28,427,000 | ||
United States | |||
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items] | |||
Available to reduce future taxable income for which the benefits have not been recognized | 0 | $ 15,820,000 | |
Unused tax losses available to shelter income in future taxation | 246,708,000 | ||
Unused tax losses not available for tax loss carryforwards, no longer available to the company | 114,283,000 | ||
Unused Non-capital Losses | |||
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items] | |||
Non-capital losses | 425,592,000 | ||
Available to reduce future taxable income for which the benefits have not been recognized | 416,816,000 | ||
Available temporary differences not recognized | 416,816,000 | 461,123,000 | |
Unused Capital Losses | |||
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items] | |||
Available to reduce future taxable income for which the benefits have not been recognized | $ 36,951,000 | ||
Available temporary differences not recognized | 36,951,000 | ||
Unused Research and Development Expenses | |||
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items] | |||
Losses/credit expire date | 2027 to 2039 | ||
Available temporary differences not recognized | $ 115,491,000 | $ 86,255,000 | |
Total amount available of unused R&D expenses | 117,403,000 | ||
Unused Research and Development Expenses | Available to Reduce Future Taxable Income | |||
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items] | |||
Available temporary differences not recognized | $ 115,491,000 |
Income Taxes - Summary of Unuse
Income Taxes - Summary of Unused Non-capital Losses Expire (Details) - CAD ($) | Dec. 31, 2019 | Apr. 23, 2019 |
United Kingdom | ||
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items] | ||
Unused non-capital losses expire | $ 28,427,000 | |
United States | ||
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items] | ||
Unused non-capital losses expire | 0 | $ 15,820,000 |
Unused Non-capital Losses | ||
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items] | ||
Unused non-capital losses expire | 416,816,000 | |
Unused Non-capital Losses | Canada Federal | ||
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items] | ||
Unused non-capital losses expire | 182,488,000 | |
Unused Non-capital Losses | Canada Federal | 2027 | ||
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items] | ||
Unused non-capital losses expire | 3,510,000 | |
Unused Non-capital Losses | Canada Federal | 2029 | ||
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items] | ||
Unused non-capital losses expire | 76,000 | |
Unused Non-capital Losses | Canada Federal | 2030 | ||
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items] | ||
Unused non-capital losses expire | 977,000 | |
Unused Non-capital Losses | Canada Federal | 2031 | ||
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items] | ||
Unused non-capital losses expire | 855,000 | |
Unused Non-capital Losses | Canada Federal | 2032 | ||
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items] | ||
Unused non-capital losses expire | 4,215,000 | |
Unused Non-capital Losses | Canada Federal | 2033 | ||
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items] | ||
Unused non-capital losses expire | 8,761,000 | |
Unused Non-capital Losses | Canada Federal | 2034 | ||
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items] | ||
Unused non-capital losses expire | 9,156,000 | |
Unused Non-capital Losses | Canada Federal | 2035 | ||
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items] | ||
Unused non-capital losses expire | 30,273,000 | |
Unused Non-capital Losses | Canada Federal | 2036 | ||
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items] | ||
Unused non-capital losses expire | 25,800,000 | |
Unused Non-capital Losses | Canada Federal | 2037 | ||
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items] | ||
Unused non-capital losses expire | 36,165,000 | |
Unused Non-capital Losses | Canada Federal | 2038 | ||
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items] | ||
Unused non-capital losses expire | 24,109,000 | |
Unused Non-capital Losses | Canada Federal | 2039 | ||
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items] | ||
Unused non-capital losses expire | 38,591,000 | |
Unused Non-capital Losses | Canada Federal | Expiration | ||
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items] | ||
Unused non-capital losses expire | 182,488,000 | |
Unused Non-capital Losses | Canada Provincial | ||
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items] | ||
Unused non-capital losses expire | 175,542,000 | |
Unused Non-capital Losses | Canada Provincial | 2027 | ||
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items] | ||
Unused non-capital losses expire | 3,495,000 | |
Unused Non-capital Losses | Canada Provincial | 2029 | ||
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items] | ||
Unused non-capital losses expire | 76,000 | |
Unused Non-capital Losses | Canada Provincial | 2030 | ||
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items] | ||
Unused non-capital losses expire | 977,000 | |
Unused Non-capital Losses | Canada Provincial | 2031 | ||
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items] | ||
Unused non-capital losses expire | 855,000 | |
Unused Non-capital Losses | Canada Provincial | 2032 | ||
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items] | ||
Unused non-capital losses expire | 3,975,000 | |
Unused Non-capital Losses | Canada Provincial | 2033 | ||
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items] | ||
Unused non-capital losses expire | 8,261,000 | |
Unused Non-capital Losses | Canada Provincial | 2034 | ||
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items] | ||
Unused non-capital losses expire | 10,667,000 | |
Unused Non-capital Losses | Canada Provincial | 2035 | ||
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items] | ||
Unused non-capital losses expire | 22,668,000 | |
Unused Non-capital Losses | Canada Provincial | 2036 | ||
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items] | ||
Unused non-capital losses expire | 25,695,000 | |
Unused Non-capital Losses | Canada Provincial | 2037 | ||
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items] | ||
Unused non-capital losses expire | 36,156,000 | |
Unused Non-capital Losses | Canada Provincial | 2038 | ||
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items] | ||
Unused non-capital losses expire | 24,128,000 | |
Unused Non-capital Losses | Canada Provincial | 2039 | ||
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items] | ||
Unused non-capital losses expire | 38,589,000 | |
Unused Non-capital Losses | Canada Provincial | Expiration | ||
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items] | ||
Unused non-capital losses expire | 175,542,000 | |
Unused Non-capital Losses | Foreign Countries | ||
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items] | ||
Unused non-capital losses expire | 243,108,000 | |
Unused Non-capital Losses | Foreign Countries | 2027 | ||
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items] | ||
Unused non-capital losses expire | 4,877,000 | |
Unused Non-capital Losses | Foreign Countries | 2028 | ||
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items] | ||
Unused non-capital losses expire | 5,645,000 | |
Unused Non-capital Losses | Foreign Countries | 2029 | ||
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items] | ||
Unused non-capital losses expire | 2,716,000 | |
Unused Non-capital Losses | Foreign Countries | 2030 | ||
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items] | ||
Unused non-capital losses expire | 5,487,000 | |
Unused Non-capital Losses | Foreign Countries | 2031 | ||
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items] | ||
Unused non-capital losses expire | 6,518,000 | |
Unused Non-capital Losses | Foreign Countries | 2034 | ||
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items] | ||
Unused non-capital losses expire | 2,592,000 | |
Unused Non-capital Losses | Foreign Countries | 2035 | ||
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items] | ||
Unused non-capital losses expire | 13,368,000 | |
Unused Non-capital Losses | Foreign Countries | 2036 | ||
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items] | ||
Unused non-capital losses expire | 23,799,000 | |
Unused Non-capital Losses | Foreign Countries | 2037 | ||
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items] | ||
Unused non-capital losses expire | 32,763,000 | |
Unused Non-capital Losses | Foreign Countries | Expiration | ||
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items] | ||
Unused non-capital losses expire | 97,765,000 | |
Unused Non-capital Losses | Foreign Countries | United Kingdom | Not Expiration | ||
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items] | ||
Unused non-capital losses expire | 94,805,000 | |
Unused Non-capital Losses | Foreign Countries | United States | Not Expiration | ||
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items] | ||
Unused non-capital losses expire | $ 50,538,000 |
Segmented Information - Additio
Segmented Information - Additional Information (Details) | 12 Months Ended | ||
Dec. 31, 2019OperatingSegmentCustomer | Dec. 31, 2018Customer | Dec. 31, 2017Customer | |
Disclosure Of Operating Segments [Line Items] | |||
Number of operating segments | OperatingSegment | 2 | ||
Plasma Derived Therapeutics | |||
Disclosure Of Operating Segments [Line Items] | |||
Number of customers derives revenues | 2 | 2 | |
Percentage of revenue from continuing operations | 97.00% | 93.00% | |
Plasma Derived Therapeutics | Customer One | |||
Disclosure Of Operating Segments [Line Items] | |||
Percentage of revenue from continuing operations | 62.00% | 57.00% | |
Plasma Derived Therapeutics | Customer Two | |||
Disclosure Of Operating Segments [Line Items] | |||
Percentage of revenue from continuing operations | 35.00% | 36.00% | |
Small Molecule Therapeutics | |||
Disclosure Of Operating Segments [Line Items] | |||
Number of customers derives revenues | 1 | ||
Percentage of revenue from continuing operations | 88.00% |
Segmented Information - Summary
Segmented Information - Summary of Revenues and Expenses by Operating Segments (Details) - CAD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure Of Operating Segments [Line Items] | |||
Revenues (note 22) | $ 4,904 | $ 24,633 | $ 22,313 |
Cost of sales and other production expenses (note 7) | 2,763 | 25,707 | 3,689 |
Manufacturing and purchase cost of product candidates used for R&D activities | 37,044 | 38,667 | 34,703 |
R&D - Other expenses | 38,070 | 46,191 | 58,820 |
Administration, selling and marketing expenses | 45,283 | 29,448 | 29,563 |
Bad debt expense (note 22) | 20,491 | ||
Segment loss | (118,256) | (115,380) | (124,953) |
Loss (gain) on foreign exchange | (1,451) | 4,696 | (781) |
Finance costs (note 23b) | 14,056 | 22,041 | 7,889 |
Loss (gain) on extinguishments of liabilities (notes 16, 19a) | 92,374 | (33,626) | 4,191 |
Share of losses of an associate (note 12) | 22 | ||
Change in fair value of financial instruments measured at fair value through profit or loss (note 15) | (1,140) | 1,000 | |
Impairment losses (note 25) | 12,366 | 149,952 | |
Net income (loss) from continuing operations before taxes | (234,461) | (259,465) | (136,252) |
Other information | |||
Depreciation and amortization | 8,858 | 4,539 | 3,669 |
Share-based payment expense | 21,541 | 6,400 | 8,268 |
Operating Segments | Small Molecule Therapeutics | |||
Disclosure Of Operating Segments [Line Items] | |||
Revenues (note 22) | 34 | 19,724 | |
Manufacturing and purchase cost of product candidates used for R&D activities | 132 | 1,692 | 1,755 |
R&D - Other expenses | 15,419 | 14,234 | 17,426 |
Administration, selling and marketing expenses | 4,709 | 3,522 | 3,669 |
Bad debt expense (note 22) | 20,491 | ||
Segment loss | (20,226) | (19,448) | (23,617) |
Other information | |||
Depreciation and amortization | 779 | 480 | 428 |
Share-based payment expense | 4,782 | 1,270 | 1,509 |
Operating Segments | Plasma Derived Therapeutics | |||
Disclosure Of Operating Segments [Line Items] | |||
Revenues (note 22) | 4,736 | 24,521 | 2,529 |
Cost of sales and other production expenses (note 7) | 2,633 | 25,297 | 4,014 |
Manufacturing and purchase cost of product candidates used for R&D activities | 37,107 | 37,107 | 32,764 |
R&D - Other expenses | 22,366 | 31,727 | 40,963 |
Administration, selling and marketing expenses | 8,368 | 10,393 | 13,488 |
Segment loss | (65,738) | (80,003) | (88,700) |
Other information | |||
Depreciation and amortization | 7,400 | 3,644 | 2,880 |
Share-based payment expense | 4,390 | 1,524 | 2,269 |
Reconciliation to Statement of Operations | |||
Disclosure Of Operating Segments [Line Items] | |||
Revenues (note 22) | 134 | 112 | 60 |
Cost of sales and other production expenses (note 7) | 130 | 410 | (325) |
Manufacturing and purchase cost of product candidates used for R&D activities | (195) | (132) | 184 |
R&D - Other expenses | 285 | 230 | 431 |
Administration, selling and marketing expenses | 32,206 | 15,533 | 12,406 |
Segment loss | (32,292) | (15,929) | (12,636) |
Other information | |||
Depreciation and amortization | 679 | 415 | 361 |
Share-based payment expense | $ 12,369 | $ 3,606 | $ 4,490 |
Segmented Information - Summa_2
Segmented Information - Summary of Capital, Intangible and Right-of-use Assets by Geographic Area (Details) - CAD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure Of Geographical Areas [Line Items] | ||
Capital, intangible and right-of-use assets | $ 68,571 | $ 60,916 |
Canada | ||
Disclosure Of Geographical Areas [Line Items] | ||
Capital, intangible and right-of-use assets | 48,309 | 27,647 |
United States | ||
Disclosure Of Geographical Areas [Line Items] | ||
Capital, intangible and right-of-use assets | 3,141 | 19,287 |
United Kingdom | ||
Disclosure Of Geographical Areas [Line Items] | ||
Capital, intangible and right-of-use assets | $ 17,121 | $ 13,982 |
Segmented Information - Summa_3
Segmented Information - Summary of Revenues by Location From Continuing Operations (Details) - CAD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure Of Geographical Areas [Line Items] | |||
Revenues (note 22) | $ 4,904 | $ 24,633 | $ 22,313 |
United States | |||
Disclosure Of Geographical Areas [Line Items] | |||
Revenues (note 22) | 3,023 | 22,854 | 120 |
Canada | |||
Disclosure Of Geographical Areas [Line Items] | |||
Revenues (note 22) | $ 1,881 | 1,519 | 2,469 |
China | |||
Disclosure Of Geographical Areas [Line Items] | |||
Revenues (note 22) | $ 19,724 | ||
Norway | |||
Disclosure Of Geographical Areas [Line Items] | |||
Revenues (note 22) | $ 260 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Details) - CAD ($) | 12 Months Ended | ||||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Mar. 20, 2020 | Mar. 19, 2020 | Nov. 11, 2019 | Apr. 30, 2019 | |
Related Party Transactions [Line Items] | |||||||
Share purchase loan outstanding | $ 400,000 | $ 400,000 | |||||
Description of share purchase loan maturity | The loan bore interest at prime plus 1% and had a maturity date of the earlier of (i) March 31, 2019 or (ii) 30 days preceding a targeted Nasdaq or New York Stock Exchange listing date of Liminal’s shares. | ||||||
Fair value of common share | 137,000 | ||||||
Share purchase loan | $ 400,000 | ||||||
Amount of drawn from loan agreement | $ 0 | ||||||
Research and development expenses (note 23a) | 75,114,000 | 84,858,000 | $ 93,523,000 | ||||
Interest revenues | 19,000 | ||||||
Unpaid interest | $ 31,000 | ||||||
Sales of Bioseparations Operations | |||||||
Related Party Transactions [Line Items] | |||||||
Line of credit available to be drawn | $ 29,123,000 | $ 29,123,000 | |||||
Loan Agreement | |||||||
Related Party Transactions [Line Items] | |||||||
Amount of available to drawn from loan agreement | 30,298,000 | ||||||
Top of Range | Loan Agreement | |||||||
Related Party Transactions [Line Items] | |||||||
Amount of available to drawn from loan agreement | $ 30,298,000 | ||||||
S A L P | |||||||
Related Party Transactions [Line Items] | |||||||
Debt modification date | Nov. 14, 2018 | ||||||
Debt restructuring completion date | Apr. 23, 2019 | ||||||
Interest paid on loan | $ 7,831,000 | ||||||
Professional fee expenses | $ 469,000 | ||||||
S A L P | Non-Revolving Line of Credit | |||||||
Related Party Transactions [Line Items] | |||||||
Loan agreement amendment date | Apr. 23, 2019 | ||||||
Maximum non-revolving credit facility | $ 75,000,000 | ||||||
Credit facility, interest rate | 10.00% | ||||||
Maturity date | April 23, 2024 | ||||||
S A L P | Top of Range | |||||||
Related Party Transactions [Line Items] | |||||||
Percentage of voting right of debt holders | 20.00% | ||||||
Consulting Service Agreement | Director | |||||||
Related Party Transactions [Line Items] | |||||||
Research and development expenses (note 23a) | $ 47,000 | ||||||
Research and development expense payable | $ 37,000 |
Compensation of Key Managemen_3
Compensation of Key Management Personnel - Additional Information (Details) - Individual | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure Of Compensation Of Key Management Personnel [Abstract] | |||
Number of key management personnel | 28 | 25 | 24 |
Compensation of Key Managemen_4
Compensation of Key Management Personnel - Summary of the Remuneration of the Key Management Personnel (Details) - CAD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure Of Compensation Of Key Management Personnel [Abstract] | |||
Current employee benefits | $ 10,083 | $ 5,953 | $ 7,750 |
Pension costs | 267 | 268 | 293 |
Share-based payments | 16,842 | 3,685 | 6,515 |
Termination benefits | 2,919 | 3,651 | |
Remuneration of key management personnel | $ 30,111 | $ 13,557 | $ 14,558 |
Commitments - Additional Inform
Commitments - Additional Information (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2019CAD ($) | |
Commitments [Line Items] | |
Royalty percentage on future revenues relating to patents | 2.00% |
Royalty agreement expiry | 2033 |
CMO Contract | |
Commitments [Line Items] | |
Remaining payment | $ 98,921 |
CMO Contract | IFRS 16 | |
Commitments [Line Items] | |
Remaining payment after deduction of minimum lease payments | 48,734 |
Bottom of Range | CMO Contract | |
Commitments [Line Items] | |
Future minimum lease payments | 7,000 |
Top of Range | CMO Contract | |
Commitments [Line Items] | |
Future minimum lease payments | $ 9,000 |
License Agreements | Small Molecule Product Candidates | |
Commitments [Line Items] | |
Royalty percentage | 3.00% |
License Agreements | Bottom of Range | |
Commitments [Line Items] | |
Royalty percentage | 0.50% |
License Agreements | Top of Range | |
Commitments [Line Items] | |
Royalty percentage | 12.00% |
Commitments - Schedule of Total
Commitments - Schedule of Total Commitment Not Recognized in Lease Liability Payment (Details) - CMO Contract $ in Thousands | Dec. 31, 2019CAD ($) |
Disclosure Of Maturity Analysis Of Finance Lease Payments Payable [Line Items] | |
CMO operating expense commitment | $ 48,734 |
Within 1-year | |
Disclosure Of Maturity Analysis Of Finance Lease Payments Payable [Line Items] | |
CMO operating expense commitment | 3,464 |
2 - 5 Years | |
Disclosure Of Maturity Analysis Of Finance Lease Payments Payable [Line Items] | |
CMO operating expense commitment | 20,761 |
Later Than 5-Years | |
Disclosure Of Maturity Analysis Of Finance Lease Payments Payable [Line Items] | |
CMO operating expense commitment | $ 24,509 |
Commitments - Summary of Future
Commitments - Summary of Future Purchase Agreement Commitments (Details) - Plasma Purchase Agreements $ in Thousands | Dec. 31, 2019CAD ($) |
Commitments [Line Items] | |
Purchase commitments | $ 24,340 |
Within 1-year | |
Commitments [Line Items] | |
Purchase commitments | 4,816 |
2021 | |
Commitments [Line Items] | |
Purchase commitments | 14,604 |
2022 | |
Commitments [Line Items] | |
Purchase commitments | $ 4,920 |
Financial Instruments and Fin_3
Financial Instruments and Financial Risk Management - Schedule of Fair Values of Financial Assets and Financial Liabilities Together With Carrying Amounts Included in Statement of Financial Position (Details) - CAD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Royalty Payment Obligation | ||
Disclosure Of Financial Liabilities [Line Items] | ||
Financial liabilities, Carrying amount | $ 3,148 | $ 3,077 |
Financial liabilities, Fair value | 3,148 | 2,685 |
License Acquisition Payment Obligations | ||
Disclosure Of Financial Liabilities [Line Items] | ||
Financial liabilities, Carrying amount | 1,302 | 2,726 |
Financial liabilities, Fair value | 1,302 | 2,492 |
Long-term Debt | ||
Disclosure Of Financial Liabilities [Line Items] | ||
Financial liabilities, Carrying amount | 8,834 | 125,804 |
Financial liabilities, Fair value | $ 8,834 | $ 112,914 |
Financial Instruments and Fin_4
Financial Instruments and Financial Risk Management - Additional Information (Details) - CAD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure Of Financial Instruments [Line Items] | ||||
Milestone and licensing revenues | $ 19,724 | |||
Wrote-off accounts receivable to bad debt expense | 18,518 | |||
Reversal of withholding tax | $ 1,972 | |||
Consolidated Net Loss | U.S. Dollar | ||||
Disclosure Of Financial Instruments [Line Items] | ||||
Percentage of depreciation or appreciation of currency against foreign currencies which would result in increase decrease of consolidated net loss and other comprehensive loss | 10.00% | |||
Decrease or increase of loss due to depreciation or appreciation of currency against foreign currency | $ 437 | |||
Total Comprehensive Loss | Great Britain Pound | ||||
Disclosure Of Financial Instruments [Line Items] | ||||
Percentage of depreciation or appreciation of currency against foreign currencies which would result in increase decrease of consolidated net loss and other comprehensive loss | 10.00% | |||
Decrease or increase of loss due to depreciation or appreciation of currency against foreign currency | $ 865 | |||
China | ||||
Disclosure Of Financial Instruments [Line Items] | ||||
License agreement date | 2017-08 | |||
Milestone and licensing revenues | $ 19,724 | |||
Licensing Agreement | China | ||||
Disclosure Of Financial Instruments [Line Items] | ||||
Milestone and licensing revenues | $ 19,724 | |||
Agreement termination period | 2018-03 | |||
Discounted Cash Flow | Bottom of Range | ||||
Disclosure Of Financial Instruments [Line Items] | ||||
Market interest rate specific to term of debt instrument | 8.83% | 14.43% | ||
Discounted Cash Flow | Top of Range | ||||
Disclosure Of Financial Instruments [Line Items] | ||||
Market interest rate specific to term of debt instrument | 15.05% | 21.94% |
Financial Instruments and Fin_5
Financial Instruments and Financial Risk Management - Schedule of Contractual Maturities of Financial Liabilities (Details) - CAD ($) $ in Thousands | Dec. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure Of Maturity Analysis For Nonderivative Financial Liabilities [Line Items] | ||||
Accounts payable and accrued liabilities (note 13) | $ 22,808 | $ 31,855 | ||
Long-term portion of royalty payment obligations | 105 | |||
Lease liabilities | 38,237 | $ 42,701 | ||
Long-term portion of other employee benefit liabilities | 180 | |||
Long-term debt | 8,834 | $ 125,804 | $ 87,020 | |
Contractual maturities of financial liabilities | 70,164 | |||
Long-term portion of other employee benefit liabilities | 180 | |||
Accounts payable and accrued liabilities, Contractual cash flows | 22,808 | |||
Long-term portion of royalty payment obligations, Contractual cash flows | 358 | |||
Lease liabilities, Contractual cash flows | 76,912 | |||
Long-term portion of other employee benefit liabilities, Contractual cash flows | 180 | |||
Long-term debt, Contractual cash flows | 14,515 | |||
Contractual cash flow maturities of financial liabilities | 114,773 | |||
Payable Within 1 Year | ||||
Disclosure Of Maturity Analysis For Nonderivative Financial Liabilities [Line Items] | ||||
Accounts payable and accrued liabilities, Contractual cash flows | 22,808 | |||
Lease liabilities, Contractual cash flows | 8,901 | |||
Long-term debt, Contractual cash flows | 1,176 | |||
Contractual cash flow maturities of financial liabilities | 32,885 | |||
1 - 4 Years | ||||
Disclosure Of Maturity Analysis For Nonderivative Financial Liabilities [Line Items] | ||||
Long-term portion of royalty payment obligations, Contractual cash flows | 78 | |||
Lease liabilities, Contractual cash flows | 23,630 | |||
Long-term portion of other employee benefit liabilities, Contractual cash flows | 180 | |||
Long-term debt, Contractual cash flows | 3,025 | |||
Contractual cash flow maturities of financial liabilities | 26,913 | |||
5 Years | ||||
Disclosure Of Maturity Analysis For Nonderivative Financial Liabilities [Line Items] | ||||
Long-term portion of royalty payment obligations, Contractual cash flows | 26 | |||
Lease liabilities, Contractual cash flows | 6,723 | |||
Long-term debt, Contractual cash flows | 10,314 | |||
Contractual cash flow maturities of financial liabilities | 17,063 | |||
Later than 5 Years | ||||
Disclosure Of Maturity Analysis For Nonderivative Financial Liabilities [Line Items] | ||||
Long-term portion of royalty payment obligations, Contractual cash flows | 254 | |||
Lease liabilities, Contractual cash flows | 37,658 | |||
Contractual cash flow maturities of financial liabilities | $ 37,912 |
Financial Instruments and Fin_6
Financial Instruments and Financial Risk Management - Schedule of Net Exposure to Currency Risk through Assets and Liabilities (Details) | Dec. 31, 2019CAD ($) | Dec. 31, 2019GBP (£) | Dec. 31, 2019USD ($) | Jan. 01, 2019CAD ($) | Dec. 31, 2018CAD ($) | Dec. 31, 2018GBP (£) | Dec. 31, 2018USD ($) | Dec. 31, 2017CAD ($) | Dec. 31, 2016CAD ($) |
Disclosure Of Risk Management Strategy Related To Hedge Accounting [Line Items] | |||||||||
Cash and cash equivalents | $ 61,285,000 | $ 7,389,000 | $ 23,166,000 | $ 27,806,000 | |||||
Other long-term assets | 1,170,000 | 411,000 | |||||||
Accounts payable and accrued liabilities | (22,808,000) | (31,855,000) | |||||||
Lease liabilities | (38,237,000) | $ (42,701,000) | |||||||
Other long-term liabilities | (285,000) | (5,695,000) | |||||||
Finance lease obligations | (818,000) | ||||||||
Long-term debt | (8,669,000) | (122,593,000) | |||||||
Currency Risk | Exposure in US Dollars | |||||||||
Disclosure Of Risk Management Strategy Related To Hedge Accounting [Line Items] | |||||||||
Cash and cash equivalents | 33,883,273 | $ 26,032,017 | 3,544,145 | $ 2,600,253 | |||||
Accounts receivable | 207,741 | 159,604 | 3,705,326 | 2,718,508 | |||||
Other long-term assets | 59,129 | 45,428 | 69,686 | 51,127 | |||||
Accounts payable and accrued liabilities | (9,383,969) | (7,209,564) | (12,276,044) | (9,006,635) | |||||
Lease liabilities | (29,140,152) | (22,426,384) | |||||||
Other long-term liabilities | (4,261,387) | (3,126,476) | |||||||
Finance lease obligations | (818,719) | (600,674) | |||||||
Long-term debt | (111,223,000) | (81,601,614) | |||||||
Net exposure | (4,373,978) | $ (3,398,899) | (121,259,993) | $ (88,965,511) | |||||
Currency Risk | Exposure in GBP | |||||||||
Disclosure Of Risk Management Strategy Related To Hedge Accounting [Line Items] | |||||||||
Cash and cash equivalents | 480,233 | £ 279,840 | 1,266,596 | £ 729,732 | |||||
Accounts receivable | 1,223,713 | 713,078 | 11,867,272 | 6,837,168 | |||||
Income tax receivable | 9,214,542 | 5,369,467 | |||||||
Accounts payable and accrued liabilities | (1,667,642) | (971,763) | (2,664,485) | (1,535,107) | |||||
Lease liabilities | (601,979) | (350,783) | |||||||
Net exposure | $ 8,648,867 | £ 5,039,839 | $ 10,469,383 | £ 6,031,793 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Details) $ in Thousands, $ in Millions | Jan. 29, 2020shares | Jan. 29, 2019shares | Dec. 31, 2020CAD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019shares | Dec. 31, 2018shares |
Disclosure Of Nonadjusting Events After Reporting Period [Line Items] | ||||||
Issued to acquire assets, Number | 4,420 | 4,420 | 1,113 | |||
Events After Reporting Period | ||||||
Disclosure Of Nonadjusting Events After Reporting Period [Line Items] | ||||||
Issued to acquire assets, Number | 96,833 | |||||
Events After Reporting Period | Top of Range | ||||||
Disclosure Of Nonadjusting Events After Reporting Period [Line Items] | ||||||
Termination benefits expense | $ 1,952 | $ 1.5 |