Document And Entity Information
Document And Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Mar. 20, 2020 | Jun. 30, 2019 | |
Document Information [Line Items] | |||
Entity Registrant Name | DiaMedica Therapeutics Inc. | ||
Entity Central Index Key | 0001401040 | ||
Trading Symbol | dmac | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Current Reporting Status | No | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Emerging Growth Company | true | ||
Entity Ex Transition Period | true | ||
Entity Small Business | true | ||
Entity Interactive Data Current | Yes | ||
Entity Common Stock, Shares Outstanding (in shares) | 14,139,074 | ||
Entity Public Float | $ 53.4 | ||
Entity Shell Company | false | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2019 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Title of 12(b) Security | Voting Common Shares, no par value per share |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 3,883 | $ 16,823 |
Marketable securities | 3,995 | |
Amounts receivable | 823 | 780 |
Deposits | 88 | |
Prepaid expenses and other assets | 47 | 369 |
Total current assets | 8,836 | 17,972 |
Non-current assets: | ||
Operating lease right-of-use asset | 153 | |
Property and equipment, net | 64 | 96 |
Deposits | 271 | |
Total non-current assets | 217 | 367 |
Total assets | 9,053 | 18,339 |
Current liabilities: | ||
Accounts payable | 182 | 483 |
Accrued liabilities | 1,076 | 808 |
Finance lease obligation | 6 | 5 |
Operating lease obligation | 54 | |
Total current liabilities | 1,318 | 1,296 |
Non-current liabilities: | ||
Finance lease obligation, non-current | 13 | 18 |
Operating lease obligation, non-current | 105 | |
Total non-current liabilities | 118 | 18 |
Commitments and contingencies (Note 11) | ||
Shareholders’ equity: | ||
Common shares, no par value; unlimited authorized; 12,006,874 and 11,956,874 shares issued and outstanding, as of December 31, 2019 and 2018, respectively | ||
Paid-in capital | 64,232 | 62,993 |
Accumulated other comprehensive income | 2 | |
Accumulated deficit | (56,617) | (45,968) |
Total shareholders’ equity | 7,617 | 17,025 |
Total liabilities and shareholders’ equity | $ 9,053 | $ 18,339 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares $ / shares in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Common shares, par value (in dollars per share) | $ 0 | $ 0 |
Common shares, authorized | Unlimited | Unlimited |
Common shares, issued (in shares) | 12,006,874 | 11,956,874 |
Common shares, outstanding (in shares) | 12,006,874 | 11,956,874 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Operating revenues: | ||
License revenues | $ 500 | |
Operating expenses: | ||
Research and development | 7,900 | 4,522 |
General and administrative | 3,693 | 2,739 |
Total operating expenses | 11,593 | 7,261 |
Operating loss | (11,593) | (6,761) |
Other (income) expense: | ||
Governmental assistance - research incentives | (856) | (1,214) |
Other (income) expense, net | (119) | 68 |
Change in fair value of warrant liability | 39 | |
Total other income, net | (975) | (1,107) |
Loss before income tax expense | (10,618) | (5,654) |
Income tax expense | 31 | 80 |
Net loss | (10,649) | (5,734) |
Other comprehensive income | ||
Unrealized gain on marketable securities | (2) | |
Net loss and comprehensive loss | $ (10,647) | $ (5,734) |
Basic and diluted net loss per share (in dollars per share) | $ (0.89) | $ (0.74) |
Weighted average shares outstanding – basic and diluted (in shares) | 11,987,696 | 7,743,520 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | AOCI Attributable to Parent [Member] | Retained Earnings [Member] | Total |
Balance (in shares) at Dec. 31, 2017 | 6,370,661 | ||||
Balance at Dec. 31, 2017 | $ 41,033 | $ (40,234) | $ 799 | ||
Issuance of common shares and warrants, net of offering costs of $529 (in shares) | 1,322,965 | ||||
Issuance of common shares and warrants, net of offering costs of $529 | 5,840 | 5,840 | |||
Issuance of common shares, net of offering costs of $1,674 (in shares) | 4,100,000 | ||||
Issuance of common shares, net of offering costs of $1,674 | 14,726 | $ 14,726 | |||
Exercise of common share purchase warrants (in shares) | 146,294 | 128,594 | |||
Exercise of common share purchase warrants | 731 | $ 731 | |||
Exercise of common stock options (in shares) | 16,954 | 16,954 | |||
Exercise of common stock options | 43 | $ 43 | |||
Share-based compensation expense | 620 | 620 | |||
Net loss | (5,734) | (5,734) | |||
Unrealized gain on marketable securities | |||||
Balance (in shares) at Dec. 31, 2018 | 11,956,874 | ||||
Balance at Dec. 31, 2018 | 62,993 | (45,968) | 17,025 | ||
Exercise of common stock options (in shares) | 50,000 | ||||
Exercise of common stock options | 75 | 75 | |||
Share-based compensation expense | 1,164 | 1,164 | |||
Net loss | (10,649) | (10,649) | |||
Unrealized gain on marketable securities | 2 | 2 | |||
Balance (in shares) at Dec. 31, 2019 | 12,006,874 | ||||
Balance at Dec. 31, 2019 | $ 64,232 | $ 2 | $ (56,617) | $ 7,617 |
Consolidated Statements of Sh_2
Consolidated Statements of Shareholders' Equity (Parentheticals) $ in Thousands | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Stock and Warrants Issuance 1 [Member] | |
Offering costs | $ 529 |
Stock Issuance [Member] | |
Offering costs | $ 1,674 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Cash flows from operating activities: | ||
Net loss | $ (10,649,000) | $ (5,734,000) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Share-based compensation | 1,164,000 | 620,000 |
Amortization of discount on marketable securities | (74,000) | |
Non-cash lease expense | 49,000 | |
Depreciation | 21,000 | 15,000 |
Change in fair value of warrant liability | 39,000 | |
Changes in operating assets and liabilities: | ||
Amounts receivable | (43,000) | (700,000) |
Prepaid expenses | 322,000 | (308,000) |
Deposits | 183,000 | |
Accounts payable | (301,000) | (30,000) |
Accrued liabilities | 226,000 | 402,000 |
Net cash used in operating activities | (9,102,000) | (5,696,000) |
Cash flows from investing activities: | ||
Purchase of marketable securities | (12,919,000) | |
Maturities of marketable securities | 9,000,000 | |
Disposition of property and equipment, net | 13,000 | |
Purchase of property and equipment | (2,000) | (50,000) |
Net cash used in investing activities | (3,908,000) | (50,000) |
Cash flows from financing activities: | ||
Proceeds from exercise of stock options | 75,000 | 43,000 |
Principal payments on finance lease obligations | (5,000) | |
Proceeds from issuance of common shares, net of offering costs | 14,726,000 | |
Proceeds from issuance of common shares and warrants, net offering costs | 5,840,000 | |
Proceeds from the exercise of common share purchase warrants | 607,000 | |
Net cash provided by financing activities | 70,000 | 21,216,000 |
Net increase (decrease) in cash and cash equivalents | (12,940,000) | 15,470,000 |
Cash and cash equivalents at beginning of period | 16,823,000 | 1,353,000 |
Cash and cash equivalents at end of period | 3,883,000 | 16,823,000 |
Supplemental disclosure of cash flow information: | ||
Cash paid for income taxes | 26,000 | 80,000 |
Cash paid for interest | 2,000 | 11,000 |
Supplemental disclosure of non-cash transactions: | ||
Reclassification of warrant liability upon warrant exercise | 123,000 | |
Assets acquired under capital lease | $ 24,000 |
Note 1 - Business
Note 1 - Business | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Business Description and Basis of Presentation [Text Block] | 1. Business DiaMedica Therapeutics Inc. and its wholly-owned subsidiaries, DiaMedica USA, Inc. and DiaMedica Australia Pty Ltd. (collectively “we,” “us,” “our,” “DiaMedica” and the “Company”), exist for the primary purpose of advancing the clinical and commercial development of a proprietary recombinant KLK1 December 7, 2018, Effective November 15, 2018, 1 20 No November 6, 2018 |
Note 2 - Risks and Uncertaintie
Note 2 - Risks and Uncertainties | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Risks and Uncertainties [Text Block] | 2. Risks and Uncertainties DiaMedica operates in a highly regulated and competitive environment. The development, manufacturing and marketing of pharmaceutical products require approval from, and are subject to ongoing oversight by, the Food and Drug Administration (FDA) in the United States, the European Medicines Agency (EMA) in the European Union and comparable agencies in other countries. We are in the clinical stage of development of our initial product candidate, DM199, not not DM199 not three five DM199 DM199 As of December 31, 2019, $56.6 2000. December 31, 2019, $10.6 $9.1 2020 2019 December 31, 2019, $7.9 $7.5 $7.6 February 13, 2020, 2,125,000 $4.00 $8.5 $7.7 17 Our principal sources of cash have included net proceeds from the issuance of equity securities. See Note 12 17 no not We expect that we will need substantial additional capital to further our research and development activities, complete the required clinical trials, regulatory activities and otherwise develop our product candidate, DM199, may February 2020 2021. may no not |
Note 3 - Summary of Significant
Note 3 - Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 3. Summary of Significant Accounting Policies Basis of consolidation The accompanying consolidated financial statements include the assets, liabilities and expenses of DiaMedica Therapeutics Inc., and our wholly-owned subsidiaries, DiaMedica USA, Inc. and DiaMedica Australia Pty Ltd. All significant intercompany transactions and balances have been eliminated in consolidation. Functional currency The United States dollar is our functional currency as it represents the economic effects of the underlying transactions, events and conditions and various other factors including the currency of historical and future expenditures and the currency in which funds from financing activities are mostly generated by the Company. A change in the functional currency occurs only when there is a material change in the underlying transactions, events and condition. A change in functional currency could result in material differences in the amounts recorded in the consolidated statement of loss and comprehensive loss for foreign exchange gains and losses. All amounts in the accompanying consolidated financial statements are in U.S. dollars unless otherwise indicated. Use of estimates The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the amounts reported in the financial statements and the accompanying notes. Actual results could differ from those estimates. Cash and cash equivalents The Company considers all bank deposits, including money market funds, and other investments, purchased with an original maturity to the Company of three Concentration of credit risk Financial instruments that potentially expose the Company to concentration of credit risk consist primarily of cash, cash equivalents and marketable securities. The Company maintains its cash balances primarily with two not not Marketable securities The Company’s marketable securities typically consist of obligations of the United States government and its agencies and investment grade corporate obligations, which are classified as available-for-sale and included in current assets as they are intended to fund current operations. Securities are valued based on market prices for similar assets using third Available-for-sale securities are reviewed for possible impairment at least quarterly, or more frequently if circumstances arise that may not not no December 31, 2019. Fair value measurements Under the authoritative guidance for fair value measurements, fair value is defined as the exit price, or the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants as of the measurement date. The authoritative guidance also establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are inputs market participants would use in valuing the asset or liability developed based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company’s assumptions about the factors market participants would use in valuing the asset or liability developed based upon the best information available in the circumstances. The categorization of financial assets and financial liabilities within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The hierarchy is broken down into three Level 1 Level 2 Level 3 As of December 31, 2019, 5, Marketable Securities Long-lived assets Property and equipment are stated at purchased cost less accumulated depreciation. Depreciation of property and equipment is computed using the straight-line method over their estimated useful lives of three ten four Long-lived assets are evaluated for impairment when events or changes in circumstances indicate that the carrying amount of the asset or related group of assets may not may Revenue recognition We followed ASC 606, We intend to enter into arrangements for the research and development (R&D) and/or manufacture of products and product candidates. Such arrangements may In arrangements involving more than one not The consideration allocated to each distinct performance obligation is recognized as revenue when control of the related goods or services is transferred. Consideration associated with at-risk substantive performance milestones is recognized as revenue when it is probable that a significant reversal of the cumulative revenue recognized will not Research and development costs Research and development costs include expenses incurred in the conduct of human clinical trials, for third DM199 DM199 We charge research and development costs, including clinical trial costs, to expense when incurred. Our human clinical trials are performed at clinical trial sites and are administered jointly by us with assistance from contract research organizations. Costs of setting up clinical trial sites are accrued upon execution of the study agreement. Expenses related to the performance of clinical trials are accrued based on estimates of work completed to date by CROs, outside contractors and clinical trial sites that manage and perform the trials, and those that manufacture the investigational product. We obtain initial estimates of total costs based on the trial protocol, extent of enrollment of subjects, trial duration, project management costs, manufacturing costs, patient treatment costs and other activities as required by the trial protocol. Additionally, actual costs may may Patent costs Costs associated with applying for, prosecuting and maintaining patents are expensed as incurred given the uncertainty of patent approval and, if approved, the resulting probable future economic benefit to the Company. Patent-related costs, consisting primarily of legal expenses and filing/maintenance fees, are included in research and development costs and were $87,000 $156,000 December 31, 2019 2018, Share-based compensation The cost of employee and non-employee services received in exchange for awards of equity instruments is measured and recognized based on the estimated grant date fair value of those awards. Compensation cost is recognized ratably using the straight-line attribution method over the vesting period, which is considered to be the requisite service period. We record forfeitures in the periods in which they occur. The fair value of share-based awards is estimated at the date of grant using the Black-Scholes option pricing model. The determination of the fair value of share-based awards is affected by our share price, as well as assumptions regarding a number of complex and subjective variables. Risk free interest rates are based upon United States Government bond rates appropriate for the expected term of each award. Expected volatility rates are based on the historical volatility over a term equal to the expected life of the option. The assumed dividend yield is zero, as we do not Warrants We account for common share purchase warrants as either equity instruments or as liabilities depending on the specific terms of the warrant agreements. Generally, warrants are classified as equity, as opposed to liabilities, as the agreements do not February 2018 10 Income taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the consolidated financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carry-forwards. Deferred tax assets and liabilities are measured using enacted rates, for each of the jurisdictions in which the Company operates, expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in operations in the period that includes the enactment date. Valuation allowances are established when necessary to reduce deferred tax assets to the amount that is more likely than not December 31, 2019 2018. 16, Government assistance Government assistance relating to research and development performed by DiaMedica Australia Pty Ltd. is recorded as a component of Other (income) expense. Government assistance is recognized when the related expenditures are incurred. We recognized $856,000 $621,000 2019 2018, Net loss per share We compute net loss per share by dividing our net loss (the numerator) by the weighted-average number of common shares outstanding (the denominator) during the period. Shares issued during the period and shares reacquired during the period, if any, are weighted for the portion of the period that they were outstanding. The computation of diluted earnings per share, or EPS, is similar to the computation of basic EPS except that the denominator is increased to include the number of additional common shares that would have been outstanding if the dilutive potential common shares had been issued. Our diluted EPS is the same as basic EPS due to the exclusion of common share equivalents as their effect would be anti-dilutive. The following table summarizes our calculation of net loss per common share for the periods presented (in thousands, except share and per share data): Year Ended December 31, 2019 2018 Net loss $ (10,649 ) $ (5,734 ) Weighted average shares outstanding—basic and diluted 11,987,696 7,743,520 Basic and diluted net loss per share $ (0.89 ) $ (0.74 ) The following outstanding potential common shares were not not Year Ended December 31, 2019 2018 Employee and non-employee stock options 1,220,359 639,359 Common shares issuable under common share purchase warrants 971,953 807,563 Common shares issuable under deferred unit plan 21,183 21,183 2,213,495 1,468,105 Recently adopted accounting pronouncements In May 2014, January 1, 2018. no no third 2018. 606, 13 In February 2016, No. 2016 02, Leases 2016 02 840, 2016 02 January 1, 2019. The FASB has subsequently issued the following amendments to ASU 2016 02, January 1, 2019, ● ASU No. 2018 01, Leases (Topic 842 842 not 842 842 not 840, ● ASU No. 2018 10, Codification Improvements to Topic 842, 2016 02. ● ASU No. 2018 11, Leases (Topic 842 2016 02 not ● ASU No. 2018 20, Narrow-Scope Improvements for Lessors 2016 02. We adopted the new leasing standards on January 1, 2019, January 1, 2019; not 842 not January 1, 2019. $205,000 In June 2018, No. 2018 07, December 15, 2018. January 1, 2019 not |
Note 4 - Amounts Receivable
Note 4 - Amounts Receivable | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | 4. Amounts Receivable Amounts receivable consisted of the following (in thousands): December 31, 201 9 December 31, 2018 Research and development incentives $ 793 $ 622 Sales-based taxes receivable 13 134 Other 17 24 Total amounts receivable $ 823 $ 780 |
Note 5 - Marketable Securities
Note 5 - Marketable Securities | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | 5. Marketable Securities The available-for-sale marketable securities are primarily comprised of investments in commercial paper, corporate bonds and government securities and consist of the following, measured at fair value on a recurring basis: Fair Value Measurements as of December 3 1 , 2019 Using Inputs Considered as Fair Value Level 1 Level 2 Level 3 Commercial paper and corporate bonds $ 1,997 $ — $ 1,997 $ — Government securities 1,998 — 1,998 — Total marketable securities $ 3,995 $ — $ 3,995 $ — Accrued interest receivable on available-for-sale securities was $25,000 December 31, 2019 There were no 1 2 December 31, 2019. Under the terms of the Company’s investment policy, purchases of marketable securities are limited to investment grade governmental and corporate obligations with a primary objective of principal preservation. Maturities of individual securities are less than one December 31, 2019. |
Note 6 - Deposits
Note 6 - Deposits | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Other Assets Disclosure [Text Block] | 6. Deposits Deposits consisted of the following (in thousands): December 31, 201 9 December 31, 2018 Advances to vendors, current $ 88 $ — Advances to vendors, non-current $ — $ 271 We periodically advance funds to vendors engaged to support the performance of our clinical trials and related supporting activities. The funds advanced are held, interest free, for varying periods of time and may |
Note 7 - Property and Equipment
Note 7 - Property and Equipment | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 7. Property and Equipment Property and equipment consisted of the following (in thousands): December 31, 201 9 December 31, 2018 Furniture and equipment $ 51 $ 49 Computer equipment 56 71 107 120 Less accumulated depreciation (43 ) (24 ) Property and equipment, net $ 64 $ 96 Depreciation expense for the years ended December 31, 2019 2018 $21,000 $15,000, 2019 2018, $14,000 $17,000 |
Note 8 - Accounts Payable and A
Note 8 - Accounts Payable and Accrued Liabilities | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | 8. Accounts Payable and Accrued Liabilities Accounts payable and accrued liabilities consisted of the following (in thousands): December 31, 201 9 December 31, 2018 Trade and other payables $ 182 $ 483 Accrued clinical study costs 433 292 Accrued compensation 419 417 Accrued research and other professional fees 172 65 Accrued taxes and other liabilities 52 34 Total accrued liabilities $ 1,258 $ 1,291 |
Note 9 - Operating Lease
Note 9 - Operating Lease | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | 9. Operating Lease We lease certain office space under a non-cancelable operating lease. This lease does not not August 31, 2022 not This lease does not 9%. Our operating lease cost and variable lease costs were $65,000 $54,000, December 31, 2019. Maturities of our operating lease obligation are as follows as of December 31, 2019 ( 2020 $ 66 2021 68 2022 46 Total lease payments $ 180 Less interest portion (21 ) Present value of lease obligation $ 159 |
Note 10 - Warrant Liability
Note 10 - Warrant Liability | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Warrant Liabilities [Text Block] | 10. Warrant Liability In February 2016, 234,375 one one one 117,188 10,915 one CAD$5.00 February 2018. As the warrant exercise price was stated in Canadian dollars and not $281,000 $24,000 191.8 225.0%, 0.43 0.49%, 2 During February 2018, 121,256 $483,000 4,346 The fair values at the time of exercise of the warrants were estimated using the following valuation assumptions: expected volatilities of 16.7%, 1.8%, 0.01 0.03 The following is a rollforward of the fair value of the warrants (in thousands): Warrant Liability Ending balance December 31, 2017 $ 84 Change in fair value 39 Exercises (123 ) Ending balance December 31, 2018 $ — |
Note 11 - Commitments and Conti
Note 11 - Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 11. Commitments and Contingencies Clinical trials and product development In the normal course of business, the Company incurs obligations to make future payments as it executes its business plan. These contracts may may 30 December 31, 2019, $4.9 12 $0 12 On September 11, 2017, DM199 DM199 24 3 21 DM199 DM199’s 90 October 2019 92 On December 17, 2019, first 60 two two DM199 DM199 95 Additional clinical trials will be subsequently required if the results of Phase II are positive. However, at this time, we are unable to reasonably estimate the total costs of future trials. Such costs are contingent on and subject to change depending on the results of current and future clinical trials as well as developments in the regulatory requirements. Technology license The Company has entered into a license agreement with Catalent Pharma Solutions, LLC (Catalent) whereby we have licensed certain gene expression technology and we contract with Catalent for the manufacture of DM199. may December 31, 2019, two $185,000 first $185,000 first first 1% may 90 may not no 2019 2018. Litigation funding agreement On December 27, 2019, no may Under the terms of the litigation funding agreement, the Funder agreed to pay up to an aggregate of $1.0 $200,000 not not $10,000 $1.0 nine $2.0 nine $3.0 20% not 3½ 20% 3½ no Indemnification of directors and officers The Company, as permitted under laws of British Columbia and in accordance with the Company’s articles and indemnification agreements, will indemnify and advance expenses to its directors and officers to the fullest extent permitted by law and may December 31, 2019, no not may 1933, may not December 31, 2019 2018. |
Note 12 - Shareholders' Equity
Note 12 - Shareholders' Equity | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 12. Shareholders’ Equity Authorized capital stock DiaMedica has authorized share capital of an unlimited number of common voting shares and the shares do not Common shareholders are entitled to receive dividends as declared by the Company, if any, and are entitled to one Shareholders rights plan The Company adopted a shareholder rights plan agreement (Rights Plan). The Rights Plan is designed to provide adequate time for the Board of Directors and the shareholders to assess an unsolicited takeover bid for the Company, to provide the Board of Directors with sufficient time to explore and develop alternatives for maximizing shareholder value if a takeover bid is made, and to provide shareholders with an equal opportunity to participate in a takeover bid and receive full and fair value for their common shares. The Rights Plan was renewed at the Company’s annual meeting of shareholders in December 2017 2020. The rights issued under the Rights Plan will initially attach to and trade with the common shares and no 20% 50% Under the Plan, a Permitted Bid is a bid made to all holders of the common shares and which is open for acceptance for not 60 60 50% may 10 The issuance of common shares upon the exercise of the rights is subject to receipt of certain regulatory approvals. Equity issued during the year ended December 31, 2019 During the year ended December 31, 2019, 50,000 $75,000 no Equity issued during the year ended December 31, 2018 Public offering during 2018 On December 11, 2018, 4,100,000 $4.00 $16.4 $14.7 None ten December 11, 2018, $50, 205,000 5.0% $4.80 120% five Private placements during 2018 On March 29, 2018, two 1,322,965 $4.90 $6.3 one one one 661,482 one $7.00 March 19, 2020 March 29, 2020 1 2, $12.00 21 $384,000 80,510 one $4.90 2 During the year ended December 31, 2018, 128,594 $607,000 16,954 $43,000. Shares reserved Common shares reserved for future issuance are as follows: December 31, 2019 Stock options outstanding 1,220,359 Deferred share units outstanding 21,183 Shares available for grant under the 2019 Omnibus Incentive Plan 1,384,822 Common shares issuable under common share purchase warrants 971,953 Total 3,598,317 |
Note 13 - Former License and Co
Note 13 - Former License and Collaboration Agreement With Related Party | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | 13. Former License and Collaboration Agreement with Related Party On September 27, 2018, DM199 $500,000 $4.5 July 1, 2019. $27.5 10% DM199 120 On August 12, 2019, $4.5 DM199 Ahon Pharma is a subsidiary of Shanghai Fosun Pharmaceutical (Group) co. Ltd. (Fosun Pharma) which, through its partnership with SK Group, a South Korea based company, is an investor in DiaMedica, holding approximately 8.3% December 31, 2019. 2016. |
Note 14 - Share-based Compensat
Note 14 - Share-based Compensation | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | 14. Share-Based Compensation 2019 The DiaMedica Therapeutics Inc. 2019 2019 March 2019 May 22, 2019. 2019 2019 no ten one three five one 2019 2019 2,000,000 December 31, 2019, 615,178 2019 Stock option plan The DiaMedica Therapeutics Inc. Stock Option Plan, Amended and Restated November 6, 2018 ( 2019 2019 December 31, 2019, 605,181 Deferred share unit plan The DiaMedica Therapeutics Inc. Amended and Restated Deferred Share Unit Plan (DSU Plan) was terminated by the Board of Directors in conjunction with the shareholder approval of the 2019 December 31, 2019, 21,183 The aggregate number of common shares reserved for issuance for awards granted under the 2019 December 31, 2019 1,241,542. As the TSX Venture Exchange was the principal trading market for the Company’s common shares, all options granted prior to December 31, 2018 December 31, 2018 2019 Share-based compensation expense for each of the periods presented is as follows (in thousands): December 31, 201 9 December 31, 2018 Research and development $ 370 $ 170 General and administrative 794 450 Total share-based compensation $ 1,164 $ 620 We recognize share-based compensation based on the fair value of each award as estimated using the Black-Scholes option valuation model. Ultimately, the actual expense recognized over the vesting period will only be for those shares that actually vest. A summary of option activity is as follows (in thousands except share and per share amounts): Shares Underlying Options Weighted Average Exercise Price Per Share Aggregate Intrinsic Value Balances at December 31, 2017 480,035 $ 4.98 $ 508 Granted 196,800 8.55 Exercised (16,954 ) 2.54 Expired/cancelled — — Forfeited (20,522 ) 6.94 Balances at December 31, 2018 639,359 $ 6.07 $ — Granted 725,825 4.52 Exercised (50,000 ) 1.50 Expired/cancelled (7,353 ) 5.49 Forfeited (87,472 ) 5.22 Balances at December 31, 2019 1,220,359 $ 5.33 $ 678 A summary of the status of our unvested shares during the year ended and as of December 31, 2019 Shares Underlying Options Weighted Grant Date Fair Value Per Share Unvested at December 31, 2018 242,332 $ 5.75 Granted 725,825 3.21 Vested (301,938 ) 4.07 Forfeited (87,472 ) 3.94 Unvested at December 31, 2019 578,747 $ 3.73 Information about stock options outstanding, vested and expected to vest as of December 31, 2019, Outstanding, Vested and Expected to Vest Options Vested and Exercisable Per Share Exercise Price Shares Weighted Average Remaining Contractual Life (Years) Weighted Average Exercise Price Options Exercisable Weighted Average Remaining Contractual Life (Years) $2.00 - $2.99 132,900 6.0 $ 2.29 132,483 6.0 $3.00 - $3.99 120,822 7.0 3.90 120,822 7.0 $4.00 - $4.99 746,407 9.2 4.55 248,403 8.8 $5.00 - $10.00 170,080 8.4 8.33 89,755 8.4 $10.01 - $34.00 50,150 2.9 18.22 50,150 2.9 1,220,359 8.2 $ 5.33 641,613 7.3 The cumulative grant date fair value of employee options vested during the years ended December 31, 2019 2018 $918,000 $508,000, December 31, 2019 2018 $75,000 $43,000, As of December 31, 2019, not $2.1 2.3. The aggregate intrinsic value of stock options exercised during the years ended December 31, 2019 2018 $75,000 $104,000, The assumptions used in calculating the fair value under the Black-Scholes option valuation model are set forth in the following table for options issued by the Company for the years ended December 31, 2018 2017: 201 9 2018 Common share fair value $2.07 - $4.60 $6.82 - $7.20 Risk-free interest rate 1.5 – 2.4% 2.1 – 2.2% Expected dividend yield 0% 0% Expected option life 4.2 – 5.1 4.8 – 5.0 Expected stock price volatility 88.7 – 103.5% 123.5 – 135.7% |
Note 15 - Employee Benefit Plan
Note 15 - Employee Benefit Plan | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Compensation and Employee Benefit Plans [Text Block] | 15. Employee Benefit Plan We maintain an employee 401 401 401 21 may 401 401 4% 401 We have recorded contribution expenses of $62,000 $45,000 December 31, 2019 2018, |
Note 16 - Income Taxes
Note 16 - Income Taxes | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 16. Income Taxes The Company has incurred net operating losses since inception. The Company has not Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes as well as operating losses and tax credit carryforwards. The significant components of our deferred tax assets and liabilities are as follows (in thousands): December 31, 2019 2018 Deferred tax assets (liabilities): Non-capital losses carried forward $ 11,211 $ 9,280 Research and development expenditures 817 887 Share issue costs 395 529 Patents and other 294 293 Accruals 13 (97 ) Property and equipment 3 (6 ) Total deferred tax asset, net 12,733 10,886 Valuation allowance (12,733 ) (10,886 ) Net deferred tax asset $ — $ — Realization of the future tax benefits is dependent on our ability to generate sufficient taxable income within the carryforward period. Because of our history of operating losses, management believes that the deferred tax assets arising from the above-mentioned future tax benefits are currently not The reconciliation of the Canadian statutory income tax rate applied to the net loss for the year to the income tax expense is as follows: December 31, 2019 2018 Statutory income tax rate 27.0 % 27.0 % Income tax recovery based on statutory rate $ (2,841 ) $ (1,119 ) Share-based compensation 315 243 Gain on revaluation of warrant liability — (450 ) Australian research and development incentive 137 103 Other (9 ) 172 Change in valuation allowance 2,429 1,131 Income tax expense $ 31 $ 80 Net operating losses and tax credit carryforwards as of December 31, 2019, Amount (In thousands) Expiration Years Non-capital income tax losses, net $ 38,425 Beginning 2026 Research and development expense carry forwards 3,026 Indefinitely Tax credits 484 Beginning 2020 The Company is subject to taxation in the Canada, the United States and Australia. Tax returns, since the inception of DiaMedica Therapeutics Inc., are subject to examinations by Canadian tax authorities and may 2012 2016 |
Note 17 - Subsequent Events
Note 17 - Subsequent Events | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 17. Subsequent Event On February 13, 2020, 2,125,000 $4.00 $8.5 $7.7 None ten |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | Basis of consolidation The accompanying consolidated financial statements include the assets, liabilities and expenses of DiaMedica Therapeutics Inc., and our wholly-owned subsidiaries, DiaMedica USA, Inc. and DiaMedica Australia Pty Ltd. All significant intercompany transactions and balances have been eliminated in consolidation. |
Functional Currency [Policy Text Block] | Functional currency The United States dollar is our functional currency as it represents the economic effects of the underlying transactions, events and conditions and various other factors including the currency of historical and future expenditures and the currency in which funds from financing activities are mostly generated by the Company. A change in the functional currency occurs only when there is a material change in the underlying transactions, events and condition. A change in functional currency could result in material differences in the amounts recorded in the consolidated statement of loss and comprehensive loss for foreign exchange gains and losses. All amounts in the accompanying consolidated financial statements are in U.S. dollars unless otherwise indicated. |
Use of Estimates, Policy [Policy Text Block] | Use of estimates The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the amounts reported in the financial statements and the accompanying notes. Actual results could differ from those estimates. |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and cash equivalents The Company considers all bank deposits, including money market funds, and other investments, purchased with an original maturity to the Company of three |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentration of credit risk Financial instruments that potentially expose the Company to concentration of credit risk consist primarily of cash, cash equivalents and marketable securities. The Company maintains its cash balances primarily with two not not |
Marketable Securities, Policy [Policy Text Block] | Marketable securities The Company’s marketable securities typically consist of obligations of the United States government and its agencies and investment grade corporate obligations, which are classified as available-for-sale and included in current assets as they are intended to fund current operations. Securities are valued based on market prices for similar assets using third Available-for-sale securities are reviewed for possible impairment at least quarterly, or more frequently if circumstances arise that may not not no December 31, 2019. |
Fair Value Measurement, Policy [Policy Text Block] | Fair value measurements Under the authoritative guidance for fair value measurements, fair value is defined as the exit price, or the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants as of the measurement date. The authoritative guidance also establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are inputs market participants would use in valuing the asset or liability developed based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company’s assumptions about the factors market participants would use in valuing the asset or liability developed based upon the best information available in the circumstances. The categorization of financial assets and financial liabilities within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The hierarchy is broken down into three Level 1 Level 2 Level 3 As of December 31, 2019, 5, Marketable Securities |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Long-lived assets Property and equipment are stated at purchased cost less accumulated depreciation. Depreciation of property and equipment is computed using the straight-line method over their estimated useful lives of three ten four Long-lived assets are evaluated for impairment when events or changes in circumstances indicate that the carrying amount of the asset or related group of assets may not may |
Revenue [Policy Text Block] | Revenue recognition We followed ASC 606, We intend to enter into arrangements for the research and development (R&D) and/or manufacture of products and product candidates. Such arrangements may In arrangements involving more than one not The consideration allocated to each distinct performance obligation is recognized as revenue when control of the related goods or services is transferred. Consideration associated with at-risk substantive performance milestones is recognized as revenue when it is probable that a significant reversal of the cumulative revenue recognized will not |
Research and Development Expense, Policy [Policy Text Block] | Research and development costs Research and development costs include expenses incurred in the conduct of human clinical trials, for third DM199 DM199 We charge research and development costs, including clinical trial costs, to expense when incurred. Our human clinical trials are performed at clinical trial sites and are administered jointly by us with assistance from contract research organizations. Costs of setting up clinical trial sites are accrued upon execution of the study agreement. Expenses related to the performance of clinical trials are accrued based on estimates of work completed to date by CROs, outside contractors and clinical trial sites that manage and perform the trials, and those that manufacture the investigational product. We obtain initial estimates of total costs based on the trial protocol, extent of enrollment of subjects, trial duration, project management costs, manufacturing costs, patient treatment costs and other activities as required by the trial protocol. Additionally, actual costs may may |
Patent Costs [Policy Text Block] | Patent costs Costs associated with applying for, prosecuting and maintaining patents are expensed as incurred given the uncertainty of patent approval and, if approved, the resulting probable future economic benefit to the Company. Patent-related costs, consisting primarily of legal expenses and filing/maintenance fees, are included in research and development costs and were $87,000 $156,000 December 31, 2019 2018, |
Compensation Related Costs, Policy [Policy Text Block] | Share-based compensation The cost of employee and non-employee services received in exchange for awards of equity instruments is measured and recognized based on the estimated grant date fair value of those awards. Compensation cost is recognized ratably using the straight-line attribution method over the vesting period, which is considered to be the requisite service period. We record forfeitures in the periods in which they occur. The fair value of share-based awards is estimated at the date of grant using the Black-Scholes option pricing model. The determination of the fair value of share-based awards is affected by our share price, as well as assumptions regarding a number of complex and subjective variables. Risk free interest rates are based upon United States Government bond rates appropriate for the expected term of each award. Expected volatility rates are based on the historical volatility over a term equal to the expected life of the option. The assumed dividend yield is zero, as we do not |
Warrants, Policy [Policy Text Block] | Warrants We account for common share purchase warrants as either equity instruments or as liabilities depending on the specific terms of the warrant agreements. Generally, warrants are classified as equity, as opposed to liabilities, as the agreements do not February 2018 10 |
Income Tax, Policy [Policy Text Block] | Income taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the consolidated financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carry-forwards. Deferred tax assets and liabilities are measured using enacted rates, for each of the jurisdictions in which the Company operates, expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in operations in the period that includes the enactment date. Valuation allowances are established when necessary to reduce deferred tax assets to the amount that is more likely than not December 31, 2019 2018. 16, |
Government Assistance [Policy Text Block] | Government assistance Government assistance relating to research and development performed by DiaMedica Australia Pty Ltd. is recorded as a component of Other (income) expense. Government assistance is recognized when the related expenditures are incurred. We recognized $856,000 $621,000 2019 2018, |
Earnings Per Share, Policy [Policy Text Block] | Net loss per share We compute net loss per share by dividing our net loss (the numerator) by the weighted-average number of common shares outstanding (the denominator) during the period. Shares issued during the period and shares reacquired during the period, if any, are weighted for the portion of the period that they were outstanding. The computation of diluted earnings per share, or EPS, is similar to the computation of basic EPS except that the denominator is increased to include the number of additional common shares that would have been outstanding if the dilutive potential common shares had been issued. Our diluted EPS is the same as basic EPS due to the exclusion of common share equivalents as their effect would be anti-dilutive. The following table summarizes our calculation of net loss per common share for the periods presented (in thousands, except share and per share data): Year Ended December 31, 2019 2018 Net loss $ (10,649 ) $ (5,734 ) Weighted average shares outstanding—basic and diluted 11,987,696 7,743,520 Basic and diluted net loss per share $ (0.89 ) $ (0.74 ) The following outstanding potential common shares were not not Year Ended December 31, 2019 2018 Employee and non-employee stock options 1,220,359 639,359 Common shares issuable under common share purchase warrants 971,953 807,563 Common shares issuable under deferred unit plan 21,183 21,183 2,213,495 1,468,105 |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently adopted accounting pronouncements In May 2014, January 1, 2018. no no third 2018. 606, 13 In February 2016, No. 2016 02, Leases 2016 02 840, 2016 02 January 1, 2019. The FASB has subsequently issued the following amendments to ASU 2016 02, January 1, 2019, ● ASU No. 2018 01, Leases (Topic 842 842 not 842 842 not 840, ● ASU No. 2018 10, Codification Improvements to Topic 842, 2016 02. ● ASU No. 2018 11, Leases (Topic 842 2016 02 not ● ASU No. 2018 20, Narrow-Scope Improvements for Lessors 2016 02. We adopted the new leasing standards on January 1, 2019, January 1, 2019; not 842 not January 1, 2019. $205,000 In June 2018, No. 2018 07, December 15, 2018. January 1, 2019 not |
Note 3 - Summary of Significa_2
Note 3 - Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Year Ended December 31, 2019 2018 Net loss $ (10,649 ) $ (5,734 ) Weighted average shares outstanding—basic and diluted 11,987,696 7,743,520 Basic and diluted net loss per share $ (0.89 ) $ (0.74 ) |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | Year Ended December 31, 2019 2018 Employee and non-employee stock options 1,220,359 639,359 Common shares issuable under common share purchase warrants 971,953 807,563 Common shares issuable under deferred unit plan 21,183 21,183 2,213,495 1,468,105 |
Note 4 - Amounts Receivable (Ta
Note 4 - Amounts Receivable (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | December 31, 201 9 December 31, 2018 Research and development incentives $ 793 $ 622 Sales-based taxes receivable 13 134 Other 17 24 Total amounts receivable $ 823 $ 780 |
Note 5 - Marketable Securities
Note 5 - Marketable Securities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Fair Value, Marketable Securities Measured on a Recurring Basis [Table Text Block] | Fair Value Measurements as of December 3 1 , 2019 Using Inputs Considered as Fair Value Level 1 Level 2 Level 3 Commercial paper and corporate bonds $ 1,997 $ — $ 1,997 $ — Government securities 1,998 — 1,998 — Total marketable securities $ 3,995 $ — $ 3,995 $ — |
Note 6 - Deposits (Tables)
Note 6 - Deposits (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Table Text Block] | December 31, 201 9 December 31, 2018 Advances to vendors, current $ 88 $ — Advances to vendors, non-current $ — $ 271 |
Note 7 - Property and Equipme_2
Note 7 - Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | December 31, 201 9 December 31, 2018 Furniture and equipment $ 51 $ 49 Computer equipment 56 71 107 120 Less accumulated depreciation (43 ) (24 ) Property and equipment, net $ 64 $ 96 |
Note 8 - Accounts Payable and_2
Note 8 - Accounts Payable and Accrued Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Accrued Liabilities [Table Text Block] | December 31, 201 9 December 31, 2018 Trade and other payables $ 182 $ 483 Accrued clinical study costs 433 292 Accrued compensation 419 417 Accrued research and other professional fees 172 65 Accrued taxes and other liabilities 52 34 Total accrued liabilities $ 1,258 $ 1,291 |
Note 9 - Operating Lease (Table
Note 9 - Operating Lease (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | 2020 $ 66 2021 68 2022 46 Total lease payments $ 180 Less interest portion (21 ) Present value of lease obligation $ 159 |
Note 10 - Warrant Liability (Ta
Note 10 - Warrant Liability (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block] | Warrant Liability Ending balance December 31, 2017 $ 84 Change in fair value 39 Exercises (123 ) Ending balance December 31, 2018 $ — |
Note 12 - Shareholders' Equity
Note 12 - Shareholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Common Stock Reserved for Future Issuance [Table Text Block] | December 31, 2019 Stock options outstanding 1,220,359 Deferred share units outstanding 21,183 Shares available for grant under the 2019 Omnibus Incentive Plan 1,384,822 Common shares issuable under common share purchase warrants 971,953 Total 3,598,317 |
Note 14 - Share-based Compens_2
Note 14 - Share-based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | December 31, 201 9 December 31, 2018 Research and development $ 370 $ 170 General and administrative 794 450 Total share-based compensation $ 1,164 $ 620 |
Share-based Payment Arrangement, Option, Activity [Table Text Block] | Shares Underlying Options Weighted Average Exercise Price Per Share Aggregate Intrinsic Value Balances at December 31, 2017 480,035 $ 4.98 $ 508 Granted 196,800 8.55 Exercised (16,954 ) 2.54 Expired/cancelled — — Forfeited (20,522 ) 6.94 Balances at December 31, 2018 639,359 $ 6.07 $ — Granted 725,825 4.52 Exercised (50,000 ) 1.50 Expired/cancelled (7,353 ) 5.49 Forfeited (87,472 ) 5.22 Balances at December 31, 2019 1,220,359 $ 5.33 $ 678 |
Schedule of Nonvested Share Activity [Table Text Block] | Shares Underlying Options Weighted Grant Date Fair Value Per Share Unvested at December 31, 2018 242,332 $ 5.75 Granted 725,825 3.21 Vested (301,938 ) 4.07 Forfeited (87,472 ) 3.94 Unvested at December 31, 2019 578,747 $ 3.73 |
Share-based Payment Arrangement, Option, Exercise Price Range [Table Text Block] | Outstanding, Vested and Expected to Vest Options Vested and Exercisable Per Share Exercise Price Shares Weighted Average Remaining Contractual Life (Years) Weighted Average Exercise Price Options Exercisable Weighted Average Remaining Contractual Life (Years) $2.00 - $2.99 132,900 6.0 $ 2.29 132,483 6.0 $3.00 - $3.99 120,822 7.0 3.90 120,822 7.0 $4.00 - $4.99 746,407 9.2 4.55 248,403 8.8 $5.00 - $10.00 170,080 8.4 8.33 89,755 8.4 $10.01 - $34.00 50,150 2.9 18.22 50,150 2.9 1,220,359 8.2 $ 5.33 641,613 7.3 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | 201 9 2018 Common share fair value $2.07 - $4.60 $6.82 - $7.20 Risk-free interest rate 1.5 – 2.4% 2.1 – 2.2% Expected dividend yield 0% 0% Expected option life 4.2 – 5.1 4.8 – 5.0 Expected stock price volatility 88.7 – 103.5% 123.5 – 135.7% |
Note 16 - Income Taxes (Tables)
Note 16 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | December 31, 2019 2018 Deferred tax assets (liabilities): Non-capital losses carried forward $ 11,211 $ 9,280 Research and development expenditures 817 887 Share issue costs 395 529 Patents and other 294 293 Accruals 13 (97 ) Property and equipment 3 (6 ) Total deferred tax asset, net 12,733 10,886 Valuation allowance (12,733 ) (10,886 ) Net deferred tax asset $ — $ — |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | December 31, 2019 2018 Statutory income tax rate 27.0 % 27.0 % Income tax recovery based on statutory rate $ (2,841 ) $ (1,119 ) Share-based compensation 315 243 Gain on revaluation of warrant liability — (450 ) Australian research and development incentive 137 103 Other (9 ) 172 Change in valuation allowance 2,429 1,131 Income tax expense $ 31 $ 80 |
Summary of Operating Loss Carryforwards [Table Text Block] | Amount (In thousands) Expiration Years Non-capital income tax losses, net $ 38,425 Beginning 2026 Research and development expense carry forwards 3,026 Indefinitely Tax credits 484 Beginning 2020 |
Note 1 - Business (Details Text
Note 1 - Business (Details Textual) | Nov. 15, 2018 |
Reverse Stock Split [Member] | |
Stockholders' Equity Note, Stock Split, Conversion Ratio | 20 |
Note 2 - Risks and Uncertaint_2
Note 2 - Risks and Uncertainties (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | Feb. 13, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Retained Earnings (Accumulated Deficit), Ending Balance | $ (56,617) | $ (45,968) | ||
Net Income (Loss) Attributable to Parent, Total | (10,649) | (5,734) | ||
Net Cash Provided by (Used in) Operating Activities, Total | (9,102) | (5,696) | ||
Cash, Cash Equivalents, and Short-term Investments, Total | 7,900 | |||
Working Capital | 7,500 | |||
Stockholders' Equity Attributable to Parent, Ending Balance | 7,617 | 17,025 | $ 799 | |
Proceeds from Issuance of Common Stock | $ 14,726 | |||
Subsequent Event [Member] | ||||
Stock Issued During Period, Shares, New Issues | 2,125,000 | |||
Shares Issued, Price Per Share | $ 4 | |||
Proceeds from Issuance of Common Stock | $ 8,500 | |||
Proceeds from Issuance of Common Stock, Net | $ 7,700 |
Note 3 - Summary of Significa_3
Note 3 - Summary of Significant Accounting Policies (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Jan. 01, 2019 | |
Research Grant, Recognized, Research Activities Performed 2019 | $ 856,000 | ||
Research Grant, Recognized, Research Activities Performed 2018 | $ 621,000 | ||
Operating Lease, Liability, Total | 159,000 | ||
Operating Lease, Right-of-Use Asset | 153,000 | ||
Accounting Standards Update 2016-02 [Member] | |||
Operating Lease, Liability, Total | $ 205,000 | ||
Operating Lease, Right-of-Use Asset | $ 205,000 | ||
Research and Development Expense [Member] | |||
Patent Expense | $ 87,000 | $ 156,000 | |
Office Equipment [Member] | Minimum [Member] | |||
Property, Plant and Equipment, Useful Life | 3 years | ||
Office Equipment [Member] | Maximum [Member] | |||
Property, Plant and Equipment, Useful Life | 10 years | ||
Computer Equipment [Member] | |||
Property, Plant and Equipment, Useful Life | 4 years |
Note 3 - Summary of Significa_4
Note 3 - Summary of Significant Accounting Policies - Net Loss Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Net loss | $ (10,649) | $ (5,734) |
Weighted average shares outstanding—basic and diluted (in shares) | 11,987,696 | 7,743,520 |
Basic and diluted net loss per share (in dollars per share) | $ (0.89) | $ (0.74) |
Note 3 - Summary of Significa_5
Note 3 - Summary of Significant Accounting Policies - Antidilutive Securities (Details) - shares | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Antidilutive securities (in shares) | 2,213,495 | 1,468,105 |
Employee and Non-employee Stock Options [Member] | ||
Antidilutive securities (in shares) | 1,220,359 | 639,359 |
Common Stock Purchase Warrants [Member] | ||
Antidilutive securities (in shares) | 971,953 | 807,563 |
Deferred Share Units [Member] | ||
Antidilutive securities (in shares) | 21,183 | 21,183 |
Note 4 - Amounts Receivable - A
Note 4 - Amounts Receivable - Amounts Receivable (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Research and development incentives | $ 793 | $ 622 |
Sales-based taxes receivable | 13 | 134 |
Other | 17 | 24 |
Total amounts receivable | $ 823 | $ 780 |
Note 5 - Marketable Securitie_2
Note 5 - Marketable Securities (Details Textual) | Dec. 31, 2019USD ($) |
Accrued Interest Receivable On Available For Sale Securities [Member] | |
Interest Receivable | $ 25,000 |
Note 5 - Marketable Securitie_3
Note 5 - Marketable Securities - Fair Value of Marketable Securities (Details) - Fair Value, Recurring [Member] $ in Thousands | Dec. 31, 2019USD ($) |
Total marketable securities | $ 3,995 |
Fair Value, Inputs, Level 1 [Member] | |
Total marketable securities | |
Fair Value, Inputs, Level 2 [Member] | |
Total marketable securities | 3,995 |
Fair Value, Inputs, Level 3 [Member] | |
Total marketable securities | |
Commercial Paper and Corporate Bonds [Member] | |
Total marketable securities | 1,997 |
Commercial Paper and Corporate Bonds [Member] | Fair Value, Inputs, Level 1 [Member] | |
Total marketable securities | |
Commercial Paper and Corporate Bonds [Member] | Fair Value, Inputs, Level 2 [Member] | |
Total marketable securities | 1,997 |
Commercial Paper and Corporate Bonds [Member] | Fair Value, Inputs, Level 3 [Member] | |
Total marketable securities | |
US Government Agencies Debt Securities [Member] | |
Total marketable securities | 1,998 |
US Government Agencies Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | |
Total marketable securities | |
US Government Agencies Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | |
Total marketable securities | 1,998 |
US Government Agencies Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | |
Total marketable securities |
Note 6 - Deposits - Deposits (D
Note 6 - Deposits - Deposits (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Advances to vendors, current | $ 88 | |
Advances to vendors, non-current | $ 271 |
Note 7 - Property and Equipme_3
Note 7 - Property and Equipment (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Depreciation, Total | $ 21,000 | $ 15,000 |
Property, Plant and Equipment, Disposals | $ 14,000 | $ 17,000 |
Note 7 - Property and Equipme_4
Note 7 - Property and Equipment - Property and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Property, plant and equipment, gross | $ 107 | $ 120 |
Less accumulated depreciation | (43) | (24) |
Property and equipment, net | 64 | 96 |
Furniture and Fixtures [Member] | ||
Property, plant and equipment, gross | 51 | 49 |
Computer Equipment [Member] | ||
Property, plant and equipment, gross | $ 56 | $ 71 |
Note 8 - Accounts Payable and_3
Note 8 - Accounts Payable and Accrued Liabilities - Accounts Payable and Accrued Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Trade and other payables | $ 182 | $ 483 |
Accrued clinical study costs | 433 | 292 |
Accrued compensation | 419 | 417 |
Accrued research and other professional fees | 172 | 65 |
Accrued taxes and other liabilities | 52 | 34 |
Total accrued liabilities | $ 1,258 | $ 1,291 |
Note 9 - Operating Lease (Detai
Note 9 - Operating Lease (Details Textual) | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Lessee, Operating Lease, Discount Rate | 9.00% |
Operating Lease, Cost | $ 65,000 |
Variable Lease, Cost | $ 54,000 |
Note 9 - Operating Lease - Matu
Note 9 - Operating Lease - Maturity of Operating Lease Liability (Details) $ in Thousands | Dec. 31, 2019USD ($) |
2020 | $ 66 |
2021 | 68 |
2022 | 46 |
Total lease payments | 180 |
Less interest portion | (21) |
Operating Lease, Liability, Total | $ 159 |
Note 10 - Warrant Liability (De
Note 10 - Warrant Liability (Details Textual) | Mar. 29, 2018$ / sharesshares | Feb. 29, 2016USD ($) | Feb. 28, 2018USD ($)shares | Feb. 29, 2016$ / sharesshares | Dec. 31, 2019USD ($)shares | Dec. 31, 2018USD ($)shares | Dec. 31, 2017USD ($) | Feb. 29, 2016USD ($)shares |
Proceeds from Warrant Exercises | $ | $ 607,000 | |||||||
Warrants and Rights Outstanding | $ | $ 84,000 | |||||||
Stock Issued During Period, Shares, Exercise of Common Stock Warrants | 128,594 | |||||||
Warrants Issued in Private Placement [Member] | ||||||||
Class of Warrant or Right, Outstanding | 117,188 | |||||||
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right | 1 | |||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 7 | |||||||
Stock Issued During Period, Shares, Exercise of Common Stock Warrants | 0 | |||||||
Compensation Warrants Issued In Connection With Private Placement [Member] | ||||||||
Class of Warrant or Right, Outstanding | 10,915 | |||||||
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right | 1 | |||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 5 | |||||||
Proceeds from Warrant Exercises | $ | $ 281,000 | $ 483,000 | ||||||
Warrants and Rights Outstanding | $ | $ 24,000 | |||||||
Stock Issued During Period, Shares, Exercise of Common Stock Warrants | 121,256 | |||||||
Class of Warrant or Right, Warrants Expired During Period | 4,346 | |||||||
Compensation Warrants Issued In Connection With Private Placement [Member] | Measurement Input, Price Volatility [Member] | ||||||||
Warrants and Rights Outstanding, Measurement Input | 0.167 | |||||||
Compensation Warrants Issued In Connection With Private Placement [Member] | Measurement Input, Price Volatility [Member] | Minimum [Member] | ||||||||
Warrants and Rights Outstanding, Measurement Input | 1.918 | |||||||
Compensation Warrants Issued In Connection With Private Placement [Member] | Measurement Input, Price Volatility [Member] | Maximum [Member] | ||||||||
Warrants and Rights Outstanding, Measurement Input | 2.25 | |||||||
Compensation Warrants Issued In Connection With Private Placement [Member] | Measurement Input, Risk Free Interest Rate [Member] | ||||||||
Warrants and Rights Outstanding, Measurement Input | 0.018 | |||||||
Compensation Warrants Issued In Connection With Private Placement [Member] | Measurement Input, Risk Free Interest Rate [Member] | Minimum [Member] | ||||||||
Warrants and Rights Outstanding, Measurement Input | 0.0043 | |||||||
Compensation Warrants Issued In Connection With Private Placement [Member] | Measurement Input, Risk Free Interest Rate [Member] | Maximum [Member] | ||||||||
Warrants and Rights Outstanding, Measurement Input | 0.0049 | |||||||
Compensation Warrants Issued In Connection With Private Placement [Member] | Measurement Input, Expected Term [Member] | ||||||||
Warrants and Rights Outstanding, Measurement Input | 2 | |||||||
Compensation Warrants Issued In Connection With Private Placement [Member] | Measurement Input, Expected Term [Member] | Minimum [Member] | ||||||||
Warrants and Rights Outstanding, Measurement Input | 0.01 | |||||||
Compensation Warrants Issued In Connection With Private Placement [Member] | Measurement Input, Expected Term [Member] | Maximum [Member] | ||||||||
Warrants and Rights Outstanding, Measurement Input | 0.03 | |||||||
Private Placement [Member] | ||||||||
Units Issued During Period, Units, New Issues | 1,322,965 | 234,375 | ||||||
Units, Number of Common Shares Per Unit | 1 | 1 | ||||||
Units, Number of Common Share Purchase Warrant Per Unit | 0.5 | 0.5 |
Note 10 - Warrant Liability - R
Note 10 - Warrant Liability - Rollforward of Fair Value (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Warrants | $ 84 | |
Change in fair value | 39 | |
Exercises | (123) | |
Warrants |
Note 11 - Commitments and Con_2
Note 11 - Commitments and Contingencies (Details Textual) - USD ($) | Dec. 27, 2019 | Dec. 31, 2019 | Dec. 31, 2018 |
Legalist Fund II, L.P. (Funder) [Member] | Lawsuit Against PRA Netherlands [Member] | Pending Litigation [Member] | |||
Litigation Funding Agreement, Maximum Funds Received | $ 1,000,000 | ||
Litigation Settlement, Expense Previously Paid | 200,000 | ||
Litigation Funding Agreement, Reimbursement for Diligence and Underwriting Costs | 10,000 | ||
Litigation Funding Agreement, Amount to Repaid If Occurs Within Nine Months | 1,000,000 | ||
Litigation Funding Agreement, Amount to Repaid If Occurs More Than Nine Months But Before Trial Start | 2,000,000 | ||
Litigation Funding Agreement, Amount to Repaid If Occurs After Nine Months and Trial Start | $ 3,000,000 | ||
Litigation Funding Agreement, Repayment, Percentage of Claim Proceeds | 20.00% | ||
Litigation Funding Agreement, Period For Repayment Before Interest | 3 years 182 days | ||
Litigation Funding Agreement, Interest, Percentage Unpaid Amounts | 20.00% | ||
Research and Development Contracts [Member] | |||
Contractual Obligation, Due in Next Fiscal Year | $ 4,900,000 | ||
Contractual Obligation, Due in Second Year | 0 | ||
Technology License [Member] | |||
Milestone Payment, Due Upon Initiation of Phase III Trial | 185,000 | ||
Milestone Payment, Due Upon First Regulatory Approval for Commercial Sale | 185,000 | ||
Contractual Obligation, Total | 0 | $ 0 | |
Indemnification Agreements [Member] | |||
Contractual Obligation, Total | $ 0 | $ 0 |
Note 12 - Shareholders' Equit_2
Note 12 - Shareholders' Equity (Details Textual) - USD ($) | Dec. 11, 2018 | Mar. 29, 2018 | Feb. 29, 2016 | Dec. 31, 2019 | Dec. 31, 2018 |
Common Stock, No Par Value | $ 0 | $ 0 | |||
Rights, Threshold Trigger to be Exercisable, Percent of Common Stock Outstanding Owned by Individual | 20.00% | ||||
Rights, Exercisable, Percent of Discount to Market Price | 50.00% | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 16,954 | ||||
Stock Issued During Period, Value, Stock Options Exercised | $ 75,000 | $ 43,000 | |||
Stock Issued During Period, Shares, Exercise of Common Stock Warrants | 128,594 | ||||
Proceeds from Issuance of Common Stock | $ 14,726,000 | ||||
Proceeds from Warrant Exercises | 607,000 | ||||
Proceeds from Stock Options Exercised | $ 75,000 | $ 43,000 | |||
Warrants Issued in Private Placement [Member] | |||||
Stock Issued During Period, Shares, Exercise of Common Stock Warrants | 0 | ||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 7 | ||||
Class of Warrant or Right, Issued During Period | 661,482 | ||||
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right | 1 | ||||
Warrants and Rights Outstanding, Expiration, Stock Price Trigger | $ 12 | ||||
Warrants Issued With IPO [Member] | |||||
Warrants Issued, Cash Consideration | $ 50 | ||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 205,000 | ||||
Warrants and Rights Outstanding, Percent of Outstanding Common Stock Outstanding Called by Warrants | 5.00% | ||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 4.80 | ||||
Class of Warrants or Rights, Percent of IPO Price Per Share of Exercise Price of Warrants | 120.00% | ||||
Warrants and Rights Outstanding, Term | 5 years | ||||
Compensation Warrants [Member] | |||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 4.90 | ||||
Warrants and Rights Outstanding, Term | 2 years | ||||
Class of Warrant or Right, Issued During Period | 80,510 | ||||
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right | 1 | ||||
Private Placement [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 50,000 | ||||
Stock Issued During Period, Value, Stock Options Exercised | $ 75,000 | ||||
Shares Issued, Price Per Share | $ 4.90 | ||||
Units Issued During Period, Units, New Issues | 1,322,965 | 234,375 | |||
Proceeds From Issuance of Units | $ 6,300,000 | ||||
Units, Number of Common Shares Per Unit | 1 | 1 | |||
Units, Number of Common Share Purchase Warrant Per Unit | 0.5 | 0.5 | |||
Payment for Finders Fee | $ 384,000 | ||||
IPO [Member] | |||||
Stock Issued During Period, Shares, New Issues | 4,100,000 | ||||
Shares Issued, Price Per Share | $ 4 | ||||
Proceeds from Issuance of Common Stock | $ 16,400,000 | ||||
Proceeds from Issuance of Common Stock, Net | $ 14,700,000 |
Note 12 - Shareholders' Equit_3
Note 12 - Shareholders' Equity - Shares Reserved (Details) | Dec. 31, 2019shares |
Common stock reserved for future issuance (in shares) | 3,598,317 |
Stock Options Outstanding [Member] | |
Common stock reserved for future issuance (in shares) | 1,220,359 |
Deferred Share Units [Member] | |
Common stock reserved for future issuance (in shares) | 21,183 |
The 2019 Omnibus Incentive Plan [Member] | |
Common stock reserved for future issuance (in shares) | 1,384,822 |
Common Share Purchase Warrants [Member] | |
Common stock reserved for future issuance (in shares) | 971,953 |
Note 13 - Former License and _2
Note 13 - Former License and Collaboration Agreement With Related Party (Details Textual) - USD ($) | Sep. 27, 2018 | Dec. 31, 2019 | Aug. 12, 2019 |
SK Group [Member] | DiaMedica [Member] | |||
Noncontrolling Interest, Ownership Percentage by Parent | 8.30% | ||
License Agreement [Member] | Ahon Pharma [Member] | |||
Revenue from Related Parties | $ 500,000 | ||
Collaboration Agreement, Non-refundable Payment Payable Upon Regulatory Clearance | 4,500,000 | $ 4,500,000 | |
Collaboration Agreement, Additional Payment Upon Development and Sales Milestone | $ 27,500,000 | ||
Collaboration Agreement, Percent of Royalties Upon Development and Sales Milestones | 10.00% |
Note 14 - Share-based Compens_3
Note 14 - Share-based Compensation (Details Textual) - USD ($) | 1 Months Ended | 12 Months Ended | |
Mar. 30, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | |
Common Stock, Capital Shares Reserved for Future Issuance | 3,598,317 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value | $ 918,000 | $ 508,000 | |
Proceeds from Stock Options Exercised | 75,000 | 43,000 | |
Share-based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount | $ 2,100,000 | ||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 2 years 109 days | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 75,000 | $ 104,000 | |
The 2019 Omnibus Incentive Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 2,000,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance | 615,178 | ||
The 2019 Omnibus Incentive Plan [Member] | Employee and Non-employee Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | ||
The 2019 Omnibus Incentive Plan [Member] | Employee and Non-employee Stock Options [Member] | Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 1 year | ||
The 2019 Omnibus Incentive Plan [Member] | Employee and Non-employee Stock Options [Member] | Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | ||
The 2019 Omnibus Incentive Plan [Member] | Nonemployee Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 5 years | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 1 year | ||
Stock Option Prior Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance | 605,181 | ||
The 2012 DSU Plan [Member] | |||
Common Stock, Capital Shares Reserved for Future Issuance | 21,183 | ||
The 2019 Omnibus Incentive Plan, Stock Option Prior Plan, and the 2012 DSU Plan [Member] | |||
Common Stock, Capital Shares Reserved for Future Issuance | 1,241,542 |
Note 14 - Share-based Compens_4
Note 14 - Share-based Compensation - Share-based Compensation Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Total share-based compensation | $ 1,164 | $ 620 |
Research and Development Expense [Member] | ||
Total share-based compensation | 370 | 170 |
General and Administrative Expense [Member] | ||
Total share-based compensation | $ 794 | $ 450 |
Note 14 - Share-based Compens_5
Note 14 - Share-based Compensation - Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Granted (in shares) | 725,825 | ||
Exercised (in shares) | (16,954) | ||
Share-based Payment Arrangement, Option [Member] | |||
Balance (in shares) | 639,359 | 480,035 | |
Balance, weighted average exercise price (in dollars per share) | $ 6.07 | $ 4.98 | |
Balance, aggregate intrinsic value | $ 678 | $ 508 | |
Granted (in shares) | 725,825 | 196,800 | |
Granted, weighted average exercise price (in dollars per share) | $ 4.52 | $ 8.55 | |
Exercised (in shares) | (50,000) | (16,954) | |
Exercised, weighted average exercise price (in dollars per share) | $ 1.50 | $ 2.54 | |
Expired/cancelled (in shares) | (7,353) | ||
Expired / cancelled, weighted average exercise price (in dollars per share) | $ 5.49 | ||
Forfeited (in shares) | (87,472) | (20,522) | |
Forfeited, weighted average exercise price (in dollars per share) | $ 5.22 | $ 6.94 | |
Balance (in shares) | 1,220,359 | 639,359 | |
Balance, weighted average exercise price (in dollars per share) | $ 5.33 | $ 6.07 |
Note 14 - Share-based Compens_6
Note 14 - Share-based Compensation - Unvested Shares (Details) | 12 Months Ended |
Dec. 31, 2019$ / sharesshares | |
Unvested (in shares) | shares | 242,332 |
Unvested, weighted average grant-date fair value (in dollars per share) | $ / shares | $ 5.75 |
Granted (in shares) | shares | 725,825 |
Granted, weighted average grant-date fair value (in dollars per share) | $ / shares | $ 3.21 |
Vested (in shares) | shares | (301,938) |
Vested, weighted average grant-date fair value (in dollars per share) | $ / shares | $ 4.07 |
Forfeited (in shares) | shares | (87,472) |
Forfeited, weighted average grant-date fair value (in dollars per share) | $ / shares | $ 3.94 |
Unvested (in shares) | shares | 578,747 |
Unvested, weighted average grant-date fair value (in dollars per share) | $ / shares | $ 3.73 |
Note 14 - Share-based Compens_7
Note 14 - Share-based Compensation - Stock Options Outstanding (Details) | 12 Months Ended |
Dec. 31, 2019$ / sharesshares | |
Outstanding, shares (in shares) | shares | 1,220,359 |
Outstanding, weighted average remaining contractual life (Year) | 8 years 73 days |
Outstanding, weighted average exercise price (in dollars per share) | $ 5.33 |
Exercisable, shares (in shares) | shares | 641,613 |
Exercisable, weighted average remaining contractual life (Year) | 7 years 109 days |
Exercise Price Range 1 [Member] | |
Per share exercise price, lower range (in dollars per share) | $ 2 |
Per share exercise price, upper range (in dollars per share) | $ 2.99 |
Outstanding, shares (in shares) | shares | 132,900 |
Outstanding, weighted average remaining contractual life (Year) | 6 years |
Outstanding, weighted average exercise price (in dollars per share) | $ 2.29 |
Exercisable, shares (in shares) | shares | 132,483 |
Exercisable, weighted average remaining contractual life (Year) | 6 years |
Exercise Price Range 2 [Member] | |
Per share exercise price, lower range (in dollars per share) | $ 3 |
Per share exercise price, upper range (in dollars per share) | $ 3.99 |
Outstanding, shares (in shares) | shares | 120,822 |
Outstanding, weighted average remaining contractual life (Year) | 7 years |
Outstanding, weighted average exercise price (in dollars per share) | $ 3.90 |
Exercisable, shares (in shares) | shares | 120,822 |
Exercisable, weighted average remaining contractual life (Year) | 7 years |
Exercise Price Range 3 [Member] | |
Per share exercise price, lower range (in dollars per share) | $ 4 |
Per share exercise price, upper range (in dollars per share) | $ 4.99 |
Outstanding, shares (in shares) | shares | 746,407 |
Outstanding, weighted average remaining contractual life (Year) | 9 years 73 days |
Outstanding, weighted average exercise price (in dollars per share) | $ 4.55 |
Exercisable, shares (in shares) | shares | 248,403 |
Exercisable, weighted average remaining contractual life (Year) | 8 years 292 days |
Exercise Price Range 4 [Member] | |
Per share exercise price, lower range (in dollars per share) | $ 5 |
Per share exercise price, upper range (in dollars per share) | $ 10 |
Outstanding, shares (in shares) | shares | 170,080 |
Outstanding, weighted average remaining contractual life (Year) | 8 years 146 days |
Outstanding, weighted average exercise price (in dollars per share) | $ 8.33 |
Exercisable, shares (in shares) | shares | 89,755 |
Exercisable, weighted average remaining contractual life (Year) | 8 years 146 days |
Exercise Price Range 5 [Member] | |
Per share exercise price, lower range (in dollars per share) | $ 10.01 |
Per share exercise price, upper range (in dollars per share) | $ 34 |
Outstanding, shares (in shares) | shares | 50,150 |
Outstanding, weighted average remaining contractual life (Year) | 2 years 328 days |
Outstanding, weighted average exercise price (in dollars per share) | $ 18.22 |
Exercisable, shares (in shares) | shares | 50,150 |
Exercisable, weighted average remaining contractual life (Year) | 2 years 328 days |
Note 14 - Share-based Compens_8
Note 14 - Share-based Compensation - Stock Option Assumptions (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Risk-free interest rate | ||
Expected dividend yield | 0.00% | 0.00% |
Expected option life (Year) | ||
Minimum [Member] | ||
Common share fair value (in dollars per share) | $ 2.07 | $ 6.82 |
Risk-free interest rate | 1.50% | 2.10% |
Expected option life (Year) | 4 years 73 days | 4 years 292 days |
Expected stock price volatility | 88.70% | 123.50% |
Maximum [Member] | ||
Common share fair value (in dollars per share) | $ 4.60 | $ 7.20 |
Risk-free interest rate | 2.40% | 2.20% |
Expected option life (Year) | 5 years 36 days | 5 years |
Expected stock price volatility | 103.50% | 135.70% |
Note 15 - Employee Benefit Pl_2
Note 15 - Employee Benefit Plan (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 4.00% | |
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 62,000 | $ 45,000 |
Note 16 - Income Taxes (Details
Note 16 - Income Taxes (Details Textual) | 12 Months Ended |
Dec. 31, 2019 | |
State and Local Jurisdiction [Member] | |
Open Tax Year | 2012 2013 2014 2015 2016 2017 2018 2019 |
Foreign Tax Authority [Member] | Australian Taxation Office [Member] | |
Open Tax Year | 2016 2017 2018 2019 |
Note 16 - Income Taxes - Deferr
Note 16 - Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Non-capital losses carried forward | $ 11,211 | $ 9,280 |
Research and development expenditures | 817 | 887 |
Share issue costs | 395 | 529 |
Patents and other | 294 | 293 |
Accruals | 13 | |
Accruals | (97) | |
Property and equipment | 3 | |
Property and equipment | (6) | |
Total deferred tax asset, net | 12,733 | 10,886 |
Valuation allowance | (12,733) | (10,886) |
Net deferred tax asset | ||
Net deferred tax asset |
Note 16 - Income Taxes - Reconc
Note 16 - Income Taxes - Reconciliation of Income Tax Rate (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Statutory income tax rate | 27.00% | 27.00% |
Income tax recovery based on statutory rate | $ (2,841) | $ (1,119) |
Share-based compensation | 315 | 243 |
Gain on revaluation of warrant liability | (450) | |
Australian research and development incentive | 137 | 103 |
Other | (9) | 172 |
Change in valuation allowance | 2,429 | 1,131 |
Income tax expense | $ 31 | $ 80 |
Note 16 - Income Taxes - Net Op
Note 16 - Income Taxes - Net Operating Losses (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Non-capital Income Tax Losses, Net [Member] | |
Tax credits | $ 38,425 |
Tax credits, expiration years | Jan. 1, 2026 |
Research Tax Credit Carryforward [Member] | |
Tax credits | $ 3,026 |
Tax Credits [Member] | |
Tax credits | $ 484 |
Tax credits, expiration years | Jan. 1, 2020 |
Note 17 - Subsequent Events (De
Note 17 - Subsequent Events (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | Feb. 13, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Proceeds from Issuance of Common Stock | $ 14,726 | ||
Subsequent Event [Member] | |||
Stock Issued During Period, Shares, New Issues | 2,125,000 | ||
Shares Issued, Price Per Share | $ 4 | ||
Proceeds from Issuance of Common Stock | $ 8,500 | ||
Proceeds from Issuance of Common Stock, Net | $ 7,700 |