Cover Page
Cover Page | 12 Months Ended |
Nov. 30, 2019shares | |
Cover [Abstract] | |
Document Type | 40-F |
Amendment Flag | false |
Document Period End Date | Nov. 30, 2019 |
Document Fiscal Year Focus | 2019 |
Document Fiscal Period Focus | FY |
Entity Registrant Name | Theratechnologies Inc. |
Entity Central Index Key | 0001512717 |
Entity Current Reporting Status | Yes |
Entity Emerging Growth Company | true |
Current Fiscal Year End Date | --11-30 |
Document Annual Report | true |
Entity Common Stock, Shares Outstanding | 76,953,411 |
Title of 12(b) Security | Common Stock |
Entity Interactive Data Current | Yes |
Entity Address, Country | CA |
Entity Ex Transition Period | false |
Trading Symbol | THTX |
Consolidated Statements of Fina
Consolidated Statements of Financial Position - USD ($) $ in Thousands | Nov. 30, 2019 | Nov. 30, 2018 | Dec. 01, 2017 |
Current assets | |||
Cash | $ 28,661 | $ 38,997 | $ 1,365 |
Bonds and money market funds | 11,964 | 9,691 | 16,524 |
Trade and other receivables | 10,116 | 10,952 | 7,553 |
Inventories | 20,929 | 11,084 | 7,244 |
Prepaid expenses and deposits | 3,874 | 1,595 | 785 |
Derivative financial assets | 637 | 1,287 | 1,120 |
Total current assets | 76,181 | 73,606 | 34,591 |
Non-current assets | |||
Bonds and money market funds | 619 | 5,200 | 7,653 |
Property and equipment | 1,071 | 101 | 48 |
Intangible assets | 27,480 | 15,121 | 16,888 |
Other asset | 12,204 | 17,088 | |
Total non-current assets | 41,374 | 37,510 | 24,589 |
Total assets | 117,555 | 111,116 | 59,180 |
Current liabilities | |||
Accounts payable and accrued liabilities | 31,173 | 25,830 | 17,997 |
Provisions | 2,484 | 1,014 | 584 |
Current portion of long-term obligations | 3,417 | 3,627 | |
Deferred revenue | 70 | 27 | |
Total current liabilities | 37,144 | 26,871 | 22,208 |
Non-current liabilities | |||
Long-term obligations | 4,570 | 3,524 | |
Convertible unsecured senior notes | 50,741 | 49,233 | |
Other liabilities | 266 | ||
Total non-current liabilities | 55,577 | 49,233 | 3,524 |
Total liabilities | 92,721 | 76,104 | 25,732 |
Equity | |||
Share capital | 287,035 | 286,828 | 281,743 |
Equity component of convertible unsecured senior notes | 4,457 | 4,457 | |
Contributed surplus | 10,783 | 8,788 | 12,389 |
Deficit | (277,462) | (264,966) | (260,604) |
Accumulated other comprehensive income (loss) | 21 | (95) | (80) |
Total equity | 24,834 | 35,012 | 33,448 |
Total liabilities and equity | $ 117,555 | $ 111,116 | $ 59,180 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands | 12 Months Ended | |
Nov. 30, 2019 | Nov. 30, 2018 | |
Statement of comprehensive income [abstract] | ||
Revenue | $ 63,216 | $ 45,217 |
Operating expenses | ||
Cost of goods sold | 21,125 | 9,376 |
Other production-related costs | 67 | 105 |
Royalties | 1,340 | |
Amortization of other asset | 4,884 | 2,442 |
Research and development expenses | 10,841 | 7,994 |
Selling expenses | 26,482 | 21,693 |
General and administrative expenses | 8,330 | 5,828 |
Total operating expenses | 71,729 | 48,778 |
Loss from operating activities | (8,513) | (3,561) |
Finance income | 1,097 | 608 |
Finance costs | (5,080) | (3,016) |
Finance income cost | (3,983) | (2,408) |
Loss before income tax recovery | (12,496) | (5,969) |
Income tax recovery | 1,269 | |
Net loss | (12,496) | (4,700) |
Items that may be reclassified to net profit (loss) in the future | ||
Net change in fair value of FVOCI financial assets, net of tax | 83 | (15) |
Exchange difference on translation of foreign operations | 33 | |
Other comprehensive income that will be reclassified to profit or loss, net of tax | 116 | (15) |
Total comprehensive loss | $ (12,380) | $ (4,715) |
Loss per share | ||
Basic and diluted | $ (0.16) | $ (0.06) |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity - USD ($) $ in Thousands | Total | Share capital | Equity component of convertible unsecured senior notes | Contributed surplus | Deficit | Accumulated other comprehensive income (loss) |
Beginning balance at Nov. 30, 2017 | $ 33,448 | $ 281,743 | $ 12,389 | $ (260,604) | $ (80) | |
Beginning balance, Shares at Nov. 30, 2017 | 74,962,050 | |||||
Total comprehensive loss | ||||||
Net loss | (4,700) | (4,700) | ||||
Other comprehensive income | ||||||
Net change in fair value of FVOCI-financial assets, net of tax | (15) | (15) | ||||
Total comprehensive loss | (4,715) | (4,700) | (15) | |||
Transactions with owners, recorded directly in equity | ||||||
Recognition of previously unrecognized tax assets from item originally recorded in equity | 338 | 338 | ||||
Equity component of convertible unsecured senior notes, net of income taxes of $1,607 | 4,457 | $ 4,457 | ||||
Share-based compensation plan | ||||||
Share-based compensation for stock option plan | 851 | 851 | ||||
Exercise of stock options | ||||||
Monetary consideration | 538 | $ 538 | ||||
Monetary consideration Shares | 412,734 | |||||
Attributed value | $ 426 | (426) | ||||
Exercise of broker options | 95 | $ 121 | (26) | |||
Exercise of broker options shares | 39,390 | |||||
Issuance of common shares – TaiMed | $ 4,000 | (4,000) | ||||
Issuance of common shares – TaiMed Shares | 1,463,505 | |||||
Total contributions by owners | 6,279 | $ 5,085 | 4,457 | (3,601) | 338 | |
Total contributions by owners shares | 1,915,629 | |||||
Ending Balance at Nov. 30, 2018 | 35,012 | $ 286,828 | 4,457 | 8,788 | (264,966) | (95) |
Ending Balance, Shares at Nov. 30, 2018 | 76,877,679 | |||||
Total comprehensive loss | ||||||
Net loss | (12,496) | (12,496) | ||||
Other comprehensive income | ||||||
Net change in fair value of FVOCI-financial assets, net of tax | 83 | 83 | ||||
Exchange differences on translation of foreign operations | 33 | 33 | ||||
Total comprehensive loss | (12,380) | (12,496) | 116 | |||
Transactions with owners, recorded directly in equity | ||||||
Issuance of common shares of Katana | $ 5 | $ 5 | ||||
Issuance of common shares of Katana shares | 900 | |||||
Share-based contingent consideration | $ 1,028 | 1,028 | ||||
Share-based compensation plan | ||||||
Share-based compensation for stock option plan | 1,059 | 1,059 | ||||
Exercise of stock options | ||||||
Monetary consideration | 110 | $ 110 | ||||
Monetary consideration Shares | 74,832 | |||||
Attributed value | $ 92 | (92) | ||||
Total contributions by owners | 2,202 | $ 207 | 1,995 | |||
Total contributions by owners shares | 75,732 | |||||
Ending Balance at Nov. 30, 2019 | $ 24,834 | $ 287,035 | $ 4,457 | $ 10,783 | $ (277,462) | $ 21 |
Ending Balance, Shares at Nov. 30, 2019 | 76,953,411 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |
Nov. 30, 2019 | Nov. 30, 2018 | |
Cash flows from (used in) Operating | ||
Net loss | $ (12,496) | $ (4,700) |
Adjustments for | ||
Depreciation of property and equipment | 199 | 21 |
Amortization of intangible assets and other asset | 7,296 | 4,209 |
Share-based compensation for stock option plan | 1,087 | 851 |
Deferred income tax recovery | (1,269) | |
Write-down of inventories | 16 | 144 |
Change in fair value of derivative financial assets | 647 | (213) |
Change in fair value of liability related to deferred stock unit plan | (641) | 210 |
Interest on convertible unsecured senior notes | 3,317 | 1,486 |
Interest income | (1,097) | (608) |
Accretion expense | 1,673 | 1,041 |
Foreign exchange | 32 | 271 |
Loss on repayment of long-term obligations | 286 | |
Lease inducements and amortization | 238 | 0 |
Cash flows from (used in) operations before changes in working capital | 271 | 1,729 |
Change in operating assets and liabilities | ||
Trade and other receivables | 831 | (3,399) |
Inventories | (9,861) | (3,984) |
Prepaid expenses and deposits | (2,282) | (810) |
Accounts payable and accrued liabilities | 6,137 | 6,099 |
Provisions | 1,470 | 430 |
Deferred revenue | 43 | 27 |
Increase (decrease) in working capital | (3,662) | (1,637) |
Total cash from (used in) operating activities | (3,391) | 92 |
Financing | ||
Proceeds from issue of convertible unsecured senior notes | 57,500 | |
Convertible unsecured senior notes issuance costs | (2,825) | |
Interest paid on convertible unsecured senior notes | (3,417) | |
Repayment of long-term obligations | (3,500) | (7,850) |
Proceeds from exercise of stock options | 110 | 538 |
Proceeds from exercise of broker options | 95 | |
Total cash from (used in) financing activities | (6,807) | 47,458 |
Investing | ||
Acquisition of other asset | (19,530) | |
Acquisition of intangible assets | (2,407) | (17) |
Acquisition of property and equipment | (1,215) | (25) |
Proceeds from sale of bonds and money market funds | 2,482 | 26,525 |
Acquisition of bonds and money market funds | (192) | (17,625) |
Interest received | 1,199 | 762 |
Acquisition of derivative financial assets | (21) | (8) |
Proceeds from sale of derivative financial assets | 24 | |
Total cash used in investing activities | (130) | (9,918) |
Net change in cash | (10,328) | 37,632 |
Cash, beginning of year | 38,997 | 1,365 |
Effect of foreign exchange on cash | (8) | |
Cash, end of year | $ 28,661 | $ 38,997 |
Basis of preparation
Basis of preparation | 12 Months Ended |
Nov. 30, 2019 | |
Text block [abstract] | |
Basis of preparation | 1. Basis of preparation Statement of compliance The consolidated financial statements of the Company have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”). The consolidated financial statements were authorized for issue by the Board of Directors on February 24 Basis of measurement The Company’s consolidated financial statements have been prepared on a going concern and historical cost bas i cash-settled Equity-classified Share-based Payment The methods used to measure fair value are discussed further in Note 2 4 Functional and presentation currency The Company’s functional currency is the United States dollar (“USD”). Prior to the issuance of these annual consolidated financial statements, the presentation currency was the Canadian dollar (“CAD”). In 2019, management decided to change the presentation currency from the CAD to the USD to better reflect the market the Company operates in, and this change was applied retrospectively, resulting in the recast of comparative information. As such, these consolidated financial statements are now presented in USD, together with the comparative numbers as at November 30, 2018. The Company has also presented an opening consolidated statement of financial position as at December 1, 2017 in USD, which has been derived from the consolidated financial statements as at and for the year ended November 30, 2017. All financial information presented in USD has been rounded to the nearest thousand. Initial application of new or amended accounting standards Amendments to IFRS 3, Business Combinations On October 22, 2018, the IASB issued amendments to IFRS 3 that seek to clarify whether a transaction results in an asset or a business acquisition. The amendments apply to businesses acquired in annual reporting periods beginning on or after January 1, 2020. Early application is permitted. The amended definition emphasizes that the output of a business is to provide goods and services to customers, whereas the previous definition focused on returns in the form of dividends, lower costs or other economic benefits to investors and others. The amendments include an election to use a concentration test. This is a simplified assessment that results in an asset acquisition if substantially all of the fair value of the gross assets is concentrated in a single identifiable asset or a group of similar identifiable assets. If a preparer chooses not to apply the concentration test, or the test is failed, then the assessment focuses on the existence of a substantive process. The Company early adopted the amendments with a date of initial application of December 1, 2018 and applied the amendment in connection with the acquisition of the IFRS 9, Financial Instruments The Company adopted all of the requirements of IFRS 9 with a date of initial application of December 1, 2018. IFRS 9 does not require restatement of comparative periods. This standard establishes principles for the financial reporting classification and measurement of financial assets and financial liabilities. This standard also incorporates a new hedging model which increases the scope of hedged items eligible for hedge accounting and aligns hedge accounting more closely with risk management. This standard also amends the impairment model by introducing a new “expected credit loss” model for calculating impairment. This new standard increases required disclosures about an entity’s risk management strategy, cash flows from hedging activities and the impact of hedge accounting on the consolidated financial statements. IFRS 9 uses a single approach to determine whether a financial asset is measured at amortized cost or fair value, replacing the multiple rules in IAS 39, Financial Instruments: Recognition and Measurement The following summarizes the classification and measurement changes for the Company’s non-derivative IAS 39 IFRS 9 Financial assets: Cash Loans and receivables Amortized cost Bonds Available for sale Fair value through other comprehensive income Money market funds Available for sale Fair value through profit or loss Trade and other receivables Loans and receivables Amortized cost Non-hedge Fair value through profit or loss Fair value through profit or loss Financial liabilities: Accounts payable and accrued liabilities Other financial liabilities Amortized cost Convertible unsecured senior notes Other financial liabilities Amortized cost Long-term obligations Other financial liabilities Amortized cost The accounting for these instruments and the line item in which they are included in the consolidated The new expected credit loss (“ECL”) impairment model applies to financial assets measured at amortized cost and debt investments at fair value through other comprehensive income (“FVOCI”). The Company has determined that the application of IFRS 9’s impairment requirements as at December 1, 2018 results in no adjustment for the allowance for impairment on trade and other receivables. Over 97% of the Company’s revenue is attributable to sales transactions with one customer: RxCrossroads (see Note s 4 and 7 , November 30, 2018, IFRS 15, Revenue from Contracts with Customers (“IFRS 15”) IFRS 15 establishes a comprehensive framework for determining whether, how much and when revenue is recognized. It replaces IAS 18, Revenue, IAS 11 , Construction Contracts , Use of estimates and judgments The preparation of the Company’s consolidated financial statements in conformity with IFRS requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting year. Judgments in applying accounting policies Information about critical judgments in applying accounting policies and assumptions that have the most significant effect on the amounts recognized in the consolidated financial statements is noted below. Milestone payments related to Trogarzo ® The commercialization rights related to Trogarzo ® Contingent consideration related to oncology platform The purchase consideration for the oncology platform (note 12) includes additional milestone payments based on the attainment of commercial milestones that will be settled though the issuance of the Company’s shares, which represent a transaction in the scope of IFRS 2. Accordingly, the fair value of the oncology platform at the date of acquisition incorporates management’s judgement as to the probability of attaining the share-based milestones as well as the expected timing of the attainment of the milestones. Convertible senior unsecured notes The determination of the fair value of the liability component of a convertible instrument was at time of issuance based on the estimated interest rate that the Company could obtain for a similar debt instrument without a conversion option. Key sources of estimation uncertainty Key sources of estimation uncertainty that have a significant risk of resulting in a material adjustment to the carrying amount of assets and liabilities within the next financial year are as follows. Sales promotional programs Management uses judgment in estimating provisions for sale deductions such as cash discounts, allowances, returns, rebates, chargebacks and distribution fees (see Notes 2 (Revenue recognition) and 4 for additional information). Other Other areas of judgment and uncertainty are related to the estimation of accruals for clinical trial expenses, the recoverability of inventories, the measurement and recoverability of intangible assets, the measurement of derivative financial assets, and the measurement of share-based arrangements. Reported amounts and note disclosures reflect the overall economic conditions that are most likely to occur and the anticipated measures management intends to take. Actual results could differ from those estimates. The above estimates and assumptions are reviewed regularly. Revisions to accounting estimates are recognized in the year in which the estimates are revised and in any future years affected. |
Significant accounting policies
Significant accounting policies | 12 Months Ended |
Nov. 30, 2019 | |
Text block [abstract] | |
Significant accounting policies | 2. Significant accounting policies The accounting policies have been applied consistently by the subsidiaries of the Company, except as otherwise noted for the initial application of new or amended accounting standards. Basis of consolidation The financial statements of the subsidiaries of the Company are included in the consolidated financial statements from the date on which control commences until the date on which control ceases. Subsidiaries are entities controlled by the Company. Control is present where the Company has the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities. In assessing control, potential voting rights that are currently exercisable are taken into consideration. The accounting policies of subsidiaries are changed when necessary to align them with the policies adopted by the Company. Intercompany balances and transactions, revenues and expenses resulting from transactions between subsidiaries and with the Company are eliminated in preparing the consolidated financial statements. Foreign currencies Transactions in foreign currencies are translated to the functional currency at exchange rates in effect at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies at the reporting date are translated to the functional currency at the exchange rate in effect at that date. The foreign currency gain or loss on monetary items is the difference between amortized cost in the functional currency at the beginning of the reporting year, adjusted for effective interest and payments during the reporting year, and the amortized cost in foreign currency translated at the exchange rate in effect at the end of the reporting year. Non-monetary Non-monetary FVOCI financial instruments, which are recognized in other comprehensive income. Foreign operations The assets and liabilities of foreign operations whose functional currency is not the USD are translated into USD at the reporting date. The income and expenses of foreign-currency denominated operations are translated at average rates for each reporting period. Foreign exchange differences arising on the translation of foreign operations are recognized directly in other comprehensive income. When a foreign subsidiary is disposed of, the cumulative amount recognized in the currency translative reserve forms part of the gain or loss on disposal. Revenue recognition Revenue from contracts with customers – Net sales The Company derives revenue from the sales of finished goods, which include Trogarzo ® ® Some arrangements for the sale of finished goods provide for customer cash discounts for prompt payment, allowances, rights of return, rebates on sales made under governmental and commercial rebate programs, chargebacks on sales made to government agencies and retail pharmacies and distribution fees, which gives rise to variable consideration. At the time of sale, estimates are made for items giving rise to variable consideration based on the terms of the arrangement. The variable consideration is estimated at contract inception using the most likely amount method and revenue is only recognized to the extent that a significant reversal of revenue is not expected to occur. The estimate is based on historical experience, current trends, contractual terms with distributors and other known factors. Sales are recorded net of customer discounts, rebates, chargebacks, distribution fees and estimated sales returns, and exclude sales taxes. A refund liability and a right to recover returned goods asset are recognized for expected returns in relation to sales made before the end of the reporting period. The right to recover returned goods asset is measured at the former carrying amount of the inventory less any expected costs to recover goods. The Company reviews its estimate of variable consideration, including expected returns , Cost of sales Cost of goods sold Cost of goods sold includes the cost of raw materials, supplies, direct labour and overhead charges allocated to goods sold. Other production related costs Other production related costs include unallocated indirect costs related to production as well as write-downs of inventories. Royalties Royalties include royalties payable under the 2013 Termination Agreement (Note 1 3 Amortization of the other asset The amortization of the other asset relates to the repurchase of the future royalty rights under the 2013 Termination Agreement (Note 13). Employee benefits Salaries and short-term employee benefits Salaries and short-term employee benefit obligations are measured on an undiscounted basis and are expensed as the related service is provided. A liability is recognized for the amount expected to be paid under short-term profit-sharing or cash bonus plans if the Company has a legal or constructive obligation to pay an amount as a result of past services rendered by an employee and the obligation can be estimated reliably. Post-employment benefits Post-employment benefits include a defined contribution plan under which an entity pays fixed contributions into a separate entity and will have no legal or constructive obligation to pay further amounts. Obligations for contributions to defined contribution plans are recognized as an employee benefit expense when due. Prepaid contributions are recognized as an asset to the extent that a cash refund or a reduction in future payments is available. The Company’s defined contribution plan comprises the registered retirement savings plan, the Qu e Termination benefits Termination benefits are recognized as an expense when the Company is committed demonstrably, without realistic possibility of withdrawal, to a formal detailed plan to either terminate employment before the normal retirement date or to provide termination benefits as a result of an offer made to encourage voluntary redundancy. Finance income and finance costs Finance income comprises interest income on financial assets and gains on the disposal of financial assets. Interest income is recognized as it accrues in net loss using the effective interest method. Finance costs comprise bank charges, interest and accretion expense on convertible unsecured senior notes and long-term obligations, impairment losses on financial assets recognized in net loss, changes in fair value of liabilities and derivatives, unrealized foreign currency gain or loss on long-term obligations and other foreign currency gains and losses which are reported on a net basis. Inventories Inventories are presented at the lower of cost, determined using the first-in, first-out Work in progress inventory appears from the moment third party suppliers use the material provided by the Company until the time the Company receives the finished product. The value of work in progress inventory is equal to the value of material provided by the Company plus all conversion work performed by third party suppliers. Property and equipment Recognition and measurement Items of property and equipment are recognized at cost less accumulated depreciation and accumulated impairment losses. Cost includes expenditures that are directly attributable to the acquisition of the asset and the costs of dismantling and removing the item and restoring the site on which it is located, if any. Construction in progress assets are capitalized during construction and depreciation commences when the asset is available for use. When parts of an item of property and equipment have different useful lives, they are accounted for as separate items (major components) of property and equipment. Gains and losses on disposal of an item of property and equipment are determined by comparing the proceeds from disposal with the carrying amount of property and equipment and are recognized in net profit or loss. Subsequent costs The cost of replacing a part of an item of property and equipment is recognized in the carrying amount of the item if it is probable that the future economic benefits embodied within the part will flow to the Company and its cost can be measured reliably. The carrying amount of the replaced part is derecognized. The costs of the day-to-day Depreciation The methods of depreciation and depreciation rates and periods are as follows. Asset Method Rate/period Computer equipment Declining balance 50 % Laboratory equipment Declining balance 20 % and straight-line 5 years Office furniture and equipment Declining balance 20 % Leasehold improvements Straight-line Lower of lease term The method of depreciation is selected based on the most closely expected pattern of consumption of the future economic benefits embodied in the asset. Estimates for depreciation methods, useful lives and residual values are reviewed at each year-end Intangible assets Research and development Expenditure on research activities, undertaken with the prospect of gaining new scientific or technical knowledge and understanding, is expensed as incurred. Development activities involve a plan or design for the production of new or substantially improved products and processes. A development expenditure is capitalized only if development costs can be measured reliably, the product or process is technically and commercially feasible, future economic benefits are probable and the Company intends to and has sufficient resources to complete development and to use or sell the asset. These criteria are usually met when a regulatory filing has been made in a major market and approval is considered highly probable. The expenditure capitalized includes the cost of materials, direct labour, and overhead costs that are directly attributable to preparing the asset for its intended use. Other development expenditures are expensed as incurred. Capitalized development expenditures are measured at cost less accumulated amortization and accumulated impairment losses. During the years ended November 30, 2019 and 2018, no Commercialization rights and oncology platform Commercialization rights and the oncology platform cash -based arising from the attainment of commercial milestones EGRIFTA ® ® American Territory are amortized at fixed rates based on their estimated useful life of 142 Commercialization rights – Trogarzo ® their lives The amortization method and useful life of intangible assets are reviewed every year and adjusted as required. Other asset Other asset, which comprises the amount disbursed in connection with the repurchase of the future royalty rights under the 2013 Termination Agreement (Note 13), is amortized over its estimated useful life of 48 months. Impairment of non-financial The carrying amounts of the Company’s non-financial For the purpose of impairment testing, assets are grouped together into the smallest group of assets that generates cash inflows from continuing use that are largely independent of cash inflows from other assets or groups of assets (“cash-generating unit”). The recoverable amount of an asset or a cash-generating unit is the greater of its value in use and its fair value less costs to sell. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax Financial instruments The Company initially recognizes financial assets on the trade date at which the Company becomes a party to the contractual provisions of the instrument. Financial assets are initially measured at fair value. If the financial asset is not subsequently accounted for at fair value through profit or loss, then the initial measurement includes transaction costs that are directly attributable to the asset’s acquisition or issue. On initial recognition, the Company classifies its financial assets as measured at amortized cost, FVOCI or fair value through profit or loss (“FVPL”), depending on its business model for managing the financial assets and the contractual cash flow characteristics of the financial assets. (i) Financial assets measured at amortized cost A financial asset is measured at amortized cost, using the effective interest method and net of any impairment loss, if it meets both of the following conditions and is not designated at fair value though profit or loss: · it is held within a business model whose objective is to hold assets to collect contractual cash flows; and · its contractual terms give rise, on specified dates, to cash flows that are solely payments of principal and interest on the principal amount outstanding. The Company currently classifies its cash and trade and other receivables as financial assets measured at amortized cost. (ii) Financial assets, measured at fair value through other comprehensive income A debt investment is measured at fair value through other comprehensive income if it meets both of the following conditions and is not designated at fair value through profit or loss: · it is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets; and · its contractual terms give rise, on specified dates, to cash flows that are solely payments of principal and interest on the principal amount outstanding. These assets are subsequently measured at fair value. Interest income calculated using the effective interest method, foreign exchange gains and losses and impairment are recognized in profit or loss. Other net gains and losses are recognized in other comprehensive income. When an investment is derecognized, gains or losses accumulated in other comprehensive income are reclassified to profit or loss. On initial recognition of an equity investment that is not held for trading, the Company may irrevocably elect to present subsequent changes in the investment’s fair value in other comprehensive income. This election is made on an investment-by-investment The Company currently classifies its bonds as financial assets measured at fair value through other comprehensive income. (iii) Financial assets measured at fair value through profit or loss All financial assets not classified as measured at amortized cost or fair value through other comprehensive income as described above are measured at fair value through profit or loss. These assets are subsequently measured at fair value and changes therein, including any interest or dividend income, are recognized in profit or loss. The Company currently classifies its money market funds and non-hedge The Company derecognizes a financial asset when the contractual rights to the cash flows from the asset expire, or it transfers the rights to receive the contractual cash flows on the financial asset in a transaction in which substantially all the risks and rewards of ownership of the financial asset are transferred. (iv) Financial liabilities Financial liabilities are classified into the following categories: · Financial liabilities at fair value through profit or loss A financial liability is classified at fair value through profit or loss if it is classified as held-for-trading, · Financial liabilities measured at amortized cost This category includes all financial liabilities, other than those measured at fair value through profit or loss. A financial liability is subsequently measured at amortized cost using the effective interest method. The Company currently classifies accounts payable and accrued liabilities, convertible unsecured senior notes and long-term obligations as financial liabilities measured at amortized cost. The Company derecognizes a financial liability when its contractual obligations are discharged or cancelled, or expired. (v) Compound financial instruments Compound financial instruments are instruments that contain both a liability component and an equity component, and the liability component can be converted into share capital at the option of the holder and the number of shares to be issued does not vary with changes in their fair value. The liability component of a compound financial instrument is recognized initially at the fair value of a similar liability that does not have an equity conversation option. The equity component is recognized initially as the difference between the fair value of the compound financial instrument as a whole and the fair value of the liability component. Any directly attributable transaction costs are allocated to the liability and equity component in proportion to their initial carrying amounts. (vi) Derivative financial instruments Derivative financial instruments are recorded as either assets or liabilities measured at their fair value unless exempted from derivative treatment as a normal purchase and sale. Certain derivatives embedded in other contracts must also be measured at fair value. The changes in the fair value of derivatives are recognized through profit or loss in the year in which they occur. (vii) Offsetting of financial instruments Financial assets and liabilities are offset and the net amount presented in the consolidated statement of financial position when, and only when, the Company has a legal right to set off the amounts and intends either to settle them on a net basis or to realize the asset and settle the liability simultaneously. (viii) Impairment of financial assets At each reporting date, the Company recognizes loss allowances for ECLs on financial assets carried at amortized cost and debt securities at FVOCI. The Company’s trade and other receivables are accounts receivable with no financing component and which have maturities of less than 12 months and, as such, the Company has chosen to apply the simplified approach for ECL. As a result, the Company does not track changes in credit risk related to its trade and other receivables, but instead recognizes a loss allowance based on lifetime ECLs at each reporting date. For other financial assets subject to impairment, the Company measures loss allowances at an amount equal to lifetime ECLs, except for the following, which are measured at 12-month · debt securities that are determined to have low credit risk at the reporting date; and · other debt securities and bank balances for which credit risk (i.e. the risk of default occurring over the expected life of the financial instrument) has not increased significantly since initial recognition. The Company considers a debt security to have a low credit risk when its credit risk rating is equivalent or above investment grade credit rating, such as its bonds classified at FVOCI. The Company’s approach to ECLs reflects a probability-weighted outcome, the time value of money and reasonable and supportable information that is available without undue cost or effort at the reporting date about past events, current conditions and forecasts of future economic conditions. Leases Operating lease payments are recognized in net loss on a straight-line basis over the term of the lease. Lease inducements arising from leasehold improvement allowances and rent-free periods form an integral part of the total lease cost and are deferred and recognized in net profit over the term of the lease on a straight-line basis. Provisions A provision is recognized if, as a result of a past event, the Company has a present legal or constructive obligation that can be estimated reliably and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions are assessed by discounting the expected future cash flows at a pre-tax Chargebacks and rebates Chargebacks and rebates are estimated based on historical experience, relevant statutes with respect to governmental pricing programs, and contractual sales terms. Returns Provisions for returns are estimated based on historical return levels, taking into account additional available information on contract changes. The Company reviews its methodology and adequacy of the provision for returns on a quarterly basis, adjusting for changes in assumptions, historical results and business practices, as necessary. Contingent liability A contingent liability is a possible obligation that arises from past events and whose existence will be confirmed only by the occurrence or non-occurrence Income taxes Income tax expense comprises current and deferred taxes. Current tax and deferred tax are recognized in net loss except to the extent that they relate to items recognized directly in other comprehensive income or in equity. Current tax Current tax is the expected tax payable or receivable on the taxable income or loss for the year and any adjustment to tax payable in respect of previous years. The Company establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities. Deferred tax Deferred tax is recognized in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes and deferred tax losses that can be used against taxable profit in future years. Deferred tax is measured at the tax rates that are expected to be applied to temporary differences when they reverse and to fiscal losses when they will be used, based on the laws that have been enacted or substantively enacted by the reporting date. A deferred tax liability is generally recognized for all taxable temporary differences. A deferred tax asset is recognized for unused tax losses and deductible temporary differences to the extent that it is probable that future taxable profits will be available against which they can be used. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realized. Deferred income tax is not recognized for the following temporary differences: the initial recognition of assets or liabilities in a transaction that is not a business combination and that affects neither accounting or taxable profit or loss at the time of the transaction, and, where the timing of the reversal of the temporary difference is controlled by the Company and it is probable that the temporary difference will not reverse in the foreseeable future. In addition, deferred tax is not recognized for taxable temporary differences arising from the initial recognition of goodwill. Share-based compensation Share option plan The Company records share-based compensation related to employee stock options granted using the fair-value-based method estimated using the Black-Scholes model. Under this method, compensation cost is measured at fair value at the date of grant and expensed over the period in which employees unconditionally become entitled to the options. The amount recognized as an expense is adjusted to reflect the number of options for which the related service conditions are expected to be met, such that the amount ultimately recognized as an expense is based on the number of options that do meet the related service conditions at the vesting date. Share-based payment arrangements in which the Company receives services as consideration for its own equity instruments are accounted for as equity-settled share-based payment transactions, regardless of how the equity instruments are obtained by the Company. Deferred stock unit plan The deferred stock units (“DSUs”) are totally vested on the date of grant and are settled in cash. In the case of the DSUs granted to officers for annual bonuses, a DSU liability is recorded on the date of grant at the market value of the common shares in place of the liability for the bonus payments. In the case of the directors, the expense related to DSUs and their liabilities are recognized on the date of grant. The liability is adjusted to reflect any change in the market value of common shares and such change is recorded in finance costs. Cash-settled stock appreciation rights The stock appreciation rights (“SARs”) entitle the grantee to a cash payment based on the increase in the share price of the Company’s common shares from the grant date to the settlement date. A liability is recognized for the services acquired and is recorded at the fair value of the SARs in other non-current Estimating fair value requires determining the most appropriate inputs to the valuation model including the expected life of the SARs, volatility, risk-free interest rate and dividend yield and making assumptions about them. At the end of each reporting period until the liability is settled, the fair value of the liability is remeasured, with any changes in fair value recognized in the consolidated statement of net earnings (loss) and comprehensive earnings (loss) of the current year. Research and development tax credits The Company elected to account for non-refundable Accounting for Government Grants and Disclosure of Governmental Assistance Non-refundable Share capital Common shares Common shares are classified as equity. Transaction costs Costs directly attributable to the issue of common shares are recognized in equity, net of any tax effects. 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 net profit or loss attributable to common shareholders of the Company by the weighted average number of common shares outstanding during the year. Diluted EPS is determined by adjusting the profit or loss attributable to common shareholders by taking the weighted average number of common shares outstanding and taking into consideration all dilutive potential common shares, which consist of the outstanding stock options and convertible unsecured senior notes. |
New or revised standards and in
New or revised standards and interpretations issued but not yet adopted | 12 Months Ended |
Nov. 30, 2019 | |
Text block [abstract] | |
New or revised standards and interpretations issued but not yet adopted | 3. New or revised standards and interpretations issued but not yet adopted IFRS 16, Leases On January 13, 2016, the IASB issued IFRS 16 . The new standard is effective for annual periods beginning on or after January 1, 2019. IFRS 16 will replace IAS 17, Leases (“IAS 17”). This standard introduces a single lessee accounting model and requires a lessee to recognize assets and liabilities for all leases with a term of more than 12 months, unless the underlying asset is of low value. A lessee is required to recognize a right-of-use This standard substantially carries forward the lessor accounting requirements of IAS 17, while requiring enhanced disclosures to be provided by lessors. The Company intends to adopt IFRS 16 in its consolidated financial statements for the annual period beginning on December 1, 2019 using the modified retrospective transition method. The extent of the impact of adoption of the standard has not yet been determined, but the Company expects the majority of its operating leases will need to be recognized in the consolidated statement of financial position on initial adoption. At December 1, 2019, the Company expects to record right-of-use |
Revenue and deferred revenue
Revenue and deferred revenue | 12 Months Ended |
Nov. 30, 2019 | |
Text block [abstract] | |
Revenue and deferred revenue | 4. Revenue and deferred revenue On May 12, 2014, the Company entered into a master services agreement with RxC Acquisition Company (“RxCrossroads”), along with two statements of work (“RxCrossroads Agreements”). Under the terms of the RxCrossroads Agreements, RxCrossroads acts as the Company’s exclusive third-party logistics service provider for all of the Company’s products in the United States and, as such, provides warehousing and logistical support services to the Company, including inventory control, account management, customer support, product return management and fulfillment of orders. Under the RxCrossroads Agreements, RxCrossroads also acts as the Company’s exclusive third-party distributor of EGRIFTA ® EGRIFTA ® EGRIFTA ® EGRIFTA ® EGRIFTA ® On November 1, 2017, the Company entered into amended and restated RxCrossroads Agreements to add Trogarzo ® ™ The Company commercializes EGRIFTA ® . Net sales by product were as follows: 2019 2018 EGRIFTA ® $ 35,520 $ 36,329 Trogarzo ® 27,696 8,888 $ 63,216 $ 45,217 Net sales by geography were as follows: 2019 2018 Canada $ 295 $ 530 United States 62,921 44,687 $ 63,216 $ 45,217 |
Personnel expenses
Personnel expenses | 12 Months Ended |
Nov. 30, 2019 | |
Text block [abstract] | |
Personnel expenses | 5. Personnel expenses Note 2019 2018 Salaries and short-term employee benefits $ 5,402 4,307 Post-employment benefits 295 230 Share-based compensation 1 9 e 1,059 851 Termination benefits 87 - $ 6,843 5,388 |
Finance income and finance cost
Finance income and finance costs | 12 Months Ended |
Nov. 30, 2019 | |
Text block [abstract] | |
Finance income and finance costs | 6. Finance income and finance costs Note 2019 2018 Interest income $ 1,097 $ 608 Finance income 1,097 608 Accretion expense 16, 17 (1,673 ) (1,041 ) Interest on convertible unsecured senior notes (3,317 ) (1,486 ) Loss on repayment of long-term obligation s - (286 ) Bank charges (39 ) (37 ) Net foreign currency loss (45 ) (169 ) ( ) (6 ) 3 Finance costs (5,080 ) (3,016 ) Net finance cost recognized in net profit or loss $ (3,983 ) $ (2,408 ) |
Bonds and money market funds
Bonds and money market funds | 12 Months Ended |
Nov. 30, 2019 | |
Schedule Of Detailed Information About Bonds And Money Market Funds [Abstract] | |
Bonds and money market funds | 7. Bonds and money market funds November 30 December 1, 2019 2018 2017 Bonds $ 5,246 $ 7,746 $ 12,878 Money market funds 7,337 7,145 11,299 12,583 14,891 24,177 Current portion 11,964 9,691 16,524 Non-current $ 619 $ 5,200 $ 7,653 As at November 30, 2019, bonds were interest-bearing financial assets with stated interest rates ranging from 1.7 4.8 1.6 4.8 0.5 1.2 s |
Trade And Other Receivables
Trade And Other Receivables | 12 Months Ended |
Nov. 30, 2019 | |
Trade And Other Receivables Explanatory [Abstract] | |
Trade and other receivables | 8. Trade and other receivables November 30 December 1 , 2019 2018 2017 Trade receivables $ 9,538 $ 10,720 $ 7,460 Sales tax receivable 253 98 71 Other receivables 325 134 22 $ 10,116 $ 10,952 $ 7,553 |
Tax credits receivable
Tax credits receivable | 12 Months Ended |
Nov. 30, 2019 | |
Schedule Of Information About Unused And Unrecorded Non Refundable Federal Tax Credit [Abstract] | |
Tax credits receivable | 9. Tax credits receivable Tax credits receivable comprise research and development investment tax credits receivable from the Quebec government which relate to eligible research and development expenditures under the applicable tax laws. The amounts recorded as receivables are subject to a government tax audit and the final amounts received may differ from those recorded. There are no unfulfilled conditions or contingencies associated with the government assistance received. The Company has unused and unrecorded non-refundable . 2024 448 2025 1,336 2026 1,640 2027 2,260 2028 2,507 2029 1,689 2030 837 2031 585 2032 306 2033 202 11,810 |
Inventories
Inventories | 12 Months Ended |
Nov. 30, 2019 | |
Classes of current inventories [abstract] | |
Inventories | 10. Inventories November 30 December 1 , 2019 2018 2017 Raw materials $ 3,011 $ 4,224 $ 5,247 Work in progress 2,467 292 - Finish ed 15,451 6,568 1,997 $ 20,929 $ 11,084 $ 7,244 Inventories were written down to net realizable value by an amount of $16 in 2019 (2018 – $144), of which nil (2018 – $108) is recorded in cost of sales as other production-related costs and $16 (2018 – $36) was recorded in cost of goods sold. The write-downs in 2019 and 2018 related to losses incurred during the conversion of raw materials to finished goods and losses associated with expired goods. |
Property and equipment
Property and equipment | 12 Months Ended |
Nov. 30, 2019 | |
Disclosure of detailed information about property, plant and equipment [abstract] | |
Property and equipment | 11. Property and equipment Computer Laboratory Office Leasehold Total Cost Balance as at December 1 $ 77 $ 47 $ 71 $ - $ 195 Additions 18 - 4 52 74 Disposals (13 ) - - - (13 ) Balance as at $ 82 $ 47 $ 75 $ 52 $ 256 Additions 206 60 313 590 1,169 Disposals (57 ) - (54 ) - (111 ) Balance as at $ 231 $ 107 $ 334 $ 642 $ 1,314 Accumulated depreciation Balance as at December 1 $ 67 $ 18 $ 62 $ - $ 147 Depreciation 12 7 2 - 21 Disposals (13 ) - - - (13 ) Balance as at $ 66 $ 25 $ 64 $ - $ 155 Depreciation 78 7 48 66 199 Disposals (57 ) - (54 ) - (111 ) Balance as at $ 87 $ 32 $ 58 $ 66 $ 243 Net carrying amounts November 30, 201 9 $ 144 $ 75 $ 276 $ 576 $ 1,071 November 30, 201 8 $ 16 $ 22 $ 11 $ 52 $ 101 December 1, 2017 $ 10 $ 29 $ 9 $ - $ 48 |
Intangible assets
Intangible assets | 12 Months Ended |
Nov. 30, 2019 | |
Text block [abstract] | |
Intangible assets | 12. Intangible assets Commercialization ® Commercialization ® Commercialization ® Oncology Total Cost Balance as at December 1, 2017 and November 30, 2018 $ 5,207 $ 3,055 $ 14,041 $ - 22,303 Additions 6,765 4,557 - 3,449 14,771 Balance as at November 30, 2019 $ 11,972 $ 7,612 $ 14,041 $ 3,449 37,074 Accumulated amortization Balance as at December 1, 2017 $ - $ - $ 5,415 $ - 5,415 Amortization 257 - 1,510 - 1,767 Balance as at November 30, 2018 $ 257 $ - $ 6,925 $ - 7,182 Amortization 901 - 1,511 - 2,412 Balance as at November 30, 2019 $ 1,158 $ - $ 8,436 $ - 9,594 Net carrying amounts November 30, 2019 $ 10,814 $ 7,612 $ 5,605 $ 3,449 27,480 November 30, 2018 $ 4,950 $ 3,055 $ 7,116 $ - 15,121 December 1, 2017 $ 5,207 $ 3,055 $ 8,626 $ - 16,888 The amortization expense of $2,412 (2018 – $1,767) is included in selling expenses. Commercialization rights – Trogarzo ® On March 18, 2016, the Company entered into a distribution and marketing agreement with TaiMed Biologics, Inc. (“TaiMed”). On March 6, 2017, the Company entered into an amended and restated distribution and marketing agreement with TaiMed (“TaiMed Agreement”) granting the Company the exclusive right to market and distribute Trogarzo ® 12 country-by-country ® for the of ® Commercialization rights – Trogarzo ® in the North American Territory Under the terms of the TaiMed Agreement, TaiMed is responsible for developing Trogarzo ® ® ® at 52% of its net selling price with an additional amount equal to 10% of its net selling price until such additional amount aggregates $5,500 , which was reached in November 2019. Initial payments Under the TaiMed Agreement, the Company agreed to make an initial payment of US$5,000 and will make se veral ® The initial payment of $5,000 was made in accordance with the following: (i) $1,000 was paid in cash at the signature of the TaiMed Agreement entered into in March 2016; (ii) $4,000 through the issuance of the Company’s common shares, payable after the first commercial sale of Trogarzo ® The Company recorded as additions to intangible assets during 2016 related to the TaiMed Agreement an amount of $5,207, which comprises Commercial milestone payments As further consideration under the TaiMed Agreement, the Company shall make the following one-time s Commercial milestone Commercial milestone payment (i) Achieving aggregate net sales of $20,000 $7,000 payable in two equal of $3,500 (ii) Upon first achieving annual net sales of $200,000 $10,000 (iii) Upon first achieving annual net sales of $500,000 $40,000 (iv) Upon first achieving annual net sales of $1,000,000 $100,000 In 2019, the Company accrued and recorded the first commercial milestone payment under the The Company will also pay TaiMed development milestones for Trogarzo ® ® ® Commercialization rights – Trogarzo ® in the European Territor y On September 26, 2019, Trogarzo ® s The purchase price of Trogarzo® for sales occurring in a country forming part of the European Territory is set at (i) 52% of the net selling price of Trogarzo® in such country on annual net sales in such country up to, or equal to, $50,000 and (ii) an amount equal to 57% of the net selling price of Trogarzo® in such country on the portion of annual net sales of Trogarzo® in the European Territory that exceeds annual net sales of Trogarzo® in the European Territory of $50,000. Initial and milestone payments The TaiMed Agreement also provides for the following development, launch and sales milestones paid or to be paid by the Company to TaiMed: - An upfront payment of $3,000, which was paid through the issuance of 906,077 common shares of the Company on March 17, 2017; - An approval milestone payment representing 50% of the costs of the clinical trials and all associated development activities regulated by the EMA and incurred by TaiMed, if any, to obtain marketing approval of Trogarzo ® Ter r y - A launch milestone payment of $10,000 payable to TaiMed as follows: · $5,000 one year after the first commercial sale of Trogarzo ® · $5,000 one year after reaching net sales in the European Territory aggregating $50,000 over four consecutive quarters; - A milestone of $10,000 upon net sales in the European Territory aggregating $150,000 over four consecutive quarters; - A milestone of $20,000 upon net sales in the European Territory aggregating $500,000 over four consecutive quarters; and - A milestone of $50,000 upon net sales in the European Territory aggregating $1,000,000 over four consecutive quarters. As a result of the TaiMed Agreement, the Company recorded as additions to intangible assets during 2017 an amount of $3,055, which comprise s The commercial milestone payments p ayab le in cash In 2019, the Company accrued and recorded the first $5,000 payable one year after the first commercial sale of Trogarzo ® present Oncology p On February 25, 2019, the Company acquired Katana Biopharma Inc. (“Katana”). On May 21, 2019, Katana was wound up into the Company and then dissolved. Katana (now the Company) is the worldwide exclusive licensee of a technology platform using peptides as a vehicle to specifically deliver existing cytotoxic agents to sortilin receptors, which are overexpressed on cancer cells. The license was entered into on February 25, 2019 with Transfert Plus, L.P. (“Transfert Plus”), an affiliate of Aligo Innovation, a university research company that commercializes the research results of universities and other institutional partners from various areas of innovation, including life sciences (the “Licence Agreement”). Under the terms of the acquisition agreement, the purchase price is also subject to two share-based milestone payments. The first milestone payment will occur when the first patient is enrolled in a Phase 1 clinical study. At that time, CAD2 million will be paid through the issuance of common shares of the Company. The second milestone payment of CAD2.3 million will occur when the proof of concept is demonstrated in human subjects and will be satisfied through the issuance of common shares of the Company. This acquisition was accounted for as an asset acquisition. The Company recorded additions to intangible assets during 2019 of $3,073, which comprised f s , and no remeasurement of the fair value will occur regardless of whether the milestones are achieved to In , the acquisition agreement was amended to provide for an adjustment to the purchase price of CAD million in the event the Company could indirectly benefit from a CAD million subsidy in connection with its research and development activities. The subsidy was granted in . The adjustment will be payable in two installments. The first installment of CAD thousand was paid in cash in , whereas the second installment of CAD thousand will be paid at the same time as the CAD million milestone referred to above is achieved and will be satisfied through the issuance of common shares of the Company. The cash payment of $ (CAD thousand) was recognized as an ad dition to intangible assets during . Under the Licen c , Annual maintenance fees amount to CAD25 thousand for the first five c The royalties payable under the Licen c and c c and c The Company must also pay Transfert Plus the following milestone payments upon the occurrence of the following development milestones for the first product developed in the field of oncology: (i) First milestone payment: CAD50 thousand upon the successful enrolment of the first patient in the first Phase 1 human clinical trial; (ii) Second CAD100 thousand upon the successful enrolment of the first patient in the first Phase 2 human clinical trial; (iii) Third CAD200 thousand upon the successful enrolment of the first patient in the first Phase 3 human clinical trial. Also, the Company must pay CAD200 thousand for each product upon receiving the first approval for such product by a regulatory authority. The approval shall entitle the holder thereof to commercialize the product in the territory in which the approval was obtained. The Company must also pay Transfert Plus the same milestone payments upon the occurrence of any of those development milestones for the first product developed outside the field of oncology. |
Other asset
Other asset | 12 Months Ended |
Nov. 30, 2019 | |
Text block [abstract] | |
Other asset | 13. Other asset Cost $ 19,530 Accumulated amortization Balance as at November 30, 2017 $ - Amortization 2,442 Balance as at November 30, 2018 $ 2,442 Amortization 4,884 Balance as at November 30, 2019 $ 7,326 Net carrying amount s November 30, 2019 $ 12,204 November 30, 2018 $ 17,088 December 1, 2017 $ - On May 29, 2018, the Company entered into an agreement (the “Renegotiated Agreement”) with EMD Serono, Inc. to settle all outstanding cash payment obligations stemming from a termination and transfer agreement dated December 13, 2013, as amended (the “2013 Termination Agreement”). The remaining contractual obligations under the 2013 Termination Agreement totalled approximately $28,200, which was comprised of a $4,000 payment due in May 2019 and $24,200 in estimated royalties on future sales of EGRIFTA ® EGRIFTA ® made |
Accounts payable and accured li
Accounts payable and accured liabilities | 12 Months Ended |
Nov. 30, 2019 | |
Trade and Accrued Payables [Abstract] | |
Accounts payable and accured liabilities | 14. Accounts payable and accrued liabilities November 30 December 1 , Note 2019 2018 2017 Trade payables $ 13,106 $ 15,583 $ Accrued liabilities and other payables 15,028 6,575 10,582 Salaries and benefits due to related parties 27 555 485 512 Employee salaries and benefits payable 473 433 395 Liability related to deferred stock unit plan 19(b) 625 1,268 1,103 Accrued interest payable on convertible unsecured senior notes 17 1,386 1,486 - $ 31,173 $ 25,830 $ 17,997 |
Provisions
Provisions | 12 Months Ended |
Nov. 30, 2019 | |
Disclosure of other provisions [abstract] | |
Provisions | 15. Provisions Chargebacks and rebates Returns Other Total Balance as at December 1, 2017 $ 495 $ 89 $ - $ 584 Provisions made 7,144 657 - 7,801 Provisions used (6,744) (627) - (7,371) Balance as at November 30, 2018 $ 895 $ 119 $ - $ 1,014 Provisions made 10,818 174 55 11,047 Provisions used (9,531) (46) - (9,577) Balance as at November 30, 2019 $ 2,182 $ 247 $ 55 $ 2,484 |
Long-term obligations
Long-term obligations | 12 Months Ended |
Nov. 30, 2019 | |
Disclosure Of Detailed Information About Long Term Obligation [Abstract] | |
Long-term obligations | 16. Long-term obligations The movement in the long-term obligations is as follows. Note Commercialization rights – Trogarzo ® North American Territory Commercialization rights – Trogarzo ® European Territory Early termination fee EMD Serono Inc. Total Balance as at December 1, 2017 $ - $ - $ 7,151 $ 7,151 Payment, as originally contemplated in 2013 A - - (4,000) (4,000) Payment, as per Renegotiated Agreement 13 - - (3,850) (3,850) Accretion expense - - 413 413 Loss on repayment of long-term obligation s - - 286 286 Balance as at November 30, 2018 - - - - Additions 12 6,765 4,557 - 11,322 Accretion expense 152 13 - 165 Payment (3,500) - - (3,500) Balance as at November 30, 2019 3,417 4,570 - 7,987 Current portion (3,417) - - (3,417) Non-current $ - $ 4,570 $ - $ 4,570 Early termination fee – EMD Serono Inc. Under the Renegotiated Agreement (Note 13), the Company paid $3,850 to reimburse the remaining amount payable of $4,000 due in May 2019. The difference of $286 between the consideration transferred of $3,850 and the carrying amount of the long-term obligation of $3,564 (on date of settlement) was recognized as a loss on repayment of long-term obligation s consolidated net loss and Commercialization rights – Trogarzo® North American Territory Under the terms of the TaiMed Agreement, a commercial milestone of $7,000 is payable in two equal annual installments of $3,500 after achieving aggregate net sales of $20,000 over four consecutive quarters of the Company’s financial year. The Company accrued the discounted value of the obligation during the quarter ended February 28, 2019 because it was probable it would be Commercialization rights – Trogarzo® European Territory Under the terms of the TaiMed agreement, a launch milestone of $5,000 is payable one year after the first commercial sale of Trogarzo ® of it would be |
Convertible unsecured senior no
Convertible unsecured senior notes | 12 Months Ended |
Nov. 30, 2019 | |
Convertible Senior Notes [Abstract] | |
Convertible unsecured senior notes | 17. Convertible unsecured senior notes On June 19, 2018, the Company closed a notes offering of convertible unsecured senior notes having an aggregate principal amount of $57,500. The notes bear interest at an annual rate of 5.75% (effective interest rate of 9.95%) and are convertible into common shares at the option of the holder at any time at a conversion price of $14.85 per common share, representing 3,872,053 common shares. The maturity date of the notes is June 30, 2023. The Company may redeem the notes prior to maturity at any time on or after June 30, 2021 if the current market price of the common shares is at least 130% of the conversion price. The notes are repayable at par value plus accrued and unpaid interest. The movement in the carrying value of the convertible unsecured senior notes is as follows . Proceeds allocated to liability component $ 51,122 Transaction costs related to liability (2,517 ) As at June 19, 2018 (date of issuance) 48,605 Accretion expense 628 Convertible unsecured senior notes as at November 30, 2018 49,233 Accretion expense 1,508 Convertible unsecured senior notes as at November 30, 2019 $ 50,741 |
Other liabilities
Other liabilities | 12 Months Ended |
Nov. 30, 2019 | |
Other Liabilities [Abstract] | |
Other liabilities | 18. Other liabilities Note November 30, 2019 Deferred lease inducements $ 238 Stock appreciation rights 19(c) 28 $ 266 |
Share capital
Share capital | 12 Months Ended |
Nov. 30, 2019 | |
Disclosure of classes of share capital [abstract] | |
Share capital | 19. Share capital Authorized in unlimited number and without par value Common shares; and Preferred shares , All issued shares were fully paid on November 30, 2019 and 2018. Common shareholders are entitled to receive dividends as declared by the Company at its discretion and are entitled to one vote per share at the Company’s annual general meeting. No preferred shares are outstanding. (a) Issuance of common shares TaiMed On May 15, 2018, the Company issued 1,463,505 share-based 4 Oncology platform On February 25, 2019, the Company issued 900 common shares with a value of $5 in connection with the acquisition of Katana (note 12). ( b DSU plan On December 10, 2010, the Board of Directors adopted a deferred stock unit plan (the “DSU Plan”) for the benefit of its directors and officers (the “Beneficiaries”) and, in April 2013, the Board of Directors suspended the issuance of DSUs. In May 2018, the Board of Directors decided to resume the granting of DSUs. The goal of the DSU Plan is to increase the Company’s ability to attract and retain high-quality individuals to act as directors or officers and to better align their interests with those of the shareholders of the Company in the creation of long-term value. Under the terms of the DSU Plan, Beneficiaries who are directors are entitled to elect to receive all or part of their annual retainer to act as directors or Chair of the Board in DSUs. Beneficiaries who act as officers are entitled to elect to receive all or part of their annual bonus, if any, in DSUs. The value of a DSU is used to determine the number of DSUs a Beneficiary may be granted or the value to be paid to a Beneficiary upon redemption. This value is equal to the average closing price of the common shares on the Toronto Stock Exchange on the date on which the Company is entitled to grant DSUs, or on the date on which a Beneficiary redeems them, and during the four previous trading days. DSUs may only be redeemed when a Beneficiary ceases to act as a director or an officer of the Company. Upon redemption, the Company must provide a Beneficiary with an amount in cash equal to the DSU value on the redemption date. Beneficiaries may not sell, transfer or otherwise assign their DSU or any rights associated therewith other than by will or in accordance with legislation regarding the vesting and partition of successions. DSUs are totally vested at the grant date. In the case of DSUs granted to officers for annual bonuses, a DSU liability is recorded at the grant date in place of the liability for the bonus payments. In the case of directors, the expense related to DSUs and their liabilities is recognized at the grant date. During the year ended November 30, 2019, $ 23 35 gain 641 210 204,357 205,522 625 1,268 Cash-settled forward stock contracts To protect against fluctuations in the value of DSUs, the Company entered into cash-settled forward stock contracts. They were not designated as hedging instruments for accounting purposes. As at November 30, 2019, the cash-settled forward stock contracts outstanding correspond to a total of 204,357 205,522 5.86 5.98 637 1,287 loss 647 213 (c) SARs On October 4, 2018, the Company’s Board of Directors approved a SARs plan for its consultants that entitles the grantee to receive a cash payment based on the increase in the stock price of the Company’s common shares from the grant date to the settlement date. The exercise date of an SAR may not be later than 10 years after the grant date. Generally, the SARs vest over a period up to three years. For the year ended November 30, 2019, $28 (2018 – nil) was recorded as share-based compensation expense for the SARs plan. Since these awards will be cash-settled, the fair value of SARs granted in 2019 is estimated at each reporting period using the Black-Scholes model and the following weighted average assumptions . Measurement date as at November 30, 2019 Risk-free interest rate 1.46% Expected volatility 58% Average option life in years 8 years Grant-date share price $ 3.06 (CAD 4.06) Option exercise price $ 3.06 (CAD 4.06 ) The risk-free interest rate is based on the implied yield on a Canadian government zero-coupon The following table summarizes the grant date weighted average fair value of SARs granted during the year ended November 30, 2019. Number Weighted average grant da t fair value 2019 40,000 $ 1.29 (CAD 1.71) (d) Shareholder rights plan On April 10, 2019, the Company’s Board of Directors approved the amendment and renewal of the shareholder rights plan and, on the same date, the Company and Computershare Trust Services of Canada entered into an amended and restated shareholder rights plan agreement (the “Plan”). The Plan was approved by the shareholders on May 15, 2019. The Plan is designed to provide adequate time for the Board and the shareholders to assess an unsolicited takeover bid for the Company. In addition, the Plan provides the Board with sufficient time to explore and develop alternatives for maximizing shareholder value if a takeover bid is made, as well as provide shareholders with an equal opportunity to participate in a takeover bid to receive full and fair value for their common shares. The Plan will expire at the closure of the Company’s annual meeting of shareholders in 2022 unless the Plan is reconfirmed and approved by shareholders at such meeting. The rights issued under the Plan will initially attach to and trade with the common shares, and no separate certificates will be issued unless a triggering event occurs. The rights will become exercisable only when an acquiring person, including any party related to it, acquires or attempts to acquire 20 5.00 Under the Plan, a Permitted Bid is a bid made to all holders of common shares and which is open for acceptance for no less than 105 days. If, at the end of 105 days, at least 50 ( e Stock option plan The Company has established a stock option plan under which it can grant its directors, officers, employees, researchers and consultants non-transferable 10 6,580,000 stock option plan 1,632,851 1,950,762 All options are to be settled by the physical delivery of the common shares. Changes in the number of options outstanding during the past two years were as follows: Weighted average exercise price per option Number of options CAD USD Options as at December 1, 2017 2,335,895 $ 2.21 $ 1.71 Granted 251,544 9.56 7.49 Expired (2,000 ) 8.50 6.74 Exercised (share price: CAD 9.14 ( ) (412,734 ) 1.69 1.30 Options outstanding as at November 30, 2018 2,172,705 3.15 2.37 Granted 406,400 8.19 6.20 Forfeited (88,489 ) 6.07 4.56 Exercised (share price: CAD 7.78 ( ) (74,832 ) 1.96 1.46 Options outstanding as at November 30, 2019 2,415,784 $ 3.94 $ 2.96 Options exercisable as at November 30, 2019 1,864,727 $ 2.69 $ 2.02 Options exercisable as at November 30, 2018 1,676,057 $ 2.09 $ 1.57 The following table provides stock option information as at November 30, 2019 . Price range Number of Weighted Weighted CAD USD (years) CAD USD 0.25 – 1.19 0.19 – 0.90 814,660 3.95 0.64 0.48 2.01 – 3.75 1.51 – 2.82 530,000 6.38 2.07 1.56 3.76 – 4.60 2.83 – 3.46 110,000 0.02 3.84 2.89 4.61 – 6.00 3.47 – 4.52 260,000 6.57 5.82 4.38 6.01 – 9.00 4.53 – 6.78 479,900 9.01 8.00 6.03 9.01 – 10.00 6.78 – 7.53 221,224 8.36 9.56 7.20 2,415,784 6.00 3.94 2.96 For the year ended November 30, 2019, $ 1,059 (2018 – $ 851 . 2019 2018 Risk-free interest rate 2.15% 1.46% Expected volatility 57% 58% Average option life in years 8 years 8 years Grant-date share price $ 6.15 (CAD 8.19) $ 7.49 (CAD 9.56) Option exercise price $ 6.15 (CAD 8.19) $ 7.49 (CAD 9.56) The risk-free interest rate is based on the implied yield on a Canadian government zero-coupon The following table summarizes the measurement date weighted average fair value of stock options granted during the years ended November 30, 2019 and 2018 . Number stock granted Weighted 2019 406,400 $ 3.69 (CAD 4.92 ) 2018 251,544 $ 3.63 (CAD 4.63 ) The Black-Scholes model used by the Company to calculate option values was developed to estimate the fair value of freely tradable, fully transferable options without vesting restrictions, which significantly differs from the Company’s stock option awards. This model also requires four highly subjective assumptions, including future stock price volatility and average option life, which greatly affect the calculated values. ( f Loss The calculation of basic earnings per share was based on the net loss attributable to common shareholders of the Company of $ 12,496 4,700 ) 76,928,287 75,942,385 . 2019 2018 Issued common shares as at December 1 76,877,679 74,962,050 Effect of share options exercised 49,920 153,325 Effect of public issue common shares 688 - Effect of broker options exercised - 25,089 Effect of issuance of common shares – TaiMed - 801,921 Weighted average number of common shares, basic and diluted 76,928,287 75,942,385 For the year ended November 30, 2019, a number of the 2,415,784 (2018 2,172,705 3,872,053 57,500 convertible unsecured senior The average market value of the Company’s shares for purposes of calculating the dilutive effect of share options was based on quoted market prices for the period during which the options were outstanding. (g) Accumulated other comprehensive income (loss) November 30 December 1, 2019 2018 2017 Unrealized losses on FVOCI financial assets, net of tax $ (12) $ (95) $ (80) Cumulative exchange difference on translation of foreign operations 33 - - $ 21 $ (95) $ (80) |
Income taxes
Income taxes | 12 Months Ended |
Nov. 30, 2019 | |
Major components of tax expense (income) [abstract] | |
Income taxes | 20. Income taxes The following table presents the components of the current and deferred tax expenses. 2019 2018 Current tax expense $ - $ - Deferred tax expense Origination and reversal of temporary differences $ 2,484 $ (874 ) Change in unrecognized deductible temporary differences (2,484 ) (395 ) Total deferred tax recovery $ - $ (1,269 ) Total current and deferred tax recovery $ - $ (1,269 ) Reconciliation between effective and applicable tax amounts 2019 2018 Income taxes at domestic tax statutory rate $ (3,324 ) $ (1,564 ) Change in unrecognized deductible temporary differences 2,484 (395 ) Impact of differences in statutory tax rates 518 - Non-deductible 323 690 $ - $ (1,269 ) The applicable statutory tax rates were 26.6% in 2019 and 26.7% in 2018. The Company’s applicable tax rate is the Canadian combined rates applicable in the jurisdictions in which the Company operates. Unrecognized deferred tax assets As at November 30, unrecognized deferred tax assets were as follows. 2019 2018 Research and development expenses $ 23,262 $ 27,455 Non-capital 30,470 23,236 Property and equipment 282 357 Intellectual property and patent fees 2,900 2,885 Available deductions and other 3,335 3,345 $ 60,249 $ 57,279 Given the Company’s past losses, management does not believe that it is probable that the Company can realize its deferred tax assets and, therefore, no amount has been recognized in the consolidated statements of financial position. The generation of future taxable profit is dependent on the successful commercialization of the Company’s products and technologies. As at November 30, 2019 and 2018, the amounts and expiry dates of Canadian tax attributes for which no deferred tax asset was recognized were as follows: 2019 2018 Federal Provincial Federal Provincial Research and development expenses, without time limitation $ 79,698 $ 98,321 $ 79,614 $ 98,216 Losses carried forward 2027 414 407 414 406 2028 34,876 16,975 34,839 16,957 2029 14,671 12,400 14,656 12,386 2030 8,614 8,611 8,605 8,602 2031 17,740 15,748 17,721 15,731 2032 12,019 11,036 12,007 11,024 2033 8,636 8,555 8,627 8,546 2034 7,909 7,839 7,900 7,831 2037 7,057 6,973 7,050 6,965 2038 1,964 1,886 1,962 1,884 2039 6,024 5,952 - - Other temporary differences, without time limitation Excess of tax value of property and equipment over carrying value 1,128 998 1,440 1,240 Excess of tax value of intellectual property and patent fees over carrying value 10,897 10,892 10,895 10,881 Available deductions and other 43,291 1,430 43,388 1,572 As at November 30, 2018, deferred tax assets relating to loss carried forward and financing costs of $1,269 and $338, respectively, were recognized to offset deferred tax liabilities for an amount of $1,607, resulting from the issuance of the convertible unsecured senior notes. |
Supplemental cash flow disclosu
Supplemental cash flow disclosures | 12 Months Ended |
Nov. 30, 2019 | |
Supplemental cash flow disclosures [abstract] | |
Supplemental cash flow disclosures | 2 1 Supplemental cash flow disclosures The Company entered into the following transactions which had no impact on its cash flows . 2019 2018 Additions to property and equipment included in accounts payable and accrued liabilities $ 3 $ 49 Additions to intangible assets included in accounts payable and accrued liabilities 9 - Reclassification of contributed surplus upon issuance of common shares to TaiMed - 4,000 Convertible unsecured senior notes issuance costs included in accounts payable and accrued liabilities 6 6 Recognition of previously unrecognized tax assets from item originally recorded in equity - 338 Additions to intangible assets included in long-term 7,822 - Additions to intangible assets included in contributed surplus 1,028 - Issuance of shares in connection with acquisitions of intangible assets 5 - |
Financial instruments
Financial instruments | 12 Months Ended |
Nov. 30, 2019 | |
Disclosure of detailed information about financial instruments [abstract] | |
Financial instruments | 2 2 Financial instruments Overview This note provides disclosures relating to the nature and extent of the Company’s exposure to risks arising from financial instruments, including credit risk, liquidity risk, currency risk and interest rate risk, and how the Company manages those risks. Credit risk Credit risk is the risk of a loss if a customer or counterparty to a financial instrument fails to meet its contractual obligations. The Company regularly monitors credit risk exposure and takes steps to mitigate the likelihood of this exposure resulting in losses. The Company’s exposure to credit risk currently relates to accounts receivable with one major customer (see Note 6 and derivative financial assets which it manages by dealing only with highly - – $ , all of which were aged under days. There was no amount recorded as bad debt expense for the years ended November , and . Financial instruments other than cash and trade and other receivables that potentially subject the Company to significant credit risk consist principally of bonds and money market funds. The Company invests its available cash in highly liquid fixed income instruments from governmental, , municipal and high-grade corporate bodies and money market funds – $ ; – $ . As at November , , the Company believes it was not exposed to any significant credit risk. The Company’s maximum credit exposure corresponded to the carrying amount of these financial assets. Liquidity risk Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they become due. As indicated in Note 23, the Company manages this risk through the management of its capital structure. It also manages liquidity risk by continuously monitoring actual and projected cash flows. The Board of Directors and/or the Audit Committee reviews and approves the Company’s operating and capital budgets, as well as any material transactions out of the ordinary course of business. The Company has adopted an investment policy in respect of the safety and preservation of its capital designed to ensure that the Company’s liquidity needs are met. The instruments are selected with regard to the expected timing of expenditures and prevailing interest rates. The following are amounts due on the contractual maturities of financial liabilities as at November 30, 2019 and 2018. 2019 Carrying Total Le s From More Accounts payable and accrued liabilities $ 31,173 31,173 $ 31,173 $ - $ - Convertible unsecured senior notes, including interest 50,741 70,725 3,306 6,613 60,806 Long-term obligations 7,987 8,500 3,500 5,000 - $ 89,901 $ 110,398 $ 37,979 $ 11,613 $ 60,806 2018 Carrying Total Le s From More Accounts payable and accrued liabilities $ 25,830 $ 25,830 $ 25,830 $ - $ - Convertible unsecured senior notes, including interest 49,233 74,131 3,406 6,613 64,112 $ 75,063 $ 99,961 $ 29,236 $ 6,613 $ 64,112 Currency risk The Company is exposed to financial risk related to the fluctuation of foreign exchange rates and the degree of volatility of those rates. Currency risk is limited to the portion of the Company’s business transactions denominated in currencies other than USD, primarily cash, sale of goods and expenses incurred in CAD and Euro. Exchange rate fluctuations for foreign currency transactions can cause cash flows, as well as amounts recorded in the consolidated statements of net loss, to vary from period to period and not necessarily correspond to those forecasted in operating budgets and projections. Additional earnings variability arises from the translation of monetary assets and liabilities denominated in currencies other than the USD at the rates of exchange at each consolidated statement of financial position date, the impact of which is reported as foreign exchange gain or loss in the consolidated statements of net loss. The Company does not believe a sudden change in foreign exchange rates would impair or enhance its ability to pay its CAD or Euro denominated obligations. The following table presents the significant items in the original currencies exposed to currency risk as at November 30, 2019 and 2018. 2019 2018 CAD EURO CAD Cash 740 662 1,869 Bonds and money market funds 6,982 - 9,754 Trade and other receivables 328 447 470 Accounts payables and accrued liabilities (5,101) (793) (6,437) Total exposure 2,949 316 5,656 The following exchange rates are those applicable as at November 30, 2019 and 2018. 2019 2018 Average Reporting Average Reporting CAD – USD 0.7524 0.7530 0.7752 0.7522 Euro – USD 1.1217 1.1018 - - Based on the Company’s foreign currency exposures noted above, varying the above foreign exchange rates to reflect a 5% strengthening of the CAD or the Euro . 2019 2018 CAD EURO CAD Positive impact 147 16 283 An assumed 5% weakening of the CAD would have had an equal but opposite effect on the above currencies in the amounts shown above, assuming that all other variables remain constant. Interest rate risk Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. Short-term bonds held by the Company are invested at fixed interest rates and/or mature in the short term. Long-term bonds are also instruments that bear interest at fixed rates. The risk that the Company will realize a loss as a result of a decline in the fair value of its bonds is limited because these investments, although they are classified as available for sale, are generally held until close to maturity. The unrealized gains or losses on bonds are recorded in accumulated other comprehensive income. Based on the value of the Company’s short- and long-term bonds as at November , , an assumed % decrease in market interest rates would have increased the fair value of these bonds and the accumulated other comprehensive income by approximately $ – $ ; an assumed increase in market interest rate s of % would have an equal but opposite effect, assuming that all other variables remained constant. Cash and money market funds bear interest at a variable rate. Trade and other receivables, accounts payable and accrued liabilities and provisions bear no interest. Based on the average value of variable interest-bearing cash and money market funds during the year ended November , of $ – $ ), an assumed % increase in interest rates during such year would have increased future cash flows and net profit by approximately $ – $ ; an assumed decrease of % would have had an equal but opposite effect. As the Company’s convertible unsecured senior notes bear interest at a fixed rate of 5.75%, the Company does not face cash flow interest rate risk, but is subject to market price interest rate risk. The Company’s long-term obligations do not bear interest. |
Capital management
Capital management | 12 Months Ended |
Nov. 30, 2019 | |
Disclosure of objectives, policies and processes for managing capital [abstract] | |
Captital management | 2 3 Capital management The Company’s objective in managing its capital is to ensure a liquidity position sufficient to finance its business activities. The Company depends primarily on revenue generated by sales of EGRIFTA ® ® The capital management objectives remain the same as for the previous year. As at November 30, 2019, cash, bonds and money market funds amounted to $41,244 (2018 – $53,888). The Company believes that its cash position and future operating cash flows will be sufficient to finance its operations and capital needs for at least the next 12 months. Currently, the Company’s general policy on dividends is to retain cash to keep funds available to finance its growth. The Company defines capital to include total shareholders’ equity and convertible unsecured senior notes. The Company is not subject to any externally imposed capital requirements. |
Determination of fair values
Determination of fair values | 12 Months Ended |
Nov. 30, 2019 | |
Disclosure of Fair Value Measurement [Abstract] | |
Determination of fair values | 2 4 Determination of fair values Certain of the Company’s accounting policies and disclosures require the determination of fair value, for both financial and non-financial Financial assets and liabilities measured at fair value In establishing fair value, the Company uses a fair value hierarchy based on levels as defined below: Level 1: Defined as observable inputs such as quoted prices in active markets. Level 2: Defined as inputs other than quoted prices in active markets that are either directly or indirectly observable. Level 3: Defined as inputs that are based on little or no observable market data, therefore requiring entities to develop their own assumptions. Other financial assets and financial liabilities The Company has determined that the carrying values of its short-term financial assets and financial liabilities, including cash, trade and other receivables, derivative financial assets, accounts payable and accrued liabilities and long-term obligations approximate their fair value because of the relatively short period to maturity of the instruments. Bonds and money market funds and derivative financial assets and liabilities are stated at fair value, determined by inputs that are primarily based on broker quotes at the reporting date (Level 2). The fair value of the convertible unsecured senior 9 as Share-based payment transactions The fair value of the employee stock options is measured based on the Black-Scholes valuation model. Measurement inputs include share price on measurement date, exercise price of the instrument, expected volatility (based on weighted average historical volatility adjusted for changes expected due to publicly available information), weighted average expected life of the instruments (based on historical experience and general option holder behaviour), expected dividends, and the risk-free interest rate (based on government bonds). Service and non-market The DSU liability is recognized at fair value and considered Level 2 in the fair value hierarchy for financial instruments. The fair value is determined using the quoted price of the common shares of the Company. |
Commitments
Commitments | 12 Months Ended |
Nov. 30, 2019 | |
Disclosure of commitments [abstract] | |
Commitments | 2 5 Commitments (a) Leases As at November 30, 2019, the minimum payments required under the terms of non-cancellable . Less than one year $ 680 One to five years 2,944 More than five years 1,153 $ 4,777 (b) Long-term procurement agreements and research agreements The Company has long-term procurement agreements with third party suppliers in connection with the commercialization of EGRIFTA TM and Trogarzo ® . As at November 30, 2019, the Company had outstanding purchase orders and minimum payments required under these agreements amounting to $20,311 (2018 – $ 6,353 for the manufacture of Trogarzo ® , EGRIFTA TM and for various services. The Company also has research commitments and outstanding clinical material purchase orders amounting to $1,045 in connection with the oncology platform. (c) Credit facilities The Company has a CA D rate 1 1,000 rate |
Operating segments
Operating segments | 12 Months Ended |
Nov. 30, 2019 | |
Disclosure of operating segments [abstract] | |
Operating segments | 2 6 Operating segments The Company has a single operating segment. As described in Note 4, almost all of the Company’s revenues are generated from one customer, RxCrossroads, which is domiciled in the United States. 2019 2018 RxCrossroads $ 60,853 $ 44,548 Others 2,363 669 $ 63,216 $ 45,217 All of the Company’s non-current , |
Related parties
Related parties | 12 Months Ended |
Nov. 30, 2019 | |
Related party transactions [abstract] | |
Related parties | 2 7 Related parties The key management personnel of the Company are the directors, the President and Chief Executive Officer and all of the Senior Vice Presidents. Key management personnel compensation comprises: 2019 2018 Short-term employee benefits $ 2,016 $ 2,047 Post-employment benefits 67 77 Share-based compensation 847 746 $ 2,930 $ 2,870 As at November 30, 2019, the key management personnel controlled 1.4 1.5 0.3 (2018 – 0.3%) of the convertible unsecured senior notes. |
Subsequent event
Subsequent event | 12 Months Ended |
Nov. 30, 2019 | |
Disclosure of non-adjusting events after reporting period [abstract] | |
Subsequent event | 28. Subsequent event On Feburary 4, 2020, the Company entered into an amended and restated licence agreement with the Massachusetts General Hospital (“MGH”) in order to benefit from its assistance and knowledge for the development of tesamorelin for the potential treatment of Non-Alcoholic EGRIFTA ® Non-Alcoholic In addition, on that same date, we entered into a consulting agreement with the MGH, pursuant to which Dr. Grinspoon became one advisors |
Significant accounting polici_2
Significant accounting policies (Policies) | 12 Months Ended |
Nov. 30, 2019 | |
Text block [abstract] | |
Basis of consolidation | Basis of consolidation The financial statements of the subsidiaries of the Company are included in the consolidated financial statements from the date on which control commences until the date on which control ceases. Subsidiaries are entities controlled by the Company. Control is present where the Company has the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities. In assessing control, potential voting rights that are currently exercisable are taken into consideration. The accounting policies of subsidiaries are changed when necessary to align them with the policies adopted by the Company. Intercompany balances and transactions, revenues and expenses resulting from transactions between subsidiaries and with the Company are eliminated in preparing the consolidated financial statements. |
Foreign currencies | Foreign currencies Transactions in foreign currencies are translated to the functional currency at exchange rates in effect at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies at the reporting date are translated to the functional currency at the exchange rate in effect at that date. The foreign currency gain or loss on monetary items is the difference between amortized cost in the functional currency at the beginning of the reporting year, adjusted for effective interest and payments during the reporting year, and the amortized cost in foreign currency translated at the exchange rate in effect at the end of the reporting year. Non-monetary Non-monetary FVOCI financial instruments, which are recognized in other comprehensive income. Foreign operations The assets and liabilities of foreign operations whose functional currency is not the USD are translated into USD at the reporting date. The income and expenses of foreign-currency denominated operations are translated at average rates for each reporting period. Foreign exchange differences arising on the translation of foreign operations are recognized directly in other comprehensive income. When a foreign subsidiary is disposed of, the cumulative amount recognized in the currency translative reserve forms part of the gain or loss on disposal. |
Revenue recognition | Revenue recognition Revenue from contracts with customers – Net sales The Company derives revenue from the sales of finished goods, which include Trogarzo ® ® Some arrangements for the sale of finished goods provide for customer cash discounts for prompt payment, allowances, rights of return, rebates on sales made under governmental and commercial rebate programs, chargebacks on sales made to government agencies and retail pharmacies and distribution fees, which gives rise to variable consideration. At the time of sale, estimates are made for items giving rise to variable consideration based on the terms of the arrangement. The variable consideration is estimated at contract inception using the most likely amount method and revenue is only recognized to the extent that a significant reversal of revenue is not expected to occur. The estimate is based on historical experience, current trends, contractual terms with distributors and other known factors. Sales are recorded net of customer discounts, rebates, chargebacks, distribution fees and estimated sales returns, and exclude sales taxes. A refund liability and a right to recover returned goods asset are recognized for expected returns in relation to sales made before the end of the reporting period. The right to recover returned goods asset is measured at the former carrying amount of the inventory less any expected costs to recover goods. The Company reviews its estimate of variable consideration, including expected returns , |
Cost of sales | Cost of sales Cost of goods sold Cost of goods sold includes the cost of raw materials, supplies, direct labour and overhead charges allocated to goods sold. Other production related costs Other production related costs include unallocated indirect costs related to production as well as write-downs of inventories. Royalties Royalties include royalties payable under the 2013 Termination Agreement (Note 1 3 Amortization of the other asset The amortization of the other asset relates to the repurchase of the future royalty rights under the 2013 Termination Agreement (Note 13). |
Employee benefits | Employee benefits Salaries and short-term employee benefits Salaries and short-term employee benefit obligations are measured on an undiscounted basis and are expensed as the related service is provided. A liability is recognized for the amount expected to be paid under short-term profit-sharing or cash bonus plans if the Company has a legal or constructive obligation to pay an amount as a result of past services rendered by an employee and the obligation can be estimated reliably. Post-employment benefits Post-employment benefits include a defined contribution plan under which an entity pays fixed contributions into a separate entity and will have no legal or constructive obligation to pay further amounts. Obligations for contributions to defined contribution plans are recognized as an employee benefit expense when due. Prepaid contributions are recognized as an asset to the extent that a cash refund or a reduction in future payments is available. The Company’s defined contribution plan comprises the registered retirement savings plan, the Qu e Termination benefits Termination benefits are recognized as an expense when the Company is committed demonstrably, without realistic possibility of withdrawal, to a formal detailed plan to either terminate employment before the normal retirement date or to provide termination benefits as a result of an offer made to encourage voluntary redundancy. |
Finance income and finance costs | Finance income and finance costs Finance income comprises interest income on financial assets and gains on the disposal of financial assets. Interest income is recognized as it accrues in net loss using the effective interest method. Finance costs comprise bank charges, interest and accretion expense on convertible unsecured senior notes and long-term obligations, impairment losses on financial assets recognized in net loss, changes in fair value of liabilities and derivatives, unrealized foreign currency gain or loss on long-term obligations and other foreign currency gains and losses which are reported on a net basis. |
Inventories | Inventories Inventories are presented at the lower of cost, determined using the first-in, first-out Work in progress inventory appears from the moment third party suppliers use the material provided by the Company until the time the Company receives the finished product. The value of work in progress inventory is equal to the value of material provided by the Company plus all conversion work performed by third party suppliers. |
Property and equipment | Property and equipment Recognition and measurement Items of property and equipment are recognized at cost less accumulated depreciation and accumulated impairment losses. Cost includes expenditures that are directly attributable to the acquisition of the asset and the costs of dismantling and removing the item and restoring the site on which it is located, if any. Construction in progress assets are capitalized during construction and depreciation commences when the asset is available for use. When parts of an item of property and equipment have different useful lives, they are accounted for as separate items (major components) of property and equipment. Gains and losses on disposal of an item of property and equipment are determined by comparing the proceeds from disposal with the carrying amount of property and equipment and are recognized in net profit or loss. Subsequent costs The cost of replacing a part of an item of property and equipment is recognized in the carrying amount of the item if it is probable that the future economic benefits embodied within the part will flow to the Company and its cost can be measured reliably. The carrying amount of the replaced part is derecognized. The costs of the day-to-day Depreciation The methods of depreciation and depreciation rates and periods are as follows. Asset Method Rate/period Computer equipment Declining balance 50 % Laboratory equipment Declining balance 20 % and straight-line 5 years Office furniture and equipment Declining balance 20 % Leasehold improvements Straight-line Lower of lease term The method of depreciation is selected based on the most closely expected pattern of consumption of the future economic benefits embodied in the asset. Estimates for depreciation methods, useful lives and residual values are reviewed at each year-end |
Intangible assets | Intangible assets Research and development Expenditure on research activities, undertaken with the prospect of gaining new scientific or technical knowledge and understanding, is expensed as incurred. Development activities involve a plan or design for the production of new or substantially improved products and processes. A development expenditure is capitalized only if development costs can be measured reliably, the product or process is technically and commercially feasible, future economic benefits are probable and the Company intends to and has sufficient resources to complete development and to use or sell the asset. These criteria are usually met when a regulatory filing has been made in a major market and approval is considered highly probable. The expenditure capitalized includes the cost of materials, direct labour, and overhead costs that are directly attributable to preparing the asset for its intended use. Other development expenditures are expensed as incurred. Capitalized development expenditures are measured at cost less accumulated amortization and accumulated impairment losses. During the years ended November 30, 2019 and 2018, no Commercialization rights and oncology platform Commercialization rights and the oncology platform cash -based arising from the attainment of commercial milestones EGRIFTA ® ® American Territory are amortized at fixed rates based on their estimated useful life of 142 Commercialization rights – Trogarzo ® their lives The amortization method and useful life of intangible assets are reviewed every year and adjusted as required. |
Other asset | Other asset Other asset, which comprises the amount disbursed in connection with the repurchase of the future royalty rights under the 2013 Termination Agreement (Note 13), is amortized over its estimated useful life of 48 months. |
Impairment of non-financial assets | Impairment of non-financial The carrying amounts of the Company’s non-financial For the purpose of impairment testing, assets are grouped together into the smallest group of assets that generates cash inflows from continuing use that are largely independent of cash inflows from other assets or groups of assets (“cash-generating unit”). The recoverable amount of an asset or a cash-generating unit is the greater of its value in use and its fair value less costs to sell. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax |
Financial instruments | Financial instruments The Company initially recognizes financial assets on the trade date at which the Company becomes a party to the contractual provisions of the instrument. Financial assets are initially measured at fair value. If the financial asset is not subsequently accounted for at fair value through profit or loss, then the initial measurement includes transaction costs that are directly attributable to the asset’s acquisition or issue. On initial recognition, the Company classifies its financial assets as measured at amortized cost, FVOCI or fair value through profit or loss (“FVPL”), depending on its business model for managing the financial assets and the contractual cash flow characteristics of the financial assets. (i) Financial assets measured at amortized cost A financial asset is measured at amortized cost, using the effective interest method and net of any impairment loss, if it meets both of the following conditions and is not designated at fair value though profit or loss: · it is held within a business model whose objective is to hold assets to collect contractual cash flows; and · its contractual terms give rise, on specified dates, to cash flows that are solely payments of principal and interest on the principal amount outstanding. The Company currently classifies its cash and trade and other receivables as financial assets measured at amortized cost. (ii) Financial assets, measured at fair value through other comprehensive income A debt investment is measured at fair value through other comprehensive income if it meets both of the following conditions and is not designated at fair value through profit or loss: · it is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets; and · its contractual terms give rise, on specified dates, to cash flows that are solely payments of principal and interest on the principal amount outstanding. These assets are subsequently measured at fair value. Interest income calculated using the effective interest method, foreign exchange gains and losses and impairment are recognized in profit or loss. Other net gains and losses are recognized in other comprehensive income. When an investment is derecognized, gains or losses accumulated in other comprehensive income are reclassified to profit or loss. On initial recognition of an equity investment that is not held for trading, the Company may irrevocably elect to present subsequent changes in the investment’s fair value in other comprehensive income. This election is made on an investment-by-investment The Company currently classifies its bonds as financial assets measured at fair value through other comprehensive income. (iii) Financial assets measured at fair value through profit or loss All financial assets not classified as measured at amortized cost or fair value through other comprehensive income as described above are measured at fair value through profit or loss. These assets are subsequently measured at fair value and changes therein, including any interest or dividend income, are recognized in profit or loss. The Company currently classifies its money market funds and non-hedge The Company derecognizes a financial asset when the contractual rights to the cash flows from the asset expire, or it transfers the rights to receive the contractual cash flows on the financial asset in a transaction in which substantially all the risks and rewards of ownership of the financial asset are transferred. (iv) Financial liabilities Financial liabilities are classified into the following categories: · Financial liabilities at fair value through profit or loss A financial liability is classified at fair value through profit or loss if it is classified as held-for-trading, · Financial liabilities measured at amortized cost This category includes all financial liabilities, other than those measured at fair value through profit or loss. A financial liability is subsequently measured at amortized cost using the effective interest method. The Company currently classifies accounts payable and accrued liabilities, convertible unsecured senior notes and long-term obligations as financial liabilities measured at amortized cost. The Company derecognizes a financial liability when its contractual obligations are discharged or cancelled, or expired. (v) Compound financial instruments Compound financial instruments are instruments that contain both a liability component and an equity component, and the liability component can be converted into share capital at the option of the holder and the number of shares to be issued does not vary with changes in their fair value. The liability component of a compound financial instrument is recognized initially at the fair value of a similar liability that does not have an equity conversation option. The equity component is recognized initially as the difference between the fair value of the compound financial instrument as a whole and the fair value of the liability component. Any directly attributable transaction costs are allocated to the liability and equity component in proportion to their initial carrying amounts. (vi) Derivative financial instruments Derivative financial instruments are recorded as either assets or liabilities measured at their fair value unless exempted from derivative treatment as a normal purchase and sale. Certain derivatives embedded in other contracts must also be measured at fair value. The changes in the fair value of derivatives are recognized through profit or loss in the year in which they occur. (vii) Offsetting of financial instruments Financial assets and liabilities are offset and the net amount presented in the consolidated statement of financial position when, and only when, the Company has a legal right to set off the amounts and intends either to settle them on a net basis or to realize the asset and settle the liability simultaneously. (viii) Impairment of financial assets At each reporting date, the Company recognizes loss allowances for ECLs on financial assets carried at amortized cost and debt securities at FVOCI. The Company’s trade and other receivables are accounts receivable with no financing component and which have maturities of less than 12 months and, as such, the Company has chosen to apply the simplified approach for ECL. As a result, the Company does not track changes in credit risk related to its trade and other receivables, but instead recognizes a loss allowance based on lifetime ECLs at each reporting date. For other financial assets subject to impairment, the Company measures loss allowances at an amount equal to lifetime ECLs, except for the following, which are measured at 12-month · debt securities that are determined to have low credit risk at the reporting date; and · other debt securities and bank balances for which credit risk (i.e. the risk of default occurring over the expected life of the financial instrument) has not increased significantly since initial recognition. The Company considers a debt security to have a low credit risk when its credit risk rating is equivalent or above investment grade credit rating, such as its bonds classified at FVOCI. The Company’s approach to ECLs reflects a probability-weighted outcome, the time value of money and reasonable and supportable information that is available without undue cost or effort at the reporting date about past events, current conditions and forecasts of future economic conditions. |
Leases | Leases Operating lease payments are recognized in net loss on a straight-line basis over the term of the lease. Lease inducements arising from leasehold improvement allowances and rent-free periods form an integral part of the total lease cost and are deferred and recognized in net profit over the term of the lease on a straight-line basis. |
Provisions | Provisions A provision is recognized if, as a result of a past event, the Company has a present legal or constructive obligation that can be estimated reliably and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions are assessed by discounting the expected future cash flows at a pre-tax Chargebacks and rebates Chargebacks and rebates are estimated based on historical experience, relevant statutes with respect to governmental pricing programs, and contractual sales terms. Returns Provisions for returns are estimated based on historical return levels, taking into account additional available information on contract changes. The Company reviews its methodology and adequacy of the provision for returns on a quarterly basis, adjusting for changes in assumptions, historical results and business practices, as necessary. Contingent liability A contingent liability is a possible obligation that arises from past events and whose existence will be confirmed only by the occurrence or non-occurrence |
Income taxes | Income taxes Income tax expense comprises current and deferred taxes. Current tax and deferred tax are recognized in net loss except to the extent that they relate to items recognized directly in other comprehensive income or in equity. Current tax Current tax is the expected tax payable or receivable on the taxable income or loss for the year and any adjustment to tax payable in respect of previous years. The Company establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities. Deferred tax Deferred tax is recognized in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes and deferred tax losses that can be used against taxable profit in future years. Deferred tax is measured at the tax rates that are expected to be applied to temporary differences when they reverse and to fiscal losses when they will be used, based on the laws that have been enacted or substantively enacted by the reporting date. A deferred tax liability is generally recognized for all taxable temporary differences. A deferred tax asset is recognized for unused tax losses and deductible temporary differences to the extent that it is probable that future taxable profits will be available against which they can be used. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realized. Deferred income tax is not recognized for the following temporary differences: the initial recognition of assets or liabilities in a transaction that is not a business combination and that affects neither accounting or taxable profit or loss at the time of the transaction, and, where the timing of the reversal of the temporary difference is controlled by the Company and it is probable that the temporary difference will not reverse in the foreseeable future. In addition, deferred tax is not recognized for taxable temporary differences arising from the initial recognition of goodwill. |
Share-based compensation | Share-based compensation Share option plan The Company records share-based compensation related to employee stock options granted using the fair-value-based method estimated using the Black-Scholes model. Under this method, compensation cost is measured at fair value at the date of grant and expensed over the period in which employees unconditionally become entitled to the options. The amount recognized as an expense is adjusted to reflect the number of options for which the related service conditions are expected to be met, such that the amount ultimately recognized as an expense is based on the number of options that do meet the related service conditions at the vesting date. Share-based payment arrangements in which the Company receives services as consideration for its own equity instruments are accounted for as equity-settled share-based payment transactions, regardless of how the equity instruments are obtained by the Company. Deferred stock unit plan The deferred stock units (“DSUs”) are totally vested on the date of grant and are settled in cash. In the case of the DSUs granted to officers for annual bonuses, a DSU liability is recorded on the date of grant at the market value of the common shares in place of the liability for the bonus payments. In the case of the directors, the expense related to DSUs and their liabilities are recognized on the date of grant. The liability is adjusted to reflect any change in the market value of common shares and such change is recorded in finance costs. |
Cash Settled stock appreciation rights | Cash-settled stock appreciation rights The stock appreciation rights (“SARs”) entitle the grantee to a cash payment based on the increase in the share price of the Company’s common shares from the grant date to the settlement date. A liability is recognized for the services acquired and is recorded at the fair value of the SARs in other non-current Estimating fair value requires determining the most appropriate inputs to the valuation model including the expected life of the SARs, volatility, risk-free interest rate and dividend yield and making assumptions about them. At the end of each reporting period until the liability is settled, the fair value of the liability is remeasured, with any changes in fair value recognized in the consolidated statement of net earnings (loss) and comprehensive earnings (loss) of the current year. |
Research and development | Research and development tax credits The Company elected to account for non-refundable Accounting for Government Grants and Disclosure of Governmental Assistance Non-refundable |
Share capital | Share capital Common shares Common shares are classified as equity. Transaction costs Costs directly attributable to the issue of common shares are recognized in equity, net of any tax effects. |
Earnings per share | 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 net profit or loss attributable to common shareholders of the Company by the weighted average number of common shares outstanding during the year. Diluted EPS is determined by adjusting the profit or loss attributable to common shareholders by taking the weighted average number of common shares outstanding and taking into consideration all dilutive potential common shares, which consist of the outstanding stock options and convertible unsecured senior notes. |
Significant accounting polici_3
Significant accounting policies (Tables) | 12 Months Ended |
Nov. 30, 2019 | |
Text block [abstract] | |
Summary of estimated useful lives, methods of depreciation and depreciation rates | The methods of depreciation and depreciation rates and periods are as follows. Asset Method Rate/period Computer equipment Declining balance 50 % Laboratory equipment Declining balance 20 % and straight-line 5 years Office furniture and equipment Declining balance 20 % Leasehold improvements Straight-line Lower of lease term |
Revenue and deferred revenue (T
Revenue and deferred revenue (Tables) | 12 Months Ended |
Nov. 30, 2019 | |
Text block [abstract] | |
Summary of net sales by product | Net sales by product were as follows: 2019 2018 EGRIFTA ® $ 35,520 $ 36,329 Trogarzo ® 27,696 8,888 $ 63,216 $ 45,217 |
Summary of revenue by geographical area | Net sales by geography were as follows: 2019 2018 Canada $ 295 $ 530 United States 62,921 44,687 $ 63,216 $ 45,217 |
Personnel expenses (Tables)
Personnel expenses (Tables) | 12 Months Ended |
Nov. 30, 2019 | |
Text block [abstract] | |
Summary of detailed information about personnel expenses | Note 2019 2018 Salaries and short-term employee benefits $ 5,402 4,307 Post-employment benefits 295 230 Share-based compensation 1 9 e 1,059 851 Termination benefits 87 - $ 6,843 5,388 |
Finance income and finance co_2
Finance income and finance costs (Tables) | 12 Months Ended |
Nov. 30, 2019 | |
Text block [abstract] | |
Summary of detailed information about finance income and cost | Note 2019 2018 Interest income $ 1,097 $ 608 Finance income 1,097 608 Accretion expense 16, 17 (1,673 ) (1,041 ) Interest on convertible unsecured senior notes (3,317 ) (1,486 ) Loss on repayment of long-term obligation s - (286 ) Bank charges (39 ) (37 ) Net foreign currency loss (45 ) (169 ) ( ) (6 ) 3 Finance costs (5,080 ) (3,016 ) Net finance cost recognized in net profit or loss $ (3,983 ) $ (2,408 ) |
Bonds and money market funds (T
Bonds and money market funds (Tables) | 12 Months Ended |
Nov. 30, 2019 | |
Text block [abstract] | |
Detailed Information About Bonds And Money Market Funds | November 30 December 1, 2019 2018 2017 Bonds $ 5,246 $ 7,746 $ 12,878 Money market funds 7,337 7,145 11,299 12,583 14,891 24,177 Current portion 11,964 9,691 16,524 Non-current $ 619 $ 5,200 $ 7,653 |
Trade and other receivables (Ta
Trade and other receivables (Tables) | 12 Months Ended |
Nov. 30, 2019 | |
Text block [abstract] | |
Summary of detailed information about trade and other receivables | November 30 December 1 , 2019 2018 2017 Trade receivables $ 9,538 $ 10,720 $ 7,460 Sales tax receivable 253 98 71 Other receivables 325 134 22 $ 10,116 $ 10,952 $ 7,553 |
Tax credits receivable (Tables)
Tax credits receivable (Tables) | 12 Months Ended |
Nov. 30, 2019 | |
Schedule Of Information About Unused And Unrecorded Non Refundable Federal Tax Credit [Abstract] | |
Summary of information about unused and unrecorded non refundable federal tax credit | The Company has unused and unrecorded non-refundable . 2024 448 2025 1,336 2026 1,640 2027 2,260 2028 2,507 2029 1,689 2030 837 2031 585 2032 306 2033 202 11,810 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Nov. 30, 2019 | |
Classes of current inventories [abstract] | |
Summary of detailed information about inventories | November 30 December 1 , 2019 2018 2017 Raw materials $ 3,011 $ 4,224 $ 5,247 Work in progress 2,467 292 - Finish ed 15,451 6,568 1,997 $ 20,929 $ 11,084 $ 7,244 |
Property and equipment (Tables)
Property and equipment (Tables) | 12 Months Ended |
Nov. 30, 2019 | |
Disclosure of detailed information about property, plant and equipment [abstract] | |
Summary of information about property plant equipment | Computer Laboratory Office Leasehold Total Cost Balance as at December 1 $ 77 $ 47 $ 71 $ - $ 195 Additions 18 - 4 52 74 Disposals (13 ) - - - (13 ) Balance as at $ 82 $ 47 $ 75 $ 52 $ 256 Additions 206 60 313 590 1,169 Disposals (57 ) - (54 ) - (111 ) Balance as at $ 231 $ 107 $ 334 $ 642 $ 1,314 Accumulated depreciation Balance as at December 1 $ 67 $ 18 $ 62 $ - $ 147 Depreciation 12 7 2 - 21 Disposals (13 ) - - - (13 ) Balance as at $ 66 $ 25 $ 64 $ - $ 155 Depreciation 78 7 48 66 199 Disposals (57 ) - (54 ) - (111 ) Balance as at $ 87 $ 32 $ 58 $ 66 $ 243 Net carrying amounts November 30, 201 9 $ 144 $ 75 $ 276 $ 576 $ 1,071 November 30, 201 8 $ 16 $ 22 $ 11 $ 52 $ 101 December 1, 2017 $ 10 $ 29 $ 9 $ - $ 48 |
Intangible assets (Tables)
Intangible assets (Tables) | 12 Months Ended |
Nov. 30, 2019 | |
Disclosure of detailed information about intangible assets [abstract] | |
Schedule of Intangible Assets | Commercialization ® Commercialization ® Commercialization ® Oncology Total Cost Balance as at December 1, 2017 and November 30, 2018 $ 5,207 $ 3,055 $ 14,041 $ - 22,303 Additions 6,765 4,557 - 3,449 14,771 Balance as at November 30, 2019 $ 11,972 $ 7,612 $ 14,041 $ 3,449 37,074 Accumulated amortization Balance as at December 1, 2017 $ - $ - $ 5,415 $ - 5,415 Amortization 257 - 1,510 - 1,767 Balance as at November 30, 2018 $ 257 $ - $ 6,925 $ - 7,182 Amortization 901 - 1,511 - 2,412 Balance as at November 30, 2019 $ 1,158 $ - $ 8,436 $ - 9,594 Net carrying amounts November 30, 2019 $ 10,814 $ 7,612 $ 5,605 $ 3,449 27,480 November 30, 2018 $ 4,950 $ 3,055 $ 7,116 $ - 15,121 December 1, 2017 $ 5,207 $ 3,055 $ 8,626 $ - 16,888 |
Schedule of Commercial Milestone Payment | As further consideration under the TaiMed Agreement, the Company shall make the following one-time s Commercial milestone Commercial milestone payment (i) Achieving aggregate net sales of $20,000 $7,000 payable in two equal of $3,500 (ii) Upon first achieving annual net sales of $200,000 $10,000 (iii) Upon first achieving annual net sales of $500,000 $40,000 (iv) Upon first achieving annual net sales of $1,000,000 $100,000 |
Other asset (Tables)
Other asset (Tables) | 12 Months Ended |
Nov. 30, 2019 | |
Text block [abstract] | |
Summary of other asset | Cost $ 19,530 Accumulated amortization Balance as at November 30, 2017 $ - Amortization 2,442 Balance as at November 30, 2018 $ 2,442 Amortization 4,884 Balance as at November 30, 2019 $ 7,326 Net carrying amount s November 30, 2019 $ 12,204 November 30, 2018 $ 17,088 December 1, 2017 $ - |
Accounts Payable and accured _2
Accounts Payable and accured liabilities (Tables) | 12 Months Ended |
Nov. 30, 2019 | |
Trade and other payables [abstract] | |
Accounts payable and accrued liabilities | November 30 December 1 , Note 2019 2018 2017 Trade payables $ 13,106 $ 15,583 $ Accrued liabilities and other payables 15,028 6,575 10,582 Salaries and benefits due to related parties 27 555 485 512 Employee salaries and benefits payable 473 433 395 Liability related to deferred stock unit plan 19(b) 625 1,268 1,103 Accrued interest payable on convertible unsecured senior notes 17 1,386 1,486 - $ 31,173 $ 25,830 $ 17,997 |
Provisions (Tables)
Provisions (Tables) | 12 Months Ended |
Nov. 30, 2019 | |
Disclosure of other provisions [abstract] | |
Summary of provision | Chargebacks and rebates Returns Other Total Balance as at December 1, 2017 $ 495 $ 89 $ - $ 584 Provisions made 7,144 657 - 7,801 Provisions used (6,744) (627) - (7,371) Balance as at November 30, 2018 $ 895 $ 119 $ - $ 1,014 Provisions made 10,818 174 55 11,047 Provisions used (9,531) (46) - (9,577) Balance as at November 30, 2019 $ 2,182 $ 247 $ 55 $ 2,484 |
Long-term obligations (Tables)
Long-term obligations (Tables) | 12 Months Ended |
Nov. 30, 2019 | |
Disclosure Of Detailed Information About Long Term Obligation [Abstract] | |
Summary of movement in the long-term obligation | The movement in the long-term obligations is as follows. Note Commercialization rights – Trogarzo ® North American Territory Commercialization rights – Trogarzo ® European Territory Early termination fee EMD Serono Inc. Total Balance as at December 1, 2017 $ - $ - $ 7,151 $ 7,151 Payment, as originally contemplated in 2013 A - - (4,000) (4,000) Payment, as per Renegotiated Agreement 13 - - (3,850) (3,850) Accretion expense - - 413 413 Loss on repayment of long-term obligation s - - 286 286 Balance as at November 30, 2018 - - - - Additions 12 6,765 4,557 - 11,322 Accretion expense 152 13 - 165 Payment (3,500) - - (3,500) Balance as at November 30, 2019 3,417 4,570 - 7,987 Current portion (3,417) - - (3,417) Non-current $ - $ 4,570 $ - $ 4,570 |
Convertible unsecured senior _2
Convertible unsecured senior notes (Tables) | 12 Months Ended |
Nov. 30, 2019 | |
Convertible Senior Notes [Abstract] | |
Summary of deferred tax related to equity component of convertible notes | The movement in the carrying value of the convertible unsecured senior notes is as follows . Proceeds allocated to liability component $ 51,122 Transaction costs related to liability (2,517 ) As at June 19, 2018 (date of issuance) 48,605 Accretion expense 628 Convertible unsecured senior notes as at November 30, 2018 49,233 Accretion expense 1,508 Convertible unsecured senior notes as at November 30, 2019 $ 50,741 |
Other liabilities (Tables)
Other liabilities (Tables) | 12 Months Ended |
Nov. 30, 2019 | |
Other Liabilities [Abstract] | |
Summary of other liabilities | Note November 30, 2019 Deferred lease inducements $ 238 Stock appreciation rights 19(c) 28 $ 266 |
Share capital (Tables)
Share capital (Tables) | 12 Months Ended |
Nov. 30, 2019 | |
Share Capital [Line Items] | |
Summary of the grant date weighted average fair value of SARs granted | The following table summarizes the grant date weighted average fair value of SARs granted during the period ended: For the year ended November 30, 2019 Number Weighted average grant dare fair value 2019 40,000 $ 1.29 (CAD 1.71) |
Summary of the share-based compensation expense for the stock option plan | The fair value of options granted in 2019 and 2018 was estimated at the grant date using the Black-Scholes model and the following weighted average assumptions 2019 2018 Risk free interest rate 2.15% 1.46% Expected volatility 57% 58% Average option life in years 8 years 8 years Grant-date share price $ 6.15 (CAD 8.19) $ 7.49 (CAD 9.56) Option exercise price $ 6.15 (CAD 8.19) $ 7.49 (CAD 9.56) |
Summary of changes in the number of options outstanding | Changes in the number of options outstanding during the past two years were as follows: Weighted average exercise price per option Number of options CAD USD Options as at December 1, 2017 2,335,895 $ 2.21 $ 1.71 Granted 251,544 9.56 7.49 Expired (2,000 ) 8.50 6.74 Exercised (share price: CAD 9.14 ( ) (412,734 ) 1.69 1.30 Options outstanding as at November 30, 2018 2,172,705 3.15 2.37 Granted 406,400 8.19 6.20 Forfeited (88,489 ) 6.07 4.56 Exercised (share price: CAD 7.78 ( ) (74,832 ) 1.96 1.46 Options outstanding as at November 30, 2019 2,415,784 $ 3.94 $ 2.96 Options exercisable as at November 30, 2019 1,864,727 $ 2.69 $ 2.02 Options exercisable as at November 30, 2018 1,676,057 $ 2.09 $ 1.57 |
Summary of the model used to determine fiar value of stock appreciation rights | the fair value of SARs granted in 2019 is estimated at each reporting period using the Black-Scholes model and the following weighted average assumptions: Measurement date as at November 30, 2019 Risk free interest rate 1.46% Expected volatility 58% Average option life in years 8 years Grant-date share price $ 3.06 (CAD 4.06) Option exercise price $ 3.06 (CAD 4.06) |
Summary of the following table provides stock option information | The following table provides stock option information as at November 30, 2019 . Price range Number of Weighted Weighted CAD USD (years) CAD USD 0.25 – 1.19 0.19 – 0.90 814,660 3.95 0.64 0.48 2.01 – 3.75 1.51 – 2.82 530,000 6.38 2.07 1.56 3.76 – 4.60 2.83 – 3.46 110,000 0.02 3.84 2.89 4.61 – 6.00 3.47 – 4.52 260,000 6.57 5.82 4.38 6.01 – 9.00 4.53 – 6.78 479,900 9.01 8.00 6.03 9.01 – 10.00 6.78 – 7.53 221,224 8.36 9.56 7.20 2,415,784 6.00 3.94 2.96 |
Summary of Accumulated other comprehensive income (loss) (Detail) | Accumulated other comprehensive income (loss) November 30 December 1, 2019 2018 2017 Unrealized losses on FVOCI financial assets, net of tax $ (12) $ (95) $ (80) Cumulative exchange difference on translation of foreign operations 33 - - $ 21 $ (95) $ (80) |
Summary of the measurement date weighted average fair value of stock options granted | The following table summarizes the measurement date weighted average fair value of stock options granted during the years ended November 30, 2019 and 2018 . Number stock granted Weighted 2019 406,400 $ 3.69 (CAD 4.92 ) 2018 251,544 $ 3.63 (CAD 4.63 ) |
Summary of earnings per share calculation | The calculation of basic earnings per share was based on the net loss attributable to common shareholders of the Company of $ 12,496 4,700 ) 76,928,287 75,942,385 . 2019 2018 Issued common shares as at December 1 76,877,679 74,962,050 Effect of share options exercised 49,920 153,325 Effect of public issue common shares 688 - Effect of broker options exercised - 25,089 Effect of issuance of common shares – TaiMed - 801,921 Weighted average number of common shares, basic and diluted 76,928,287 75,942,385 |
Income taxes (Tables)
Income taxes (Tables) | 12 Months Ended |
Nov. 30, 2019 | |
Major components of tax expense (income) [abstract] | |
Summary of major component of income tax and deferred tax explanatory | |
Summary of reconciliation between effective and income tax amounts explanatory | |
Summary of temporary difference, unused tax losses and unused tax credits | |
Summary of amounts and expiry dates of tax attributes carry forward explanatory |
Supplemental cash flow disclo_2
Supplemental cash flow disclosures (Tables) | 12 Months Ended |
Nov. 30, 2019 | |
Supplemental cash flow disclosures [abstract] | |
Summary of supplemental cash flow disclosures | The Company entered into the following transactions which had no impact on its cash flows . 2019 2018 Additions to property and equipment included in accounts payable and accrued liabilities $ 3 $ 49 Additions to intangible assets included in accounts payable and accrued liabilities 9 - Reclassification of contributed surplus upon issuance of common shares to TaiMed - 4,000 Convertible unsecured senior notes issuance costs included in accounts payable and accrued liabilities 6 6 Recognition of previously unrecognized tax assets from item originally recorded in equity - 338 Additions to intangible assets included in long-term 7,822 - Additions to intangible assets included in contributed surplus 1,028 - Issuance of shares in connection with acquisitions of intangible assets 5 - |
Financial instruments (Tables)
Financial instruments (Tables) | 12 Months Ended |
Nov. 30, 2019 | |
Disclosure of detailed information about financial instruments [abstract] | |
Summary of maturity analysis for non-derivative financial liabilities | 2019 Carrying Total Le s From More Accounts payable and accrued liabilities $ 31,173 31,173 $ 31,173 $ - $ - Convertible unsecured senior notes, including interest 50,741 70,725 3,306 6,613 60,806 Long-term obligations 7,987 8,500 3,500 5,000 - $ 89,901 $ 110,398 $ 37,979 $ 11,613 $ 60,806 2018 Carrying Total Le s From More Accounts payable and accrued liabilities $ 25,830 $ 25,830 $ 25,830 $ - $ - Convertible unsecured senior notes, including interest 49,233 74,131 3,406 6,613 64,112 $ 75,063 $ 99,961 $ 29,236 $ 6,613 $ 64,112 |
Summary of currency risk exposure explanatory | 2019 2018 CAD EURO CAD Cash 740 662 1,869 Bonds and money market funds 6,982 - 9,754 Trade and other receivables 328 447 470 Accounts payables and accrued liabilities (5,101) (793) (6,437) Total exposure 2,949 316 5,656 |
Summary of applicable exchange rates explanatory | The following exchange rates are those applicable as at November 30, 2019 and 2018. 2019 2018 Average Reporting Average Reporting CAD – USD 0.7524 0.7530 0.7752 0.7522 Euro – USD 1.1217 1.1018 - - |
Disclosure of effect of changes in foreign exchange rates | 2019 2018 CAD EURO CAD Positive impact 147 16 283 |
Commitments (Tables)
Commitments (Tables) | 12 Months Ended |
Nov. 30, 2019 | |
Disclosure of commitments [abstract] | |
Summary of the terms of the non-cancellable leases | As at November 30, 2019, the minimum payments required under the terms of non-cancellable . Less than one year $ 680 One to five years 2,944 More than five years 1,153 $ 4,777 |
Operating segments (Tables)
Operating segments (Tables) | 12 Months Ended |
Nov. 30, 2019 | |
Disclosure of operating segments [abstract] | |
Summary of operating segments | 2019 2018 RxCrossroads $ 60,853 $ 44,548 Others 2,363 669 $ 63,216 $ 45,217 |
Related parties (Tables)
Related parties (Tables) | 12 Months Ended |
Nov. 30, 2019 | |
Related party transactions [abstract] | |
Summary of key management personnel compensation comprises | Key management personnel compensation comprises: 2019 2018 Short-term employee benefits $ 2,016 $ 2,047 Post-employment benefits 67 77 Share-based compensation 847 746 $ 2,930 $ 2,870 |
Significant accounting polici_4
Significant accounting policies - Summary of methods of depreciation (Detail) | 12 Months Ended |
Nov. 30, 2019 | |
Computer equipment | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Depreciation method, property, plant and equipment | Declining balance |
Depreciation rate, property, plant and equipment | 50.00% |
Laboratory equipment | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Depreciation method, property, plant and equipment | Declining balance and straight-line |
Depreciation rate, property, plant and equipment | 20.00% |
Useful life measured as period of time, property, plant and equipment | 5 years |
Office furniture and equipment | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Depreciation method, property, plant and equipment | Declining balance |
Depreciation rate, property, plant and equipment | 20.00% |
Leasehold improvements | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Depreciation method, property, plant and equipment | Straight-line |
Description of useful life, property, plant and equipment | Lower of lease term and economic life |
Significant accounting polici_5
Significant accounting policies - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Nov. 30, 2019 | Nov. 30, 2018 | |
Disclosure of detailed information about intangible assets [line items] | ||
Intangible assets amortization method | straight-line basis | |
Other Assets | ||
Disclosure of detailed information about intangible assets [line items] | ||
Amortization of other assets | 48 months | |
Commercialization Rights EGRIFTA | ||
Disclosure of detailed information about intangible assets [line items] | ||
Intangible assets finite useful lives | 111 months | |
Commercialization Rights Trogarzo | ||
Disclosure of detailed information about intangible assets [line items] | ||
Intangible assets finite useful lives | 142 months | |
Capitalised development expenditure [member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Development expenditures capitalized | $ 0 | $ 0 |
New or revised standards and _2
New or revised standards and interpretations issued but not yet adopted - Additional Information (Detail) - IFRS 16 [Member] $ in Thousands | Dec. 01, 2019USD ($) |
New or revised standards and interpretations issued but not yet adopted [Line Items] | |
Right of use assets | $ 3,000 |
Lease liabilitites | $ 3,000 |
Revenue and deferred revenue -
Revenue and deferred revenue - Schedule of net sale by product (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Nov. 30, 2019 | Nov. 30, 2018 | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenue | $ 63,216 | $ 45,217 |
EGRIFTA® net sales | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenue | 35,520 | 36,329 |
Trogarzo® net sales | ||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||
Revenue | $ 27,696 | $ 8,888 |
Revenue and deferred revenue -
Revenue and deferred revenue - Schedule of disaggregation revenue by geographical area (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Nov. 30, 2019 | Nov. 30, 2018 | |
Disaggregation Of Revenue By Geographical Area [Line Items] | ||
Revenue | $ 63,216 | $ 45,217 |
Canada [Member] | ||
Disaggregation Of Revenue By Geographical Area [Line Items] | ||
Revenue | 295 | 530 |
United States [Member] | ||
Disaggregation Of Revenue By Geographical Area [Line Items] | ||
Revenue | $ 62,921 | $ 44,687 |
Personnel expenses - Summary of
Personnel expenses - Summary of detailed information about personnel expenses (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Nov. 30, 2019 | Nov. 30, 2018 | |
Disclosure Of Personnel Expenses Explanatory [Abstract] | ||
Salaries and short-term employee benefits | $ 5,402 | $ 4,307 |
Post-employment benefits | 295 | 230 |
Share-based compensation | 1,059 | 851 |
Termination benefits | 87 | |
Employee benefits expense | $ 6,843 | $ 5,388 |
Finance income and finance co_3
Finance income and finance costs - Summary of detailed information about finance income and cost (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Nov. 30, 2019 | Nov. 30, 2018 | |
Schedule Of Detail Information About Finance Income And Costs [Abstract] | ||
Interest income | $ 1,097 | $ 608 |
Finance income | 1,097 | 608 |
Accretion expense | (1,673) | (1,041) |
Interest on convertible unsecured senior notes | (3,317) | (1,486) |
Loss on repayment of long-term obligations | 0 | (286) |
Bank charges | (39) | (37) |
Net foreign currency loss | (45) | (169) |
(Loss) gain on financial instruments carried at fair value | (6) | 3 |
Finance costs | (5,080) | (3,016) |
Net finance cost recognized in net profit or loss | $ (3,983) | $ (2,408) |
Bonds and money market funds -
Bonds and money market funds - Summary of detailed information about bonds and money market funds (Detail) - USD ($) $ in Thousands | Nov. 30, 2019 | Nov. 30, 2018 | Dec. 01, 2017 |
Schedule Of Detailed Information About Bonds And Money Market Funds Abstract [Abstract] | |||
Bonds | $ 5,246 | $ 7,746 | $ 12,878 |
Money market funds | 7,337 | 7,145 | 11,299 |
Bonds and money market funds | 12,583 | 14,891 | 24,177 |
Current portion | 11,964 | 9,691 | 16,524 |
Non-current portion | $ 619 | $ 5,200 | $ 7,653 |
Bonds and money market funds _2
Bonds and money market funds - Additional information (Detail) | 12 Months Ended | |
Nov. 30, 2019 | Nov. 30, 2018 | |
Disclosure of detailed information about Financial Assets [Line Items] | ||
Average maturity period | 6 months | 1 year 2 months 12 days |
Bottom of range | ||
Disclosure of detailed information about Financial Assets [Line Items] | ||
Stated interest rate | 1.70% | 1.60% |
Top of range | ||
Disclosure of detailed information about Financial Assets [Line Items] | ||
Stated interest rate | 4.80% | 4.80% |
Trade and other receivables -Su
Trade and other receivables -Summary of detailed information about trade and other receivables (Detail) - USD ($) $ in Thousands | Nov. 30, 2019 | Nov. 30, 2018 | Dec. 01, 2017 |
Schedule of Detailed Information About Trade and Other Receivables [Abstract] | |||
Trade receivables | $ 9,538 | $ 10,720 | $ 7,460 |
Sales tax receivable | 253 | 98 | 71 |
Other receivables | 325 | 134 | 22 |
Total | $ 10,116 | $ 10,952 | $ 7,553 |
Tax credits receivable - Summar
Tax credits receivable - Summary of information about unused and unrecorded non refundable federal tax credit (Detail) - Unused tax credits $ in Thousands | Nov. 30, 2019USD ($) |
Statement [line items] | |
Deferred tax assets | $ 11,810 |
Income tax expire 2024 | |
Statement [line items] | |
Deferred tax assets | 448 |
Income tax expire 2025 | |
Statement [line items] | |
Deferred tax assets | 1,336 |
Income tax expire 2026 | |
Statement [line items] | |
Deferred tax assets | 1,640 |
Income tax expire 2027 | |
Statement [line items] | |
Deferred tax assets | 2,260 |
Income tax expire 2028 | |
Statement [line items] | |
Deferred tax assets | 2,507 |
Income tax expire 2029 | |
Statement [line items] | |
Deferred tax assets | 1,689 |
Income tax expire 2030 | |
Statement [line items] | |
Deferred tax assets | 837 |
Income tax expire 2031 | |
Statement [line items] | |
Deferred tax assets | 585 |
Income tax expire 2032 | |
Statement [line items] | |
Deferred tax assets | 306 |
Income tax expire 2033 | |
Statement [line items] | |
Deferred tax assets | $ 202 |
Inventories - Summary of detail
Inventories - Summary of detailed information about inventories (Detail) - USD ($) $ in Thousands | Nov. 30, 2019 | Nov. 30, 2018 | Dec. 01, 2017 |
Classes of current inventories [abstract] | |||
Raw materials | $ 3,011 | $ 4,224 | $ 5,247 |
Work in progress | 2,467 | 292 | 0 |
Finished goods | 15,451 | 6,568 | 1,997 |
Total Inventories | $ 20,929 | $ 11,084 | $ 7,244 |
Inventories - Additional Inform
Inventories - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Nov. 30, 2019 | Nov. 30, 2018 | |
Statement [line items] | ||
Inventory writedown | $ 16 | $ 144 |
Cost of sales | ||
Statement [line items] | ||
Inventory writedown | 0 | 108 |
Cost of goods sold | ||
Statement [line items] | ||
Inventory writedown | $ 16 | $ 36 |
Property and equipment - Summar
Property and equipment - Summary of information about property plant equipment (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Nov. 30, 2019 | Nov. 30, 2018 | Dec. 01, 2017 | |
Cost | |||
Beginning Balance | $ 101 | $ 48 | |
Ending Balance | 1,071 | 101 | |
Net carrying amounts | |||
Property and equipment | 101 | 48 | $ 48 |
Cost | |||
Cost | |||
Beginning Balance | 256 | 195 | |
Additions | 1,169 | 74 | |
Disposals | (111) | (13) | |
Ending Balance | 1,314 | 256 | |
Net carrying amounts | |||
Property and equipment | 1,314 | 256 | |
Accumulated depreciation | |||
Accumulated depreciation | |||
Beginning Balance | 155 | 147 | |
Depreciation | 199 | 21 | |
Disposals | (111) | (13) | |
Ending Balance | 243 | 155 | |
Computer equipment | |||
Cost | |||
Beginning Balance | 16 | 10 | |
Ending Balance | 144 | 16 | |
Net carrying amounts | |||
Property and equipment | 16 | 10 | |
Computer equipment | Cost | |||
Cost | |||
Beginning Balance | 82 | 77 | |
Additions | 206 | 18 | |
Disposals | (57) | (13) | |
Ending Balance | 231 | 82 | |
Net carrying amounts | |||
Property and equipment | 231 | 82 | |
Computer equipment | Accumulated depreciation | |||
Accumulated depreciation | |||
Beginning Balance | 66 | 67 | |
Depreciation | 78 | 12 | |
Disposals | (57) | (13) | |
Ending Balance | 87 | 66 | |
Laboratory equipment | |||
Cost | |||
Beginning Balance | 22 | 29 | |
Ending Balance | 75 | 22 | |
Net carrying amounts | |||
Property and equipment | 22 | 29 | |
Laboratory equipment | Cost | |||
Cost | |||
Beginning Balance | 47 | 47 | |
Additions | 60 | ||
Ending Balance | 107 | 47 | |
Net carrying amounts | |||
Property and equipment | 107 | 47 | |
Laboratory equipment | Accumulated depreciation | |||
Accumulated depreciation | |||
Beginning Balance | 25 | 18 | |
Depreciation | 7 | 7 | |
Ending Balance | 32 | 25 | |
Office furniture and equipment | |||
Cost | |||
Beginning Balance | 11 | 9 | |
Ending Balance | 276 | 11 | |
Net carrying amounts | |||
Property and equipment | 11 | 9 | |
Office furniture and equipment | Cost | |||
Cost | |||
Beginning Balance | 75 | 71 | |
Additions | 313 | 4 | |
Disposals | (54) | 0 | |
Ending Balance | 334 | 75 | |
Net carrying amounts | |||
Property and equipment | 334 | 75 | |
Office furniture and equipment | Accumulated depreciation | |||
Accumulated depreciation | |||
Beginning Balance | 64 | 62 | |
Depreciation | 48 | 2 | |
Disposals | (54) | ||
Ending Balance | 58 | 64 | |
Leasehold improvements | |||
Cost | |||
Beginning Balance | 52 | ||
Ending Balance | 576 | 52 | |
Net carrying amounts | |||
Property and equipment | 52 | 52 | |
Leasehold improvements | Cost | |||
Cost | |||
Beginning Balance | 52 | ||
Additions | 590 | 52 | |
Disposals | 0 | ||
Ending Balance | 642 | 52 | |
Net carrying amounts | |||
Property and equipment | 642 | $ 52 | |
Leasehold improvements | Accumulated depreciation | |||
Accumulated depreciation | |||
Depreciation | 66 | ||
Ending Balance | $ 66 |
Intangible asset - Summary of I
Intangible asset - Summary of Intangible Assets (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Nov. 30, 2019 | Nov. 30, 2018 | Dec. 01, 2017 | |
Cost | |||
Beginning Balance | $ 15,121 | ||
Ending Balance | 27,480 | $ 15,121 | |
Net carrying amounts | |||
Intangible assets | 15,121 | 15,121 | $ 16,888 |
Cost | |||
Cost | |||
Beginning Balance | 22,303 | ||
Additions | 14,771 | ||
Ending Balance | 37,074 | 22,303 | |
Net carrying amounts | |||
Intangible assets | 37,074 | 22,303 | |
Cost | Commercialization Rights Trogarzo North America | |||
Cost | |||
Beginning Balance | 5,207 | ||
Additions | 6,765 | ||
Ending Balance | 11,972 | 5,207 | |
Net carrying amounts | |||
Intangible assets | 11,972 | 5,207 | |
Cost | Commercialization rights- Trogarzo®European Territory | |||
Cost | |||
Beginning Balance | 3,055 | ||
Additions | 4,557 | ||
Ending Balance | 7,612 | 3,055 | |
Net carrying amounts | |||
Intangible assets | 7,612 | 3,055 | |
Cost | Commercialization Rights EGRIFTA | |||
Cost | |||
Beginning Balance | 14,041 | ||
Ending Balance | 14,041 | 14,041 | |
Net carrying amounts | |||
Intangible assets | 14,041 | 14,041 | |
Cost | Oncology Platform | |||
Cost | |||
Additions | 3,449 | ||
Ending Balance | 3,449 | ||
Net carrying amounts | |||
Intangible assets | 3,449 | ||
Accumulated amortization | |||
Accumulated amortization | |||
Beginning balance | 7,182 | 5,415 | |
Amortization | 2,412 | 1,767 | |
Ending Balance | 9,594 | 7,182 | |
Accumulated amortization | Commercialization Rights Trogarzo North America | |||
Accumulated amortization | |||
Beginning balance | 257 | ||
Amortization | 901 | 257 | |
Ending Balance | 1,158 | 257 | |
Accumulated amortization | Commercialization Rights EGRIFTA | |||
Accumulated amortization | |||
Beginning balance | 6,925 | 5,415 | |
Amortization | 1,511 | 1,510 | |
Ending Balance | 8,436 | 6,925 | |
Net Carrying Amount [Member] | |||
Cost | |||
Beginning Balance | 15,121 | 16,888 | |
Ending Balance | 27,480 | 15,121 | |
Net carrying amounts | |||
Intangible assets | 15,121 | 16,888 | |
Net Carrying Amount [Member] | Commercialization Rights Trogarzo North America | |||
Cost | |||
Beginning Balance | 4,950 | 5,207 | |
Ending Balance | 10,814 | 4,950 | |
Net carrying amounts | |||
Intangible assets | 4,950 | 5,207 | |
Net Carrying Amount [Member] | Commercialization rights- Trogarzo®European Territory | |||
Cost | |||
Beginning Balance | 3,055 | 3,055 | |
Ending Balance | 7,612 | 3,055 | |
Net carrying amounts | |||
Intangible assets | 3,055 | 3,055 | |
Net Carrying Amount [Member] | Commercialization Rights EGRIFTA | |||
Cost | |||
Beginning Balance | 7,116 | 8,626 | |
Ending Balance | 5,605 | 7,116 | |
Net carrying amounts | |||
Intangible assets | 7,116 | $ 8,626 | |
Net Carrying Amount [Member] | Oncology Platform | |||
Cost | |||
Ending Balance | 3,449 | ||
Net carrying amounts | |||
Intangible assets | $ 3,449 |
Intangible assets - Summary of
Intangible assets - Summary of Commercial Milestone Payment (Detail) $ in Thousands | Nov. 30, 2019USD ($) |
Upon first achieving annual net sales of US$ 20,000 | |
Disclosure of detailed information about intangible assets [line items] | |
Initial Milestone Payments Payable | $ 3,500 |
Initial milestone payments payable aggregate annual installments | 7,000 |
Upon first achieving annual net sales of US$ 200,000 | |
Disclosure of detailed information about intangible assets [line items] | |
Initial Milestone Payments Payable | 10,000 |
Upon first achieving annual net sales of US$ 500,000 | |
Disclosure of detailed information about intangible assets [line items] | |
Initial Milestone Payments Payable | 40,000 |
Upon first achieving annual net sales of US$ 1,000,000 | |
Disclosure of detailed information about intangible assets [line items] | |
Initial Milestone Payments Payable | $ 100,000 |
Intangible assets - Additional
Intangible assets - Additional Information (Detail) $ in Thousands, $ in Thousands | Sep. 26, 2019 | May 15, 2018USD ($)shares | Mar. 17, 2017USD ($)shares | Mar. 06, 2017USD ($) | Mar. 31, 2016USD ($) | Nov. 30, 2019USD ($)shares | Nov. 30, 2019CAD ($) | Nov. 30, 2018USD ($) | Nov. 30, 2017USD ($) | Nov. 30, 2016USD ($) | Nov. 30, 2019CAD ($)shares | Dec. 01, 2017USD ($) | Dec. 01, 2016USD ($) |
Disclosure of detailed information about intangible assets [line items] | |||||||||||||
Amortisation Expense | $ 2,412 | $ 1,767 | |||||||||||
Net sales | 63,216 | $ 45,217 | |||||||||||
Trogarzo | |||||||||||||
Disclosure of detailed information about intangible assets [line items] | |||||||||||||
Description for purchase price | The purchase price of Trogarzo® for sales occurring in a country forming part of the European Territory is set at (i) 52% of the net selling price of Trogarzo® in such country on annual net sales in such country up to, or equal to, $50,000 and (ii) an amount equal to 57% of the net selling price of Trogarzo® in such country on the portion of annual net sales of Trogarzo® in the European Territory that exceeds annual net sales of Trogarzo® in the European Territory of $50,000. | ||||||||||||
Milestone One | |||||||||||||
Disclosure of detailed information about intangible assets [line items] | |||||||||||||
Initial payments | 3,500 | ||||||||||||
Upon first achieving annual net sales of US$ 500,000 | |||||||||||||
Disclosure of detailed information about intangible assets [line items] | |||||||||||||
Initial payments | 40,000 | ||||||||||||
Upon first achieving annual net sales of US$ 1,000,000 | |||||||||||||
Disclosure of detailed information about intangible assets [line items] | |||||||||||||
Initial payments | 100,000 | ||||||||||||
Katana | |||||||||||||
Disclosure of detailed information about intangible assets [line items] | |||||||||||||
Acquisition of intangible assets during the year | 3,073 | ||||||||||||
Business combination cash consideration transferred | 1,965 | ||||||||||||
Business combination shares value of consideration | $ 5 | ||||||||||||
Business combination number of shares issued | shares | 900 | 900 | |||||||||||
Business combination acquisition costs | $ 75 | ||||||||||||
Business combination contingent consideration fair value | 1,028 | ||||||||||||
Katana Amendment Agreement | |||||||||||||
Disclosure of detailed information about intangible assets [line items] | |||||||||||||
Acquisition of intangible assets during the year | 376 | $ 500 | |||||||||||
Business combination adjustment to the purchase consideration | 1,080 | ||||||||||||
Subsidy or grants received | 1,200 | ||||||||||||
Regulatory payable milestone related | 200 | ||||||||||||
Katana Amendment Agreement | Business Combination Adjustment To Consideration Installment One | |||||||||||||
Disclosure of detailed information about intangible assets [line items] | |||||||||||||
Business combination cash consideration transferred | $ 500 | ||||||||||||
Katana Amendment Agreement | Business Combination Adjustment To Consideration Installment Two | |||||||||||||
Disclosure of detailed information about intangible assets [line items] | |||||||||||||
Business combination contingent consideration | $ 580 | ||||||||||||
Katana Amendment Agreement | Royalty Related License Peptides | First Five Years | |||||||||||||
Disclosure of detailed information about intangible assets [line items] | |||||||||||||
Annual maintenance fees | 25 | ||||||||||||
Katana Amendment Agreement | Royalty Related License Peptides | After Five Years | |||||||||||||
Disclosure of detailed information about intangible assets [line items] | |||||||||||||
Annual maintenance fees | $ 100 | ||||||||||||
Katana Amendment Agreement | Development Milestone Phase One Clinical Trial | |||||||||||||
Disclosure of detailed information about intangible assets [line items] | |||||||||||||
Milestone amount payable | 50 | ||||||||||||
Katana Amendment Agreement | Development Milestone Phase Two Clinical Trial | |||||||||||||
Disclosure of detailed information about intangible assets [line items] | |||||||||||||
Milestone amount payable | 100 | ||||||||||||
Katana Amendment Agreement | Development Milestone Phase Three Clinical Trial | |||||||||||||
Disclosure of detailed information about intangible assets [line items] | |||||||||||||
Milestone amount payable | 200 | ||||||||||||
Katana Amendment Agreement | Top of range | Net Sales Basis | |||||||||||||
Disclosure of detailed information about intangible assets [line items] | |||||||||||||
Royalty fees in percentage | 2.50% | 2.50% | |||||||||||
Katana Amendment Agreement | Top of range | Royalty Revenue Sublicense Basis | |||||||||||||
Disclosure of detailed information about intangible assets [line items] | |||||||||||||
Royalty fees in percentage | 15.00% | 15.00% | |||||||||||
Katana Amendment Agreement | Bottom of range | Net Sales Basis | |||||||||||||
Disclosure of detailed information about intangible assets [line items] | |||||||||||||
Royalty fees in percentage | 1.00% | 1.00% | |||||||||||
Katana Amendment Agreement | Bottom of range | Royalty Revenue Sublicense Basis | |||||||||||||
Disclosure of detailed information about intangible assets [line items] | |||||||||||||
Royalty fees in percentage | 5.00% | 5.00% | |||||||||||
Taimed Agreement | |||||||||||||
Disclosure of detailed information about intangible assets [line items] | |||||||||||||
Upfront payment | $ 3,000 | ||||||||||||
Percentage of milestone payable | 5.00% | ||||||||||||
Number of shares issued | shares | 906,077 | ||||||||||||
Additions to intangibles | $ 3,055 | $ 5,207 | |||||||||||
Acquisition costs | 55 | ||||||||||||
Launch milestone payable | $ 10,000 | ||||||||||||
Percentage of milestone payments | 50.00% | ||||||||||||
Milestone Payments annual installment | $ 1,500 | ||||||||||||
Additions to intangibles Through cash payment | $ 1,000 | ||||||||||||
Additions to intangibles Through share based payment | 4,000 | ||||||||||||
Taimed Agreement | Milestone One | |||||||||||||
Disclosure of detailed information about intangible assets [line items] | |||||||||||||
Net sales | 20,000 | ||||||||||||
Launch milestone payable | $ 5,000 | ||||||||||||
Taimed Agreement | Milestone One | Europe [Member] | |||||||||||||
Disclosure of detailed information about intangible assets [line items] | |||||||||||||
Net sales | $ 50,000 | ||||||||||||
Taimed Agreement | Upon first achieving annual net sales of US$ 50,000 | |||||||||||||
Disclosure of detailed information about intangible assets [line items] | |||||||||||||
Launch milestone payable | 5,000 | ||||||||||||
Taimed Agreement | Upon first achieving annual net sales of US$ 150,000 | |||||||||||||
Disclosure of detailed information about intangible assets [line items] | |||||||||||||
Initial And Milestone Payments | 10,000 | ||||||||||||
Taimed Agreement | Upon first achieving annual net sales of US$ 500,000 | |||||||||||||
Disclosure of detailed information about intangible assets [line items] | |||||||||||||
Initial milestone periodic payment instalment | 20,000 | ||||||||||||
Taimed Agreement | Upon first achieving annual net sales of US$ 1,000,000 | |||||||||||||
Disclosure of detailed information about intangible assets [line items] | |||||||||||||
Initial And Milestone Payments | 50,000 | ||||||||||||
Taimed Agreement | Ordinary shares | |||||||||||||
Disclosure of detailed information about intangible assets [line items] | |||||||||||||
Number of shares issued | shares | 1,463,505 | ||||||||||||
Taimed Agreement | Commercialization rights- Trogarzo® North American Territory | |||||||||||||
Disclosure of detailed information about intangible assets [line items] | |||||||||||||
Intangible Asset Purchase Consideration | 52.00% | ||||||||||||
Additional Purchase Consideration | 10.00% | ||||||||||||
Aggregate Intangible Assets Consideration | $ 5,500 | ||||||||||||
Initial payments | $ 5,000 | ||||||||||||
Taimed Agreement | Commercialization rights- Trogarzo® North American Territory | Milestone One | |||||||||||||
Disclosure of detailed information about intangible assets [line items] | |||||||||||||
Milestone amount payable | 6,765 | ||||||||||||
Taimed Agreement | Commercialization rights- Trogarzo® North American Territory | Launch Milestone One | |||||||||||||
Disclosure of detailed information about intangible assets [line items] | |||||||||||||
Milestone amount payable | 4,557 | ||||||||||||
Milestone amount payable undiscounted | $ 5,000 | ||||||||||||
Taimed Agreement | Commercialization rights- Trogarzo® North American Territory | Tranche One | |||||||||||||
Disclosure of detailed information about intangible assets [line items] | |||||||||||||
Initial payments to acquired to use intangible assets | $ 1,000 | ||||||||||||
Taimed Agreement | Commercialization rights- Trogarzo® North American Territory | Tranche Two | |||||||||||||
Disclosure of detailed information about intangible assets [line items] | |||||||||||||
Initial payments to acquired to use intangible assets | $ 4,000 | ||||||||||||
Taimed Agreement | Commercialization rights- Trogarzo® North American Territory | Ordinary shares | |||||||||||||
Disclosure of detailed information about intangible assets [line items] | |||||||||||||
Number of shares issued | shares | 1,463,505 | ||||||||||||
Taimed Agreement | Commercialization Rights Trogarzo | |||||||||||||
Disclosure of detailed information about intangible assets [line items] | |||||||||||||
Intangible Assets Agreement Term | 12 years | ||||||||||||
Launch milestone payable | $ 5,000 | ||||||||||||
License Agreement Transfer Plus L P | Katana | Milestone Phase One Clinical Study | |||||||||||||
Disclosure of detailed information about intangible assets [line items] | |||||||||||||
Business combination contingent consideration | 2,000 | ||||||||||||
License Agreement Transfer Plus L P | Katana | Milestone Phase Two Live Demonstration | |||||||||||||
Disclosure of detailed information about intangible assets [line items] | |||||||||||||
Business combination contingent consideration | $ 2,300 |
Other asset - Summary of detail
Other asset - Summary of detailed information about other asset (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Nov. 30, 2019 | Nov. 30, 2018 | |
Cost | ||
Beginning balance | $ 19,530 | |
Accumulated amortization | ||
Beginning balance | 2,442 | |
Amortization | 4,884 | $ 2,442 |
Ending balance | 7,326 | 2,442 |
Net carrying amounts | $ 12,204 | $ 17,088 |
Other asset - Additional Inform
Other asset - Additional Information (Detail) $ in Thousands | May 29, 2018USD ($) |
Due with one year | |
Other asset [line items] | |
Contractual obligations | $ 4,000 |
Serono Inc | 2013 Termination agreement | |
Other asset [line items] | |
Contractual obligations | 28,200 |
Performance obligation final settlement amount | 23,850 |
Serono Inc | 2013 Termination agreement | Due with one year | |
Other asset [line items] | |
Contractual obligations | 4,000 |
Serono Inc | 2013 Termination agreement | Due in next four to five years | |
Other asset [line items] | |
Contractual obligations | $ 24,200 |
Accounts payable and accrued li
Accounts payable and accrued liabilities - Summary of accounts payable and accrued liabilities (Detail) - USD ($) $ in Thousands | Nov. 30, 2019 | Nov. 30, 2018 | Dec. 01, 2017 |
Trade And Other Payables [Line Items] | |||
Trade payables | $ 13,106 | $ 15,583 | $ 5,405 |
Accrued liabilities and other payables | 15,028 | 6,575 | 10,582 |
Salaries and benefits due to related parties | 555 | 485 | 512 |
Employee salaries and benefits payable | 473 | 433 | 395 |
Liability related to deferred stock unit plan | 625 | 1,268 | 1,103 |
Accrued interest payable on convertible unsecured senior notes | 1,386 | 1,486 | 0 |
Total | $ 31,173 | $ 25,830 | $ 17,997 |
Provisions - Summary of provisi
Provisions - Summary of provision (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Nov. 30, 2019 | Nov. 30, 2018 | |
Disclosure of other provisions [line items] | ||
Beginning Balance | $ 1,014 | $ 584 |
Provisions made | 11,047 | 7,801 |
Provisions used | (9,577) | (7,371) |
Ending Balance | 2,484 | 1,014 |
Chargebacks and rebates | ||
Disclosure of other provisions [line items] | ||
Beginning Balance | 895 | 495 |
Provisions made | 10,818 | 7,144 |
Provisions used | (9,531) | (6,744) |
Ending Balance | 2,182 | 895 |
Returns | ||
Disclosure of other provisions [line items] | ||
Beginning Balance | 119 | 89 |
Provisions made | 174 | 657 |
Provisions used | (46) | (627) |
Ending Balance | 247 | 119 |
Other | ||
Disclosure of other provisions [line items] | ||
Beginning Balance | 0 | 0 |
Provisions made | 55 | 0 |
Provisions used | 0 | 0 |
Ending Balance | $ 55 | $ 0 |
Long-term obligations - Summary
Long-term obligations - Summary of movement in the long-term obligation (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Nov. 30, 2019 | Nov. 30, 2018 | Dec. 01, 2017 | |
Disclosure of detailed information about Long-Term Obligation [Line Items] | |||
Beginning balance | $ 7,151 | ||
Payments | $ (3,500) | (7,850) | |
Accretion expense | 165 | 413 | |
Loss on repayment of long-term obligation | 0 | 286 | |
Ending balance | 7,987 | ||
Additions | 11,322 | ||
Current portion | (3,417) | $ (3,627) | |
Non-current portion | 4,570 | $ 3,524 | |
Early termination fee EMD Serano Inc | |||
Disclosure of detailed information about Long-Term Obligation [Line Items] | |||
Beginning balance | 7,151 | ||
Accretion expense | 413 | ||
Loss on repayment of long-term obligation | 286 | ||
Commercialization rights- Trogarzo® North American Territory | |||
Disclosure of detailed information about Long-Term Obligation [Line Items] | |||
Payments | (3,500) | ||
Accretion expense | 152 | ||
Ending balance | 3,417 | ||
Additions | 6,765 | ||
Current portion | (3,417) | ||
Commercialization rights- Trogarzo®European Territory | |||
Disclosure of detailed information about Long-Term Obligation [Line Items] | |||
Accretion expense | 13 | ||
Ending balance | 4,570 | ||
Additions | 4,557 | ||
Non-current portion | $ 4,570 | ||
2013 Termination Agreement | |||
Disclosure of detailed information about Long-Term Obligation [Line Items] | |||
Payments | (4,000) | ||
2013 Termination Agreement | Early termination fee EMD Serano Inc | |||
Disclosure of detailed information about Long-Term Obligation [Line Items] | |||
Payments | (4,000) | ||
Renegotiated Agreement | |||
Disclosure of detailed information about Long-Term Obligation [Line Items] | |||
Payments | (3,850) | ||
Renegotiated Agreement | Early termination fee EMD Serano Inc | |||
Disclosure of detailed information about Long-Term Obligation [Line Items] | |||
Payments | $ (3,850) |
Long-term obligation - Addition
Long-term obligation - Additional information (Detail) - USD ($) $ in Thousands | May 31, 2019 | Nov. 30, 2019 | Nov. 30, 2018 | Jun. 30, 2020 | May 29, 2018 | Dec. 01, 2017 |
Disclosure of detailed information about Long-Term Obligation [Line Items] | ||||||
Long-term obligation noncurrent | $ 4,570 | $ 3,524 | ||||
Revenue estimate | 63,216 | $ 45,217 | ||||
Milestone One | ||||||
Disclosure of detailed information about Long-Term Obligation [Line Items] | ||||||
Initial milestone payments payable aggregate annual installments | 7,000 | |||||
2013 Termination agreement | ||||||
Disclosure of detailed information about Long-Term Obligation [Line Items] | ||||||
Long term obligation | $ 3,850 | |||||
Contractual obligations | $ 4,000 | |||||
Difference of settlement and carrying value | 286 | |||||
Long-term obligation noncurrent | $ 3,564 | |||||
Taimed Agreement | Milestone One | ||||||
Disclosure of detailed information about Long-Term Obligation [Line Items] | ||||||
Revenue estimate | 20,000 | |||||
Taimed Agreement | Milestone One | Commercialization Rights Trogarzo North America [Member] | ||||||
Disclosure of detailed information about Long-Term Obligation [Line Items] | ||||||
Milestone amount payable | 6,765 | |||||
Taimed Agreement | Milestone One | Scenario Forecast One | ||||||
Disclosure of detailed information about Long-Term Obligation [Line Items] | ||||||
Initial milestone payments payable aggregate annual installments | 7,000 | |||||
Initial milestone periodic payment instalment | 3,500 | |||||
Initial milestone periodic payment instalment | $ 3,500 | |||||
Taimed Agreement | Launch Milestone One | Commercialization Rights Trogarzo North America [Member] | ||||||
Disclosure of detailed information about Long-Term Obligation [Line Items] | ||||||
Milestone amount payable undiscounted | 5,000 | |||||
Milestone amount payable | $ 4,557 |
Other liabilities - Schedule of
Other liabilities - Schedule of other liabilities (Details) $ in Thousands | Nov. 30, 2019USD ($) |
Other Liabilities [Abstract] | |
Deferred lease inducements | $ 238 |
Stock appreciation rights | 28 |
Other non-current non-financial liabilities | $ 266 |
Convertible unsecured senior _3
Convertible unsecured senior notes - Additional Information (Detail) - Convertible Notes [Member] - USD ($) $ / shares in Units, $ in Thousands | Jun. 19, 2018 | Nov. 30, 2019 |
Convertible senior notes [line items] | ||
Principal amount | $ 57,500 | |
Interest rate | 5.75% | |
Effective interest rate | 9.95% | |
Conversion price | $ 14.85 | |
Convertible instruments number of shares issued | 3,872,053 | |
Percenrage of current market price on conversion price | 130.00% |
Convertible unsecured senior _4
Convertible unsecured senior notes - Summary of deferred tax related to equity component of convertible notes (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Nov. 30, 2019 | Nov. 30, 2018 | |
Convertible senior notes [line items] | ||
Proceeds allocated to liability component | $ 57,500 | |
Accretion Expense | $ 165 | 413 |
Convertible unsecured senior notes as at November 30, 2019 | 50,741 | 49,233 |
Liability component | ||
Convertible senior notes [line items] | ||
Proceeds allocated to liability component | 51,122 | |
Transaction costs related to the equity component | (2,517) | |
At date of issuance (June 19, 2018) | 48,605 | |
Accretion Expense | 1,508 | 628 |
Convertible unsecured senior notes as at November 30, 2019 | $ 50,741 | $ 49,233 |
Share Capital - Additional info
Share Capital - Additional information (Detail) $ / shares in Units, $ in Thousands, $ in Millions | Oct. 04, 2018 | May 15, 2018USD ($) | Nov. 30, 2019USD ($)sharesyr$ / shares | Nov. 30, 2018USD ($)sharesyr$ / shares | Feb. 25, 2019$ / sharesshares | May 15, 2018CAD ($)shares | Dec. 01, 2017USD ($) | Mar. 17, 2017shares |
Disclosure of classes of share capital [line items] | ||||||||
Share based compensation expense | $ 1,059 | $ 851 | ||||||
Deferred stock liability | 625 | 1,268 | $ 1,103 | |||||
Change in fair value | $ (641) | $ 210 | ||||||
Exercise period of options | yr | 8 | 8 | ||||||
SAR Contractual Life | 10 years | |||||||
Net loss attributable to common stock holders of the company | $ 12,496 | $ 4,700 | ||||||
Weighted average number of common shares outstanding | shares | 76,928,287 | 75,942,385 | ||||||
Effect of share options number of ordinary shares | shares | 2,415,784 | 2,172,705 | ||||||
Broker options common shares potentially issuable | shares | 3,872,053 | |||||||
Potential conversion of aggregate principal amount | $ 57,500 | |||||||
Two Thousand And Sixteen Shareholders Plan [Member] | ||||||||
Disclosure of classes of share capital [line items] | ||||||||
Shareholders rights covenants | The rights issued under the Plan will initially attach to and trade with the common shares, and no separate certificates will be issued unless a triggering event occurs. The rights will become exercisable only when an acquiring person, including any party related to it, acquires or attempts to acquire 20% or more of the outstanding shares without complying with the “Permitted Bid” provisions of the Plan or without approval of the Board of Directors. Subject to the terms and conditions set out in the Plan, each right would, upon exercise and payment of $5.00 per right, entitle a rights holder, other than the acquiring person and related parties, to purchase a number of common shares at twice the exercise price of $5.00 per right based on the average weighted market price of the common shares for the last 20 trading days preceding the common share acquisition date (as defined in the Plan’s rights). Under the Plan, a Permitted Bid is a bid made to all holders of common shares and which is open for acceptance for no less than 105 days. If, at the end of 105 days, at least 50% of the outstanding common shares, other than those owned by the offeror and certain related parties, has been tendered, the offeror may take up and pay for the common shares, but must extend the bid for a further 10 days to allow other shareholders to tender. | |||||||
Stock Option Plan Two Thousand And Nineteen [Member] | ||||||||
Disclosure of classes of share capital [line items] | ||||||||
Share based compensation expense | $ 1,059 | $ 851 | ||||||
Exercise period of options | yr | 10 | |||||||
Maximum number of options available for grant | shares | 6,580,000 | |||||||
Period of vesting of options | Generally, the options vest at the grant date or over a period of up to three years | |||||||
Remaining options available for issuance | shares | 1,632,851 | 1,950,762 | ||||||
Stock Appreciation Rights [Member] | ||||||||
Disclosure of classes of share capital [line items] | ||||||||
Share based compensation expense | $ 28 | $ 0 | ||||||
Exercise period of options | yr | 8 | |||||||
Period of vesting of options | Generally, the SARs vest over a period up to three years | |||||||
Deferred Stock Units [Member] | ||||||||
Disclosure of classes of share capital [line items] | ||||||||
Share based compensation expense | $ 23 | $ 35 | ||||||
Deferred stock units outstanding | shares | 204,357 | 205,522 | ||||||
Deferred stock liability | $ 625 | $ 1,268 | ||||||
Change in fair value | $ 641 | $ 210 | ||||||
Deferred Stock Units [Member] | Cash Settled Forward Contracts [Member] | ||||||||
Disclosure of classes of share capital [line items] | ||||||||
Shares outstanding | shares | 204,357 | 205,522 | ||||||
Fair value of cash settled forward contracts | $ 637 | $ 1,287 | ||||||
Change in fair value | $ 647 | $ 213 | ||||||
Taimed Agreement [Member] | ||||||||
Disclosure of classes of share capital [line items] | ||||||||
Shares issued during the period | shares | 906,077 | |||||||
Oncology Platform Agreement [Member] | ||||||||
Disclosure of classes of share capital [line items] | ||||||||
Value per share | $ / shares | $ 5 | |||||||
Ordinary shares [member] | Two Thousand And Sixteen Shareholders Plan [Member] | ||||||||
Disclosure of classes of share capital [line items] | ||||||||
Value per unit of forward contract | $ / shares | $ 5.86 | $ 5.98 | ||||||
Ordinary shares [member] | Taimed Agreement [Member] | ||||||||
Disclosure of classes of share capital [line items] | ||||||||
Shares issued during the period | shares | 1,463,505 | |||||||
Proceeds from share issue gross | $ 4,000 | |||||||
Share based payment expense | $ 4 | |||||||
Ordinary shares [member] | Oncology Platform Agreement [Member] | ||||||||
Disclosure of classes of share capital [line items] | ||||||||
Shares issued during the period | shares | 900 |
Share Capital - Summary Of The
Share Capital - Summary Of The Model Used To Determine Fair Value Of Options (Detail) | 12 Months Ended | |||
Nov. 30, 2019yr$ / shares | Nov. 30, 2019yr$ / shares | Nov. 30, 2018yr$ / shares | Nov. 30, 2018yr$ / shares | |
Disclosure Of The Model Used To Determine Fair Value Of Options [Line Items] | ||||
Risk-free interest rate | 2.15% | 2.15% | 1.46% | 1.46% |
Expected volatility | 57.00% | 57.00% | 58.00% | 58.00% |
Average option life in years | 8 | 8 | 8 | 8 |
Grant-date share price | (per share) | $ 6.15 | $ 8.19 | $ 7.49 | $ 9.56 |
Option exercise price | (per share) | $ 6.15 | $ 8.19 | $ 7.49 | $ 9.56 |
Stock Appreciation Rights [Member] | ||||
Disclosure Of The Model Used To Determine Fair Value Of Options [Line Items] | ||||
Risk-free interest rate | 1.46% | 1.46% | ||
Expected volatility | 58.00% | 58.00% | ||
Average option life in years | 8 | 8 | ||
Grant-date share price | (per share) | $ 3.06 | $ 4.06 | ||
Option exercise price | (per share) | $ 3.06 | $ 4.06 |
Share capital - Summary of th_2
Share capital - Summary of the grant date weighted average fair value of SARs granted (Detail) | 12 Months Ended | |
Nov. 30, 2019shares$ / shares | Nov. 30, 2019shares$ / shares | |
Disclosure of classes of share capital [line items] | ||
Number of SARs | 88,489 | 88,489 |
Weighted average grant dare fair value | (per share) | $ 4.56 | $ 6.07 |
Stock Appreciation Rights [Member] | ||
Disclosure of classes of share capital [line items] | ||
Number of SARs | 40,000 | 40,000 |
Weighted average grant dare fair value | (per share) | $ 1.29 | $ 1.71 |
Share Capital - Summary Of Th_3
Share Capital - Summary Of The Number Of Options Outstanding (Detail) | 12 Months Ended | |||||
Nov. 30, 2019shares$ / shares | Nov. 30, 2019shares$ / shares$ / shares | Nov. 30, 2018shares$ / shares | Nov. 30, 2018shares$ / shares$ / shares | Nov. 30, 2019shares$ / shares | Nov. 30, 2018shares$ / shares | |
Disclosure of classes of share capital [abstract] | ||||||
Number of options beginning balance | 2,172,705 | 2,172,705 | 2,335,895 | 2,335,895 | ||
Number of options, granted | 406,400 | 406,400 | 251,544 | 251,544 | ||
Number of options, forfeited | (88,489) | (88,489) | ||||
Number of options, expired | (2,000) | (2,000) | ||||
Number of options, exercised | (74,832) | (74,832) | (412,734) | (412,734) | ||
Number of options ending balance | 2,415,784 | 2,415,784 | 2,172,705 | 2,172,705 | ||
Options exercisable outstanding | 1,864,727 | 1,864,727 | 1,676,057 | 1,676,057 | 1,864,727 | 1,676,057 |
Weighted average beginning balance | (per share) | $ 2.37 | $ 3.15 | $ 1.71 | $ 2.21 | ||
Weighted average, granted | (per share) | 6.20 | 8.19 | 7.49 | 9.56 | ||
Weighted average, forfeited | (per share) | 4.56 | 6.07 | ||||
Weighted average, expired | (per share) | 6.74 | 8.50 | ||||
Weighted average, exercised | (per share) | 1.46 | 1.96 | 1.30 | 1.69 | ||
Weighted average ending balance | (per share) | 2.96 | $ 3.94 | 2.37 | $ 3.15 | ||
Weighted average options exercisable | (per share) | $ 2.02 | $ 2.02 | $ 1.57 | $ 1.57 | $ 2.69 | $ 2.09 |
Share Capital - Summary Of Th_4
Share Capital - Summary Of The Number Of Options Outstanding (Parenthetical) (Detail) | 12 Months Ended | |||
Nov. 30, 2019$ / shares | Nov. 30, 2019$ / shares | Nov. 30, 2018$ / shares | Nov. 30, 2018$ / shares | |
Disclosure of classes of share capital [abstract] | ||||
Weighted average share price of options excercised on the exercise date | (per share) | $ 5.82 | $ 7.78 | $ 7.07 | $ 9.14 |
Share Capital - Summary Of Th_5
Share Capital - Summary Of The Stock Option Information (Detail) | 12 Months Ended | |||||
Nov. 30, 2019shares$ / shares | Nov. 30, 2019shares$ / shares | Nov. 30, 2018shares$ / shares | Nov. 30, 2018shares$ / shares | Nov. 30, 2017shares$ / shares | Nov. 30, 2017shares$ / shares | |
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||||
Number of options outstanding | 2,415,784 | 2,415,784 | 2,172,705 | 2,172,705 | 2,335,895 | 2,335,895 |
Weighted average remaining life | 6 years | |||||
Weighted average exercise price | (per share) | $ 2.96 | $ 3.94 | $ 2.37 | $ 3.15 | $ 1.71 | $ 2.21 |
Price range | (per share) | $ 2.96 | $ 3.94 | $ 2.37 | $ 3.15 | $ 1.71 | $ 2.21 |
Exercise Price 1 | ||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||||
Number of options outstanding | 814,660 | 814,660 | ||||
Weighted average remaining life | 3 years 11 months 12 days | |||||
Weighted average exercise price | (per share) | $ 0.48 | $ 0.64 | ||||
Price range | (per share) | 0.48 | 0.64 | ||||
Exercise Price 1 | Top of range [member] | ||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||||
Weighted average exercise price | (per share) | 0.90 | 1.19 | ||||
Price range | (per share) | 0.90 | 1.19 | ||||
Exercise Price 1 | Bottom of range [member] | ||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||||
Weighted average exercise price | (per share) | 0.19 | 0.25 | ||||
Price range | (per share) | $ 0.19 | $ 0.25 | ||||
Exercise Price 2 | ||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||||
Number of options outstanding | 530,000 | 530,000 | ||||
Weighted average remaining life | 6 years 4 months 17 days | |||||
Weighted average exercise price | (per share) | $ 1.56 | $ 2.07 | ||||
Price range | (per share) | 1.56 | 2.07 | ||||
Exercise Price 2 | Top of range [member] | ||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||||
Weighted average exercise price | (per share) | 2.82 | 3.75 | ||||
Price range | (per share) | 2.82 | 3.75 | ||||
Exercise Price 2 | Bottom of range [member] | ||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||||
Weighted average exercise price | (per share) | 1.51 | 2.01 | ||||
Price range | (per share) | $ 1.51 | $ 2.01 | ||||
Exercise Price 3 | ||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||||
Number of options outstanding | 110,000 | 110,000 | ||||
Weighted average remaining life | 7 days | |||||
Weighted average exercise price | (per share) | $ 2.89 | $ 3.84 | ||||
Price range | (per share) | 2.89 | 3.84 | ||||
Exercise Price 3 | Top of range [member] | ||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||||
Weighted average exercise price | (per share) | 3.46 | 4.60 | ||||
Price range | (per share) | 3.46 | 4.60 | ||||
Exercise Price 3 | Bottom of range [member] | ||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||||
Weighted average exercise price | (per share) | 2.83 | 3.76 | ||||
Price range | (per share) | $ 2.83 | $ 3.76 | ||||
Exercise Price 4 | ||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||||
Number of options outstanding | 260,000 | 260,000 | ||||
Weighted average remaining life | 6 years 6 months 25 days | |||||
Weighted average exercise price | (per share) | $ 4.38 | $ 5.82 | ||||
Price range | (per share) | 4.38 | 5.82 | ||||
Exercise Price 4 | Top of range [member] | ||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||||
Weighted average exercise price | (per share) | 4.52 | 6 | ||||
Price range | (per share) | 4.52 | 6 | ||||
Exercise Price 4 | Bottom of range [member] | ||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||||
Weighted average exercise price | (per share) | 3.47 | 4.61 | ||||
Price range | (per share) | $ 3.47 | $ 4.61 | ||||
Exercise Price 5 | ||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||||
Number of options outstanding | 479,900 | 479,900 | ||||
Weighted average remaining life | 9 years 3 days | |||||
Weighted average exercise price | (per share) | $ 6.03 | $ 8 | ||||
Price range | (per share) | 6.03 | 8 | ||||
Exercise Price 5 | Top of range [member] | ||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||||
Weighted average exercise price | (per share) | 6.78 | 9 | ||||
Price range | (per share) | 6.78 | 9 | ||||
Exercise Price 5 | Bottom of range [member] | ||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||||
Weighted average exercise price | (per share) | 4.53 | 6.01 | ||||
Price range | (per share) | $ 4.53 | $ 6.01 | ||||
Exercise Price 6 | ||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||||
Number of options outstanding | 221,224 | 221,224 | ||||
Weighted average remaining life | 8 years 4 months 9 days | |||||
Weighted average exercise price | (per share) | $ 7.20 | $ 9.56 | ||||
Price range | (per share) | 7.20 | 9.56 | ||||
Exercise Price 6 | Top of range [member] | ||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||||
Weighted average exercise price | (per share) | 7.53 | 10 | ||||
Price range | (per share) | 7.53 | 10 | ||||
Exercise Price 6 | Bottom of range [member] | ||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||||
Weighted average exercise price | (per share) | 6.78 | 9.01 | ||||
Price range | (per share) | $ 6.78 | $ 9.01 |
Share Capital - Summary Of Fair
Share Capital - Summary Of Fair Value Of Options Used To Determine The Weighted Average Assumptions (Detail) | 12 Months Ended | |||
Nov. 30, 2019yr$ / shares | Nov. 30, 2019yr$ / shares | Nov. 30, 2018yr$ / shares | Nov. 30, 2018yr$ / shares | |
Disclosure of classes of share capital [abstract] | ||||
Risk-free interest rate | 2.15% | 2.15% | 1.46% | 1.46% |
Expected volatility | 57.00% | 57.00% | 58.00% | 58.00% |
Average option life in years | 8 | 8 | 8 | 8 |
Grant-date share price | (per share) | $ 6.15 | $ 8.19 | $ 7.49 | $ 9.56 |
Option exercise price | (per share) | $ 6.15 | $ 8.19 | $ 7.49 | $ 9.56 |
Share Capital - Summary Of Summ
Share Capital - Summary Of Summarizes The Measurement Date Weighted Average Fair Value Of Stock Options Granted (Detail) | 12 Months Ended | |||
Nov. 30, 2019USD ($)shares | Nov. 30, 2018USD ($)shares | Nov. 30, 2019CAD ($) | Nov. 30, 2018CAD ($) | |
Disclosure of classes of share capital [abstract] | ||||
Number of options | 406,400 | 251,544 | ||
Weighted average grant date fair value | $ 3.69 | $ 3.63 | $ 4.92 | $ 4.63 |
Share Capital - Summary of Calc
Share Capital - Summary of Calculation of Weighted Average Number of Common Shares (Detail) - shares | 12 Months Ended | |
Nov. 30, 2019 | Nov. 30, 2018 | |
Earnings per share [line items] | ||
Issued common shares as at December 1 | 76,877,679 | 74,962,050 |
Weighted average number of common shares, basic and diluted | 76,928,287 | 75,942,385 |
Share options [member] | ||
Earnings per share [line items] | ||
Effect of share options exercised | 49,920 | 153,325 |
public issue common shares [member] | ||
Earnings per share [line items] | ||
Effect of issue common shares | 688 | |
Brokers options [member] | ||
Earnings per share [line items] | ||
Effect of share options exercised | 0 | 25,089 |
issue of common shares – TaiMed [member] | ||
Earnings per share [line items] | ||
Effect of issue common shares | 801,921 |
Share capital - Summary of Accu
Share capital - Summary of Accumulated other comprehensive income (loss) (Detail) - USD ($) $ in Thousands | Nov. 30, 2019 | Nov. 30, 2018 | Dec. 01, 2017 |
Accumulated other comprehensive income | $ 21 | $ (95) | $ (80) |
Unrealized losses on FVOCI financial assets, net of tax | |||
Accumulated other comprehensive income | (12) | $ (95) | $ (80) |
Cumulative exchange difference on translation of foreign operations | |||
Accumulated other comprehensive income | $ 33 |
Income Taxes - Summary of compo
Income Taxes - Summary of components of the current and deferred tax expenses (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Nov. 30, 2019 | Nov. 30, 2018 | |
Deferred tax expense | ||
Origination and reversal of temporary differences | $ 2,484 | $ (874) |
Change in unrecognized deductible temporary differences | $ (2,484) | (395) |
Total deferred tax recovery | (1,269) | |
Total current and deferred tax recovery | $ (1,269) |
Income Taxes - Summary of recon
Income Taxes - Summary of reconciliation between effective and applicable tax (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Nov. 30, 2019 | Nov. 30, 2018 | |
Major components of tax expense (income) [abstract] | ||
Income taxes at domestic tax statutory rate | $ (3,324) | $ (1,564) |
Change in unrecognized deductible temporary differences | 2,484 | (395) |
Impact of differences in statutory tax rates | 518 | |
Non-deductible expenses and other | $ 323 | 690 |
Total current and deferred tax recovery | $ (1,269) |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Nov. 30, 2019 | Nov. 30, 2018 | |
Disclosure of Detailed Information About Income Tax [Line Items] | ||
Effective applicable income tax rate | 26.60% | 26.70% |
Loss Carried Forward [Member] | ||
Disclosure of Detailed Information About Income Tax [Line Items] | ||
Deferred tax assets | $ 1,269 | |
Financing costs | ||
Disclosure of Detailed Information About Income Tax [Line Items] | ||
Deferred tax assets | 338 | |
Convertible unsecured notes | ||
Disclosure of Detailed Information About Income Tax [Line Items] | ||
Deferred tax liabilitites offset | $ 1,607 |
Income Taxes - Summary of unrec
Income Taxes - Summary of unrecognized deferred tax assets (Detail) - USD ($) $ in Thousands | Nov. 30, 2019 | Nov. 30, 2018 |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unrecognised deferred tax assets | $ 60,249 | $ 57,279 |
Research and development expenses | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unrecognised deferred tax assets | 23,262 | 27,455 |
Non-capital losses | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unrecognised deferred tax assets | 30,470 | 23,236 |
Property and equipment | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unrecognised deferred tax assets | 282 | 357 |
Intellectual property and patent fees | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unrecognised deferred tax assets | 2,900 | 2,885 |
Available deductions and other | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Unrecognised deferred tax assets | $ 3,335 | $ 3,345 |
Income Taxes - Summary of the a
Income Taxes - Summary of the amounts and expiry dates of tax attributes (Detail) - USD ($) $ in Thousands | Nov. 30, 2019 | Nov. 30, 2018 |
Federal | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Research and development expenses, without time limitation | $ 79,698 | $ 79,614 |
Excess of tax value of property and equipment over carrying value | 1,128 | 1,440 |
Excess of tax value of intellectual property and patent fees over carrying value | 10,897 | 10,895 |
Available deductions and other | 43,291 | 43,388 |
Provincial | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Research and development expenses, without time limitation | 98,321 | 98,216 |
Excess of tax value of property and equipment over carrying value | 998 | 1,240 |
Excess of tax value of intellectual property and patent fees over carrying value | 10,892 | 10,881 |
Available deductions and other | 1,430 | 1,572 |
2027 | Federal | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Losses carried forward | 414 | 414 |
2027 | Provincial | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Losses carried forward | 407 | 406 |
2028 | Federal | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Losses carried forward | 34,876 | 34,839 |
2028 | Provincial | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Losses carried forward | 16,975 | 16,957 |
2029 | Federal | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Losses carried forward | 14,671 | 14,656 |
2029 | Provincial | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Losses carried forward | 12,400 | 12,386 |
2030 | Federal | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Losses carried forward | 8,614 | 8,605 |
2030 | Provincial | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Losses carried forward | 8,611 | 8,602 |
2031 | Federal | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Losses carried forward | 17,740 | 17,721 |
2031 | Provincial | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Losses carried forward | 15,748 | 15,731 |
2032 | Federal | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Losses carried forward | 12,019 | 12,007 |
2032 | Provincial | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Losses carried forward | 11,036 | 11,024 |
2033 | Federal | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Losses carried forward | 8,636 | 8,627 |
2033 | Provincial | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Losses carried forward | 8,555 | 8,546 |
2034 | Federal | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Losses carried forward | 7,909 | 7,900 |
2034 | Provincial | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Losses carried forward | 7,839 | 7,831 |
2037 | Federal | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Losses carried forward | 7,057 | 7,050 |
2037 | Provincial | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Losses carried forward | 6,973 | 6,965 |
2038 | Federal | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Losses carried forward | 1,964 | 1,962 |
2038 | Provincial | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Losses carried forward | 1,886 | $ 1,884 |
2039 | Federal | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Losses carried forward | 6,024 | |
2039 | Provincial | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Losses carried forward | $ 5,952 |
Supplemental cash flow disclo_3
Supplemental cash flow disclosures - Summary of supplemental cash flow (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Nov. 30, 2019 | Nov. 30, 2018 | |
Supplemental cash flow disclosures [abstract] | ||
Additions to property and equipment included in accounts payable and accrued liabilities | $ 3 | $ 49 |
Additions to intangible assets included in accounts payable and accrued liabilities | 9 | |
Reclassification of contributed surplus upon issuance of common shares to TaiMed | 4,000 | |
Convertible unsecured senior notes issuance costs included in accounts payable and accrued liabilities | 6 | 6 |
Recognition of previously unrecognized tax assets from item originally recorded in equity | $ 338 | |
Additions to intangible assets included in long-term obligations | 7,822 | |
Additions to intangible assets included in contributed surplus | 1,028 | |
Issuance of shares in connection with acquisitions of intangible assets | $ 5 |
Financial instruments - Additio
Financial instruments - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Nov. 30, 2019 | Nov. 30, 2018 | Dec. 01, 2017 | |
Disclosure of detailed information about financial instruments [line items] | |||
Trade receivable | $ 9,538 | $ 10,720 | $ 7,460 |
Current trade receivables aging period | 60 days | 60 days | |
Bad debt expenses | $ 0 | $ 0 | |
Bonds and money market funds | 12,583 | 14,891 | $ 24,177 |
Cash and money market funds | $ 39,032 | $ 24,810 | |
Fixed interest rate | |||
Disclosure of detailed information about financial instruments [line items] | |||
Borrowings Interest rate | 5.75% | 5.75% | |
Interest rate, measurement | Bonds | |||
Disclosure of detailed information about financial instruments [line items] | |||
Positive impact of market interest rates | 0.50% | ||
Increase (decrease) in accumulated other comprehensive | $ 14 | $ 46 | |
Increase (decrease) in fair value of assets | $ 14 | 46 | |
Negative impact of market interest rates | 0.50% | ||
Interest rate, measurement | Cash and market funds | |||
Disclosure of detailed information about financial instruments [line items] | |||
Positive impact of market interest rates | 0.50% | ||
Increase (decrease) in cash flows | $ 195 | 124 | |
Increase (decrease) in profit or loss | $ 195 | $ 124 | |
Negative impact of market interest rates | 0.50% | ||
CAD | |||
Disclosure of detailed information about financial instruments [line items] | |||
Positive percentage impact on foreign currency exposures | 5.00% | ||
Negative percentage impact on foreign currency exposures | 5.00% |
Financial instruments - Summary
Financial instruments - Summary of the contractual maturities of financial liabilities (Detail) - USD ($) $ in Thousands | Nov. 30, 2019 | Nov. 30, 2018 |
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Accounts payable and accrued liabilities | $ 31,173 | $ 25,830 |
Convertible unsecured senior notes including interest | 70,725 | 74,131 |
Long-term obligations | 8,500 | |
Financial liabilities | 110,398 | 99,961 |
Carrying amount | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Accounts payable and accrued liabilities | 31,173 | 25,830 |
Convertible unsecured senior notes including interest | 50,741 | 49,233 |
Long-term obligations | 7,987 | |
Financial liabilities | 89,901 | 75,063 |
Less than 1 year | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Accounts payable and accrued liabilities | 31,173 | 25,830 |
Convertible unsecured senior notes including interest | 3,306 | 3,406 |
Long-term obligations | 3,500 | |
Financial liabilities | 37,979 | 29,236 |
From 1 to 2 Years | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Convertible unsecured senior notes including interest | 6,613 | 6,613 |
Long-term obligations | 5,000 | |
Financial liabilities | 11,613 | 6,613 |
More than 3 Years | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Convertible unsecured senior notes including interest | 60,806 | 64,112 |
Financial liabilities | $ 60,806 | $ 64,112 |
Financial instruments - Summa_2
Financial instruments - Summary of presents the significant items in the original currencies exposed to currency risk (Detail) € in Thousands, $ in Thousands, $ in Thousands | Nov. 30, 2019USD ($) | Nov. 30, 2019CAD ($) | Nov. 30, 2019EUR (€) | Nov. 30, 2018USD ($) | Nov. 30, 2018CAD ($) | Dec. 01, 2017USD ($) |
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||||
Cash | $ 28,661 | $ 38,997 | $ 1,365 | |||
Trade and other receivables | 10,116 | 10,952 | 7,553 | |||
Accounts payable and accrued liabilities | $ (31,173) | $ (25,830) | $ (17,997) | |||
Currency risk | ||||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||||
Cash | $ 740 | € 662 | $ 1,869 | |||
Bonds and money market funds | 6,982 | 9,754 | ||||
Trade and other receivables | 328 | 447 | 470 | |||
Accounts payable and accrued liabilities | (5,101) | (793) | (6,437) | |||
Total exposure | $ 2,949 | € 316 | $ 5,656 |
Financial instruments - Summa_3
Financial instruments - Summary of exchange rates (Detail) | 12 Months Ended | |
Nov. 30, 2019 | Nov. 30, 2018 | |
CAD – USD | ||
Disclosure of detailed information about financial instruments [line items] | ||
Average rate | 0.7524 | 0.7752 |
Reporting date rate | 0.7530 | 0.7522 |
Euro – USD | ||
Disclosure of detailed information about financial instruments [line items] | ||
Average rate | 1.1217 | |
Reporting date rate | 1.1018 |
Financial instruments - Summa_4
Financial instruments - Summary of Company's foreign currency exposures (Detail) € in Thousands, $ in Thousands | 12 Months Ended | ||
Nov. 30, 2019CAD ($) | Nov. 30, 2019EUR (€) | Nov. 30, 2018CAD ($) | |
Disclosure of detailed information about financial instruments [abstract] | |||
Positive impact | $ 147 | € 16 | $ 283 |
Capital management - Additional
Capital management - Additional Information (Detail) - USD ($) $ in Thousands | Nov. 30, 2019 | Nov. 30, 2018 |
Cash bond and money market funds | ||
Disclosure of objectives, policies and processes for managing capital [line items] | ||
Cash,bond and money market funds | $ 41,244 | $ 53,888 |
Determination of fair values -
Determination of fair values - Additional Information (Detail) $ in Thousands | Nov. 30, 2019USD ($) |
Level 1 | Convertible unsecured notes | |
Disclosure of fair value measurement of liabilities [line items] | |
Convertible unsecured notes fair value | $ 44,275 |
Commitments - Summary of the te
Commitments - Summary of the terms of the non-cancellable leases (Detail) $ in Thousands | Nov. 30, 2019USD ($) |
Disclosure of operating lease by lessee [line items] | |
Minimum lease payments | $ 4,777 |
Less than one year | |
Disclosure of operating lease by lessee [line items] | |
Minimum lease payments | 680 |
One to five years | |
Disclosure of operating lease by lessee [line items] | |
Minimum lease payments | 2,944 |
More than five years | |
Disclosure of operating lease by lessee [line items] | |
Minimum lease payments | $ 1,153 |
Commitments - Additional Inform
Commitments - Additional Information (Detail) $ in Thousands, $ in Thousands | 12 Months Ended | ||
Nov. 30, 2019USD ($) | Nov. 30, 2019CAD ($) | Nov. 30, 2018USD ($) | |
Oncology Platform | |||
Disclosure of Commitments [Line Items] | |||
Long term purchase commitements | $ 1,045 | ||
Trogarzo | |||
Disclosure of Commitments [Line Items] | |||
Long term purchase commitements | 20,311 | $ 6,353 | |
Revolving credit facility | |||
Disclosure of Commitments [Line Items] | |||
Revolving credit facility face value | 1,000 | $ 1,500 | |
Line of credit facility outstanding | $ 0 | $ 0 | |
Canadian prime variable rate | Revolving Credit Facility CAD | |||
Disclosure of Commitments [Line Items] | |||
Description of interest rate | Canadian prime plus 1% | ||
Debt instrument variable rate spread | 1.00% | 1.00% | |
U.S. prime variable rate | Revolving Credit Facility USD | |||
Disclosure of Commitments [Line Items] | |||
Description of interest rate | U.S. prime plus 1% | ||
Debt instrument variable rate spread | 1.00% | 1.00% |
Operating segments - Summary of
Operating segments - Summary of single operating segment (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Nov. 30, 2019 | Nov. 30, 2018 | |
Disclosure of operating segments [line items] | ||
Revenue | $ 63,216 | $ 45,217 |
RxCrossroads | ||
Disclosure of operating segments [line items] | ||
Revenue | 60,853 | 44,548 |
Others | ||
Disclosure of operating segments [line items] | ||
Revenue | $ 2,363 | $ 669 |
Related parties - Summary of ke
Related parties - Summary of key management personnel compensation (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Nov. 30, 2019 | Nov. 30, 2018 | |
Related party transactions [abstract] | ||
Short-term employee benefits | $ 2,016 | $ 2,047 |
Post-employment benefits | 67 | 77 |
Share-based compensation | 847 | 746 |
Key management personnel compensation | $ 2,930 | $ 2,870 |
Related parties - Additional In
Related parties - Additional Information (Detail) | Nov. 30, 2019 | Nov. 30, 2018 |
Disclosure of transactions between related parties [abstract] | ||
Related party percentage of voting shares held | 1.40% | 1.50% |
Related party percentage of unsecured notes held | 0.30% | 0.30% |