COVER
COVER | 12 Months Ended |
Mar. 31, 2022 shares | |
Entity Addresses [Line Items] | |
Document Type | 40-F/A |
Document Registration Statement | false |
Document Annual Report | true |
Document Period End Date | Mar. 31, 2022 |
Current Fiscal Year End Date | --03-31 |
Entity File Number | 001-40673 |
Entity Registrant Name | Cybin Inc. |
Entity Incorporation, State or Country Code | A6 |
Entity Primary SIC Number | 2834 |
Entity Address, Address Line One | 100 King Street West, Suite 5600 |
Entity Address, City or Town | Toronto |
Entity Address, State or Province | ON |
Entity Address, Country | CA |
Entity Address, Postal Zip Code | M5X 1C9 |
City Area Code | 908 |
Local Phone Number | 764-8385 |
Title of 12(b) Security | Common Shares, no par value |
Trading Symbol | CYBN |
Security Exchange Name | NYSEAMER |
Amendment Flag | true |
Amendment Description | To furnish Exhibit 101 to the Form-F, which provides certain items from our Form 40-F formatted in XBRL |
Entity Central Index Key | 0001833141 |
Document Fiscal Year Focus | 2022 |
Document Fiscal Period Focus | FY |
Entity Emerging Growth Company | true |
Entity Ex Transition Period | false |
Entity Common Stock, Shares Outstanding | 164,640,303 |
Annual Information Form | true |
Audited Annual Financial Statements | true |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Business Contact | |
Entity Addresses [Line Items] | |
Contact Personnel Name | CT Corporation System |
Entity Address, Address Line One | 1015 15th Street N.W., Suite 1000 |
Entity Address, City or Town | Washington |
Entity Address, State or Province | DC |
Entity Address, Postal Zip Code | 20005 |
City Area Code | 202 |
Local Phone Number | 572-3133 |
AUDIT INFORMATION
AUDIT INFORMATION | 12 Months Ended |
Mar. 31, 2022 | |
Audit Information [Abstract] | |
Auditor Name | Zeifmans LLP |
Auditor Location | Toronto, Ontario |
Auditor Firm ID | 1149 |
CONSOLIDATED STATEMENTS OF FINA
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION - CAD ($) $ in Thousands | Mar. 31, 2022 | Mar. 31, 2021 |
Current | ||
Cash | $ 53,641 | $ 64,026 |
Trade and other current receivables | 2,102 | 1,329 |
Current prepaid expenses | 1,271 | 1,129 |
Other current assets | 1,341 | 0 |
Current assets | 58,355 | 66,484 |
Non-current | ||
Investments | 242 | 0 |
Equipment | 491 | 557 |
Intangible assets | 2,083 | 1,701 |
Goodwill | 22,892 | 23,370 |
Total Non-Current Assets | 25,708 | 25,628 |
TOTAL ASSETS | 84,063 | 92,112 |
Current | ||
Accounts payable and accrued liabilities | 5,262 | 2,793 |
Current portion of contingent consideration payable | 2,646 | 2,107 |
Total Current Liabilities | 7,908 | 4,900 |
Non-current | ||
Contingent consideration payable | 0 | 1,094 |
Total Non-Current Liabilities | 0 | 1,094 |
TOTAL LIABILITIES | 7,908 | 5,994 |
SHAREHOLDERS' EQUITY | ||
Share capital | 141,451 | 100,676 |
Contributed surplus | 525 | 124 |
Options reserve | 23,783 | 7,158 |
Warrants reserve | 11,423 | 11,166 |
Accumulated other comprehensive (loss) income | (366) | 24 |
Deficit | (100,661) | (33,030) |
TOTAL SHAREHOLDERS' EQUITY | 76,155 | 86,118 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ 84,063 | $ 92,112 |
CONSOLIDATED STATEMENTS OF LOSS
CONSOLIDATED STATEMENTS OF LOSS AND COMPREHENSIVE LOSS - CAD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Profit or loss [abstract] | ||
REVENUE | $ 0 | $ 864 |
COST OF GOODS SOLD | 0 | 664 |
GROSS PROFIT | 0 | 200 |
EXPENSES | ||
Share-based compensation | 18,030 | 11,554 |
General and administrative costs | 28,222 | 15,870 |
Research | 17,586 | 3,300 |
TOTAL EXPENSES | 63,838 | 30,724 |
OTHER INCOME (EXPENSES) | ||
Interest income | 241 | 60 |
Accretion on convertible debt | 0 | (10) |
Impairment of investment | 0 | (63) |
Impairment of promissory note | 0 | (230) |
Impairment of inventory | 0 | (511) |
Change in fair value of investments measured at fair value through profit or loss | (29) | 0 |
Foreign currency translation loss | (309) | (460) |
Contingent consideration accretion | (316) | (482) |
Change in fair value of contingent consideration | (3,380) | 0 |
TOTAL OTHER EXPENSES | (3,793) | (1,696) |
NET LOSS FOR THE PERIOD | (67,631) | (32,220) |
OTHER COMPREHENSIVE LOSS | ||
Foreign currency translation differences for foreign operations | (390) | 24 |
COMPREHENSIVE LOSS FOR THE PERIOD | $ (68,021) | $ (32,196) |
Basic loss per share for the period attributable to common shareholders (in Canadian dollars per share) | $ (0.40) | $ (0.32) |
Diluted loss per share for the period attributable to common shareholders (in Canadian dollars per share) | $ (0.40) | $ (0.32) |
Weighted average number of common shares outstanding - basic (in shares) | 167,287,240 | 100,010,864 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - CAD ($) $ in Thousands | Total | Share capital | Warrants | Options | Equity component of convertible debt | Contributed surplus | Deficit | Accumulated other comprehensive income (loss) |
Balance (in shares) at Mar. 31, 2020 | 56,503,570 | |||||||
Balance at Mar. 31, 2020 | $ 1,448 | $ 2,187 | $ 7 | $ 64 | $ 0 | $ 0 | $ (810) | $ 0 |
Changes in equity [abstract] | ||||||||
Shares issued for cash net of share issuance costs – private placement (in shares) | 74,246,666 | |||||||
Shares issued for cash net of share issuance costs – private placement | 50,049 | $ 50,049 | ||||||
Shares issued for amalgamation (in shares) | 2,128,295 | |||||||
Shares issued for amalgamation | 1,619 | $ 1,596 | 23 | |||||
Shares issued for Adelia at acquisition (in shares) | 8,688,330 | |||||||
Shares issued for Adelia at acquisition | 19,549 | $ 19,549 | ||||||
Equity interest of acquirer, contingent consideration (in shares) | 934,103 | |||||||
Shares issued on contingent liability Adelia milestones | 1,539 | $ 1,539 | ||||||
Reversal of share subscriptions (in shares) | (2,799,982) | |||||||
Reversal of share subscriptions | (700) | $ (700) | ||||||
Issuance of convertible debt | $ 15 | 15 | ||||||
Shares issued on conversion of debt (in shares) | 1,200,000 | 1,200,000 | ||||||
Shares issued on conversion of debt | $ 295 | $ 310 | (15) | |||||
Founders' round additional capital | 164 | 164 | ||||||
Finders' warrants | 0 | $ (1,225) | 1,225 | |||||
Warrants exercise (in shares) | 815,047 | |||||||
Warrants exercised | $ 407 | $ 615 | (208) | |||||
Options exercised (in shares) | 492,386 | 492,386 | ||||||
Options exercised | $ 182 | $ 299 | (117) | |||||
Options forfeited | 0 | (124) | 124 | |||||
Share-based compensation | 11,554 | 4,242 | 7,312 | |||||
Bought deal share offering - net of share issuance costs (in shares) | 15,246,000 | |||||||
Bought deal share offering - net of share issuance costs | 32,193 | $ 26,293 | 5,900 | |||||
Unrealized gain on translation of foreign operations | 24 | 24 | ||||||
Net loss for the period | (32,220) | (32,220) | ||||||
Balance at Mar. 31, 2021 | 86,118 | $ 100,676 | 11,166 | 7,158 | 0 | 124 | (33,030) | 24 |
Balance (in shares) at Mar. 31, 2021 | 157,454,415 | |||||||
Changes in equity [abstract] | ||||||||
Equity interest of acquirer, contingent consideration (in shares) | 2,690,078 | |||||||
Shares issued on contingent liability Adelia milestones | 4,251 | $ 4,251 | ||||||
Finders' warrants | 0 | $ (1,332) | 1,332 | |||||
Warrants exercise (in shares) | 3,231,261 | |||||||
Warrants exercised | $ 2,928 | $ 4,043 | (1,115) | |||||
Options exercised (in shares) | 1,588,300 | 1,588,300 | ||||||
Options exercised | $ 1,342 | $ 2,306 | (964) | |||||
Options forfeited | 0 | (401) | 401 | |||||
Share-based compensation | 18,030 | 40 | 17,990 | |||||
Bought deal share offering - net of share issuance costs (in shares) | 10,147,600 | |||||||
Bought deal share offering - net of share issuance costs | 31,507 | $ 31,507 | 0 | |||||
Unrealized gain on translation of foreign operations | (390) | (390) | ||||||
Net loss for the period | (67,631) | (67,631) | ||||||
Balance at Mar. 31, 2022 | $ 76,155 | $ 141,451 | $ 11,423 | $ 23,783 | $ 0 | $ 525 | $ (100,661) | $ (366) |
Balance (in shares) at Mar. 31, 2022 | 175,111,654 |
CONSOLIDATED STATEMENT OF CASH
CONSOLIDATED STATEMENT OF CASH FLOWS - CAD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
OPERATING ACTIVITIES | ||
Net loss for the period | $ (67,631) | $ (32,220) |
Adjustments for items not affecting cash: | ||
Interest income | (21) | 0 |
Non-cash portion of listing fees | 0 | 1,467 |
Depreciation | 168 | 49 |
Share-based compensation | 18,030 | 11,554 |
Option issuance | 0 | 23 |
Accretion of convertible debt | 0 | 10 |
Change in fair value of investments measured at fair value through profit or loss | 29 | 0 |
Contingent consideration accretion | 316 | 482 |
Change in fair value of contingent consideration | 3,380 | 0 |
Impairment of promissory note | 0 | 230 |
Impairment of inventory | 0 | 511 |
Impairment of investment | 0 | 63 |
Unrealized foreign currency translation loss | 309 | 71 |
Cash flows used in operating activities before net changes in non-cash working capital items | (45,420) | (17,760) |
Net changes in non-cash working capital items: | ||
Accounts receivable | (773) | (1,485) |
Prepaid expenses | (142) | (1,066) |
Inventory | 0 | (511) |
Other current assets | (1,341) | 0 |
Accounts payable and accrued liabilities | 2,469 | 1,795 |
Net cash flows used in operating activities | (45,207) | (19,027) |
INVESTING ACTIVITIES | ||
Pre-acquisition cash advances to Adelia | 0 | (958) |
Purchase of investment | (250) | 0 |
Purchase of intangible assets | (415) | (96) |
Purchase of equipment | (105) | (135) |
Net cash flows used in investing activities | (770) | (1,189) |
FINANCING ACTIVITIES | ||
Proceeds from issuance of common shares, net | 31,507 | 76,236 |
Proceeds from issuance of warrants, net | 0 | 5,900 |
Shares issued for cash - warrant exercise | 2,928 | 407 |
Shares issued for cash - options exercise | 1,342 | 182 |
Net cash flows from financing activities | 35,777 | 82,725 |
Effects of exchange rate changes on cash | (185) | (28) |
Change in cash | (10,385) | 62,481 |
Cash, beginning of period | 64,026 | 1,545 |
Cash, end of period | $ 53,641 | $ 64,026 |
CORPORATE INFORMATION
CORPORATE INFORMATION | 12 Months Ended |
Mar. 31, 2022 | |
Corporate Information and Statement of IFRS Compliance [Abstract] | |
CORPORATE INFORMATION | CORPORATE INFORMATION Cybin Inc. (“Cybin”), was incorporated under the Business Corporations Act (British Columbia) on October 13, 2016. These consolidated financial statements include the accounts of Cybin’s six subsidiaries (together, with Cybin, the “Company”): Cybin Corp., Natures Journey Inc. (“Journey”), Serenity Life Sciences Inc. (“Serenity”), Cybin US Holdings Inc. (“Cybin US”), Adelia Therapeutics Inc. (“Adelia”) and Cybin IRL Limited. Cybin’s head office, principal address and registered address and records office is 100 King Street West, Suite 5600, Toronto, Ontario M5X 1C9. The Company is a biotechnology company focused on progressing psychedelic therapeutics. The Company is structuring and supporting clinical studies in North America and other regions, through strategic academic and institutional partnerships and plans to launch psilocybin-based products in jurisdictions where the substance is not banned. These consolidated financial statements as at, and for the year ended, March 31, 2022 were approved and authorized for issue by the board of directors on June 20, 2022. COVID 19 In March 2020, the outbreak of the novel strain of coronavirus, specifically identified as “COVID-19”, resulted in governments worldwide enacting emergency measures to combat the spread of the virus. These measures, which include the implementation of travel bans, self-imposed quarantine periods and social distancing, have caused material disruption to businesses globally resulting in an economic slowdown. Global equity markets have experienced significant volatility and weakness. Governments and central banks have reacted with significant monetary and fiscal interventions designed to stabilize economic conditions. The duration and impact of the COVID-19 outbreak is unknown at this time, as is the efficacy of the government and central bank interventions. It is not possible to reliably estimate the length and severity of these developments and the impact on the financial results and condition of the Company in future periods. The Company is not currently aware of any changes in laws, regulations or guidelines, including tax and accounting requirements, arising from COVID-19 which would be reasonably anticipated to materially affect the Company’s business. Reverse takeover On November 5, 2020, Cybin completed a reverse takeover transaction (the “Reverse Takeover”) pursuant to the terms of an amalgamation agreement dated June 26, 2020, as amended on October 21, 2020, among Cybin, Cybin Corp. and 2762898 Ontario Inc. (“SubCo”), a wholly-owned subsidiary of a listed company Clarmin Explorations Inc. (“Clarmin”). The Reverse Takeover was completed by way of a “three-cornered” amalgamation pursuant to the provisions of the Business Corporations Act (Ontario) whereby Cybin Corp. amalgamated with SubCo to form an amalgamated corporation and a wholly owned subsidiary of Cybin. Effective November 5, 2020, Cybin completed a common share consolidation on the basis of 6.672 old common shares into one new common share of the Company (a “Common Share”). Any relevant shares and per share amounts in these consolidated financial statements have been restated to reflect the share consolidation retrospectively. In accordance with IFRS 3, Business Combinations, the substance of the reverse takeover is a takeover of a nonoperating company. The transaction does not constitute a business combination as Clarmin did not meet the definition of a business under IFRS 3. As a result, the transaction was accounted for as a capital transaction with Cybin being identified as the acquirer and the equity consideration being measured at fair value. The resulting consolidated statement financial statements are presented as a continuation of Cybin Corp. Stock exchange listing Cybin’s Common Shares are listed for trading on the Neo Exchange Inc., and NYSE American LLC under the symbol “CYBN” and are quoted on the Frankfurt Stock Exchange under the symbol “R7E1”. Acquisition On December 14, 2020, the Company completed its acquisition of Adelia by issuing class B common shares of Cybin US (“Class B Shares”) that are exchangeable into Common Shares (the “Adelia Transaction”) (see note 4). The Class B Shares were issued in place of Common Shares to permit the deferral of US tax by the former shareholders of Adelia (the “Former Adelia Shareholders”). These consolidated financial statements reflect the Class B Shares as if they have already been exchanged for Common Shares. Going Concern These consolidated financial statements are prepared on a going concern basis, which contemplates that the Company will continue in operation for the foreseeable future and will be able to realize its assets and discharge its liabilities in the normal course of business. At present, the Company’s operations do not generate cash flow. The Company has incurred losses since inception and had an accumulated deficit of $100,661 as at March 31, 2022 (March 31, 2021 - $33,030). As at March 31, 2022, the Company had a cash balance of $53,641 (2021 - $64,026) and working capital of $50,447 (2021 - $61,584). In order to continue as a going concern and meet its corporate objectives, the Company is dependent on its ability to obtain additional financing. Although the Company has been successful in the past in obtaining financing, there is no assurance that the Company will be able to obtain adequate financing in the future or that such financing will be on terms advantageous to the Company. |
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES AND BASIS OF PREPARATION | 12 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
SIGNIFICANT ACCOUNTING POLICIES AND BASIS OF PREPARATION | SIGNIFICANT ACCOUNTING POLICIES AND BASIS OF PREPARATION Statement of compliance The Company’s consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS), as issued by the International Accounting Standards Board (IASB) . The policies applied to these consolidated financial statements are based on IFRS, which have been applied consistently to all periods presented. These consolidated financial statements were issued and effective as at June 20, 2022, the date the Board of Directors approved these consolidated financial statements. Basis of measurement These consolidated financial statements have been prepared on a going concern basis, under the historical cost convention, except for certain financial instruments classified at fair value upon initial recognition. Functional and presentation currency The functional currency of a company is the currency of the primary economic environment in which the company operates. The presentation currency for a company is the currency in which the company chooses to present its financial statements. These consolidated financial statements are presented in Canadian dollars, the Company’s presentation currency. The Company’s and its subsidiaries functional currencies are as follows: Entity Currency Ownership Cybin Corp. Canadian dollars 100% Journey Canadian dollars 100% Serenity Canadian dollars 100% Cybin US 1 Canadian dollars 100% Adelia U.S. dollars 100% Cybin IRL Limited U.S. dollars 100% 1 For accounting purposes, Cybin US is a wholly-owned subsidiary of Cybin. Certain Former Adelia Shareholders hold Class B Shares in Cybin US (see note 4). Basis of consolidation The Company consolidates entities which it controls. Control exists when the Company has the power, directly and indirectly to govern the financial and operating policies of an entity and be exposed to the variable returns from its activities. The financial statements of the wholly owned subsidiaries are included in the consolidated financial statements from the date that control commences until the date that control ceases. Intercompany balances, and any unrealized gains and losses or income and expenses arising from transactions with controlled entities are eliminated to the extent of the Company’s interest in they entity. Cash and cash equivalents Cash and cash equivalents are comprised of cash on deposit and highly liquid short-term interest-bearing variable rate investments with an original maturity of three months or less, or which are readily convertible into a known amount of cash with no significant changes. As at March 31, 2022 and March 31, 2021 there were no cash equivalents. Inventories Inventories include raw materials and finished goods. Raw materials are stated at the lower of cost and replacement cost with cost determined on a first-in, first-out basis. The Company monitors the shelf life and expiry of finished goods to determine when inventory values are not recoverable and a write-down is necessary. Equipment Equipment consists of lab equipment and computer equipment and are recorded at cost less accumulated depreciation and accumulated impairment losses. Cost includes all expenditures incurred to bring the asset to the location and condition necessary for them to be operating in the manner intended by management. Depreciation is recognized based on the cost of the item less its estimated residual value, over its estimated useful life on a straight-line basis at the following rates: • Lab equipment – 5 years • Computer equipment – 3 years An asset’s residual life, useful life and depiction method are reviewed, and adjusted if appropriate on an annual basis. An item of equipment and any significant part initially recognized is derecognized upon disposal or when no future economic benefits are expected from its use. Any gain or loss arising on derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in the statement of loss and comprehensive loss when the asset is derecognized. The assets’ residual values, useful lives and methods of depreciation are reviewed at each reporting date and adjusted prospectively if appropriate. Intangible Assets Intangible assets include expenditures related to obtaining patents and software related items. The amortization of software related items begins when the software is in use and will be amortized on a straight-line basis over a period of 3 years. The amortization of patent costs commences when the associated products are available for commercial sale and is amortized on a straight-line basis over its respective legal lives or economic life, if shorter. Patents have an estimated useful life of 17 years. Amortization methods, useful lives, and residual values are reviewed at each reporting date and adjusted if appropriate. Expenditures on research activities, undertaken with the prospect of gaining new scientific or technical knowledge and understanding, are recognized in operations as incurred. The amortization of software commences when the software is in use and amortized on a straight-line basis over its useful life. Development activities involve a plan or design for the production of new, or substantially improved, products or processes related to the Company’s development of psychedelic-based therapeutics. Development expenditures are capitalized only if the relevant IFRS criteria are met. Capitalized development expenditures are amortized from the beginning of commercial production and sales and are amortized on a straight-line basis over the remaining useful life of the related patents. Development expenditures, in relation to the Company’s psychedelic-based therapeutics, have not satisfied the above criteria and are recognized in operations as incurred. Goodwill Goodwill represents the excess of the consideration transferred for the acquisition of an entity over the fair value of the net identifiable assets. Goodwill is initially measured at cost, and subsequently recorded at cost less any accumulated impairment losses. For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the Company’s cash-generating units (“CGUs”) that are expected to benefit from the combination, irrespective of whether other assets or liabilities of the acquiree are assigned to those CGUs. The Company tests for impairment annually, or when indications of impairment exist. Impairment is determined for goodwill by assessing if the carrying value of CGUs, including goodwill, exceeds its recoverable amount determined as the greater of the estimated fair value less costs of disposal and the value in use. Impairment losses recognized in respect of the CGUs are first allocated to the carrying value of goodwill and any excess is allocated to the carrying amount of assets in the CGUs. Any goodwill impairment is recorded in the statement of income. Impairment of long-lived assets Long-lived assets, including equipment and intangible assets, are reviewed for impairment at each statement of financial position date or whenever events or changes in circumstances indicate that the carrying amount of the asset exceeds its recoverable amount. Where the carrying value of an asset exceeds its recoverable amount, which is the higher of value in use and fair value less costs to sell, the asset is written down accordingly. Where it is not possible to estimate the recoverable amount of an individual asset, the impairment test is carried out on the asset’s cash-generating unit, which is the lowest group of assets in which the asset belongs for which there are separate cash inflows that are largely independent of the cash inflows from other assets. An impairment loss is charged to operations. Financial instruments Recognition and initial measurement The Company initially recognizes financial instruments on the trade date, which is the date on which the Company becomes a party to the contractual provisions of the instrument. A financial asset or financial liability is measured initially at fair value plus/minus, for an item not at fair value through profit or loss (“FVTPL”), transaction costs that are directly attributable to its acquisition or use. Classification Financial asset On initial recognition, a financial asset is classified as measured at: amortized cost, fair value through other comprehensive income (“FVOCI”), or FVTPL. A financial asset is measured at amortized cost if it meets both of the following conditions and is not designated as at FVTPL: • The asset is held within a business model whose objective is to hold assets to collect contractual cash flows; and • The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. The Company currently does not measure any of its financial assets at amortized cost. A debt instrument is measured at FVOCI only if it meets both of the following conditions and is not designated as at FVTPL: • The asset is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets; and • The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. On initial recognition of an equity investment that is not held for trading, the Company may irrevocably elect to present subsequent changes in FVOCI. This election is made on an investment-by-investment basis. The Company has not elected to present any assets as FVOCI. Cash is measured at FVTPL. In addition, on initial recognition, the Company may irrevocably designate a financial asset that otherwise meets the requirements to be measured at amortized cost as FVOCI or FVTPL if doing so eliminates or significantly reduces an accounting mismatch that would otherwise arise. Business model assessment The Company makes an assessment of the objective of a business model in which an asset is held at a portfolio level because this best reflects the way the business is managed and information is provided to management. The information considered includes: • The stated policies and objectives for the portfolio and the operation of those policies in practice. In particular, whether management’s strategy focuses on earning contractual interest revenue, maintaining a particular interest rate profile, matching the duration of the financial assets to the duration of the liabilities that are funding those assets or realizing cash flows through the sale of the assets; • How the performance of the portfolio is evaluated and reported to the Company’s management; • The risks that affect the performance of the business model (and the financial assets held within that business model) and how those risks are managed; • How managers of the business are compensated (e.g. whether compensation is based on the fair value of the assets managed or the contractual cash flows collected); and • The frequency, volume and timing of sales in prior periods, the reasons for such sales and its expectation about future sales activity. However, information about sales activity is not considered in isolation, but as part of an overall assessment of the Company’s stated objective for managing the financial asset is achieved and how cash flows are realized. Assessment whether contractual cash flows are solely payments of principal and interest For the purpose of this assessment, ‘principal’ is defined as the fair value of the financial asset on initial recognition. ‘Interest’ is defined as consideration for the time value of money and for the credit risk associated with the principal amount outstanding during a particular period of time and for other basic lending risks and costs (e.g. liquidity risk and administrative costs), as well as profit margin. In assessing whether the contractual cash flows are solely payments of principal and interest, the Company considers the contractual terms of the instrument. This includes assessing whether the financial asset contains a contractual term that could change the timing or amount of the contractual cash flows such that it would not meet this condition. In making the assessment, the Company considers: • contingent events that would change the amount and timing of cash flows; • leverage features; • prepayment and extension terms; • terms that limit the Company’s claim to cash flows from specified assets (e.g. non-recourse asset arrangements); and • features that modify consideration of the time value of money – e.g. periodical rest of interest rates Reclassifications The Company would reclassify a financial asset when the Company changes its business model for managing the financial asset. All reclassifications are recorded at fair value at the date of the reclassification, which becomes the new carrying value. Financial assets are not reclassified subsequent to their initial recognition, except in the period after the Company changes its business model for managing financial assets. Financial liabilities The Company classifies its financial liabilities at amortized cost or FVTPL. The Company currently measures accounts payable and accrued liabilities at amortized cost and contingent consideration payable at FVTPL. Derecognition Financial assets The Company derecognizes a financial asset when the contractual rights to the cash flows from the financial asset expire, or it transfers the rights to receive the contractual cash flows in a transition in which substantially all of the risks and rewards of ownership of the financial asset are transferred or in which the Company neither transfers nor retains substantially all of the risks and rewards of ownership and it does not retain control of the financial asset. On derecognition of a financial asset, the difference between the carrying amount of the asset (or the carrying amount allocated to the portion of the asset derecognized) and the sum of (i) the consideration received (including any new assets obtained less any new liability assumed) and (ii) cumulative gain or loss that had been recognized in other comprehensive income is recognized in profit or loss. Financial liabilities The Company derecognizes a financial liability when its contractual obligations are discharged or cancelled, or expire. Modifications of financial assets and financial liabilities Financial assets If the terms of a financial asset are modified, the Company evaluates whether the cash flows of the modified asset are substantially different. If the cash flows are substantially different, then the contractual rights to cash flows from the original financial asset are deemed to have expired. In this case, the original financial asset is derecognized and a new financial asset is recognized at fair value. If the cash flows of the modified asset carried at amortized cost are not substantially different, then the modification does not result in derecognition of the financial asset. In this case, the Company recalculates the gross carrying amount of the financial asset and recognizes the amount arising from adjusting the gross carrying amount as a modification gain or loss in profit or loss. If such a modification is carried out because of financial difficulties of the borrower, then the gain or loss is presented together with impairment losses. In other cases, it is presented as interest income. Financial liabilities The Company derecognizes a financial liability when its terms are modified and the cash lows of the modified liability are substantially different. In this case, a new financial liability based on the modified terms is recognized at fair value. The difference between the carrying amount of the financial liability extinguished and the new financial liability with modified terms is recognized in profit or loss. Offsetting Financial assets and financial liabilities are offset and the net amount presented in the consolidated statement of financial position when, and only when, the Company currently has a legally enforceable right to set off the amounts and it intends either to settle them on a net basis or to realize the asset and settle the liability simultaneously. Income and expenses are presented on a net basis only when permitted under IFRS, or for gains and losses arising from a group of similar transactions. Fair value measurement Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date in the principal or, in its absence, the most advantageous market to which the Company has access at that date. The fair value of a liability reflects its non-performance risk. When one is available, the Company measures the fair value of an instrument using the quoted price in an active market for that instrument. A market is regarded as active if transactions for the asset or liability take place with sufficient frequency and volume to provide pricing information on an ongoing basis. If there is no quoted price in an active market, then the Company uses valuation techniques that maximize the use of relevant observable inputs and minimize the use of unobservable inputs. The chosen valuation technique incorporates all of the factors that market participants would take into account in pricing a transaction. The best evidence of the fair value of a financial instrument on initial recognition is normally the transaction price (i.e. the fair value of the consideration given or received). If the Company determines that the fair value on initial recognition differs from the transaction price and the fair value is evidenced neither by a quoted price in an active market for an identical asset or liability nor based on a valuation technique for which any observable inputs are judged to be insignificant in relation to the measurement, then the financial instrument is initially measured at fair value, adjusted to defer the difference between the fair value on initial recognition and the transaction price. Subsequently, that difference is recognized in profit or loss on an appropriate basis over the life of the instrument but no later than when the valuation is wholly supported by observable market data or the transaction is closed out. If an asset or a liability at fair value has a bid price and an ask price, then the Company measures assets and long positions at bid price and liabilities and short positions at an ask price. Portfolio of financial assets and financial liabilities that are exposed to market risk and credit risk that are managed by the Company on the basis of the net exposure to either market or credit risk are measured on the basis of a price that would be received to sell a net long position (or paid to transfer a net short position) for the particular risk exposure. Portfolio-level adjustment e.g. bid-ask adjustment or credit risk adjustments that reflect the measurement on the basis of the net exposure are allocated to the individual assets and liabilities on the basis of the relative risk adjustment of each of the individual instruments in the portfolio. The fair value of a financial liability with a demand feature is not less than the amount payable on demand, discounted from the first date on which the amount could be required to be paid. The Company recognizes transfers between levels of the fair value hierarchy as of the end of the reporting period during which the change has occurred. Impairment Credit-impaired financial assets At each reporting date, the Company assesses whether financial assets carried at amortized costs and debt financial assets carried at FVOCI are credit-impaired. A financial asset is ‘credit-impaired’ when one or more events that have a detrimental impact on the estimated future cash flows of the financial asset have occurred. Evidence that a financial asset is credit-impaired includes the following observable data: • Significant financial difficulty of the borrower or issuer; • A breach of contract such as a default of past due event; • The restructuring of a loan or advance by the Company on terms that the Company would not consider otherwise; • It is becoming probable that the borrower will enter bankruptcy or other financial reorganization; or • The disappearance of an active market for a security because of financial difficulties. A loan that has been renegotiated due to a deterioration in the borrower’s condition is usually considered to be credit-impaired unless there is evidence that the risk of not receiving contractual cash flows has reduced significantly and there are no other indicators of impairment. Recognition of allowance of expected credit losses (“ECL”) in the consolidated statement of financial position The Company recognizes a loss allowance for ECL on trade receivables that are measured at amortized cost. The Company’s applied the simplified approach for trade receivables and recognizes the lifetime ECL for these assets. The ECL on trade receivables is estimated using a provision matrix based on the Company’s historical credit loss experience, adjusted for factors that are specific to the customers, general economic conditions and an assessment of both the current as well as the forecast direction of conditions at the reporting date, including time value of money where appropriate. For all other financial assets measured at amortized cost of FVOCI, the Company recognizes lifetime ECL only when there has been a significant increase in credit risk since initial recognition. If the credit risk on such financial instruments has not increased significantly since initial recognition, the Company measures the loss allowance on those financial instruments at an amount equal to 12-months ECL. Lifetime ECL represents the ECL that will result from all possible default events over the expected life of a financial asset. In contrast, 12-month ECL represents the portion of lifetime ECL that is expected to result from default events on a financial asset that are possible within 12 months after the reporting date. In assessing whether the credit risk on a financial asset has increased significantly since initial recognition, the Company compares the risk of default occurring on the financial asset at the reporting date with the risk of default occurring at the initial recognition. The Company considers both quantitative and qualitative factors that are supportable, including historical experience and forward-looking information that is available without undue cost or effort. Irrespective of the above assessment, the Company presumes that the credit risk on a financial asset has increased significantly since initial recognition when contractual payments are more than 30 days past due, unless the Company has reasonable and supportable information that demonstrates otherwise. Despite the foregoing, the Company presumes that the credit risk on a financial asset has not increased significantly since initial recognition if the financial asset is determined to have low credit risk at the reporting date. The Company regularly monitors the effectiveness of the criteria used to identify whether there has been a significant increase in credit risk and revises them as appropriate to ensure that the criteria are capable of identifying significant increase in credit risk before the amount becomes pas due. Definition of default: For internal credit risk management purposes, the Company considers a financial asset not recoverable if the customer balance owing is 180 days past due and information obtained from the customer and other external factors indicate that the customer is unlikely to pay its creditors in full. Write-off Financial assets are written off (either partially or in full) when there is no realistic prospect of recovery. This is generally the case when the Company determines that the counterparty does not have assets or sources of income that could general sufficient cash flows to repay the amounts subject to the write-off. However, financial assets that are written off could still be subject to enforcement activities in order to comply with the Company’s procedures for recovery of amounts due. Taxation Income tax comprises current and deferred tax. Income tax is recognized in the consolidated statement of loss and comprehensive loss except to the extent that it relates to items recognized directly in equity, in which case the income tax is also recognized directly in equity. Current income tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted, at the end of the reporting period, and any adjustment to tax payable in respect of previous years. Provisions for taxes are made using the best estimate of the amount expected to be paid based on a qualitative assessment of all relevant factors. The Company reviews the adequacy of these provisions at the end of the reporting period. However, it is possible that at some future date an additional liability could result from audits by taxing authorities. Where the outcome of these tax-related matters is different from the amounts that were initially recorded, such differences will affect the tax provisions in the period in which such determination is made. Deferred income tax is recorded using the asset and liability method, providing for temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. The following temporary differences do not result in deferred tax assets or liabilities: the initial recognized of assets or liabilities that affect neither accounting or taxable loss; or difference relating to investment in subsidiaries to the extent that they will probably not reverse in the foreseeable future. The amount of deferred tax provided is based on the expected manner of realization or settlement of the carrying amount of assets and liabilities, using tax rates enacted or substantively enacted at the statement of financial position date. A deferred tax asset is recognized only to the extent that it is probable that future taxable profits will be available against which the asset can be utilized. Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and when they relate to income taxes levied by the same taxation authority and the Company intends to settle its correct tax assets and liabilities on a net basis. Share capital Equity instruments are contracts that give a residual interest in the net assets of the Company. Financial instruments issued by the Company are classified as equity only to the extent that they do not meet the definition of a financial liability or financial asset. The Common Shares and the Company’s Common Share purchase warrants, and options are classified as equity instruments. Incremental costs directly attributable to the issue of new Common Shares or options are shown in equity as a deduction, net of tax, from the proceeds. Share-based compensation Under the Company’s stock option plan, all stock options granted have graded vesting periods and are exercisable up to a maximum of 10 years form the date of grant. Each tranche of an award with graded vesting periods is considered a separate grant at each grant date for the calculation of fair value, and the resulting fair value is amortized over the vesting period of the respective tranches. The fair value of the options granted is measured using the Black-Scholes option pricing model taking into account the terms and conditions upon which the options were granted, the estimated volatility, estimated risk free rate and estimated forfeitures. If a grant of the share-based payments is cancelled or settled during the vesting period (other than a grant cancelled by forfeiture when the vesting conditions are not satisfied), the Company accounts for the cancellation or settlement as an acceleration of vesting, and recognized immediately the amount that otherwise would have been recognized for services over the remainder of the vesting period. The amount recognized for goods or services received during the vesting period are based on the best available estimate of the number of equity instruments anticipated to vest. The Company revises that estimate, if necessary, if subsequent information indicates that the number of share options anticipated to vest differs from previous estimates. On vesting date, the Company revises the estimate to equal the number of equity instrument that ultimately vested. After vesting date, the Company makes no subsequent adjustment to total equity for goods or services received if the share options are later forfeited or they expire at the end of the share option’s life. If a grant of the share based payment is modified during the vesting period (other than a grant cancelled by forfeiture when the vesting conditions are not satisfied) and the fair value of the new instruments is higher than the fair value of the original instrument, the incremental fair value granted is included in the measurement of the amount recognized for services received over the period from modification date until the date when the modified equity instruments vests, in addition to the amount based on the grant date fair value of the original equity instruments, which is recognized over the remainder of the original vesting period of the original instrument. Warrants The Company follows the relative fair value method with respect to the measurement of Common Shares and warrants issued as units. The proceeds from the issuance of units are allocated between share capital and warrants. The warrant component is recorded in equity reserve. Unit proceeds are allocated to Common Shares and warrants using the Black-Scholes option pricing model and the share price at the time of financing. If and when the warrants are exercised, consideration paid by the warrant holder, together with the amount previously recognized in warrant reserve, is recorded as an increase to share capital. A forfeiture rate is estimated on the grant date and is adjusted to reflect the actual number of warrants that vest. When stock options or warrants are cancelled, they are treated as if they have vested on the date of collation and any cost not yet recognized in profit or loss is immediately expensed. Upon expiration of warrants, the amount applicable to expired warrants is moved to contributed surplus. Loss per share Basic loss per share is calculated using the weighted-average number of shares outstanding during the period. The diluted earnings (loss) per share reflects the potential dilution of Common Share equivalents, such as outstanding stock options and warrants, in the weighted average number of Common Shares outstanding during the period, if they are dilutive. Currency translation All figures presented in the consolidated financial statements are reflected in Canadian dollars unless otherwise noted. Foreign currency transactions are translated into Canadian dollars at exchange rates in effect on the date of the transactions. Monetary assets and liabilities denominated in foreign currencies at the statement of financial position date are translated to Canadian dollars at the foreign exchange rate applicable as that date. Realized and unrealized exchange gains and losses are recognized through profit or loss. The assets and liabilities of foreign operations are translated into Canadian dollars at period-end exchange rates. Income and expenses, and cash flows of foreign operations are translated into Canadian dollars using average exchange rates. Exchange differences resulting from translating foreign operations are recognized in other comprehensive income (loss) and accumulated in shareholders’ equity. Foreign currency translation gains or losses arising from a monetary item receivable or payable to a foreign operation, the settlement of which is neither planned nor likely to occur in the foreseeable future and which in substance is considered to form part of the net investment in the foreign operation, are recognized in other comprehensive income (loss) in the translation reserve. Provisions Provisions are recorded when a present legal or constructive obligation exists as a result of past events where it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation, and a reliable est |
CRITICAL ACCOUNTING ESTIMATES A
CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS | 12 Months Ended |
Mar. 31, 2022 | |
Critical Accounting Estimates and Judgements [Abstract] | |
CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS | CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS The preparation of these consolidated financial statements requires management to make certain estimates, judgments and assumptions that affect the reported amounts of assets and liabilities at the date of the consolidated financial statements and reported amounts of expenses during the reporting year. Actual outcomes could differ from these estimates. These Consolidated Financial Statements include estimates which, by their nature, are uncertain. The impacts of such estimates are pervasive throughout the consolidated financial statements and may require accounting adjustments based on future occurrences. Revisions to accounting estimates are recognized in the year in which the estimate is revised and future years if the revision affects both current and future years. These estimates are based on historical experience, current and future economic conditions and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Judgments, estimates and assumptions that have the most significant effect on the amounts recognized in the consolidated financial statements include warrants and fair value of share-based payments (note 10) and the fair value of financial instruments (note 15). Ability to continue as a going concern In order to assess whether it is appropriate for the Company to continue as a going concern, management is required to apply judgment and make estimates with respect to future cash flow projections. In arriving at this judgment, there were a number of assumptions and estimates involved in calculating these future cash flow projections. This includes making estimates regarding the timing and amounts of future expenditures and the ability and timing of raising additional financing. Business combinations A business combination is a transaction or event in which an acquirer obtains control of one or more businesses and is accounted for using the acquisition method. The total consideration paid for the acquisition is the aggregate of the fair values of assets given, liabilities incurred or assumed, and equity instruments issued in exchange for control of the acquiree at the acquisition date. The acquisition date is the date where the Company obtains control of the acquiree. The identifiable assets acquired and liabilities assumed are recognized at their acquisition date fair values, except for deferred taxes and share-based payment awards where IFRS provides exceptions to recording the amounts at fair value. Acquisition costs are expensed to profit or loss. Contingent consideration is measured at its acquisition-date fair value and included as part of the consideration transferred in a business combination. Contingent consideration that is classified as equity is not remeasured at subsequent reporting dates and its subsequent settlement is accounted for within equity. Contingent consideration that is classified as an asset or a liability is remeasured at subsequent reporting dates in accordance with IFRS 9, or IAS 37 Provisions, Contingent Liabilities and Contingent Assets, as appropriate, with the corresponding gain or loss being recognized in profit or loss. Non-controlling interest in the acquiree, if any, is recognized either at fair value or at the non-controlling interest’s proportionate share of the acquiree’s net assets, determined on an acquisition-by-acquisition basis. For each acquisition, the excess of total consideration, the fair value of previously held equity interest prior to obtaining control and the non-controlling interest in the acquiree, over the fair value of the identifiable net asset acquired, is recorded as goodwill. Certain fair values may be estimated at the acquisition date pending confirmation or completion of the valuation process. Where provisional values are used in accounting for a business combination, they may be adjusted retrospectively in subsequent periods. The measurement period is the period from the acquisition date to the date complete information about facts and circumstances that existed as of the acquisition date is received. However, the measurement period does not exceed one year from the acquisition date. Acquisitions that do not meet the definition of a business combination are accounted for as an asset acquisition. Consideration paid for an asset acquisition is allocated to the individual identifiable assets acquired and liabilities assumed based on their relative fair values. Share based payments The fair value of share-based compensation expenses are estimated using the Black-Scholes option pricing model and rely on a number of estimates, such as the expected life of the option, the volatility of the underlying share price, the risk-free rate of return, and the estimated rate of forfeiture of options or warrants granted. Impairment of non-financial assets Impairment exists when the carrying value of an asset or cash generating unit exceeds its recoverable amount, which is the higher of its fair value less costs of disposal and its value in use. The fair value less costs of disposal calculation is based on available data from binding sales transactions, conducted at arm’s length, for similar assets or observable market prices less incremental costs of disposing of the asset. The value in use calculation is based on a discounted cash flow (“DCF”) model. The cash flows are derived from the forecast for the next ten years and do not include restructuring activities that the Company is not yet committed to or significant future investments that will enhance the performance of the assets of the CGU being tested. The determination of the Company’s CGUs is based on management’s judgement. The recoverable amount is sensitive to the discount rate used for the DCF model as well as the expected future cash-inflows and the growth rate used for extrapolation purposes. These estimates are most relevant to goodwill and other intangibles with indefinite useful lives recognised by the Company. Future events could cause the assumptions used in the impairment review to change with a consequential adverse effect on the results of the Company. Income Taxes The Company computed an income tax provision in accordance with the applicable income tax laws. However, actual amounts of income tax expense only become final upon filing and acceptance of the tax return by the relevant authorities, which occurs subsequent to the issuance of the consolidated financial statements. Additionally, estimation of income taxes includes evaluation the recoverability of deferred tax assets based on an assessment of the ability to use the underlying future tax deductions before they expire against future taxable income. The assessment is based upon existing tax laws and estimates of future taxable income. The |
ACQUISITIONS
ACQUISITIONS | 12 Months Ended |
Mar. 31, 2022 | |
Business Combinations [Abstract] | |
ACQUISITIONS | ACQUISITIONS On August 21, 2020, Cybin Corp. entered into a non-binding letter of intent (“LOI”) to acquire 51% of the fully diluted common shares of Adelia. The LOI included providing Adelia with the working capital needed for ongoing operations until completion of the Adelia Transaction. In this respect, on September 3, 2020 US$500 was advanced bearing interest at 10% per annum, compounded daily, commencing on January 1, 2021 and, on November 16, 2020, Cybin Corp. advanced an additional US$215 to Adelia. The total advances were approximately $912. On December 4, 2020, Cybin entered into a contribution agreement (the “Contribution Agreement”) with Cybin Corp., Cybin US, a newly formed fully-controlled subsidiary of Cybin created for the purposes of the Adelia Transaction, and all of the shareholders of Adelia (the “Adelia Shareholders”) whereby Cybin US agreed to purchase from the Adelia Shareholders all of the issued and outstanding common shares of Adelia (the “Adelia Shares”) in exchange for Class B Shares. The Adelia Transaction closed on December 14, 2020 (the “Closing”). Pursuant to the Contribution Agreement, the Adelia Shareholders contributed all of the Adelia Shares to Cybin US as a capital contribution in exchange for Cybin US issuing to them, in the aggregate, 868,833 Class B Shares in accordance with their respective pro rata percentages at a price per Class B Share equal to $12.40. The aggregate fair value of the Class B Shares to be issued to the Adelia Shareholders on the Closing was $19,549. The Class B Shares issued by Cybin US to the Adelia Shareholders are exchangeable for Common Shares on a 10 Common Shares for 1 Class B Share basis, at the option of the holder thereof, subject to customary adjustments. The purpose of issuing exchangeable Class B Shares to the Adelia Shareholders is to allow the Adelia Shareholders to defer a taxable event, which occurs on the exchange of shares of a United States company for the shares of a Canadian company. Notwithstanding the foregoing, no Class B Shares are exchangeable prior to the first anniversary of the Closing and not more than: (i) 33 1/3% of the Class B Shares are to be exchangeable prior to the second anniversary of Closing; (ii) 66 2/3% of the Class B Shares are to be exchangeable prior to the third anniversary of Closing; and (iii) thereafter, 100% of the Class B Shares are to be exchangeable ((i), (ii) and (iii), (collectively, the “Hold Periods”). The Class B Shares issued to the Adelia Shareholders upon the Closing are exchangeable for a total of 8,688,330 Common Shares, resulting in an effective issue price of $1.24 per Common Share. On the occurrence of certain milestones as set out in the Contribution Agreement (each a “Milestone”), Cybin US is to issue to the Adelia Shareholders in accordance with their pro rata percentage, on or before the 2nd business day following the relevant date at which the Company issues a press release announcing the achievement of the Milestone (the “Milestone Determination Date”), such number of Class B Shares as shall be determined by dividing the applicable milestone consideration, as set out in the Contribution Agreement (or where some, but not all, of such sub-Milestone’s in the relevant fiscal quarter are achieved, such lesser potion of such milestone consideration) as is determined in accordance with applicable Milestone, by the greater of: (i) $7.50; and (ii) ten times the greater of (x) the 10 day volume weighted average price of the Common Shares; and (y) the closing market price of the Common Shares, in each case, on the close of business on the last business day preceding the Milestone Determination Date. If a particular Milestone has not been achieved by the close of the quarter immediately following the quarter in which such Milestone is scheduled for completion pursuant to the Contribution Agreement, Cybin US’s obligation to issue Class B Shares on the occurrence of the applicable Milestone shall expire. The total value of the Class B Shares issuable pursuant to the Milestones is approximately $9,388, assuming all Milestones are met prior to the applicable deadlines. As of March 31, 2022, 362,418.1 Class B Shares had been issued on the achievement of Milestones. Pursuant to the Contribution Agreement, Cybin, Cybin US, and the Adelia Shareholders also entered into a support agreement dated December 14, 2020 (the “Support Agreement”), which for the purpose of Canadian securities law, is deemed a “security” as it is a document evidencing an interest in or to a security (i.e. the Common Shares), and, as such, constitutes a security of Cybin. Upon the signing of the Support Agreement, given that each of the Adelia Shareholders are an “accredited investor”, the prescribed restricted period (of (4) months and one (1) day after the date of issuance) as required under Canadian securities law on the Common Shares (which are exchangeable for Class B Shares at a future date) will commence. Therefore, upon the exchange of the Class B Shares for the Common Shares, subject to the Hold Periods, such Common Shares will no longer be within a restrictive period as prescribed under applicable securities law and free trading securities. Pursuant to the Contribution Agreement certain Adelia Shareholders entered into advisory and/or executive employment arrangements with Cybin upon the Closing and, in such capacity, received, in the aggregate, a grant of options to purchase up to 2,244,100 to acquire Common Shares, pursuant to Cybin’s equity incentive plan, exercisable for a period of five (5) years and subject to vesting, at an exercise price of $1.74 per Common Share. An additional 555,900 options to acquire Common Shares were issued to eligible participants at the direction of the Adelia Shareholders following the Closing. In accordance with the measurement period permitted under IFRS 3 - Business Combinations, the fair value of the assets acquired, and liabilities assumed have been determined. Value is attributable to the patents, intellectual property, workforce, and other intangible assets that the Company acquired. Acquisition Summary $000’s Pre-acquisition cash advances to Adelia 912 Share consideration 19,549 Contingent consideration 4,257 Fair value of purchase consideration 24,718 Less: Cash at closing (65) Plus: Total debt assumed 111 Enterprise value 24,764 Allocation of purchase price: Current assets 43 Net Equipment 480 Patents 1,606 Liabilities assumed (735) Goodwill 23,370 Total allocation of purchase price 24,764 The following revenue and net income (loss) attributable subsequent to the Adelia Transaction are included in the Company’s consolidated financial statements for the year ended March 31, 2021: $000’s Revenue — Net loss (1,876) Had the acquisition occurred on April 1, 2020, the Company estimates that it would have reported the following consolidated revenue and net loss for the year ended March 31, 2021: $000’s Revenue — Net loss (3,191) Former Adelia Shareholders The Company has commitments to the Former Adelia Shareholders based on milestone achievements. Milestone payments of approximately $3,014 are remaining and expected to be paid in the year ending March 31, 2023, assuming all Milestones are met prior to the applicable deadlines. These Milestones are to be paid in Class B Shares at a price per Class B Share equal to ten times the current trading price of the Common Shares on the relevant pricing date (note 11). The following table presents the change in the carrying value of the contingent consideration for the year. $000’s Balance as at March 31, 2020 — Contingent consideration on acquisition 4,258 Milestone achieved (1,539) Accretion expense 482 Balance as at March 31, 2021 3,201 Milestone achieved (4,251) Change in fair value 3,380 Accretion expense 316 Balance as at March 31, 2022 2,646 As a result of changes in fair value of the contingent consideration, for the year ended March 31, 2022, the Company recorded an expense of $3,380 in the statement of loss and comprehensive loss as “change in fair value of contingent consideration”. In addition, for the year ended March 31, 2022, the Company recorded an accretion expense of $316 in the statement of loss and comprehensive loss as “contingent consideration accretion”. |
INVESTMENTS
INVESTMENTS | 12 Months Ended |
Mar. 31, 2022 | |
Investments [Abstract] | |
INVESTMENTS | INVESTMENTSOn June 8, 2021, the Company entered into a subscription agreement with RxLive Limited (“RxLive”) whereby the Company purchased $250 of 10.0% unsecured convertible redeemable debentures (the “Rx Debentures”). RxLive is a UK-based online platform that connects pharmacists and patients through a secure app that allows for pharmacist consultations, initial or renewal prescription fulfilment and delivery of prescription medication. The Rx Debentures mature and become due on June 8, 2022. The Rx Debentures were to be exchangeable or convertible into units at a price of equal to 80% of the offering price of any equity financing completed by 1301376 B.C. Ltd. (“Finco”) concurrent with a go public transaction. Each unit was to consist of one common share of Finco (a “Finco Share”) and one Finco Share purchase warrant, with each warrant being exercisable to acquire one Finco Share at a price equal to 125% of the conversion price (the “Rx Conversion Feature”). As a result of the transaction, the Company recorded a hybrid financial instrument representing the Rx Debentures and the Rx Conversion Feature (the “Rx Hybrid Instrument”). The initial fair value of the Rx Hybrid Instrument was $250 determined by the sum of the fair values of the Rx Debenture and Rx Conversion Feature derived respectively using the discounted cash flow approach and the Black-Scholes model. The go public transaction did not occur, and as a result the debentures did not convert into units. As at March 31, 2022, the amount of $242 was determined to represent the fair value of the Rx Debentures. Subsequent to March 31, 2022, the Company began negotiating the terms of the Rx Debentures. |
EQUIPMENT
EQUIPMENT | 12 Months Ended |
Mar. 31, 2022 | |
Property, Plant and Equipment1 [Abstract] | |
EQUIPMENT | EQUIPMENT Equipment consists as follows: Cost Lab Equipment Computer Equipment Total $000’s $000’s $000’s Balance as at March 31, 2020 — — — Additions 478 141 619 Effect of foreign exchange (8) — (8) Balance as at March 31, 2021 470 141 611 Additions 8 97 105 Effect of foreign exchange (3) — (3) Balance as at March 31, 2022 475 238 713 Accumulated Depreciation Balance as at March 31, 2020 — — — Depreciation charge 34 15 49 Effect of foreign exchange 5 — 5 Balance as at March 31, 2021 39 15 54 Depreciation charge 100 68 168 Effect of foreign exchange (1) 1 — Balance as at March 31, 2022 138 84 222 Net book value as at March 31, 2021 431 126 557 Net book value as at March 31, 2022 337 154 491 |
INTANGIBLE ASSETS
INTANGIBLE ASSETS | 12 Months Ended |
Mar. 31, 2022 | |
Intangible Assets [Abstract] | |
INTANGIBLE ASSETS | INTANGIBLE ASSETS Cost Patents Software Total $000’s $000’s $000’s Balance as at March 31, 2021 — — — Adelia Acquisition 1,606 — 1,606 Additions 97 — 97 Effect of foreign exchange (2) — (2) Balance as at March 31, 2021 1,701 — 1,701 Additions 341 74 415 Effect of foreign exchange (33) — (33) Balance as at March 31, 2022 2,009 74 2,083 |
GOODWILL
GOODWILL | 12 Months Ended |
Mar. 31, 2022 | |
Goodwill [Abstract] | |
GOODWILL | GOODWILL Goodwill is recognized at the acquisition date when total consideration exceeds the net identifiable assets acquired . Cost $000’s Balance as at March 31, 2020 — Additions (refer to note 4) 23,370 Balance as at March 31, 2021 23,370 Effect of foreign exchange (478) Balance as at March 31, 2022 22,892 Impairment For purposes of the Company’s goodwill impairment testing, the Company has grouped certain CGUs to test at the lowest level at which management monitors goodwill for internal management purposes, which is the Company wide level. |
CONTINGENT CONSIDERATION PAYABL
CONTINGENT CONSIDERATION PAYABLE | 12 Months Ended |
Mar. 31, 2022 | |
Business Combination [Abstract] | |
CONTINGENT CONSIDERATION PAYABLE | ACQUISITIONS On August 21, 2020, Cybin Corp. entered into a non-binding letter of intent (“LOI”) to acquire 51% of the fully diluted common shares of Adelia. The LOI included providing Adelia with the working capital needed for ongoing operations until completion of the Adelia Transaction. In this respect, on September 3, 2020 US$500 was advanced bearing interest at 10% per annum, compounded daily, commencing on January 1, 2021 and, on November 16, 2020, Cybin Corp. advanced an additional US$215 to Adelia. The total advances were approximately $912. On December 4, 2020, Cybin entered into a contribution agreement (the “Contribution Agreement”) with Cybin Corp., Cybin US, a newly formed fully-controlled subsidiary of Cybin created for the purposes of the Adelia Transaction, and all of the shareholders of Adelia (the “Adelia Shareholders”) whereby Cybin US agreed to purchase from the Adelia Shareholders all of the issued and outstanding common shares of Adelia (the “Adelia Shares”) in exchange for Class B Shares. The Adelia Transaction closed on December 14, 2020 (the “Closing”). Pursuant to the Contribution Agreement, the Adelia Shareholders contributed all of the Adelia Shares to Cybin US as a capital contribution in exchange for Cybin US issuing to them, in the aggregate, 868,833 Class B Shares in accordance with their respective pro rata percentages at a price per Class B Share equal to $12.40. The aggregate fair value of the Class B Shares to be issued to the Adelia Shareholders on the Closing was $19,549. The Class B Shares issued by Cybin US to the Adelia Shareholders are exchangeable for Common Shares on a 10 Common Shares for 1 Class B Share basis, at the option of the holder thereof, subject to customary adjustments. The purpose of issuing exchangeable Class B Shares to the Adelia Shareholders is to allow the Adelia Shareholders to defer a taxable event, which occurs on the exchange of shares of a United States company for the shares of a Canadian company. Notwithstanding the foregoing, no Class B Shares are exchangeable prior to the first anniversary of the Closing and not more than: (i) 33 1/3% of the Class B Shares are to be exchangeable prior to the second anniversary of Closing; (ii) 66 2/3% of the Class B Shares are to be exchangeable prior to the third anniversary of Closing; and (iii) thereafter, 100% of the Class B Shares are to be exchangeable ((i), (ii) and (iii), (collectively, the “Hold Periods”). The Class B Shares issued to the Adelia Shareholders upon the Closing are exchangeable for a total of 8,688,330 Common Shares, resulting in an effective issue price of $1.24 per Common Share. On the occurrence of certain milestones as set out in the Contribution Agreement (each a “Milestone”), Cybin US is to issue to the Adelia Shareholders in accordance with their pro rata percentage, on or before the 2nd business day following the relevant date at which the Company issues a press release announcing the achievement of the Milestone (the “Milestone Determination Date”), such number of Class B Shares as shall be determined by dividing the applicable milestone consideration, as set out in the Contribution Agreement (or where some, but not all, of such sub-Milestone’s in the relevant fiscal quarter are achieved, such lesser potion of such milestone consideration) as is determined in accordance with applicable Milestone, by the greater of: (i) $7.50; and (ii) ten times the greater of (x) the 10 day volume weighted average price of the Common Shares; and (y) the closing market price of the Common Shares, in each case, on the close of business on the last business day preceding the Milestone Determination Date. If a particular Milestone has not been achieved by the close of the quarter immediately following the quarter in which such Milestone is scheduled for completion pursuant to the Contribution Agreement, Cybin US’s obligation to issue Class B Shares on the occurrence of the applicable Milestone shall expire. The total value of the Class B Shares issuable pursuant to the Milestones is approximately $9,388, assuming all Milestones are met prior to the applicable deadlines. As of March 31, 2022, 362,418.1 Class B Shares had been issued on the achievement of Milestones. Pursuant to the Contribution Agreement, Cybin, Cybin US, and the Adelia Shareholders also entered into a support agreement dated December 14, 2020 (the “Support Agreement”), which for the purpose of Canadian securities law, is deemed a “security” as it is a document evidencing an interest in or to a security (i.e. the Common Shares), and, as such, constitutes a security of Cybin. Upon the signing of the Support Agreement, given that each of the Adelia Shareholders are an “accredited investor”, the prescribed restricted period (of (4) months and one (1) day after the date of issuance) as required under Canadian securities law on the Common Shares (which are exchangeable for Class B Shares at a future date) will commence. Therefore, upon the exchange of the Class B Shares for the Common Shares, subject to the Hold Periods, such Common Shares will no longer be within a restrictive period as prescribed under applicable securities law and free trading securities. Pursuant to the Contribution Agreement certain Adelia Shareholders entered into advisory and/or executive employment arrangements with Cybin upon the Closing and, in such capacity, received, in the aggregate, a grant of options to purchase up to 2,244,100 to acquire Common Shares, pursuant to Cybin’s equity incentive plan, exercisable for a period of five (5) years and subject to vesting, at an exercise price of $1.74 per Common Share. An additional 555,900 options to acquire Common Shares were issued to eligible participants at the direction of the Adelia Shareholders following the Closing. In accordance with the measurement period permitted under IFRS 3 - Business Combinations, the fair value of the assets acquired, and liabilities assumed have been determined. Value is attributable to the patents, intellectual property, workforce, and other intangible assets that the Company acquired. Acquisition Summary $000’s Pre-acquisition cash advances to Adelia 912 Share consideration 19,549 Contingent consideration 4,257 Fair value of purchase consideration 24,718 Less: Cash at closing (65) Plus: Total debt assumed 111 Enterprise value 24,764 Allocation of purchase price: Current assets 43 Net Equipment 480 Patents 1,606 Liabilities assumed (735) Goodwill 23,370 Total allocation of purchase price 24,764 The following revenue and net income (loss) attributable subsequent to the Adelia Transaction are included in the Company’s consolidated financial statements for the year ended March 31, 2021: $000’s Revenue — Net loss (1,876) Had the acquisition occurred on April 1, 2020, the Company estimates that it would have reported the following consolidated revenue and net loss for the year ended March 31, 2021: $000’s Revenue — Net loss (3,191) Former Adelia Shareholders The Company has commitments to the Former Adelia Shareholders based on milestone achievements. Milestone payments of approximately $3,014 are remaining and expected to be paid in the year ending March 31, 2023, assuming all Milestones are met prior to the applicable deadlines. These Milestones are to be paid in Class B Shares at a price per Class B Share equal to ten times the current trading price of the Common Shares on the relevant pricing date (note 11). The following table presents the change in the carrying value of the contingent consideration for the year. $000’s Balance as at March 31, 2020 — Contingent consideration on acquisition 4,258 Milestone achieved (1,539) Accretion expense 482 Balance as at March 31, 2021 3,201 Milestone achieved (4,251) Change in fair value 3,380 Accretion expense 316 Balance as at March 31, 2022 2,646 As a result of changes in fair value of the contingent consideration, for the year ended March 31, 2022, the Company recorded an expense of $3,380 in the statement of loss and comprehensive loss as “change in fair value of contingent consideration”. In addition, for the year ended March 31, 2022, the Company recorded an accretion expense of $316 in the statement of loss and comprehensive loss as “contingent consideration accretion”. |
SHARE CAPITAL
SHARE CAPITAL | 12 Months Ended |
Mar. 31, 2022 | |
Share Capital, Reserves, and Other Equity Interest [Abstract] | |
SHARE CAPITAL | SHARE CAPITAL a) Authorized share capital Unlimited number of Common Shares and an unlimited number of preferred shares without par value. The board of directors of Cybin would determine the designation, rights, privileges, and conditions attached to any preferred shares prior to issuance. b) Issued share capital Preferred Shares As at March 31, 2022 the Company has nil preferred shares outstanding (March 31, 2021 - nil). Common Shares As at March 31, 2022, the Company has 12,545,767 Common Shares held in escrow (March 31, 2021 - 37,637,300). During the year ended March 31, 2021, the Company completed the following share issuances: Between April 1, 2020 and June 11, 2020, the Company issued 3,706,600 Common Shares as part of a rolling private placement at a price of $0.25 per share for total gross proceeds of $927. In connection with the private placement, the Company issued finders an aggregate of 18,000 share purchase warrants. Each finder’s warrant entitled the holder to acquire one Common Share for $0.25 until June 15, 2022 and vested immediately. The Company estimated the aggregate fair value of the vested warrants using the Black-Scholes option pricing model to be $3 with the following assumptions: Risk-free interest rate 0.38% Expected annual volatility, based on comparable companies 85.00% Expected life (in years) 2 Expected dividend yield 0.00% Share price $ 0.25 Exercise price $ 0.25 On June 15, 2020, Cybin Corp. issued 2,000,000 share purchase warrants. Each warrant entitles the holder to acquire one Common Share for $0.25 until June 15, 2022 and require certain milestone achievements in order to vest. The Company estimated a forfeiture rate of 100% as the recipient is not expected to meet these milestones. The Company estimated the aggregate fair value of the vested warrants using the Black-Scholes option pricing model to be $nil with the same assumptions (except for the forfeiture rate) as above. On June 15, 2020, certain founders of the Company contributed an additional $164 of capital in respect of their original subscription for 6,569,772 Common Shares. The consideration paid was increased from the original issuance price of $0.0001 to $0.025 per Common Share; no additional shares were issued. On June 16 and 17, 2020, the Company issued 10,540,066 Common Shares under a private placement at a price of $0.64 per share for total gross proceeds of $6,746. In connection with the private placement the Company paid aggregate finders’ fees of $189 in cash and issued finders an aggregate of 295,309 share purchase warrants, of which 96,034 were issued on June 16, 2020 and the remaining 199,275 were issued on June 26, 2020. Each finder’s warrant entitles the holder to acquire one Common Share for $0.64 for a period of 24 months from the date of issuance. The Company estimated the aggregate fair value of the finders’ warrants using the Black-Scholes option pricing model to be $87 with the following assumptions: Risk-free interest rate 0.38% Expected annual volatility, based on comparable companies 85.00% Expected life (in years) 2.00 Expected dividend yield 0.00% Share price $ 0.64 Exercise price $ 0.64 On May 1, 2020, the Company issued convertible debt for gross proceeds of $300. The terms of the convertible debt were: maturity on August 10, 2020; non-interest bearing and convertible to Common Shares at a price of $0.25 per Common Share. The convertible debt automatically converted to 1,200,000 Common Shares on execution of the amalgamation agreement for the Reverse Takeover (see note 1). On October 19, 2020, the Company issued 60,000,000 subscription receipts (the “Subscription Receipts”) at a price of $0.75 per Subscription Receipt for aggregate gross proceeds of $45,000. On closing of the Reverse Takeover, each Subscription Receipt was converted into one Common Share. In connection with the offering, a cash fee equal to 6% of the aggregate gross proceeds of the offering from non-U.S. resident investors was paid to the agents, except for certain orders on a president’s list (the “President’s List”) pursuant to which a cash fee of 1.5% was payable (the “Agents’ Cash Fee”). The Agents also received broker warrants (“Broker Warrants”) equal to 6.0% of the number of Subscription Receipts issued pursuant to the offering from non- U.S. resident investors, except for orders on the President’s List pursuant to which no Broker Warrants were issued. Each Broker Warrant is exercisable into one Common Share (subject to customary adjustments) for a period of 24 months following the closing of the Reverse Takeover at an exercise price of $0.75, subject to adjustment in certain customary circumstances. In exchange for certain advisory services provided by the agents, the agents also received an advisory fee of $479 and 16,000 warrants on the same terms as the Broker Warrants. The Company also paid an additional cash fee of $1,180 and 2,590,000 warrants on the same terms as the Broker Warrants to certain finders and other advisors of the Company. On November 5, 2020, the Company completed the Reverse Takeover transaction resulting in the previous shareholders of Clarmin holding 2,128,295 Common Shares. On February 4, 2021, the Company completed a bought deal short form prospectus offering of 15,246,000 units of the Company (the “Units”) at a price of $2.25 per Unit for aggregate gross proceeds of $34,303 (the “Offering”). Each Unit consists of one Common Share and one-half of one Common Share purchase warrant (each whole warrant, a “2021 Warrant”). Each 2021 Warrant entitles the holder thereof to acquire one Common Share at an exercise price of $3.25 per Common Share expiring on February 4, 2024. In the event that the volume weighted average trading price of the Common Shares for ten consecutive trading days exceeds $5.00, the Company is to have the right to accelerate the expiry date of the 2021 Warrants upon not less than thirty During the year ended March 31, 2022, the Company completed the following share issuances: On August 3, 2021, Cybin completed a public offering of 10,147,600 Common Shares at a price of $3.40 per Common Share for gross proceeds of $34,502 (the “August 2021 Offering”). In connection with the August 2021 Offering, Cybin paid the underwriters a cash commission of $2,240 and issued 658,860 compensation Common Share purchase warrants of Cybin, with each compensation Common Share purchase warrant being exercisable to acquire one Common Share at a price of $3.40 for a period of 24 months. In addition, the Company incurred additional share issuance costs related to professional fees of $754. Cybin US Class B Shares Number of Class B Shares As at March 31, 2020 — Issued for acquisition 868,833.0 Issued on achievement of milestones 93,410.3 Balance as at March 31, 2021 962,243.3 Issued on achievement of milestones 269,007.8 Converted into Common Shares (184,116.0) Balance as at March 31, 2022 1,047,135.1 As at March 31, 2022, 1,047,135.1 Class B Shares were outstanding (March 31, 2021 - 962,243.3), which are exchangeable for a total of 10,471,351 Common Shares (March 31, 2021 - 9,622,433) (note 11). No Class B Shares were exchangeable prior to December 14, 2021, and not more than: (i) 33 1/3% of the Class B Shares are to be exchangeable prior to December 14, 2022; (ii) 66 2/3% of the Class B Shares are to be exchangeable prior to December 14, 2023; and (iii) thereafter, 100% of the Class B Shares are to be exchangeable. These consolidated financial statements reflect all of the issued Class B Shares on an as-converted basis. During the year ended March 31, 2021, the Company completed the following Class B Shares issuances: On December 4, 2020, Cybin US issued 868,833 Class B Shares, which are exchangeable into 8,688,330 Common Shares of the Company, pursuant to the Adelia Transaction (see note 4). Accordingly, $3,146 of share issuance costs were recorded against the proceeds of the share issuance. On January 12, 2021, pursuant to the terms of the Contribution Agreement, an aggregate of 51,163 Class B Shares were issued to the Former Adelia Shareholders in satisfaction of the achievement of the first Milestone, amounting to $1,018. The Class B Shares are exchangeable for a total of 511,630 Common Shares, resulting in an effective issue price of $1.99 per Common Share. On March 11, 2021, pursuant to the terms of the Contribution Agreement, an aggregate of 42,247.3 Class B Shares were issued to the Former Adelia Shareholders in satisfaction of partial achievement of the second Milestone, amounting to $686. The Class B Shares are exchangeable for a total of 422,473 Common Shares, representing an effective issue price of $1.62 per Common Share. During the year ended March 31, 2022, the Company completed the following Class B Shares issuances and conversions: On June 28, 2021, pursuant to the terms of the Contribution Agreement, 15,777.1 Class B Shares were issued to the Former Adelia Shareholders due to the achievement of the remaining requirements of the second Milestone, amounting to $458. The Class B Shares are exchangeable for a total of 157,771 Common Shares, representing an effective issue price of $2.90 per Common Share. On August 17, 2021, pursuant to the terms of the Contribution Agreement, an additional 18,788.5 Class B Shares were issued to the Former Adelia Shareholders due to the achievement of certain requirements of the third and fourth Milestones, amounting to $633. The Class B Shares are exchangeable for a total of 187,886 Common Shares, representing an effective issue price of $3.37 per Common Share. On August 31, 2021, pursuant to the terms of the Contribution Agreement, the remaining requirements of the third Milestone were achieved. Accordingly, 9,392.6 Class B Shares were issued to the Former Adelia Shareholders, amounting to $317. The Class B Shares are exchangeable for a total of 93,926 Common Shares, representing an effective issue price of $3.38 per Common Share. On November 18, 2021, pursuant to the terms of the Contribution Agreement, an additional 28,903 Class B Shares were issued to the Former Adelia Shareholders due to the achievement of certain requirements of the fourth and fifth Milestones, amounting to $706. These Class B Shares are exchangeable for a total of 289,030 Common Shares, representing an effective issue price of $2.44 per Common Share. On November 29, 2021, pursuant to the terms of the Contribution Agreement, an additional 31,721.5 Class B Shares were issued to the Former Adelia Shareholders due to the achievement of certain requirements of the fourth and fifth Milestones, amounting to $629. These Class B Shares are exchangeable for a total of 317,215 Common Shares, representing an effective issue price of $1.98 per Common Share. On January 6, 2022, pursuant to the terms of the Contribution Agreement, an additional 15,611.4 Class B Shares were issued to the Former Adelia Shareholders due to the achievement of the Milestone identified as Year 2 Q1 (v), as contemplated by the terms of the Contribution Agreement, amounting to $236. These Class B Shares are exchangeable for a total of 156,114 Common Shares, representing an effective issue price of $1.51 per Common Share. On February 14, 2022, pursuant to the terms of the Contribution Agreement, an additional 41,028.2 Class B Shares were issued to the Former Adelia Shareholders due to the achievement of the Milestones identified as Y1, Q4 (iv), Y1, Q4 (v) and Y2, Q1 (vi), as contemplated by the terms of the Contribution Agreement, amounting to $551 at a price per Class B Share of $13.43. These Class B Shares are exchangeable for a total of 410,282 Common Shares, representing an effective issue price of $1.34 per Common Share. On February 18, 2022, pursuant to the terms of the Contribution Agreement, an additional 17,239.5 Class B Shares were issued to the Former Adelia Shareholders due to the achievement of certain Milestones identified as Y2, Q2 (iii), as contemplated by the terms of the Contribution Agreement, having an aggregate value of $233 at a price per Class B Share of $13.54. These Class B Shares are exchangeable for a total of 172,395 Common Shares, representing an effective issue price of $1.35 per Common Share. On March 25, 2022, pursuant to the terms of the Contribution Agreement, an additional 90,546.0 Class B Shares were issued to Former Adelia Shareholders due to the achievement of certain Milestones identified as Year 1 Q4 (vi); Year 2 Q2 (ii); Year 2 Q2 (v) and Year 2, Q3 (iii), as contemplated by the terms of the Contribution Agreement, having an aggregate value of $905 at a price per Class B Share of $9.99. These Class B Shares are exchangeable for a total of 905,460 Common Shares, representing an effective issue price of $1.00 per Common Share. During the year ended March 31, 2022, certain Former Adelia Shareholders converted 184,116 Class B shares into Common Shares. c) Warrants The continuity of the outstanding warrants for the two years ended March 31, 2022 is as follows: Number of Warrants Weighted average exercise price $ Common Share Purchase Warrants As at March 31, 2020 60,000 0.25 Issued 29,451,284 1.13 Exercised (815,047) 0.50 As at March 31, 2021 28,696,237 1.15 Issued 658,860 3.40 Exercised (3,231,261) 0.91 Forfeited (575,000) 0.54 Outstanding as at March 31, 2022 25,548,836 1.22 Exercisable as at March 31, 2022 24,755,086 1.25 Unit Purchase Warrants (1) As at March 31, 2020 — — Issued 868,740 2.25 As at March 31, 2021 868,740 2.25 Issued — — Exercised — — Forfeited — — Outstanding as at March 31, 2022 868,740 2.25 Exercisable as at March 31, 2022 868,740 2.25 (1) Each unit consisted of one Common Share and one half of one Common Share purchase warrant, with each Common Share purchase warrant being exercisable to acquire one Common Share at an exercise price of $3.25 per Common Share. During the year ended March 31, 2022, 3,231,261 Common Share purchase warrants (March 31, 2021 - 815,047) were exercised by various holders for aggregate proceeds to the Company of $2,928 (March 31, 2021 - $407). During the year ended March 31, 2021, the Company completed the following warrant issuances: On June 15, 2020, the Company issued 14,725,000 warrants to directors, officers and advisors for services provided and to be provided. Each warrant entitles the holder to acquire one Common Share for $0.25 for a period of 60 months from the date of issuance. The vesting period for these warrants are as following: i. 12,875,000 warrants vested on the date of issuance. ii. 700,000 warrants vested quarterly over 24 months from the date of issuance. iii. 300,000 warrants vested monthly over 18 months from the date of issuance. iv. 150,000 warrants vested upon Cybin Corp. completing a public offering. v. 700,000 warrants vested upon Cybin Corp. reaching certain performance milestones. The Company estimated the aggregate fair value of these warrants using the Black-Scholes option pricing model to be $2,668 with the following assumptions: Risk-free interest rate 1.82% Expected annual volatility, based on comparable companies 95.00% Expected life (in years) 5 Expected dividend yield 0.00% Share price $ 0.25 Exercise price $ 0.25 On August 20, 2020, the Company issued 2,000,125 warrants to directors and advisors of the Company. Each warrant entitles the holder to acquire one Common Share for $0.64 for a period of 60 months from the date of issuance. The vesting period for these warrants are as following: • 600,125 warrants vested on the date of issuance. • 1,400,000 warrants vest quarterly over 24 months from the date of issuance. On September 14, 2020, the Company issued 56,250 warrants to advisors of Cybin Corp. Each warrant entitles the holder to acquire one Common Share for $0.64 for a period of 60 months from the date of issuance, vesting immediately. The Company estimated the aggregate fair value of the warrants issued on August 20, 2020 and September 14, 2020 using the Black-Scholes option pricing model to be $948 with the following assumptions: Risk-free interest rate 1.21% Expected annual volatility, based on comparable companies 95.00% Expected life (in years) 5 Expected dividend yield 0.00% Share price $ 0.64 Exercise price $ 0.64 On October 19, 2020, the Company issued 127,600 Broker Warrants to brokers and 16,000 warrants to advisors. On November 3, 2020, the Company issued 2,590,000 warrants to other finders on the same terms as the Broker Warrants. Each warrant entitles the holder to acquire one Common Share for $0.75 for a period of 24 months from the date of issuance, vesting immediately. The Company estimated the aggregate fair value of the warrants issued on October 19, 2020 using the Black-Scholes option pricing model to be $49 with the following assumptions: Risk-free interest rate 0.36% Expected annual volatility, based on comparable companies 85% Expected life (in years) 2 Expected dividend yield 0.00% Share price $ 0.75 Exercise price $ 0.75 The Company estimated the aggregate fair value of the warrants issued on November 3, 2020 using the Black-Scholes option pricing model to be $1,388 with the following assumptions: Risk-free interest rate 0.38% Expected annual volatility, based on comparable companies 95.00% Expected life (in years) 5 Expected dividend yield 0.00% Share price $ 0.75 Exercise price $ 0.75 On November 4, 2020, the Company amended the warrant agreement of one of its directors. Previously the vesting terms were: 300,000 warrants to vest over 18 months; 150,000 to vest on the completion of a merger, public offering, or sale of all or substantially all assets or shares of the Company or other change of control transaction; and 400,000 were based on milestone achievements of the Company The vesting requirements were revised to: 83,330 warrants vest in equal monthly tranches of 16,666 warrants on the first day of each month for 5 months following the date of issuance; and 766,670 warrants vest on completion of an amalgamation, merger, public offering, or sale of all or substantially all assets or shares of the Company or other change of control transaction. The warrants have an exercise price of $0.25 per share expiring on June 15, 2025. On November 27, 2020, the vesting criteria for 2,000,000 share purchase warrants issued on June 15, 2020 and exchanged for warrants of the Company in connection with the Reverse Takeover were in renegotiations. The warrants now vest quarterly over a 24-month period commencing November 27, 2020. On February 4, 2021, the Company issued 7,623,000 2021 Warrants in connection with the February 2021 Offering (see “Issued share capital”). Each 2021 Warrant entitles the holder thereof to acquire one Common Share at an exercise price of $3.25 per Common Share expiring on February 4, 2024. In the event that the volume weighted average trading price of the Common Shares for ten consecutive trading days exceeds $5.00, the Company shall have the right to accelerate the expiry date of the 2021 Warrants upon not less than thirty trading days’ notice. In consideration for the services of the underwriters, the Company issued 868,740 Underwriters’ Warrants. Each Underwriters’ Warrant is exercisable to acquire one Unit at the Issue Price, and expires on February 4, 2024. The Company estimated the aggregate fair value of the 2021 Warrants issued on February 4, 2021 using the Black-Scholes option pricing model to be $5,899 with the following assumptions: Risk-free interest rate 0.32% Expected annual volatility, based on comparable companies 85% Expected life (in years) 3 Expected dividend yield 0.00% Share price $ 2.12 Exercise price $ 3.25 The Company estimated the aggregate fair value of the Underwriters’ Warrants issued on February 4, 2021 using the Black-Scholes option pricing model to be $970 with the following assumptions: Risk-free interest rate 0.32% Expected annual volatility, based on comparable companies 85% Expected life (in years) 3 Expected dividend yield 0.00% Share price $ 2.12 Exercise price $ 2.25 During the year ended March 31, 2022, the Company completed the following warrant issuances and modifications: In connection with the August 2021 Offering, the Company issued 658,860 compensation Common Share purchase warrants, with each compensation Common Share purchase warrant being exercisable to acquire one Common Share at a price of $3.40 for a period of 24 months. The Company estimated the aggregate fair value of the compensation Common Share purchase warrants issued on August 3, 2021 using the Black-Scholes option pricing model to be $1,299 with the following assumptions: Risk-free interest rate 0.42 % Expected annual volatility, based on comparable companies 85 % Expected life (in years) 2 Expected dividend yield 0.00% Share price $3.83 Exercise price $3.40 On November 10, 2021, the Company approved the amendment of the terms of 1,150,000 Common Share purchase warrants such that the expiry date was extended from June 15, 2025 to November 15, 2025. The incremental fair value using the Black-Scholes option pricing model results in additional share-based payment compensation of $12 for the year ended March 31, 2022. The following summarizes information about warrants outstanding at March 31, 2022: Date of Expiry Warrants issued Warrants outstanding Warrants exercisable Weighted average of exercisable price Estimated grant date fair value Weighted average remaining of outstanding contractual life $ $000’s Years Common Share Purchase Warrants June 15, 2022 2,018,000 1,000,000 500,000 0.25 108 0.21 June 26, 2022 199,275 99,638 99,638 0.64 29 0.24 October 19, 2022 143,600 113,713 113,713 0.75 42 0.55 November 3, 2022 2,590,000 1,105,000 1,105,000 0.75 376 0.59 August 3, 2023 658,860 658,860 658,860 3.40 1,229 1.34 February 1, 2024 7,623,000 7,146,500 7,146,500 3.25 5,454 1.84 June 15, 2025 13,575,000 12,800,000 12,600,000 0.25 2,318 3.21 August 20, 2025 2,000,125 1,475,125 1,381,375 0.64 677 3.39 November 15, 2025 1,150,000 1,150,000 1,150,000 0.25 220 3.63 29,957,860 25,548,836 24,755,086 1.22 10,453 2.59 Unit Purchase Warrants February 4, 2024 868,740 868,740 868,740 2.25 970 1.85 868,740 868,740 868,740 2.25 970 1.85 As at March 31, 2022, the Company has 3,125,032 Common Share purchase warrants held in escrow (March 31, 2021 - 9,375,094). The Company recognized share-based payments compensation related to the issuance of Common Share purchase warrants for the year ended March 31, 2022 of $40 (March 31, 2021 - $4,242) . d) Stock options On November 5, 2020, Cybin adopted a new equity incentive plan. Under the plan, the board of directors may grant share-based awards to acquire such number of Common Shares as is equal to up to 20% of the total number of issued and outstanding Common Shares at the time such awards are granted. Options granted under the plan vest over a period of time at the discretion of the board of directors. On August 16, 2021, the board of directors and the shareholders approved an amendment to the equity incentive plan to modify certain provisions for awards granted to residents of the United States, to increase the fixed number of Incentive Stock Options (as defined in the plan) and certain other housekeeping amendments. The changes in options for the two years ended March 31, 2022 are as follows: Number of Options Weighted average exercise price $ As at March 31, 2020 1,702,338 0.30 Granted 21,927,500 1.02 Exercised (492,386) 0.37 Forfeited (1,105,000) 0.37 As at March 31, 2021 22,032,452 1.01 Granted 9,144,600 2.42 Exercised (1,588,300) 0.83 Forfeited (683,750) 1.55 Cancelled (20,000) 2.78 Outstanding as at March 31, 2022 28,885,002 1.45 Exercisable as at March 31, 2022 19,408,182 1.29 During the year ended March 31, 2021, the Company completed the following option issuances: On June 15, 2020, the Company granted options to purchase up to 2,600,000 Common Shares to executive officers with an exercise price of $0.25. The options will expire on June 15, 2025. On July 22, 2020, the Company granted options to purchase up to 500,000 Common Shares to executive officers with an exercise price of $0.64 per share. The options will expire on July 22, 2025. On October 12, 2020, the Company granted options to purchase up to 3,000,000 Common Shares to executive officers with an exercise price of $0.75 per share, vesting over a 24-month period. The options will expire on October 12, 2025. On November 4, 2020, the Company granted 6,200,000 options to purchase up to: 4,500,000 Common Shares to executive officers, 250,000 Common Shares to employees, and 1,450,000 Common Shares to advisors, with an exercise price of $0.75 per Common Share and vesting over a 24-month period. The options will expire on November 4, 2025. On November 5, 2020, the Company completed a Common Share consolidation on the basis of 6.6672 old Common Shares into one new Common Share. After completion of the consolidation, there were 202,338 options to purchase Common Shares outstanding, with an exercise price of $0.6672 per Common Share, with such options being fully vested and having an expiration date of December 11, 2022. On November 13, 2020, the Company granted options to purchase up to 500,000 Common Shares to executive officers with an exercise price of $0.88 per Common Share and vesting over a 24-month period. The options will expire on November 13, 2025. On November 27, 2020, the Company granted options to purchase up to 200,000 Common Shares to a consultant of the Company with an exercise price of $0.91 per Common Share, and vesting on April 27, 2021. The options will expire on November 27, 2022. On December 11, 2020, the Company granted options to purchase up to 700,000 Common Shares to consultants of the Company with an exercise price of $1.48 per Common Share, and vesting over a 24-month period. The options will expire on December 11, 2025. On December 14, 2020, the Company granted options to purchase up to 2,244,100 Common Shares to executive officers and consultants of the Company with an exercise price of $1.74 per Common Share, and vesting over a 24-month period. The options will expire on December 14, 2025 (see note 4). On December 16, 2020, options to purchase up to 200,000 Common Shares expired unexercised as a result of the termination of a consultant of the Company. On December 28, 2020, the Company granted options to purchase up to 760,000 Common Shares to directors and executive officers with an exercise price of $1.89 per Common Share, and vesting over a 24-month period. The options will expire on December 28, 2025. On January 2, 2021, the Company granted options to purchase up to 225,000 Common Shares to an employee with an exercise price of $1.89 per Common Share, and vesting over a 24-month period. The options will expire on January 2, 2026. On February 15, 2021, the Company granted options to purchase up to 170,000 Common Shares to consultants with an exercise price of $2.03 per Common Share, and vesting over a 24-month period. The options will expire on February 15, 2026. On February 16, 2021, the Company granted options to purchase up to 150,000 Common Shares to a consultant with an exercise price of $2.03 per Common Share, and vesting over a 24-month period. The options will expire on February 16, 2026. On March 10, 2021, the Company granted options to purchase up to 1,900,900 Common Shares to certain executive officers, employees, and consultants, with an exercise price of $1.39 per Common Share and vesting over a 24-month period. The options will expire on March 10, 2026. On March 15, 2021, the Company granted options to purchase up to 300,000 Common Shares to a consultant with an exercise price of $1.55 per Common Share, and vesting over a 24-month period. The options will expire on March 15, 2026. On March 28, 2021, the Company granted options to purchase up to: 225,000 Common Shares to an executive officer, 275,000 Common Shares to employees, and 1,575,000 Common Shares to consultants, with an exercise price of $1.36 per Common Share and vesting over a 24-month period. The options will expire on March 28, 2026. On March 29, 2021, the Company granted options to purchase up to 37,500 Common Shares to a consultant with an exercise price of $1.32 per Common Share, vesting over a 24-month period expiring March 29, 2026. On March 31, 2021, the Company granted options to purchase up to 20,000 Common Shares to certain employees with an exercise price of $1.74 per Common Share, and vesting over 24-month period and 345,000 Common Shares with an exercise price of $1.35 per Common Share to certain employees, vesting over a 24-month period. The options will expire on December 25, 2025 and March 31, 2026, respectively. From April 1, 2020 to March 31, 2021, employees and consultants exercised 492,386 options for gross proceeds of $183 paid to the Company. During the year ended March 31, 2022, the Company completed the following option issuances: On June 28, 2021, the Company granted options to purchase up to: 1,975,000 Common Shares to executive officers, 1,090,000 Common Shares to employees, and 194,000 Common Shares to consultants, with an exercise price of $2.90 per Common Share and vesting over two years. On the same date, the Company granted options to purchase 550,000 Common Shares to consultants with an exercise price of $2.90 per Common Share and vesting over one year. In addition, the Company granted options to purchase up to 25,000 Common Shares to a consultant that vested immediately with an exercise price of $2.90 per Common Share. The options will expire on June 28, 2026. The aggregate estimated grant date fair value was determined to be $7,994, calculated using the Black-Scholes option pricing model with the following assumptions: Risk-free interest rate 0.98% Expected annual volatility, based on comparable companies 95.00% Expected life (in years) 5.00 Expected dividend yield 0.00% Share price $ 2.90 Exercise price $ 2.90 On August 16, 2021, the Company granted options to purchase up to: 165,000 Common Shares to employees, and 50,000 Common Shares to consultants, with an exercise price of $2.48 per Common Share, and vesting over two years. The options will expire on August 16, 2026. The estimated grant date fair value was determined to be $383, calculated using the Black-Scholes option pricing model with the following assumptions: Risk-free interest rate 0.81% Expected annual volatility, based on comparable companies 95.00% Expected life (in years) 5.00 Expected dividend yield 0.00% Share price $ 2.48 Exercise price $ 2.48 On August 18, 2021, the Company granted options to purchase up to 300,000 Common Shares to an executive officer with an exercise price of $2.48 per Common Share and vesting over two years. The options will expire on August 18, 2026. The estimated grant date fair value was determined to be $519, calculated using the Black-Scholes option pricing model with the following assumptions: Risk-free interest rate 0.82% Expected annual volatility, based on comparable companies 95.00% Expected life (in years) 5.00 Expected dividend yield 0.00% Share price $ 2.42 Exercise price $ 2.48 On September 27, 2021, the Company granted options to purchase up to 585,000 Common Shares to employees with an exercise price of $3.15 per Common Share and vesting over two years. The options will expire on September 27, 2026. The estimated grant date fair value was determined to be $1,186, calculated using the Black-Scholes option pricing model with the following assumptions: Risk-free interest rate 1.06% Expected annual volatility, based on comparable companies 95.00% Expected life (in years) 5.00 Expected dividend yield 0.00% Share price $ 2.87 Exercise price $ 3.15 On September 27, 2021, the Company granted options to purchase up to 195,000 Common Shares to a director with an exercise price of $2.87 per Common Share and vesting over two years. The options will expire on September 27, 2026. The estimated grant date fair value was determined to be $403, calculated using the Black-Scholes option pricing model with the following assumptions: Risk-free interest rate 1.06% Expected annual volatility, based on comparable companies 95.00% Expected life (in years) 5.00 Expected dividend yield 0.00% Share price $ 2.87 Exercise price $ 2.87 On September 30, 2021, the Company granted options to purchase up to 450,000 Common Shares to employees with an exercise price of $3.15 per Common Share and vesting over two years. The options will expire on September 30, 2026. The estimated grant date fair value was determined to be $878, calculated using the Black-Scholes option pricing model with the following assumptions: Risk-free interest rate 1.11% Expected annual volatility, based |
RELATED PARTY TRANSACTIONS AND
RELATED PARTY TRANSACTIONS AND BALANCES | 12 Months Ended |
Mar. 31, 2022 | |
Related Party [Abstract] | |
RELATED PARTY TRANSACTIONS AND BALANCES | RELATED PARTY TRANSACTIONS AND BALANCES Key management personnel include persons having the authority and responsibility for planning, directing, and controlling the activities of the Company as a whole. The Company has determined its key management personnel to be executive officers and directors of the Company. At March 31, 2022, accounts payable and accrued liabilities include accrued executive bonuses of $1,036 payable on future achievements of the Company. The remuneration of key management personnel for the years ended March 31, 2021 and 2022 are as follows: Year ended March 31, 2022 2021 $000’s $000’s Payroll, consulting and benefits (1) 6,569 4,001 Share-based compensation Options 8,813 4,786 Warrants 109 2,665 Total 15,491 11,452 |
GENERAL AND ADMINISTRATIVE EXPE
GENERAL AND ADMINISTRATIVE EXPENSES | 12 Months Ended |
Mar. 31, 2022 | |
Analysis of income and expense [abstract] | |
GENERAL AND ADMINISTRATIVE EXPENSES | GENERAL AND ADMINISTRATIVE EXPENSES Year ended March 31, 2022 2021 $000’s $000’s Payroll, consulting and benefits 7,468 4,867 Capital market 7,277 2,118 Office and administration 3,999 936 Professional and consulting fees 3,275 3,070 Business development 2,223 907 Investor relations 1,981 1,271 Marketing media 1,466 649 Listing fees 533 2,052 Total 28,222 15,870 |
CONTRACTS AND COMMITMENTS
CONTRACTS AND COMMITMENTS | 12 Months Ended |
Mar. 31, 2022 | |
Commitments [Abstract] | |
CONTRACTS AND COMMITMENTS | CONTRACTS AND COMMITMENTSAs at March 31, 2022, the Company had also entered into agreements for various studies which may require the Company to spend up to an additional $5,968 (US$4,777). The Company expects to pay this amount within the 18 months ending September 30, 2023, however the timing and certainty of the payments are contingent on availability of materials and successful completion of certain milestones. The Company has the right to cancel the preclinical studies at its discretion, in which case a cancellation fee may apply, however the Company is not liable to pay the full amount of the studies. In addition, the Company has entered into agreements with certain consultants which requires the Company to spend $437 in the year ending March 31, 2023. |
CAPITAL MANAGEMENT
CAPITAL MANAGEMENT | 12 Months Ended |
Mar. 31, 2022 | |
Capital Management [Abstract] | |
CAPITAL MANAGEMENT | CAPITAL MANAGEMENT The Company’s objectives when managing capital are to safeguard the Company’s ability to continue as a going concern in order to pursue business opportunities and to maintain a flexible capital structure that optimizes the costs of capital at an acceptable risk. The Company’s intentions are to (i) provide financial capacity and flexibility in order to preserve its ability to meet its strategic objectives and financial obligations; (ii) maintain a capital structure which allows the Company to respond to changes in economic and marketplace conditions and affords the Company the ability to participate in new investments; (iii) optimize the use of its capital to provide an appropriate investment return to its shareholders equal with the level of risk; and (iv) maintain a flexible capital structure which optimizes the cost of capital at acceptable levels of risk. The Company’s financial strategy is formulated and adapted according to market conditions in order to maintain a flexible capital structure that is consistent with its objectives and the risk characteristics of its underlying assets. The Company manages its capital structure and makes adjustments to it in light of changes in economic conditions and the risk characteristics of its underlying assets. The Company maintains or adjusts its capital level to enable it to meet its objectives by raising capital through the issuance of securities. The Company’s capital management objectives, policies and processes generally remained unchanged during the year ended March 31, 2022. The Company requires capital to fund existing and future operations and meet regulatory capital requirements. The Company’s policy is to maintain adequate levels of capital at all times. The Company’s capital structure includes the following: As at March 31, 2022 March 31, 2021 $000’s $000’s Shareholders’ equity comprised of: Share capital 141,451 100,676 Contributed surplus 525 124 Options reserve 23,783 7,158 Warrants reserve 11,423 11,166 Accumulated other comprehensive income (loss) (366) 24 Deficit (100,661) (33,030) Total 76,155 86,118 |
FINANCIAL INSTRUMENTS
FINANCIAL INSTRUMENTS | 12 Months Ended |
Mar. 31, 2022 | |
Financial Instruments [Abstract] | |
FINANCIAL INSTRUMENTS | FINANCIAL INSTRUMENTS The Company’s financial instruments are exposed to certain financial risks, which include currency risk, credit risk, liquidity risk and interest rate risk. The Company has classified its financial instruments as follows: As at March 31, 2022 March 31, 2021 $000’s $000’s Financial assets, measured at fair value: Cash 53,641 64,026 Investments 242 — Financial assets, measured at amortized cost: Accounts receivable 28 — Financial liabilities, measured at fair value: Contingent consideration payable 2,646 3,201 Financial liabilities, measured at amortized cost: Accounts payable and accrued liabilities 5,262 2,793 The carrying value of the Company’s financial instruments approximate their fair value. Fair value Hierarchy of Financial Instruments The Company has categorized its financial instruments that are carried at fair value, based on the priority of the inputs to the valuation techniques used to measure fair value, into a three-level fair value hierarchy as follows: Level 1: Fair value is based on unadjusted quoted prices for identical assets or liabilities in an active market. The types of assets and liabilities classified as Level 1 generally included cash. Level 2: Fair value is based on quoted prices for similar assets or liabilities in active markets, valuation that is based on significant observable inputs, or inputs that are derived principally from or corroborated with observable market data through correlation or other means. Currently, the Company has no financial instruments that would be classified as Level 2. Level 3: Fair value is based on valuation techniques that require one or more significant inputs that are not based on observable market inputs. These unobservable inputs reflect the Company’s assumptions about the assumptions market participants would use in pricing the asset or liability. The investments and the contingent liabilities are classified as Level 3. There were no transfers between levels of the fair value hierarchy for the year ended March 31, 2022. The following table presents the changes in level 3 financial instruments for the year ended March 31, 2022. $000’s Balance as at March 31, 2021 — Additions 250 Interest income 21 Change in fair value of investments measured at fair value through profit or loss (29) Balance as at March 31, 2022 242 The following table summarizes the quantitative information about the significant unobservable inputs used in level 3 fair value measurements: Description Fair Value as at Unobservable inputs Range of inputs Relationship of unobservable inputs to fair value March 31, 2022 March 31, 2021 000’s 000’s Rx Hybrid Instrument 242 — Fair value interest rate of loan and conversion feature 10% Increase/decrease in the fair value rate by 1% would not have a material effect on the fair value of the investment Financial risk management Credit risk Credit risk is the risk that one party to a financial instrument will cause a financial loss for the other party by failing to discharge an obligation. The Company’s cash is exposed to credit risk. The Company reduces its credit risk on cash by placing these instruments with institutions of high credit worthiness. As at March 31, 2022, the Company’s maximum exposure to credit risk is the carrying value of its financial assets. Liquidity risk Liquidity risk is the risk that an entity will encounter difficulty in raising funds to meet commitments associated with financial instruments. The Company manages liquidity by maintaining adequate cash balances to meet liabilities as they become due. As at March 31, 2022, the Company had cash of $53,641 (March 31, 2021 - $64,026) in order to meet current liabilities. Accounts payable and accrued liabilities include trade payables and other obligations of $5,262 (March 31, 2021 - $2,793), all amounts are due within the next 12 months. Market risk The significant market risks to which the Company is exposed are interest rate risk and currency risk. Interest rate risk Interest rate risk is the risk that the fair value or the future cash flows of a financial instrument will fluctuate because of changes in market interest rate. In seeking to minimize the risks from interest rate fluctuations, the Company manages exposure through its normal operating and financing activities. As at March 31, 2022, the Company has determined its exposure to interest rate risk is minimal. Currency risk The Company is exposed to currency risk to the extent that monetary operational expenses are denominated in both CAD and USD while functional currency of CAD in used for reporting. The Company has not entered into any foreign currency contracts to mitigate this risk. The Company had the following balances in monetary assets and monetary liabilities which are subject to fluctuation against CAD: Denominated in: US$000’s GBP 000’s EUR 000’s Cash 740 485 386 Accounts payable and accrued liabilities (78) (29) — 662 456 386 Foreign currency rate 1.2496 1.6417 1.3853 Equivalent in Canadian dollars $ 827 $ 749 $ 535 Impact of 10% change in foreign currency rate $ 83 $ 75 $ 54 Based on the above net exposures as at March 31, 2022, and assuming that all other variables remain constant, a 10% change of the USD, GBP and EUR, against the CAD would impact net loss by approximately by $212. |
INCOME TAX
INCOME TAX | 12 Months Ended |
Mar. 31, 2022 | |
Income Taxes [Abstract] | |
INCOME TAX | INCOME TAX Major items causing the Company’s income tax rate to differ from the Canadian statutory rate of approximately 26.50% are as follows: Year ended March 31, 2022 2021 Net loss and comprehensive loss before income taxes 67,631 32,220 Expected recovery at statutory rate 17,922 8,538 Share-based compensation (4,778) (3,099) Share issuance costs 794 1,324 Difference between Canadian and foreign tax rates (1,414) (97) Non-deductible expenses (1,242) (40) Change in unrecognized deferred tax assets (11,282) (6,626) Income tax recovery — — The significant components of the Company’s deferred tax assets, resulting from temporary differences, unused tax credits and unused tax losses, that have not been included on the consolidated statements of financial position, are as follows: As at March 31, 2022 March 31, 2021 Non-capital loss carryforwards 16,307 5,660 Share issuance costs 1,526 1,126 Depreciation/CCA differences 227 12 Other 43 23 18,103 6,821 Valuation allowance (18,103) (6,821) — — These deferred tax assets have not been recognized because it is not probable that future taxable profit will be available against which the Company will be able to use these potential benefits. Non-capital loss balance As at March 31, 2022, the Company has non-capital losses in Canada, which under certain circumstances can be used to reduce the taxable income of future years. The non-capital losses expire as follows: Year of expiry $ 2040 740 2041 19,193 2042 30,112 50,045 As at March 31, 2022, the Company has non-capital losses in the United States, which under certain circumstances can be used to reduce the taxable income of future years. The non-capital losses, stated in Canadian dollars, that will expire as follows: Year of expiry $ 2041 - Pre-acquisition loss generated up to December 4, 2020 933 2041 - Loss generated in the period from December 4, 2020 to March 31, 2021 1,241 2042 - Loss generated in the year ended March 31, 2022 6,722 8,896 Although the US federal losses carryforward indefinitely, they are subject to restrictions on their deductibility. The deductibility of the pre-acquisition loss and the post-acquisition loss is restricted to 80% of taxable income in the year of deduction. The pre-acquisition loss is further restricted to an annual limitation under Section 382. As at March 31, 2022, the annual limitation was $136. Massachusetts allows for a 20-year carryforward period for restricted and unrestricted losses without limitation. As at March 31, 2022, the Company has non-capital losses in Ireland, which under certain circumstances can be used to reduce the taxable income of future years. The non-capital losses, stated in Canadian dollars, expire as follows: Year of expiry $ 2042 9,469 9,469 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Mar. 31, 2022 | |
Events after reporting period [Abstract] | |
SUBSEQUENT EVENTS | SUBSEQUENT EVENTS (a) Adelia Milestones On April 1, 2022, Former Adelia Shareholders achieved the milestone identified as Year 2 Q2 (iv), as contemplated by the terms of the Adelia Contribution Agreement. Accordingly, 22,428.30 Class B Shares having an aggregate value of $229 were issued to the Former Adelia Shareholders, at a price per share of $10.20. These Class B Shares are exchangeable for a total of 224,283 Common Shares, representing an effective issue price of $1.02 per Common Share. In consideration for the Milestone achieved, an additional amount of $5 is issuable at a price per share to be determined in accordance with the terms of the Contribution Agreement and applicable securities laws. In addition, Former Adelia Shareholders achieved the milestones identified as identified as Y2, Q2 (i), (vi), Y2, Q3 (ii), Year 2 Q4 (i) and Year 3 Q1 (i), (ii), (iii), as contemplated by the terms of the Adelia Contribution Agreement. Accordingly, Class B Shares having an aggregate value of $2,033 became due to be issued to the Former Adelia Shareholders, at a price per share to be determined in accordance with the terms of the contribution agreement and applicable securities laws. (b) Exchange of Class B Shares On May 5, 2022, a Former Adelia Shareholders exchanged 38,023 Class B Shares for 380,230 Common Shares. (c) Asset Acquisition On June 7, 2022, the Company entered into an agreement to acquire a Phase 1 N,N-dimethyltryptamine (“DMT”) study (the “Asset Acquisition”) from Entheon Biomedical Corp.(“Entheon”) to accelerate the clinical development path for CYB004, Cybin’s proprietary deuterated DMT molecule for the potential treatment of anxiety disorders. The purchase price of the Asset Acquisition is $1,000, with a deposit payable upfront and the balance due on closing. In addition, the Company may pay up to $480 for consulting services to be provided from Entheon over a period of up to twelve months following the close of the Asset Acquisition. The Company expects the Asset Acquisition to close within 30 days, subject to the completion of certain conditions and obtaining all necessary approvals. (d) Exercised and Expired Securities During the period from April 1, 2022 to June 20, 2022, holders of warrants exercised securities resulting in the issuance of 1,000,000 Common Shares for gross proceeds of approximately $250. |
SIGNIFICANT ACCOUNTING POLICES
SIGNIFICANT ACCOUNTING POLICES AND BASIS OF PREPARATION (Policies) | 12 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
Statement of compliance | The Company’s consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS), as issued by the International Accounting Standards Board (IASB) . The policies applied to these consolidated financial statements are based on IFRS, which have been applied consistently to all periods presented. These consolidated financial statements were issued and effective as at June 20, 2022, the date the Board of Directors approved these consolidated financial statements. |
Basis of measurement | These consolidated financial statements have been prepared on a going concern basis, under the historical cost convention, except for certain financial instruments classified at fair value upon initial recognition. |
Functional and presentation currency | The functional currency of a company is the currency of the primary economic environment in which the company operates. The presentation currency for a company is the currency in which the company chooses to present its financial statements. These consolidated financial statements are presented in Canadian dollars, the Company’s presentation currency. The Company’s and its subsidiaries functional currencies are as follows: Entity Currency Ownership Cybin Corp. Canadian dollars 100% Journey Canadian dollars 100% Serenity Canadian dollars 100% Cybin US 1 Canadian dollars 100% Adelia U.S. dollars 100% Cybin IRL Limited U.S. dollars 100% 1 For accounting purposes, Cybin US is a wholly-owned subsidiary of Cybin. Certain Former Adelia Shareholders hold Class B Shares in Cybin US (see note 4). |
Basis of consolidation | The Company consolidates entities which it controls. Control exists when the Company has the power, directly and indirectly to govern the financial and operating policies of an entity and be exposed to the variable returns from its activities. The financial statements of the wholly owned subsidiaries are included in the consolidated financial statements from the date that control commences until the date that control ceases. Intercompany balances, and any unrealized gains and losses or income and expenses arising from transactions with controlled entities are eliminated to the extent of the Company’s interest in they entity. |
Cash and cash equivalents | Cash and cash equivalents are comprised of cash on deposit and highly liquid short-term interest-bearing variable rate investments with an original maturity of three months or less, or which are readily convertible into a known amount of cash with no significant changes. As at March 31, 2022 and March 31, 2021 there were no cash equivalents. |
Inventories | Inventories include raw materials and finished goods. Raw materials are stated at the lower of cost and replacement cost with cost determined on a first-in, first-out basis. The Company monitors the shelf life and expiry of finished goods to determine when inventory values are not recoverable and a write-down is necessary. |
Equipment | Equipment consists of lab equipment and computer equipment and are recorded at cost less accumulated depreciation and accumulated impairment losses. Cost includes all expenditures incurred to bring the asset to the location and condition necessary for them to be operating in the manner intended by management. Depreciation is recognized based on the cost of the item less its estimated residual value, over its estimated useful life on a straight-line basis at the following rates: • Lab equipment – 5 years • Computer equipment – 3 years An asset’s residual life, useful life and depiction method are reviewed, and adjusted if appropriate on an annual basis. |
Intangible Assets | Intangible assets include expenditures related to obtaining patents and software related items. The amortization of software related items begins when the software is in use and will be amortized on a straight-line basis over a period of 3 years. The amortization of patent costs commences when the associated products are available for commercial sale and is amortized on a straight-line basis over its respective legal lives or economic life, if shorter. Patents have an estimated useful life of 17 years. Amortization methods, useful lives, and residual values are reviewed at each reporting date and adjusted if appropriate. Expenditures on research activities, undertaken with the prospect of gaining new scientific or technical knowledge and understanding, are recognized in operations as incurred. The amortization of software commences when the software is in use and amortized on a straight-line basis over its useful life.Development activities involve a plan or design for the production of new, or substantially improved, products or processes related to the Company’s development of psychedelic-based therapeutics. Development expenditures are capitalized only if the relevant IFRS criteria are met. Capitalized development expenditures are amortized from the beginning of commercial production and sales and are amortized on a straight-line basis over the remaining useful life of the related patents. Development expenditures, in relation to the Company’s psychedelic-based therapeutics, have not satisfied the above criteria and are recognized in operations as incurred. |
Goodwill | Goodwill represents the excess of the consideration transferred for the acquisition of an entity over the fair value of the net identifiable assets. Goodwill is initially measured at cost, and subsequently recorded at cost less any accumulated impairment losses. For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the Company’s cash-generating units (“CGUs”) that are expected to benefit from the combination, irrespective of whether other assets or liabilities of the acquiree are assigned to those CGUs. The Company tests for impairment annually, or when indications of impairment exist. Impairment is determined for goodwill by assessing if the carrying value of CGUs, including goodwill, exceeds its recoverable amount determined as the greater of the estimated fair value less costs of disposal and the value in use. Impairment losses recognized in respect of the CGUs are first allocated to the carrying value of goodwill and any excess is allocated to the carrying amount of assets in the CGUs. Any goodwill impairment is recorded in the statement of income. |
Impairment of long-lived assets | Long-lived assets, including equipment and intangible assets, are reviewed for impairment at each statement of financial position date or whenever events or changes in circumstances indicate that the carrying amount of the asset exceeds its recoverable amount. Where the carrying value of an asset exceeds its recoverable amount, which is the higher of value in use and fair value less costs to sell, the asset is written down accordingly. Where it is not possible to estimate the recoverable amount of an individual asset, the impairment test is carried out on the asset’s cash-generating unit, which is the lowest group of assets in which the asset belongs for which there are separate cash inflows that are largely independent of the cash inflows from other assets. An impairment loss is charged to operations. |
Financial instruments | Recognition and initial measurement The Company initially recognizes financial instruments on the trade date, which is the date on which the Company becomes a party to the contractual provisions of the instrument. A financial asset or financial liability is measured initially at fair value plus/minus, for an item not at fair value through profit or loss (“FVTPL”), transaction costs that are directly attributable to its acquisition or use. Classification Financial asset On initial recognition, a financial asset is classified as measured at: amortized cost, fair value through other comprehensive income (“FVOCI”), or FVTPL. A financial asset is measured at amortized cost if it meets both of the following conditions and is not designated as at FVTPL: • The asset is held within a business model whose objective is to hold assets to collect contractual cash flows; and • The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. The Company currently does not measure any of its financial assets at amortized cost. A debt instrument is measured at FVOCI only if it meets both of the following conditions and is not designated as at FVTPL: • The asset is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets; and • The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. On initial recognition of an equity investment that is not held for trading, the Company may irrevocably elect to present subsequent changes in FVOCI. This election is made on an investment-by-investment basis. The Company has not elected to present any assets as FVOCI. Cash is measured at FVTPL. In addition, on initial recognition, the Company may irrevocably designate a financial asset that otherwise meets the requirements to be measured at amortized cost as FVOCI or FVTPL if doing so eliminates or significantly reduces an accounting mismatch that would otherwise arise. Business model assessment The Company makes an assessment of the objective of a business model in which an asset is held at a portfolio level because this best reflects the way the business is managed and information is provided to management. The information considered includes: • The stated policies and objectives for the portfolio and the operation of those policies in practice. In particular, whether management’s strategy focuses on earning contractual interest revenue, maintaining a particular interest rate profile, matching the duration of the financial assets to the duration of the liabilities that are funding those assets or realizing cash flows through the sale of the assets; • How the performance of the portfolio is evaluated and reported to the Company’s management; • The risks that affect the performance of the business model (and the financial assets held within that business model) and how those risks are managed; • How managers of the business are compensated (e.g. whether compensation is based on the fair value of the assets managed or the contractual cash flows collected); and • The frequency, volume and timing of sales in prior periods, the reasons for such sales and its expectation about future sales activity. However, information about sales activity is not considered in isolation, but as part of an overall assessment of the Company’s stated objective for managing the financial asset is achieved and how cash flows are realized. Assessment whether contractual cash flows are solely payments of principal and interest For the purpose of this assessment, ‘principal’ is defined as the fair value of the financial asset on initial recognition. ‘Interest’ is defined as consideration for the time value of money and for the credit risk associated with the principal amount outstanding during a particular period of time and for other basic lending risks and costs (e.g. liquidity risk and administrative costs), as well as profit margin. In assessing whether the contractual cash flows are solely payments of principal and interest, the Company considers the contractual terms of the instrument. This includes assessing whether the financial asset contains a contractual term that could change the timing or amount of the contractual cash flows such that it would not meet this condition. In making the assessment, the Company considers: • contingent events that would change the amount and timing of cash flows; • leverage features; • prepayment and extension terms; • terms that limit the Company’s claim to cash flows from specified assets (e.g. non-recourse asset arrangements); and • features that modify consideration of the time value of money – e.g. periodical rest of interest rates Reclassifications The Company would reclassify a financial asset when the Company changes its business model for managing the financial asset. All reclassifications are recorded at fair value at the date of the reclassification, which becomes the new carrying value. Financial assets are not reclassified subsequent to their initial recognition, except in the period after the Company changes its business model for managing financial assets. Financial liabilities The Company classifies its financial liabilities at amortized cost or FVTPL. The Company currently measures accounts payable and accrued liabilities at amortized cost and contingent consideration payable at FVTPL. Derecognition Financial assets The Company derecognizes a financial asset when the contractual rights to the cash flows from the financial asset expire, or it transfers the rights to receive the contractual cash flows in a transition in which substantially all of the risks and rewards of ownership of the financial asset are transferred or in which the Company neither transfers nor retains substantially all of the risks and rewards of ownership and it does not retain control of the financial asset. On derecognition of a financial asset, the difference between the carrying amount of the asset (or the carrying amount allocated to the portion of the asset derecognized) and the sum of (i) the consideration received (including any new assets obtained less any new liability assumed) and (ii) cumulative gain or loss that had been recognized in other comprehensive income is recognized in profit or loss. Financial liabilities The Company derecognizes a financial liability when its contractual obligations are discharged or cancelled, or expire. Modifications of financial assets and financial liabilities Financial assets If the terms of a financial asset are modified, the Company evaluates whether the cash flows of the modified asset are substantially different. If the cash flows are substantially different, then the contractual rights to cash flows from the original financial asset are deemed to have expired. In this case, the original financial asset is derecognized and a new financial asset is recognized at fair value. If the cash flows of the modified asset carried at amortized cost are not substantially different, then the modification does not result in derecognition of the financial asset. In this case, the Company recalculates the gross carrying amount of the financial asset and recognizes the amount arising from adjusting the gross carrying amount as a modification gain or loss in profit or loss. If such a modification is carried out because of financial difficulties of the borrower, then the gain or loss is presented together with impairment losses. In other cases, it is presented as interest income. Financial liabilities The Company derecognizes a financial liability when its terms are modified and the cash lows of the modified liability are substantially different. In this case, a new financial liability based on the modified terms is recognized at fair value. The difference between the carrying amount of the financial liability extinguished and the new financial liability with modified terms is recognized in profit or loss. Offsetting Financial assets and financial liabilities are offset and the net amount presented in the consolidated statement of financial position when, and only when, the Company currently has a legally enforceable right to set off the amounts and it intends either to settle them on a net basis or to realize the asset and settle the liability simultaneously. Income and expenses are presented on a net basis only when permitted under IFRS, or for gains and losses arising from a group of similar transactions. Fair value measurement Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date in the principal or, in its absence, the most advantageous market to which the Company has access at that date. The fair value of a liability reflects its non-performance risk. When one is available, the Company measures the fair value of an instrument using the quoted price in an active market for that instrument. A market is regarded as active if transactions for the asset or liability take place with sufficient frequency and volume to provide pricing information on an ongoing basis. If there is no quoted price in an active market, then the Company uses valuation techniques that maximize the use of relevant observable inputs and minimize the use of unobservable inputs. The chosen valuation technique incorporates all of the factors that market participants would take into account in pricing a transaction. The best evidence of the fair value of a financial instrument on initial recognition is normally the transaction price (i.e. the fair value of the consideration given or received). If the Company determines that the fair value on initial recognition differs from the transaction price and the fair value is evidenced neither by a quoted price in an active market for an identical asset or liability nor based on a valuation technique for which any observable inputs are judged to be insignificant in relation to the measurement, then the financial instrument is initially measured at fair value, adjusted to defer the difference between the fair value on initial recognition and the transaction price. Subsequently, that difference is recognized in profit or loss on an appropriate basis over the life of the instrument but no later than when the valuation is wholly supported by observable market data or the transaction is closed out. If an asset or a liability at fair value has a bid price and an ask price, then the Company measures assets and long positions at bid price and liabilities and short positions at an ask price. Portfolio of financial assets and financial liabilities that are exposed to market risk and credit risk that are managed by the Company on the basis of the net exposure to either market or credit risk are measured on the basis of a price that would be received to sell a net long position (or paid to transfer a net short position) for the particular risk exposure. Portfolio-level adjustment e.g. bid-ask adjustment or credit risk adjustments that reflect the measurement on the basis of the net exposure are allocated to the individual assets and liabilities on the basis of the relative risk adjustment of each of the individual instruments in the portfolio. The fair value of a financial liability with a demand feature is not less than the amount payable on demand, discounted from the first date on which the amount could be required to be paid. The Company recognizes transfers between levels of the fair value hierarchy as of the end of the reporting period during which the change has occurred. Impairment Credit-impaired financial assets At each reporting date, the Company assesses whether financial assets carried at amortized costs and debt financial assets carried at FVOCI are credit-impaired. A financial asset is ‘credit-impaired’ when one or more events that have a detrimental impact on the estimated future cash flows of the financial asset have occurred. Evidence that a financial asset is credit-impaired includes the following observable data: • Significant financial difficulty of the borrower or issuer; • A breach of contract such as a default of past due event; • The restructuring of a loan or advance by the Company on terms that the Company would not consider otherwise; • It is becoming probable that the borrower will enter bankruptcy or other financial reorganization; or • The disappearance of an active market for a security because of financial difficulties. A loan that has been renegotiated due to a deterioration in the borrower’s condition is usually considered to be credit-impaired unless there is evidence that the risk of not receiving contractual cash flows has reduced significantly and there are no other indicators of impairment. Recognition of allowance of expected credit losses (“ECL”) in the consolidated statement of financial position The Company recognizes a loss allowance for ECL on trade receivables that are measured at amortized cost. The Company’s applied the simplified approach for trade receivables and recognizes the lifetime ECL for these assets. The ECL on trade receivables is estimated using a provision matrix based on the Company’s historical credit loss experience, adjusted for factors that are specific to the customers, general economic conditions and an assessment of both the current as well as the forecast direction of conditions at the reporting date, including time value of money where appropriate. For all other financial assets measured at amortized cost of FVOCI, the Company recognizes lifetime ECL only when there has been a significant increase in credit risk since initial recognition. If the credit risk on such financial instruments has not increased significantly since initial recognition, the Company measures the loss allowance on those financial instruments at an amount equal to 12-months ECL. Lifetime ECL represents the ECL that will result from all possible default events over the expected life of a financial asset. In contrast, 12-month ECL represents the portion of lifetime ECL that is expected to result from default events on a financial asset that are possible within 12 months after the reporting date. In assessing whether the credit risk on a financial asset has increased significantly since initial recognition, the Company compares the risk of default occurring on the financial asset at the reporting date with the risk of default occurring at the initial recognition. The Company considers both quantitative and qualitative factors that are supportable, including historical experience and forward-looking information that is available without undue cost or effort. Irrespective of the above assessment, the Company presumes that the credit risk on a financial asset has increased significantly since initial recognition when contractual payments are more than 30 days past due, unless the Company has reasonable and supportable information that demonstrates otherwise. Despite the foregoing, the Company presumes that the credit risk on a financial asset has not increased significantly since initial recognition if the financial asset is determined to have low credit risk at the reporting date. The Company regularly monitors the effectiveness of the criteria used to identify whether there has been a significant increase in credit risk and revises them as appropriate to ensure that the criteria are capable of identifying significant increase in credit risk before the amount becomes pas due. Definition of default: For internal credit risk management purposes, the Company considers a financial asset not recoverable if the customer balance owing is 180 days past due and information obtained from the customer and other external factors indicate that the customer is unlikely to pay its creditors in full. Write-off |
Taxation | Income tax comprises current and deferred tax. Income tax is recognized in the consolidated statement of loss and comprehensive loss except to the extent that it relates to items recognized directly in equity, in which case the income tax is also recognized directly in equity. Current income tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted, at the end of the reporting period, and any adjustment to tax payable in respect of previous years. Provisions for taxes are made using the best estimate of the amount expected to be paid based on a qualitative assessment of all relevant factors. The Company reviews the adequacy of these provisions at the end of the reporting period. However, it is possible that at some future date an additional liability could result from audits by taxing authorities. Where the outcome of these tax-related matters is different from the amounts that were initially recorded, such differences will affect the tax provisions in the period in which such determination is made. Deferred income tax is recorded using the asset and liability method, providing for temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. The following temporary differences do not result in deferred tax assets or liabilities: the initial recognized of assets or liabilities that affect neither accounting or taxable loss; or difference relating to investment in subsidiaries to the extent that they will probably not reverse in the foreseeable future. The amount of deferred tax provided is based on the expected manner of realization or settlement of the carrying amount of assets and liabilities, using tax rates enacted or substantively enacted at the statement of financial position date. A deferred tax asset is recognized only to the extent that it is probable that future taxable profits will be available against which the asset can be utilized. |
Share capital | Equity instruments are contracts that give a residual interest in the net assets of the Company. Financial instruments issued by the Company are classified as equity only to the extent that they do not meet the definition of a financial liability or financial asset. The Common Shares and the Company’s Common Share purchase warrants, and options are classified as equity instruments. Incremental costs directly attributable to the issue of new Common Shares or options are shown in equity as a deduction, net of tax, from the proceeds. |
Share-based compensation | Under the Company’s stock option plan, all stock options granted have graded vesting periods and are exercisable up to a maximum of 10 years form the date of grant. Each tranche of an award with graded vesting periods is considered a separate grant at each grant date for the calculation of fair value, and the resulting fair value is amortized over the vesting period of the respective tranches. The fair value of the options granted is measured using the Black-Scholes option pricing model taking into account the terms and conditions upon which the options were granted, the estimated volatility, estimated risk free rate and estimated forfeitures. If a grant of the share-based payments is cancelled or settled during the vesting period (other than a grant cancelled by forfeiture when the vesting conditions are not satisfied), the Company accounts for the cancellation or settlement as an acceleration of vesting, and recognized immediately the amount that otherwise would have been recognized for services over the remainder of the vesting period. The amount recognized for goods or services received during the vesting period are based on the best available estimate of the number of equity instruments anticipated to vest. The Company revises that estimate, if necessary, if subsequent information indicates that the number of share options anticipated to vest differs from previous estimates. On vesting date, the Company revises the estimate to equal the number of equity instrument that ultimately vested. After vesting date, the Company makes no subsequent adjustment to total equity for goods or services received if the share options are later forfeited or they expire at the end of the share option’s life. If a grant of the share based payment is modified during the vesting period (other than a grant cancelled by forfeiture when |
Warrants | The Company follows the relative fair value method with respect to the measurement of Common Shares and warrants issued as units. The proceeds from the issuance of units are allocated between share capital and warrants. The warrant component is recorded in equity reserve. Unit proceeds are allocated to Common Shares and warrants using the Black-Scholes option pricing model and the share price at the time of financing. If and when the warrants are exercised, consideration paid by the warrant holder, together with the amount previously recognized in warrant reserve, is recorded as an increase to share capital. A forfeiture rate is estimated on the grant date and is adjusted to reflect the actual number of warrants that vest. When stock options or warrants are cancelled, they are treated as if they have vested on the date of collation and any cost not yet recognized in profit or loss is immediately expensed. Upon expiration of warrants, the amount applicable to expired warrants is moved to contributed surplus. |
Loss per share | Basic loss per share is calculated using the weighted-average number of shares outstanding during the period. The diluted earnings (loss) per share reflects the potential dilution of Common Share equivalents, such as outstanding stock options and warrants, in the weighted average number of Common Shares outstanding during the period, if they are dilutive. |
Currency translation | All figures presented in the consolidated financial statements are reflected in Canadian dollars unless otherwise noted. Foreign currency transactions are translated into Canadian dollars at exchange rates in effect on the date of the transactions. Monetary assets and liabilities denominated in foreign currencies at the statement of financial position date are translated to Canadian dollars at the foreign exchange rate applicable as that date. Realized and unrealized exchange gains and losses are recognized through profit or loss. The assets and liabilities of foreign operations are translated into Canadian dollars at period-end exchange rates. Income and expenses, and cash flows of foreign operations are translated into Canadian dollars using average exchange rates. Exchange differences resulting from translating foreign operations are recognized in other comprehensive income (loss) and accumulated in shareholders’ equity. |
Provisions | Provisions are recorded when a present legal or constructive obligation exists as a result of past events where it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation, and a reliable estimate of the amount of the obligation can be made. The amount recognized as a provision is the best estimate of the consideration required to settle the present obligation at the statement of financial position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows. When some or all of the |
New standards and interpretations not yet adopted | A number of new standards, amendments to standards and interpretations are not yet effective at March 31, 2022, and have not been applied in preparing these consolidated financial statements. Management has determined that none of these will have a significant effect on consolidated financial statements of the Company. |
SIGNIFICANT ACCOUNTING POLICI_2
SIGNIFICANT ACCOUNTING POLICIES AND BASIS OF PREPARATION (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
Schedule of subsidiaries and functional currencies | The Company’s and its subsidiaries functional currencies are as follows: Entity Currency Ownership Cybin Corp. Canadian dollars 100% Journey Canadian dollars 100% Serenity Canadian dollars 100% Cybin US 1 Canadian dollars 100% Adelia U.S. dollars 100% Cybin IRL Limited U.S. dollars 100% 1 For accounting purposes, Cybin US is a wholly-owned subsidiary of Cybin. Certain Former Adelia Shareholders hold Class B Shares in Cybin US (see note 4). |
ACQUISITIONS (Tables)
ACQUISITIONS (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Business Combinations [Abstract] | |
Disclosure of detailed information about business combination | Acquisition Summary $000’s Pre-acquisition cash advances to Adelia 912 Share consideration 19,549 Contingent consideration 4,257 Fair value of purchase consideration 24,718 Less: Cash at closing (65) Plus: Total debt assumed 111 Enterprise value 24,764 Allocation of purchase price: Current assets 43 Net Equipment 480 Patents 1,606 Liabilities assumed (735) Goodwill 23,370 Total allocation of purchase price 24,764 The following revenue and net income (loss) attributable subsequent to the Adelia Transaction are included in the Company’s consolidated financial statements for the year ended March 31, 2021: $000’s Revenue — Net loss (1,876) Had the acquisition occurred on April 1, 2020, the Company estimates that it would have reported the following consolidated revenue and net loss for the year ended March 31, 2021: $000’s Revenue — Net loss (3,191) |
EQUIPMENT (Tables)
EQUIPMENT (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Property, Plant and Equipment1 [Abstract] | |
Schedule of equipment | Equipment consists as follows: Cost Lab Equipment Computer Equipment Total $000’s $000’s $000’s Balance as at March 31, 2020 — — — Additions 478 141 619 Effect of foreign exchange (8) — (8) Balance as at March 31, 2021 470 141 611 Additions 8 97 105 Effect of foreign exchange (3) — (3) Balance as at March 31, 2022 475 238 713 Accumulated Depreciation Balance as at March 31, 2020 — — — Depreciation charge 34 15 49 Effect of foreign exchange 5 — 5 Balance as at March 31, 2021 39 15 54 Depreciation charge 100 68 168 Effect of foreign exchange (1) 1 — Balance as at March 31, 2022 138 84 222 Net book value as at March 31, 2021 431 126 557 Net book value as at March 31, 2022 337 154 491 |
INTANGIBLE ASSETS (Tables)
INTANGIBLE ASSETS (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Intangible Assets [Abstract] | |
Schedule of intangible assets | Cost Patents Software Total $000’s $000’s $000’s Balance as at March 31, 2021 — — — Adelia Acquisition 1,606 — 1,606 Additions 97 — 97 Effect of foreign exchange (2) — (2) Balance as at March 31, 2021 1,701 — 1,701 Additions 341 74 415 Effect of foreign exchange (33) — (33) Balance as at March 31, 2022 2,009 74 2,083 |
GOODWILL (Tables)
GOODWILL (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Goodwill [Abstract] | |
Schedule of goodwill | Cost $000’s Balance as at March 31, 2020 — Additions (refer to note 4) 23,370 Balance as at March 31, 2021 23,370 Effect of foreign exchange (478) Balance as at March 31, 2022 22,892 |
CONTINGENT CONSIDERATION PAYA_2
CONTINGENT CONSIDERATION PAYABLE (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Business Combination [Abstract] | |
Changes in carrying value of contingent consideration | The following table presents the change in the carrying value of the contingent consideration for the year. $000’s Balance as at March 31, 2020 — Contingent consideration on acquisition 4,258 Milestone achieved (1,539) Accretion expense 482 Balance as at March 31, 2021 3,201 Milestone achieved (4,251) Change in fair value 3,380 Accretion expense 316 Balance as at March 31, 2022 2,646 |
SHARE CAPITAL (Tables)
SHARE CAPITAL (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Share Capital, Reserves, and Other Equity Interest [Abstract] | |
Summary of significant unobservable inputs used, equity | The Company estimated the aggregate fair value of the vested warrants using the Black-Scholes option pricing model to be $3 with the following assumptions: Risk-free interest rate 0.38% Expected annual volatility, based on comparable companies 85.00% Expected life (in years) 2 Expected dividend yield 0.00% Share price $ 0.25 Exercise price $ 0.25 Risk-free interest rate 0.38% Expected annual volatility, based on comparable companies 85.00% Expected life (in years) 2.00 Expected dividend yield 0.00% Share price $ 0.64 Exercise price $ 0.64 The Company estimated the aggregate fair value of these warrants using the Black-Scholes option pricing model to be $2,668 with the following assumptions: Risk-free interest rate 1.82% Expected annual volatility, based on comparable companies 95.00% Expected life (in years) 5 Expected dividend yield 0.00% Share price $ 0.25 Exercise price $ 0.25 The Company estimated the aggregate fair value of the warrants issued on August 20, 2020 and September 14, 2020 using the Black-Scholes option pricing model to be $948 with the following assumptions: Risk-free interest rate 1.21% Expected annual volatility, based on comparable companies 95.00% Expected life (in years) 5 Expected dividend yield 0.00% Share price $ 0.64 Exercise price $ 0.64 Risk-free interest rate 0.36% Expected annual volatility, based on comparable companies 85% Expected life (in years) 2 Expected dividend yield 0.00% Share price $ 0.75 Exercise price $ 0.75 The Company estimated the aggregate fair value of the warrants issued on November 3, 2020 using the Black-Scholes option pricing model to be $1,388 with the following assumptions: Risk-free interest rate 0.38% Expected annual volatility, based on comparable companies 95.00% Expected life (in years) 5 Expected dividend yield 0.00% Share price $ 0.75 Exercise price $ 0.75 Risk-free interest rate 0.32% Expected annual volatility, based on comparable companies 85% Expected life (in years) 3 Expected dividend yield 0.00% Share price $ 2.12 Exercise price $ 3.25 The Company estimated the aggregate fair value of the Underwriters’ Warrants issued on February 4, 2021 using the Black-Scholes option pricing model to be $970 with the following assumptions: Risk-free interest rate 0.32% Expected annual volatility, based on comparable companies 85% Expected life (in years) 3 Expected dividend yield 0.00% Share price $ 2.12 Exercise price $ 2.25 Risk-free interest rate 0.42 % Expected annual volatility, based on comparable companies 85 % Expected life (in years) 2 Expected dividend yield 0.00% Share price $3.83 Exercise price $3.40 |
Summary of share capital | Cybin US Class B Shares Number of Class B Shares As at March 31, 2020 — Issued for acquisition 868,833.0 Issued on achievement of milestones 93,410.3 Balance as at March 31, 2021 962,243.3 Issued on achievement of milestones 269,007.8 Converted into Common Shares (184,116.0) Balance as at March 31, 2022 1,047,135.1 |
Summary of warrants | The continuity of the outstanding warrants for the two years ended March 31, 2022 is as follows: Number of Warrants Weighted average exercise price $ Common Share Purchase Warrants As at March 31, 2020 60,000 0.25 Issued 29,451,284 1.13 Exercised (815,047) 0.50 As at March 31, 2021 28,696,237 1.15 Issued 658,860 3.40 Exercised (3,231,261) 0.91 Forfeited (575,000) 0.54 Outstanding as at March 31, 2022 25,548,836 1.22 Exercisable as at March 31, 2022 24,755,086 1.25 Unit Purchase Warrants (1) As at March 31, 2020 — — Issued 868,740 2.25 As at March 31, 2021 868,740 2.25 Issued — — Exercised — — Forfeited — — Outstanding as at March 31, 2022 868,740 2.25 Exercisable as at March 31, 2022 868,740 2.25 (1) Each unit consisted of one Common Share and one half of one Common Share purchase warrant, with each Common Share purchase warrant being exercisable to acquire one Common Share at an exercise price of $3.25 per Common Share. The following summarizes information about warrants outstanding at March 31, 2022: Date of Expiry Warrants issued Warrants outstanding Warrants exercisable Weighted average of exercisable price Estimated grant date fair value Weighted average remaining of outstanding contractual life $ $000’s Years Common Share Purchase Warrants June 15, 2022 2,018,000 1,000,000 500,000 0.25 108 0.21 June 26, 2022 199,275 99,638 99,638 0.64 29 0.24 October 19, 2022 143,600 113,713 113,713 0.75 42 0.55 November 3, 2022 2,590,000 1,105,000 1,105,000 0.75 376 0.59 August 3, 2023 658,860 658,860 658,860 3.40 1,229 1.34 February 1, 2024 7,623,000 7,146,500 7,146,500 3.25 5,454 1.84 June 15, 2025 13,575,000 12,800,000 12,600,000 0.25 2,318 3.21 August 20, 2025 2,000,125 1,475,125 1,381,375 0.64 677 3.39 November 15, 2025 1,150,000 1,150,000 1,150,000 0.25 220 3.63 29,957,860 25,548,836 24,755,086 1.22 10,453 2.59 Unit Purchase Warrants February 4, 2024 868,740 868,740 868,740 2.25 970 1.85 868,740 868,740 868,740 2.25 970 1.85 |
Summary of number and weighted average exercise prices of share options | The changes in options for the two years ended March 31, 2022 are as follows: Number of Options Weighted average exercise price $ As at March 31, 2020 1,702,338 0.30 Granted 21,927,500 1.02 Exercised (492,386) 0.37 Forfeited (1,105,000) 0.37 As at March 31, 2021 22,032,452 1.01 Granted 9,144,600 2.42 Exercised (1,588,300) 0.83 Forfeited (683,750) 1.55 Cancelled (20,000) 2.78 Outstanding as at March 31, 2022 28,885,002 1.45 Exercisable as at March 31, 2022 19,408,182 1.29 Exercise Price Number of options outstanding Number of options exercisable Weighted average remaining life Recognized estimated grant date fair value Expiry date $ Years $000’s May 10, 2022 2.90 13,500 13,500 0.11 28 June 29, 2022 2.90 37,500 37,500 0.25 78 August 12, 2022 2.90 6,250 6,250 0.37 13 November 27, 2022 0.91 200,000 200,000 0.66 91 December 11, 2022 0.67 59,952 59,952 0.70 23 December 31, 2022 2.78 700,000 700,000 0.75 715 June 30, 2023 2.78 20,000 20,000 1.25 24 June 15, 2025 0.25 2,350,000 2,350,000 3.21 420 October 12, 2025 0.75 3,000,000 2,250,000 3.54 1,557 November 4, 2025 0.75 6,000,000 4,562,500 3.60 3,110 November 13, 2025 0.88 500,000 375,000 3.62 303 December 11, 2025 1.48 700,000 625,000 3.70 721 December 14, 2025 1.74 2,264,100 1,695,572 3.71 2,668 December 28, 2025 1.89 760,000 570,000 3.75 969 January 2, 2026 1.89 225,000 140,625 3.76 286 February 15, 2026 2.03 170,000 96,875 3.88 213 February 16, 2026 2.03 150,000 93,750 3.88 194 March 10, 2026 1.39 1,272,600 1,071,633 3.95 1,210 March 15, 2026 1.55 300,000 187,500 3.96 318 March 28, 2026 1.36 1,575,000 1,340,625 3.99 1,463 March 29, 2026 1.32 37,500 37,500 4.00 36 March 31, 2026 1.35 345,000 165,625 4.00 270 June 28, 2026 2.90 3,648,000 1,714,875 4.25 6,224 August 16, 2026 2.48 215,000 80,625 4.38 260 August 18, 2026 2.48 300,000 112,500 4.39 352 September 27, 2026 3.15 565,000 141,250 4.50 637 September 27, 2026 2.87 195,000 73,125 4.50 262 September 30, 2026 3.15 450,000 112,500 4.50 486 December 31, 2026 3.15 40,000 10,000 4.76 16 December 31, 2026 1.50 1,250,000 87,500 4.76 329 March 4, 2027 1.13 1,075,600 268,900 4.93 287 March 4, 2027 3.15 60,000 7,500 4.93 8 March 8, 2027 1.02 400,000 200,000 4.94 212 28,885,002 19,408,182 3.58 23,783 |
Summary of measurement of stock option fair value assumptions | The aggregate estimated grant date fair value was determined to be $7,994, calculated using the Black-Scholes option pricing model with the following assumptions: Risk-free interest rate 0.98% Expected annual volatility, based on comparable companies 95.00% Expected life (in years) 5.00 Expected dividend yield 0.00% Share price $ 2.90 Exercise price $ 2.90 Risk-free interest rate 0.81% Expected annual volatility, based on comparable companies 95.00% Expected life (in years) 5.00 Expected dividend yield 0.00% Share price $ 2.48 Exercise price $ 2.48 Risk-free interest rate 0.82% Expected annual volatility, based on comparable companies 95.00% Expected life (in years) 5.00 Expected dividend yield 0.00% Share price $ 2.42 Exercise price $ 2.48 Risk-free interest rate 1.06% Expected annual volatility, based on comparable companies 95.00% Expected life (in years) 5.00 Expected dividend yield 0.00% Share price $ 2.87 Exercise price $ 3.15 Risk-free interest rate 1.06% Expected annual volatility, based on comparable companies 95.00% Expected life (in years) 5.00 Expected dividend yield 0.00% Share price $ 2.87 Exercise price $ 2.87 Risk-free interest rate 1.11% Expected annual volatility, based on comparable companies 95.00% Expected life (in years) 5.00 Expected dividend yield 0.00% Share price $ 2.78 Exercise price $ 3.15 Risk-free interest rate 0.53% Expected annual volatility, based on comparable companies 85.00% Expected life (in years) 1.75 Expected dividend yield 0.00% Share price $ 2.78 Exercise price $ 2.78 Risk-free interest rate 0.41% Expected annual volatility, based on comparable companies 85.00% Expected life (in years) 1.25 Expected dividend yield 0.00% Share price $ 2.78 Exercise price $ 2.78 Risk-free interest rate 1.25% Expected annual volatility, based on comparable companies 95.00% Expected life (in years) 5 Expected dividend yield 0.00% Share price $ 1.50 Exercise price $ 3.15 Risk-free interest rate 1.25% Expected annual volatility, based on comparable companies 95.00% Expected life (in years) 5 Expected dividend yield 0.00% Share price $ 1.50 Exercise price $ 1.50 Risk-free interest rate 1.46% Expected annual volatility, based on comparable companies 95.00% Expected life (in years) 5 Expected dividend yield 0.00% Share price $ 1.13 Exercise price $ 1.13 Risk-free interest rate 1.46% Expected annual volatility, based on comparable companies 95.00% Expected life (in years) 5 Expected dividend yield 0.00% Share price $ 1.13 Exercise price $ 3.15 Risk-free interest rate 1.61% Expected annual volatility, based on comparable companies 95.00% Expected life (in years) 5 Expected dividend yield 0.00% Share price $ 1.02 Exercise price $ 1.02 |
Summary of stock option information, exercise prices | The following summarizes information about stock options outstanding on March 31, 2022: Exercise Price Number of options outstanding Number of options exercisable Weighted average remaining life Recognized estimated grant date fair value Expiry date $ Years $000’s May 10, 2022 2.90 13,500 13,500 0.11 28 June 29, 2022 2.90 37,500 37,500 0.25 78 August 12, 2022 2.90 6,250 6,250 0.37 13 November 27, 2022 0.91 200,000 200,000 0.66 91 December 11, 2022 0.67 59,952 59,952 0.70 23 December 31, 2022 2.78 700,000 700,000 0.75 715 June 30, 2023 2.78 20,000 20,000 1.25 24 June 15, 2025 0.25 2,350,000 2,350,000 3.21 420 October 12, 2025 0.75 3,000,000 2,250,000 3.54 1,557 November 4, 2025 0.75 6,000,000 4,562,500 3.60 3,110 November 13, 2025 0.88 500,000 375,000 3.62 303 December 11, 2025 1.48 700,000 625,000 3.70 721 December 14, 2025 1.74 2,264,100 1,695,572 3.71 2,668 December 28, 2025 1.89 760,000 570,000 3.75 969 January 2, 2026 1.89 225,000 140,625 3.76 286 February 15, 2026 2.03 170,000 96,875 3.88 213 February 16, 2026 2.03 150,000 93,750 3.88 194 March 10, 2026 1.39 1,272,600 1,071,633 3.95 1,210 March 15, 2026 1.55 300,000 187,500 3.96 318 March 28, 2026 1.36 1,575,000 1,340,625 3.99 1,463 March 29, 2026 1.32 37,500 37,500 4.00 36 March 31, 2026 1.35 345,000 165,625 4.00 270 June 28, 2026 2.90 3,648,000 1,714,875 4.25 6,224 August 16, 2026 2.48 215,000 80,625 4.38 260 August 18, 2026 2.48 300,000 112,500 4.39 352 September 27, 2026 3.15 565,000 141,250 4.50 637 September 27, 2026 2.87 195,000 73,125 4.50 262 September 30, 2026 3.15 450,000 112,500 4.50 486 December 31, 2026 3.15 40,000 10,000 4.76 16 December 31, 2026 1.50 1,250,000 87,500 4.76 329 March 4, 2027 1.13 1,075,600 268,900 4.93 287 March 4, 2027 3.15 60,000 7,500 4.93 8 March 8, 2027 1.02 400,000 200,000 4.94 212 28,885,002 19,408,182 3.58 23,783 |
RELATED PARTY TRANSACTIONS AN_2
RELATED PARTY TRANSACTIONS AND BALANCES (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Related Party [Abstract] | |
Schedule of remuneration of key management personnel | The remuneration of key management personnel for the years ended March 31, 2021 and 2022 are as follows: Year ended March 31, 2022 2021 $000’s $000’s Payroll, consulting and benefits (1) 6,569 4,001 Share-based compensation Options 8,813 4,786 Warrants 109 2,665 Total 15,491 11,452 |
GENERAL AND ADMINISTRATIVE EX_2
GENERAL AND ADMINISTRATIVE EXPENSES (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Analysis of income and expense [abstract] | |
Schedule of General and Administrative Expenses | Year ended March 31, 2022 2021 $000’s $000’s Payroll, consulting and benefits 7,468 4,867 Capital market 7,277 2,118 Office and administration 3,999 936 Professional and consulting fees 3,275 3,070 Business development 2,223 907 Investor relations 1,981 1,271 Marketing media 1,466 649 Listing fees 533 2,052 Total 28,222 15,870 |
CAPITAL MANAGEMENT (Tables)
CAPITAL MANAGEMENT (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Capital Management [Abstract] | |
Disclosure Of Capital Structure | The Company’s capital structure includes the following: As at March 31, 2022 March 31, 2021 $000’s $000’s Shareholders’ equity comprised of: Share capital 141,451 100,676 Contributed surplus 525 124 Options reserve 23,783 7,158 Warrants reserve 11,423 11,166 Accumulated other comprehensive income (loss) (366) 24 Deficit (100,661) (33,030) Total 76,155 86,118 |
FINANCIAL INSTRUMENTS (Tables)
FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Financial Instruments [Abstract] | |
Schedule of Financial Assets | The Company has classified its financial instruments as follows: As at March 31, 2022 March 31, 2021 $000’s $000’s Financial assets, measured at fair value: Cash 53,641 64,026 Investments 242 — Financial assets, measured at amortized cost: Accounts receivable 28 — Financial liabilities, measured at fair value: Contingent consideration payable 2,646 3,201 Financial liabilities, measured at amortized cost: Accounts payable and accrued liabilities 5,262 2,793 |
Schedule of Financial Liabilities | The Company has classified its financial instruments as follows: As at March 31, 2022 March 31, 2021 $000’s $000’s Financial assets, measured at fair value: Cash 53,641 64,026 Investments 242 — Financial assets, measured at amortized cost: Accounts receivable 28 — Financial liabilities, measured at fair value: Contingent consideration payable 2,646 3,201 Financial liabilities, measured at amortized cost: Accounts payable and accrued liabilities 5,262 2,793 |
Schedule of Changes in Fair Value of Financial Assets | The following table presents the changes in level 3 financial instruments for the year ended March 31, 2022. $000’s Balance as at March 31, 2021 — Additions 250 Interest income 21 Change in fair value of investments measured at fair value through profit or loss (29) Balance as at March 31, 2022 242 |
Schedule of Quantitative Information of Significant Unobservable inputs in Fair Value Measurements | The following table summarizes the quantitative information about the significant unobservable inputs used in level 3 fair value measurements: Description Fair Value as at Unobservable inputs Range of inputs Relationship of unobservable inputs to fair value March 31, 2022 March 31, 2021 000’s 000’s Rx Hybrid Instrument 242 — Fair value interest rate of loan and conversion feature 10% Increase/decrease in the fair value rate by 1% would not have a material effect on the fair value of the investment |
Disclosure of Monetary Assets and Liabilities Currency Risk Fluctuations | The Company had the following balances in monetary assets and monetary liabilities which are subject to fluctuation against CAD: Denominated in: US$000’s GBP 000’s EUR 000’s Cash 740 485 386 Accounts payable and accrued liabilities (78) (29) — 662 456 386 Foreign currency rate 1.2496 1.6417 1.3853 Equivalent in Canadian dollars $ 827 $ 749 $ 535 Impact of 10% change in foreign currency rate $ 83 $ 75 $ 54 |
INCOME TAX (Tables)
INCOME TAX (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Income Taxes [Abstract] | |
Major items causing the income tax rate to differ from the Canadian statutory rate | Major items causing the Company’s income tax rate to differ from the Canadian statutory rate of approximately 26.50% are as follows: Year ended March 31, 2022 2021 Net loss and comprehensive loss before income taxes 67,631 32,220 Expected recovery at statutory rate 17,922 8,538 Share-based compensation (4,778) (3,099) Share issuance costs 794 1,324 Difference between Canadian and foreign tax rates (1,414) (97) Non-deductible expenses (1,242) (40) Change in unrecognized deferred tax assets (11,282) (6,626) Income tax recovery — — |
Significant components of deferred tax assets | The significant components of the Company’s deferred tax assets, resulting from temporary differences, unused tax credits and unused tax losses, that have not been included on the consolidated statements of financial position, are as follows: As at March 31, 2022 March 31, 2021 Non-capital loss carryforwards 16,307 5,660 Share issuance costs 1,526 1,126 Depreciation/CCA differences 227 12 Other 43 23 18,103 6,821 Valuation allowance (18,103) (6,821) — — |
Non-capital losses expiration | The non-capital losses expire as follows: Year of expiry $ 2040 740 2041 19,193 2042 30,112 50,045 Year of expiry $ 2041 - Pre-acquisition loss generated up to December 4, 2020 933 2041 - Loss generated in the period from December 4, 2020 to March 31, 2021 1,241 2042 - Loss generated in the year ended March 31, 2022 6,722 8,896 Year of expiry $ 2042 9,469 9,469 |
CORPORATE INFORMATION (Details)
CORPORATE INFORMATION (Details) $ in Thousands | Mar. 31, 2022 CAD ($) | Mar. 31, 2021 CAD ($) | Nov. 05, 2020 |
Corporate Information and Statement of IFRS Compliance [Abstract] | |||
Reverse stock split conversion ratio | 6.672 | ||
Deficit | $ 100,661 | $ 33,030 | |
Cash | 53,641 | 64,026 | |
Working capital | $ 50,447 | $ 61,584 |
SIGNIFICANT ACCOUNTING POLICI_3
SIGNIFICANT ACCOUNTING POLICIES AND BASIS OF PREPARATION - Functional and presentation currency (Details) | 12 Months Ended |
Mar. 31, 2022 | |
Cybin Corp. | |
Disclosure of subsidiaries [line items] | |
Ownership | 100% |
Journey | |
Disclosure of subsidiaries [line items] | |
Ownership | 100% |
Serenity | |
Disclosure of subsidiaries [line items] | |
Ownership | 100% |
Cybin US1 | |
Disclosure of subsidiaries [line items] | |
Ownership | 100% |
Adelia | |
Disclosure of subsidiaries [line items] | |
Ownership | 100% |
Cybin IRL Limited | |
Disclosure of subsidiaries [line items] | |
Ownership | 100% |
SIGNIFICANT ACCOUNTING POLICI_4
SIGNIFICANT ACCOUNTING POLICIES AND BASIS OF PREPARATION - Equipment (Details) | 12 Months Ended |
Mar. 31, 2022 | |
Lab Equipment | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful life of equipment | 5 years |
Computer Equipment | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful life of equipment | 3 years |
SIGNIFICANT ACCOUNTING POLICI_5
SIGNIFICANT ACCOUNTING POLICIES AND BASIS OF PREPARATION - Intangible Assets (Details) | 12 Months Ended |
Mar. 31, 2022 | |
Software | |
Disclosure of detailed information about intangible assets [line items] | |
Useful life of intangible assets | 3 years |
Patents | |
Disclosure of detailed information about intangible assets [line items] | |
Useful life of intangible assets | 17 years |
SIGNIFICANT ACCOUNTING POLICI_6
SIGNIFICANT ACCOUNTING POLICIES AND BASIS OF PREPARATION - Share-based compensation (Details) | 12 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
Exercisable period | 10 years |
ACQUISITIONS - Narrative (Detai
ACQUISITIONS - Narrative (Details) $ / shares in Units, $ in Thousands | 12 Months Ended | ||||||||||||||||||||
Mar. 25, 2022 shares | Feb. 18, 2022 shares | Feb. 14, 2022 shares | Jan. 06, 2022 shares | Nov. 29, 2021 shares | Nov. 18, 2021 shares | Aug. 31, 2021 shares | Aug. 18, 2021 shares $ / shares | Aug. 17, 2021 shares | Aug. 16, 2021 $ / shares | Jun. 28, 2021 $ / shares shares | Mar. 11, 2021 shares | Jan. 12, 2021 shares | Dec. 14, 2020 CAD ($) $ / shares shares | Nov. 04, 2020 shares | Mar. 31, 2022 shares | Mar. 31, 2021 shares | Dec. 15, 2020 shares | Nov. 16, 2020 CAD ($) | Sep. 03, 2020 CAD ($) | Aug. 21, 2020 | |
Disclosure of detailed information about business combination [line items] | |||||||||||||||||||||
Number of options, granted (in shares) | 300,000 | 6,200,000 | 9,144,600 | 21,927,500 | |||||||||||||||||
Exercise price (in dollars per share) | $ / shares | $ 2.48 | $ 2.48 | $ 2.90 | ||||||||||||||||||
Adelia | |||||||||||||||||||||
Disclosure of detailed information about business combination [line items] | |||||||||||||||||||||
Percentage of voting equity interests acquired | 51% | ||||||||||||||||||||
Pre-acquisition cash advances to Adelia | $ | $ 912 | $ 215 | $ 500 | ||||||||||||||||||
Cash transferred, annual interest rate | 10% | ||||||||||||||||||||
Share consideration | $ | $ 19,549 | ||||||||||||||||||||
Class B shares | |||||||||||||||||||||
Disclosure of detailed information about business combination [line items] | |||||||||||||||||||||
Shares issued for Adelia at acquisition (in shares) | 868,833 | ||||||||||||||||||||
Equity interest of acquirer, contingent consideration (in shares) | 90,546 | 17,239.5 | 41,028.2 | 15,611.4 | 31,721.5 | 28,903 | 9,392.6 | 18,788.5 | 15,777.1 | 42,247.3 | 51,163 | 269,007.8 | 93,410.3 | ||||||||
Class B shares | Adelia | |||||||||||||||||||||
Disclosure of detailed information about business combination [line items] | |||||||||||||||||||||
Shares issued for Adelia at acquisition (in shares) | 868,833 | ||||||||||||||||||||
Issuance price (in CAD per share) | $ / shares | $ 12.40 | ||||||||||||||||||||
Share consideration | $ | $ 19,549 | ||||||||||||||||||||
Equity interest of acquirer, contingent consideration | $ | $ 9,388 | ||||||||||||||||||||
Equity interest of acquirer, contingent consideration (in shares) | 362,418.1 | ||||||||||||||||||||
Class B shares | Adelia | Tranche One | |||||||||||||||||||||
Disclosure of detailed information about business combination [line items] | |||||||||||||||||||||
Conversion of stock, percentage of shares | 33.333% | ||||||||||||||||||||
Class B shares | Adelia | Tranche Two | |||||||||||||||||||||
Disclosure of detailed information about business combination [line items] | |||||||||||||||||||||
Conversion of stock, percentage of shares | 66.667% | ||||||||||||||||||||
Class B shares | Adelia | Tranche Three | |||||||||||||||||||||
Disclosure of detailed information about business combination [line items] | |||||||||||||||||||||
Conversion of stock, percentage of shares | 100% | ||||||||||||||||||||
Common shares | Adelia | |||||||||||||||||||||
Disclosure of detailed information about business combination [line items] | |||||||||||||||||||||
Shares issued, exchange rate | 10 | ||||||||||||||||||||
Conversion of stock, shares converted (in shares) | 8,688,330 | ||||||||||||||||||||
Conversion of stock, shares issued, effective price per share (in dollars per share) | $ / shares | $ 1.24 | ||||||||||||||||||||
Class of warrant or right, weighted average price (in dollars per share) | $ / shares | $ 7.50 | ||||||||||||||||||||
Number of options, granted (in shares) | 2,244,100 | ||||||||||||||||||||
Award vesting period | 5 years | ||||||||||||||||||||
Exercise price (in dollars per share) | $ / shares | $ 1.74 | ||||||||||||||||||||
Number of shares issued (in shares) | 555,900 |
ACQUISITIONS - Assets Acquired
ACQUISITIONS - Assets Acquired and Liabilities Assumed (Details) - Adelia - CAD ($) $ in Thousands | Dec. 14, 2020 | Nov. 16, 2020 | Sep. 03, 2020 |
Disclosure of detailed information about business combination [line items] | |||
Pre-acquisition cash advances to Adelia | $ 912 | $ 215 | $ 500 |
Share consideration | 19,549 | ||
Contingent consideration | 4,257 | ||
Fair value of purchase consideration | 24,718 | ||
Cash at closing | (65) | ||
Total debt assumed | 111 | ||
Total allocation of purchase price | 24,764 | ||
Allocation of purchase price: | |||
Current assets | 43 | ||
Net Equipment | 480 | ||
Patents | 1,606 | ||
Liabilities assumed | (735) | ||
Goodwill | 23,370 | ||
Total allocation of purchase price | $ 24,764 |
ACQUISITIONS - Schedule of Pro
ACQUISITIONS - Schedule of Pro Forma Information (Details) - Adelia $ in Thousands | 12 Months Ended |
Mar. 31, 2021 CAD ($) | |
Disclosure of detailed information about business combination [line items] | |
Revenue | $ 0 |
Net loss | (1,876) |
Revenue | 0 |
Net loss | $ (3,191) |
INVESTMENTS (Details)
INVESTMENTS (Details) - CAD ($) $ in Thousands | Mar. 31, 2022 | Jun. 08, 2021 | Mar. 31, 2021 |
Financial assets, measured at fair value: | Investments | |||
Disclosure of associates [line items] | |||
Financial assets | $ 242 | $ 250 | $ 0 |
Rx Debentures | |||
Disclosure of associates [line items] | |||
Unsecured bank loans received | $ 250 | ||
Borrowings, interest rate | 10% | ||
Percentage of equity financing offering price | 80% | ||
Percentage of conversion price | 125% |
EQUIPMENT (Details)
EQUIPMENT (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Reconciliation of changes in property, plant and equipment [abstract] | ||
Balance | $ 557 | |
Balance | 491 | $ 557 |
Net book value | 491 | 557 |
Lab Equipment | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Balance | 431 | |
Balance | 337 | 431 |
Net book value | 337 | 431 |
Computer Equipment | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Balance | 126 | |
Balance | 154 | 126 |
Net book value | 154 | 126 |
Cost | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Balance | 611 | 0 |
Additions | 105 | 619 |
Effect of foreign exchange | 3 | 8 |
Balance | 713 | 611 |
Net book value | 713 | 611 |
Cost | Lab Equipment | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Balance | 470 | 0 |
Additions | 8 | 478 |
Effect of foreign exchange | 3 | 8 |
Balance | 475 | 470 |
Net book value | 475 | 470 |
Cost | Computer Equipment | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Balance | 141 | 0 |
Additions | 97 | 141 |
Effect of foreign exchange | 0 | 0 |
Balance | 238 | 141 |
Net book value | 238 | 141 |
Accumulated Depreciation | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Balance | (54) | 0 |
Depreciation charge | 168 | 49 |
Effect of foreign exchange | 0 | 5 |
Balance | (222) | (54) |
Net book value | (222) | (54) |
Accumulated Depreciation | Lab Equipment | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Balance | (39) | 0 |
Depreciation charge | 100 | 34 |
Effect of foreign exchange | (1) | 5 |
Balance | (138) | (39) |
Net book value | (138) | (39) |
Accumulated Depreciation | Computer Equipment | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Balance | (15) | 0 |
Depreciation charge | 68 | 15 |
Effect of foreign exchange | 1 | 0 |
Balance | (84) | (15) |
Net book value | $ (84) | $ (15) |
INTANGIBLE ASSETS (Details)
INTANGIBLE ASSETS (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Reconciliation of changes in intangible assets other than goodwill [abstract] | ||
Balance | $ 1,701 | |
Balance | 2,083 | $ 1,701 |
Cost | ||
Reconciliation of changes in intangible assets other than goodwill [abstract] | ||
Balance | 1,701 | 0 |
Adelia Acquisition | 1,606 | |
Additions | 415 | 97 |
Effect of foreign exchange | (33) | (2) |
Balance | 2,083 | 1,701 |
Cost | Patents | ||
Reconciliation of changes in intangible assets other than goodwill [abstract] | ||
Balance | 1,701 | 0 |
Adelia Acquisition | 1,606 | |
Additions | 341 | 97 |
Effect of foreign exchange | (33) | (2) |
Balance | 2,009 | 1,701 |
Cost | Software | ||
Reconciliation of changes in intangible assets other than goodwill [abstract] | ||
Balance | 0 | 0 |
Adelia Acquisition | 0 | |
Additions | 74 | 0 |
Effect of foreign exchange | 0 | 0 |
Balance | $ 74 | $ 0 |
GOODWILL (Details)
GOODWILL (Details) $ in Thousands | 12 Months Ended | |
Mar. 31, 2022 CAD ($) | Mar. 31, 2021 CAD ($) | |
Reconciliation of changes in intangible assets and goodwill [abstract] | ||
Balance | $ 23,370 | |
Balance | 22,892 | $ 23,370 |
Impairment loss | $ 0 | |
Goodwill | Discount rate | ||
Reconciliation of changes in intangible assets and goodwill [abstract] | ||
Significant unobservable input, assets | 0.156 | |
Goodwill | Terminal growth rate | ||
Reconciliation of changes in intangible assets and goodwill [abstract] | ||
Significant unobservable input, assets | 0.02 | |
Goodwill | ||
Reconciliation of changes in intangible assets and goodwill [abstract] | ||
Balance | $ 23,370 | 0 |
Additions (refer to note 4) | 23,370 | |
Effect of foreign exchange | (478) | |
Balance | $ 22,892 | $ 23,370 |
CONTINGENT CONSIDERATION PAYA_3
CONTINGENT CONSIDERATION PAYABLE - Schedule of Contingent Consideration Carrying Value (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Reconciliation of changes in contingent liabilities recognised in business combination [abstract] | ||
Change in fair value of contingent consideration | $ 3,380 | $ 0 |
Adelia | ||
Reconciliation of changes in contingent liabilities recognised in business combination [abstract] | ||
Beginning balance | 3,201 | 0 |
Contingent consideration on acquisition | 4,258 | |
Milestone achieved | (4,251) | (1,539) |
Accretion expense | 316 | 482 |
Change in fair value of contingent consideration | 3,380 | |
Ending balance | $ 2,646 | $ 3,201 |
CONTINGENT CONSIDERATION PAYA_4
CONTINGENT CONSIDERATION PAYABLE - Narrative (Details) $ in Thousands | 12 Months Ended | |
Mar. 31, 2022 CAD ($) | Mar. 31, 2021 CAD ($) | |
Disclosure of contingent liabilities in business combination [line items] | ||
Current trading price multiplier | 10 | |
Change in fair value of contingent consideration | $ 3,380 | $ 0 |
Adelia | ||
Disclosure of contingent liabilities in business combination [line items] | ||
Contingent consideration payable | 3,014 | |
Change in fair value of contingent consideration | 3,380 | |
Accretion expense | $ 316 | $ 482 |
SHARE CAPITAL - Narrative - Iss
SHARE CAPITAL - Narrative - Issued Share Capital (Details) | 1 Months Ended | 2 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||
Mar. 25, 2022 CAD ($) $ / shares shares | Feb. 18, 2022 CAD ($) $ / shares shares | Feb. 14, 2022 CAD ($) $ / shares shares | Jan. 06, 2022 CAD ($) $ / shares shares | Nov. 29, 2021 CAD ($) $ / shares shares | Nov. 18, 2021 CAD ($) $ / shares shares | Aug. 31, 2021 CAD ($) $ / shares shares | Aug. 17, 2021 CAD ($) $ / shares shares | Aug. 03, 2021 CAD ($) $ / shares shares | Jun. 28, 2021 CAD ($) $ / shares shares | Mar. 11, 2021 CAD ($) $ / shares shares | Feb. 04, 2021 CAD ($) tradingDay $ / shares shares | Jan. 12, 2021 CAD ($) $ / shares shares | Dec. 04, 2020 CAD ($) shares | Nov. 05, 2020 $ / shares shares | Nov. 03, 2020 $ / shares shares | Oct. 19, 2020 CAD ($) $ / shares shares | Jun. 26, 2020 $ / shares shares | Jun. 17, 2020 CAD ($) $ / shares shares | Jun. 17, 2020 CAD ($) $ / shares | Jun. 16, 2020 shares | Jun. 15, 2020 CAD ($) $ / shares shares | Jun. 11, 2020 CAD ($) $ / shares shares | May 01, 2020 CAD ($) $ / shares | Nov. 03, 2020 $ / shares | Jun. 11, 2020 CAD ($) $ / shares shares | Mar. 31, 2022 CAD ($) shares | Mar. 31, 2021 CAD ($) shares | Mar. 31, 2020 shares | |
Disclosure of classes of share capital [line items] | |||||||||||||||||||||||||||||
Share price (in CAD per share) | $ / shares | $ 2.25 | ||||||||||||||||||||||||||||
Proceeds from issue of ordinary shares in private placement | $ | $ 927,000 | ||||||||||||||||||||||||||||
Reversal of share subscriptions | $ | $ 700,000 | ||||||||||||||||||||||||||||
Subscriptions price (in CAD per share) | $ / shares | $ 0.75 | ||||||||||||||||||||||||||||
Payments for share issue costs | $ | $ 2,240,000 | $ 1,955,000 | |||||||||||||||||||||||||||
Proceeds from current borrowings | $ | $ 300,000 | ||||||||||||||||||||||||||||
Borrowings, conversion price (in CAD per share) | $ / shares | $ 0.25 | ||||||||||||||||||||||||||||
Shares issued on conversion of debt (in shares) | 1,200,000 | ||||||||||||||||||||||||||||
Subscription receipts issued (in shares) | 60,000,000 | ||||||||||||||||||||||||||||
Proceeds from subscription issuance | $ | $ 45,000,000 | ||||||||||||||||||||||||||||
Subscription, fee percentage | 6% | ||||||||||||||||||||||||||||
Subscription, fee percentage, president's list | 1.50% | ||||||||||||||||||||||||||||
Warrants, percentage of subscriptions | 6% | ||||||||||||||||||||||||||||
Shares issued for amalgamation (in shares) | 2,128,295 | ||||||||||||||||||||||||||||
Bought deal share offering - net of share issuance costs (in shares) | 15,246,000 | ||||||||||||||||||||||||||||
Proceeds from issuing other equity instruments | $ | $ 34,303,000 | ||||||||||||||||||||||||||||
Professional and consulting fees | $ | $ 3,275,000 | $ 3,070,000 | |||||||||||||||||||||||||||
Equity interest of acquirer, contingent consideration, value | $ | $ 4,251,000 | $ 1,539,000 | |||||||||||||||||||||||||||
Agents | |||||||||||||||||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||||||||||||||||
Advisory service fee | $ | $ 479,000 | ||||||||||||||||||||||||||||
Other related parties | |||||||||||||||||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||||||||||||||||
Payments for share issue costs | $ | $ 1,180,000 | ||||||||||||||||||||||||||||
Finders Warrants | |||||||||||||||||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||||||||||||||||
Share price (in CAD per share) | $ / shares | $ 0.64 | $ 0.25 | $ 0.25 | ||||||||||||||||||||||||||
Warrants, exercise price (in CAD per share) | $ / shares | $ 0.64 | $ 0.25 | $ 0.25 | ||||||||||||||||||||||||||
Number of warrants issued (in shares) | 199,275 | 96,034 | 295,309 | 18,000 | |||||||||||||||||||||||||
Aggregate fair value, vested | $ | $ 87,000 | $ 87,000 | $ 3,000 | $ 3,000 | |||||||||||||||||||||||||
Warrant term | 24 months | 24 months | |||||||||||||||||||||||||||
Share Purchase Warrants | |||||||||||||||||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||||||||||||||||
Warrants, exercise price (in CAD per share) | $ / shares | $ 0.25 | ||||||||||||||||||||||||||||
Number of warrants issued (in shares) | 2,000,000 | ||||||||||||||||||||||||||||
Aggregate fair value, vested | $ | $ 0 | ||||||||||||||||||||||||||||
Expected forfeiture as percentage | 100% | ||||||||||||||||||||||||||||
Broker Warrants | |||||||||||||||||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||||||||||||||||
Share price (in CAD per share) | $ / shares | $ 0.75 | $ 0.75 | |||||||||||||||||||||||||||
Warrants, exercise price (in CAD per share) | $ / shares | $ 0.75 | $ 0.75 | $ 0.75 | ||||||||||||||||||||||||||
Warrant term | 24 months | 24 months | |||||||||||||||||||||||||||
Broker Warrants | Agents | |||||||||||||||||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||||||||||||||||
Number of warrants issued (in shares) | 16,000 | ||||||||||||||||||||||||||||
Broker Warrants | Other related parties | |||||||||||||||||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||||||||||||||||
Number of warrants issued (in shares) | 2,590,000 | 2,590,000 | |||||||||||||||||||||||||||
2021 Warrants | |||||||||||||||||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||||||||||||||||
Share price (in CAD per share) | $ / shares | $ 2.12 | ||||||||||||||||||||||||||||
Warrants, exercise price (in CAD per share) | $ / shares | $ 3.25 | ||||||||||||||||||||||||||||
Number of warrants issued (in shares) | 7,623,000 | ||||||||||||||||||||||||||||
Warrant, threshold consecutive trading days | tradingDay | 10 | ||||||||||||||||||||||||||||
Warrant, stock price trigger (in CAD per share) | 5 | ||||||||||||||||||||||||||||
Other Equity Instruments, Trading Days, Minimum Notice | 30 days | ||||||||||||||||||||||||||||
Warrant, conversion ratio | 0.5 | ||||||||||||||||||||||||||||
Underwriters’ Warrants | |||||||||||||||||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||||||||||||||||
Share price (in CAD per share) | $ / shares | $ 2.12 | ||||||||||||||||||||||||||||
Number of warrants issued (in shares) | 868,740 | ||||||||||||||||||||||||||||
Exercisable (in CAD per share) | $ / shares | $ 2.25 | ||||||||||||||||||||||||||||
August 2021 compensation common share warrants | |||||||||||||||||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||||||||||||||||
Share price (in CAD per share) | $ / shares | $ 3.83 | ||||||||||||||||||||||||||||
Warrants, exercise price (in CAD per share) | $ / shares | $ 3.40 | ||||||||||||||||||||||||||||
Number of warrants issued (in shares) | 658,860 | ||||||||||||||||||||||||||||
Warrant term | 24 months | ||||||||||||||||||||||||||||
Professional and consulting fees | $ | $ 754,000 | ||||||||||||||||||||||||||||
Preferred shares | |||||||||||||||||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||||||||||||||||
Number of shares outstanding (in shares) | 0 | 0 | |||||||||||||||||||||||||||
Common shares | |||||||||||||||||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||||||||||||||||
Number of shares held in escrow (in shares) | 12,545,767 | 37,637,300 | |||||||||||||||||||||||||||
Shares issued for cash net of share issuance costs – private placement (in shares) | 10,540,066 | 3,706,600 | |||||||||||||||||||||||||||
Share price (in CAD per share) | $ / shares | $ 3.40 | $ 0.25 | |||||||||||||||||||||||||||
Reversal of share subscriptions | $ | $ 164,000 | ||||||||||||||||||||||||||||
Reversal of share subscriptions (in shares) | 6,569,772 | ||||||||||||||||||||||||||||
Subscriptions price (in CAD per share) | $ / shares | $ 0.0001 | $ 0.025 | |||||||||||||||||||||||||||
Proceeds from issue of ordinary shares | $ | $ 34,502,000 | ||||||||||||||||||||||||||||
Payments for share issue costs | $ | $ 189,000 | ||||||||||||||||||||||||||||
Bought deal share offering - net of share issuance costs (in shares) | 10,147,600 | ||||||||||||||||||||||||||||
Common shares | Private placement | |||||||||||||||||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||||||||||||||||
Share price (in CAD per share) | $ / shares | $ 0.64 | ||||||||||||||||||||||||||||
Proceeds from issue of ordinary shares | $ | $ 6,746,000 | ||||||||||||||||||||||||||||
Class B shares | |||||||||||||||||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||||||||||||||||
Number of shares outstanding (in shares) | 1,047,135.1 | 962,243.3 | 0 | ||||||||||||||||||||||||||
Share price (in CAD per share) | $ / shares | $ 9.99 | $ 13.54 | $ 13.43 | ||||||||||||||||||||||||||
Shares issued upon conversion (in shares) | 905,460 | 172,395 | 410,282 | 156,114 | 317,215 | 289,030 | 93,926 | 187,886 | 157,771 | 422,473 | 511,630 | 8,688,330 | 10,471,351 | 9,622,433 | |||||||||||||||
Shares issued upon conversion, percentage | 100% | ||||||||||||||||||||||||||||
Shares issued during period (in shares) | 868,833 | ||||||||||||||||||||||||||||
Share issue related cost | $ | $ 3,146,000 | ||||||||||||||||||||||||||||
Equity interest of acquirer, contingent consideration (in shares) | 90,546 | 17,239.5 | 41,028.2 | 15,611.4 | 31,721.5 | 28,903 | 9,392.6 | 18,788.5 | 15,777.1 | 42,247.3 | 51,163 | 269,007.8 | 93,410.3 | ||||||||||||||||
Equity interest of acquirer, contingent consideration, value | $ | $ 905,000 | $ 233,000 | $ 551,000 | $ 236,000 | $ 629,000 | $ 706,000 | $ 317,000 | $ 633,000 | $ 458,000 | $ 686,000 | $ 1,018,000 | ||||||||||||||||||
Conversion price (in CAD per share) | $ / shares | $ 1 | $ 1.35 | $ 1.34 | $ 1.51 | $ 1.98 | $ 2.44 | $ 3.38 | $ 3.37 | $ 2.90 | $ 1.62 | $ 1.99 | ||||||||||||||||||
Converted into Common Shares | (184,116) | ||||||||||||||||||||||||||||
Class B shares | Exchangeable prior to December 14, 2022 | |||||||||||||||||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||||||||||||||||
Shares issued upon conversion, percentage | 33.333% | ||||||||||||||||||||||||||||
Class B shares | Exchangeable prior to December 14, 2023 | |||||||||||||||||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||||||||||||||||
Shares issued upon conversion, percentage | 66.667% |
SHARE CAPITAL - Summary of sign
SHARE CAPITAL - Summary of significant unobservable inputs used, equity (Details) - $ / shares | Aug. 03, 2021 | Feb. 04, 2021 | Nov. 03, 2020 | Oct. 19, 2020 | Sep. 14, 2020 | Aug. 20, 2020 | Jun. 17, 2020 | Jun. 15, 2020 | Jun. 11, 2020 |
Disclosure of classes of share capital [line items] | |||||||||
Share price (in CAD per share) | $ 2.25 | ||||||||
Finders Warrants | |||||||||
Disclosure of classes of share capital [line items] | |||||||||
Risk-free interest rate | 38% | 38% | 38% | ||||||
Expected annual volatility, based on comparable companies | 8,500% | 8,500% | 8,500% | ||||||
Expected life (in years) | 2 years | 2 years | 2 years | ||||||
Expected dividend yield | 0% | 0% | 0% | ||||||
Share price (in CAD per share) | $ 0.64 | $ 0.25 | $ 0.25 | ||||||
Exercise price (in CAD per share) | $ 0.64 | $ 0.25 | $ 0.25 | ||||||
Warrants | |||||||||
Disclosure of classes of share capital [line items] | |||||||||
Risk-free interest rate | 121% | 121% | 182% | ||||||
Expected annual volatility, based on comparable companies | 9,500% | 9,500% | 9,500% | ||||||
Expected life (in years) | 5 years | 5 years | 5 years | ||||||
Expected dividend yield | 0% | 0% | 0% | ||||||
Share price (in CAD per share) | $ 0.64 | $ 0.64 | $ 0.25 | ||||||
Exercise price (in CAD per share) | $ 0.64 | $ 0.64 | $ 0.25 | ||||||
Broker Warrants | |||||||||
Disclosure of classes of share capital [line items] | |||||||||
Risk-free interest rate | 38% | 36% | |||||||
Expected annual volatility, based on comparable companies | 9,500% | 8,500% | |||||||
Expected life (in years) | 5 years | 2 years | |||||||
Expected dividend yield | 0% | 0% | |||||||
Share price (in CAD per share) | $ 0.75 | $ 0.75 | |||||||
Exercise price (in CAD per share) | $ 0.75 | $ 0.75 | |||||||
2021 Warrants | |||||||||
Disclosure of classes of share capital [line items] | |||||||||
Risk-free interest rate | 32% | ||||||||
Expected annual volatility, based on comparable companies | 8,500% | ||||||||
Expected life (in years) | 3 years | ||||||||
Expected dividend yield | 0% | ||||||||
Share price (in CAD per share) | $ 2.12 | ||||||||
Exercise price (in CAD per share) | $ 3.25 | ||||||||
Underwriters’ Warrants | |||||||||
Disclosure of classes of share capital [line items] | |||||||||
Risk-free interest rate | 32% | ||||||||
Expected annual volatility, based on comparable companies | 8,500% | ||||||||
Expected life (in years) | 3 years | ||||||||
Expected dividend yield | 0% | ||||||||
Share price (in CAD per share) | $ 2.12 | ||||||||
Exercise price (in CAD per share) | $ 2.25 | ||||||||
August 2021 compensation common share warrants | |||||||||
Disclosure of classes of share capital [line items] | |||||||||
Risk-free interest rate | 0.42% | ||||||||
Expected annual volatility, based on comparable companies | 85% | ||||||||
Expected life (in years) | 2 years | ||||||||
Expected dividend yield | 0% | ||||||||
Share price (in CAD per share) | $ 3.83 | ||||||||
Exercise price (in CAD per share) | $ 3.40 |
SHARE CAPITAL - Summary of shar
SHARE CAPITAL - Summary of share capital (Details) - Class B shares - shares | 12 Months Ended | ||||||||||||
Mar. 25, 2022 | Feb. 18, 2022 | Feb. 14, 2022 | Jan. 06, 2022 | Nov. 29, 2021 | Nov. 18, 2021 | Aug. 31, 2021 | Aug. 17, 2021 | Jun. 28, 2021 | Mar. 11, 2021 | Jan. 12, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | |
Reconciliation of number of shares outstanding [abstract] | |||||||||||||
Balance (in shares) | 962,243.3 | 0 | |||||||||||
Issue for acquisition (in shares) | 868,833 | ||||||||||||
Equity interest of acquirer, contingent consideration (in shares) | 90,546 | 17,239.5 | 41,028.2 | 15,611.4 | 31,721.5 | 28,903 | 9,392.6 | 18,788.5 | 15,777.1 | 42,247.3 | 51,163 | 269,007.8 | 93,410.3 |
Converted into Common Shares | (184,116) | ||||||||||||
Balance (in shares) | 1,047,135.1 | 962,243.3 |
SHARE CAPITAL - Summary of warr
SHARE CAPITAL - Summary of warrants (Details) | 12 Months Ended | |
Mar. 31, 2022 shares $ / shares | Mar. 31, 2021 shares $ / shares | |
Common Share Purchase Warrants | ||
Number of Warrants | ||
Outstanding (in shares) | shares | 28,696,237 | 60,000 |
Issued (in shares) | shares | 658,860 | 29,451,284 |
Exercised (in shares) | shares | (3,231,261) | (815,047) |
Forfeited (in shares) | shares | (575,000) | |
Outstanding (in shares) | shares | 25,548,836 | 28,696,237 |
Warrants exercisable (in shares) | shares | 24,755,086 | |
Weighted average exercise price | ||
Outstanding (in CAD per share) | $ 1.15 | $ 0.25 |
Issued (in CAD per shares) | 3.40 | 1.13 |
Exercised (in CAD per shares) | 0.91 | 0.50 |
Forfeited (in CAD per share) | 0.54 | |
Outstanding (in CAD per share) | 1.22 | $ 1.15 |
Exercisable (in CAD per share) | $ 1.25 | |
Warrant, conversion ratio | 0.5 | |
Unit Purchase Warrants | ||
Number of Warrants | ||
Outstanding (in shares) | shares | 868,740 | 0 |
Issued (in shares) | shares | 0 | 868,740 |
Exercised (in shares) | shares | 0 | |
Forfeited (in shares) | shares | 0 | |
Outstanding (in shares) | shares | 868,740 | 868,740 |
Warrants exercisable (in shares) | shares | 868,740 | |
Weighted average exercise price | ||
Outstanding (in CAD per share) | $ 2.25 | $ 0 |
Issued (in CAD per shares) | 0 | 2.25 |
Exercised (in CAD per shares) | 0 | |
Forfeited (in CAD per share) | 0 | |
Outstanding (in CAD per share) | 2.25 | $ 2.25 |
Exercisable (in CAD per share) | 2.25 | |
Warrants, exercise price (in CAD per share) | $ 3.25 |
SHARE CAPITAL - Narrative - War
SHARE CAPITAL - Narrative - Warrants (Details) $ / shares in Units, $ in Thousands | 1 Months Ended | 12 Months Ended | |||||||||||
Aug. 03, 2021 CAD ($) $ / shares shares | Feb. 04, 2021 CAD ($) tradingDay $ / shares shares | Nov. 27, 2020 shares | Nov. 04, 2020 $ / shares shares | Nov. 03, 2020 CAD ($) $ / shares shares | Oct. 19, 2020 CAD ($) $ / shares shares | Sep. 14, 2020 CAD ($) $ / shares shares | Aug. 20, 2020 $ / shares shares | Jun. 15, 2020 CAD ($) $ / shares shares | Nov. 03, 2020 CAD ($) $ / shares | Mar. 31, 2022 CAD ($) shares | Mar. 31, 2021 CAD ($) shares | Nov. 10, 2021 CAD ($) shares | |
Disclosure of classes of share capital [line items] | |||||||||||||
Proceeds from exercise of warrants | $ | $ 2,928 | $ 407 | |||||||||||
Number of warrants held in escrow (in shares) | 3,125,032 | 9,375,094 | |||||||||||
Share-based compensation | $ | $ 18,030 | $ 11,554 | |||||||||||
Warrants | |||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||
Share-based compensation | $ | $ 40 | $ 4,242 | |||||||||||
Common Share Purchase Warrants | |||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||
Warrant, conversion ratio | 0.5 | ||||||||||||
Exercised (in shares) | 3,231,261 | 815,047 | |||||||||||
Number of warrants issued (in shares) | 658,860 | 29,451,284 | |||||||||||
Warrants to directors, officers and advisors, June 15, 2020 issuance | |||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||
Warrants, exercise price (in CAD per share) | $ / shares | $ 0.25 | ||||||||||||
Number of warrants issued (in shares) | 14,725,000 | ||||||||||||
Warrant term | 60 months | ||||||||||||
Warrants outstanding | $ | $ 2,668 | ||||||||||||
Warrants to directors, officers and advisors, June 15, 2020 issuance | Vested on the date of issuance | |||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||
Number of warrants issued (in shares) | 12,875,000 | ||||||||||||
Warrants to directors, officers and advisors, June 15, 2020 issuance | Vested quarterly over 24 months from the date of issuance | |||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||
Number of warrants issued (in shares) | 700,000 | ||||||||||||
Warrants to directors, officers and advisors, June 15, 2020 issuance | Vested monthly over 18 months from the date of issuance | |||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||
Number of warrants issued (in shares) | 300,000 | ||||||||||||
Warrants to directors, officers and advisors, June 15, 2020 issuance | Vested upon Cybin Corp. completing a public offering | |||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||
Number of warrants issued (in shares) | 150,000 | ||||||||||||
Warrants to directors, officers and advisors, June 15, 2020 issuance | Vested upon Cybin Corp. reaching certain performance milestones | |||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||
Number of warrants issued (in shares) | 700,000 | ||||||||||||
Warrants to directors and advisors, August 20, 2020 issuance | |||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||
Warrants, exercise price (in CAD per share) | $ / shares | $ 0.64 | ||||||||||||
Number of warrants issued (in shares) | 2,000,125 | ||||||||||||
Warrant term | 60 months | ||||||||||||
Warrants to directors and advisors, August 20, 2020 issuance | Vested on the date of issuance | |||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||
Number of warrants issued (in shares) | 600,125 | ||||||||||||
Warrants to directors and advisors, August 20, 2020 issuance | Vested quarterly over 24 months from the date of issuance | |||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||
Number of warrants issued (in shares) | 1,400,000 | ||||||||||||
Warrants to advisors, September 14, 2020 issuance | |||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||
Warrants, exercise price (in CAD per share) | $ / shares | $ 0.64 | ||||||||||||
Number of warrants issued (in shares) | 56,250 | ||||||||||||
Warrant term | 60 months | ||||||||||||
Warrants outstanding | $ | $ 948 | ||||||||||||
Broker Warrants | |||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||
Warrants, exercise price (in CAD per share) | $ / shares | $ 0.75 | $ 0.75 | $ 0.75 | ||||||||||
Warrant term | 24 months | 24 months | |||||||||||
Warrants outstanding | $ | $ 1,388 | $ 49 | $ 1,388 | ||||||||||
Broker Warrants | Brokers | |||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||
Number of warrants issued (in shares) | 127,600 | ||||||||||||
Broker Warrants | Advisors | |||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||
Number of warrants issued (in shares) | 16,000 | ||||||||||||
Broker Warrants | Other related parties | |||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||
Number of warrants issued (in shares) | 2,590,000 | 2,590,000 | |||||||||||
Warrants to directors | Vested monthly over 18 months from the date of issuance | |||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||
Number of warrants issued (in shares) | 300,000 | ||||||||||||
Warrant term | 18 months | ||||||||||||
Warrants to directors | Vested upon Cybin Corp. completing a public offering | |||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||
Number of warrants issued (in shares) | 150,000 | ||||||||||||
Warrants to directors | Vested upon Cybin Corp. reaching certain performance milestones | |||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||
Number of warrants issued (in shares) | 400,000 | ||||||||||||
Warrants to directors, amended | |||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||
Warrants, exercise price (in CAD per share) | $ / shares | $ 0.25 | ||||||||||||
Warrants to directors, amended | Vesting monthly over 5 months | |||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||
Number of warrants issued (in shares) | 83,330 | ||||||||||||
Number of warrants vesting monthly (in shares) | 16,666 | ||||||||||||
Warrants to directors, amended | Vesting upon change of control transaction | |||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||
Number of warrants issued (in shares) | 766,670 | ||||||||||||
Share Purchase Warrants, June 15, 2020 issuance | |||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||
Warrant term | 24 months | ||||||||||||
Warrants outstanding (in shares) | 2,000,000 | ||||||||||||
2021 Warrants | |||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||
Warrant, conversion ratio | 0.5 | ||||||||||||
Warrants, exercise price (in CAD per share) | $ / shares | $ 3.25 | ||||||||||||
Number of warrants issued (in shares) | 7,623,000 | ||||||||||||
Warrants outstanding | $ | $ 5,899 | ||||||||||||
Warrant, threshold consecutive trading days | tradingDay | 10 | ||||||||||||
Warrant, threshold trading days | tradingDay | 30 | ||||||||||||
Warrant, stock price trigger (in CAD per share) | 5 | ||||||||||||
Underwriters’ Warrants | |||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||
Number of warrants issued (in shares) | 868,740 | ||||||||||||
Warrants outstanding | $ | $ 970 | ||||||||||||
August 2021 compensation common share warrants | |||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||
Warrants, exercise price (in CAD per share) | $ / shares | $ 3.40 | ||||||||||||
Number of warrants issued (in shares) | 658,860 | ||||||||||||
Warrant term | 24 months | ||||||||||||
Warrants outstanding | $ | $ 1,299 | ||||||||||||
Share Purchase Warrants, November 15, 2025 expiry | |||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||
Warrants outstanding | $ | $ 12 | ||||||||||||
Warrants outstanding (in shares) | 1,150,000 |
SHARE CAPITAL - Summary of wa_2
SHARE CAPITAL - Summary of warrants by expiry period (Details) $ / shares in Units, $ in Thousands | Mar. 31, 2022 CAD ($) shares $ / shares | Mar. 31, 2021 shares $ / shares | Mar. 31, 2020 shares $ / shares |
Common Share Purchase Warrants | |||
Disclosure of classes of share capital [line items] | |||
Number of warrants issued (in shares) | 29,957,860 | ||
Warrants outstanding (in shares) | 25,548,836 | 28,696,237 | 60,000 |
Warrants exercisable (in shares) | 24,755,086 | ||
Warrants exercisable (in CAD per share) | $ / shares | $ 1.25 | ||
Outstanding (in CAD per share) | $ / shares | $ 1.22 | $ 1.15 | $ 0.25 |
Estimated grant date fair value | $ | $ 10,453 | ||
Weighted average remaining of outstanding contractual life | 2 years 7 months 2 days | ||
Unit Purchase Warrants | |||
Disclosure of classes of share capital [line items] | |||
Number of warrants issued (in shares) | 868,740 | ||
Warrants outstanding (in shares) | 868,740 | 868,740 | 0 |
Warrants exercisable (in shares) | 868,740 | ||
Warrants exercisable (in CAD per share) | $ / shares | $ 2.25 | ||
Outstanding (in CAD per share) | $ / shares | $ 2.25 | $ 2.25 | $ 0 |
Estimated grant date fair value | $ | $ 970 | ||
Weighted average remaining of outstanding contractual life | 1 year 10 months 6 days | ||
June 15, 2022 | Common Share Purchase Warrants | |||
Disclosure of classes of share capital [line items] | |||
Number of warrants issued (in shares) | 2,018,000 | ||
Warrants outstanding (in shares) | 1,000,000 | ||
Warrants exercisable (in shares) | 500,000 | ||
Warrants exercisable (in CAD per share) | $ / shares | $ 0.25 | ||
Estimated grant date fair value | $ | $ 108 | ||
Weighted average remaining of outstanding contractual life | 2 months 15 days | ||
June 26, 2022 | Common Share Purchase Warrants | |||
Disclosure of classes of share capital [line items] | |||
Number of warrants issued (in shares) | 199,275 | ||
Warrants outstanding (in shares) | 99,638 | ||
Warrants exercisable (in shares) | 99,638 | ||
Warrants exercisable (in CAD per share) | $ / shares | $ 0.64 | ||
Estimated grant date fair value | $ | $ 29 | ||
Weighted average remaining of outstanding contractual life | 2 months 26 days | ||
October 19, 2022 | Common Share Purchase Warrants | |||
Disclosure of classes of share capital [line items] | |||
Number of warrants issued (in shares) | 143,600 | ||
Warrants outstanding (in shares) | 113,713 | ||
Warrants exercisable (in shares) | 113,713 | ||
Warrants exercisable (in CAD per share) | $ / shares | $ 0.75 | ||
Estimated grant date fair value | $ | $ 42 | ||
Weighted average remaining of outstanding contractual life | 6 months 18 days | ||
November 3, 2022 | Common Share Purchase Warrants | |||
Disclosure of classes of share capital [line items] | |||
Number of warrants issued (in shares) | 2,590,000 | ||
Warrants outstanding (in shares) | 1,105,000 | ||
Warrants exercisable (in shares) | 1,105,000 | ||
Warrants exercisable (in CAD per share) | $ / shares | $ 0.75 | ||
Estimated grant date fair value | $ | $ 376 | ||
Weighted average remaining of outstanding contractual life | 7 months 2 days | ||
August 3, 2023 | Common Share Purchase Warrants | |||
Disclosure of classes of share capital [line items] | |||
Number of warrants issued (in shares) | 658,860 | ||
Warrants outstanding (in shares) | 658,860 | ||
Warrants exercisable (in shares) | 658,860 | ||
Warrants exercisable (in CAD per share) | $ / shares | $ 3.40 | ||
Estimated grant date fair value | $ | $ 1,229 | ||
Weighted average remaining of outstanding contractual life | 1 year 4 months 2 days | ||
February 1, 2024 | Common Share Purchase Warrants | |||
Disclosure of classes of share capital [line items] | |||
Number of warrants issued (in shares) | 7,623,000 | ||
Warrants outstanding (in shares) | 7,146,500 | ||
Warrants exercisable (in shares) | 7,146,500 | ||
Warrants exercisable (in CAD per share) | $ / shares | $ 3.25 | ||
Estimated grant date fair value | $ | $ 5,454 | ||
Weighted average remaining of outstanding contractual life | 1 year 10 months 2 days | ||
June 15, 2025 | Common Share Purchase Warrants | |||
Disclosure of classes of share capital [line items] | |||
Number of warrants issued (in shares) | 13,575,000 | ||
Warrants outstanding (in shares) | 12,800,000 | ||
Warrants exercisable (in shares) | 12,600,000 | ||
Warrants exercisable (in CAD per share) | $ / shares | $ 0.25 | ||
Estimated grant date fair value | $ | $ 2,318 | ||
Weighted average remaining of outstanding contractual life | 3 years 2 months 15 days | ||
August 20, 2025 | Common Share Purchase Warrants | |||
Disclosure of classes of share capital [line items] | |||
Number of warrants issued (in shares) | 2,000,125 | ||
Warrants outstanding (in shares) | 1,475,125 | ||
Warrants exercisable (in shares) | 1,381,375 | ||
Warrants exercisable (in CAD per share) | $ / shares | $ 0.64 | ||
Estimated grant date fair value | $ | $ 677 | ||
Weighted average remaining of outstanding contractual life | 3 years 4 months 20 days | ||
November 15, 2025 | Common Share Purchase Warrants | |||
Disclosure of classes of share capital [line items] | |||
Number of warrants issued (in shares) | 1,150,000 | ||
Warrants outstanding (in shares) | 1,150,000 | ||
Warrants exercisable (in shares) | 1,150,000 | ||
Warrants exercisable (in CAD per share) | $ / shares | $ 0.25 | ||
Estimated grant date fair value | $ | $ 220 | ||
Weighted average remaining of outstanding contractual life | 3 years 7 months 17 days | ||
February 4, 2024 | Unit Purchase Warrants | |||
Disclosure of classes of share capital [line items] | |||
Number of warrants issued (in shares) | 868,740 | ||
Warrants outstanding (in shares) | 868,740 | ||
Warrants exercisable (in shares) | 868,740 | ||
Warrants exercisable (in CAD per share) | $ / shares | $ 2.25 | ||
Estimated grant date fair value | $ | $ 970 | ||
Weighted average remaining of outstanding contractual life | 1 year 10 months 6 days |
SHARE CAPITAL - Narrative - Sto
SHARE CAPITAL - Narrative - Stock options (Details) $ / shares in Units, $ in Thousands | 12 Months Ended | |||||||||||||||||||||||||||
Mar. 08, 2022 CAD ($) shares $ / shares | Mar. 04, 2022 CAD ($) shares $ / shares | Dec. 31, 2021 CAD ($) shares $ / shares | Sep. 30, 2021 CAD ($) shares $ / shares | Sep. 27, 2021 CAD ($) shares $ / shares | Aug. 18, 2021 CAD ($) shares $ / shares | Aug. 16, 2021 CAD ($) shares $ / shares | Jun. 28, 2021 CAD ($) shares $ / shares | Mar. 29, 2021 shares $ / shares | Mar. 28, 2021 shares $ / shares | Mar. 15, 2021 shares $ / shares | Mar. 10, 2021 shares $ / shares | Feb. 16, 2021 shares $ / shares | Feb. 15, 2021 shares $ / shares | Jan. 02, 2021 shares $ / shares | Dec. 28, 2020 shares $ / shares | Dec. 16, 2020 shares | Dec. 14, 2020 shares $ / shares | Dec. 11, 2020 shares $ / shares | Nov. 27, 2020 shares $ / shares | Nov. 13, 2020 $ / shares | Nov. 05, 2020 $ / shares shares | Nov. 04, 2020 shares $ / shares | Oct. 12, 2020 shares $ / shares | Jul. 22, 2020 shares $ / shares | Jun. 15, 2020 shares $ / shares | Mar. 31, 2022 CAD ($) shares $ / shares | Mar. 31, 2021 CAD ($) shares $ / shares | |
Disclosure of classes of share capital [line items] | ||||||||||||||||||||||||||||
Shares available for grant, percent of total shares outstanding (up to) | 20% | |||||||||||||||||||||||||||
Number of options, granted (in shares) | 300,000 | 6,200,000 | 9,144,600 | 21,927,500 | ||||||||||||||||||||||||
Weighted average exercise price, granted (in dollars per share) | $ / shares | $ 2.48 | $ 2.48 | $ 2.90 | $ 1.36 | $ 0.75 | $ 2.42 | $ 1.02 | |||||||||||||||||||||
Reverse stock split conversion ratio | 6.672 | |||||||||||||||||||||||||||
Number of options, assumed in consolidation (in shares) | 202,338 | |||||||||||||||||||||||||||
Weighted average exercise price, assumed in consolidation (in dollars per share) | $ / shares | $ 0.6672 | |||||||||||||||||||||||||||
Number of options, expired (in shares) | 200,000 | |||||||||||||||||||||||||||
Number of options, exercised (in shares) | 1,588,300 | 492,386 | ||||||||||||||||||||||||||
Shares issued for cash - options exercise | $ | $ 1,342 | $ 182 | ||||||||||||||||||||||||||
Weighted average fair value at measurement date, share options granted | $ | $ 519 | $ 383 | $ 7,994 | 23,783 | ||||||||||||||||||||||||
Accelerated vesting, share-based payment compensation expense | $ | $ 168 | |||||||||||||||||||||||||||
Number of options held in escrow (in shares) | 2,981,250 | 8,475,000 | ||||||||||||||||||||||||||
Share-based compensation | $ | $ 18,030 | $ 11,554 | ||||||||||||||||||||||||||
Options | ||||||||||||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||||||||||||
Share-based compensation | $ | $ 17,990 | $ 7,312 | ||||||||||||||||||||||||||
Common shares | ||||||||||||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||||||||||||
Reverse stock split conversion ratio | 6.6672 | |||||||||||||||||||||||||||
Executive officers | ||||||||||||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||||||||||||
Number of options, granted (in shares) | 1,035,600 | 1,975,000 | 225,000 | 1,900,900 | 500,000 | 4,500,000 | 3,000,000 | 500,000 | 2,600,000 | |||||||||||||||||||
Weighted average exercise price, granted (in dollars per share) | $ / shares | $ 1.39 | $ 0.88 | $ 0.75 | $ 0.64 | $ 0.25 | |||||||||||||||||||||||
Employees | ||||||||||||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||||||||||||
Number of options, granted (in shares) | 60,000 | 40,000 | 450,000 | 585,000 | 165,000 | 1,090,000 | 20,000 | 275,000 | 250,000 | |||||||||||||||||||
Weighted average exercise price, granted (in dollars per share) | $ / shares | $ 3.15 | $ 3.15 | $ 3.15 | $ 3.15 | $ 1.74 | |||||||||||||||||||||||
Weighted average fair value at measurement date, share options granted | $ | $ 38 | $ 36 | $ 878 | $ 1,186 | ||||||||||||||||||||||||
Advisors | ||||||||||||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||||||||||||
Number of options, granted (in shares) | 1,450,000 | |||||||||||||||||||||||||||
Consultant | ||||||||||||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||||||||||||
Number of options, granted (in shares) | 400,000 | 40,000 | 40,000 | 50,000 | 25,000 | 37,500 | 300,000 | 150,000 | 200,000 | |||||||||||||||||||
Weighted average exercise price, granted (in dollars per share) | $ / shares | $ 1.02 | $ 2.78 | $ 2.90 | $ 1.32 | $ 1.55 | $ 2.03 | $ 0.91 | |||||||||||||||||||||
Weighted average fair value at measurement date, share options granted | $ | $ 295 | $ 48 | ||||||||||||||||||||||||||
Executive officers and consultants | ||||||||||||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||||||||||||
Number of options, granted (in shares) | 2,244,100 | |||||||||||||||||||||||||||
Weighted average exercise price, granted (in dollars per share) | $ / shares | $ 1.13 | $ 1.74 | ||||||||||||||||||||||||||
Weighted average fair value at measurement date, share options granted | $ | $ 878 | |||||||||||||||||||||||||||
Directors And Executive Officers | ||||||||||||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||||||||||||
Number of options, granted (in shares) | 760,000 | |||||||||||||||||||||||||||
Weighted average exercise price, granted (in dollars per share) | $ / shares | $ 1.89 | |||||||||||||||||||||||||||
Employee | ||||||||||||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||||||||||||
Number of options, granted (in shares) | 225,000 | |||||||||||||||||||||||||||
Weighted average exercise price, granted (in dollars per share) | $ / shares | $ 1.89 | |||||||||||||||||||||||||||
Consultants | ||||||||||||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||||||||||||
Number of options, granted (in shares) | 1,250,000 | 700,000 | 194,000 | 1,575,000 | 170,000 | 700,000 | ||||||||||||||||||||||
Weighted average exercise price, granted (in dollars per share) | $ / shares | $ 1.50 | $ 2.78 | $ 2.03 | $ 1.48 | ||||||||||||||||||||||||
Weighted average fair value at measurement date, share options granted | $ | $ 1,352 | $ 715 | ||||||||||||||||||||||||||
Employees and consultants | ||||||||||||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||||||||||||
Number of options, exercised (in shares) | 492,386 | |||||||||||||||||||||||||||
Shares issued for cash - options exercise | $ | $ 183 | |||||||||||||||||||||||||||
Employees | ||||||||||||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||||||||||||
Number of options, granted (in shares) | 345,000 | |||||||||||||||||||||||||||
Weighted average exercise price, granted (in dollars per share) | $ / shares | $ 1.35 | |||||||||||||||||||||||||||
Consultants, Two | ||||||||||||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||||||||||||
Number of options, granted (in shares) | 550,000 | |||||||||||||||||||||||||||
Weighted average exercise price, granted (in dollars per share) | $ / shares | $ 2.90 | |||||||||||||||||||||||||||
Director | ||||||||||||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||||||||||||
Number of options, granted (in shares) | 195,000 | |||||||||||||||||||||||||||
Weighted average exercise price, granted (in dollars per share) | $ / shares | $ 2.87 | |||||||||||||||||||||||||||
Weighted average fair value at measurement date, share options granted | $ | $ 403 | |||||||||||||||||||||||||||
Employee stock option | ||||||||||||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||||||||||||
Award vesting period | 2 years | 2 years | 2 years | 24 months | 24 months | |||||||||||||||||||||||
Accelerated vesting, number of shares | 1,031,250 | |||||||||||||||||||||||||||
Employee stock option | Executive officers | ||||||||||||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||||||||||||
Award vesting period | 24 months | 24 months | 24 months | |||||||||||||||||||||||||
Employee stock option | Employees | ||||||||||||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||||||||||||
Award vesting period | 2 years | 2 years | 2 years | 2 years | 24 months | |||||||||||||||||||||||
Employee stock option | Consultant | ||||||||||||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||||||||||||
Award vesting period | 2 months | 1 year | 24 months | 24 months | 24 months | |||||||||||||||||||||||
Employee stock option | Executive officers and consultants | ||||||||||||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||||||||||||
Award vesting period | 2 years | 24 months | ||||||||||||||||||||||||||
Employee stock option | Directors And Executive Officers | ||||||||||||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||||||||||||
Award vesting period | 24 months | |||||||||||||||||||||||||||
Employee stock option | Employee | ||||||||||||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||||||||||||
Award vesting period | 24 months | |||||||||||||||||||||||||||
Employee stock option | Consultants | ||||||||||||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||||||||||||
Award vesting period | 2 years | 1 year | 24 months | 24 months | ||||||||||||||||||||||||
Employee stock option | Employees | ||||||||||||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||||||||||||
Award vesting period | 24 months | |||||||||||||||||||||||||||
Employee stock option | Consultants, Two | ||||||||||||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||||||||||||
Award vesting period | 1 year | |||||||||||||||||||||||||||
Employee stock option | Director | ||||||||||||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||||||||||||
Award vesting period | 2 years |
SHARE CAPITAL - Summary of numb
SHARE CAPITAL - Summary of number and weighted average exercise prices of share options (Details) | 12 Months Ended | ||||||||||
Aug. 18, 2021 shares $ / shares | Aug. 16, 2021 $ / shares | Jun. 28, 2021 $ / shares | Mar. 28, 2021 $ / shares | Nov. 04, 2020 shares $ / shares | Mar. 31, 2022 shares | Mar. 31, 2022 shares | Mar. 31, 2022 shares $ / shares | Mar. 31, 2021 shares $ / shares | Mar. 31, 2022 | Mar. 31, 2022 $ / shares | |
Share Capital, Reserves, and Other Equity Interest [Abstract] | |||||||||||
Number of options, beginning balance (in shares) | 22,032,452 | 1,702,338 | |||||||||
Number of options, granted (in shares) | shares | 300,000 | 6,200,000 | 9,144,600 | 21,927,500 | |||||||
Number of options, exercised (in shares) | shares | (1,588,300) | (492,386) | |||||||||
Number of options, forfeited (in shares) | shares | (683,750) | (1,105,000) | |||||||||
Number of options, cancelled (in shares) | shares | (20,000) | ||||||||||
Number of options, ending balance (in shares) | 28,885,002 | 28,885,002 | 22,032,452 | ||||||||
Number of options exercisable (in shares) | 19,408,182 | 19,408,182 | 19,408,182 | 19,408,182 | |||||||
Weighted average exercise price, beginning balance (in dollars per share) | $ 1.01 | $ 0.30 | |||||||||
Weighted average exercise price, granted (in dollars per share) | $ 2.48 | $ 2.48 | $ 2.90 | $ 1.36 | $ 0.75 | 2.42 | 1.02 | ||||
Weighted average exercise price, exercised (in dollars per share) | 0.83 | 0.37 | |||||||||
Weighted average exercise price, forfeited (in dollars per share) | 1.55 | 0.37 | |||||||||
Weighted average exercise price, cancelled (in dollars per share) | 2.78 | ||||||||||
Weighted average exercise price, ending balance (in dollars per share) | $ 1.45 | $ 1.01 | |||||||||
Weighted average exercise price, exercisable (in dollars per share) | $ 1.29 |
SHARE CAPITAL - Summary of meas
SHARE CAPITAL - Summary of measurement of stock option fair value assumptions (Details) - CAD ($) $ / shares in Units, $ in Thousands | Mar. 08, 2022 | Mar. 04, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Sep. 27, 2021 | Aug. 18, 2021 | Aug. 16, 2021 | Jun. 28, 2021 | Mar. 31, 2022 |
Disclosure of classes of share capital [line items] | |||||||||
Risk-free interest rate | 0.82% | 0.81% | 0.98% | ||||||
Expected annual volatility, based on comparable companies | 95% | 95% | 95% | ||||||
Expected life (in years) | 5 | 5 | 5 | ||||||
Expected dividend yield | 0% | 0% | 0% | ||||||
Share price (in dollars per share) | $ 2.42 | $ 2.48 | $ 2.90 | ||||||
Exercise price (in dollars per share) | $ 2.48 | $ 2.48 | $ 2.90 | ||||||
Weighted average fair value at measurement date, share options granted | $ 519 | $ 383 | $ 7,994 | $ 23,783 | |||||
Employees | |||||||||
Disclosure of classes of share capital [line items] | |||||||||
Risk-free interest rate | 1.11% | ||||||||
Expected annual volatility, based on comparable companies | 95% | ||||||||
Expected life (in years) | 5 | ||||||||
Expected dividend yield | 0% | ||||||||
Share price (in dollars per share) | $ 2.78 | ||||||||
Exercise price (in dollars per share) | $ 3.15 | ||||||||
Employees | |||||||||
Disclosure of classes of share capital [line items] | |||||||||
Risk-free interest rate | 1.46% | 1.25% | 1.06% | ||||||
Expected annual volatility, based on comparable companies | 95% | 95% | 95% | ||||||
Expected life (in years) | 5 | 5 | 5 | ||||||
Expected dividend yield | 0% | 0% | 0% | ||||||
Share price (in dollars per share) | $ 1.13 | $ 1.50 | $ 2.87 | ||||||
Exercise price (in dollars per share) | $ 3.15 | $ 3.15 | $ 3.15 | ||||||
Weighted average fair value at measurement date, share options granted | $ 38 | $ 36 | $ 878 | $ 1,186 | |||||
Director | |||||||||
Disclosure of classes of share capital [line items] | |||||||||
Risk-free interest rate | 1.06% | ||||||||
Expected annual volatility, based on comparable companies | 95% | ||||||||
Expected life (in years) | 5 | ||||||||
Expected dividend yield | 0% | ||||||||
Share price (in dollars per share) | $ 2.87 | ||||||||
Exercise price (in dollars per share) | $ 2.87 | ||||||||
Weighted average fair value at measurement date, share options granted | $ 403 | ||||||||
Consultants | |||||||||
Disclosure of classes of share capital [line items] | |||||||||
Risk-free interest rate | 1.25% | 0.41% | |||||||
Expected annual volatility, based on comparable companies | 95% | 85% | |||||||
Expected life (in years) | 5 | 1.25 | |||||||
Expected dividend yield | 0% | 0% | |||||||
Share price (in dollars per share) | $ 1.50 | $ 2.78 | |||||||
Exercise price (in dollars per share) | $ 1.50 | $ 2.78 | |||||||
Weighted average fair value at measurement date, share options granted | $ 1,352 | $ 715 | |||||||
Consultant | |||||||||
Disclosure of classes of share capital [line items] | |||||||||
Risk-free interest rate | 1.61% | 0.53% | |||||||
Expected annual volatility, based on comparable companies | 95% | 85% | |||||||
Expected life (in years) | 5 | 1.75 | |||||||
Expected dividend yield | 0% | 0% | |||||||
Share price (in dollars per share) | $ 1.02 | $ 2.78 | |||||||
Exercise price (in dollars per share) | $ 1.02 | $ 2.78 | |||||||
Weighted average fair value at measurement date, share options granted | $ 295 | $ 48 | |||||||
Executive officers and consultants | |||||||||
Disclosure of classes of share capital [line items] | |||||||||
Risk-free interest rate | 1.46% | ||||||||
Expected annual volatility, based on comparable companies | 95% | ||||||||
Expected life (in years) | 5 | ||||||||
Expected dividend yield | 0% | ||||||||
Share price (in dollars per share) | $ 1.13 | ||||||||
Exercise price (in dollars per share) | $ 1.13 | ||||||||
Weighted average fair value at measurement date, share options granted | $ 878 |
SHARE CAPITAL - Summary of stoc
SHARE CAPITAL - Summary of stock option information (Details) $ / shares in Units, $ in Thousands | 12 Months Ended | ||||||||
Mar. 31, 2022 shares | Mar. 31, 2022 CAD ($) | Mar. 31, 2022 $ / shares | Mar. 31, 2022 | Aug. 18, 2021 CAD ($) | Aug. 16, 2021 CAD ($) | Jun. 28, 2021 CAD ($) | Mar. 31, 2021 shares | Mar. 31, 2020 shares | |
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||||||||
Number of options outstanding (in shares) | 28,885,002 | 28,885,002 | 22,032,452 | 1,702,338 | |||||
Number of options exercisable (in shares) | 19,408,182 | 19,408,182 | |||||||
Weighted average remaining contractual life of outstanding share options | 3 years 6 months 29 days | ||||||||
Weighted average fair value at measurement date, share options granted | $ 23,783 | $ 519 | $ 383 | $ 7,994 | |||||
Option Expiration Period One | |||||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||||||||
Exercise price (in dollars per share) | $ / shares | $ 2.90 | ||||||||
Number of options outstanding (in shares) | 13,500 | ||||||||
Number of options exercisable (in shares) | 13,500 | ||||||||
Weighted average remaining contractual life of outstanding share options | 1 month 9 days | ||||||||
Weighted average fair value at measurement date, share options granted | 28 | ||||||||
Option Expiration Period Two | |||||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||||||||
Exercise price (in dollars per share) | $ / shares | 2.90 | ||||||||
Number of options outstanding (in shares) | 37,500 | ||||||||
Number of options exercisable (in shares) | 37,500 | ||||||||
Weighted average remaining contractual life of outstanding share options | 3 months | ||||||||
Weighted average fair value at measurement date, share options granted | 78 | ||||||||
Option Expiration Period Three | |||||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||||||||
Exercise price (in dollars per share) | $ / shares | 2.90 | ||||||||
Number of options outstanding (in shares) | 6,250 | ||||||||
Number of options exercisable (in shares) | 6,250 | ||||||||
Weighted average remaining contractual life of outstanding share options | 4 months 13 days | ||||||||
Weighted average fair value at measurement date, share options granted | 13 | ||||||||
Option Expiration Period Four | |||||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||||||||
Exercise price (in dollars per share) | $ / shares | 0.91 | ||||||||
Number of options outstanding (in shares) | 200,000 | ||||||||
Number of options exercisable (in shares) | 200,000 | ||||||||
Weighted average remaining contractual life of outstanding share options | 7 months 28 days | ||||||||
Weighted average fair value at measurement date, share options granted | 91 | ||||||||
Option Expiration Period Five | |||||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||||||||
Exercise price (in dollars per share) | $ / shares | 0.67 | ||||||||
Number of options outstanding (in shares) | 59,952 | ||||||||
Number of options exercisable (in shares) | 59,952 | ||||||||
Weighted average remaining contractual life of outstanding share options | 8 months 12 days | ||||||||
Weighted average fair value at measurement date, share options granted | 23 | ||||||||
Option Expiration Period Six | |||||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||||||||
Exercise price (in dollars per share) | $ / shares | 2.78 | ||||||||
Number of options outstanding (in shares) | 700,000 | ||||||||
Number of options exercisable (in shares) | 700,000 | ||||||||
Weighted average remaining contractual life of outstanding share options | 9 months | ||||||||
Weighted average fair value at measurement date, share options granted | 715 | ||||||||
Option Expiration Period Seven | |||||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||||||||
Exercise price (in dollars per share) | $ / shares | 2.78 | ||||||||
Number of options outstanding (in shares) | 20,000 | ||||||||
Number of options exercisable (in shares) | 20,000 | ||||||||
Weighted average remaining contractual life of outstanding share options | 1 year 3 months | ||||||||
Weighted average fair value at measurement date, share options granted | 24 | ||||||||
Option Expiration Period Eight | |||||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||||||||
Exercise price (in dollars per share) | $ / shares | 0.25 | ||||||||
Number of options outstanding (in shares) | 2,350,000 | ||||||||
Number of options exercisable (in shares) | 2,350,000 | ||||||||
Weighted average remaining contractual life of outstanding share options | 3 years 2 months 15 days | ||||||||
Weighted average fair value at measurement date, share options granted | 420 | ||||||||
Option Expiration Period Nine | |||||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||||||||
Exercise price (in dollars per share) | $ / shares | 0.75 | ||||||||
Number of options outstanding (in shares) | 3,000,000 | ||||||||
Number of options exercisable (in shares) | 2,250,000 | ||||||||
Weighted average remaining contractual life of outstanding share options | 3 years 6 months 14 days | ||||||||
Weighted average fair value at measurement date, share options granted | 1,557 | ||||||||
Option Expiration Period Ten | |||||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||||||||
Exercise price (in dollars per share) | $ / shares | 0.75 | ||||||||
Number of options outstanding (in shares) | 6,000,000 | ||||||||
Number of options exercisable (in shares) | 4,562,500 | ||||||||
Weighted average remaining contractual life of outstanding share options | 3 years 7 months 6 days | ||||||||
Weighted average fair value at measurement date, share options granted | 3,110 | ||||||||
Option Expiration Period Eleven | |||||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||||||||
Exercise price (in dollars per share) | $ / shares | 0.88 | ||||||||
Number of options outstanding (in shares) | 500,000 | ||||||||
Number of options exercisable (in shares) | 375,000 | ||||||||
Weighted average remaining contractual life of outstanding share options | 3 years 7 months 13 days | ||||||||
Weighted average fair value at measurement date, share options granted | 303 | ||||||||
Option Expiration Period Twelve | |||||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||||||||
Exercise price (in dollars per share) | $ / shares | 1.48 | ||||||||
Number of options outstanding (in shares) | 700,000 | ||||||||
Number of options exercisable (in shares) | 625,000 | ||||||||
Weighted average remaining contractual life of outstanding share options | 3 years 8 months 12 days | ||||||||
Weighted average fair value at measurement date, share options granted | 721 | ||||||||
Option Expiration Period Thirteen | |||||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||||||||
Exercise price (in dollars per share) | $ / shares | 1.74 | ||||||||
Number of options outstanding (in shares) | 2,264,100 | ||||||||
Number of options exercisable (in shares) | 1,695,572 | ||||||||
Weighted average remaining contractual life of outstanding share options | 3 years 8 months 15 days | ||||||||
Weighted average fair value at measurement date, share options granted | 2,668 | ||||||||
Option Expiration Period Fourteen | |||||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||||||||
Exercise price (in dollars per share) | $ / shares | 1.89 | ||||||||
Number of options outstanding (in shares) | 760,000 | ||||||||
Number of options exercisable (in shares) | 570,000 | ||||||||
Weighted average remaining contractual life of outstanding share options | 3 years 9 months | ||||||||
Weighted average fair value at measurement date, share options granted | 969 | ||||||||
Option Expiration Period Fifteen | |||||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||||||||
Exercise price (in dollars per share) | $ / shares | 1.89 | ||||||||
Number of options outstanding (in shares) | 225,000 | ||||||||
Number of options exercisable (in shares) | 140,625 | ||||||||
Weighted average remaining contractual life of outstanding share options | 3 years 9 months 3 days | ||||||||
Weighted average fair value at measurement date, share options granted | 286 | ||||||||
Option Expiration Period Sixteen | |||||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||||||||
Exercise price (in dollars per share) | $ / shares | 2.03 | ||||||||
Number of options outstanding (in shares) | 170,000 | ||||||||
Number of options exercisable (in shares) | 96,875 | ||||||||
Weighted average remaining contractual life of outstanding share options | 3 years 10 months 17 days | ||||||||
Weighted average fair value at measurement date, share options granted | 213 | ||||||||
Option Expiration Period Seventeen | |||||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||||||||
Exercise price (in dollars per share) | $ / shares | 2.03 | ||||||||
Number of options outstanding (in shares) | 150,000 | ||||||||
Number of options exercisable (in shares) | 93,750 | ||||||||
Weighted average remaining contractual life of outstanding share options | 3 years 10 months 17 days | ||||||||
Weighted average fair value at measurement date, share options granted | 194 | ||||||||
Option Expiration Period Eighteen | |||||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||||||||
Exercise price (in dollars per share) | $ / shares | 1.39 | ||||||||
Number of options outstanding (in shares) | 1,272,600 | ||||||||
Number of options exercisable (in shares) | 1,071,633 | ||||||||
Weighted average remaining contractual life of outstanding share options | 3 years 11 months 12 days | ||||||||
Weighted average fair value at measurement date, share options granted | 1,210 | ||||||||
Option Expiration Period Nineteen | |||||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||||||||
Exercise price (in dollars per share) | $ / shares | 1.55 | ||||||||
Number of options outstanding (in shares) | 300,000 | ||||||||
Number of options exercisable (in shares) | 187,500 | ||||||||
Weighted average remaining contractual life of outstanding share options | 3 years 11 months 15 days | ||||||||
Weighted average fair value at measurement date, share options granted | 318 | ||||||||
Option Expiration Period Twenty | |||||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||||||||
Exercise price (in dollars per share) | $ / shares | 1.36 | ||||||||
Number of options outstanding (in shares) | 1,575,000 | ||||||||
Number of options exercisable (in shares) | 1,340,625 | ||||||||
Weighted average remaining contractual life of outstanding share options | 3 years 11 months 26 days | ||||||||
Weighted average fair value at measurement date, share options granted | 1,463 | ||||||||
Option Expiration Period Twenty One | |||||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||||||||
Exercise price (in dollars per share) | $ / shares | 1.32 | ||||||||
Number of options outstanding (in shares) | 37,500 | ||||||||
Number of options exercisable (in shares) | 37,500 | ||||||||
Weighted average remaining contractual life of outstanding share options | 4 years | ||||||||
Weighted average fair value at measurement date, share options granted | 36 | ||||||||
Option Expiration Period Twenty Two | |||||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||||||||
Exercise price (in dollars per share) | $ / shares | 1.35 | ||||||||
Number of options outstanding (in shares) | 345,000 | ||||||||
Number of options exercisable (in shares) | 165,625 | ||||||||
Weighted average remaining contractual life of outstanding share options | 4 years | ||||||||
Weighted average fair value at measurement date, share options granted | 270 | ||||||||
Option Expiration Period Twenty Three | |||||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||||||||
Exercise price (in dollars per share) | $ / shares | 2.90 | ||||||||
Number of options outstanding (in shares) | 3,648,000 | ||||||||
Number of options exercisable (in shares) | 1,714,875 | ||||||||
Weighted average remaining contractual life of outstanding share options | 4 years 3 months | ||||||||
Weighted average fair value at measurement date, share options granted | 6,224 | ||||||||
Option Expiration Period Twenty Four | |||||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||||||||
Exercise price (in dollars per share) | $ / shares | 2.48 | ||||||||
Number of options outstanding (in shares) | 215,000 | ||||||||
Number of options exercisable (in shares) | 80,625 | ||||||||
Weighted average remaining contractual life of outstanding share options | 4 years 4 months 17 days | ||||||||
Weighted average fair value at measurement date, share options granted | 260 | ||||||||
Option Expiration Period Twenty Five | |||||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||||||||
Exercise price (in dollars per share) | $ / shares | 2.48 | ||||||||
Number of options outstanding (in shares) | 300,000 | ||||||||
Number of options exercisable (in shares) | 112,500 | ||||||||
Weighted average remaining contractual life of outstanding share options | 4 years 4 months 20 days | ||||||||
Weighted average fair value at measurement date, share options granted | 352 | ||||||||
Option Expiration Period Twenty Six | |||||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||||||||
Exercise price (in dollars per share) | $ / shares | 3.15 | ||||||||
Number of options outstanding (in shares) | 565,000 | ||||||||
Number of options exercisable (in shares) | 141,250 | ||||||||
Weighted average remaining contractual life of outstanding share options | 4 years 6 months | ||||||||
Weighted average fair value at measurement date, share options granted | 637 | ||||||||
Option Expiration Period Twenty Seven | |||||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||||||||
Exercise price (in dollars per share) | $ / shares | 2.87 | ||||||||
Number of options outstanding (in shares) | 195,000 | ||||||||
Number of options exercisable (in shares) | 73,125 | ||||||||
Weighted average remaining contractual life of outstanding share options | 4 years 6 months | ||||||||
Weighted average fair value at measurement date, share options granted | 262 | ||||||||
Option Expiration Period Twenty Eight | |||||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||||||||
Exercise price (in dollars per share) | $ / shares | 3.15 | ||||||||
Number of options outstanding (in shares) | 450,000 | ||||||||
Number of options exercisable (in shares) | 112,500 | ||||||||
Weighted average remaining contractual life of outstanding share options | 4 years 6 months | ||||||||
Weighted average fair value at measurement date, share options granted | 486 | ||||||||
Option Expiration Period Twenty Nine | |||||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||||||||
Exercise price (in dollars per share) | $ / shares | 3.15 | ||||||||
Number of options outstanding (in shares) | 40,000 | ||||||||
Number of options exercisable (in shares) | 10,000 | ||||||||
Weighted average remaining contractual life of outstanding share options | 4 years 9 months 3 days | ||||||||
Weighted average fair value at measurement date, share options granted | 16 | ||||||||
Option Expiration Period Thirty | |||||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||||||||
Exercise price (in dollars per share) | $ / shares | 1.50 | ||||||||
Number of options outstanding (in shares) | 1,250,000 | ||||||||
Number of options exercisable (in shares) | 87,500 | ||||||||
Weighted average remaining contractual life of outstanding share options | 4 years 9 months 3 days | ||||||||
Weighted average fair value at measurement date, share options granted | 329 | ||||||||
Option Expiration Period Thirty One | |||||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||||||||
Exercise price (in dollars per share) | $ / shares | 1.13 | ||||||||
Number of options outstanding (in shares) | 1,075,600 | ||||||||
Number of options exercisable (in shares) | 268,900 | ||||||||
Weighted average remaining contractual life of outstanding share options | 4 years 11 months 4 days | ||||||||
Weighted average fair value at measurement date, share options granted | 287 | ||||||||
Option Expiration Period Thirty Two | |||||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||||||||
Exercise price (in dollars per share) | $ / shares | 3.15 | ||||||||
Number of options outstanding (in shares) | 60,000 | ||||||||
Number of options exercisable (in shares) | 7,500 | ||||||||
Weighted average remaining contractual life of outstanding share options | 4 years 11 months 4 days | ||||||||
Weighted average fair value at measurement date, share options granted | 8 | ||||||||
Option Expiration Period Thirty Three | |||||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||||||||
Exercise price (in dollars per share) | $ / shares | $ 1.02 | ||||||||
Number of options outstanding (in shares) | 400,000 | ||||||||
Number of options exercisable (in shares) | 200,000 | ||||||||
Weighted average remaining contractual life of outstanding share options | 4 years 11 months 8 days | ||||||||
Weighted average fair value at measurement date, share options granted | $ 212 |
RELATED PARTY TRANSACTIONS AN_3
RELATED PARTY TRANSACTIONS AND BALANCES - Narrative (Details) $ in Thousands | Mar. 31, 2022 CAD ($) |
Related Party [Abstract] | |
Accrued executive bonuses | $ 1,036 |
RELATED PARTY TRANSACTIONS AN_4
RELATED PARTY TRANSACTIONS AND BALANCES - Schedule of Remuneration of Key Management Personnel (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Disclosure of amounts incurred by entity for provision of key management personnel services provided by separate management entities [line items] | ||
Key management personnel compensation, short-term employee benefits | $ 6,569 | $ 4,001 |
Total | 15,491 | 11,452 |
General and administrative costs | ||
Disclosure of amounts incurred by entity for provision of key management personnel services provided by separate management entities [line items] | ||
Key management personnel compensation, short-term employee benefits | 4,596 | |
Research | ||
Disclosure of amounts incurred by entity for provision of key management personnel services provided by separate management entities [line items] | ||
Key management personnel compensation, short-term employee benefits | 1,973 | |
Options | ||
Disclosure of amounts incurred by entity for provision of key management personnel services provided by separate management entities [line items] | ||
Share-based compensation | 8,813 | 4,786 |
Warrants | ||
Disclosure of amounts incurred by entity for provision of key management personnel services provided by separate management entities [line items] | ||
Share-based compensation | $ 109 | $ 2,665 |
GENERAL AND ADMINISTRATIVE EX_3
GENERAL AND ADMINISTRATIVE EXPENSES (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Analysis of income and expense [abstract] | ||
Payroll, consulting and benefits | $ 7,468 | $ 4,867 |
Capital market | 7,277 | 2,118 |
Office and administration | 3,999 | 936 |
Professional and consulting fees | 3,275 | 3,070 |
Business development | 2,223 | 907 |
Investor relations | 1,981 | 1,271 |
Marketing media | 1,466 | 649 |
Listing fees | 533 | 2,052 |
Total | $ 28,222 | $ 15,870 |
CONTRACTS AND COMMITMENTS (Deta
CONTRACTS AND COMMITMENTS (Details) $ in Thousands, $ in Thousands | 12 Months Ended | ||
Mar. 31, 2022 CAD ($) | Mar. 31, 2023 CAD ($) | Mar. 31, 2022 USD ($) | |
COMMITMENTS [Line Items] | |||
Contractual commitments | $ 5,968 | $ 4,777 | |
Expected payment period for contractual commitment | 18 months | ||
Forecast | |||
COMMITMENTS [Line Items] | |||
Contractual commitments | $ 437 |
CAPITAL MANAGEMENT (Details)
CAPITAL MANAGEMENT (Details) - CAD ($) $ in Thousands | Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 |
Capital Management [Abstract] | |||
Share capital | $ 141,451 | $ 100,676 | |
Contributed surplus | 525 | 124 | |
Options reserve | 23,783 | 7,158 | |
Warrants reserve | 11,423 | 11,166 | |
Accumulated other comprehensive (loss) income | (366) | 24 | |
Deficit | (100,661) | (33,030) | |
TOTAL SHAREHOLDERS' EQUITY | $ 76,155 | $ 86,118 | $ 1,448 |
FINANCIAL INSTRUMENTS - Schedul
FINANCIAL INSTRUMENTS - Schedule of Financial Assets and Liabilities (Details) - CAD ($) $ in Thousands | Mar. 31, 2022 | Jun. 08, 2021 | Mar. 31, 2021 |
Financial liabilities, measured at fair value: | Contingent consideration payable | |||
Disclosure of Financial Assets and Liabilities [Line Items] | |||
Financial liabilities | $ 2,646 | $ 3,201 | |
Financial liabilities, measured at amortized cost: | Accounts payable and accrued liabilities | |||
Disclosure of Financial Assets and Liabilities [Line Items] | |||
Financial liabilities | 5,262 | 2,793 | |
Financial assets, measured at fair value: | Cash | |||
Disclosure of Financial Assets and Liabilities [Line Items] | |||
Financial assets | 53,641 | 64,026 | |
Financial assets, measured at fair value: | Investments | |||
Disclosure of Financial Assets and Liabilities [Line Items] | |||
Financial assets | 242 | $ 250 | 0 |
Financial assets, measured at amortized cost: | Accounts receivable | |||
Disclosure of Financial Assets and Liabilities [Line Items] | |||
Financial assets | $ 28 | $ 0 |
FINANCIAL INSTRUMENTS - Sched_2
FINANCIAL INSTRUMENTS - Schedule of Changes in Fair Value of Financial Instruments (Details) - Level 3 of fair value hierarchy [member] - Investments $ in Thousands | 12 Months Ended |
Mar. 31, 2022 CAD ($) | |
Changes in fair value measurement, assets [abstract] | |
Balance at beginning of period | $ 0 |
Additions | 250 |
Interest income | 21 |
Change in fair value of investments measured at fair value through profit or loss | (29) |
Balance at end of period | $ 242 |
FINANCIAL INSTRUMENTS - Sched_3
FINANCIAL INSTRUMENTS - Schedule of Quantitative Information of Significant Unobservable Inputs Used in Fair Value Measurements (Details) - Investments $ in Thousands | Mar. 31, 2022 CAD ($) | Mar. 31, 2021 CAD ($) |
Level 3 of fair value hierarchy [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | ||
Financial assets | $ 242 | $ 0 |
Rx Hybrid Instrument | Fair value interest rate of loan and conversion feature | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | ||
Range of inputs | 0.10 | |
Rx Hybrid Instrument | Level 3 of fair value hierarchy [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | ||
Financial assets | $ 242 | $ 0 |
FINANCIAL INSTRUMENTS - Narrati
FINANCIAL INSTRUMENTS - Narrative (Details) $ in Thousands | 12 Months Ended | |
Mar. 31, 2022 CAD ($) | Mar. 31, 2021 CAD ($) | |
Disclosure of Financial Assets and Liabilities [Line Items] | ||
Cash | $ 53,641 | $ 64,026 |
Accounts payable and accrued liabilities | $ 5,262 | $ 2,793 |
Currency risk [member] | ||
Disclosure of Financial Assets and Liabilities [Line Items] | ||
Reasonably possible change in risk variable, percent | 0.10 | |
Reasonably possible change in risk variable, impact on net loss | $ 212 |
FINANCIAL INSTRUMENTS - Sched_4
FINANCIAL INSTRUMENTS - Schedule of Monetary Assets and Liabilities Currency Risk Fluctuations (Details) - Currency risk [member] € in Thousands, £ in Thousands, $ in Thousands, $ in Thousands | Mar. 31, 2022 USD ($) | Mar. 31, 2022 GBP (£) | Mar. 31, 2022 EUR (€) | Mar. 31, 2022 CAD ($) |
United States of America, Dollars | ||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||
Financial assets and liabilities | $ 662 | $ 827 | ||
Foreign currency rate | 1.2496 | 1.2496 | 1.2496 | 1.2496 |
Impact of 10% change in foreign currency rate | $ 83 | |||
United States of America, Dollars | Cash | ||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||
Financial assets and liabilities | $ 740 | |||
United States of America, Dollars | Accounts payable and accrued liabilities | ||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||
Financial assets and liabilities | $ (78) | |||
United Kingdom, Pounds | ||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||
Financial assets and liabilities | £ 456 | $ 749 | ||
Foreign currency rate | 1.6417 | 1.6417 | 1.6417 | 1.6417 |
Impact of 10% change in foreign currency rate | $ 75 | |||
United Kingdom, Pounds | Cash | ||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||
Financial assets and liabilities | £ | £ 485 | |||
United Kingdom, Pounds | Accounts payable and accrued liabilities | ||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||
Financial assets and liabilities | £ | £ (29) | |||
Euro Member Countries, Euro | ||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||
Financial assets and liabilities | € 386 | $ 535 | ||
Foreign currency rate | 1.3853 | 1.3853 | 1.3853 | 1.3853 |
Impact of 10% change in foreign currency rate | $ 54 | |||
Euro Member Countries, Euro | Cash | ||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||
Financial assets and liabilities | € | € 386 | |||
Euro Member Countries, Euro | Accounts payable and accrued liabilities | ||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||
Financial assets and liabilities | € | € 0 |
INCOME TAX - Income Tax Rate Re
INCOME TAX - Income Tax Rate Reconciliation (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Income Taxes [Abstract] | ||
Net loss and comprehensive loss before income taxes | $ 67,631 | $ 32,220 |
Expected recovery at statutory rate | 17,922 | 8,538 |
Share-based compensation | (4,778) | (3,099) |
Share issuance costs | 794 | 1,324 |
Difference between Canadian and foreign tax rates | (1,414) | (97) |
Non-deductible expenses | (1,242) | (40) |
Change in unrecognized deferred tax assets | (11,282) | (6,626) |
Income tax recovery | $ 0 | $ 0 |
INCOME TAX - Deferred Tax Asset
INCOME TAX - Deferred Tax Assets (Details) - CAD ($) $ in Thousands | Mar. 31, 2022 | Mar. 31, 2021 |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax assets | $ 18,103 | $ 6,821 |
Valuation allowance | (18,103) | (6,821) |
Net deferred tax assets | 0 | 0 |
Non-capital loss carryforwards | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax assets | 16,307 | 5,660 |
Share issuance costs | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax assets | 1,526 | 1,126 |
Depreciation/CCA differences | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax assets | 227 | 12 |
Other | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax assets | $ 43 | $ 23 |
INCOME TAX - Non-capital Losses
INCOME TAX - Non-capital Losses Expiration (Details) $ in Thousands | Mar. 31, 2022 CAD ($) |
Canada | |
Disclosure Of Non-Capital Losses Expiration [Line Items] | |
Non-capital losses | $ 50,045 |
United States | |
Disclosure Of Non-Capital Losses Expiration [Line Items] | |
Non-capital losses | 8,896 |
Ireland | |
Disclosure Of Non-Capital Losses Expiration [Line Items] | |
Non-capital losses | 9,469 |
2040 | Canada | |
Disclosure Of Non-Capital Losses Expiration [Line Items] | |
Non-capital losses | 740 |
2041 | Canada | |
Disclosure Of Non-Capital Losses Expiration [Line Items] | |
Non-capital losses | 19,193 |
2041 | United States | Pre-acquisition loss generated up to December 4, 2020 | |
Disclosure Of Non-Capital Losses Expiration [Line Items] | |
Non-capital losses | 933 |
2041 | United States | Loss generated in the period from December 4, 2020 to March 31, 2021 | |
Disclosure Of Non-Capital Losses Expiration [Line Items] | |
Non-capital losses | 1,241 |
2042 | Canada | |
Disclosure Of Non-Capital Losses Expiration [Line Items] | |
Non-capital losses | 30,112 |
2042 | United States | Loss generated in the year ended March 31, 2022 | |
Disclosure Of Non-Capital Losses Expiration [Line Items] | |
Non-capital losses | 6,722 |
2042 | Ireland | |
Disclosure Of Non-Capital Losses Expiration [Line Items] | |
Non-capital losses | $ 9,469 |
INCOME TAX - Additional Informa
INCOME TAX - Additional Information (Details) $ in Thousands | Mar. 31, 2022 CAD ($) |
Income Taxes [Abstract] | |
Section 382 limitation | $ 136 |
SUBSEQUENT EVENTS (Details)
SUBSEQUENT EVENTS (Details) $ / shares in Units, $ in Thousands | 2 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||||||||||||
Jun. 07, 2022 CAD ($) | May 05, 2022 shares | Apr. 01, 2022 CAD ($) $ / shares shares | Mar. 25, 2022 CAD ($) $ / shares shares | Feb. 18, 2022 CAD ($) $ / shares shares | Feb. 14, 2022 CAD ($) $ / shares shares | Jan. 06, 2022 CAD ($) shares | Nov. 29, 2021 CAD ($) shares | Nov. 18, 2021 CAD ($) shares | Aug. 31, 2021 CAD ($) shares | Aug. 17, 2021 CAD ($) shares | Aug. 03, 2021 $ / shares | Jun. 28, 2021 CAD ($) shares | Mar. 11, 2021 CAD ($) shares | Feb. 04, 2021 $ / shares | Jan. 12, 2021 CAD ($) shares | Dec. 16, 2020 shares | Jun. 11, 2020 $ / shares | Jun. 20, 2022 CAD ($) shares | Mar. 31, 2022 CAD ($) shares | Mar. 31, 2021 CAD ($) shares | Dec. 04, 2020 shares | |
Disclosure of non-adjusting events after reporting period [line items] | ||||||||||||||||||||||
Equity interest of acquirer, contingent consideration, value | $ 4,251 | $ 1,539 | ||||||||||||||||||||
Share price (in CAD per share) | $ / shares | $ 2.25 | |||||||||||||||||||||
Shares issued for cash - warrant exercise | $ 2,928 | $ 407 | ||||||||||||||||||||
Number of options, expired (in shares) | shares | 200,000 | |||||||||||||||||||||
Number of options, forfeited (in shares) | shares | 683,750 | 1,105,000 | ||||||||||||||||||||
Potential ordinary share transactions [member] | ||||||||||||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||||||||||||||||
Shares issued for cash - warrant exercise | $ 250 | |||||||||||||||||||||
Number of options, expired (in shares) | 13,500 | |||||||||||||||||||||
Number of options, forfeited (in shares) | 34,000 | |||||||||||||||||||||
Potential ordinary share transactions [member] | Common Share Purchase Warrants | ||||||||||||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||||||||||||||||
Warrants exercise (in shares) | shares | 1,000,000 | |||||||||||||||||||||
Asset Acquisition | Phase 1, DMT Study | ||||||||||||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||||||||||||||||
Asset acquisition, consideration transferred | $ 1,000 | |||||||||||||||||||||
Potential consulting services payment | $ 480 | |||||||||||||||||||||
Class B shares | ||||||||||||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||||||||||||||||
Equity interest of acquirer, contingent consideration (in shares) | shares | 90,546 | 17,239.5 | 41,028.2 | 15,611.4 | 31,721.5 | 28,903 | 9,392.6 | 18,788.5 | 15,777.1 | 42,247.3 | 51,163 | 269,007.8 | 93,410.3 | |||||||||
Equity interest of acquirer, contingent consideration, value | $ 905 | $ 233 | $ 551 | $ 236 | $ 629 | $ 706 | $ 317 | $ 633 | $ 458 | $ 686 | $ 1,018 | |||||||||||
Shares issued upon conversion (in shares) | shares | 905,460 | 172,395 | 410,282 | 156,114 | 317,215 | 289,030 | 93,926 | 187,886 | 157,771 | 422,473 | 511,630 | 10,471,351 | 9,622,433 | 8,688,330 | ||||||||
Share price (in CAD per share) | $ / shares | $ 9.99 | $ 13.54 | $ 13.43 | |||||||||||||||||||
Class B shares | Potential ordinary share transactions [member] | ||||||||||||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||||||||||||||||
Equity interest of acquirer, contingent consideration (in shares) | shares | 22,428.3 | |||||||||||||||||||||
Share price (in CAD per share) | $ / shares | $ 10.20 | |||||||||||||||||||||
Share price, additional value (in CAD per share) | $ 5 | |||||||||||||||||||||
Conversion of stock, shares exchange (in shares) | shares | 38,023 | |||||||||||||||||||||
Class B shares | Potential ordinary share transactions [member] | Milestone Transaction Two | ||||||||||||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||||||||||||||||
Shares issued on contingent liability Adelia milestones | 2,033 | |||||||||||||||||||||
Class B shares | Potential ordinary share transactions [member] | Milestone Transaction One | ||||||||||||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||||||||||||||||
Equity interest of acquirer, contingent consideration, value | $ 229 | |||||||||||||||||||||
Common shares | ||||||||||||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||||||||||||||||
Share price (in CAD per share) | $ / shares | $ 3.40 | $ 0.25 | ||||||||||||||||||||
Common shares | Potential ordinary share transactions [member] | ||||||||||||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||||||||||||||||
Shares issued upon conversion (in shares) | shares | 380,230 | 224,283 | ||||||||||||||||||||
Conversion of stock, shares issued, effective price per share (in dollars per share) | $ / shares | $ 1.02 |