COVER
COVER | 12 Months Ended |
Mar. 31, 2023 shares | |
Entity Addresses [Line Items] | |
Document Type | 40-F |
Document Registration Statement | false |
Document Annual Report | true |
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 |
Annual Information Form | true |
Audited Annual Financial Statements | true |
Entity Common Stock, Shares Outstanding | 195,328,733 |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Emerging Growth Company | true |
Entity Ex Transition Period | false |
Entity Central Index Key | 0001833141 |
Document Fiscal Year Focus | 2023 |
Document Fiscal Period Focus | FY |
Document Period End Date | Mar. 31, 2023 |
Amendment Flag | false |
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, 2023 | |
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, 2023 | Mar. 31, 2022 |
Current | ||
Cash | $ 16,633 | $ 53,641 |
Trade and other current receivables | 3,050 | 2,102 |
Current prepaid expenses | 1,733 | 1,271 |
Other current assets | 1,769 | 1,341 |
Current assets | 23,185 | 58,355 |
Non-current | ||
Non-current investments other than investments accounted for using equity method | 0 | 242 |
Equipment | 450 | 491 |
Intangible assets other than goodwill | 5,470 | 2,083 |
Goodwill | 24,792 | 22,892 |
Total Non-Current Assets | 30,712 | 25,708 |
TOTAL ASSETS | 53,897 | 84,063 |
Current | ||
Current accrued expenses and other current liabilities | 5,663 | 5,262 |
Current Contingent Liabilities Recognised In Business Combination | 0 | 2,646 |
Total Current Liabilities | 5,663 | 7,908 |
SHAREHOLDERS' EQUITY | ||
Issued capital | 158,162 | 141,451 |
Share premium | 2,102 | 525 |
Reserve of share-based payments | 27,283 | 23,783 |
Warrant reserve | 10,873 | 11,423 |
Accumulated other comprehensive income | (2,035) | (366) |
Retained earnings | (148,151) | (100,661) |
TOTAL SHAREHOLDERS' EQUITY | 48,234 | 76,155 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ 53,897 | $ 84,063 |
CONSOLIDATED STATEMENTS OF LOSS
CONSOLIDATED STATEMENTS OF LOSS AND COMPREHENSIVE LOSS - CAD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
EXPENSES | ||
Expense from share-based payment transactions | $ 4,686 | $ 18,030 |
General and administrative expense | 21,341 | 28,222 |
Research and development expense | 25,491 | 17,586 |
Operating expense | 51,518 | 63,838 |
OTHER INCOME (EXPENSES) | ||
Interest income | 603 | 241 |
Gains (losses) on financial assets at fair value through profit or loss, mandatorily measured at fair value | (260) | (29) |
Gains (losses) on exchange differences on translation of foreign operations, before tax | 4,027 | (309) |
Expense Arising From Passage of Time, Contingent Liabilities Recognised In Business Combination | (13) | (316) |
Change in fair value of contingent consideration | (329) | (3,380) |
Other expense, by function | 3,793 | |
Other income | 4,028 | |
Profit (loss) | (47,490) | (67,631) |
OTHER COMPREHENSIVE LOSS | ||
Other comprehensive income, net of tax, exchange differences on translation of foreign operations | (1,669) | (390) |
Comprehensive income | $ (49,159) | $ (68,021) |
Basic earnings (loss) per share | $ (0.26) | $ (0.40) |
Basic earnings (loss) per share | $ (0.26) | $ (0.40) |
Weighted average number of ordinary shares used in calculating basic earnings per share | 185,428,767 | 167,287,240 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY $ in Thousands | CAD ($) shares | Share Capital CAD ($) shares | Warrants CAD ($) | Options CAD ($) | Contributed Surplus CAD ($) | Deficit CAD ($) | Accumulated other comprehensive income (loss) CAD ($) |
Balance (in shares) at Mar. 31, 2021 | shares | 157,454,415 | ||||||
Balance at Mar. 31, 2021 | $ 86,118 | $ 100,676 | $ 11,166 | $ 7,158 | $ 124 | $ (33,030) | $ 24 |
Changes in equity [abstract] | |||||||
Number of Shares Issued Through Contingent Consideration, Equity | shares | 2,690,078 | ||||||
Shares issued on contingent liability Adelia milestones | 4,251 | $ 4,251 | |||||
Increase (Decrease) Through Issuance of Warrants, Equity | $ (1,332) | 1,332 | |||||
Number Of Shares Issued Through Exercise Of Warrants, Equity | shares | 3,231,261 | ||||||
Increase (decrease) through exercise of warrants, equity | $ 2,928 | $ 4,043 | (1,115) | ||||
Options exercised (in shares) | shares | 1,588,300 | 1,588,300 | |||||
Increase (decrease) through exercise of options, equity | $ 1,342 | $ 2,306 | (964) | ||||
(Increase (Decrease) Through Share Options Forfeited In Share Based Payment Award, Equity | (401) | 401 | |||||
Increase (decrease) through share-based payment transactions, equity | 18,030 | 40 | 17,990 | ||||
Number Of Shares Issued Through Share Offering, Equity | shares | 10,147,600 | ||||||
Increase (Decrease) Through Share Offering, Equity | 31,507 | $ 31,507 | |||||
Unrealized gain on translation of foreign operations | (390) | (390) | |||||
Profit (loss) | (67,631) | (67,631) | |||||
Balance at Mar. 31, 2022 | 76,155 | $ 141,451 | 11,423 | 23,783 | 525 | (100,661) | (366) |
Balance (in shares) at Mar. 31, 2022 | shares | 175,111,654 | ||||||
Changes in equity [abstract] | |||||||
Number of Shares Issued Through Contingent Consideration, Equity | shares | 3,603,742 | ||||||
Shares issued on contingent liability Adelia milestones | 2,988 | $ 2,988 | |||||
Increase (Decrease) Through Issuance of Warrants, Equity | $ (6) | 6 | |||||
Number Of Shares Issued Through Exercise Of Warrants, Equity | shares | 1,164,638 | ||||||
Increase (decrease) through exercise of warrants, equity | 362 | $ 527 | (165) | ||||
(Increase (Decrease) Through Share Options Forfeited In Share Based Payment Award, Equity | (1,180) | 1,180 | |||||
Increase (decrease) through expiration of warrants, equity | (397) | 397 | |||||
Increase (decrease) through share-based payment transactions, equity | 4,686 | 6 | 4,680 | ||||
Number Of Shares Issued Through Share Offering, Equity | shares | 20,754,120 | ||||||
Increase (Decrease) Through Share Offering, Equity | 13,202 | $ 13,202 | |||||
Unrealized gain on translation of foreign operations | (1,669) | (1,669) | |||||
Profit (loss) | (47,490) | (47,490) | |||||
Balance at Mar. 31, 2023 | $ 48,234 | $ 158,162 | $ 10,873 | $ 27,283 | $ 2,102 | $ (148,151) | $ (2,035) |
Balance (in shares) at Mar. 31, 2023 | shares | 200,634,154 |
CONSOLIDATED STATEMENT OF CASH
CONSOLIDATED STATEMENT OF CASH FLOWS - CAD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
OPERATING ACTIVITIES | ||
Profit (loss) | $ (47,490) | $ (67,631) |
Adjustments for items not affecting cash: | ||
Interest income | (18) | (21) |
Depreciation | 251 | 168 |
Share-based compensation | 4,686 | 18,030 |
Change in fair value of investments measured at fair value through profit or loss | 260 | 29 |
Contingent consideration accretion | 13 | 316 |
Change in fair value of contingent consideration | 329 | 3,380 |
Unrealized foreign currency translation loss | (4,025) | 309 |
Cash flows used in operating activities before net changes in non-cash working capital items | (45,994) | (45,420) |
Net changes in non-cash working capital items: | ||
Accounts receivable | (948) | (773) |
Prepaid expenses | (462) | (142) |
Other current assets | (428) | (1,341) |
Accounts payable and accrued liabilities | 401 | 2,469 |
Net cash flows used in operating activities | (47,431) | (45,207) |
INVESTING ACTIVITIES | ||
Purchase of investment | 0 | (250) |
Purchase of intangible assets | (3,167) | (415) |
Purchase of equipment | (142) | (105) |
Net cash flows used in investing activities | (3,309) | (770) |
FINANCING ACTIVITIES | ||
Proceeds from issuance of common shares, net | 13,202 | 31,507 |
Shares issued for cash - warrant exercise | 362 | 2,928 |
Shares issued for cash - options exercise | 0 | 1,342 |
Net cash flows from financing activities | 13,564 | 35,777 |
Effects of exchange rate changes on cash | 168 | (185) |
Change in cash | (37,008) | (10,385) |
Cash, beginning of period | 53,641 | 64,026 |
Cash, end of period | $ 16,633 | $ 53,641 |
CORPORATE INFORMATION
CORPORATE INFORMATION | 12 Months Ended |
Mar. 31, 2023 | |
Corporate Information and Statement of IFRS Compliance [Abstract] | |
CORPORATE INFORMATION | 1. 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 IRL”). 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 biopharmaceutical company focused on advancing psychedelic-based therapies, delivery mechanisms, novel compounds and protocols as potential treatments for various psychiatric and neurological conditions. The Company is developing technologies and delivery systems aimed at improving the pharmacokinetics of its psychedelic-based molecules while retaining the therapeutic benefit. These new molecules and delivery systems are expected to be studied through clinical trials to confirm safety and efficacy. These consolidated financial statements as at, and for the year ended, March 31, 2023 were approved and authorized for issue by the board of directors on June 27, 2023. Stock exchange listing Cybin’s common shares (“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”. 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 flows and, as at March 31, 2023, the Company had an accumulated deficit of $148,151 (2022 - $100,661), cash of $16,633 (2022 - $53,641) and working capital of $17,522 (2022 - $50,447), and a net loss of $47,490 (2022 - $67,631) and negative cash flows from operations of $47,431 (2022 - $45,207) for the year then ended. In order to continue as a going concern and meet its corporate objectives, the Company is dependent on its ability to obtain additional 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, 2023 | |
Accounting Policies [Abstract] | |
Disclosure of significant accounting policies [text block] | 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 27, 2023, 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 U.S. dollars 100% 1 For accounting purposes, Cybin US is a wholly-owned subsidiary of Cybin. Certain Former Adelia Shareholders (as defined below) hold Class B Shares (defined below) in Cybin US. 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 the 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, 2023 and March 31, 2022 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 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, software related items and in-process research and development (“IPR&D”). 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. Acquired IPR&D is capitalized based on technical feasibility and remains on the balance sheet, subject to impairment. Acquired IPR&D is initially measured at fair value and recognized as an indefinite-lived intangible asset until completion or abandonment of the related project. Amortization commences when the assets become available for use. Expenditures on research activities, undertaken with the prospect of gaining new scientific or technical knowledge and understanding, are recognized in operations as incurred. 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 flows 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 equity incentive plan, all stock options granted may 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 recognizes 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 is 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 the vesting date, the Company revises the estimate to equal the number of equity instrument that ultimately vested. After the 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 obligati |
CRITICAL ACCOUNTING ESTIMATES A
CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS | 12 Months Ended |
Mar. 31, 2023 | |
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 9) 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 recognized 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. |
INVESTMENTS
INVESTMENTS | 12 Months Ended |
Mar. 31, 2023 | |
Investments [Abstract] | |
INVESTMENTS | INVESTMENTS On 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 matured and became 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 the Rx Debentures did not convert into units prior to the initial maturity date. As a result, the maturity date of the Rx Debentures was amended to December 31, 2022. Furthermore, the Rx Debentures were amended to be convertible into units at a price of equal to 70% of the offering price of any equity financing. The Rx Debentures have not been repaid or converted into units. As at March 31, 2023, the amount of nil was determined to represent the fair value of the Rx Debentures (2022 - $242), and as a result recorded a loss of $260 in the statement of loss and comprehensive loss as a part of “Change in fair value of investments measured at fair value through profit or loss”. The investment may generate a positive gain or recovery at a later date based on future activities when more relevant information is available. |
EQUIPMENT
EQUIPMENT | 12 Months Ended |
Mar. 31, 2023 | |
Property, Plant and Equipment1 [Abstract] | |
EQUIPMENT | EQUIPMENT Equipment consists as follows: Cost Lab Equipment Computer Equipment Total $ $ $ 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 Additions 142 — 142 Effect of foreign exchange 47 1 48 Balance as at March 31, 2023 664 239 903 Accumulated Depreciation 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 Depreciation charge 135 79 214 Effect of foreign exchange 17 — 17 Balance as at March 31, 2023 290 163 453 Net book value as at March 31, 2022 337 154 491 Net book value as at March 31, 2023 374 76 450 |
INTANGIBLE ASSETS
INTANGIBLE ASSETS | 12 Months Ended |
Mar. 31, 2023 | |
Intangible Assets [Abstract] | |
INTANGIBLE ASSETS | INTANGIBLE ASSETS Cost IP Research & Development Patents Licenses Software Total $ $ $ $ $ Balance as at March 31, 2021 1,604 97 — — 1,701 Additions — 341 — 74 415 Effect of foreign exchange (38) 5 — — (33) Balance as at March 31, 2022 1,566 443 — 74 2,083 Additions 1,342 495 1,330 — 3,167 Effect of foreign exchange 168 40 49 — 257 Balance as at March 31, 2023 3,076 978 1,379 74 5,507 Accumulated Amortization Balance as at March 31, 2021 and March 31, 2022 — — — — — Amortization charge — — 19 18 37 Balance as at March 31, 2023 — — 19 18 37 Net book value as at March 31, 2022 1,566 443 — 74 2,083 Net book value as at March 31, 2023 3,076 978 1,360 56 5,470 IP Research & Development On July 11, 2022, the Company completed the acquisition of a Phase 1 N,N-dimethyltryptamine (“DMT”) study (the “Asset Acquisition”) from Entheon Biomedical Corp. to accelerate the clinical development path for CYB004, Cybin’s proprietary deuterated DMT molecule for the potential treatment of anxiety disorders. The Company paid $1,000 for the Asset Acquisition, and assumed liabilities of $342. Licenses During the year ended March 31, 2023, the Company entered into multiple licensing agreements that provide Cybin with additional access to IP from over 15 more patents or patent applications, including the acquisition of an exclusive license to a targeted class of tryptamine-based molecules from Mindset Pharma Inc. (“Mindset”), for which it paid a one-time license fee of $680 (US$500). The licensing agreements collectively provide the Company with access to a broad range of preclinical molecule combinations for its library of psychedelic derivative drug development candidates. In addition to the exclusive license with Mindset, the Company spent an additional $650 on a licensing agreement. Impairment The Company performed its annual impairment test of intangible assets not yet in use at March 31, 2023. The recoverable amount was determined based on the relief from royalty method to arrive at the value-in-use (“VIU”). The Company considered an estimate of future revenues and a reasonable royalty rate to apply to financial projections based on the current budget and future commercialization plans. In assessing the VIU, estimated future cash flows are discounted to their present value using a discount rate that reflects reflects the assessment of royalty and business opportunities and risk as well as the market potential. The VIU |
CONTINGENT CONSIDERATION PAYABL
CONTINGENT CONSIDERATION PAYABLE | 12 Months Ended |
Mar. 31, 2023 | |
Business Combination [Abstract] | |
CONTINGENT CONSIDERATION PAYABLE | CONTINGENT CONSIDERATION PAYABLE Former Adelia Shareholders The Company had commitments to the former shareholders of Adelia (“Former Adelia Shareholders”) based on the achievement of certain milestones (the “Milestones”) as set out in the contribution agreement entered in connection with Cybin’s acquisition of Adelia (the “Contribution Agreement”). These Milestones were paid in class B common shares of Cybin US (“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 9). The final Milestone was achieved on August 31, 2022. The Company does not have any further commitments to the Former Adelia Shareholders as it relates to the issuance of Class B Shares for the achievement of Milestones, other than the exchange of such Class B Shares into Common Shares in accordance with their terms. The following table presents the change in the carrying value of the contingent consideration for the years ended March 31, 2022 and March 31, 2023: $ 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 Milestone achieved (2,988) Change in fair value 329 Accretion expense 13 Balance as at March 31, 2023 — As a result of changes in fair value of the contingent consideration, for the year ended March 31, 2023, the Company recorded an expense of $329 in the statement of loss and comprehensive loss as “change in fair value of contingent consideration”(2022 - $3,380) . In addition, for the year ended March 31, 2023, the Company recorded an accretion expense of $13 in the statement of loss and comprehensive loss as “contingent consideration accretion” (2022 - $316). |
SHARE CAPITAL
SHARE CAPITAL | 12 Months Ended |
Mar. 31, 2023 | |
Share Capital, Reserves, and Other Equity Interest [Abstract] | |
SHARE CAPITAL | SHARE CAPITAL a) Authorized share capital The authorized share capital of Cybin consists of an 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 Common Shares As at March 31, 2023, the Company has no Common Shares held in escrow (2022 - 12,545,767). During the year ended March 31, 2023, the Company completed the following share issuances: On August 8, 2022, the Company established an at-the-market equity program (the “ATM Program”) that allows the Company to issue and sell up to US$35,000 of Common Shares from treasury to the public, from time to time. Distributions of Common Shares under the ATM Program are made pursuant to the terms and conditions of an at-the-market equity distribution agreement (the “Distribution Agreement”) dated August 8, 2022 among the Company, Cantor Fitzgerald Canada Corporation and Cantor Fitzgerald & Co. The ATM Program is effective until the earlier of the issuance and sale of all of the Common Shares issuable pursuant to the ATM Program and August 5, 2023 unless earlier terminated in accordance with the terms of the Distribution Agreement. Up to March 31, 2023, the Company had sold 20,754,120 Common Shares under the ATM program at an average price of $0.6819 (US$0.5079) per Common Share, for aggregate gross proceeds of $14,152 (US$10,541). Share issuance costs for the year ended March 31, 2023 were $950. 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. Preferred Shares As at March 31, 2023, the Company has nil preferred shares outstanding (March 31, 2022 - nil). Cybin US Class B Shares Number of Class B Shares 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 Issued on achievement of milestones 360,374.2 Converted into Common Shares (876,967.2) Balance as at March 31, 2023 530,542.1 As at March 31, 2023, 530,542.1 Class B Shares were outstanding, and will be exchangeable for a total of 5,305,421, Common Shares as of December 14, 2023. These consolidated financial statements reflect all of the issued Class B Shares on an as-converted basis. During the year ended March 31, 2023, the Company issued Class B Shares as follows: On April 1, 2022, 22,428.3 Class B Shares were issued to Former Adelia Shareholders due to the achievement of the Milestone identified as Year 2 Q2 (iv), having an aggregate value of $229 at a price per Class B 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, on June 22, 2022, an additional 456.5 Class B Shares having an aggregate value of $5 were issued to Former Adelia Shareholders. On June 24, 2022, 266,933.1 Class B Shares were issued to Former Adelia Shareholders due to the achievement of certain Milestones identified as Y2, Q2 (i), (vi), Y2, Q3 (ii), Year 2 Q4 (i) and Year 3 Q1 (i), (ii), (iii), having an aggregate value of $2,034 at a price per Class B Share of $7.62. These Class B Shares are exchangeable for a total of 2,669,331 Common Shares, representing an effective issue price of $0.76 per Common Share. On June 27, 2022, 37,366.2 Class B Shares were issued to Former Adelia Shareholders due to the achievement of the Milestone identified as Y2, Q3 (i), having an aggregate value of $280 at a price per Class B Share of $7.50. These Class B Shares are exchangeable for a total of 373,662 Common Shares, representing an effective issue price of $0.75 per Common Share. On August 31, 2022, 33,190.1 Class B Shares were issued to Former Adelia Shareholders due to the achievement of the Milestone identified as Y2, Q4 (ii), having an aggregate value of $468 at a price per Class B Share of $14.10. These Class B Shares are exchangeable for a total of 331,901 Common Shares, representing an effective issue price of $1.41 per Common Share. With the fulfillment of all of the remaining milestones during the year ended March 31, 2023, it is not anticipated that any additional Class B Shares will be issued. During the year ended March 31, 2022, the Company issued Class B Shares as follows: On June 28, 2021, pursuant to the terms of the Contribution Agreement, 15,771.1 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 28,903.0 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. c) Warrants The continuity of the outstanding warrants for the years ended March 31, 2023 and March 31, 2022, are as follows: Number of Warrants Weighted average exercise price $ Common Share Purchase Warrants 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 As at March 31, 2022 25,548,836 1.22 Exercised (1,164,638) 0.31 Expired (1,153,713) 0.75 Outstanding as at March 31, 2023 23,230,485 1.29 Exercisable as at March 31, 2023 23,230,485 1.29 Unit Purchase Warrants (1) As at March 31, 2021 868,740 2.25 Exercised — — As at March 31, 2022 868,740 2.25 Exercised — — Outstanding as at March 31, 2023 868,740 2.25 Exercisable as at March 31, 2023 868,740 2.25 (1) Each unit consists 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, 2023, the Company had the following movement in warrants: During the year ended March 31, 2023, 1,164,638 Common Share purchase warrants (March 31, 2022 - 3,231,261) were exercised by various holders for aggregate proceeds to the Company of $362 (March 31, 2022 - $2,928). During the year ended March 31, 2023, 1,153,713 warrants with a weighted average exercise price of $0.75 expired. 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, 2023: Date of Expiry Warrants outstanding Warrants exercisable Weighted average of exercisable price Estimated grant date fair value Weighted average remaining contractual life $ $000’s Years Common Share Purchase Warrants August 3, 2023 658,860 658,860 3.40 1,229 0.34 February 1, 2024 7,146,500 7,146,500 3.25 5,454 0.84 June 15, 2025 12,800,000 12,800,000 0.25 2,318 2.21 August 20, 2025 1,475,125 1,475,125 0.64 682 2.39 November 15, 2025 1,150,000 1,150,000 0.25 220 2.63 23,230,485 23,230,485 1.29 9,903 1.77 Unit Purchase Warrants (1) February 4, 2024 868,740 868,740 2.25 970 0.85 868,740 868,740 2.25 970 0.85 (1) Each unit consists 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. As at March 31, 2023, the Company has no Common Share purchase warrants held in escrow (2022 - 3,125,032). The Company recognized share-based payments compensation related to the issuance of Common Share purchase warrants for the year ended March 31, 2023 of $6 (2022 - $40). d) Stock options On November 5, 2020, Cybin adopted an 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 years ended March 31, 2023 and March 31, 2022 are as follows: Number of Options Weighted average exercise price $ 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 As at March 31, 2022 28,885,002 1.45 Granted 2,475,000 0.91 Forfeited/Expired (1,790,202) 2.20 Outstanding as at March 31, 2023 29,569,800 1.36 Exercisable as at March 31, 2023 27,234,025 1.33 During the year ended March 31, 2023, the Company completed the following option issuances: On June 30, 2022, the Company granted options to purchase up to: 65,000 Common Shares to employees, with an exercise price of $1.00 per Common Share and vesting over two years. The options expire on June 30, 2027. The aggregate estimated grant date fair value was determined to be $32, calculated using the Black-Scholes option pricing model with the following assumptions: Risk-free interest rate 3.10% Expected annual volatility, based on comparable companies 95.00% Expected life (in years) 5.00 Expected dividend yield 0.00% Share price $ 0.72 Exercise price $ 1.00 On June 30, 2022, the Company granted options to purchase up to 500,000 Common Shares to consultants, with an exercise price of $0.90 per Common Share. The options vested immediately and expire on June 30, 2025. The estimated grant date fair value was determined to be $183, calculated using the Black-Scholes option pricing model with the following assumptions: Risk-free interest rate 3.14% Expected annual volatility, based on comparable companies 85.00% Expected life (in years) 3 Expected dividend yield 0.00% Share price $ 0.72 Exercise price $ 0.90 On August 15, 2022, the Company granted options to purchase up to 800,000 Common Shares to consultants, with an exercise price of $1.00 per Common Share and vesting over two years. The options expire on August 15, 2025. The estimated grant date fair value was determined to be $429, calculated using the Black-Scholes option pricing model with the following assumptions: Risk-free interest rate 3.11% Expected annual volatility, based on comparable companies 85.00% Expected life (in years) 3 Expected dividend yield 0.00% Share price $ 0.97 Exercise price $ 1.00 On August 15, 2022, the Company granted options to purchase up to 20,000 Common Shares to an employee, with an exercise price of $1.00 per Common Share and vesting over two years. The options expire on August 15, 2027. The estimated grant date fair value was determined to be $14, calculated using the Black-Scholes option pricing model with the following assumptions: Risk-free interest rate 2.88% Expected annual volatility, based on comparable companies 95.00% Expected life (in years) 5 Expected dividend yield 0.00% Share price $ 0.97 Exercise price $ 1.00 On September 30, 2022, the Company granted options to purchase up to 270,000 Common Shares to consultants, with an exercise price of $0.75 per Common Share and vesting over two years. The options expire on September 30, 2025. The estimated grant date fair value was determined to be $102, calculated using the Black-Scholes option pricing model with the following assumptions: Risk-free interest rate 3.72% Expected annual volatility, based on comparable companies 85.00% Expected life (in years) 3 Expected dividend yield 0.00% Share price $ 0.67 Exercise price $ 0.75 On September 30, 2022, the Company granted options to purchase up to 245,000 Common Shares to employees, with an exercise price of $1.00 per Common Share and vesting over two years. The options expire on September 30, 2027. The estimated grant date fair value was determined to be $98, calculated using the Black-Scholes option pricing model with the following assumptions: Risk-free interest rate 3.32% Expected annual volatility, based on comparable companies 95.00% Expected life (in years) 5 Expected dividend yield 0.00% Share price $ 0.67 Exercise price $ 1.00 On November 16, 2022, the Company granted options to purchase up to 200,000 Common Shares to a consultant with an exercise price of $0.91 per Common Share. The options vested immediately and expire on November 15, 2025. The estimated grant date fair value was determined to be $53, calculated using the Black-Scholes option pricing model with the following assumptions: Risk-free interest rate 3.78% Expected annual volatility, based on comparable companies 85.00% Expected life (in years) 3 Expected dividend yield 0.00% Share price $ 0.58 Exercise price $ 0.91 On November 16, 2022, the Company granted options to purchase up to 375,000 Common Shares to consultants with an exercise price of $0.75 per Common Share. The options vested immediately and expire on November 15, 2025. The estimated grant date fair value was determined to be $110, calculated using the Black-Scholes option pricing model with the following assumptions: Risk-free interest rate 3.78% Expected annual volatility, based on comparable companies 85.00% Expected life (in years) 3 Expected dividend yield 0.00% Share price $ 0.58 Exercise price $ 0.75 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 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 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 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 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 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 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 on comparable companies 95.00% Expected life (in years) 5.00 Expected dividend yield 0.00% Share price $ 2.78 Exercise price $ 3.15 On September 30, 2021, the Company granted options to purchase up to 40,000 Common Shares to a consultant with an exercise price of $2.78 per Common Share and vesting over one year. The options expire on June 30, 2023. The estimated grant date fair value was determined to be $48, calculated using the Black-Scholes option pricing model with the following assumptions: 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 On September 30, 2021, the Company granted options to purchase up to 700,000 Common Shares to consultants with an exercise price of $2.78 per Common Share and vesting over one year. The options expire on December 31, 2022. The estimated grant date fair value was determined to be $715, calculated using the Black-Scholes option pricing model with the following assumptions: 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 On December 31, 2021, the Company granted options to purchase up to 40,000 Common Shares to employees with an exercise price of $3.15 per Common Share and vesting over two years. The options expire on December 31, 2026. The estimated grant date fair value was determined to be $36, calculated using the Black-Scholes option pricing model with the following assumptions: 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 On December 31, 2021, the Company granted options to purchase up to 1,250,000 Common Shares to consultants with an exercise price of $1.50 per Common Share and vesting over two years. The options expire on December 31, 2026. The estimated grant date fair value was determined to be $1,352, calculated using the Black-Company option pricing model with the following assumptions: 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 On March 4, 2022, the Company granted options to purchase up to: 1,035,600 Common Shares to executive officers and 40,000 Common Shares to consultants, with an exercise price of $1.13 per Common Share and vesting over two years. The options expire on March 4, 2027. 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 1.46% 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 On March 4, 2022, the Company granted options to purchase up to 60,000 Common Shares to employees with an exercise price of $3.15 per Common Share and vesting over two years. The options expire on March 4, 2027. The estimated grant date fair value was determined to be $38, calculated using the Black-Scholes option pricing model with the following assumptions: 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 On March 8, 2022, the Company granted options to purchase up to 400,000 Common Shares to a consultant with an exercise price of $1.02 per Common Share and vesting over two months. The options expire on March 8, 2027. The estimated grant date fair value was determined to be $295, calculated using the Black-Scholes option pricing model with the following assumptions: 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 During the year ended March 31, 2022, the Company amended the vesting and expiry dates of certain options with former employees of the Company, resulting in a modification of terms. As a result of the modifications, the Company calculated the incremental fair value using the Black-Scholes option pricing model. The fair value of the options after modification was determined to be less than the fair value prior to modification and therefore the original fair value of the grant was used and is being recognized over the new vesting schedule. The Company accelerated the vesting schedule of 1,031,250 options issued to certain consultants to a date during the year ended March 31, 2022. As a result, an additional share-based payment compensation expense of $168 was recorded in the consolidated statement of loss and other comprehensive loss. The following summarizes information about stock options outstanding on March 31, 2023: 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 23, 2023 1.00 2,500 2,500 0.15 1 May 23, 2023 1.39 15,000 15,000 0.15 15 May 23, 2023 1.74 5,000 5,000 0.15 4 May 23, 2023 2.03 20,000 20,000 0.15 29 May 23, 2023 2.90 91,875 91,875 0.15 182 June 30, 2023 2.78 20,000 20,000 0.25 24 November 5, 2023 2.90 156,250 156,250 0.60 326 December 31, 2023 1.35 20,000 20,000 0.75 19 December 31, 2023 2.90 65,625 65,625 0.75 137 December 31, 2023 3.15 12,500 12,500 0.75 11 March 31, 2024 1.35 56,250 56,250 1.00 55 June 15, 2025 0.25 2,350,000 2,350,000 2.21 420 June 30, 2025 0.90 500,000 500,000 2.25 183 August 14, 2025 1.00 800,000 400,000 2.38 327 September 30, 2025 0.75 270,000 223,125 2.50 88 October 12, 2025 0.75 3,000,000 3,000,000 2.54 1,607 November 4, 2025 0.75 5,700,000 5,700,000 2.60 2,985 November 13, 2025 0.88 500,000 500,000 2.62 314 November 15, 2025 0.91 200,000 200,000 2.63 53 November 15, 2025 0.75 375,000 375,000 2.63 110 December 11, 2025 1.48 700,000 700,000 2.70 740 December 14, 2025 1.74 2,259,100 2,259,100 2.71 2,804 December 28, 2025 1.89 760,000 760,000 2.75 1,027 January 2, 2026 1.89 225,000 225,000 2.76 304 February 15, 2026 2.03 150,000 150,000 2.88 218 February 16, 2026 2.03 150,000 150,000 2.88 218 March 10, 2026 1.39 1,257,600 1,257,600 2.95 1,257 March 15, 2026 1.55 300,000 300,000 2.96 360 Exercise Price Number of options outstanding Number of options exercisable Weighted average remaining life Recognized estimated grant date fair value March 28, 2026 1.36 1,575,000 1,575,000 2.99 1,540 March 29, 2026 1.32 37,500 37,500 3.00 36 March 31, 2026 1.35 250,000 250,000 3.00 243 June 28, 2026 2.90 3,180,000 2,854,375 3.25 6,629 August 16, 2026 2.48 215,000 188,125 3.38 376 August 18, 2026 2.48 300,000 262,500 3.39 510 September 27, 2026 3.15 545,000 408,750 3.50 1,050 September 27, 2026 2.87 195,000 170,625 3.50 396 September 30, 2026 3.15 200,000 150,000 3.50 371 December 31, 2026 3.15 40,000 27,500 3.76 29 December 31, 2026 1.50 1,230,000 425,000 3.76 1,038 March 4, 2027 1.13 1,075,600 806,700 3.93 822 March 4, 2027 3.15 60,000 37,500 3.93 34 March 8, 2027 1.02 400,000 400,000 3.94 295 June 30, 2027 1.00 65,000 32,500 4.25 17 August 14, 2027 1.00 20,000 10,000 4.38 11 September 30, 2027 1.00 220,000 83,125 4.50 68 29,569,800 27,234,025 2.56 27,283 As at March 31, 2023, the Company has no options held in escrow (2022 - 2,981,250). The Company recognized share-based payments expense related to the issuance of stock options for the year ended March 31, 2023 of $4,680 (2022 - $17,990). The outstanding options and warrants disclosed above were anti-dilutive for the year ended March 31, 2023 and did not impact the calculation of the loss per share. |
RELATED PARTY TRANSACTIONS AND
RELATED PARTY TRANSACTIONS AND BALANCES | 12 Months Ended |
Mar. 31, 2023 | |
Related Party [Abstract] | |
RELATED PARTY TRANSACTIONS AND BALANCES | RELATED PARTY TRANSACTIONS AND BALANCESKey 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. The remuneration of key management personnel for the years ended March 31, 2022 and 2023 are as follows: Year ended March 31, 2023 2022 $ $ Payroll, consulting and benefits (1) 5,966 6,569 Share-based compensation Options 2,346 8,813 Warrants 3 109 Total 8,315 15,491 |
GENERAL AND ADMINISTRATIVE EXPE
GENERAL AND ADMINISTRATIVE EXPENSES | 12 Months Ended |
Mar. 31, 2023 | |
Analysis of income and expense [abstract] | |
GENERAL AND ADMINISTRATIVE EXPENSES | GENERAL AND ADMINISTRATIVE EXPENSES Year ended March 31, 2023 2022 $ $ Payroll, consulting and benefits 6,272 7,468 Capital market 6,323 7,277 Office and administration 3,731 3,999 Professional and consulting fees 2,142 3,275 Investor relations 984 1,981 Marketing media 881 1,466 Business development 654 2,223 Listing fees 354 533 Total 21,341 28,222 |
RESEARCH EXPENSES
RESEARCH EXPENSES | 12 Months Ended |
Mar. 31, 2023 | |
Analysis of income and expense [abstract] | |
Disclosure of research and development expense [text block] | RESEARCH EXPENSES Year ended March 31, 2023 2022 $ $ Advancement of development programs 14,360 8,744 Payroll and benefits 8,830 6,989 Professional and consulting fees 1,159 1,555 Lab and administration 1,142 298 Total 25,491 17,586 |
CONTRACTS AND COMMITMENTS
CONTRACTS AND COMMITMENTS | 12 Months Ended |
Mar. 31, 2023 | |
Commitments [Abstract] | |
CONTRACTS AND COMMITMENTS | CONTRACTS, COMMITMENTS AND CONTINGENCIES As at March 31, 2023, the Company had entered into agreements for various studies which may require the Company to spend up to an additional $12,074. The Company expects to pay this amount within the 12 months ending March 31, 2024, 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 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 to the above, the Company has entered into an exclusive license agreement with Mindset to acquire a class of tryptamine-based molecules. Upon the successful completion of certain milestones contemplated in the agreement, the Company may have to pay additional consideration of up to $12,857 (US$9,500). At the sole discretion of Cybin, the milestones may be paid in cash or in Common Shares, or a combination thereof, subject to the approval of the Neo Exchange Inc. Due to the nature of the arrangement, the timing and probability of future potential payments cannot be determined at this time, and no accrual has been recorded. Further, there is no assurance that the aforementioned milestones will be met at all. The agreement also contemplates a sales royalty of approximately 2% for all commercialized licensed products within the scope of the agreement. The Company is party to certain employee and management contracts that contain severance obligations. These contracts contain clauses requiring additional payments to be made upon the occurrence of involuntary termination. As the likelihood of these events taking place is not determinable, no contingent liabilities have been recorded in the consolidated financial statements. In the normal course of business, the Company may be subject to legal proceedings and claims. As at March 31, 2023, there was no ongoing litigation and therefore no contingent liabilities have been recorded. |
CAPITAL MANAGEMENT
CAPITAL MANAGEMENT | 12 Months Ended |
Mar. 31, 2023 | |
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, 2023. 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, 2023 March 31, 2022 $ $ Shareholders’ equity comprised of: Share capital 158,162 141,451 Contributed surplus 2,102 525 Options reserve 27,283 23,783 Warrants reserve 10,873 11,423 Accumulated other comprehensive loss (2,035) (366) Deficit (148,151) (100,661) Total 48,234 76,155 |
FINANCIAL INSTRUMENTS
FINANCIAL INSTRUMENTS | 12 Months Ended |
Mar. 31, 2023 | |
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, 2023 March 31, 2022 $ $ Financial assets, measured at fair value: Cash 16,633 53,641 Investments — 242 Financial assets, measured at amortized cost: Accounts receivable 42 28 Financial liabilities, measured at fair value: Contingent consideration payable — 2,646 Financial liabilities, measured at amortized cost: Accounts payable and accrued liabilities 5,663 5,262 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, 2023. The following table presents the changes in level 3 financial instruments for the for the years ended March 31, 2023 and March 31, 2022: $ 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 Interest income 18 Change in fair value of investments measured at fair value through profit or loss (260) Balance as at March 31, 2023 — 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, 2023, 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, 2023, the Company had cash of $16,633 (March 31, 2022 - $53,641) in order to meet current liabilities. Accounts payable and accrued liabilities include trade payables and other obligations of $5,663 (March 31, 2022 - $5,262), 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, 2023, 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. At March 31, 2023, 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 646 616 762 Accounts payable and accrued liabilities (162) (82) (597) 484 534 165 Foreign currency rate 1.3533 1.6726 1.4708 Equivalent in Canadian dollars $ 655 $ 893 $ 243 Impact of 10% change in foreign currency rate $ 66 $ 89 $ 24 Based on the above net exposures as at March 31, 2023, 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 $179. |
INCOME TAX
INCOME TAX | 12 Months Ended |
Mar. 31, 2023 | |
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, 2023 2022 Net loss before income taxes 47,490 67,631 Expected recovery at statutory rate 12,585 17,922 Share-based compensation (1,242) (4,778) Share issuance costs 321 794 Difference between Canadian and foreign tax rates (4,032) (3,542) Effect of exchange on unbooked deferred tax assets 438 — Non-deductible expenses (338) (1,256) Change in unrecognized deferred tax assets (7,732) (9,140) 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, 2023 March 31, 2022 Non-capital loss carryforwards 20,248 13,256 Deferred compensation 1,089 1,146 R&D expenditures 1,053 — Share issuance costs 1,303 1,526 Depreciation/CCA differences (6) (10) Other 6 43 23,693 15,961 Valuation allowance (23,693) (15,961) — — 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, 2023, 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 12,234 2043 10,704 42,871 As at March 31, 2023, 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 992 2041 - Loss generated in the period from December 4, 2020 to March 31, 2021 1,323 2042 - Loss generated in the year ended March 31, 2022 7,131 2043 - Loss generated in the year ended March 31, 2023 2,902 12,348 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, 2023, the annual limitation was $144. Massachusetts allows for a 20-year carryforward period for restricted and unrestricted losses without limitation. As at March 31, 2023, 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 22,965 2043 23,017 45,982 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Mar. 31, 2023 | |
Events after reporting period [Abstract] | |
SUBSEQUENT EVENTS | SUBSEQUENT EVENTS (a) ATM Program During the period from April 1, 2023 to June 27, 2023, the Company sold 8,533,269 Common Shares, at an average price of US$0.2896 per Common Share, for aggregate gross proceeds of US$2,471, through its ATM Program. (b) Common Share Purchase Agreement On May 30, 2023, the Company entered into a common share purchase agreement (the “ LPC Purchase Agreement ”) with Lincoln Park Capital Fund, LLC (“ LPC ”). Subject to the terms and conditions of the LPC Purchase Agreement, the Company has the right to sell, and LPC is obligated to purchase, up to US$30,000 of Common Shares over a 36-month period at prices that are based on the market price at the time of each sale to LPC. Cybin, in its sole discretion, controls the timing and amount of all sales of Common Shares under the LPC Purchase Agreement. During the period from May 30, 2023 to June 27, 2023, the Company sold 1,925,000 Common Shares, at an average price of US$0.2417 per Common Shares, for aggregate gross proceeds of US$465 pursuant to the LPC Purchase Agreement. As of June 27, 2023, Cybin is entitled to issue additional Common Shares for aggregate proceeds of up to US$29,535 under the LPC Purchase Agreement. Cybin has the right to terminate the LPC Purchase Agreement at any time at no cost or penalty. LPC has agreed not to engage in any short selling or hedging activity of any kind in the Common Shares. As consideration for LPC’s obligation to purchase Common Shares from the Company at its direction under the LPC Purchase Agreement, Cybin issued 2,538,844 Common Shares to LPC as a commitment fee on May 30, 2023. The Purchase Agreement provides that Cybin may not issue or sell any Common Shares to LPC under the Purchase Agreement which, when aggregated with all other Common Shares then beneficially owned by LPC and its affiliates (as calculated pursuant to Section 13(d) of the U.S. Securities Exchange Act of 1934, as amended, and Rule 13d-3 thereunder), would result in LPC beneficially owning more than 9.99% of the outstanding Common Shares. |
SIGNIFICANT ACCOUNTING POLICES
SIGNIFICANT ACCOUNTING POLICES AND BASIS OF PREPARATION (Policies) | 12 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
Statement of compliance | 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”) . |
Basis of measurement | 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 U.S. dollars 100% 1 For accounting purposes, Cybin US is a wholly-owned subsidiary of Cybin. Certain Former Adelia Shareholders (as defined below) hold Class B Shares (defined below) in Cybin US. |
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 the 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, 2023 and March 31, 2022 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 |
Intangible Assets | Intangible assets include expenditures related to obtaining patents, software related items and in-process research and development (“IPR&D”). 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. Acquired IPR&D is capitalized based on technical feasibility and remains on the balance sheet, subject to impairment. Acquired IPR&D is initially measured at fair value and recognized as an indefinite-lived intangible asset until completion or abandonment of the related project. Amortization commences when the assets become available for use. Expenditures on research activities, undertaken with the prospect of gaining new scientific or technical knowledge and understanding, are recognized in operations as incurred. 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 flows 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 equity incentive plan, all stock options granted may 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 recognizes 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 is 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 the vesting date, the Company revises the estimate to equal the number of equity instrument that ultimately vested. After the 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 |
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 economic benefits required to settle, a provision is expected to be recovered from a third party, the receivable is recognized as an asset if it is virtually certain that reimbursement will be received and the amount receivable can be measured reliably. |
New standards and interpretations not yet adopted | New standards and interpretations not yet adopted IAS 1, Presentation of Financial Statements ("IAS 1") - Classification of Liabilities as Current or Non-Current In January 2020, the IASB issued amendments to IAS 1. The amendments aim to promote consistency in applying the requirements by helping companies determine whether, in the consolidated statements of financial position, debt and other liabilities with an uncertain settlement date should be classified as current (due or potentially due to be settled within one year) or non-current. The amendments include clarifying the classification requirements for debt a company might settle by converting it into equity. The amendments are effective for annual reporting periods beginning on or after January 1, 2024, with earlier application permitted. The Company is still assessing the impact of adopting these amendments on its consolidated financial statements. Amendments to IAS 1 and IFRS Practice Statement 2 In February 2021, the IASB issued amendments to IAS 1 and IFRS Practice Statement 2, Making Materiality Judgements, in which it provides guidance and examples to help entities apply materiality judgements to accounting policy disclosures. The amendments aim to help entities provide accounting policies disclosures that are more useful by replacing the requirement for entities to disclose "significant" accounting policies with a requirement to disclose their "material" accounting policies and adding guidance on how entities apply the concept of materiality in making decisions about accounting disclosures. The amendments to IAS 1 are applicable for annual periods beginning on or after January 1, 2023 with earlier application permitted. Since the amendments to IFRS Practice Statement 2 provide non-mandatory guidance on the application of the definition of material to accounting policy information, an effective date for these amendments is not necessary. The amendments are not expected to have a material impact on the Company’s consolidated financial statements. IAS 8, Accounting Policies, Changes in Accounting Estimates and Errors ("IAS 8") - Definition of Accounting Estimates In February 2021, the IASB amendments to IAS 8. The amendment will require the disclosure of material accounting policy information rather than disclosing significant accounting policies and clarifies how to distinguish changes in accounting policies from changes in accounting estimates. Under the new definition, accounting estimates are "monetary amounts in financial statements that are subject to measurement uncertainty". The amendment provides clarification to help entities to distinguish between accounting policies and accounting estimates. The amendments are effective for annual periods beginning on or after January 1, 2023. The Company has determined that adoption of these amendments has no significant effect on the Company's consolidated financial statements IAS 12, Income Taxes ("IAS 12") - Deferred Tax related to Assets and Liabilities Arising from a Single Transaction In May 2021, the IASB issued amendments to IAS 12. The amendment narrows the scope of the initial recognition exemption so that it does not apply to transactions that give rise to equal taxable and deductible temporary differences. As a result, companies will need to recognize a deferred tax asset and deferred tax liability for temporary differences arising on initial recognition of transactions such as leases and decommissioning obligations. The amendments are effective for annual reporting periods beginning on or after January 1, 2023 and are to be applied retrospectively. The Company has determined that adoption of these amendments has no significant effect on the Company's consolidated financial statements. All other IFRSs and amendments issued but not yet effective have been assessed by the Company and are not expected to have a material impact on the Company's consolidated financial statements. |
INTANGIBLE ASSETS (Tables)
INTANGIBLE ASSETS (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Intangible Assets [Abstract] | |
Schedule of intangible assets | Cost IP Research & Development Patents Licenses Software Total $ $ $ $ $ Balance as at March 31, 2021 1,604 97 — — 1,701 Additions — 341 — 74 415 Effect of foreign exchange (38) 5 — — (33) Balance as at March 31, 2022 1,566 443 — 74 2,083 Additions 1,342 495 1,330 — 3,167 Effect of foreign exchange 168 40 49 — 257 Balance as at March 31, 2023 3,076 978 1,379 74 5,507 Accumulated Amortization Balance as at March 31, 2021 and March 31, 2022 — — — — — Amortization charge — — 19 18 37 Balance as at March 31, 2023 — — 19 18 37 Net book value as at March 31, 2022 1,566 443 — 74 2,083 Net book value as at March 31, 2023 3,076 978 1,360 56 5,470 |
GOODWILL (Tables)
GOODWILL (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Goodwill [Abstract] | |
Schedule of goodwill | GOODWILL Goodwill is recognized at the acquisition date when total consideration exceeds the net identifiable assets acquired. Cost $ Balance as at March 31, 2021 23,370 Effect of foreign exchange (478) Balance as at March 31, 2022 22,892 Effect of foreign exchange 1,900 Balance as at March 31, 2023 24,792 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 PAYA_2
CONTINGENT CONSIDERATION PAYABLE (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Business Combination [Abstract] | |
Changes in carrying value of contingent consideration | $ 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 Milestone achieved (2,988) Change in fair value 329 Accretion expense 13 Balance as at March 31, 2023 — |
SHARE CAPITAL (Tables)
SHARE CAPITAL (Tables) | 12 Months Ended | ||||||||||||
Nov. 16, 2022 | Sep. 30, 2022 | Aug. 15, 2022 | Jun. 30, 2022 | Mar. 04, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Sep. 27, 2021 | Aug. 18, 2021 | Aug. 16, 2021 | Jun. 28, 2021 | Mar. 31, 2023 | 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 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 | ||||||||||||
Summary of share capital | Cybin US Class B Shares Number of Class B Shares 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 Issued on achievement of milestones 360,374.2 Converted into Common Shares (876,967.2) Balance as at March 31, 2023 530,542.1 | ||||||||||||
Summary of warrants | The continuity of the outstanding warrants for the years ended March 31, 2023 and March 31, 2022, are as follows: Number of Warrants Weighted average exercise price $ Common Share Purchase Warrants 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 As at March 31, 2022 25,548,836 1.22 Exercised (1,164,638) 0.31 Expired (1,153,713) 0.75 Outstanding as at March 31, 2023 23,230,485 1.29 Exercisable as at March 31, 2023 23,230,485 1.29 Unit Purchase Warrants (1) As at March 31, 2021 868,740 2.25 Exercised — — As at March 31, 2022 868,740 2.25 Exercised — — Outstanding as at March 31, 2023 868,740 2.25 Exercisable as at March 31, 2023 868,740 2.25 (1) Each unit consists 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, 2023: Date of Expiry Warrants outstanding Warrants exercisable Weighted average of exercisable price Estimated grant date fair value Weighted average remaining contractual life $ $000’s Years Common Share Purchase Warrants August 3, 2023 658,860 658,860 3.40 1,229 0.34 February 1, 2024 7,146,500 7,146,500 3.25 5,454 0.84 June 15, 2025 12,800,000 12,800,000 0.25 2,318 2.21 August 20, 2025 1,475,125 1,475,125 0.64 682 2.39 November 15, 2025 1,150,000 1,150,000 0.25 220 2.63 23,230,485 23,230,485 1.29 9,903 1.77 Unit Purchase Warrants (1) February 4, 2024 868,740 868,740 2.25 970 0.85 868,740 868,740 2.25 970 0.85 (1) Each unit consists 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. | ||||||||||||
Summary of number and weighted average exercise prices of share options | The changes in options for the years ended March 31, 2023 and March 31, 2022 are as follows: Number of Options Weighted average exercise price $ 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 As at March 31, 2022 28,885,002 1.45 Granted 2,475,000 0.91 Forfeited/Expired (1,790,202) 2.20 Outstanding as at March 31, 2023 29,569,800 1.36 Exercisable as at March 31, 2023 27,234,025 1.33 The following summarizes information about stock options outstanding on March 31, 2023: 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 23, 2023 1.00 2,500 2,500 0.15 1 May 23, 2023 1.39 15,000 15,000 0.15 15 May 23, 2023 1.74 5,000 5,000 0.15 4 May 23, 2023 2.03 20,000 20,000 0.15 29 May 23, 2023 2.90 91,875 91,875 0.15 182 June 30, 2023 2.78 20,000 20,000 0.25 24 November 5, 2023 2.90 156,250 156,250 0.60 326 December 31, 2023 1.35 20,000 20,000 0.75 19 December 31, 2023 2.90 65,625 65,625 0.75 137 December 31, 2023 3.15 12,500 12,500 0.75 11 March 31, 2024 1.35 56,250 56,250 1.00 55 June 15, 2025 0.25 2,350,000 2,350,000 2.21 420 June 30, 2025 0.90 500,000 500,000 2.25 183 August 14, 2025 1.00 800,000 400,000 2.38 327 September 30, 2025 0.75 270,000 223,125 2.50 88 October 12, 2025 0.75 3,000,000 3,000,000 2.54 1,607 November 4, 2025 0.75 5,700,000 5,700,000 2.60 2,985 November 13, 2025 0.88 500,000 500,000 2.62 314 November 15, 2025 0.91 200,000 200,000 2.63 53 November 15, 2025 0.75 375,000 375,000 2.63 110 December 11, 2025 1.48 700,000 700,000 2.70 740 December 14, 2025 1.74 2,259,100 2,259,100 2.71 2,804 December 28, 2025 1.89 760,000 760,000 2.75 1,027 January 2, 2026 1.89 225,000 225,000 2.76 304 February 15, 2026 2.03 150,000 150,000 2.88 218 February 16, 2026 2.03 150,000 150,000 2.88 218 March 10, 2026 1.39 1,257,600 1,257,600 2.95 1,257 March 15, 2026 1.55 300,000 300,000 2.96 360 Exercise Price Number of options outstanding Number of options exercisable Weighted average remaining life Recognized estimated grant date fair value March 28, 2026 1.36 1,575,000 1,575,000 2.99 1,540 March 29, 2026 1.32 37,500 37,500 3.00 36 March 31, 2026 1.35 250,000 250,000 3.00 243 June 28, 2026 2.90 3,180,000 2,854,375 3.25 6,629 August 16, 2026 2.48 215,000 188,125 3.38 376 August 18, 2026 2.48 300,000 262,500 3.39 510 September 27, 2026 3.15 545,000 408,750 3.50 1,050 September 27, 2026 2.87 195,000 170,625 3.50 396 September 30, 2026 3.15 200,000 150,000 3.50 371 December 31, 2026 3.15 40,000 27,500 3.76 29 December 31, 2026 1.50 1,230,000 425,000 3.76 1,038 March 4, 2027 1.13 1,075,600 806,700 3.93 822 March 4, 2027 3.15 60,000 37,500 3.93 34 March 8, 2027 1.02 400,000 400,000 3.94 295 June 30, 2027 1.00 65,000 32,500 4.25 17 August 14, 2027 1.00 20,000 10,000 4.38 11 September 30, 2027 1.00 220,000 83,125 4.50 68 29,569,800 27,234,025 2.56 27,283 | ||||||||||||
Summary of measurement of stock option fair value assumptions | The estimated grant date fair value was determined to be $53, calculated using the Black-Scholes option pricing model with the following assumptions: Risk-free interest rate 3.78% Expected annual volatility, based on comparable companies 85.00% Expected life (in years) 3 Expected dividend yield 0.00% Share price $ 0.58 Exercise price $ 0.91 Risk-free interest rate 3.78% Expected annual volatility, based on comparable companies 85.00% Expected life (in years) 3 Expected dividend yield 0.00% Share price $ 0.58 Exercise price $ 0.75 | The estimated grant date fair value was determined to be $102, calculated using the Black-Scholes option pricing model with the following assumptions: Risk-free interest rate 3.72% Expected annual volatility, based on comparable companies 85.00% Expected life (in years) 3 Expected dividend yield 0.00% Share price $ 0.67 Exercise price $ 0.75 Risk-free interest rate 3.32% Expected annual volatility, based on comparable companies 95.00% Expected life (in years) 5 Expected dividend yield 0.00% Share price $ 0.67 Exercise price $ 1.00 | The estimated grant date fair value was determined to be $14, calculated using the Black-Scholes option pricing model with the following assumptions: Risk-free interest rate 2.88% Expected annual volatility, based on comparable companies 95.00% Expected life (in years) 5 Expected dividend yield 0.00% Share price $ 0.97 Exercise price $ 1.00 | The aggregate estimated grant date fair value was determined to be $32, calculated using the Black-Scholes option pricing model with the following assumptions: Risk-free interest rate 3.10% Expected annual volatility, based on comparable companies 95.00% Expected life (in years) 5.00 Expected dividend yield 0.00% Share price $ 0.72 Exercise price $ 1.00 Risk-free interest rate 3.14% Expected annual volatility, based on comparable companies 85.00% Expected life (in years) 3 Expected dividend yield 0.00% Share price $ 0.72 Exercise price $ 0.90 | 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 1.46% 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 | The estimated grant date fair value was determined to be $36, calculated using the Black-Scholes option pricing model with the following assumptions: 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 | 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 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 | 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 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 | 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 | 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 | 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 | 85.00 | The estimated grant date fair value was determined to be $38, calculated using the Black-Scholes option pricing model with the following assumptions: 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 |
RELATED PARTY TRANSACTIONS AN_2
RELATED PARTY TRANSACTIONS AND BALANCES (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Related Party [Abstract] | |
Schedule of remuneration of key management personnel | The remuneration of key management personnel for the years ended March 31, 2022 and 2023 are as follows: Year ended March 31, 2023 2022 $ $ Payroll, consulting and benefits (1) 5,966 6,569 Share-based compensation Options 2,346 8,813 Warrants 3 109 Total 8,315 15,491 |
CAPITAL MANAGEMENT (Tables)
CAPITAL MANAGEMENT (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Capital Management [Abstract] | |
Disclosure Of Capital Structure | The Company’s capital structure includes the following: As at March 31, 2023 March 31, 2022 $ $ Shareholders’ equity comprised of: Share capital 158,162 141,451 Contributed surplus 2,102 525 Options reserve 27,283 23,783 Warrants reserve 10,873 11,423 Accumulated other comprehensive loss (2,035) (366) Deficit (148,151) (100,661) Total 48,234 76,155 |
FINANCIAL INSTRUMENTS (Tables)
FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Financial Instruments [Abstract] | |
Schedule of Changes in Fair Value of Financial Assets | The following table presents the changes in level 3 financial instruments for the for the years ended March 31, 2023 and March 31, 2022: $ 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 Interest income 18 Change in fair value of investments measured at fair value through profit or loss (260) Balance as at March 31, 2023 — |
Disclosure of Monetary Assets and Liabilities Currency Risk Fluctuations | At March 31, 2023, 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 646 616 762 Accounts payable and accrued liabilities (162) (82) (597) 484 534 165 Foreign currency rate 1.3533 1.6726 1.4708 Equivalent in Canadian dollars $ 655 $ 893 $ 243 Impact of 10% change in foreign currency rate $ 66 $ 89 $ 24 |
INCOME TAX (Tables)
INCOME TAX (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Income Taxes [Abstract] | |
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, 2023 March 31, 2022 Non-capital loss carryforwards 20,248 13,256 Deferred compensation 1,089 1,146 R&D expenditures 1,053 — Share issuance costs 1,303 1,526 Depreciation/CCA differences (6) (10) Other 6 43 23,693 15,961 Valuation allowance (23,693) (15,961) — — |
Non-capital losses expiration | The non-capital losses expire as follows: Year of expiry $ 2040 740 2041 19,193 2042 12,234 2043 10,704 42,871 As at March 31, 2023, 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 992 2041 - Loss generated in the period from December 4, 2020 to March 31, 2021 1,323 2042 - Loss generated in the year ended March 31, 2022 7,131 2043 - Loss generated in the year ended March 31, 2023 2,902 12,348 |
CORPORATE INFORMATION (Details)
CORPORATE INFORMATION (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Corporate Information and Statement of IFRS Compliance [Abstract] | ||
Deficit | $ 148,151 | $ 100,661 |
Cash | 16,633 | 53,641 |
Working capital | 17,522 | 50,447 |
Profit (loss) | (47,490) | (67,631) |
Cash flows from (used in) operating activities | $ (47,431) | $ (45,207) |
SIGNIFICANT ACCOUNTING POLICI_2
SIGNIFICANT ACCOUNTING POLICIES AND BASIS OF PREPARATION - Functional and presentation currency (Details) | 12 Months Ended |
Mar. 31, 2023 | |
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_3
SIGNIFICANT ACCOUNTING POLICIES AND BASIS OF PREPARATION - Equipment (Details) | 12 Months Ended |
Mar. 31, 2023 | |
Computer software [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful life of intangible assets | 3 years |
Copyrights, patents and other industrial property rights, service and operating rights [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful life of intangible assets | 17 years |
Laboratory Equipment | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful life of equipment | 5 years |
Computer equipment [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful life of equipment | 3 years |
SIGNIFICANT ACCOUNTING POLICI_4
SIGNIFICANT ACCOUNTING POLICIES AND BASIS OF PREPARATION - Intangible Assets (Details) | 12 Months Ended |
Mar. 31, 2023 | |
Laboratory Equipment | |
Disclosure of detailed information about intangible assets [line items] | |
Useful life of equipment | 5 years |
Computer equipment [member] | |
Disclosure of detailed information about intangible assets [line items] | |
Useful life of equipment | 3 years |
Computer software [member] | |
Disclosure of detailed information about intangible assets [line items] | |
Useful life of intangible assets | 3 years |
Copyrights, patents and other industrial property rights, service and operating rights [member] | |
Disclosure of detailed information about intangible assets [line items] | |
Useful life of intangible assets | 17 years |
SIGNIFICANT ACCOUNTING POLICI_5
SIGNIFICANT ACCOUNTING POLICIES AND BASIS OF PREPARATION - Share-based compensation (Details) | 12 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
Exercisable period | 10 years |
SIGNIFICANT ACCOUNTING POLICI_6
SIGNIFICANT ACCOUNTING POLICIES AND BASIS OF PREPARATION (Details) | 12 Months Ended |
Mar. 31, 2023 | |
Disclosure of subsidiaries [table] | |
schedule of subsidiaries and functional currencies [Table] | 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 U.S. dollars 100% 1 For accounting purposes, Cybin US is a wholly-owned subsidiary of Cybin. Certain Former Adelia Shareholders (as defined below) hold Class B Shares (defined below) in Cybin US. |
INVESTMENTS (Details)
INVESTMENTS (Details) - CAD ($) $ in Thousands | Dec. 31, 2022 | Jun. 08, 2021 |
Financial assets, measured at fair value: | Investments | ||
Disclosure of associates [line items] | ||
Financial assets | $ 250 | |
Rx Debentures | ||
Disclosure of associates [line items] | ||
Unsecured bank loans received | $ 250 | |
Borrowings, interest rate | 10% | |
Percentage of equity financing offering price | 70% | 80% |
Percentage of conversion price | 125% |
EQUIPMENT (Details)
EQUIPMENT (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Reconciliation of changes in property, plant and equipment [abstract] | ||
Balance | $ 491 | |
Balance | 450 | $ 491 |
Property, plant and equipment | 450 | 491 |
Laboratory Equipment | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Balance | 337 | |
Balance | 374 | 337 |
Property, plant and equipment | 374 | 337 |
Computer equipment [member] | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Balance | 154 | |
Balance | 76 | 154 |
Property, plant and equipment | 76 | 154 |
Gross carrying amount [member] | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Balance | 713 | 611 |
Additions other than through business combinations, property, plant and equipment | 142 | 105 |
Effect of foreign exchange | (48) | 3 |
Balance | 903 | 713 |
Property, plant and equipment | 903 | 713 |
Gross carrying amount [member] | Laboratory Equipment | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Balance | 475 | 470 |
Additions other than through business combinations, property, plant and equipment | 142 | 8 |
Effect of foreign exchange | (47) | 3 |
Balance | 664 | 475 |
Property, plant and equipment | 664 | 475 |
Gross carrying amount [member] | Computer equipment [member] | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Balance | 238 | 141 |
Additions other than through business combinations, property, plant and equipment | 0 | 97 |
Effect of foreign exchange | (1) | 0 |
Balance | 239 | 238 |
Property, plant and equipment | 239 | 238 |
Accumulated depreciation and amortisation [member] | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Balance | (222) | (54) |
Depreciation, property, plant and equipment | 214 | 168 |
Effect of foreign exchange | 17 | 0 |
Balance | (453) | (222) |
Property, plant and equipment | (453) | (222) |
Accumulated depreciation and amortisation [member] | Laboratory Equipment | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Balance | (138) | (39) |
Depreciation, property, plant and equipment | 135 | 100 |
Effect of foreign exchange | 17 | (1) |
Balance | (290) | (138) |
Property, plant and equipment | (290) | (138) |
Accumulated depreciation and amortisation [member] | Computer equipment [member] | ||
Reconciliation of changes in property, plant and equipment [abstract] | ||
Balance | (84) | (15) |
Depreciation, property, plant and equipment | 79 | 68 |
Effect of foreign exchange | 0 | 1 |
Balance | (163) | (84) |
Property, plant and equipment | $ (163) | $ (84) |
INTANGIBLE ASSETS (Details)
INTANGIBLE ASSETS (Details) $ in Thousands, $ in Thousands | 12 Months Ended | |||
Jul. 11, 2022 CAD ($) | Mar. 31, 2023 CAD ($) | Mar. 31, 2023 USD ($) | Mar. 31, 2022 CAD ($) | |
Intangible Assets [Abstract] | ||||
Disclosure of intangible assets material to entity [text block] | IP Research & Development On July 11, 2022, the Company completed the acquisition of a Phase 1 N,N-dimethyltryptamine (“DMT”) study (the “Asset Acquisition”) from Entheon Biomedical Corp. to accelerate the clinical development path for CYB004, Cybin’s proprietary deuterated DMT molecule for the potential treatment of anxiety disorders. The Company paid $1,000 for the Asset Acquisition, and assumed liabilities of $342. Licenses During the year ended March 31, 2023, the Company entered into multiple licensing agreements that provide Cybin with additional access to IP from over 15 more patents or patent applications, including the acquisition of an exclusive license to a targeted class of tryptamine-based molecules from Mindset Pharma Inc. (“Mindset”), for which it paid a one-time license fee of $680 (US$500). The licensing agreements collectively provide the Company with access to a broad range of preclinical molecule combinations for its library of psychedelic derivative drug development candidates. In addition to the exclusive license with Mindset, the Company spent an additional $650 on a licensing agreement. | IP Research & Development On July 11, 2022, the Company completed the acquisition of a Phase 1 N,N-dimethyltryptamine (“DMT”) study (the “Asset Acquisition”) from Entheon Biomedical Corp. to accelerate the clinical development path for CYB004, Cybin’s proprietary deuterated DMT molecule for the potential treatment of anxiety disorders. The Company paid $1,000 for the Asset Acquisition, and assumed liabilities of $342. Licenses During the year ended March 31, 2023, the Company entered into multiple licensing agreements that provide Cybin with additional access to IP from over 15 more patents or patent applications, including the acquisition of an exclusive license to a targeted class of tryptamine-based molecules from Mindset Pharma Inc. (“Mindset”), for which it paid a one-time license fee of $680 (US$500). The licensing agreements collectively provide the Company with access to a broad range of preclinical molecule combinations for its library of psychedelic derivative drug development candidates. In addition to the exclusive license with Mindset, the Company spent an additional $650 on a licensing agreement. | ||
Reconciliation of changes in intangible assets other than goodwill [abstract] | ||||
Balance | $ 2,083 | |||
Balance | $ 5,470 | $ 2,083 | ||
Intangible assets other than goodwill [member] | Discount rate | ||||
Reconciliation of changes in intangible assets other than goodwill [abstract] | ||||
Significant unobservable input, assets | 0.157 | 0.157 | ||
Copyrights, patents and other industrial property rights, service and operating rights [member] | ||||
Reconciliation of changes in intangible assets other than goodwill [abstract] | ||||
Balance | $ 443 | |||
Balance | 978 | 443 | ||
Computer software [member] | ||||
Reconciliation of changes in intangible assets other than goodwill [abstract] | ||||
Balance | 74 | |||
Balance | 56 | 74 | ||
Intangible assets under development [member] | ||||
Reconciliation of changes in intangible assets other than goodwill [abstract] | ||||
Balance | 1,566 | |||
Balance | 3,076 | 1,566 | ||
Intangible Assets Under Development - Upfront | ||||
Reconciliation of changes in intangible assets other than goodwill [abstract] | ||||
Additions | $ 1,000 | |||
Intangible Assets Under Development - Assumed Liabilities | ||||
Reconciliation of changes in intangible assets other than goodwill [abstract] | ||||
Additions | $ 342 | |||
Licences [member] | ||||
Reconciliation of changes in intangible assets other than goodwill [abstract] | ||||
Balance | 0 | |||
Balance | 1,360 | 0 | ||
Licences - 1 | ||||
Reconciliation of changes in intangible assets other than goodwill [abstract] | ||||
Additions | 680 | $ 500 | ||
Licenses - 2 | ||||
Reconciliation of changes in intangible assets other than goodwill [abstract] | ||||
Additions | 650 | |||
Gross carrying amount [member] | ||||
Reconciliation of changes in intangible assets other than goodwill [abstract] | ||||
Balance | 2,083 | 1,701 | ||
Additions | 3,167 | 415 | ||
Increase (decrease) through net exchange differences, intangible assets other than goodwill | 257 | (33) | ||
Balance | 5,507 | 2,083 | ||
Gross carrying amount [member] | Copyrights, patents and other industrial property rights, service and operating rights [member] | ||||
Reconciliation of changes in intangible assets other than goodwill [abstract] | ||||
Balance | 443 | 97 | ||
Additions | 495 | 341 | ||
Increase (decrease) through net exchange differences, intangible assets other than goodwill | 40 | 5 | ||
Balance | 978 | 443 | ||
Gross carrying amount [member] | Computer software [member] | ||||
Reconciliation of changes in intangible assets other than goodwill [abstract] | ||||
Balance | 74 | 0 | ||
Additions | 0 | 74 | ||
Increase (decrease) through net exchange differences, intangible assets other than goodwill | 0 | 0 | ||
Balance | 74 | 74 | ||
Gross carrying amount [member] | Intangible assets under development [member] | ||||
Reconciliation of changes in intangible assets other than goodwill [abstract] | ||||
Balance | 1,566 | 1,604 | ||
Additions | 1,342 | 0 | ||
Increase (decrease) through net exchange differences, intangible assets other than goodwill | 168 | (38) | ||
Balance | 3,076 | 1,566 | ||
Gross carrying amount [member] | Licences [member] | ||||
Reconciliation of changes in intangible assets other than goodwill [abstract] | ||||
Balance | 0 | 0 | ||
Additions | 1,330 | 0 | ||
Increase (decrease) through net exchange differences, intangible assets other than goodwill | 49 | 0 | ||
Balance | 1,379 | 0 | ||
Accumulated depreciation and amortisation [member] | ||||
Reconciliation of changes in intangible assets other than goodwill [abstract] | ||||
Balance | 0 | |||
Balance | (37) | 0 | ||
Amortisation expense | 37 | |||
Accumulated depreciation and amortisation [member] | Copyrights, patents and other industrial property rights, service and operating rights [member] | ||||
Reconciliation of changes in intangible assets other than goodwill [abstract] | ||||
Balance | 0 | |||
Balance | 0 | 0 | ||
Amortisation expense | 0 | |||
Accumulated depreciation and amortisation [member] | Computer software [member] | ||||
Reconciliation of changes in intangible assets other than goodwill [abstract] | ||||
Balance | 0 | |||
Balance | (18) | 0 | ||
Amortisation expense | 18 | |||
Accumulated depreciation and amortisation [member] | Intangible assets under development [member] | ||||
Reconciliation of changes in intangible assets other than goodwill [abstract] | ||||
Balance | 0 | |||
Balance | 0 | 0 | ||
Amortisation expense | 0 | |||
Accumulated depreciation and amortisation [member] | Licences [member] | ||||
Reconciliation of changes in intangible assets other than goodwill [abstract] | ||||
Balance | 0 | |||
Balance | (19) | $ 0 | ||
Amortisation expense | $ 19 |
GOODWILL (Details)
GOODWILL (Details) $ in Thousands | 12 Months Ended | |
Mar. 31, 2023 CAD ($) | Mar. 31, 2022 CAD ($) | |
Reconciliation of changes in intangible assets and goodwill [abstract] | ||
Balance | $ 22,892 | |
Balance | $ 24,792 | $ 22,892 |
Goodwill | Discount rate | ||
Reconciliation of changes in intangible assets and goodwill [abstract] | ||
Significant unobservable input, assets | 0.157 | |
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 | $ 22,892 | 23,370 |
Increase (decrease) through net exchange differences, intangible assets and goodwill | 1,900 | (478) |
Balance | $ 24,792 | $ 22,892 |
CONTINGENT CONSIDERATION PAYA_3
CONTINGENT CONSIDERATION PAYABLE - Schedule of Contingent Consideration Carrying Value (Details) - Adelia - CAD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Reconciliation of changes in contingent liabilities recognised in business combination [abstract] | ||
Beginning balance | $ 2,646 | $ 3,201 |
Milestone achieved | (2,988) | (4,251) |
Change in fair value | 329 | 3,380 |
Accretion expense | 13 | 316 |
Ending balance | $ 0 | $ 2,646 |
CONTINGENT CONSIDERATION PAYA_4
CONTINGENT CONSIDERATION PAYABLE - Narrative (Details) - Adelia - CAD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Disclosure of contingent liabilities in business combination [line items] | ||
Change in fair value | $ 329 | $ 3,380 |
Accretion expense | $ 13 | $ 316 |
SHARE CAPITAL - Narrative - Iss
SHARE CAPITAL - Narrative - Issued Share Capital (Details) $ / shares in Units, $ / shares in Units, $ in Thousands, $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||||||
May 30, 2023 CAD ($) shares | Aug. 31, 2022 CAD ($) $ / shares shares | Jun. 27, 2022 CAD ($) $ / shares shares | Jun. 24, 2022 CAD ($) $ / shares shares | Jun. 22, 2022 CAD ($) shares | Apr. 01, 2022 CAD ($) $ / 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 shares | Nov. 29, 2021 CAD ($) $ / shares shares | Nov. 18, 2021 CAD ($) $ / shares shares | Aug. 31, 2021 CAD ($) $ / shares shares | Aug. 18, 2021 $ / shares | Aug. 17, 2021 CAD ($) $ / shares shares | Aug. 16, 2021 $ / shares | Aug. 03, 2021 CAD ($) $ / shares shares | Jun. 28, 2021 CAD ($) $ / shares shares | Jun. 27, 2023 USD ($) $ / shares shares | Jun. 27, 2023 USD ($) $ / shares shares | Mar. 31, 2023 CAD ($) $ / shares shares | Mar. 31, 2023 USD ($) $ / shares shares | Mar. 31, 2022 CAD ($) shares | Jun. 27, 2023 CAD ($) | Aug. 08, 2022 CAD ($) | Mar. 31, 2021 shares | Feb. 04, 2021 | |
Disclosure of classes of share capital [line items] | |||||||||||||||||||||||||||
Payments for share issue costs | $ | $ 2,240 | $ 950 | |||||||||||||||||||||||||
Professional and consulting fees | $ | 2,142 | $ 3,275 | |||||||||||||||||||||||||
Increase (Decrease) Through Contingent Consideration, Equity | $ | 2,988 | 4,251 | |||||||||||||||||||||||||
Exercise price, share options granted | $ / shares | $ 2.48 | $ 2.48 | $ 2.90 | ||||||||||||||||||||||||
Shares issued for cash - warrant exercise | $ | $ 362 | $ 2,928 | |||||||||||||||||||||||||
Number of warrants held in escrow (in shares) | 0 | 0 | 3,125,032 | ||||||||||||||||||||||||
Number of Common Shares Held In Escrow | 0 | 0 | 12,545,767 | ||||||||||||||||||||||||
Common Stock Shares Authorized Value | $ | $ 30,000 | $ 29,535 | $ 35,000 | ||||||||||||||||||||||||
2021 Warrants | |||||||||||||||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||||||||||||||
Warrant, conversion ratio | 0.5 | ||||||||||||||||||||||||||
August 2021 Compensation Common Share Warrant | |||||||||||||||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||||||||||||||
Share price (in CAD per share) | $ / shares | $ 3.83 | ||||||||||||||||||||||||||
Exercise Price of Other Equity Instruments in Share-based Payment Arrangement | $ / shares | $ 3.40 | ||||||||||||||||||||||||||
Number of Other Equity Instruments Issued in Share-Based Payment Arrangement | 658,860 | ||||||||||||||||||||||||||
Professional and consulting fees | $ | $ 754 | ||||||||||||||||||||||||||
Exercise price, share options granted | $ / shares | $ 3.40 | ||||||||||||||||||||||||||
Shares issued for cash - warrant exercise | $ | $ 1,299 | ||||||||||||||||||||||||||
Preferred shares | |||||||||||||||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||||||||||||||
Number of shares outstanding | 0 | 0 | 0 | ||||||||||||||||||||||||
Common shares | |||||||||||||||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||||||||||||||
Share price (in CAD per share) | (per share) | $ 3.40 | $ 0.2417 | $ 0.2896 | $ 0.6819 | $ 0.5079 | ||||||||||||||||||||||
Proceeds from issue of ordinary shares | $ 34,502 | $ 465 | $ 2,471 | $ 14,152 | $ 10,541 | ||||||||||||||||||||||
Number Of Shares Issued Through Share Offering, Equity | 2,538,844 | 10,147,600 | 1,925,000 | 8,533,269 | 20,754,120 | 20,754,120 | |||||||||||||||||||||
Class B Shares | |||||||||||||||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||||||||||||||
Number of shares outstanding | 530,542.1 | 530,542.1 | 1,047,135.1 | 962,243.3 | |||||||||||||||||||||||
Share price (in CAD per share) | $ / shares | $ 14.10 | $ 7.50 | $ 7.62 | $ 10.20 | $ 9.99 | $ 13.54 | $ 13.43 | ||||||||||||||||||||
Number of Shares Issued Upon Conversion of Convertible Instruments | 331,901 | 373,662 | 2,669,331 | 224,283 | 905,460 | 172,395 | 410,282 | 156,114 | 317,215 | 289,030 | 93,926 | 187,886 | 157,771 | 5,305,421 | 5,305,421 | ||||||||||||
Number of Shares Issued Through Contingent Consideration, Equity | 33,190.1 | 37,366.2 | 266,933.1 | 456.5 | 22,428.3 | 90,546 | 17,239.5 | 41,028.2 | 15,611.4 | 31,721.5 | 28,903 | 9,392.6 | 18,788.5 | 15,771.1 | 360,374.2 | 360,374.2 | 269,007.8 | ||||||||||
Increase (Decrease) Through Contingent Consideration, Equity | $ | $ 468 | $ 280 | $ 2,034 | $ 5 | $ 229 | $ 905 | $ 233 | $ 551 | $ 236 | $ 629 | $ 706 | $ 317 | $ 633 | $ 458 | |||||||||||||
Convertible Stock, Conversion Price | $ / shares | $ 1.41 | $ 0.75 | $ 0.76 | $ 1.02 | $ 1 | $ 1.35 | $ 1.34 | $ 1.51 | $ 1.98 | $ 2.44 | $ 3.38 | $ 3.37 | $ 2.9 | ||||||||||||||
Increase (Decrease) Through Conversion of Convertible Instruments, Equity, Shares | (876,967.2) | (876,967.2) | (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% | 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% | 66.667% |
SHARE CAPITAL - Summary of sign
SHARE CAPITAL - Summary of significant unobservable inputs used, equity (Details) - August 2021 Compensation Common Share Warrant | Aug. 03, 2021 $ / shares |
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) - CAD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||||||||||||||||||||
Nov. 16, 2022 | Sep. 30, 2022 | Aug. 31, 2022 | Aug. 15, 2022 | Jun. 27, 2022 | Jun. 24, 2022 | Jun. 22, 2022 | Apr. 01, 2022 | Mar. 25, 2022 | Feb. 18, 2022 | Feb. 14, 2022 | Jan. 06, 2022 | Nov. 29, 2021 | Nov. 18, 2021 | Aug. 31, 2021 | Aug. 18, 2021 | Aug. 17, 2021 | Aug. 16, 2021 | Jun. 28, 2021 | Mar. 31, 2023 | Mar. 31, 2022 | |
Reconciliation of number of shares outstanding [abstract] | |||||||||||||||||||||
Weighted average fair value at measurement date, share options granted | $ 519 | $ 383 | $ 7,994 | $ 27,283 | |||||||||||||||||
Disclosure of significant unobservable inputs used in fair value measurement of assets [table] | |||||||||||||||||||||
Risk free interest rate, share options granted | 0.82% | 0.81% | 0.98% | ||||||||||||||||||
Expected volatility, share options granted | 95% | 95% | 95% | ||||||||||||||||||
Option life, share options granted | 5 | 5 | 5 | ||||||||||||||||||
Expected dividend as percentage, share options granted | 0% | 0% | 0% | ||||||||||||||||||
Weighted average share price, share options granted | $ 2.42 | $ 2.48 | $ 2.90 | ||||||||||||||||||
Exercise price, share options granted | $ 2.48 | $ 2.48 | $ 2.90 | ||||||||||||||||||
Increase (Decrease) Through Contingent Consideration, Equity | $ 2,988 | $ 4,251 | |||||||||||||||||||
Number of Common Shares Held In Escrow | 0 | 12,545,767 | |||||||||||||||||||
Employee | |||||||||||||||||||||
Reconciliation of number of shares outstanding [abstract] | |||||||||||||||||||||
Weighted average fair value at measurement date, share options granted | $ 98 | $ 14 | |||||||||||||||||||
Disclosure of significant unobservable inputs used in fair value measurement of assets [table] | |||||||||||||||||||||
Risk free interest rate, share options granted | 3.78% | 3.32% | 2.88% | ||||||||||||||||||
Expected volatility, share options granted | 85% | 95% | 95% | ||||||||||||||||||
Option life, share options granted | 3 | 5 | 5 | ||||||||||||||||||
Expected dividend as percentage, share options granted | 0% | 0% | 0% | ||||||||||||||||||
Weighted average share price, share options granted | $ 0.58 | $ 0.67 | $ 0.97 | ||||||||||||||||||
Exercise price, share options granted | $ 0.75 | $ 1 | $ 1 | ||||||||||||||||||
Class B Shares | |||||||||||||||||||||
Reconciliation of number of shares outstanding [abstract] | |||||||||||||||||||||
Balance (in shares) | 1,047,135.1 | 1,047,135.1 | 962,243.3 | ||||||||||||||||||
Number of Shares Issued Through Contingent Consideration, Equity | 33,190.1 | 37,366.2 | 266,933.1 | 456.5 | 22,428.3 | 90,546 | 17,239.5 | 41,028.2 | 15,611.4 | 31,721.5 | 28,903 | 9,392.6 | 18,788.5 | 15,771.1 | 360,374.2 | 269,007.8 | |||||
Increase (Decrease) Through Conversion of Convertible Instruments, Equity, Shares | (876,967.2) | (184,116) | |||||||||||||||||||
Balance (in shares) | 530,542.1 | 1,047,135.1 | |||||||||||||||||||
Disclosure of significant unobservable inputs used in fair value measurement of assets [table] | |||||||||||||||||||||
Increase (Decrease) Through Contingent Consideration, Equity | $ 468 | $ 280 | $ 2,034 | $ 5 | $ 229 | $ 905 | $ 233 | $ 551 | $ 236 | $ 629 | $ 706 | $ 317 | $ 633 | $ 458 |
SHARE CAPITAL - Summary of warr
SHARE CAPITAL - Summary of warrants (Details) | 12 Months Ended | ||
Mar. 31, 2023 shares $ / shares | Mar. 31, 2022 shares $ / shares | Feb. 04, 2021 | |
Exchangeable prior to December 14, 2022 | Class B Shares | |||
Weighted average exercise price | |||
Shares issued upon conversion, percentage | 33.333% | ||
Exchangeable prior to December 14, 2023 | Class B Shares | |||
Weighted average exercise price | |||
Shares issued upon conversion, percentage | 66.667% | ||
Common Share Purchase Warrants | |||
Number of Warrants | |||
Outstanding (in shares) | shares | 25,548,836 | 28,696,237 | |
Issued (in shares) | shares | 658,860 | ||
Number of other equity instruments exercised or vested in share-based payment arrangement | shares | (1,164,638) | (3,231,261) | |
Number of other equity instruments expired in share-based payment arrangement | shares | (1,153,713) | ||
Number of other equity instruments forfeited in share-based payment arrangement | shares | (575,000) | ||
Outstanding (in shares) | shares | 23,230,485 | 25,548,836 | |
Number of other equity instruments exercisable in share-based payment arrangement | shares | 23,230,485 | ||
Weighted average exercise price | |||
Outstanding (in CAD per share) | $ / shares | $ 1.22 | $ 1.15 | |
Weighted Average Exercise Price Of Other Equity Instruments Exercised Or Vested In Share-based Payment Arrangement | $ / shares | 3.40 | ||
Weighted average exercise price of other equity instruments exercised or vested in share-based payment arrangement | $ / shares | 0.31 | 0.91 | |
Weighted average exercise price of other equity instruments forfeited in share-based payment arrangement | $ / shares | 0.75 | 0.54 | |
Outstanding (in CAD per share) | $ / shares | 1.29 | $ 1.22 | |
Weighted average exercise price of other equity instruments exercisable in share-based payment arrangement | $ / shares | $ 1.29 | ||
Warrant, conversion ratio | 0.5 | ||
Weighted average remaining of outstanding contractual life | 1 year 9 months 7 days | ||
Unit Purchase Warrants | |||
Number of Warrants | |||
Outstanding (in shares) | shares | 868,740 | 868,740 | |
Issued (in shares) | shares | 0 | 0 | |
Outstanding (in shares) | shares | 868,740 | 868,740 | |
Number of other equity instruments exercisable in share-based payment arrangement | shares | 868,740 | ||
Weighted average exercise price | |||
Outstanding (in CAD per share) | $ / shares | $ 2.25 | $ 2.25 | |
Weighted Average Exercise Price Of Other Equity Instruments Exercised Or Vested In Share-based Payment Arrangement | $ / shares | 0 | 0 | |
Outstanding (in CAD per share) | $ / shares | 2.25 | $ 2.25 | |
Weighted average exercise price of other equity instruments exercisable in share-based payment arrangement | $ / shares | 2.25 | ||
Exercise Price of Other Equity Instruments in Share-based Payment Arrangement | $ / shares | $ 3.25 | ||
Weighted average remaining of outstanding contractual life | 10 months 6 days | ||
2021 Warrants | |||
Weighted average exercise price | |||
Warrant, conversion ratio | 0.5 |
SHARE CAPITAL - Narrative - War
SHARE CAPITAL - Narrative - Warrants (Details) $ / shares in Units, $ in Thousands | 12 Months Ended | ||||
Aug. 03, 2021 CAD ($) $ / shares shares | Mar. 31, 2023 CAD ($) shares | Mar. 31, 2022 CAD ($) shares | Nov. 10, 2021 CAD ($) shares | Feb. 04, 2021 | |
Disclosure of classes of share capital [line items] | |||||
Proceeds from exercise of warrants | $ | $ 362 | $ 2,928 | |||
Number of warrants held in escrow (in shares) | 0 | 3,125,032 | |||
Increase (decrease) through share-based payment transactions, equity | $ | $ 4,686 | $ 18,030 | |||
Warrants | |||||
Disclosure of classes of share capital [line items] | |||||
Increase (decrease) through share-based payment transactions, equity | $ | $ 6 | $ 40 | |||
Common Share Purchase Warrants | |||||
Disclosure of classes of share capital [line items] | |||||
Warrant, conversion ratio | 0.5 | ||||
Exercised (in shares) | 1,164,638 | 3,231,261 | |||
Number of Other Equity Instruments Issued in Share-Based Payment Arrangement | 658,860 | ||||
Disclosure of significant unobservable inputs used in fair value measurement of equity [table] | |||||
Number of other equity instruments expired in share-based payment arrangement | (1,153,713) | ||||
2021 Warrants | |||||
Disclosure of classes of share capital [line items] | |||||
Warrant, conversion ratio | 0.5 | ||||
August 2021 Compensation Common Share Warrant | |||||
Disclosure of classes of share capital [line items] | |||||
Exercise Price of Other Equity Instruments in Share-based Payment Arrangement | $ / shares | $ 3.40 | ||||
Proceeds from exercise of warrants | $ | $ 1,299 | ||||
Number of Other Equity Instruments Issued in Share-Based Payment Arrangement | 658,860 | ||||
Share Purchase Warrants, November 15, 2025 expiry | |||||
Disclosure of classes of share capital [line items] | |||||
Warrants and Rights Outstanding | $ | $ 12 | ||||
Class of Warrant or Right, Outstanding | 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, 2023 CAD ($) shares $ / shares | Mar. 31, 2022 shares $ / shares | Mar. 31, 2021 shares $ / shares |
Common Share Purchase Warrants | |||
Disclosure of classes of share capital [line items] | |||
Number of other equity instruments outstanding in share-based payment arrangement | 23,230,485 | 25,548,836 | 28,696,237 |
Number of other equity instruments exercisable in share-based payment arrangement | 23,230,485 | ||
Warrants exercisable (in CAD per share) | $ / shares | $ 1.29 | ||
Weighted average exercise price of other equity instruments outstanding in share-based payment arrangement | $ / shares | $ 1.29 | $ 1.22 | $ 1.15 |
Estimated grant date fair value | $ | $ 9,903 | ||
Weighted average remaining of outstanding contractual life | 1 year 9 months 7 days | ||
Unit Purchase Warrants | |||
Disclosure of classes of share capital [line items] | |||
Number of other equity instruments outstanding in share-based payment arrangement | 868,740 | 868,740 | 868,740 |
Number of other equity instruments exercisable in share-based payment arrangement | 868,740 | ||
Warrants exercisable (in CAD per share) | $ / shares | $ 2.25 | ||
Weighted average exercise price of other equity instruments outstanding in share-based payment arrangement | $ / shares | $ 2.25 | $ 2.25 | $ 2.25 |
Estimated grant date fair value | $ | $ 970 | ||
Weighted average remaining of outstanding contractual life | 10 months 6 days | ||
August 3, 2023 | Common Share Purchase Warrants | |||
Disclosure of classes of share capital [line items] | |||
Number of other equity instruments outstanding in share-based payment arrangement | 658,860 | ||
Number of other equity instruments exercisable in share-based payment arrangement | 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 | 4 months 2 days | ||
February 1, 2024 | Common Share Purchase Warrants | |||
Disclosure of classes of share capital [line items] | |||
Number of other equity instruments outstanding in share-based payment arrangement | 7,146,500 | ||
Number of other equity instruments exercisable in share-based payment arrangement | 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 | 10 months 2 days | ||
June 15, 2025 | Common Share Purchase Warrants | |||
Disclosure of classes of share capital [line items] | |||
Number of other equity instruments outstanding in share-based payment arrangement | 12,800,000 | ||
Number of other equity instruments exercisable in share-based payment arrangement | 12,800,000 | ||
Warrants exercisable (in CAD per share) | $ / shares | $ 0.25 | ||
Estimated grant date fair value | $ | $ 2,318 | ||
Weighted average remaining of outstanding contractual life | 2 years 2 months 15 days | ||
August 20, 2025 | Common Share Purchase Warrants | |||
Disclosure of classes of share capital [line items] | |||
Number of other equity instruments outstanding in share-based payment arrangement | 1,475,125 | ||
Number of other equity instruments exercisable in share-based payment arrangement | 1,475,125 | ||
Warrants exercisable (in CAD per share) | $ / shares | $ 0.64 | ||
Estimated grant date fair value | $ | $ 682 | ||
Weighted average remaining of outstanding contractual life | 2 years 4 months 20 days | ||
November 15, 2025 | Common Share Purchase Warrants | |||
Disclosure of classes of share capital [line items] | |||
Number of other equity instruments outstanding in share-based payment arrangement | 1,150,000 | ||
Number of other equity instruments exercisable in share-based payment arrangement | 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 | 2 years 7 months 17 days | ||
February 4, 2024 | Unit Purchase Warrants | |||
Disclosure of classes of share capital [line items] | |||
Number of other equity instruments outstanding in share-based payment arrangement | 868,740 | ||
Number of other equity instruments exercisable in share-based payment arrangement | 868,740 | ||
Warrants exercisable (in CAD per share) | $ / shares | $ 2.25 | ||
Estimated grant date fair value | $ | $ 970 | ||
Weighted average remaining of outstanding contractual life | 10 months 6 days |
SHARE CAPITAL - Narrative - Sto
SHARE CAPITAL - Narrative - Stock options (Details) $ / shares in Units, $ in Thousands | 12 Months Ended | ||||||||||||||
Nov. 16, 2022 CAD ($) shares $ / shares | Sep. 30, 2022 CAD ($) shares $ / shares | Aug. 15, 2022 CAD ($) shares $ / shares | Jun. 30, 2022 CAD ($) shares $ / shares | 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. 31, 2023 CAD ($) shares $ / shares | Mar. 31, 2022 CAD ($) shares $ / shares | Nov. 05, 2020 | |
Disclosure of classes of share capital [line items] | |||||||||||||||
Shares available for grant, percent of total shares outstanding (up to) | 20% | ||||||||||||||
Number of share options granted in share-based payment arrangement | 300,000 | 2,475,000 | 9,144,600 | ||||||||||||
Weighted average exercise price of share options granted in share-based payment arrangement | $ / shares | $ 2.48 | $ 2.48 | $ 2.90 | $ 0.91 | $ 2.42 | ||||||||||
Number of options, exercised (in shares) | 1,588,300 | ||||||||||||||
Shares issued for cash - options exercise | $ | $ 0 | $ 1,342 | |||||||||||||
Weighted average fair value at measurement date, share options granted | $ | $ 519 | $ 383 | $ 7,994 | 27,283 | |||||||||||
Accelerated vesting, share-based payment compensation expense | $ | $ 168 | ||||||||||||||
Number of options held in escrow (in shares) | 0 | 2,981,250 | |||||||||||||
Increase (decrease) through share-based payment transactions, equity | $ | $ 4,686 | $ 18,030 | |||||||||||||
Options | |||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||
Increase (decrease) through share-based payment transactions, equity | $ | $ 4,680 | $ 17,990 | |||||||||||||
Executive officers | |||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||
Number of share options granted in share-based payment arrangement | 1,035,600 | 1,975,000 | |||||||||||||
Employees | |||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||
Number of share options granted in share-based payment arrangement | 65,000 | 60,000 | 40,000 | 450,000 | 585,000 | 165,000 | 1,090,000 | ||||||||
Weighted average exercise price of share options granted in share-based payment arrangement | $ / shares | $ 1 | $ 3.15 | $ 3.15 | $ 3.15 | $ 3.15 | ||||||||||
Weighted average fair value at measurement date, share options granted | $ | $ 32 | $ 38 | $ 36 | $ 878 | $ 1,186 | ||||||||||
Consultant | |||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||
Number of share options granted in share-based payment arrangement | 200,000 | 270,000 | 800,000 | 500,000 | 400,000 | 40,000 | 40,000 | 50,000 | |||||||
Weighted average exercise price of share options granted in share-based payment arrangement | $ / shares | $ 0.91 | $ 0.75 | $ 1 | $ 0.90 | $ 1.02 | $ 2.78 | $ 2.90 | ||||||||
Weighted average fair value at measurement date, share options granted | $ | $ 53 | $ 102 | $ 429 | $ 183 | $ 295 | $ 48 | |||||||||
Executive officers and consultants | |||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||
Weighted average exercise price of share options granted in share-based payment arrangement | $ / shares | $ 1.13 | ||||||||||||||
Weighted average fair value at measurement date, share options granted | $ | $ 878 | ||||||||||||||
Employee | |||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||
Number of share options granted in share-based payment arrangement | 245,000 | 20,000 | |||||||||||||
Weighted average exercise price of share options granted in share-based payment arrangement | $ / shares | $ 1 | $ 1 | |||||||||||||
Weighted average fair value at measurement date, share options granted | $ | $ 98 | $ 14 | |||||||||||||
Consultants | |||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||
Number of share options granted in share-based payment arrangement | 1,250,000 | 700,000 | 194,000 | ||||||||||||
Weighted average exercise price of share options granted in share-based payment arrangement | $ / shares | $ 1.50 | $ 2.78 | |||||||||||||
Weighted average fair value at measurement date, share options granted | $ | $ 1,352 | $ 715 | |||||||||||||
Consultants, Two | |||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||
Number of share options granted in share-based payment arrangement | 550,000 | ||||||||||||||
Weighted average exercise price of share options granted in share-based payment arrangement | $ / shares | $ 2.90 | ||||||||||||||
Director | |||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||
Number of share options granted in share-based payment arrangement | 195,000 | ||||||||||||||
Weighted average exercise price of share options granted in share-based payment arrangement | $ / shares | $ 2.87 | ||||||||||||||
Weighted average fair value at measurement date, share options granted | $ | $ 403 | ||||||||||||||
Consultant two | |||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||
Number of share options granted in share-based payment arrangement | 375,000 | ||||||||||||||
Weighted average exercise price of share options granted in share-based payment arrangement | $ / shares | $ 0.75 | ||||||||||||||
Weighted average fair value at measurement date, share options granted | $ | $ 110 | ||||||||||||||
Employee stock option | |||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||
Award vesting period | 2 years | 2 years | 2 years | ||||||||||||
Accelerated vesting, number of shares | 1,031,250 | ||||||||||||||
Employee stock option | Employees | |||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||
Award vesting period | 2 years | 2 years | 2 years | 2 years | 2 years | ||||||||||
Employee stock option | Consultant | |||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||
Award vesting period | 2 years | 2 years | 2 months | 1 year | |||||||||||
Employee stock option | Executive officers and consultants | |||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||
Award vesting period | 2 years | ||||||||||||||
Employee stock option | Consultants | |||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||
Award vesting period | 2 years | 1 year | |||||||||||||
Employee stock option | Consultants, Two | |||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||
Award vesting period | 1 year | ||||||||||||||
Immediate Vesting | |||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||
Number of share options granted in share-based payment arrangement | 25,000 |
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. 31, 2023 shares | Mar. 31, 2023 shares $ / shares | Mar. 31, 2023 shares | Mar. 31, 2022 shares $ / shares | Mar. 31, 2023 $ / shares | Mar. 31, 2023 | |
Share Capital, Reserves, and Other Equity Interest [Abstract] | |||||||||
Number of options, beginning balance (in shares) | shares | 28,885,002 | 22,032,452 | |||||||
Number of share options granted in share-based payment arrangement | shares | 300,000 | 2,475,000 | 9,144,600 | ||||||
Number of share options exercised in share-based payment arrangement | shares | (1,588,300) | ||||||||
Number of share options forfeited in share-based payment arrangement | shares | (1,790,202) | (683,750) | |||||||
Number Of Share Options Cancelled In Share-Based Payment Arrangement | shares | (20,000) | ||||||||
Number of options, ending balance (in shares) | 29,569,800 | 29,569,800 | 28,885,002 | ||||||
Number of share options exercisable in share-based payment arrangement | 27,234,025 | 27,234,025 | 27,234,025 | 27,234,025 | |||||
Weighted average exercise price, beginning balance (in dollars per share) | $ 1.45 | $ 1.01 | |||||||
Weighted average exercise price of share options granted in share-based payment arrangement | $ 2.48 | $ 2.48 | $ 2.90 | 0.91 | 2.42 | ||||
Weighted average exercise price of share options exercised in share-based payment arrangement | 0.83 | ||||||||
Weighted average exercise price of share options forfeited in share-based payment arrangement | 2.20 | 1.55 | |||||||
Weighted Average Exercise Price Of Share Options Cancelled In Share-Based Payment Arrangement | 2.78 | ||||||||
Weighted average exercise price, ending balance (in dollars per share) | $ 1.36 | $ 1.45 | |||||||
Weighted average exercise price of share options exercisable in share-based payment arrangement | $ 1.33 | ||||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [table] | |||||||||
Number of share options outstanding in share-based payment arrangement | 29,569,800 | 29,569,800 | 29,569,800 | 28,885,002 | 29,569,800 | ||||
Option Expiration Period Three | |||||||||
Share Capital, Reserves, and Other Equity Interest [Abstract] | |||||||||
Number of options, ending balance (in shares) | 5,000 | ||||||||
Number of share options exercisable in share-based payment arrangement | 5,000 | ||||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [table] | |||||||||
Number of share options outstanding in share-based payment arrangement | 5,000 |
SHARE CAPITAL - Summary of meas
SHARE CAPITAL - Summary of measurement of stock option fair value assumptions (Details) - CAD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||||||||||||
Nov. 16, 2022 | Sep. 30, 2022 | Aug. 15, 2022 | Jun. 30, 2022 | 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, 2023 | Mar. 31, 2022 | |
Disclosure of classes of share capital [line items] | ||||||||||||||
Risk free interest rate, share options granted | 0.82% | 0.81% | 0.98% | |||||||||||
Expected volatility, share options granted | 95% | 95% | 95% | |||||||||||
Option life, share options granted | 5 | 5 | 5 | |||||||||||
Expected dividend as percentage, share options granted | 0% | 0% | 0% | |||||||||||
Weighted average share price, share options granted | $ 2.42 | $ 2.48 | $ 2.90 | |||||||||||
Exercise price, share options granted | $ 2.48 | $ 2.48 | $ 2.90 | |||||||||||
Weighted average fair value at measurement date, share options granted | $ 519 | $ 383 | $ 7,994 | $ 27,283 | ||||||||||
Summary of measurement of stock option fair value assumptions | The estimated grant date fair value was determined to be $53, calculated using the Black-Scholes option pricing model with the following assumptions: Risk-free interest rate 3.78% Expected annual volatility, based on comparable companies 85.00% Expected life (in years) 3 Expected dividend yield 0.00% Share price $ 0.58 Exercise price $ 0.91 Risk-free interest rate 3.78% Expected annual volatility, based on comparable companies 85.00% Expected life (in years) 3 Expected dividend yield 0.00% Share price $ 0.58 Exercise price $ 0.75 | The estimated grant date fair value was determined to be $102, calculated using the Black-Scholes option pricing model with the following assumptions: Risk-free interest rate 3.72% Expected annual volatility, based on comparable companies 85.00% Expected life (in years) 3 Expected dividend yield 0.00% Share price $ 0.67 Exercise price $ 0.75 Risk-free interest rate 3.32% Expected annual volatility, based on comparable companies 95.00% Expected life (in years) 5 Expected dividend yield 0.00% Share price $ 0.67 Exercise price $ 1.00 | The estimated grant date fair value was determined to be $14, calculated using the Black-Scholes option pricing model with the following assumptions: Risk-free interest rate 2.88% Expected annual volatility, based on comparable companies 95.00% Expected life (in years) 5 Expected dividend yield 0.00% Share price $ 0.97 Exercise price $ 1.00 | The aggregate estimated grant date fair value was determined to be $32, calculated using the Black-Scholes option pricing model with the following assumptions: Risk-free interest rate 3.10% Expected annual volatility, based on comparable companies 95.00% Expected life (in years) 5.00 Expected dividend yield 0.00% Share price $ 0.72 Exercise price $ 1.00 Risk-free interest rate 3.14% Expected annual volatility, based on comparable companies 85.00% Expected life (in years) 3 Expected dividend yield 0.00% Share price $ 0.72 Exercise price $ 0.90 | 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 1.46% 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 | The estimated grant date fair value was determined to be $36, calculated using the Black-Scholes option pricing model with the following assumptions: 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 | 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 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 | 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 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 | 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 | 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 | 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 | 85.00 | The estimated grant date fair value was determined to be $38, calculated using the Black-Scholes option pricing model with the following assumptions: 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 | |
Employees | ||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||
Expected volatility, share options granted | 95% | |||||||||||||
Option life, share options granted | 5 | |||||||||||||
Expected dividend as percentage, share options granted | 0% | |||||||||||||
Weighted average share price, share options granted | $ 2.78 | |||||||||||||
Exercise price, share options granted | $ 3.15 | |||||||||||||
Employees | ||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||
Risk free interest rate, share options granted | 3.10% | 1.46% | 1.25% | 1.11% | 1.06% | |||||||||
Expected volatility, share options granted | 95% | 95% | 95% | 95% | ||||||||||
Option life, share options granted | 5 | 5 | 5 | 5 | ||||||||||
Expected dividend as percentage, share options granted | 0% | 0% | 0% | 0% | ||||||||||
Weighted average share price, share options granted | $ 0.72 | $ 1.13 | $ 1.50 | $ 2.87 | ||||||||||
Exercise price, share options granted | $ 1 | $ 3.15 | $ 3.15 | $ 3.15 | ||||||||||
Weighted average fair value at measurement date, share options granted | $ 32 | $ 38 | $ 36 | $ 878 | $ 1,186 | |||||||||
Director | ||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||
Risk free interest rate, share options granted | 1.06% | |||||||||||||
Expected volatility, share options granted | 95% | |||||||||||||
Option life, share options granted | 5 | |||||||||||||
Expected dividend as percentage, share options granted | 0% | |||||||||||||
Weighted average share price, share options granted | $ 2.87 | |||||||||||||
Exercise price, share options granted | $ 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, share options granted | 3.78% | 3.72% | 3.11% | 3.14% | 1.25% | |||||||||
Expected volatility, share options granted | 85% | 85% | 85% | 85% | 95% | |||||||||
Option life, share options granted | 3 | 3 | 3 | 3 | 5 | |||||||||
Expected dividend as percentage, share options granted | 0% | 0% | 0% | 0% | 0% | |||||||||
Weighted average share price, share options granted | $ 0.58 | $ 0.67 | $ 0.97 | $ 0.72 | $ 1.50 | |||||||||
Exercise price, share options granted | $ 0.91 | $ 0.75 | $ 1 | $ 0.90 | $ 1.50 | |||||||||
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, share options granted | 1.61% | 0.53% | ||||||||||||
Expected volatility, share options granted | 95% | 85% | ||||||||||||
Option life, share options granted | 5 | 1.75 | ||||||||||||
Expected dividend as percentage, share options granted | 0% | 0% | ||||||||||||
Weighted average share price, share options granted | $ 1.02 | $ 2.78 | ||||||||||||
Exercise price, share options granted | $ 1.02 | $ 2.78 | ||||||||||||
Weighted average fair value at measurement date, share options granted | $ 53 | $ 102 | $ 429 | $ 183 | $ 295 | $ 48 | ||||||||
Summary of measurement of stock option fair value assumptions | The estimated grant date fair value was determined to be $429, calculated using the Black-Scholes option pricing model with the following assumptions: Risk-free interest rate 3.11% Expected annual volatility, based on comparable companies 85.00% Expected life (in years) 3 Expected dividend yield 0.00% Share price $ 0.97 Exercise price $ 1.00 | |||||||||||||
Executive officers and consultants | ||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||
Risk free interest rate, share options granted | 1.46% | |||||||||||||
Expected volatility, share options granted | 95% | |||||||||||||
Option life, share options granted | 5 | |||||||||||||
Expected dividend as percentage, share options granted | 0% | |||||||||||||
Weighted average share price, share options granted | $ 1.13 | |||||||||||||
Exercise price, share options granted | $ 1.13 | |||||||||||||
Weighted average fair value at measurement date, share options granted | $ 878 | |||||||||||||
Consultant two | ||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||
Risk free interest rate, share options granted | 0.41% | |||||||||||||
Expected volatility, share options granted | 85% | |||||||||||||
Option life, share options granted | 1.25 | |||||||||||||
Expected dividend as percentage, share options granted | 0% | |||||||||||||
Weighted average share price, share options granted | $ 2.78 | |||||||||||||
Exercise price, share options granted | $ 2.78 | |||||||||||||
Weighted average fair value at measurement date, share options granted | $ 110 | |||||||||||||
Employee | ||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||
Risk free interest rate, share options granted | 3.78% | 3.32% | 2.88% | |||||||||||
Expected volatility, share options granted | 85% | 95% | 95% | |||||||||||
Option life, share options granted | 3 | 5 | 5 | |||||||||||
Expected dividend as percentage, share options granted | 0% | 0% | 0% | |||||||||||
Weighted average share price, share options granted | $ 0.58 | $ 0.67 | $ 0.97 | |||||||||||
Exercise price, share options granted | $ 0.75 | $ 1 | $ 1 | |||||||||||
Weighted average fair value at measurement date, share options granted | $ 98 | $ 14 |
SHARE CAPITAL - Summary of stoc
SHARE CAPITAL - Summary of stock option information (Details) $ / shares in Units, $ in Thousands | 12 Months Ended | ||||||||
Mar. 31, 2023 shares | Mar. 31, 2023 CAD ($) | Mar. 31, 2023 $ / shares | Mar. 31, 2023 | Mar. 31, 2022 shares | Aug. 18, 2021 CAD ($) | Aug. 16, 2021 CAD ($) | Jun. 28, 2021 CAD ($) | Mar. 31, 2021 shares | |
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||||||||
Number of share options outstanding in share-based payment arrangement | 29,569,800 | 29,569,800 | 28,885,002 | 22,032,452 | |||||
Number of share options exercisable in share-based payment arrangement | 27,234,025 | 27,234,025 | |||||||
Weighted average remaining contractual life of outstanding share options | 2 years 6 months 21 days | ||||||||
Weighted average fair value at measurement date, share options granted | $ 27,283 | $ 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 | $ 1 | ||||||||
Number of share options outstanding in share-based payment arrangement | 2,500 | ||||||||
Number of share options exercisable in share-based payment arrangement | 2,500 | ||||||||
Weighted average remaining contractual life of outstanding share options | 1 month 24 days | ||||||||
Weighted average fair value at measurement date, share options granted | 1 | ||||||||
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 | 1.39 | ||||||||
Number of share options outstanding in share-based payment arrangement | 15,000 | ||||||||
Number of share options exercisable in share-based payment arrangement | 15,000 | ||||||||
Weighted average remaining contractual life of outstanding share options | 1 month 24 days | ||||||||
Weighted average fair value at measurement date, share options granted | 15 | ||||||||
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 | 1.74 | ||||||||
Number of share options outstanding in share-based payment arrangement | 5,000 | ||||||||
Number of share options exercisable in share-based payment arrangement | 5,000 | ||||||||
Weighted average remaining contractual life of outstanding share options | 1 month 24 days | ||||||||
Weighted average fair value at measurement date, share options granted | 4 | ||||||||
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 | 2.03 | ||||||||
Number of share options outstanding in share-based payment arrangement | 20,000 | ||||||||
Number of share options exercisable in share-based payment arrangement | 20,000 | ||||||||
Weighted average remaining contractual life of outstanding share options | 1 month 24 days | ||||||||
Weighted average fair value at measurement date, share options granted | 29 | ||||||||
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 | 2.90 | ||||||||
Number of share options outstanding in share-based payment arrangement | 91,875 | ||||||||
Number of share options exercisable in share-based payment arrangement | 91,875 | ||||||||
Weighted average remaining contractual life of outstanding share options | 1 month 24 days | ||||||||
Weighted average fair value at measurement date, share options granted | 182 | ||||||||
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 share options outstanding in share-based payment arrangement | 20,000 | ||||||||
Number of share options exercisable in share-based payment arrangement | 20,000 | ||||||||
Weighted average remaining contractual life of outstanding share options | 3 months | ||||||||
Weighted average fair value at measurement date, share options granted | 24 | ||||||||
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 | 2.90 | ||||||||
Number of share options outstanding in share-based payment arrangement | 156,250 | ||||||||
Number of share options exercisable in share-based payment arrangement | 156,250 | ||||||||
Weighted average remaining contractual life of outstanding share options | 7 months 6 days | ||||||||
Weighted average fair value at measurement date, share options granted | 326 | ||||||||
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 | 1.35 | ||||||||
Number of share options outstanding in share-based payment arrangement | 20,000 | ||||||||
Number of share options exercisable in share-based payment arrangement | 20,000 | ||||||||
Weighted average remaining contractual life of outstanding share options | 9 months | ||||||||
Weighted average fair value at measurement date, share options granted | 19 | ||||||||
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 | 2.90 | ||||||||
Number of share options outstanding in share-based payment arrangement | 65,625 | ||||||||
Number of share options exercisable in share-based payment arrangement | 65,625 | ||||||||
Weighted average remaining contractual life of outstanding share options | 9 months | ||||||||
Weighted average fair value at measurement date, share options granted | 137 | ||||||||
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 | 3.15 | ||||||||
Number of share options outstanding in share-based payment arrangement | 12,500 | ||||||||
Number of share options exercisable in share-based payment arrangement | 12,500 | ||||||||
Weighted average remaining contractual life of outstanding share options | 9 months | ||||||||
Weighted average fair value at measurement date, share options granted | 11 | ||||||||
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 | 1.35 | ||||||||
Number of share options outstanding in share-based payment arrangement | 56,250 | ||||||||
Number of share options exercisable in share-based payment arrangement | 56,250 | ||||||||
Weighted average remaining contractual life of outstanding share options | 1 year | ||||||||
Weighted average fair value at measurement date, share options granted | 55 | ||||||||
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 | 0.25 | ||||||||
Number of share options outstanding in share-based payment arrangement | 2,350,000 | ||||||||
Number of share options exercisable in share-based payment arrangement | 2,350,000 | ||||||||
Weighted average remaining contractual life of outstanding share options | 2 years 2 months 15 days | ||||||||
Weighted average fair value at measurement date, share options granted | 420 | ||||||||
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 | 0.90 | ||||||||
Number of share options outstanding in share-based payment arrangement | 500,000 | ||||||||
Number of share options exercisable in share-based payment arrangement | 500,000 | ||||||||
Weighted average remaining contractual life of outstanding share options | 2 years 3 months | ||||||||
Weighted average fair value at measurement date, share options granted | 183 | ||||||||
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 | ||||||||
Number of share options outstanding in share-based payment arrangement | 800,000 | ||||||||
Number of share options exercisable in share-based payment arrangement | 400,000 | ||||||||
Weighted average remaining contractual life of outstanding share options | 2 years 4 months 17 days | ||||||||
Weighted average fair value at measurement date, share options granted | 327 | ||||||||
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 | 0.75 | ||||||||
Number of share options outstanding in share-based payment arrangement | 270,000 | ||||||||
Number of share options exercisable in share-based payment arrangement | 223,125 | ||||||||
Weighted average remaining contractual life of outstanding share options | 2 years 6 months | ||||||||
Weighted average fair value at measurement date, share options granted | 88 | ||||||||
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 | 0.75 | ||||||||
Number of share options outstanding in share-based payment arrangement | 3,000,000 | ||||||||
Number of share options exercisable in share-based payment arrangement | 3,000,000 | ||||||||
Weighted average remaining contractual life of outstanding share options | 2 years 6 months 14 days | ||||||||
Weighted average fair value at measurement date, share options granted | 1,607 | ||||||||
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 | 0.75 | ||||||||
Number of share options outstanding in share-based payment arrangement | 5,700,000 | ||||||||
Number of share options exercisable in share-based payment arrangement | 5,700,000 | ||||||||
Weighted average remaining contractual life of outstanding share options | 2 years 7 months 6 days | ||||||||
Weighted average fair value at measurement date, share options granted | 2,985 | ||||||||
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 | 0.88 | ||||||||
Number of share options outstanding in share-based payment arrangement | 500,000 | ||||||||
Number of share options exercisable in share-based payment arrangement | 500,000 | ||||||||
Weighted average remaining contractual life of outstanding share options | 2 years 7 months 13 days | ||||||||
Weighted average fair value at measurement date, share options granted | 314 | ||||||||
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 | 0.91 | ||||||||
Number of share options outstanding in share-based payment arrangement | 200,000 | ||||||||
Number of share options exercisable in share-based payment arrangement | 200,000 | ||||||||
Weighted average remaining contractual life of outstanding share options | 2 years 7 months 17 days | ||||||||
Weighted average fair value at measurement date, share options granted | 53 | ||||||||
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 | 0.75 | ||||||||
Number of share options outstanding in share-based payment arrangement | 375,000 | ||||||||
Number of share options exercisable in share-based payment arrangement | 375,000 | ||||||||
Weighted average remaining contractual life of outstanding share options | 2 years 7 months 17 days | ||||||||
Weighted average fair value at measurement date, share options granted | 110 | ||||||||
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 | 1.48 | ||||||||
Number of share options outstanding in share-based payment arrangement | 700,000 | ||||||||
Number of share options exercisable in share-based payment arrangement | 700,000 | ||||||||
Weighted average remaining contractual life of outstanding share options | 2 years 8 months 12 days | ||||||||
Weighted average fair value at measurement date, share options granted | 740 | ||||||||
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 | 1.74 | ||||||||
Number of share options outstanding in share-based payment arrangement | 2,259,100 | ||||||||
Number of share options exercisable in share-based payment arrangement | 2,259,100 | ||||||||
Weighted average remaining contractual life of outstanding share options | 2 years 8 months 15 days | ||||||||
Weighted average fair value at measurement date, share options granted | 2,804 | ||||||||
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 | 1.89 | ||||||||
Number of share options outstanding in share-based payment arrangement | 760,000 | ||||||||
Number of share options exercisable in share-based payment arrangement | 760,000 | ||||||||
Weighted average remaining contractual life of outstanding share options | 2 years 9 months | ||||||||
Weighted average fair value at measurement date, share options granted | 1,027 | ||||||||
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 | 1.89 | ||||||||
Number of share options outstanding in share-based payment arrangement | 225,000 | ||||||||
Number of share options exercisable in share-based payment arrangement | 225,000 | ||||||||
Weighted average remaining contractual life of outstanding share options | 2 years 9 months 3 days | ||||||||
Weighted average fair value at measurement date, share options granted | 304 | ||||||||
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 | 2.03 | ||||||||
Number of share options outstanding in share-based payment arrangement | 150,000 | ||||||||
Number of share options exercisable in share-based payment arrangement | 150,000 | ||||||||
Weighted average remaining contractual life of outstanding share options | 2 years 10 months 17 days | ||||||||
Weighted average fair value at measurement date, share options granted | 218 | ||||||||
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 | 2.03 | ||||||||
Number of share options outstanding in share-based payment arrangement | 150,000 | ||||||||
Number of share options exercisable in share-based payment arrangement | 150,000 | ||||||||
Weighted average remaining contractual life of outstanding share options | 2 years 10 months 17 days | ||||||||
Weighted average fair value at measurement date, share options granted | 218 | ||||||||
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 | 1.39 | ||||||||
Number of share options outstanding in share-based payment arrangement | 1,257,600 | ||||||||
Number of share options exercisable in share-based payment arrangement | 1,257,600 | ||||||||
Weighted average remaining contractual life of outstanding share options | 2 years 11 months 12 days | ||||||||
Weighted average fair value at measurement date, share options granted | 1,257 | ||||||||
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 | 1.55 | ||||||||
Number of share options outstanding in share-based payment arrangement | 300,000 | ||||||||
Number of share options exercisable in share-based payment arrangement | 300,000 | ||||||||
Weighted average remaining contractual life of outstanding share options | 2 years 11 months 15 days | ||||||||
Weighted average fair value at measurement date, share options granted | 360 | ||||||||
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 | 1.36 | ||||||||
Number of share options outstanding in share-based payment arrangement | 1,575,000 | ||||||||
Number of share options exercisable in share-based payment arrangement | 1,575,000 | ||||||||
Weighted average remaining contractual life of outstanding share options | 2 years 11 months 26 days | ||||||||
Weighted average fair value at measurement date, share options granted | 1,540 | ||||||||
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 | 1.32 | ||||||||
Number of share options outstanding in share-based payment arrangement | 37,500 | ||||||||
Number of share options exercisable in share-based payment arrangement | 37,500 | ||||||||
Weighted average remaining contractual life of outstanding share options | 3 years | ||||||||
Weighted average fair value at measurement date, share options granted | 36 | ||||||||
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 | 1.35 | ||||||||
Number of share options outstanding in share-based payment arrangement | 250,000 | ||||||||
Number of share options exercisable in share-based payment arrangement | 250,000 | ||||||||
Weighted average remaining contractual life of outstanding share options | 3 years | ||||||||
Weighted average fair value at measurement date, share options granted | 243 | ||||||||
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 | 2.90 | ||||||||
Number of share options outstanding in share-based payment arrangement | 3,180,000 | ||||||||
Number of share options exercisable in share-based payment arrangement | 2,854,375 | ||||||||
Weighted average remaining contractual life of outstanding share options | 3 years 3 months | ||||||||
Weighted average fair value at measurement date, share options granted | 6,629 | ||||||||
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 | 2.48 | ||||||||
Number of share options outstanding in share-based payment arrangement | 215,000 | ||||||||
Number of share options exercisable in share-based payment arrangement | 188,125 | ||||||||
Weighted average remaining contractual life of outstanding share options | 3 years 4 months 17 days | ||||||||
Weighted average fair value at measurement date, share options granted | 376 | ||||||||
Option Expiration Period Thirty 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 share options outstanding in share-based payment arrangement | 300,000 | ||||||||
Number of share options exercisable in share-based payment arrangement | 262,500 | ||||||||
Weighted average remaining contractual life of outstanding share options | 3 years 4 months 20 days | ||||||||
Weighted average fair value at measurement date, share options granted | 510 | ||||||||
Option Expiration Period Thirty Five | |||||||||
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 share options outstanding in share-based payment arrangement | 545,000 | ||||||||
Number of share options exercisable in share-based payment arrangement | 408,750 | ||||||||
Weighted average remaining contractual life of outstanding share options | 3 years 6 months | ||||||||
Weighted average fair value at measurement date, share options granted | 1,050 | ||||||||
Option Expiration Period Thirty Six | |||||||||
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 share options outstanding in share-based payment arrangement | 195,000 | ||||||||
Number of share options exercisable in share-based payment arrangement | 170,625 | ||||||||
Weighted average remaining contractual life of outstanding share options | 3 years 6 months | ||||||||
Weighted average fair value at measurement date, share options granted | 396 | ||||||||
Option Expiration Period Thirty Seven | |||||||||
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 share options outstanding in share-based payment arrangement | 200,000 | ||||||||
Number of share options exercisable in share-based payment arrangement | 150,000 | ||||||||
Weighted average remaining contractual life of outstanding share options | 3 years 6 months | ||||||||
Weighted average fair value at measurement date, share options granted | 371 | ||||||||
Option Expiration Period Thirty 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 share options outstanding in share-based payment arrangement | 40,000 | ||||||||
Number of share options exercisable in share-based payment arrangement | 27,500 | ||||||||
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 | 29 | ||||||||
Option Expiration Period Thirty Nine | |||||||||
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 share options outstanding in share-based payment arrangement | 1,230,000 | ||||||||
Number of share options exercisable in share-based payment arrangement | 425,000 | ||||||||
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 | 1,038 | ||||||||
Option Expiration Period Forty | |||||||||
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 share options outstanding in share-based payment arrangement | 1,075,600 | ||||||||
Number of share options exercisable in share-based payment arrangement | 806,700 | ||||||||
Weighted average remaining contractual life of outstanding share options | 3 years 11 months 4 days | ||||||||
Weighted average fair value at measurement date, share options granted | 822 | ||||||||
Option Expiration Period Forty One | |||||||||
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 share options outstanding in share-based payment arrangement | 60,000 | ||||||||
Number of share options exercisable in share-based payment arrangement | 37,500 | ||||||||
Weighted average remaining contractual life of outstanding share options | 3 years 11 months 4 days | ||||||||
Weighted average fair value at measurement date, share options granted | 34 | ||||||||
Option Expiration Period Forty Two | |||||||||
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 share options outstanding in share-based payment arrangement | 400,000 | ||||||||
Number of share options exercisable in share-based payment arrangement | 400,000 | ||||||||
Weighted average remaining contractual life of outstanding share options | 3 years 11 months 8 days | ||||||||
Weighted average fair value at measurement date, share options granted | 295 | ||||||||
Option Expiration Period Forty Three | |||||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||||||||
Exercise price (in dollars per share) | $ / shares | 1 | ||||||||
Number of share options outstanding in share-based payment arrangement | 65,000 | ||||||||
Number of share options exercisable in share-based payment arrangement | 32,500 | ||||||||
Weighted average remaining contractual life of outstanding share options | 4 years 3 months | ||||||||
Weighted average fair value at measurement date, share options granted | 17 | ||||||||
Option Expiration Period Forty Four | |||||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||||||||
Exercise price (in dollars per share) | $ / shares | 1 | ||||||||
Number of share options outstanding in share-based payment arrangement | 20,000 | ||||||||
Number of share options exercisable in share-based payment arrangement | 10,000 | ||||||||
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 | 11 | ||||||||
Option Expiration Period Forty Five | |||||||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||||||||
Exercise price (in dollars per share) | $ / shares | $ 1 | ||||||||
Number of share options outstanding in share-based payment arrangement | 220,000 | ||||||||
Number of share options exercisable in share-based payment arrangement | 83,125 | ||||||||
Weighted average remaining contractual life of outstanding share options | 4 years 6 months | ||||||||
Weighted average fair value at measurement date, share options granted | $ 68 |
RELATED PARTY TRANSACTIONS AN_3
RELATED PARTY TRANSACTIONS AND BALANCES - Schedule of Remuneration of Key Management Personnel (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
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 | $ 5,966 | $ 6,569 |
Total | 8,315 | 15,491 |
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 | 2,651 | |
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 | 3,315 | |
Options | ||
Disclosure of amounts incurred by entity for provision of key management personnel services provided by separate management entities [line items] | ||
Share-based compensation | 2,346 | 8,813 |
Warrants | ||
Disclosure of amounts incurred by entity for provision of key management personnel services provided by separate management entities [line items] | ||
Share-based compensation | $ 3 | $ 109 |
GENERAL AND ADMINISTRATIVE EX_2
GENERAL AND ADMINISTRATIVE EXPENSES (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Analysis of income and expense [abstract] | ||
Payroll, consulting and benefits | $ 6,272 | $ 7,468 |
Capital market | 6,323 | 7,277 |
Office and administration | 3,731 | 3,999 |
Professional and consulting fees | 2,142 | 3,275 |
Business development | 654 | 2,223 |
Investor relations | 984 | 1,981 |
Marketing media | 881 | 1,466 |
Listing fees | 354 | 533 |
Total | 21,341 | 28,222 |
Disclosure of attribution of expenses by nature to their function [table] | ||
Capital market | 6,323 | 7,277 |
Office and administration | 3,731 | 3,999 |
Professional and consulting fees | 2,142 | 3,275 |
Investor relations | 984 | 1,981 |
Marketing media | 881 | 1,466 |
Business development | 654 | 2,223 |
Listing fees | 354 | 533 |
General and administrative expense | $ 21,341 | $ 28,222 |
RESEARCH EXPENSES (Details)
RESEARCH EXPENSES (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Disclosure of attribution of expenses by nature to their function [table] | ||
Payroll, consulting and benefits | $ 6,272 | $ 7,468 |
Professional and consulting fees | 1,159 | 1,555 |
Research and development expense | 25,491 | 17,586 |
Lab and Administration | 1,142 | 298 |
Payroll and Benefits | 8,830 | 6,989 |
Advancement of development programs | $ 14,360 | $ 8,744 |
CONTRACTS AND COMMITMENTS (Deta
CONTRACTS AND COMMITMENTS (Details) - 12 months ended Mar. 31, 2023 $ in Thousands, $ in Thousands | CAD ($) | USD ($) |
COMMITMENTS [Line Items] | ||
Contractual commitments | $ 12,074 | |
Expected payment period for contractual commitment | 12 months | |
Other contingent liabilities [member] | ||
COMMITMENTS [Line Items] | ||
Contractual commitments | $ 12,857 | $ 9,500 |
CAPITAL MANAGEMENT (Details)
CAPITAL MANAGEMENT (Details) - CAD ($) $ in Thousands | Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 |
Capital Management [Abstract] | |||
Issued capital | $ 158,162 | $ 141,451 | |
Share premium | 2,102 | 525 | |
Reserve of share-based payments | 27,283 | 23,783 | |
Warrant reserve | 10,873 | 11,423 | |
Accumulated other comprehensive income | (2,035) | (366) | |
Retained earnings | (148,151) | (100,661) | |
TOTAL SHAREHOLDERS' EQUITY | $ 48,234 | $ 76,155 | $ 86,118 |
FINANCIAL INSTRUMENTS - Schedul
FINANCIAL INSTRUMENTS - Schedule of Financial Assets and Liabilities (Details) - CAD ($) $ in Thousands | Mar. 31, 2023 | Mar. 31, 2022 | Jun. 08, 2021 |
Disclosure of Financial Assets and Liabilities [Line Items] | |||
Cash | $ 16,633 | $ 53,641 | |
Current financial assets at fair value through profit or loss [abstract] | 0 | ||
Non-current investments other than investments accounted for using equity method | 0 | 242 | |
Current Contingent Liabilities Recognised In Business Combination | 0 | 2,646 | |
Trade and other current payables | 5,262 | ||
Financial assets, measured at fair value: | Investments | |||
Disclosure of Financial Assets and Liabilities [Line Items] | |||
Financial assets | $ 250 | ||
Financial assets, measured at amortized cost: | Accounts receivable | |||
Disclosure of Financial Assets and Liabilities [Line Items] | |||
Financial assets | $ 42 | $ 28 |
FINANCIAL INSTRUMENTS - Sched_2
FINANCIAL INSTRUMENTS - Schedule of Changes in Fair Value of Financial Instruments (Details) - Level 3 of fair value hierarchy [member] - Investments - CAD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Changes in fair value measurement, assets [abstract] | ||
Balance at beginning of period | $ 0 | |
Additions | 250 | |
Interest income | $ 18 | 21 |
Change in fair value of investments measured at fair value through profit or loss | $ (29) |
FINANCIAL INSTRUMENTS - Sched_3
FINANCIAL INSTRUMENTS - Schedule of Quantitative Information of Significant Unobservable Inputs Used in Fair Value Measurements (Details) - Investments - Level 3 of fair value hierarchy [member] - CAD ($) $ in Thousands | Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 |
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | |||
Financial assets | $ 0 | ||
Rx Hybrid Instrument | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | |||
Financial assets | $ 0 | $ 242 |
FINANCIAL INSTRUMENTS - Narrati
FINANCIAL INSTRUMENTS - Narrative (Details) $ in Thousands | 12 Months Ended | |
Mar. 31, 2023 CAD ($) | Mar. 31, 2022 CAD ($) | |
Disclosure of Financial Assets and Liabilities [Line Items] | ||
Cash | $ 16,633 | $ 53,641 |
Current accrued expenses and other current liabilities | $ 5,663 | $ 5,262 |
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 | $ 179 |
FINANCIAL INSTRUMENTS - Sched_4
FINANCIAL INSTRUMENTS - Schedule of Monetary Assets and Liabilities Currency Risk Fluctuations (Details) € in Thousands, £ in Thousands, $ in Thousands, $ in Thousands | Mar. 31, 2023 USD ($) | Mar. 31, 2023 GBP (£) | Mar. 31, 2023 EUR (€) | Mar. 31, 2023 CAD ($) |
United States of America, Dollars | ||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||
Financial assets and liabilities | $ 484 | $ 655 | ||
Foreign currency rate | 1.3533 | 1.3533 | 1.3533 | 1.3533 |
Impact of 10% change in foreign currency rate | $ 66 | |||
United States of America, Dollars | Cash | ||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||
Financial assets and liabilities | $ 646 | |||
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 | $ (162) | |||
United Kingdom, Pounds | ||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||
Financial assets and liabilities | £ 534 | $ 893 | ||
Foreign currency rate | 1.6726 | 1.6726 | 1.6726 | 1.6726 |
Impact of 10% change in foreign currency rate | $ 89 | |||
United Kingdom, Pounds | Cash | ||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||
Financial assets and liabilities | £ | £ 616 | |||
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 | £ | £ (82) | |||
Euro Member Countries, Euro | ||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||
Financial assets and liabilities | € 165 | $ 243 | ||
Foreign currency rate | 1.4708 | 1.4708 | 1.4708 | 1.4708 |
Impact of 10% change in foreign currency rate | $ 24 | |||
Euro Member Countries, Euro | Cash | ||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||
Financial assets and liabilities | € | € 762 | |||
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 | € | € (597) |
INCOME TAX - Income Tax Rate Re
INCOME TAX - Income Tax Rate Reconciliation (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Income Taxes [Abstract] | ||
Net loss and comprehensive loss before income taxes | $ 47,490 | $ 67,631 |
Expected recovery at statutory rate | 12,585 | 17,922 |
Share-based compensation | (1,242) | (4,778) |
Share issuance costs | 321 | 794 |
Difference between Canadian and foreign tax rates | (4,032) | (3,542) |
Non-deductible expenses | (338) | (1,256) |
Change in unrecognized deferred tax assets | (7,732) | (9,140) |
Income tax recovery | 0 | 0 |
Disclosure of temporary difference, unused tax losses and unused tax credits [table] | ||
Deferred tax assets | 23,693 | 15,961 |
Valuation allowance | (23,693) | (15,961) |
Deferred tax assets | 0 | 0 |
Profit (loss) | (47,490) | (67,631) |
Tax expense (income) at applicable tax rate | (12,585) | (17,922) |
Tax effect of foreign tax rates | 4,032 | 3,542 |
Increase (decrease) through net exchange differences, deferred tax liability (asset) | 438 | 0 |
Tax effect of expense not deductible in determining taxable profit (tax loss) | 338 | 1,256 |
Tax Effect Of Change In Deferred Tax Assets | 7,732 | 9,140 |
Tax expense (income) | 0 | 0 |
Net loss and comprehensive loss before income taxes | 47,490 | 67,631 |
Tax Effect Of Share Based Compensation | 1,242 | 4,778 |
Share issuance costs | 321 | 794 |
Non-capital loss carryforwards | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [table] | ||
Deferred tax assets | 20,248 | 13,256 |
Share issuance costs | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [table] | ||
Deferred tax assets | 1,303 | 1,526 |
Depreciation/CCA differences | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [table] | ||
Deferred tax assets | (6) | (10) |
Other | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [table] | ||
Deferred tax assets | 6 | 43 |
Deferred compensation | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [table] | ||
Deferred tax assets | 1,089 | 1,146 |
R&D expenditures | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [table] | ||
Deferred tax assets | $ 1,053 | $ 0 |
INCOME TAX - Deferred Tax Asset
INCOME TAX - Deferred Tax Assets (Details) - CAD ($) $ in Thousands | Mar. 31, 2023 | Mar. 31, 2022 |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax assets | $ 23,693 | $ 15,961 |
Valuation allowance | (23,693) | (15,961) |
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 | 20,248 | 13,256 |
Share issuance costs | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax assets | 1,303 | 1,526 |
Depreciation/CCA differences | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax assets | (6) | (10) |
Other | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax assets | $ 6 | $ 43 |
INCOME TAX - Non-capital Losses
INCOME TAX - Non-capital Losses Expiration (Details) $ in Thousands | 12 Months Ended |
Mar. 31, 2023 CAD ($) | |
Disclosure Of Non-Capital Losses Expiration [Line Items] | |
Non-capital losses expiration | The non-capital losses expire as follows: Year of expiry $ 2040 740 2041 19,193 2042 12,234 2043 10,704 42,871 As at March 31, 2023, 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 992 2041 - Loss generated in the period from December 4, 2020 to March 31, 2021 1,323 2042 - Loss generated in the year ended March 31, 2022 7,131 2043 - Loss generated in the year ended March 31, 2023 2,902 12,348 |
Canada | |
Disclosure Of Non-Capital Losses Expiration [Line Items] | |
Non-capital losses | $ 42,871 |
United States | |
Disclosure Of Non-Capital Losses Expiration [Line Items] | |
Non-capital losses | 12,348 |
Ireland | |
Disclosure Of Non-Capital Losses Expiration [Line Items] | |
Non-capital losses | $ 45,982 |
Non-capital losses expiration | The non-capital losses, stated in Canadian dollars, expire as follows: Year of expiry $ 2042 22,965 2043 23,017 45,982 |
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 | 992 |
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 | 1,323 |
2042 | Canada | |
Disclosure Of Non-Capital Losses Expiration [Line Items] | |
Non-capital losses | 12,234 |
2042 | United States | Loss generated in the year ended March 31, 2022 | |
Disclosure Of Non-Capital Losses Expiration [Line Items] | |
Non-capital losses | 7,131 |
2042 | Ireland | |
Disclosure Of Non-Capital Losses Expiration [Line Items] | |
Non-capital losses | 22,965 |
Year 2043 | Canada | |
Disclosure Of Non-Capital Losses Expiration [Line Items] | |
Non-capital losses | 10,704 |
Year 2043 | United States | Loss generated in the year ended March 31, 2022 | |
Disclosure Of Non-Capital Losses Expiration [Line Items] | |
Non-capital losses | 2,902 |
Year 2043 | Ireland | |
Disclosure Of Non-Capital Losses Expiration [Line Items] | |
Non-capital losses | $ 23,017 |
INCOME TAX - Additional Informa
INCOME TAX - Additional Information (Details) $ in Thousands | Mar. 31, 2023 CAD ($) |
Income Taxes [Abstract] | |
Section 382 limitation | $ 144 |
SUBSEQUENT EVENTS (Details)
SUBSEQUENT EVENTS (Details) $ / shares in Units, $ / shares in Units, $ in Thousands, $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||
May 30, 2023 CAD ($) shares | Aug. 31, 2022 CAD ($) $ / shares shares | Jun. 27, 2022 CAD ($) $ / shares shares | Jun. 24, 2022 CAD ($) $ / shares shares | Jun. 22, 2022 CAD ($) shares | Apr. 01, 2022 CAD ($) $ / 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 ($) shares | Aug. 03, 2021 CAD ($) $ / shares shares | Jun. 28, 2021 CAD ($) shares | Jun. 27, 2023 USD ($) $ / shares shares | Jun. 27, 2023 USD ($) $ / shares shares | Mar. 31, 2023 CAD ($) shares $ / shares | Mar. 31, 2023 USD ($) shares $ / shares | Mar. 31, 2022 CAD ($) shares | Jun. 27, 2023 CAD ($) | Aug. 08, 2022 CAD ($) | |
Disclosure of non-adjusting events after reporting period [line items] | |||||||||||||||||||||||
Increase (Decrease) Through Contingent Consideration, Equity | $ | $ 2,988 | $ 4,251 | |||||||||||||||||||||
Shares issued for cash - warrant exercise | $ | $ 362 | $ 2,928 | |||||||||||||||||||||
Number of options, forfeited (in shares) | shares | 1,790,202 | 1,790,202 | 683,750 | ||||||||||||||||||||
Common Stock Shares Authorized Value | $ | $ 30,000 | $ 29,535 | $ 35,000 | ||||||||||||||||||||
Class B Shares | |||||||||||||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||||||||||||||||||
Number of Shares Issued Through Contingent Consideration, Equity | shares | 33,190.1 | 37,366.2 | 266,933.1 | 456.5 | 22,428.3 | 90,546 | 17,239.5 | 41,028.2 | 15,611.4 | 31,721.5 | 28,903 | 9,392.6 | 18,788.5 | 15,771.1 | 360,374.2 | 360,374.2 | 269,007.8 | ||||||
Increase (Decrease) Through Contingent Consideration, Equity | $ | $ 468 | $ 280 | $ 2,034 | $ 5 | $ 229 | $ 905 | $ 233 | $ 551 | $ 236 | $ 629 | $ 706 | $ 317 | $ 633 | $ 458 | |||||||||
Number of Shares Issued Upon Conversion of Convertible Instruments | shares | 331,901 | 373,662 | 2,669,331 | 224,283 | 905,460 | 172,395 | 410,282 | 156,114 | 317,215 | 289,030 | 93,926 | 187,886 | 157,771 | 5,305,421 | 5,305,421 | ||||||||
Share price (in CAD per share) | $ / shares | $ 14.10 | $ 7.50 | $ 7.62 | $ 10.20 | $ 9.99 | $ 13.54 | $ 13.43 | ||||||||||||||||
Common shares | |||||||||||||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||||||||||||||||||
Share price (in CAD per share) | (per share) | $ 3.40 | $ 0.2417 | $ 0.2896 | $ 0.6819 | $ 0.5079 | ||||||||||||||||||
Proceeds from issue of ordinary shares | $ 34,502 | $ 465 | $ 2,471 | $ 14,152 | $ 10,541 | ||||||||||||||||||
Number Of Shares Issued Through Share Offering, Equity | shares | 2,538,844 | 10,147,600 | 1,925,000 | 8,533,269 | 20,754,120 | 20,754,120 |