Document And Entity Information
Document And Entity Information | 3 Months Ended |
Mar. 31, 2022 | |
Document Information Line Items | |
Entity Registrant Name | Titan Medical Inc. |
Document Type | 6-K |
Current Fiscal Year End Date | --12-31 |
Amendment Flag | false |
Entity Central Index Key | 0000840551 |
Document Period End Date | Mar. 31, 2022 |
Document Fiscal Year Focus | 2022 |
Document Fiscal Period Focus | Q1 |
Entity File Number | 001-38524 |
Entity Address, Address Line One | 76 Berkely Street |
Entity Address, City or Town | Toronto |
Entity Address, State or Province | ON |
Entity Address, Postal Zip Code | M5A 2W7 |
Entity Address, Country | CA |
Condensed Interim Consolidated
Condensed Interim Consolidated Statements of Financial Position (Unaudited) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
CURRENT ASSETS | ||
Cash and cash equivalents | $ 30,112 | $ 32,306 |
Accounts receivable | 8,280 | |
Prepaid expenses, deposits and receivables | 1,843 | 3,076 |
TOTAL CURRENT ASSETS | 31,955 | 43,662 |
NON-CURRENT ASSETS | ||
Right-of-use assets, net | 1,091 | 1,177 |
Property, plant and equipment, net | 516 | 464 |
Patent rights, net | 1,966 | 1,919 |
TOTAL NON-CURRENT ASSETS | 3,573 | 3,560 |
TOTAL ASSETS | 35,528 | 47,222 |
CURRENT LIABILITIES | ||
Accounts payable and accrued liabilities | 5,542 | 5,616 |
Current portion of lease obligations | 354 | 346 |
Warrant derivative liability | 2,021 | 4,930 |
TOTAL CURRENT LIABILITIES | 7,917 | 10,892 |
NON-CURRENT LIABILITIES | ||
Deferred income tax liabilities | 56 | 56 |
Lease obligations | 890 | 981 |
TOTAL LIABILITIES | 8,863 | 11,929 |
SHAREHOLDERS' EQUITY (DEFICIT) | ||
Share capital | 263,364 | 263,364 |
Contributed surplus – warrant reserve | 11,749 | 11,749 |
Contributed surplus | 14,660 | 14,067 |
Deficit | (263,108) | (253,887) |
TOTAL SHAREHOLDERS’ EQUITY (DEFICIT) | 26,665 | 35,293 |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | 35,528 | 47,222 |
Commitments (Note 11) |
Condensed Interim Consolidate_2
Condensed Interim Consolidated Statements of Net Loss and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Profit or loss [abstract] | ||
Revenues | $ 50 | |
Expenses | ||
Research and development | 9,428 | 7,640 |
General and administrative | 2,534 | 4,066 |
Depreciation and amortization | 156 | 97 |
Total expenses | 12,118 | 11,803 |
Net loss from operations | (12,118) | (11,753) |
Other (Income) Expenses | ||
Finance income | (40) | (13) |
Finance expense | 18 | |
Foreign exchange loss | 34 | 44 |
(Gain) loss on fair value of warrant | (2,909) | 3,010 |
Total other (income) expenses | (2,897) | 3,041 |
Net and comprehensive loss | $ (9,221) | $ (14,794) |
Basic and diluted loss per share (in Dollars per share) | $ (0.08) | $ (0.15) |
Condensed Interim Consolidate_3
Condensed Interim Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
OPERATING ACTIVITIES | ||
Net loss and comprehensive loss | $ (9,221) | $ (14,794) |
Items not involving current cash flows: | ||
Depreciation and amortization | 156 | 97 |
Interest expense on lease liabilities | 18 | 14 |
Share-based compensation expense | 593 | 769 |
(Gain) loss on change in fair value of warrants | (2,909) | 3,010 |
Accrued interest on Note payable | 37 | |
Warrant liability-foreign exchange adjustment | 44 | |
Changes in non-cash working capital balances | ||
Receivables | 8,280 | |
Prepaid expenses and deposits | 1,233 | (981) |
Accounts payable and accrued liabilities | (75) | (1,506) |
Cash used in operating activities | (1,925) | (13,310) |
FINANCING ACTIVITIES | ||
Exercise of Derivative warrants | 8,000 | |
January 2021 Equity Offering, net of issuance costs | 10,231 | |
February 2021 Equity Offering, net of issuance costs | 21,093 | |
Exercise of Equity warrants | 1,985 | |
Exercise of stock options | 14 | |
Note payable | 122 | |
Repayment of lease obligations | (101) | (44) |
Cash (used in) provided by financing activities | (101) | 41,401 |
INVESTING ACTIVITIES | ||
Purchase of property, plant and equipment | (106) | (93) |
Purchase of patents | (62) | (97) |
Cash used in investing activities | (168) | (190) |
(Decrease) increase in cash during the period | (2,194) | 27,901 |
Cash and cash equivalents, beginning of the period | 32,306 | 25,469 |
Cash and cash equivalents, end of the period | $ 30,112 | $ 53,370 |
Condensed Interim Consolidate_4
Condensed Interim Consolidated Statements of Shareholders’ Equity (Unaudited) - USD ($) $ in Thousands | Share Capital [Member] | Contributed Surplus - Warrant Reserve [Member] | Contributed Surplus [Member] | Deficit [Member] | Total |
Balance at Dec. 31, 2020 | $ 214,148 | $ 1,671 | $ 9,401 | $ (239,029) | $ (13,809) |
Balance (in Shares) at Dec. 31, 2020 | 83,185 | ||||
Derivative warrants exercised | $ 8,000 | 8,000 | |||
Derivative warrants exercised (in Shares) | 8,000 | ||||
Derivative warrants exercised - fair value adjustment | $ 15,722 | 15,722 | |||
January 2021 equity offering, net of issuance costs | $ 7,211 | 3,164 | 10,375 | ||
January 2021 equity offering, net of issuance costs (in Shares) | 7,419 | ||||
January 2021 equity offering,broker warrants | $ (1,384) | 1,384 | |||
February 2021 equity offering, net of issuance costs | $ 15,165 | 5,928 | 21,093 | ||
February 2021 equity offering, net of issuance costs (in Shares) | 9,585 | ||||
February 2021 equity offering,broker warrants | $ (1,238) | 1,238 | |||
Equity warrants exercised | $ 2,979 | (994) | 1,985 | ||
Equity warrants exercised (in Shares) | 1,319 | ||||
Equity warrants expired | (642) | 642 | |||
Stock options exercised | $ 27 | (12) | 15 | ||
Stock options exercised (in Shares) | 20 | ||||
Stock-based compensation expense | 769 | 769 | |||
Net loss and comprehensive loss | (14,794) | (14,794) | |||
Balance at Mar. 31, 2021 | $ 260,630 | 11,749 | 10,800 | (253,823) | 29,356 |
Balance (in Shares) at Mar. 31, 2021 | 109,528 | ||||
Balance at Dec. 31, 2021 | $ 263,364 | 11,749 | 14,067 | (253,887) | 35,293 |
Balance (in Shares) at Dec. 31, 2021 | 111,203 | ||||
Stock-based compensation expense | 593 | 593 | |||
Net loss and comprehensive loss | (9,221) | (9,221) | |||
Balance at Mar. 31, 2022 | $ 263,364 | $ 11,749 | $ 14,660 | $ (263,108) | $ 26,665 |
Balance (in Shares) at Mar. 31, 2022 | 111,203 |
NATURE OF BUSINESS
NATURE OF BUSINESS | 3 Months Ended |
Mar. 31, 2022 | |
Nature of Business [Abstract] | |
NATURE OF BUSINESS | 1. NATURE OF BUSINESS Titan Medical Inc. (“Titan” or the “Company”) is a medical technology company focused on enhancing robotic assisted surgery using innovative technologies. The Enos™ robotic single access surgical system (the “Enos System”) is being developed with an ergonomic focus to provide a surgical experience that imitates real-life movements that surgeons demand and includes multi-articulating instruments designed to allow surgeons an increased range of motion in a confined space, with dexterity and the ability to exert the forces necessary to complete common surgical tasks. With the Enos system, Titan intends to initially pursue gynecologic surgical indications. By focusing on a single access point, the Company believes that patient trauma, post-operative pain and scarring can be reduced, and patients may be able to recover from surgery faster. The Company is the successor corporation formed pursuant to two separate amalgamations under the Business Corporations Act (Ontario) on July 28, 2008. The address of the Company’s corporate office and its principal place of business is 76 Berkeley Street, Toronto, Ontario, Canada M5A 2W7. On May 29, 2020, the Company established Titan Medical USA Inc. (“Titan USA” or the “Subsidiary”), a Delaware corporation and a wholly owned subsidiary of the Company. |
BASIS OF PRESENTATION
BASIS OF PRESENTATION | 3 Months Ended |
Mar. 31, 2022 | |
Basis of Presentation [Abstract] | |
BASIS OF PRESENTATION | 2. BASIS OF PRESENTATION Statement of compliance These Condensed Interim Consolidated Financial Statements have been prepared in compliance with International Accounting Standard 34 Interim Financial Reporting These Condensed Interim Consolidated Financial Statements were authorized for issue by the Board of Directors on May 11, 2022. Basis of measurement These Condensed Interim Consolidated Financial Statements have been prepared under the historical cost convention, except for the revaluation of certain financial liabilities to fair value. Items included in the financial statements of each consolidated entity in the Company are measured using the currency of the primary economic environment in which the entity operates (the functional currency). These interim Consolidated Financial Statements are presented in US dollars, which is the Company’s functional currency. Basis of consolidation These Condensed Interim Consolidated Financial Statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany transactions and balances have been eliminated in these consolidated financial statements. Estimates, assumptions, and judgments The preparation of these consolidated financial statements in conformity with IFRS requires management to make judgments, estimates and assumptions that affect the reported amounts of revenues, expenses, assets, liabilities and the disclosure of contingent assets and liabilities at the reporting date. Uncertainty about these assumptions and estimates could result in adjustments to the carrying amount of an asset or liability or the reported amount of revenue and expense in future periods. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimates are revised and in any future periods affected. Key areas of judgment and estimation are as follows: Leases The Company cannot readily determine the interest rate implicit in the lease, therefore, it uses its incremental borrowing rate (“IBR”) to measure lease liabilities. The IBR is the rate of interest that the Company would have to pay to borrow over a similar term, and with a similar security, the funds necessary to obtain an asset of a similar value to the right-of-use (“ROU”) asset. The IBR, therefore, requires estimation when no observable rates are available. The Company estimates the IBR using observable inputs such as market interest rates and is required to make certain entity-specific estimates such as the stand-alone credit rating. Stock-based payments and warrants The Company uses the Black-Scholes option pricing model to estimate the fair value of stock-based compensation and warrant reserves, which require the use of several input variables. Measurement date estimates include share price, expected volatility (based on weighted average historical volatility adjusted for changes expected due to publicly available information of a comparable peer group), weighted average expected life of the instruments, expected dividends and the risk-free interest rate (based on government bonds). The inputs to the model are subject to estimate and changes in these inputs can materially impact the estimated fair value of stock-based payments and warrants. Asset impairments for non-financial assets and impairment reversals The Company’s estimate of the recoverable amount for the purpose of impairment testing requires management to make assumptions regarding estimates of the present value of future cash flows including growth opportunities, economic risk, and the discount rate. |
RIGHT-OF-USE ASSETS AND LEASE L
RIGHT-OF-USE ASSETS AND LEASE LIABILITIES | 3 Months Ended |
Mar. 31, 2022 | |
Presentation of leases for lessee [Abstract] | |
RIGHT-OF-USE ASSETS AND LEASE LIABILITIES | 3. RIGHT-OF-USE ASSETS AND LEASE LIABILITIES The Company leases its facility in Chapel Hill, North Carolina. This lease has remaining lease terms of approximately 3.2 years. The Company leased a facility in Toronto, Ontario for its corporate office. The lease expired in November 2021. The Company does not have leases with residual value guarantees, or leases not yet commenced to which the Company is committed. Lease liabilities have been measured by discounting future lease payments using the Company’s incremental borrowing rate of 6.0% as rates implicit in the leases were not readily determinable. The following table summarizes the Company’s right-of-use assets outstanding at March 31: 2022 $ Balance, January 1 1,177 Additions - Amortization expense (86 ) Balance, March 31 1,091 The following table summarizes the Company’s right-of-use liabilities outstanding at March 31: 2022 $ Balance, January 1 1,327 Interest expense 18 Repayments (101 ) Balance, March 31 1,244 |
WARRANT DERIVATIVE LIABILITY
WARRANT DERIVATIVE LIABILITY | 3 Months Ended |
Mar. 31, 2022 | |
Warrant Derivative Liability [Abstract] | |
WARRANT DERIVATIVE LIABILITY | 4. WARRANT DERIVATIVE LIABILITY The warrant derivative liability arises from Company’s common share purchase warrants in connection with historical equity offerings. These warrants are priced in non-functional currency which resulted in having exercise prices that are not fixed and include features that have a cashless exercise option or a ratchet down provision. Under IFRS 9 Financial Instruments and IAS 32 Financial Instruments Number of Warrants Outstanding Fair Value of Warrant Derivative As at December 31, 2021 18,955,281 4,930 Items that were classified to net loss: Change in fair value - (2,909 ) As at March 31, 2022 18,955,281 2,021 As at March 31, 2022, the following derivative warrants were outstanding: Issue Date Expiry Date Exercise Price Currency Number Issued Number Outstanding $ 29-Jun-17 29-Jun-22 6.00 CAD 1,612,955 75,810 21-Jul-17 29-Jun-22 6.00 CAD 370,567 370,567 24-Aug-17 24-Aug-22 6.00 CAD 563,067 563,067 5-Dec-17 5-Dec-22 18.00 CAD 1,533,333 1,533,333 10-Apr-18 10-Apr-23 10.50 CAD 1,126,665 1,126,665 10-May-18 10-Apr-23 10.50 CAD 168,889 168,889 10-Aug-18 10-Aug-23 2.92 USD 7,679,574 6,661,068 21-Mar-19 21-Mar-24 3.95 USD 8,455,882 8,445,882 Balance at March 31, 2022 21,510,932 18,955,281 |
SHARE CAPITAL
SHARE CAPITAL | 3 Months Ended |
Mar. 31, 2022 | |
Share Capital [Abstract] | |
SHARE CAPITAL | 5. SHARE CAPITAL Authorized: Unlimited number of no par value common shares. 111,202,690 common shares issued and outstanding as of March 31, 2022 (111,202,690 as of December 31, 2021) |
CONTRIBUTED SURPLUS-WARRANT RES
CONTRIBUTED SURPLUS-WARRANT RESERVE | 3 Months Ended |
Mar. 31, 2022 | |
Contributed Surplus [Abstract] | |
CONTRIBUTED SURPLUS-WARRANT RESERVE | 6. CONTRIBUTED SURPLUS-WARRANT RESERVE The Company issued warrants pursuant to the equity offerings in 2020 and 2021. Each warrant entitled the holder to purchase one common share at a fixed price, these warrants were classified as equity under IAS 32. These equity warrants expire between February 24, 2023 and January 26, 2026 and are not revalued at each reporting period. As at March 31, 2022, the following equity warrants were outstanding: Issue Date Expiry Date Exercise Price Currency Number Issued Number Outstanding $ 27-Mar-20 27-Mar-25 0.21 USD 154,350 93,100 06-May-20 06-Nov-25 0.45 USD 125,455 73,343 10-Jun-20 10-Jun-24 1.25 USD 1,260,000 643,387 26-Jan-21 26-Jan-26 1.94 USD 518,234 515,834 26-Jan-21 26-Jan-26 2.00 USD 3,709,677 3,123,377 24-Feb-21 24-Feb-23 3.00 USD 4,792,625 4,792,625 24-Feb-21 24-Feb-23 3.00 USD 670,967 670,967 Balance at March 31, 2022 11,231,308 9,912,633 |
DEPRECIATION AND AMORTIZATION
DEPRECIATION AND AMORTIZATION | 3 Months Ended |
Mar. 31, 2022 | |
Disclosure of depreciation and amortisation expense [text block] [Abstract] | |
DEPRECIATION AND AMORTIZATION | 7. DEPRECIATION AND AMORTIZATION Three Months Ended March 31, 2022 March 31, 2021 $ $ Depreciation of ROU assets 86 54 Depreciation of PPE 54 31 R&D - Depreciation 140 85 G&A - Amortization of patent rights 16 12 Depreciation and Amortization 156 97 |
SHARE-BASED COMPENSATION
SHARE-BASED COMPENSATION | 3 Months Ended |
Mar. 31, 2022 | |
Share-Based Compensation [Abstract] | |
SHARE-BASED COMPENSATION | 8. SHARE-BASED COMPENSATION The Company’s share-based compensation plans includes stock options and Restricted Share Units (“RSU”). The Company has reserved up to 15% of the issued and outstanding Common Shares for the granting of stock options and RSUs to eligible Employees, Officers, Directors and external consultants. Common shares outstanding, March 31, 2022 111,202,690 Share-based compensation available for issuance: 15% 16,680,404 Stock options outstanding, March 31, 2022 (4,830,628 ) RSU outstanding, March 31, 2022 (1,730,605 ) Share-based compensation available for future grants 10,119,171 (a) Stock Options The Company granted stock options to acquire common stock through our stock option plan of which the following are outstanding as March 31: 2022 2021 Stock Options Weighted Average Exercise Price Stock Options Weighted Average Exercise Price Balance, January 1 $ 5,257,089 $ 1.73 $ 2,923,770 $ 1.76 Granted - - 1,801,262 2.21 Forfeited (426,461 ) 2.38 (10,663 ) 2.76 Expired - - (9,810 ) 3.61 Exercised - - (19,568 ) 0.73 Balance, March 31 $ 4,830,628 $ 1.73 $ 4,685,021 $ 1.93 (b) Restricted Share Units The Company granted RSUs to Officers and Directors through our incentive share award plan. Grants of RSUs to Directors vest either immediately or on the date of the next Annual General Meeting. Grants of RSUs to Officers vest over a four-year period. The following RSUs are outstanding at March 31: 2022 2021 Balance at Jan 1 1,581,607 - Granted 148,998 1,527,860 Released - - Cancelled - - Balance, March 31 1,730,605 1,527,860 (c) Stock-Based Compensation The following table shows the stock-based compensation expense. Three Months Ended March 31, 2022 March 31, 2021 $ $ Stock options 212 316 RSUs 209 342 G&A - Stock options & RSUs 421 658 R&D - Stock options 172 111 Share-based compensation expense 593 769 |
LOSS PER SHARE
LOSS PER SHARE | 3 Months Ended |
Mar. 31, 2022 | |
Disclosure of Loss per share [Abstract] | |
LOSS PER SHARE | 9. LOSS PER SHARE Basic loss per share is calculated by dividing net loss by the weighted average number of common shares outstanding during the year. Diluted loss per share is calculated by adjusting the weighted average number of common shares outstanding to assume conversion of all potential dilutive stock options to common shares. Three Months ended March 31, 2022 2021 Numerator: Net loss $ (9,221 ) $ (14,794 ) Denominator: Weighted average number of common shares outstanding for basic EPS 111,202,690 97,517,298 Adjustment for stock options - - Weighted average number of common shares outstanding for diluted EPS 111,202,690 97,517,298 Basic and diluted loss per share $ (0.08 ) $ (0.15 ) |
FINANCIAL RISK MANAGEMENT
FINANCIAL RISK MANAGEMENT | 3 Months Ended |
Mar. 31, 2022 | |
Financial Risk Management [Abstract] | |
FINANCIAL RISK MANAGEMENT | 10. FINANCIAL RISK MANAGEMENT Credit Risk Credit risk is the risk of financial loss to the Company if a licensee or counter party to a financial instrument fails to meet its contractual obligations. Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and accounts receivable. The Company’s cash consists primarily of deposit investments that are held primarily with Canadian chartered banks. The Company’s only customer is a large multinational company which do not have a history of non-payment. Credit risk from accounts receivable encompasses the default risk of the Company’s customers. Liquidity Risk Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they fall due. The Company’s objective in managing liquidity risk is to ensure that it has sufficient liquidity available to meet its liabilities when due. The Company manages this risk by managing its capital structure through continuous monitoring of its actual and projected cash flows. At March 31, 2022, the Company had cash of $30.1 million. Interest Rate Risk The financial instruments that expose the Company to interest rate risk are its cash. The Company’s objectives of managing its cash is to ensure sufficient funds are maintained on hand at all times to meet day-to-day requirements and to place any amounts that are considered in excess of day-to-day requirements on short-term deposit with the Company’s banks so that they earn interest. When placing amounts of cash into short-term investments, the Company only places investments with Canadian chartered banks or insurance companies and ensures that access to the amounts placed can be obtained on short notice. A one percent increase/decrease in interest rates would not have resulted in a material increase/decrease in interest income/expense during the quarter ended March 31, 2022. Currency Risk The Company’s operating results are subject to changes in the exchange rate of the foreign currencies (primarily Canadian dollar) relative to the US dollar. Any decrease in the value of the Canadian dollar relative to the US dollar has a favourable impact on Canadian dollar denominated operating expenses. A nominal amount of the Company’s cash and short-term investments are denominated in Canadian dollars and are subject to changes in the exchange rate of the Canadian dollar relative to the US dollar. COVID-19 Since December 31, 2019, the outbreak of a novel strain of coronavirus, specifically identified as “COVID-19”, has resulted in governments worldwide enacting emergency measures to combat the spread of the virus. These measures, which include the implementation of travel bans, quarantine periods and social distancing protocol, along with the uncertainty around the disease itself, have caused material disruption to businesses globally, resulting in an economic slowdown. Global equity markets have experienced significant volatility. Governments and central banks have reacted with significant monetary and fiscal interventions designed to stabilize economic conditions. The duration and impact of the COVID-19 outbreak is unknown at this time, as is the efficacy of the government and central bank interventions. It is not possible to reliably estimate the length and severity of these developments and the impact on the financial results and condition of the Company in future periods. Due to the uncertainty caused by the COVID-19 outbreak, the Company is experiencing a longer recruitment cycle for recruiting technical personnel, and travel restrictions have slowed its ability to select and qualify suppliers for certain of its products. Furthermore, contractors and suppliers engaged by the Company may also be impacted by COVID-19 and there is a risk they could fail to meet their obligations to the Company. The effects of these impediments on the Company’s ability to achieve its milestones, including the timeline for completion, is unknown at this time. Russia – Ukraine Conflict The Russian invasion of Ukraine and the responses by governments around the world raises the prospects of increased cybersecurity attacks, strains on global supply chains, increases in energy prices, chip shortages since Russia and Ukraine are critical suppliers of neon gas and palladium used in chip production and challenges in natural resource extraction, refinement and transportation, among other possible impacts. The conflict may have a direct or indirect material adverse impact on the Company’s business, financial condition, results of operations, or cash flows. |
CAPITAL MANAGEMENT
CAPITAL MANAGEMENT | 3 Months Ended |
Mar. 31, 2022 | |
Capital Management [Abstract] | |
CAPITAL MANAGEMENT | 11. CAPITAL MANAGEMENT The Company’s objective when managing capital is to maintain a strong statement of financial position. We achieve our objective by obtaining adequate cash resources to support planned activities which include manufacturing the Enos System, filing an IDE with the FDA, clinical studies, filing the De Novo application, administrative costs, and intellectual property expansion and protection. The Company defines its capital as cash and shareholders' equity, which as at March 31, 2022 totaled $56.8 million [December 31, 2021 - $67.6 million]. The Company does not have any debt other than accounts payable and accrued liabilities and lease liabilities. The Company does have commitments related to the Enos System. In managing its capital, the Company estimates future cash requirements by preparing an annual budget for review and approval by its Board. The budget establishes the approved activities for the upcoming year and estimates the costs associated with these activities. Historically, the Company has funded its operations through the issuance of additional common shares and common share purchase warrants that upon exercise are converted to common shares and through license revenue received under licensing agreements. While management regularly monitors the capital markets, general market conditions, and the availability of capital, there are no assurances that funds will be made available to the Company in the required amounts or when required. The Company has the ability to sell approximately 2.7 million shares under the terms of the Aspire Agreement, which will expire in June 2022. On July 30, 2019, the Company filed a Form F-3 registration statement (the "Base Shelf") that qualifies for distribution of up to $125,000,000 of common shares, warrants, or units (the "Securities") in either Canada, the U.S. or both. Under the Base Shelf, the Company may sell Securities to or through underwriters, dealers, and also may sell Securities directly to purchasers or through agents, subject to obtaining any applicable exemption from registration requirements. The distribution of Securities may be effected from time to time in one or more transactions at a fixed price or prices, which may be subject to change, at market prices prevailing at the time of sale, or at prices related to such prevailing market prices to be negotiated with purchasers and as set forth in an accompanying Prospectus Supplement. The Base Shelf provides the Company with additional flexibility when managing its cash resources as, under certain circumstances, it can shorten the time period required to close a financing and is expected to increase the number of potential investors that may be prepared to invest in the Company. Funds received as a result of using the Base Shelf would be used in line with the Board approved budget. The Base Shelf is effective until July 30, 2022. |
COMMITMENTS
COMMITMENTS | 3 Months Ended |
Mar. 31, 2022 | |
Commitments [Abstract] | |
COMMITMENTS | 12. COMMITMENTS As of March 31, 2022, the Company is committed to payments totaling $8.1million (December 31, 2021 - $9.3 million) for activities related to the development of the Enos system. The Company has entered into an agreement with a consultant under which the Company has certain contractual obligations to grant up to 100,000 restricted Common Shares based on the consultant’s achievement of multiple pre-determined performance criteria. To-date, the performance criteria have not been achieved and no restricted Common Shares have been granted to the consultant. The agreement will expire on May 13, 2022. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 3 Months Ended |
Mar. 31, 2022 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | 13. SUBSEQUENT EVENTS Subsequent to the quarter, the Company received a purchase order from Medtronic plc (“Medtronic”) for $2.6 million to cover the purchase of instruments and cameras that will be used in pre-clinical activities by Medtronic. Medtronic will be evaluating the Company as a potential manufacturing and supply partner for Medtronic’s own RAS technology. The Company anticipates that will deliver on this purchase order during 2022. |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
Basis of measurement | Basis of measurement These Condensed Interim Consolidated Financial Statements have been prepared under the historical cost convention, except for the revaluation of certain financial liabilities to fair value. Items included in the financial statements of each consolidated entity in the Company are measured using the currency of the primary economic environment in which the entity operates (the functional currency). These interim Consolidated Financial Statements are presented in US dollars, which is the Company’s functional currency. |
Basis of consolidation | Basis of consolidation These Condensed Interim Consolidated Financial Statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany transactions and balances have been eliminated in these consolidated financial statements. |
Estimates, assumptions, and judgments | Estimates, assumptions, and judgments The preparation of these consolidated financial statements in conformity with IFRS requires management to make judgments, estimates and assumptions that affect the reported amounts of revenues, expenses, assets, liabilities and the disclosure of contingent assets and liabilities at the reporting date. Uncertainty about these assumptions and estimates could result in adjustments to the carrying amount of an asset or liability or the reported amount of revenue and expense in future periods. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimates are revised and in any future periods affected. Key areas of judgment and estimation are as follows: Leases The Company cannot readily determine the interest rate implicit in the lease, therefore, it uses its incremental borrowing rate (“IBR”) to measure lease liabilities. The IBR is the rate of interest that the Company would have to pay to borrow over a similar term, and with a similar security, the funds necessary to obtain an asset of a similar value to the right-of-use (“ROU”) asset. The IBR, therefore, requires estimation when no observable rates are available. The Company estimates the IBR using observable inputs such as market interest rates and is required to make certain entity-specific estimates such as the stand-alone credit rating. Stock-based payments and warrants The Company uses the Black-Scholes option pricing model to estimate the fair value of stock-based compensation and warrant reserves, which require the use of several input variables. Measurement date estimates include share price, expected volatility (based on weighted average historical volatility adjusted for changes expected due to publicly available information of a comparable peer group), weighted average expected life of the instruments, expected dividends and the risk-free interest rate (based on government bonds). The inputs to the model are subject to estimate and changes in these inputs can materially impact the estimated fair value of stock-based payments and warrants. Asset impairments for non-financial assets and impairment reversals The Company’s estimate of the recoverable amount for the purpose of impairment testing requires management to make assumptions regarding estimates of the present value of future cash flows including growth opportunities, economic risk, and the discount rate. |
RIGHT-OF-USE ASSETS AND LEASE_2
RIGHT-OF-USE ASSETS AND LEASE LIABILITIES (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Presentation of leases for lessee [Abstract] | |
Summary of Right of Use Asset | 2022 $ Balance, January 1 1,177 Additions - Amortization expense (86 ) Balance, March 31 1,091 |
Summary of Maturity Analysis | 2022 $ Balance, January 1 1,327 Interest expense 18 Repayments (101 ) Balance, March 31 1,244 |
WARRANT DERIVATIVE LIABILITY (T
WARRANT DERIVATIVE LIABILITY (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Warrant Derivative Liability [Abstract] | |
Summary of Warrant Derivative Liability | Number of Warrants Outstanding Fair Value of Warrant Derivative As at December 31, 2021 18,955,281 4,930 Items that were classified to net loss: Change in fair value - (2,909 ) As at March 31, 2022 18,955,281 2,021 |
Summary of Warrants Outstanding | Issue Date Expiry Date Exercise Price Currency Number Issued Number Outstanding $ 29-Jun-17 29-Jun-22 6.00 CAD 1,612,955 75,810 21-Jul-17 29-Jun-22 6.00 CAD 370,567 370,567 24-Aug-17 24-Aug-22 6.00 CAD 563,067 563,067 5-Dec-17 5-Dec-22 18.00 CAD 1,533,333 1,533,333 10-Apr-18 10-Apr-23 10.50 CAD 1,126,665 1,126,665 10-May-18 10-Apr-23 10.50 CAD 168,889 168,889 10-Aug-18 10-Aug-23 2.92 USD 7,679,574 6,661,068 21-Mar-19 21-Mar-24 3.95 USD 8,455,882 8,445,882 Balance at March 31, 2022 21,510,932 18,955,281 |
CONTRIBUTED SURPLUS-WARRANT R_2
CONTRIBUTED SURPLUS-WARRANT RESERVE (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Contributed Surplus [Abstract] | |
Summary of Equity Warrants Were Outstanding | Issue Date Expiry Date Exercise Price Currency Number Issued Number Outstanding $ 27-Mar-20 27-Mar-25 0.21 USD 154,350 93,100 06-May-20 06-Nov-25 0.45 USD 125,455 73,343 10-Jun-20 10-Jun-24 1.25 USD 1,260,000 643,387 26-Jan-21 26-Jan-26 1.94 USD 518,234 515,834 26-Jan-21 26-Jan-26 2.00 USD 3,709,677 3,123,377 24-Feb-21 24-Feb-23 3.00 USD 4,792,625 4,792,625 24-Feb-21 24-Feb-23 3.00 USD 670,967 670,967 Balance at March 31, 2022 11,231,308 9,912,633 |
DEPRECIATION AND AMORTIZATION (
DEPRECIATION AND AMORTIZATION (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Disclosure of depreciation and amortisation expense [text block] [Abstract] | |
Summary of depreciation and amortization | Three Months Ended March 31, 2022 March 31, 2021 $ $ Depreciation of ROU assets 86 54 Depreciation of PPE 54 31 R&D - Depreciation 140 85 G&A - Amortization of patent rights 16 12 Depreciation and Amortization 156 97 |
SHARE-BASED COMPENSATION (Table
SHARE-BASED COMPENSATION (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Share-Based Compensation [Abstract] | |
Schedule of share-based compensation plans | Common shares outstanding, March 31, 2022 111,202,690 Share-based compensation available for issuance: 15% 16,680,404 Stock options outstanding, March 31, 2022 (4,830,628 ) RSU outstanding, March 31, 2022 (1,730,605 ) Share-based compensation available for future grants 10,119,171 |
Schedule of granted stock options to acquire common stock | 2022 2021 Stock Options Weighted Average Exercise Price Stock Options Weighted Average Exercise Price Balance, January 1 $ 5,257,089 $ 1.73 $ 2,923,770 $ 1.76 Granted - - 1,801,262 2.21 Forfeited (426,461 ) 2.38 (10,663 ) 2.76 Expired - - (9,810 ) 3.61 Exercised - - (19,568 ) 0.73 Balance, March 31 $ 4,830,628 $ 1.73 $ 4,685,021 $ 1.93 |
Schedule of granted restricted share units | 2022 2021 Balance at Jan 1 1,581,607 - Granted 148,998 1,527,860 Released - - Cancelled - - Balance, March 31 1,730,605 1,527,860 |
Schedule of stock-based compensation expense | Three Months Ended March 31, 2022 March 31, 2021 $ $ Stock options 212 316 RSUs 209 342 G&A - Stock options & RSUs 421 658 R&D - Stock options 172 111 Share-based compensation expense 593 769 |
LOSS PER SHARE (Tables)
LOSS PER SHARE (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Disclosure of Loss per share [Abstract] | |
Schedule of Loss Per Share | Three Months ended March 31, 2022 2021 Numerator: Net loss $ (9,221 ) $ (14,794 ) Denominator: Weighted average number of common shares outstanding for basic EPS 111,202,690 97,517,298 Adjustment for stock options - - Weighted average number of common shares outstanding for diluted EPS 111,202,690 97,517,298 Basic and diluted loss per share $ (0.08 ) $ (0.15 ) |
RIGHT-OF-USE ASSETS AND LEASE_3
RIGHT-OF-USE ASSETS AND LEASE LIABILITIES (Details) | 3 Months Ended |
Mar. 31, 2022 | |
Presentation of leases for lessee [Abstract] | |
Lease term | 3 years 2 months 12 days |
Incremental borrowing rate | 6.00% |
RIGHT-OF-USE ASSETS AND LEASE_4
RIGHT-OF-USE ASSETS AND LEASE LIABILITIES (Details) - Summary of Right of Use Asset $ in Thousands | 3 Months Ended |
Mar. 31, 2022USD ($) | |
Presentation of leases for lessee [Abstract] | |
Balance, January 1 | $ 1,177 |
Additions | |
Amortization expense | (86) |
Balance, March 31 | $ 1,091 |
RIGHT-OF-USE ASSETS AND LEASE_5
RIGHT-OF-USE ASSETS AND LEASE LIABILITIES (Details) - Summary of Maturity Analysis $ in Thousands | 3 Months Ended |
Mar. 31, 2022USD ($) | |
Disclosure of quantitative information about right-of-use assets [line items] | |
Balance, January 1 | $ 1,327 |
Interest expense | 18 |
Repayments | (101) |
Balance, March 31 | $ 1,244 |
WARRANT DERIVATIVE LIABILITY (D
WARRANT DERIVATIVE LIABILITY (Details) - Summary of Warrant Derivative Liability $ in Thousands | 3 Months Ended |
Mar. 31, 2022USD ($)shares | |
Summary of Warrant Derivative Liability [Abstract] | |
Number of Warrants Outstanding | shares | 18,955,281 |
Fair Value of Warrant Derivative | $ | $ 4,930 |
Items that were classified to net loss: | |
Number of Warrants Outstanding, Change in fair value | shares | |
Fair Value of Warrant Derivative, Change in fair value | $ | $ (2,909) |
Number of Warrants Outstanding | shares | 18,955,281 |
Fair Value of Warrant Derivative | $ | $ 2,021 |
WARRANT DERIVATIVE LIABILITY _2
WARRANT DERIVATIVE LIABILITY (Details) - Summary of Warrants Outstanding | 3 Months Ended |
Mar. 31, 2022$ / sharesshares | |
WARRANT DERIVATIVE LIABILITY (Details) - Summary of Warrants Outstanding [Line Items] | |
Number Issued | 21,510,932 |
Number Outstanding | 18,955,281 |
29-Jun-17 [Member] | |
WARRANT DERIVATIVE LIABILITY (Details) - Summary of Warrants Outstanding [Line Items] | |
Expiry Date | 29-Jun-22 |
Exercise Price (in Dollars per share) | $ / shares | $ 6 |
Number Issued | 1,612,955 |
Number Outstanding | 75,810 |
21-Jul-17 [Member] | |
WARRANT DERIVATIVE LIABILITY (Details) - Summary of Warrants Outstanding [Line Items] | |
Expiry Date | 29-Jun-22 |
Exercise Price (in Dollars per share) | $ / shares | $ 6 |
Number Issued | 370,567 |
Number Outstanding | 370,567 |
24-Aug-17 [Member] | |
WARRANT DERIVATIVE LIABILITY (Details) - Summary of Warrants Outstanding [Line Items] | |
Expiry Date | 24-Aug-22 |
Exercise Price (in Dollars per share) | $ / shares | $ 6 |
Number Issued | 563,067 |
Number Outstanding | 563,067 |
5-Dec-17 [Member] | |
WARRANT DERIVATIVE LIABILITY (Details) - Summary of Warrants Outstanding [Line Items] | |
Expiry Date | 5-Dec-22 |
Exercise Price (in Dollars per share) | $ / shares | $ 18 |
Number Issued | 1,533,333 |
Number Outstanding | 1,533,333 |
10-Apr-18 [Member] | |
WARRANT DERIVATIVE LIABILITY (Details) - Summary of Warrants Outstanding [Line Items] | |
Expiry Date | 10-Apr-23 |
Exercise Price (in Dollars per share) | $ / shares | $ 10.5 |
Number Issued | 1,126,665 |
Number Outstanding | 1,126,665 |
10-May-18 [Member] | |
WARRANT DERIVATIVE LIABILITY (Details) - Summary of Warrants Outstanding [Line Items] | |
Expiry Date | 10-Apr-23 |
Exercise Price (in Dollars per share) | $ / shares | $ 10.5 |
Number Issued | 168,889 |
Number Outstanding | 168,889 |
10-Aug-18 [Member] | |
WARRANT DERIVATIVE LIABILITY (Details) - Summary of Warrants Outstanding [Line Items] | |
Expiry Date | 10-Aug-23 |
Exercise Price (in Dollars per share) | $ / shares | $ 2.92 |
Number Issued | 7,679,574 |
Number Outstanding | 6,661,068 |
21-Mar-19 [Member] | |
WARRANT DERIVATIVE LIABILITY (Details) - Summary of Warrants Outstanding [Line Items] | |
Expiry Date | 21-Mar-24 |
Exercise Price (in Dollars per share) | $ / shares | $ 3.95 |
Number Issued | 8,455,882 |
Number Outstanding | 8,445,882 |
SHARE CAPITAL (Details)
SHARE CAPITAL (Details) - shares | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
Share Capital [Abstract] | ||
Common stock, shares issued | 111,202,690 | 111,202,690 |
Common stock, shares outstanding | 111,202,690 | 111,202,690 |
CONTRIBUTED SURPLUS-WARRANT R_3
CONTRIBUTED SURPLUS-WARRANT RESERVE (Details) | 3 Months Ended |
Mar. 31, 2022shares | |
Contributed Surplus [Abstract] | |
Warrants issued | 6 |
Equity warrants expire | Feb. 24, 2023 |
CONTRIBUTED SURPLUS-WARRANT R_4
CONTRIBUTED SURPLUS-WARRANT RESERVE (Details) - Summary of Equity Warrants Were Outstanding | 3 Months Ended |
Mar. 31, 2022$ / sharesshares | |
CONTRIBUTED SURPLUS-WARRANT RESERVE (Details) - Summary of Equity Warrants Were Outstanding [Line Items] | |
Number Issued | 11,231,308 |
Number Outstanding | 9,912,633 |
27-Mar-20 [Member] | |
CONTRIBUTED SURPLUS-WARRANT RESERVE (Details) - Summary of Equity Warrants Were Outstanding [Line Items] | |
Expiry Date | 27-Mar-25 |
Exercise Price (in Dollars per share) | $ / shares | $ 0.21 |
Number Issued | 154,350 |
Number Outstanding | 93,100 |
06-May-20 [Member] | |
CONTRIBUTED SURPLUS-WARRANT RESERVE (Details) - Summary of Equity Warrants Were Outstanding [Line Items] | |
Expiry Date | 06-Nov-25 |
Exercise Price (in Dollars per share) | $ / shares | $ 0.45 |
Number Issued | 125,455 |
Number Outstanding | 73,343 |
10-Jun-20 [Member] | |
CONTRIBUTED SURPLUS-WARRANT RESERVE (Details) - Summary of Equity Warrants Were Outstanding [Line Items] | |
Expiry Date | 10-Jun-24 |
Exercise Price (in Dollars per share) | $ / shares | $ 1.25 |
Number Issued | 1,260,000 |
Number Outstanding | 643,387 |
26-Jan-21 [Member] | |
CONTRIBUTED SURPLUS-WARRANT RESERVE (Details) - Summary of Equity Warrants Were Outstanding [Line Items] | |
Expiry Date | 26-Jan-26 |
Exercise Price (in Dollars per share) | $ / shares | $ 1.94 |
Number Issued | 518,234 |
Number Outstanding | 515,834 |
26-Jan-21 One [Member] | |
CONTRIBUTED SURPLUS-WARRANT RESERVE (Details) - Summary of Equity Warrants Were Outstanding [Line Items] | |
Expiry Date | 26-Jan-26 |
Exercise Price (in Dollars per share) | $ / shares | $ 2 |
Number Issued | 3,709,677 |
Number Outstanding | 3,123,377 |
24-Feb-21 [Member] | |
CONTRIBUTED SURPLUS-WARRANT RESERVE (Details) - Summary of Equity Warrants Were Outstanding [Line Items] | |
Expiry Date | 24-Feb-23 |
Exercise Price (in Dollars per share) | $ / shares | $ 3 |
Number Issued | 4,792,625 |
Number Outstanding | 4,792,625 |
24-Feb-21 One [Member] | |
CONTRIBUTED SURPLUS-WARRANT RESERVE (Details) - Summary of Equity Warrants Were Outstanding [Line Items] | |
Expiry Date | 24-Feb-23 |
Exercise Price (in Dollars per share) | $ / shares | $ 3 |
Number Issued | 670,967 |
Number Outstanding | 670,967 |
DEPRECIATION AND AMORTIZATION_2
DEPRECIATION AND AMORTIZATION (Details) - Summary of Depreciation and Amortization - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Summary of Depreciation and Amortization [Abstract] | ||
Depreciation of ROU assets | $ 86 | $ 54 |
Depreciation of PPE | 54 | 31 |
R&D - Depreciation | 140 | 85 |
G&A - Amortization of patent rights | 16 | 12 |
Depreciation and Amortization | $ 156 | $ 97 |
SHARE-BASED COMPENSATION (Detai
SHARE-BASED COMPENSATION (Details) | 3 Months Ended |
Mar. 31, 2022 | |
Share-Based Compensation [Abstract] | |
Issued and outstanding percentage | 15.00% |
SHARE-BASED COMPENSATION (Det_2
SHARE-BASED COMPENSATION (Details) - Schedule of Share-Based Compensation Plans - Stock options and RSU to eligible Employees, Officers, Directors and external consultants [Member] | 3 Months Ended |
Mar. 31, 2022shares | |
SHARE-BASED COMPENSATION (Details) - Schedule of Share-Based Compensation Plans [Line Items] | |
Common shares outstanding, March 31, 2022 | 111,202,690 |
Share-based compensation available for issuance: 15% | 16,680,404 |
Stock options outstanding, March 31, 2022 | (4,830,628) |
RSU outstanding, March 31, 2022 | (1,730,605) |
Share-based compensation available for future grants | 10,119,171 |
SHARE-BASED COMPENSATION (Det_3
SHARE-BASED COMPENSATION (Details) - Schedule of Share-Based Compensation Plans (Parentheticals) | 3 Months Ended |
Mar. 31, 2022 | |
Stock options and RSU to eligible Employees, Officers, Directors and external consultants [Member] | |
SHARE-BASED COMPENSATION (Details) - Schedule of Share-Based Compensation Plans (Parentheticals) [Line Items] | |
Percentage of share-based compensation available for issuance | 15.00% |
SHARE-BASED COMPENSATION (Det_4
SHARE-BASED COMPENSATION (Details) - Schedule of Granted Stock Options to Acquire Common Stock | 3 Months Ended | |
Mar. 31, 2022$ / shares | Mar. 31, 2021$ / shares | |
Schedule of Granted Stock Options to Acquire Common Stock [Abstract] | ||
Stock Options, Balance, January 1 | 5,257,089 | 2,923,770 |
Weighted Average Exercise Price, Balance, January 1 | $ 1.73 | $ 1.76 |
Stock Options, Granted | 1,801,262 | |
Weighted Average Exercise Price, Granted | $ 2.21 | |
Stock Options, Forfeited | (426,461) | (10,663) |
Weighted Average Exercise Price, Forfeited | $ 2.38 | $ 2.76 |
Stock Options, Expired | (9,810) | |
Weighted Average Exercise Price, Expired | $ 3.61 | |
Stock Options, Exercised | (19,568) | |
Weighted Average Exercise Price, Exercised | $ 0.73 | |
Stock Options, Balance, March 31 | 4,830,628 | 4,685,021 |
Weighted Average Exercise Price, Balance, March 31 | $ 1.73 | $ 1.93 |
SHARE-BASED COMPENSATION (Det_5
SHARE-BASED COMPENSATION (Details) - Schedule of Granted Restricted Share Units | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Schedule of Granted Restricted Share Units [Abstract] | ||
Balance at Jan 1 | 1,581,607 | |
Granted | 148,998 | 1,527,860 |
Released | ||
Cancelled | ||
Balance, March 31 | 1,730,605 | 1,527,860 |
SHARE-BASED COMPENSATION (Det_6
SHARE-BASED COMPENSATION (Details) - Schedule of Stock-Based Compensation Expense - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
SHARE-BASED COMPENSATION (Details) - Schedule of Stock-Based Compensation Expense [Line Items] | ||
Share-based compensation expense | $ 593 | $ 769 |
Stock options [Member] | ||
SHARE-BASED COMPENSATION (Details) - Schedule of Stock-Based Compensation Expense [Line Items] | ||
Share-based compensation expense | 212 | 316 |
RSUs [Member] | ||
SHARE-BASED COMPENSATION (Details) - Schedule of Stock-Based Compensation Expense [Line Items] | ||
Share-based compensation expense | 209 | 342 |
G&A - Stock options & RSUs [Member] | ||
SHARE-BASED COMPENSATION (Details) - Schedule of Stock-Based Compensation Expense [Line Items] | ||
Share-based compensation expense | 421 | 658 |
R&D - Stock options [Member] | ||
SHARE-BASED COMPENSATION (Details) - Schedule of Stock-Based Compensation Expense [Line Items] | ||
Share-based compensation expense | $ 172 | $ 111 |
LOSS PER SHARE (Details) - Sche
LOSS PER SHARE (Details) - Schedule of Loss Per Share - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Numerator: | ||
Net loss (in Dollars) | $ (9,221) | $ (14,794) |
Denominator: | ||
Weighted average number of common shares outstanding for basic EPS | 111,202,690 | 97,517,298 |
Adjustment for stock options | ||
Weighted average number of common shares outstanding for diluted EPS | 111,202,690 | 97,517,298 |
Basic and diluted loss per share (in Dollars per share) | $ (0.08) | $ (0.15) |
FINANCIAL RISK MANAGEMENT (Deta
FINANCIAL RISK MANAGEMENT (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 | Dec. 31, 2020 |
Financial Risk Management [Abstract] | ||||
Cash and cash equivalents | $ 30,112 | $ 32,306 | $ 53,370 | $ 25,469 |
CAPITAL MANAGEMENT (Details)
CAPITAL MANAGEMENT (Details) - USD ($) shares in Millions | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2022 | Dec. 31, 2021 | Jul. 30, 2019 | |
Capital Management [Abstract] | |||
Capital cash and shareholders equity | $ 56,800,000 | $ 67,600,000 | |
Ability to sell number of shares in aspire agreement (in Shares) | 2.7 | ||
Common shares, warrants securities | $ 125,000,000 |
COMMITMENTS (Details)
COMMITMENTS (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Dec. 31, 2021 | |
Commitments [Abstract] | ||
Committed payment | $ 9.3 | |
Restricted common shares | 100,000 | |
Agreement expiry date | May 13, 2022 |
SUBSEQUENT EVENTS (Details)
SUBSEQUENT EVENTS (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2022USD ($) | |
Subsequent Events [Abstract] | |
Purchase of instruments | $ 2.6 |