Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2021 | May 04, 2021 | |
Document Information [Line Items] | ||
Entity Registrant Name | Aptose Biosciences Inc. | |
Entity Central Index Key | 0000882361 | |
Trading Symbol | apto | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Emerging Growth Company | false | |
Entity Small Business | true | |
Entity Interactive Data Current | Yes | |
Entity Common Stock, Shares Outstanding (in shares) | 88,943,243 | |
Entity Shell Company | false | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2021 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Title of 12(b) Security | Common Shares, no par value |
Condensed Consolidated Interim
Condensed Consolidated Interim Statements of Financial Position (Current Period Unaudited) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 87,083 | $ 117,393 |
Investments | 24,999 | 5,000 |
Prepaid expenses | 1,946 | 2,554 |
Other current assets | 116 | 129 |
Total current assets | 114,144 | 125,076 |
Non-current assets: | ||
Property and equipment | 243 | 261 |
Right-of-use assets, operating leases | 808 | 925 |
Total non-current assets | 1,051 | 1,186 |
Total assets | 115,195 | 126,262 |
Current liabilities: | ||
Accounts payable | 1,608 | 2,171 |
Accrued liabilities | 3,231 | 4,102 |
Current portion of lease liability, operating leases | 530 | 539 |
Total current liabilities | 5,369 | 6,812 |
Non-current liabilities: | ||
Lease liability, operating leases | 420 | 535 |
Total liabilities | 5,789 | 7,347 |
Shareholders’ equity: | ||
Common shares, no par value, unlimited authorized shares, 88,920,245 and 88,881,737 shares issued and outstanding at March 31, 2021 and December 31, 2020, respectively | 429,651 | 429,523 |
Additional paid-in capital | 57,451 | 50,861 |
Accumulated other comprehensive loss | (4,316) | (4,316) |
Deficit | (373,380) | (357,153) |
Total shareholders’ equity | 109,406 | 118,915 |
Total liabilities and shareholders’ equity | $ 115,195 | $ 126,262 |
Condensed Consolidated Interi_2
Condensed Consolidated Interim Statements of Financial Position (Current Period Unaudited) (Parentheticals) - $ / shares $ / shares in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Common shares, no par value (in dollars per share) | $ 0 | $ 0 |
Common shares, issued (in shares) | 88,920,245 | 88,881,737 |
Common shares, outstanding (in shares) | 88,920,245 | 88,881,737 |
Condensed Consolidated Interi_3
Condensed Consolidated Interim Statement of Loss and Comprehensive Loss (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Revenue | ||
Expenses: | ||
Research and development | 8,228 | 5,934 |
General and administrative | 8,024 | 5,900 |
Operating expenses | 16,252 | 11,834 |
Other income (expense): | ||
Interest income | 27 | 323 |
Foreign exchange loss | (2) | (15) |
Total other income | 25 | 308 |
Net loss and comprehensive loss | $ (16,227) | $ (11,526) |
Basic and diluted loss per common share (in dollars per share) | $ (0.18) | $ (0.15) |
Weighted average number of common shares outstanding used in the calculation of (in thousands) | ||
Basic and diluted loss per common share (in shares) | 88,884 | 76,227 |
Condensed Consolidated Interi_4
Condensed Consolidated Interim Statements of Changes in Shareholders' Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | AOCI Attributable to Parent [Member] | Retained Earnings [Member] | Total |
Balance (in shares) at Dec. 31, 2019 | 76,108 | ||||
Balance at Dec. 31, 2019 | $ 365,490 | $ 34,649 | $ (4,298) | $ (301,915) | $ 93,926 |
Common shares issued upon exercise of stock options (in shares) | 162 | 162 | |||
Common shares issued upon exercise of stock options | $ 762 | (326) | $ 436 | ||
Stock-based compensation | 4,401 | 4,401 | |||
Net loss | (11,526) | (11,526) | |||
Balance (in shares) at Mar. 31, 2020 | 76,270 | ||||
Balance at Mar. 31, 2020 | $ 366,252 | 38,724 | (4,298) | (313,441) | 87,237 |
Balance (in shares) at Dec. 31, 2020 | 88,882 | ||||
Balance at Dec. 31, 2020 | $ 429,523 | 50,861 | (4,316) | (357,153) | $ 118,915 |
Common shares issued upon exercise of stock options (in shares) | 39 | 39 | |||
Common shares issued upon exercise of stock options | $ 128 | (53) | $ 75 | ||
Stock-based compensation | 6,643 | 6,643 | |||
Net loss | (16,227) | (16,227) | |||
Balance (in shares) at Mar. 31, 2021 | 88,921 | ||||
Balance at Mar. 31, 2021 | $ 429,651 | $ 57,451 | $ (4,316) | $ (373,380) | $ 109,406 |
Condensed Consolidated Interi_5
Condensed Consolidated Interim Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Cash flows from (used in) operating activities: | ||
Net loss for the period | $ (16,227) | $ (11,526) |
Items not involving cash: | ||
Stock-based compensation | 6,643 | 4,401 |
Depreciation and amortization | 35 | 41 |
Amortization of right-of-use assets | 117 | 115 |
Interest on lease liabilities | 13 | 18 |
Unrealized foreign exchange gain | (3) | (15) |
Accrued interest on investments | (4) | (60) |
Change in operating working capital: | ||
Prepaid expenses | 608 | 139 |
Other assets | 13 | 24 |
Operating lease payments | (137) | (131) |
Accounts payable | (563) | 57 |
Accrued liabilities | (871) | (1,174) |
Cash used in operating activities | (10,376) | (8,111) |
Cash flows from financing activities: | ||
Issuance of common shares pursuant to exercise of stock options | 75 | 436 |
Cash provided by financing activities | 75 | 436 |
Cash flows from (used in) investing activities: | ||
Acquisition of investments, net | (19,995) | (12,411) |
Purchase of property and equipment | (17) | (16) |
Cash used in investing activities | (20,012) | (12,427) |
Effect of exchange rate fluctuations on cash and cash equivalents held | 3 | 14 |
Decrease in cash and cash equivalents | (30,310) | (20,088) |
Cash and cash equivalents, beginning of period | 117,393 | 79,842 |
Cash and cash equivalents, end of period | $ 87,083 | $ 59,754 |
Note 1 - Reporting Entity
Note 1 - Reporting Entity | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | 1. Reporting entity: Aptose Biosciences Inc. (“Aptose” or the “Company”) is a clinical-stage biotechnology company committed to discovering and developing personalized therapies addressing unmet medical needs in oncology. The Company's executive offices are located in San Diego, California and its head office is located in Toronto, Canada. Aptose has two second 806 3 1, 1 June 2020, 253, second 1b We are advancing first not 19 not Since our inception, we have financed our operations and technology acquisitions primarily from equity financing, proceeds from the exercise of warrants and stock options, and interest income on funds held for future investment. Our uses of cash for operating activities have primarily consisted of salaries and wages for our employees, facility and facility-related costs for our offices and laboratories, fees paid in connection with preclinical and clinical studies, drug manufacturing costs, laboratory supplies and materials, and professional fees. We do not We believe that our cash, cash equivalents and investments on hand at March 31, 2021 12 twelve may Our ability to raise additional funds could be affected by adverse market conditions, the status of our product pipeline, possible delays in enrollment in our trial related to COVID- 19, may not may |
Note 2 - Significant Accounting
Note 2 - Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 2. Significant accounting policies (a) Basis of consolidation: These condensed consolidated interim financial statements include the accounts of its subsidiaries. All intercompany transactions, balances, revenue and expenses are eliminated on consolidation. (b) Basis of presentation: The accompanying unaudited condensed consolidated interim financial statements have been prepared in conformity with generally accepted accounting principles in the United States, or GAAP, for the interim financial information and the rules and regulations of the Securities and Exchange Commission, or SEC, related to quarterly reports on Form 10 not 10 March 23, 2021. not may (c) Significant accounting policies, estimates and judgments: During the three March 31, 2021, no 10 December 31, 2020. The preparation of the condensed consolidated interim financial statements requires management to make judgments, estimates and assumptions that affect the application of accounting policies and reported amounts of assets and liabilities at the date of the consolidated financial statements and reported amounts of revenue and expenses during the reporting period. Actual outcomes could differ from those estimates. The condensed consolidated interim financial statements include estimates, which, by their nature, are uncertain. The impacts of such estimates are pervasive throughout the condensed consolidated interim financial statements and may The estimates and underlying assumptions are reviewed on a regular basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised and in any future periods affected. (d) Foreign currency: The functional and presentation currency of the Company is the US dollar. (e) Concentration of risk: The Company is subject to credit risk from the Company's cash and cash equivalents and investments. The carrying amount of the financial assets represents the maximum credit exposure. The Company manages credit risk associated with its cash and cash equivalents and investments by maintaining minimum standards of R1 |
Note 3 - Cash and Cash Equivale
Note 3 - Cash and Cash Equivalents | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Cash and Cash Equivalents Disclosure [Text Block] | 3. Cash and cash equivalents: Cash and cash equivalents consists of cash of $604 December 31, 2020 $329 90 $86.479 December 31, 2020 $117.064 |
Note 4 - Prepaid Expenses
Note 4 - Prepaid Expenses | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Prepaid Expenses [Text Block] | 4. Prepaid expenses: March 31, December 31, 2021 2020 Prepaid research and development expenses $ 634 $ 622 Other prepaid expenses 1,312 1,932 $ 1,946 $ 2,554 |
Note 5 - Right of-use Assets
Note 5 - Right of-use Assets | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Right-of-use Assets Disclosure [Text Block] | 5. Right-of-use assets: Three months ended Year ended Right-of-use assets, beginning of period $ 1,848 $ 1,837 Additions to right-of-use assets - 11 Right-of-use assets, end of period 1,848 1,848 Accumulated amortization (1,040 ) (923 ) Right-of use assets, NBV $ 808 $ 925 |
Note 6 - Investments
Note 6 - Investments | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | 6. Investments: Investments consisted of the following as of March 31, 2021 December 31, 2020: March 31, 2021 Cost Unrealized gain/(loss) Market value United States Treasury Bills $ 5,000 - 5,000 Government of Canada Treasury Bills 19,999 - 19,999 $ 24,999 - 24,999 December 31, 2020 Cost Unrealized gain/(loss) Market value United States Treasury Bills $ 5,000 - 5,000 $ 5,000 - 5,000 |
Note 7 - Fair Value Measurement
Note 7 - Fair Value Measurements and Financial Instruments | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 7. Fair value measurements and financial instruments: The fair value hierarchy establishes three Level 1 Level 2 not Level 3 no The fair value hierarchy gives the highest priority to Level 1 3 The following table presents the Company's assets that are measured at fair value on a recurring basis for the periods presented: March 31, 2021 Level 1 Level 2 Level 3 Assets Money Market accounts $ 1,232 $ - $ 1,232 - Money Market Funds 40,001 - 40,001 - High interest savings accounts 45,246 - 45,247 - United States Treasury Bill 5,000 - 5,000 - Government of Canada Treasury Bill 19,999 - 19,999 $ 111,478 $ - $ 111,478 $ - December 31, 2020 Level 1 Level 2 Level 3 Assets Money Market accounts $ 668 $ - $ 668 $ - Money Market Funds 44,000 - 44,000 - High interest savings accounts 48,397 - 48,397 - United States Treasury Bill 5,000 - 5,000 - Government of Canada Treasury Bill 23,999 - 23,999 - $ 122,064 $ - $ 122,064 $ - |
Note 8 - Accrued Liabilities
Note 8 - Accrued Liabilities | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | 8. Accrued liabilities: Accrued liabilities as of March 31, 2021 December 31, 2020 March 31, December 31 2021 2020 Accrued personnel related costs $ 1,055 $ 1,917 Accrued research and development expenses 1,814 1,932 Other accrued expenses 362 253 $ 3,231 $ 4,102 |
Note 9 - Lease Liability
Note 9 - Lease Liability | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | 9. Lease liability Aptose leases office space and lab space in San Diego, California. The lease for the office space expires on March 31, 2023 5 February 28, 2022. June 30, 2023 5 not Minimum payments, undiscounted, under our operating leases are as follows: Years ending December 31, 2021 $ 415 2022 464 2023 119 Thereafter - $ 998 To calculate the lease liability, the lease payments in the table above were discounted over the remaining term of the leases using the Company's incremental borrowing rate as at January 1, 2019 842, March 31, 2021 Weighted-average remaining term – operating leases (years) 2.0 Weighted-average discount rate – operating leases 5.40% Lease liability, current portion 530 Lease liability, long term portion 420 Lease liability, total 950 Operating lease costs and operating cash flows from our operating leases are as follows: Three months ended Three months ended Operating lease cost $ 130 $ 133 Operating cash flows from operating leases $ 137 $ 131 |
Note 10 - Share Capital
Note 10 - Share Capital | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 10. Share capital: The Company has authorized share capital of an unlimited number of common voting shares. (a) Equity issuances: 2020 On May 5, 2020, 2020 2020 may, $75 December 31, 2020 first March 21, 2021, not 2020 (b) Loss per share: Loss per common share is calculated using the weighted average number of common shares outstanding and is presented in the table below: Three months ended Three months ended Net loss $ (16,227 ) $ (11,526 ) Weighted-average common shares – basic and diluted 88,884 76,227 Net loss per share – basic and diluted $ (0.18 ) $ (0.15 ) The effect of any potential exercise of the Company's stock options outstanding during the three March 31, 2021 March 31, 2020 |
Note 11 - Stock-based Compensat
Note 11 - Stock-based Compensation | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | 11. Stock-based compensation: (a) Stock options Under the Company's stock option plan, options, rights and other entitlements may 17.5% 15.6 March 31, 2021. four 10 Stock option transactions for the three March 31, 2021 March 31, 2020, Option numbers are in (000's) Three months ended Options Weighted average Weighted average remaining Outstanding, beginning of period 11,942 $ 4.97 Granted 2,962 4.47 Exercised (39 ) 1.97 Forfeited (703 ) 5.67 Outstanding, end of the period 14,162 4.85 7.1 Exercisable, end of the period 7,887 4.59 5.95 Vested and expected to vest, end of period 13,220 4.83 6.99 Option numbers are in (000's) Three months ended Options Weighted average Weighted average remaining contractual life (years ) Outstanding, beginning of period 5,941 $ 2.84 Granted 6,109 6.84 Exercised (162 ) 2.71 Forfeited (30 ) 2.17 Outstanding, end of the period 11,858 4.84 8.6 Exercisable, end of the period 3,990 2.96 6.8 Vested and expected to vest, end of period 10,678 4.73 8.5 As of March 31, 2021, $11.03 1.82 The following table presents the weighted average assumptions that were used in the Black-Scholes option pricing model to determine the fair value of stock options granted during the period, and the resultant weighted average fair values: Three months ended Three months ended Risk-free interest rate 0.4 % 1.3 % Expected dividend yield - - Expected volatility 80.7 % 85.8 % Expected life of options (years) 5 5 Grant date fair value $ 2.85 $ 4.60 The Company uses historical data to estimate the expected dividend yield and expected volatility of its common shares in determining the fair value of stock options. The expected life of the options represents the estimated length of time the options are expected to remain outstanding. The following table presents the vesting terms of options granted in the period: Option numbers are in (000's) Three months ended Three months ended Number of options Number of options Cliff vesting after one year anniversary - 300 3 year vesting (50%-25%-25%) 430 862 4 year vesting (50%-16 2/3%-16 2/3%-16 2/3%) 2,532 4,947 Total stock options granted in the period 2,962 6,109 · During the quarter ended, 2021, one 1,679,169, $1.03 $7.44, 12 504,833 12 no $945 $663 Restricted share units The Company has a stock incentive plan (SIP) pursuant to which the Board may one three March 31, 2021 2020 Three months ended, Three months ended, Number Weighted average grant date fair value Number Weighted average grant date fair value Outstanding, beginning of period - $ - 40 $ 2.00 Granted - - 645 7.32 Outstanding, end of period - $ - 685 $ 7.01 On March 10, 2020, 645,000 three May 5, 2020, three four July 10, 2020, 645,000 The grant date fair value of the RSUs was determined as the closing value of the common shares of the Company on the Nasdaq Stock Market on the date prior to the date of grant. (b) Share-based payment expense The Company recorded share-based payment expense related to stock options as follows: Three months ended Three months ended Research and development $ 1,378 $ 800 General and administrative 5,265 3,601 Total $ 6,643 $ 4,401 |
Note 12 - Subsequent Events
Note 12 - Subsequent Events | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 12. Subsequent events (a) Subsequent to the quarter end, the Company issued 80,000 $5.98. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | (a) Basis of consolidation: These condensed consolidated interim financial statements include the accounts of its subsidiaries. All intercompany transactions, balances, revenue and expenses are eliminated on consolidation. |
Basis of Accounting, Policy [Policy Text Block] | (b) Basis of presentation: The accompanying unaudited condensed consolidated interim financial statements have been prepared in conformity with generally accepted accounting principles in the United States, or GAAP, for the interim financial information and the rules and regulations of the Securities and Exchange Commission, or SEC, related to quarterly reports on Form 10 not 10 March 23, 2021. not may |
Use of Estimates, Policy [Policy Text Block] | (c) Significant accounting policies, estimates and judgments: During the three March 31, 2021, no 10 December 31, 2020. The preparation of the condensed consolidated interim financial statements requires management to make judgments, estimates and assumptions that affect the application of accounting policies and reported amounts of assets and liabilities at the date of the consolidated financial statements and reported amounts of revenue and expenses during the reporting period. Actual outcomes could differ from those estimates. The condensed consolidated interim financial statements include estimates, which, by their nature, are uncertain. The impacts of such estimates are pervasive throughout the condensed consolidated interim financial statements and may The estimates and underlying assumptions are reviewed on a regular basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised and in any future periods affected. |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | (d) Foreign currency: The functional and presentation currency of the Company is the US dollar. |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | (e) Concentration of risk: The Company is subject to credit risk from the Company's cash and cash equivalents and investments. The carrying amount of the financial assets represents the maximum credit exposure. The Company manages credit risk associated with its cash and cash equivalents and investments by maintaining minimum standards of R1 |
Note 4 - Prepaid Expenses (Tabl
Note 4 - Prepaid Expenses (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Table Text Block] | March 31, December 31, 2021 2020 Prepaid research and development expenses $ 634 $ 622 Other prepaid expenses 1,312 1,932 $ 1,946 $ 2,554 |
Note 5 - Right of-use Assets (T
Note 5 - Right of-use Assets (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Right-of-use Assets [Table Text Block] | Three months ended Year ended Right-of-use assets, beginning of period $ 1,848 $ 1,837 Additions to right-of-use assets - 11 Right-of-use assets, end of period 1,848 1,848 Accumulated amortization (1,040 ) (923 ) Right-of use assets, NBV $ 808 $ 925 |
Note 6 - Investments (Tables)
Note 6 - Investments (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Investment [Table Text Block] | March 31, 2021 Cost Unrealized gain/(loss) Market value United States Treasury Bills $ 5,000 - 5,000 Government of Canada Treasury Bills 19,999 - 19,999 $ 24,999 - 24,999 December 31, 2020 Cost Unrealized gain/(loss) Market value United States Treasury Bills $ 5,000 - 5,000 $ 5,000 - 5,000 |
Note 7 - Fair Value Measureme_2
Note 7 - Fair Value Measurements and Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | March 31, 2021 Level 1 Level 2 Level 3 Assets Money Market accounts $ 1,232 $ - $ 1,232 - Money Market Funds 40,001 - 40,001 - High interest savings accounts 45,246 - 45,247 - United States Treasury Bill 5,000 - 5,000 - Government of Canada Treasury Bill 19,999 - 19,999 $ 111,478 $ - $ 111,478 $ - December 31, 2020 Level 1 Level 2 Level 3 Assets Money Market accounts $ 668 $ - $ 668 $ - Money Market Funds 44,000 - 44,000 - High interest savings accounts 48,397 - 48,397 - United States Treasury Bill 5,000 - 5,000 - Government of Canada Treasury Bill 23,999 - 23,999 - $ 122,064 $ - $ 122,064 $ - |
Note 8 - Accrued Liabilities (T
Note 8 - Accrued Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Accrued Liabilities [Table Text Block] | March 31, December 31 2021 2020 Accrued personnel related costs $ 1,055 $ 1,917 Accrued research and development expenses 1,814 1,932 Other accrued expenses 362 253 $ 3,231 $ 4,102 |
Note 9 - Lease Liability (Table
Note 9 - Lease Liability (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Years ending December 31, 2021 $ 415 2022 464 2023 119 Thereafter - $ 998 |
Lessee, Operating Lease Liability and Weighted Average [Table Text Block] | March 31, 2021 Weighted-average remaining term – operating leases (years) 2.0 Weighted-average discount rate – operating leases 5.40% Lease liability, current portion 530 Lease liability, long term portion 420 Lease liability, total 950 |
Lease, Cost [Table Text Block] | Three months ended Three months ended Operating lease cost $ 130 $ 133 Operating cash flows from operating leases $ 137 $ 131 |
Note 10 - Share Capital (Tables
Note 10 - Share Capital (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three months ended Three months ended Net loss $ (16,227 ) $ (11,526 ) Weighted-average common shares – basic and diluted 88,884 76,227 Net loss per share – basic and diluted $ (0.18 ) $ (0.15 ) |
Note 11 - Stock-based Compens_2
Note 11 - Stock-based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Share-based Payment Arrangement, Option, Activity [Table Text Block] | Option numbers are in (000's) Three months ended Options Weighted average Weighted average remaining Outstanding, beginning of period 11,942 $ 4.97 Granted 2,962 4.47 Exercised (39 ) 1.97 Forfeited (703 ) 5.67 Outstanding, end of the period 14,162 4.85 7.1 Exercisable, end of the period 7,887 4.59 5.95 Vested and expected to vest, end of period 13,220 4.83 6.99 Option numbers are in (000's) Three months ended Options Weighted average Weighted average remaining contractual life (years ) Outstanding, beginning of period 5,941 $ 2.84 Granted 6,109 6.84 Exercised (162 ) 2.71 Forfeited (30 ) 2.17 Outstanding, end of the period 11,858 4.84 8.6 Exercisable, end of the period 3,990 2.96 6.8 Vested and expected to vest, end of period 10,678 4.73 8.5 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Three months ended Three months ended Risk-free interest rate 0.4 % 1.3 % Expected dividend yield - - Expected volatility 80.7 % 85.8 % Expected life of options (years) 5 5 Grant date fair value $ 2.85 $ 4.60 |
Schedule of Share-based Payment Award, Options, Grants in Period [Table Text Block] | Option numbers are in (000's) Three months ended Three months ended Number of options Number of options Cliff vesting after one year anniversary - 300 3 year vesting (50%-25%-25%) 430 862 4 year vesting (50%-16 2/3%-16 2/3%-16 2/3%) 2,532 4,947 Total stock options granted in the period 2,962 6,109 |
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block] | Three months ended, Three months ended, Number Weighted average grant date fair value Number Weighted average grant date fair value Outstanding, beginning of period - $ - 40 $ 2.00 Granted - - 645 7.32 Outstanding, end of period - $ - 685 $ 7.01 |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | Three months ended Three months ended Research and development $ 1,378 $ 800 General and administrative 5,265 3,601 Total $ 6,643 $ 4,401 |
Note 3 - Cash and Cash Equiva_2
Note 3 - Cash and Cash Equivalents (Details Textual) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Cash, Ending Balance | $ 604 | $ 329 |
Cash Equivalents, at Carrying Value, Total | $ 86,479 | $ 117,064 |
Note 4 - Prepaid Expenses - Pre
Note 4 - Prepaid Expenses - Prepaid Expenses and Other Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Prepaid research and development expenses | $ 634 | $ 622 |
Other prepaid expenses | 1,312 | 1,932 |
Prepaid Expense, Current, Total | $ 1,946 | $ 2,554 |
Note 5 - Right of-use Assets -
Note 5 - Right of-use Assets - Schedule of Right-of-use Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2021 | Dec. 31, 2020 | Jan. 01, 2021 | Jan. 01, 2020 | |
Right-of-use assets, beginning of period | $ 808 | $ 925 | $ 1,848 | $ 1,837 |
Additions to right-of-use assets | 11 | |||
Right-of-use assets, end of period | 1,848 | 1,848 | ||
Accumulated amortization | (1,040) | (923) | ||
Right-of use assets, NBV | $ 808 | $ 925 | $ 1,848 | $ 1,837 |
Note 6 - Investments - Investme
Note 6 - Investments - Investments (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Investment, Cost | $ 24,999 | $ 5,000 |
Investment, Unrealized gain/(loss) | ||
Investment, Market value | 24,999 | 5,000 |
US Treasury Securities [Member] | ||
Investment, Cost | 5,000 | 5,000 |
Investment, Unrealized gain/(loss) | ||
Investment, Market value | 5,000 | $ 5,000 |
Canadian Treasury Securities [Member] | ||
Investment, Cost | 19,999 | |
Investment, Unrealized gain/(loss) | ||
Investment, Market value | $ 19,999 |
Note 7 - Fair Value Measureme_3
Note 7 - Fair Value Measurements and Financial Instruments - Assets Measured on a Recurring Basis (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Assets, fair value | $ 111,478 | $ 122,064 |
Fair Value, Inputs, Level 1 [Member] | ||
Assets, fair value | ||
Fair Value, Inputs, Level 2 [Member] | ||
Assets, fair value | 111,478 | 122,064 |
Fair Value, Inputs, Level 3 [Member] | ||
Assets, fair value | ||
Money Market Accounts [Member] | ||
Assets, fair value | 1,232 | 668 |
Money Market Accounts [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Assets, fair value | ||
Money Market Accounts [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Assets, fair value | 1,232 | 668 |
Money Market Accounts [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Assets, fair value | ||
Money Market Funds [Member] | ||
Assets, fair value | 40,001 | 44,000 |
Money Market Funds [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Assets, fair value | ||
Money Market Funds [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Assets, fair value | 40,001 | 44,000 |
Money Market Funds [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Assets, fair value | ||
Bank Time Deposits [Member] | ||
Assets, fair value | 45,246 | 48,397 |
Bank Time Deposits [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Assets, fair value | ||
Bank Time Deposits [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Assets, fair value | 45,247 | 48,397 |
Bank Time Deposits [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Assets, fair value | ||
US Treasury Securities [Member] | ||
Assets, fair value | 5,000 | 5,000 |
US Treasury Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Assets, fair value | ||
US Treasury Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Assets, fair value | 5,000 | 5,000 |
US Treasury Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Assets, fair value | ||
Canadian Treasury Securities [Member] | ||
Assets, fair value | 19,999 | 23,999 |
Canadian Treasury Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Assets, fair value | ||
Canadian Treasury Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Assets, fair value | 19,999 | 23,999 |
Canadian Treasury Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Assets, fair value |
Note 8 - Accrued Liabilities -
Note 8 - Accrued Liabilities - Accrued Expenses (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Accrued personnel related costs | $ 1,055 | $ 1,917 |
Accrued research and development expenses | 1,814 | 1,932 |
Other accrued expenses | 362 | 253 |
Accrued Liabilities, Current, Total | $ 3,231 | $ 4,102 |
Note 9 - Lease Liability (Detai
Note 9 - Lease Liability (Details Textual) | Mar. 31, 2021 |
Lessee, Operating Lease, Renewal Term (Year) | 5 years |
Note 9 - Lease Liability - Sche
Note 9 - Lease Liability - Schedule of Minimum Payments Under Operating Leases (Details) $ in Thousands | Mar. 31, 2021USD ($) |
2021 | $ 415 |
2022 | 464 |
2023 | 119 |
Thereafter | |
Lessee, Operating Lease, Liability, to be Paid, Total | $ 998 |
Note 9 - Lease Liability - Leas
Note 9 - Lease Liability - Lease Liability (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Weighted-average remaining term – operating leases (years) (Year) | 2 years | |
Weighted-average discount rate – operating leases | 5.40% | |
Lease liability, current portion | $ 530 | $ 539 |
Lease liability, long term portion | 420 | $ 535 |
Lease liability, total | $ 950 |
Note 9 - Lease Liability - Oper
Note 9 - Lease Liability - Operating Lease Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Operating lease cost | $ 130 | $ 133 |
Operating cash flows from operating leases | $ 137 | $ 131 |
Note 10 - Share Capital (Detail
Note 10 - Share Capital (Details Textual) - The 2019 ATM Offering [Member] - USD ($) shares in Thousands, $ in Millions | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2021 | Dec. 31, 2020 | May 05, 2020 | |
Stock Issuance Program, Authorized Amount | $ 75 | ||
Stock Issued During Period, Shares, New Issues (in shares) | 0 | 0 |
Note 10 - Share Capital - Loss
Note 10 - Share Capital - Loss Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Net loss | $ (16,227) | $ (11,526) |
Weighted-average common shares – basic and diluted (in shares) | 88,884 | 76,227 |
Net loss per share – basic and diluted (in dollars per share) | $ (0.18) | $ (0.15) |
Note 11 - Stock-based Compens_3
Note 11 - Stock-based Compensation (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | Jul. 10, 2020 | May 05, 2020 | Mar. 10, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 |
Share-based Compensation Arrangement by Share-based Payment Award, Maximum Subscription Rate | 17.50% | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Maximum Number of Shares (in shares) | 15,600,000 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 4 years | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year) | 10 years | |||||
Share-based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount | $ 11,030 | |||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 1 year 299 days | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number (in shares) | 7,887,000 | 3,990,000 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price (in dollars per share) | $ 4.59 | $ 2.96 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term (Month) | 5 years 346 days | 6 years 292 days | ||||
Share-based Payment Arrangement, Expense | $ 6,643 | $ 4,401 | ||||
Restricted Stock Units (RSUs) [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 120 days | 90 days | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 645,000 | 645,000 | ||||
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures, Total (in shares) | 645,000 | |||||
Officer [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number (in shares) | 1,679,169 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term (Month) | 1 year | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Weighted Average Remaining Contractual Term (Month) | 1 year | |||||
Officer [Member] | Continuing Vesting Options with No Service Requirement [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Accelerated Vesting, Number (in shares) | 504,833 | |||||
Officer [Member] | Vested Options [Member] | ||||||
Share-based Payment Arrangement, Expense | $ 945 | |||||
Officer [Member] | Unvested Options [Member] | ||||||
Share-based Payment Arrangement, Expense | $ 663 | |||||
Officer [Member] | Minimum [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price (in dollars per share) | $ 1.03 | |||||
Officer [Member] | Maximum [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price (in dollars per share) | $ 7.44 |
Note 11 - Stock-based Compens_4
Note 11 - Stock-based Compensation - Stock Option Transactions (Details) - $ / shares shares in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Outstanding, options, beginning of period (in shares) | 11,942 | 5,941 |
Outstanding, weighted average exercise price (in dollars per share) | $ 4.97 | $ 2.84 |
Granted, options (in shares) | 2,962 | 6,109 |
Granted, weighted average exercise price (in dollars per share) | $ 4.47 | $ 6.84 |
Exercised, options (in shares) | (39) | (162) |
Exercised, weighted average exercise price (in dollars per share) | $ 1.97 | $ 2.71 |
Forfeited, options (in shares) | (703) | (30) |
Forfeited, weighted average exercise price (in dollars per share) | $ 5.67 | $ 2.17 |
Outstanding, options, end of period (in shares) | 14,162 | 11,858 |
Outstanding, weighted average exercise price (in dollars per share) | $ 4.85 | $ 4.84 |
Outstanding, weighted average remaining contractual life (Year) | 7 years 36 days | 8 years 219 days |
Exercisable, end of the period (in shares) | 7,887 | 3,990 |
Exercisable, weighted average exercise price (in dollars per share) | $ 4.59 | $ 2.96 |
Exercisable, weighted average remaining contractual life (Year) | 5 years 346 days | 6 years 292 days |
Vested and expected to vest, end of period (in shares) | 13,220 | 10,678 |
Vested and expected to vest, weighted average exercise price (in dollars per share) | $ 4.83 | $ 4.73 |
Vested and expected to vest, weighted average remaining contractual life (Year) | 6 years 361 days | 8 years 182 days |
Note 11 - Stock-based Compens_5
Note 11 - Stock-based Compensation - Weighted Average Assumptions (Details) - $ / shares | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Risk-free interest rate | 0.40% | 1.30% |
Expected dividend yield | ||
Expected volatility | 80.70% | 85.80% |
Expected life of options (Year) | 5 years | 5 years |
Grant date fair value (in dollars per share) | $ 2.85 | $ 4.60 |
Note 11 - Stock-based Compens_6
Note 11 - Stock-based Compensation - Vesting Terms of Options Granted (Details) - shares shares in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Stock options granted in the period (in shares) | 2,962 | 6,109 |
Options with Cliff Vesting After One Year Anniversary [Member] | ||
Stock options granted in the period (in shares) | 300 | |
Options with Three Year Vesting [Member] | ||
Stock options granted in the period (in shares) | 430 | 862 |
Options with Four Year Vesting [Member] | ||
Stock options granted in the period (in shares) | 2,532 | 4,947 |
Note 11 - Stock-based Compens_7
Note 11 - Stock-based Compensation - Vesting Terms of Options Granted (Details) (Parentheticals) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Options with Three Year Vesting [Member] | Share-based Payment Arrangement, Tranche One [Member] | ||
Vesting percentage | 50.00% | 50.00% |
Options with Three Year Vesting [Member] | Share-based Payment Arrangement, Tranche Two [Member] | ||
Vesting percentage | 25.00% | 25.00% |
Options with Three Year Vesting [Member] | Share-based Payment Arrangement, Tranche Three [Member] | ||
Vesting percentage | 25.00% | 25.00% |
Options with Four Year Vesting [Member] | Share-based Payment Arrangement, Tranche One [Member] | ||
Vesting percentage | 50.00% | 50.00% |
Options with Four Year Vesting [Member] | Share-based Payment Arrangement, Tranche Two [Member] | ||
Vesting percentage | 16.67% | 16.67% |
Options with Four Year Vesting [Member] | Share-based Payment Arrangement, Tranche Three [Member] | ||
Vesting percentage | 16.67% | 16.67% |
Options with Four Year Vesting [Member] | Share-based Payment Arrangement, Tranche Four [Member] | ||
Vesting percentage | 16.67% | 16.67% |
Note 11 - Stock-based Compens_8
Note 11 - Stock-based Compensation - Restricted Stock Units (Details) - Restricted Stock Units (RSUs) [Member] - $ / shares | Mar. 10, 2020 | Mar. 31, 2021 | Mar. 31, 2020 |
Outstanding, beginning of period (in shares) | 40,000 | ||
Outstanding, beginning of period, weighted average grant date fair value (in dollars per share) | $ 2 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 645,000 | 645,000 | |
Granted, weighted average grant date fair value (in dollars per share) | $ 7.32 | ||
Outstanding, end of period (in shares) | 685,000 | ||
Outstanding, end of period, weighted average grant date fair value (in dollars per share) | $ 7.01 |
Note 11 - Stock-based Compens_9
Note 11 - Stock-based Compensation - Share-based Payment Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Share-based payment expense | $ 6,643 | $ 4,401 |
Research and Development Expense [Member] | ||
Share-based payment expense | 1,378 | 800 |
General and Administrative Expense [Member] | ||
Share-based payment expense | $ 5,265 | $ 3,601 |
Note 12 - Subsequent Events (De
Note 12 - Subsequent Events (Details Textual) - $ / shares | 1 Months Ended | 3 Months Ended | |
May 04, 2021 | Mar. 31, 2021 | Mar. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period (in shares) | 39,000 | 162,000 | |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price (in dollars per share) | $ 1.97 | $ 2.71 | |
Subsequent Event [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period (in shares) | 80,000 | ||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price (in dollars per share) | $ 5.98 |