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Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2020	Aug. 03, 2020
Document and Entity Information
Document Type	10-Q
Document Period End Date	Jun. 30, 2020
Entity Registrant Name	Milestone Pharmaceuticals Inc.
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		24,706,080
Entity Central Index Key	0001408443
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q2
Amendment Flag	false

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Current assets
Cash and cash equivalents	$ 53,426	$ 119,818
Short-term investments (note 3)	32,000
Research and development tax credits receivable	530	578
Prepaid expenses	6,132	1,845
Other receivables	318	258
Total current assets	92,406	122,499
Operating lease right-of-use assets	377	524
Property and equipment	356	405
Total assets	93,139	123,428
Current liabilities
Accounts payable and accrued liabilities (note 4)	4,834	7,997
Current portion of operating lease liabilities	157	330
Total current liabilities	4,991	8,327
Operating lease liabilities	132	184
Total liabilities	5,123	8,511
Shareholders’ Equity (note 5, note 8)
Common shares, no par value, unlimited shares authorized, 24,692,953 shares issued and outstanding as of June 30, 2020, 24,505,748 shares issued and outstanding as of December 31, 2019	226,676	226,245
Additional paid-in capital	5,795	3,805
Cumulative translation adjustment	(1,634)	(1,634)
Accumulated deficit	(142,821)	(113,499)
Total shareholders’ equity	88,016	114,917
Total liabilities, and shareholders’ equity	$ 93,139	$ 123,428

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	6 Months Ended	12 Months Ended
	Jun. 30, 2020	Dec. 31, 2019
Condensed Consolidated Balance Sheets
Common shares, par value (in dollars per share)	$ 0	$ 0
Common shares, Shares authorized (in shares)	Unlimited	Unlimited
Common shares, Shares issued (in shares)	24,692,953	24,505,748
Common shares, Shares outstanding (in shares)	24,692,953	24,505,748

Condensed Consolidated Statements of Loss and Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Operating expenses
Research and development, net of tax credits (note 7)	$ 8,622	$ 10,527	$ 20,493	$ 18,292
General and administrative	2,956	1,641	5,659	2,620
Commercial	1,527	2,166	3,710	4,352
Loss from operations	(13,105)	(14,334)	(29,862)	(25,264)
Interest income, net of bank charges	126	672	540	1,172
Loss and comprehensive loss before income taxes	(12,979)	(13,662)	(29,322)	(24,092)
Income tax expense		(4)		18
Net loss and comprehensive loss for the period	$ (12,979)	$ (13,658)	$ (29,322)	$ (24,110)
Weighted average number of shares outstanding, basic and diluted	24,628,049	13,190,638	24,588,413	6,931,611
Net loss per share, basic and diluted (note 6)	$ (0.53)	$ (1.04)	$ (1.20)	$ (3.48)

Condensed Consolidated Statements of Shareholders' Equity and Convertible Preferred Shares - USD ($) $ in Thousands	Common Shares	Additional paid-in capital	Cumulative translation adjustment	Accumulated deficit	Class A1 preferred shares	Class A2 preferred shares	Class B preferred shares	Class C preferred shares	Class D1 preferred shares	Class D2 preferred shares	Total
Balance at the beginning of period at Dec. 31, 2018	$ 2,039	$ 2,655	$ (1,634)	$ (58,270)							$ 83,548
Balance at the beginning of period (in shares) at Dec. 31, 2018	596,787
Temporary equity, balance at the beginning of period at Dec. 31, 2018					$ 2,027	$ 12,643	$ 17,198	$ 27,236	$ 64,719	$ 14,935
Temporary equity, balance at the beginning of period (in shares) at Dec. 31, 2018					372,211	2,443,914	2,830,907	3,786,878	6,893,236	1,223,656
Increase (Decrease) in Stockholders' Equity and Temporary Equity
Net loss and comprehensive loss				(10,452)							(10,452)
Exercise of stock options (note 5)	$ 51	(26)									25
Exercise of stock options (note 5) (in shares)	18,153
Share-based compensation (note 5)		211									211
Balance at the end of period at Mar. 31, 2019	$ 2,090	2,840	(1,634)	(68,722)							73,332
Balance at the end of period (in shares) at Mar. 31, 2019	614,940
Temporary equity, balance at the end of period at Mar. 31, 2019					$ 2,027	$ 12,643	$ 17,198	$ 27,236	$ 64,719	$ 14,935
Temporary equity, balance at the end of period (in shares) at Mar. 31, 2019					372,211	2,443,914	2,830,907	3,786,878	6,893,236	1,223,656
Balance at the beginning of period at Dec. 31, 2018	$ 2,039	2,655	(1,634)	(58,270)							83,548
Balance at the beginning of period (in shares) at Dec. 31, 2018	596,787
Temporary equity, balance at the beginning of period at Dec. 31, 2018					$ 2,027	$ 12,643	$ 17,198	$ 27,236	$ 64,719	$ 14,935
Temporary equity, balance at the beginning of period (in shares) at Dec. 31, 2018					372,211	2,443,914	2,830,907	3,786,878	6,893,236	1,223,656
Increase (Decrease) in Stockholders' Equity and Temporary Equity
Net loss and comprehensive loss											(24,110)
Exercise of stock options (note 5)		(26)
Share-based compensation (note 5)		487
Balance at the end of period at Jun. 30, 2019	$ 226,211	3,116	(1,634)	(82,380)							145,313
Balance at the end of period (in shares) at Jun. 30, 2019	24,490,742
Balance at the beginning of period at Mar. 31, 2019	$ 2,090	2,840	(1,634)	(68,722)							73,332
Balance at the beginning of period (in shares) at Mar. 31, 2019	614,940
Temporary equity, balance at the beginning of period at Mar. 31, 2019					$ 2,027	$ 12,643	$ 17,198	$ 27,236	$ 64,719	$ 14,935
Temporary equity, balance at the beginning of period (in shares) at Mar. 31, 2019					372,211	2,443,914	2,830,907	3,786,878	6,893,236	1,223,656
Increase (Decrease) in Stockholders' Equity and Temporary Equity
Net loss and comprehensive loss				(13,658)							(13,658)
Share-based compensation (note 5)		276									276
Initial public offering	$ 85,363										85,363
Initial public offering (in shares)	6,325,000
Preferred share conversion (note 7)	$ 138,758				$ (2,027)	$ (12,643)	$ (17,198)	$ (27,236)	$ (64,719)	$ (14,935)
Preferred share conversion (note 7) (in shares)	17,550,802				(372,211)	(2,443,914)	(2,830,907)	(3,786,878)	(6,893,236)	(1,223,656)
Balance at the end of period at Jun. 30, 2019	$ 226,211	3,116	(1,634)	(82,380)							145,313
Balance at the end of period (in shares) at Jun. 30, 2019	24,490,742
Balance at the beginning of period at Dec. 31, 2019	$ 226,245	3,805	(1,634)	(113,499)							$ 114,917
Balance at the beginning of period (in shares) at Dec. 31, 2019	24,505,748										24,505,748
Increase (Decrease) in Stockholders' Equity and Temporary Equity
Net loss and comprehensive loss				(16,343)							$ (16,343)
Exercise of stock options (note 5)	$ 133	(56)									77
Exercise of stock options (note 5) (in shares)	53,722
Share-based compensation (note 5)		981									981
Balance at the end of period at Mar. 31, 2020	$ 226,378	4,730	(1,634)	(129,842)							99,632
Balance at the end of period (in shares) at Mar. 31, 2020	24,559,470
Balance at the beginning of period at Dec. 31, 2019	$ 226,245	3,805	(1,634)	(113,499)							$ 114,917
Balance at the beginning of period (in shares) at Dec. 31, 2019	24,505,748										24,505,748
Increase (Decrease) in Stockholders' Equity and Temporary Equity
Net loss and comprehensive loss											$ (29,322)
Exercise of stock options (note 5)		(182)
Share-based compensation (note 5)		2,172
Balance at the end of period at Jun. 30, 2020	$ 226,676	5,795	(1,634)	(142,821)							$ 88,016
Balance at the end of period (in shares) at Jun. 30, 2020	24,692,953										24,692,953
Balance at the beginning of period at Mar. 31, 2020	$ 226,378	4,730	(1,634)	(129,842)							$ 99,632
Balance at the beginning of period (in shares) at Mar. 31, 2020	24,559,470
Increase (Decrease) in Stockholders' Equity and Temporary Equity
Net loss and comprehensive loss				(12,979)							(12,979)
Exercise of stock options (note 5)	$ 298	(126)									172
Exercise of stock options (note 5) (in shares)	133,483
Share-based compensation (note 5)		1,191									1,191
Balance at the end of period at Jun. 30, 2020	$ 226,676	$ 5,795	$ (1,634)	$ (142,821)							$ 88,016
Balance at the end of period (in shares) at Jun. 30, 2020	24,692,953										24,692,953

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Operating activities
Net loss for the period	$ (29,322)	$ (24,110)
Adjustments to reconcile net loss to net cash used in operating activities:
Amortization of property and equipment	49	5
Share-based compensation expense (note 5)	2,172	487
Changes in operating assets and liabilities:
Other receivables	(60)	49
Research and development tax credits receivable	48	(67)
Prepaid expenses	(4,287)	(3,634)
Operating lease right of use asset, net	(78)	(7)
Accounts payable and accrued liabilities	(3,163)	1,082
Income taxes payable (receivable)		(56)
Net cash used in operating activities	(34,641)	(26,251)
Investing Activities
Acquisition of property and equipment		(18)
Acquisition of short-term investments	(32,000)	(35,000)
Redemption of short-term investments		29
Net cash used in investing activities	(32,000)	(34,989)
Financing activities
Net proceeds from issuance of common shares in Initial Public Offering		86,092
Issuance of common shares on exercise of share options (note 5)	249	25
Net cash provided by financing activities	249	86,117
Net increase (decrease) in cash and cash equivalents during the period	(66,392)	24,877
Cash and cash equivalents – Beginning of period	119,818	85,947
Cash and cash equivalents – End of period	$ 53,426	$ 110,824

Organization and nature of operations	6 Months Ended
Organization and nature of operations	Jun. 30, 2020
Organization and nature of operations
Organization and nature of operations	1 Organization and nature of operations Milestone Pharmaceuticals Inc. (Milestone or the Company) is a biopharmaceutical company incorporated under the Business Corporations Act of Québec. Milestone is focused on the development and commercialization of innovative cardiovascular medicines. Milestone’s lead product candidate, etripamil, is a novel, potent short‑acting calcium channel blocker that the Company designed and is developing as a rapid‑onset nasal spray to be administered by patients. The Company is developing etripamil to treat paroxysmal supraventricular tachycardia, atrial fibrillation, and other cardiovascular indications.

Summary of significant accounting policies	6 Months Ended
Summary of significant accounting policies	Jun. 30, 2020
Summary of significant accounting policies
Summary of significant accounting policies	2 Summary of significant accounting policies a) Basis of consolidation The consolidated financial statements include the accounts of the Company and Milestone Pharmaceuticals USA, Inc. Milestone Pharmaceuticals USA, Inc. began its operations on March 3, 2017. All intercompany transactions and balances have been eliminated. b) Basis of presentation and use of accounting estimates These unaudited interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (US GAAP) and on a basis consistent with those accounting principles followed by the Company and disclosed in note 2 of its most recent annual consolidated financial statements except for new standard described in note 2 c). Certain information, in particular the accompanying notes normally included in the annual financial statements prepared in accordance with US GAAP have been omitted or condensed. Accordingly, the unaudited interim condensed consolidated financial statements do not include all the information required for full annual financial statements, and therefore, should be read in conjunction with the annual consolidated financial statements and the notes thereto for the year ended December 31, 2019. In the opinion of the Company's management, the accompanying unaudited interim condensed consolidated financial statements contain all adjustments, consisting of only normal recurring adjustments, necessary for a fair statement of its financial position as of June 30, 2020, and its results of operations for the three and six months ended June 30, 2020 and 2019. The condensed consolidated balance sheet as of December 31, 2019, was derived from audited annual consolidated financial statements, but does not contain all of the footnote disclosures required by accounting principles generally accepted in the United States of America. These unaudited interim condensed consolidated financial statements are presented in US dollars, which is the Company’s functional currency. The preparation of unaudited interim condensed consolidated financial statements in conformity with US GAAP requires the Company to make estimates and judgments that affect certain reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the unaudited interim condensed consolidated financial statements and the reported amounts of revenue and expenses during the period. The Company bases its estimates and assumptions on current facts, historical experience and various other factors that it believes are reasonable under the circumstances, to determine the carrying values of assets and liabilities that are not readily apparent from other sources. Significant estimates and judgments include, but are not limited to, research and development tax credits recoverable, research and development expenses, and share-based compensation. Accordingly, actual results may differ from those estimates and such differences may be material. The Company anticipates that the COVID-19 pandemic will continue to impact the development timelines of its clinical programs. Estimates and assumptions about future events and their effects cannot be determined with certainty and therefore require the exercise of judgment. As of the date of issuance of these financial statements, the Company is not aware of any specific event or circumstance that would require the Company to update its estimates, assumptions and judgments. These estimates may change as new events occur and additional information is obtained and are recognized in the consolidated financial statements as soon as they become known. Actual results could differ from those estimates and any such differences may be material to the Company’s financial statements. c) Recently adopted accounting pronouncement New Accounting Policies - Financial Instruments - Credit Losses In June 2016, the Financial Accounting Standards Board issued Accounting Standards Update 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (ASU 2016-13). ASU 2016-13 significantly changes the impairment model for most financial assets and certain other instruments. ASU 2016-13 will require immediate recognition of estimated credit losses expected to occur over the remaining life of many financial assets, which will generally result in earlier recognition of allowances for credit losses on loans and other financial instruments. The Company adopted ASU 2016-13 effective January 1, 2020 and the adoption did not have an impact on the measurement of credit losses. d) Significant Risks and Uncertainties With the global spread of the ongoing COVID-19 pandemic, the Company has implemented business continuity plans designed to address and mitigate the impact of the COVID-19 pandemic on its business. The Company anticipates that the COVID-19 pandemic will continue to have an impact on the development timelines for its clinical programs. The extent to which the COVID-19 pandemic continues to impact its business, its clinical development and regulatory efforts, its corporate development objectives and the value of and market for its common shares, will depend on future developments that remain highly uncertain and cannot be predicted with confidence at this time, such as the ultimate duration of the pandemic, travel restrictions, quarantines, social distancing and business closure requirements in the U.S., Europe and other countries, and the effectiveness of actions taken globally to contain and treat the disease. The global economic slowdown, the overall disruption of global healthcare systems and the other risks and uncertainties associated with the pandemic could have a material adverse effect on the Company’s business, financial condition, results of operations and growth prospects. In addition, the Company is subject to other challenges and risks specific to its business and its ability to execute on its strategy, as well as risks and uncertainties common to companies in the pharmaceutical industry with development, including, without limitation, risks and uncertainties associated with: obtaining regulatory approval of its product candidate; delays or problems in the supply of its study drug or failure to comply with manufacturing regulations; identifying, acquiring or in-licensing product candidates; pharmaceutical product development and the inherent uncertainty of clinical success; and the challenges of protecting and enhancing its intellectual property rights; and complying with applicable regulatory requirements. In addition, to the extent the ongoing COVID-19 pandemic adversely affects the Company’s business and results of operations, it may also have the effect of heightening many of the other risks and uncertainties discussed above. e) Sources of Liquidity and Funding Requirements Since inception, the Company incurred significant operating losses. Prior to May 2019, the Company financed its operations primarily through sales of convertible preferred shares to accredited investors generating net proceeds of $138.8 million. In May 2019, the Company received net proceeds of $85.4 million from its Initial Public Offering (IPO). The Company has incurred operating losses and experienced negative operating cash flows since its inception and anticipates to continue to incur losses for at least the next several years. As of June 30, 2020, the Company had cash, cash equivalents and short-term investments of $85.4 million and an accumulated deficit of $142.8 million. In July 2020, the Company received $25 million of proceeds from the private placement of pre-funded warrants to existing shareholders (note 8). Management expects the Company’s current operating plan and existing cash, cash equivalents and short-term investments to be sufficient to fund its operations and determined that there are no events or conditions that may cast substantial doubt on the Company’s ability to continue as a going concern for at least the next 12 months from the date of issuance of these unaudited interim financial statements.

Short-term investments	6 Months Ended
Short-term investments	Jun. 30, 2020
Short-term investments
Short-term investments	3 Short-term investments Short-term investments are comprised of term deposits issued in US currency, earning interest between 0.71% and 0.86%, maturing between September 1, 2020 and March 30, 2021.

Accounts payable and accrued liabilities

6 Months Ended

Jun. 30, 2020

Accounts payable and accrued liabilities

Accounts payable and accrued liabilities

4 Accounts payable and accrued liabilities

Accounts payable and accrued liabilities comprised the following:


	June 30, 2020		December 31, 2019
Trade accounts payable	$	2,203	$	4,376
Accrued research and development liabilities		1,862		1,513
Other accrued liabilities		181		331
Accrued compensation and benefits payable		588		1,777
	$	4,834	$	7,997

Shareholders' equity

6 Months Ended

Jun. 30, 2020

Shareholders’ equity

Shareholders’ equity

5 Shareholders’ equity

Authorized share capital

An unlimited number of common shares, voting and participating, without par value.

As of June 30, 2020, 523,821 common shares were available and no common shares have been issued under the ESPP. The first offering period has not yet been decided by the Company's board of directors.

During the six-month period ended June 30, 2020, the Company issued a total of 133,483 common shares [2019 –18,153] for a total cash consideration of $249 [2019 - $25] pursuant to the exercise of 133,483 stock options [2019 – 18,153] at an average exercise price of US$1.33 per option [2019 – US$1.32]. As a result, an amount of $126 [2019 - $26] previously included in additional paid-in capital related to the exercised options has been credited to share capital and deducted from additional paid-in capital.

Additional paid-in capital


	Three months ended June 30,				Six months ended June 30,
	2020		2019		2020		2019
Opening balance	$	4,730	$	2,840	$	3,805	$	2,655
Share-based compensation expense		1,191		276		2,172		487
Exercise of stock options		(126)		—		(182)		(26)
Closing balance	$	5,795	$	3,116	$	5,795	$	3,116

Share-based compensation

Under the 2019 Plan and 2011 Plan, unless otherwise decided by the Board of Directors, options vest and are exercisable as follows: 25% vest and are exercisable on the one year anniversary of grant date and one thirty-sixth (1/36th) of the remaining options vest and are exercisable each month thereafter, such that vested in full on four-year anniversary of grant date. In the six-month period ended on June 30, 2020, the Company granted stock options under the 2019 Plan that vest and are exercisable in equal monthly installments either over a 48-month period or over a 12-month period.

On January 1, 2020, the number of the Company’s common shares reserved for issuance under the 2019 Plan increased by 980,229 common shares. In addition, 42,576 options forfeited under the 2011 Plan after adoption of the 2019 Plan and became available for issuance under the 2019 Plan. As of June 30, 2020, there were 3,339,738 shares available for issuance under the 2019 Plan, of which 1,662,048 shares were available for future grants.

The total outstanding and exercisable options from the 2011 Plan and 2019 Plan as at June 30 were as follows:


	2020							2019
		Number				Weighted			Number				Weighted
		of shares				average			of shares				average
						exercise							exercise
		2019 Plan		2011 Plan	Total	price			2019 Plan		2011 Plan	Total	price
Outstanding at beginning of period - 2011 Plan		—		2,364,526	2,364,526	$	2.15		—		2,295,045	2,295,045	$	1.77
Outstanding at beginning of period - 2019 Plan		220,140		—	220,140		20.78		—		—	—		—
Granted - 2011 Plan		—		—	—		—		—		116,742	116,742		9.42
Granted - 2019 Plan		1,474,460		—	1,474,460		12.91		46,995		—	46,995		15.00
Exercised - 2011		—		(187,205)	(187,205)		1.33		—		(18,153)	(18,153)		1.32
Forfeited - 2011		—		(28,478)	(28,478)		2.57		—		—	—		—
Forfeited - 2019		(16,910)		—	(16,910)		21.44		—		—	—		—
Outstanding - 6/30/2020		1,677,690		2,148,843	3,826,533	$	7.34		46,995		2,393,634	2,440,629	$	2.40
Outstanding - 6/30/2020 - Weighted average exercise price	$	13.89	$	2.22				$	15.00	$	2.15
Exercisable at end of period		44,124		1,363,103	1,407,227	$	2.11		—		771,478	771,478	$	1.38
Exercisable at end of period - Weighted average exercise price	$	7.46	$	1.94				$	—	$	1.38

As of June 30, 2020, the weighted average remaining contractual life was 8.4 [2019 – 8.3 years]. The weighted average remaining contractual life was 7.2 years for vested options [2019 – 6.6 years]. There were 45,388 options forfeited for the six-month period ended June 30, 2020 [2019 – nil].

Options granted are valued using the Black-Scholes option pricing model. Amortization of the fair value of the options over vesting years has been expensed and credited to additional paid-in capital in shareholders’ equity. The weighted average fair values of options granted in the six-month period ended June 30, 2020 was $9.14 per share [2019 - $7.85]. Share-based compensation expense recognized for the six-month period ended June 31, 2020 was $2,172 [2019 - $487].

As of June 30, 2020, there was $18,873 [2019 – $3,434] of total unrecognized compensation cost, related to non-vested share options, which is expected to be recognized over a remaining weighted average vesting period of 2.5 years [2019 – 2.9 years].

The non-vested options as at June 30 were as follows:


	2020							2019
		Number				Weighted			Number				Weighted
		of options				average			of options				average
		2019 Plan		2011 Plan	Total	fair value			2019 Plan		2011 Plan	Total	fair value
Non-vested share options at beginning of period - 2011 Plan		—		1,152,300	1,152,300	$	1.88		—		1,706,303	1,706,303	$	1.35
Non-vested share options at beginning of period - 2019 Plan		218,975		—	218,975	$	14.44		—		—	—	$	—
Granted - 2011 Plan		—		—	—		—		—		116,742	116,742		6.65
Granted - 2019 Plan		1,474,460		—	1,474,460		7.88		46,995		—	46,995		10.77
Vested, outstanding		—		(338,082)	(338,082)		2.23		—		—	—		1.18
Vested, outstanding		(42,959)		—	(42,959)		4.98		—		(200,889)	(200,889)		—
Forfeited - 2011		—		(28,478)	(28,478)		1.84		—		—	—		—
Forfeited - 2019		(16,910)		—	(16,910)		15.16		—		—	—		—
Non-vested share options at end of period		1,633,566		785,740	2,419,306	$	6.48		46,995		1,622,156	1,669,151	$	2.00
Non-vested share options at end of period - Weighted average fair value	$	6.83	$	1.74				$	15.00	$	2.15

The fair value of share-based payment transaction is measured using Black-Scholes valuation model. This model also requires assumptions, including expected option life, volatility, risk-free interest rate and dividend yield, which greatly affect the calculated values.

The fair value of options granted was estimated using the Black-Scholes option pricing model, resulting in the following weighted average assumptions for the options granted for the three and six months ended June 30:


	Three months ended June 30,						Six months ended June 30,
	2020			2019			2020			2019
Exercise price	$	3.74		$	12.05		$	12.91		$	11.02
Share price	$	3.74		$	12.05		$	12.91		$	11.02
Volatility		87	%		82	%		84	%		81	%
Risk-free interest rate		0.47	%		2.36	%		1.06	%		2.41	%
Expected life		5.51			6.25			5.89			6.25
Dividend		0	%		0	%		0	%		0	%

Expected volatility is determined using comparable companies for which the information is publicly available. The risk-free interest rate is determined based on the U.S. sovereign rates benchmark in effect at the time of grant with a remaining term equal to the expected life of the option. Expected option life is determined based on the simplified method as the Company does not have sufficient historical exercise data to provide a reasonable basis upon which to estimate expected term. The simplified method is an average of the contractual term of the options and its ordinary vesting period. Dividend yield is based on the share option’s exercise price and expected annual dividend rate at the time of grant.

The Company recognized share-based compensation expense as follows for the three months ended June 30:


	Three months ended June 30,				Six months ended June 30,
	2020		2019		2020		2019
Administration	$	516	$	133	$	915	$	203
Research and development		456		109		842		234
Commercial activities		219		34		415		50
	$	1,191	$	276	$	2,172	$	487

Net loss per share

6 Months Ended

Jun. 30, 2020

Net loss per share

Net loss per share

6 Net loss per share

Basic and diluted net loss per common share is determined by dividing net loss applicable to common shareholders by the weighted average number of common shares outstanding during the period. The outstanding convertible preferred shares and share-based compensation have been excluded from the calculation because their effects would be anti-dilutive. Therefore, the weighted average number of shares used to calculate both basic and diluted loss per share are the same.

The following potentially dilutive securities have been excluded from the computation of diluted weighted average shares outstanding as of June 30 as they would be anti-dilutive:


	2020	2019
Redeemable convertible preferred shares	—	—
Share options and unvested restricted share awards	3,826,533	2,440,629
	3,826,533	2,440,629

Amounts in the table above reflect the common share equivalents of the noted instruments.

Government assistance	6 Months Ended
Government assistance	Jun. 30, 2020
Government assistance
Government assistance	7 Government assistance The Company incurred research and development expenditures that are eligible for investment tax credits. The investment tax credits recorded are based on management’s estimates of amounts expected to be recovered and are subject to audit by the taxation authorities. These amounts have been recorded as a reduction of research and development expenditures for an amount of $178 for the six-month period ended June 30, 2020 [2019 - $171].

Subsequent events	6 Months Ended
Subsequent events	Jun. 30, 2020
Subsequent events
Subsequent events	8 Subsequent events On July 23, 2020, the Company entered into a securities purchase agreement with affiliates of RTW Investments LP, an existing shareholder (the Purchasers), to sell and issue to the Purchasers in a private placement, pre-funded warrants to purchase up to an aggregate of 6,655,131 of the Company’s common shares, at a purchase price of $3.7465 per pre-funded warrant for aggregate proceeds of $25 million (the Private Placement). The Private Placement closed on July 24, 2020. Each pre-funded warrant is exercisable for one of the Company’s common shares at an exercise price of $0.01 per share, has no expiration date, and is immediately exercisable, subject to certain beneficial ownership limitations. In addition, on July 29, 2020, the Company entered into an Open Market Sale Agreement℠ (the Sales Agreement) with Jefferies LLC (Jefferies) with respect to an at-the-market offering program (ATM Program) under which the Company may issue and sell its common shares having an aggregate offering price of up to $50 million through Jefferies as the Company’s sales agent or principal. The common shares to be sold under the Sales Agreement, if any, will be offered and sold pursuant to the Company’s shelf registration statement on Form S-3 (File No. 333-239318), which was declared effective by the Securities and Exchange Commission on July 6, 2020. Under the shelf registration statement, the Company may offer and sell, in one or more offerings, up to an aggregate of $100 million of any combination of securities registered thereunder, consisting of common shares, preferred shares, debt securities and warrants. The Company has not sold shares under the ATM program as of the date of this filing.

Summary of significant accounting policies (Policies)	6 Months Ended
Summary of significant accounting policies (Policies)	Jun. 30, 2020
Summary of significant accounting policies
Basis of consolidation	a) Basis of consolidation The consolidated financial statements include the accounts of the Company and Milestone Pharmaceuticals USA, Inc. Milestone Pharmaceuticals USA, Inc. began its operations on March 3, 2017. All intercompany transactions and balances have been eliminated.
Basis of presentation and use of accounting estimates	b) Basis of presentation and use of accounting estimates These unaudited interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (US GAAP) and on a basis consistent with those accounting principles followed by the Company and disclosed in note 2 of its most recent annual consolidated financial statements except for new standard described in note 2 c). Certain information, in particular the accompanying notes normally included in the annual financial statements prepared in accordance with US GAAP have been omitted or condensed. Accordingly, the unaudited interim condensed consolidated financial statements do not include all the information required for full annual financial statements, and therefore, should be read in conjunction with the annual consolidated financial statements and the notes thereto for the year ended December 31, 2019. In the opinion of the Company's management, the accompanying unaudited interim condensed consolidated financial statements contain all adjustments, consisting of only normal recurring adjustments, necessary for a fair statement of its financial position as of June 30, 2020, and its results of operations for the three and six months ended June 30, 2020 and 2019. The condensed consolidated balance sheet as of December 31, 2019, was derived from audited annual consolidated financial statements, but does not contain all of the footnote disclosures required by accounting principles generally accepted in the United States of America. These unaudited interim condensed consolidated financial statements are presented in US dollars, which is the Company’s functional currency. The preparation of unaudited interim condensed consolidated financial statements in conformity with US GAAP requires the Company to make estimates and judgments that affect certain reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the unaudited interim condensed consolidated financial statements and the reported amounts of revenue and expenses during the period. The Company bases its estimates and assumptions on current facts, historical experience and various other factors that it believes are reasonable under the circumstances, to determine the carrying values of assets and liabilities that are not readily apparent from other sources. Significant estimates and judgments include, but are not limited to, research and development tax credits recoverable, research and development expenses, and share-based compensation. Accordingly, actual results may differ from those estimates and such differences may be material. The Company anticipates that the COVID-19 pandemic will continue to impact the development timelines of its clinical programs. Estimates and assumptions about future events and their effects cannot be determined with certainty and therefore require the exercise of judgment. As of the date of issuance of these financial statements, the Company is not aware of any specific event or circumstance that would require the Company to update its estimates, assumptions and judgments. These estimates may change as new events occur and additional information is obtained and are recognized in the consolidated financial statements as soon as they become known. Actual results could differ from those estimates and any such differences may be material to the Company’s financial statements.
Recently adopted accounting pronouncements	c) Recently adopted accounting pronouncement New Accounting Policies - Financial Instruments - Credit Losses In June 2016, the Financial Accounting Standards Board issued Accounting Standards Update 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (ASU 2016-13). ASU 2016-13 significantly changes the impairment model for most financial assets and certain other instruments. ASU 2016-13 will require immediate recognition of estimated credit losses expected to occur over the remaining life of many financial assets, which will generally result in earlier recognition of allowances for credit losses on loans and other financial instruments. The Company adopted ASU 2016-13 effective January 1, 2020 and the adoption did not have an impact on the measurement of credit losses.
Significant Risks and Uncertainties	d) Significant Risks and Uncertainties With the global spread of the ongoing COVID-19 pandemic, the Company has implemented business continuity plans designed to address and mitigate the impact of the COVID-19 pandemic on its business. The Company anticipates that the COVID-19 pandemic will continue to have an impact on the development timelines for its clinical programs. The extent to which the COVID-19 pandemic continues to impact its business, its clinical development and regulatory efforts, its corporate development objectives and the value of and market for its common shares, will depend on future developments that remain highly uncertain and cannot be predicted with confidence at this time, such as the ultimate duration of the pandemic, travel restrictions, quarantines, social distancing and business closure requirements in the U.S., Europe and other countries, and the effectiveness of actions taken globally to contain and treat the disease. The global economic slowdown, the overall disruption of global healthcare systems and the other risks and uncertainties associated with the pandemic could have a material adverse effect on the Company’s business, financial condition, results of operations and growth prospects. In addition, the Company is subject to other challenges and risks specific to its business and its ability to execute on its strategy, as well as risks and uncertainties common to companies in the pharmaceutical industry with development, including, without limitation, risks and uncertainties associated with: obtaining regulatory approval of its product candidate; delays or problems in the supply of its study drug or failure to comply with manufacturing regulations; identifying, acquiring or in-licensing product candidates; pharmaceutical product development and the inherent uncertainty of clinical success; and the challenges of protecting and enhancing its intellectual property rights; and complying with applicable regulatory requirements. In addition, to the extent the ongoing COVID-19 pandemic adversely affects the Company’s business and results of operations, it may also have the effect of heightening many of the other risks and uncertainties discussed above.
Sources of Liquidity and Funding Requirements	e) Sources of Liquidity and Funding Requirements Since inception, the Company incurred significant operating losses. Prior to May 2019, the Company financed its operations primarily through sales of convertible preferred shares to accredited investors generating net proceeds of $138.8 million. In May 2019, the Company received net proceeds of $85.4 million from its Initial Public Offering (IPO). The Company has incurred operating losses and experienced negative operating cash flows since its inception and anticipates to continue to incur losses for at least the next several years. As of June 30, 2020, the Company had cash, cash equivalents and short-term investments of $85.4 million and an accumulated deficit of $142.8 million. In July 2020, the Company received $25 million of proceeds from the private placement of pre-funded warrants to existing shareholders (note 8). Management expects the Company’s current operating plan and existing cash, cash equivalents and short-term investments to be sufficient to fund its operations and determined that there are no events or conditions that may cast substantial doubt on the Company’s ability to continue as a going concern for at least the next 12 months from the date of issuance of these unaudited interim financial statements.

Accounts payable and accrued liabilities (Tables)

6 Months Ended

Jun. 30, 2020

Accounts payable and accrued liabilities

Schedule of accounts payable and accrued liabilities


	June 30, 2020		December 31, 2019
Trade accounts payable	$	2,203	$	4,376
Accrued research and development liabilities		1,862		1,513
Other accrued liabilities		181		331
Accrued compensation and benefits payable		588		1,777
	$	4,834	$	7,997

Shareholders' equity (Tables)

6 Months Ended

Jun. 30, 2020

Shareholders’ equity

Schedule of additional paid-in capital


	Three months ended June 30,				Six months ended June 30,
	2020		2019		2020		2019
Opening balance	$	4,730	$	2,840	$	3,805	$	2,655
Share-based compensation expense		1,191		276		2,172		487
Exercise of stock options		(126)		—		(182)		(26)
Closing balance	$	5,795	$	3,116	$	5,795	$	3,116

Schedule of outstanding and exercisable options


	2020							2019
		Number				Weighted			Number				Weighted
		of shares				average			of shares				average
						exercise							exercise
		2019 Plan		2011 Plan	Total	price			2019 Plan		2011 Plan	Total	price
Outstanding at beginning of period - 2011 Plan		—		2,364,526	2,364,526	$	2.15		—		2,295,045	2,295,045	$	1.77
Outstanding at beginning of period - 2019 Plan		220,140		—	220,140		20.78		—		—	—		—
Granted - 2011 Plan		—		—	—		—		—		116,742	116,742		9.42
Granted - 2019 Plan		1,474,460		—	1,474,460		12.91		46,995		—	46,995		15.00
Exercised - 2011		—		(187,205)	(187,205)		1.33		—		(18,153)	(18,153)		1.32
Forfeited - 2011		—		(28,478)	(28,478)		2.57		—		—	—		—
Forfeited - 2019		(16,910)		—	(16,910)		21.44		—		—	—		—
Outstanding - 6/30/2020		1,677,690		2,148,843	3,826,533	$	7.34		46,995		2,393,634	2,440,629	$	2.40
Outstanding - 6/30/2020 - Weighted average exercise price	$	13.89	$	2.22				$	15.00	$	2.15
Exercisable at end of period		44,124		1,363,103	1,407,227	$	2.11		—		771,478	771,478	$	1.38
Exercisable at end of period - Weighted average exercise price	$	7.46	$	1.94				$	—	$	1.38

Schedule of non-vested share options activity


	2020							2019
		Number				Weighted			Number				Weighted
		of options				average			of options				average
		2019 Plan		2011 Plan	Total	fair value			2019 Plan		2011 Plan	Total	fair value
Non-vested share options at beginning of period - 2011 Plan		—		1,152,300	1,152,300	$	1.88		—		1,706,303	1,706,303	$	1.35
Non-vested share options at beginning of period - 2019 Plan		218,975		—	218,975	$	14.44		—		—	—	$	—
Granted - 2011 Plan		—		—	—		—		—		116,742	116,742		6.65
Granted - 2019 Plan		1,474,460		—	1,474,460		7.88		46,995		—	46,995		10.77
Vested, outstanding		—		(338,082)	(338,082)		2.23		—		—	—		1.18
Vested, outstanding		(42,959)		—	(42,959)		4.98		—		(200,889)	(200,889)		—
Forfeited - 2011		—		(28,478)	(28,478)		1.84		—		—	—		—
Forfeited - 2019		(16,910)		—	(16,910)		15.16		—		—	—		—
Non-vested share options at end of period		1,633,566		785,740	2,419,306	$	6.48		46,995		1,622,156	1,669,151	$	2.00
Non-vested share options at end of period - Weighted average fair value	$	6.83	$	1.74				$	15.00	$	2.15

Schedule of weighted average assumptions for the options granted


	Three months ended June 30,						Six months ended June 30,
	2020			2019			2020			2019
Exercise price	$	3.74		$	12.05		$	12.91		$	11.02
Share price	$	3.74		$	12.05		$	12.91		$	11.02
Volatility		87	%		82	%		84	%		81	%
Risk-free interest rate		0.47	%		2.36	%		1.06	%		2.41	%
Expected life		5.51			6.25			5.89			6.25
Dividend		0	%		0	%		0	%		0	%

Schedule of share-based compensation expense


	Three months ended June 30,				Six months ended June 30,
	2020		2019		2020		2019
Administration	$	516	$	133	$	915	$	203
Research and development		456		109		842		234
Commercial activities		219		34		415		50
	$	1,191	$	276	$	2,172	$	487

Net loss per share (Tables)

6 Months Ended

Jun. 30, 2020

Net loss per share

Schedule of potentially dilutive securities excluded from the computation of diluted weighted average shares


	2020	2019
Redeemable convertible preferred shares	—	—
Share options and unvested restricted share awards	3,826,533	2,440,629
	3,826,533	2,440,629

Summary of significant accounting policies - Sources of Liquidity and Funding Requirements (Details) - USD ($) $ in Thousands		1 Months Ended	6 Months Ended
	Jul. 24, 2020	May 31, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Class of Warrant or Right
Net proceeds from convertible preferred shares to accredited investors			$ 138,800
Net proceeds from issuance of common shares in Initial Public Offering		$ 85,400		$ 86,092
Cash, Cash Equivalents, and Short-term Investments			85,400
Accumulated deficit			$ (142,821)		$ (113,499)
Pre-funded warrants \| Subsequent events
Class of Warrant or Right
Proceeds from issuance of warrants	$ 25,000

Short-term investments (Details) - Term Deposits	Jun. 30, 2020
Maximum
Net Investment Income
Earning interest rate	0.86%
Minimum
Net Investment Income
Earning interest rate	0.71%

Accounts payable and accrued liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Accounts payable and accrued liabilities
Trade accounts payable	$ 2,203	$ 4,376
Accrued research and development liabilities	1,862	1,513
Other accrued liabilities	181	331
Accrued compensation and benefits payable	588	1,777
Accounts payable and accrued liabilities	$ 4,834	$ 7,997

Shareholders' equity - Authorized share capital (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Authorized share capital
Average exercise price (in dollar per share)	$ 1.33	$ 1.32
Amount reclassified from APIC to share capital	$ (126)
Options \| Common Shares
Authorized share capital
Number of shares issued upon exercise of options	133,483	18,153
Cash consideration	$ 249	$ 25
Number of shares options exercised	133,483	18,153
Employee Share Purchase Plan 2019
Authorized share capital
Available for future grants	523,821
Employee Share Purchase Plan 2019 \| Common Shares
Authorized share capital
Number of shares issued under the ESPP	0

Shareholders' equity - Additional paid-in capital (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2020	Jun. 30, 2019
Additional paid-in capital
Balance at the beginning of period	$ 99,632	$ 114,917	$ 73,332	$ 83,548	$ 114,917	$ 83,548
Share-based compensation expense	1,191	981	276	211
Exercise of stock options	172	77		25
Balance at the end of period	88,016	99,632	145,313	73,332	88,016	145,313
Additional paid-in capital
Additional paid-in capital
Balance at the beginning of period	4,730	3,805	2,840	2,655	3,805	2,655
Share-based compensation expense	1,191	981	276	211	2,172	487
Exercise of stock options	(126)	(56)		(26)	(182)	(26)
Balance at the end of period	$ 5,795	$ 4,730	$ 3,116	$ 2,840	$ 5,795	$ 3,116

Shareholders' equity - Share-based compensation (Details) - shares	6 Months Ended
	Jun. 30, 2020	Dec. 31, 2019	Jun. 30, 2019	Dec. 31, 2018
2011 Plan
Share-based compensation
Vesting period	4 years
Options outstanding	2,148,843	2,364,526	2,393,634	2,295,045
2011 Plan \| Options \| Share-based Compensation Award, Tranche One
Share-based compensation
Percentage of shares to vest	25.00%
2011 Plan \| Options \| Share-based Compensation Award, Tranche Two
Share-based compensation
Percentage of shares to vest	0.027%
2019 Plan
Share-based compensation
Vesting period	48 months
Options outstanding	1,677,690	220,140	46,995
Common Stock, Capital Shares Reserved for Future Issuance	980,229
Share-based Compensation Arrangement by Share-based Payment Award, Options Forfeited, Became Available For Issuance	42,576
2019 Plan \| Share-based Compensation Award, Tranche One
Share-based compensation
Vesting period	12 months
2019 Plan \| Options
Share-based compensation
Total number of shares available for awards under the plan	3,339,738
Aggregate number of shares granted	1,662,048
2019 Plan \| Options \| Share-based Compensation Award, Tranche One
Share-based compensation
Percentage of shares to vest	25.00%
2019 Plan \| Options \| Share-based Compensation Award, Tranche Two
Share-based compensation
Percentage of shares to vest	0.027%

Shareholders' equity - Share-based compensation - Outstanding and exercisable options (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Outstanding and exercisable options, number of shares
Exercisable at end of period		771,478		771,478
Outstanding and exercisable options, weighted average exercise price
Granted			$ 9.14	$ 7.85
Exercised			$ 1.33	$ 1.32
Weighted average remaining contractual life (in years)			8 years 4 months 24 days	8 years 3 months 18 days
Weighted average remaining contractual life for vested options (in years)			7 years 2 months 12 days	6 years 7 months 6 days
Options forfeited			45,388	0
Share-based compensation expense	$ 1,191	$ 276	$ 2,172	$ 487
Unrecognized compensation cost	$ 18,873	$ 3,434	$ 18,873	$ 3,434
Expected period for recognition			2 years 6 months	2 years 10 months 24 days
Option Plans 2011 and 2019
Outstanding and exercisable options, number of shares
Outstanding at end of period	3,826,533	2,440,629	3,826,533	2,440,629
Exercisable at end of period	1,407,227		1,407,227
Outstanding and exercisable options, weighted average exercise price
Outstanding at end of period	$ 7.34	$ 2.40	$ 7.34	$ 2.40
Exercisable at end of period	$ 2.11	$ 1.38	$ 2.11	$ 1.38
2011 Plan
Outstanding and exercisable options, number of shares
Outstanding at beginning of period			2,364,526	2,295,045
Granted				116,742
Exercised			(187,205)	(18,153)
Forfeited			(28,478)
Outstanding at end of period	2,148,843	2,393,634	2,148,843	2,393,634
Exercisable at end of period	1,363,103	771,478	1,363,103	771,478
Outstanding and exercisable options, weighted average exercise price
Outstanding at beginning of period			$ 2.15	$ 1.77
Granted				9.42
Exercised			1.33	1.32
Forfeited			2.57
Outstanding at end of period	$ 2.22	$ 2.15	2.22	2.15
Exercisable at end of period	$ 1.94	$ 1.38	$ 1.94	1.38
Weighted average fair values of options granted				$ 6.65
2019 Plan
Outstanding and exercisable options, number of shares
Outstanding at beginning of period			220,140
Granted			1,474,460	46,995
Forfeited			(16,910)
Outstanding at end of period	1,677,690	46,995	1,677,690	46,995
Exercisable at end of period	44,124		44,124
Outstanding and exercisable options, weighted average exercise price
Outstanding at beginning of period			$ 20.78
Granted			12.91	$ 15.00
Forfeited			21.44
Outstanding at end of period	$ 13.89	$ 15.00	13.89	15.00
Exercisable at end of period	$ 7.46		7.46
Weighted average fair values of options granted			$ 7.88	$ 10.77

Shareholders' equity - Share-based compensation - Non-vested share options (Details) - $ / shares	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Option Plans 2011 and 2019
Number of options
Non-vested share options at end of period	2,419,306	1,669,151
Weighted average fair value
Vested, outstanding		$ 1.18
Non-vested at end of period	$ 6.48	$ 2.00
2011 Plan
Number of options
Non-vested at beginning of period	1,152,300	1,706,303
Granted		116,742
Vested, outstanding	(338,082)	(200,889)
Forfeited	(28,478)
Non-vested share options at end of period	785,740	1,622,156
Weighted average fair value
Non-vested at beginning of period	$ 1.88	$ 1.35
Granted		6.65
Vested, outstanding	2.23
Forfeited/expired	1.84
Non-vested at end of period	$ 1.74	$ 2.15
2019 Plan
Number of options
Non-vested at beginning of period	218,975
Granted	1,474,460	46,995
Vested, outstanding	(42,959)
Forfeited	(16,910)
Non-vested share options at end of period	1,633,566	46,995
Weighted average fair value
Non-vested at beginning of period	$ 14.44
Granted	7.88	$ 10.77
Vested, outstanding	4.98
Forfeited/expired	15.16
Non-vested at end of period	$ 6.83	$ 15.00

Shareholders' equity - Share-based compensation - Weighted average assumptions for the options granted (Details) - Options - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Share-based compensation
Exercise price (in dollars per share)	$ 3.74	$ 12.05	$ 12.91	$ 11.02
Share price (in dollars per share)	$ 3.74	$ 12.05	$ 12.91	$ 11.02
Volatility (as a percent)	87.00%	82.00%	84.00%	81.00%
Risk-free interest rate (as a percent)	0.47%	2.36%	1.06%	2.41%
Expected life (in years)	5 years 6 months 4 days	6 years 3 months	5 years 10 months 21 days	6 years 3 months
Dividend (as a percent)	0.00%	0.00%	0.00%	0.00%

Shareholders' equity - Share-based compensation - Recognized share-based compensation expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Share-based compensation
Share-based compensation expense	$ 1,191	$ 276	$ 2,172	$ 487
General and Administration
Share-based compensation
Share-based compensation expense	516	133	915	203
Research and development
Share-based compensation
Share-based compensation expense	456	109	842	234
Commercial activities
Share-based compensation
Share-based compensation expense	$ 219	$ 34	$ 415	$ 50

Net loss per share (Details) - shares	6 Months Ended
Net loss per share (Details) - shares	Jun. 30, 2020	Jun. 30, 2019
Net loss per share
Potentially dilutive securities excluded from the computation of diluted weighted average shares outstanding	3,826,533	2,440,629
Share options and unvested restricted share awards
Net loss per share
Potentially dilutive securities excluded from the computation of diluted weighted average shares outstanding	3,826,533	2,440,629

Government assistance (Details) - USD ($) $ in Thousands	6 Months Ended
Government assistance (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Jun. 30, 2019
Government assistance
Research and development expenditures eligible for investment tax credits	$ 178	$ 171

Subsequent events (Details) - USD ($) $ / shares in Units, $ in Thousands				3 Months Ended
	Jul. 29, 2020	Jul. 24, 2020	Jul. 06, 2020	Jun. 30, 2019	Jul. 23, 2020
Subsequent Event [Line Items]
Offering price				$ 85,363
Subsequent events
Subsequent Event [Line Items]
Offering price			$ 100,000
Subsequent events \| ATM Program \| Maximum
Subsequent Event [Line Items]
Offering price	$ 50,000
Subsequent events \| Pre-funded warrants
Subsequent Event [Line Items]
Warrants issued to purchase shares		6,655,131
Purchase price		$ 3.7465
Proceeds from issuance of warrants		$ 25,000
Common shares received per exercised warrant					1
Warrants exercise price		$ 0.01