0001558370-21-003631 | 10-K | XBRL Viewer | Milestone Pharmaceuticals INC

Document and Entity Information - USD ($) $ in Millions	12 Months Ended
Document and Entity Information - USD ($) $ in Millions	Dec. 31, 2020	Mar. 05, 2021	Jun. 30, 2020
Document and Entity Information
Document Type	10-K
Document Period End Date	Dec. 31, 2020
Entity Registrant Name	Milestone Pharmaceuticals Inc.
Title of 12(b) Security	Common Shares
Trading Symbol	MIST
Entity Current Reporting Status	Yes
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
ICFR Auditor Attestation Flag	false
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
Entity Shell Company	false
Entity Public Float			$ 93.3
Entity Common Stock, Shares Outstanding		29,846,000
Entity Central Index Key	0001408443
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	FY
Amendment Flag	false

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Current assets
Cash and cash equivalents	$ 72,310	$ 119,818
Short-term investments (note 3)	70,000
Research and development tax credits receivable	725	578
Prepaid expenses	5,428	1,845
Other receivables	223	258
Total current assets	148,686	122,499
Operating lease right-of-use assets (note 4)	980	524
Property and equipment (note 5)	308	405
Total assets	149,974	123,428
Current liabilities
Accounts payable and accrued liabilities (note 6)	5,914	7,997
Current portion of operating lease liabilities	245	330
Total current liabilities	6,159	8,327
Operating lease liabilities	696	184
Total liabilities	6,855	8,511
Shareholders’ Equity (note 1, note 7)
Common shares, no par value, unlimited shares authorized, 29,827,997 shares issued and outstanding as of December 31, 2020, 24,505,748 shares issued and outstanding as of December 31, 2019	251,682	226,245
Pre-funded warrants - 11,417,034 issued and outstanding at December 31, 2020, nil at December 31, 2019	48,007
Additional paid-in capital	8,530	3,805
Cumulative translation adjustment	(1,634)	(1,634)
Accumulated deficit	(163,466)	(113,499)
Total shareholders’ equity	143,119	114,917
Total liabilities, and shareholders’ equity	$ 149,974	$ 123,428

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 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)	29,827,997	24,505,748
Common shares, Shares outstanding (in shares)	29,827,997	24,505,748
Warrants issued	11,417,034	0
Warrants outstanding	11,417,034	0

Condensed Consolidated Statements of Loss and Comprehensive Loss - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Operating expenses
Research and development, net of tax credits (note 10)	$ 34,488	$ 41,985
General and administrative	10,285	7,004
Commercial	5,937	8,892
Loss from operations	(50,710)	(57,881)
Interest income, net of bank charges	726	2,596
Loss before income taxes	(49,984)	(55,285)
Income tax recovery (note 9)	(17)	(56)
Net loss and comprehensive loss for the year	$ (49,967)	$ (55,229)
Weighted average number of shares and pre-funded warrants outstanding, basic and diluted	29,344,993	15,784,750
Net loss per share, basic and diluted (note 8)	$ (1.70)	$ (3.50)

Condensed Consolidated Statements of Shareholders' Equity and Convertible Preferred Shares - USD ($) $ in Thousands	Common Shares	Pre-funded warrants	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
Opening balance 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					(55,229)							(55,229)
Exercise of stock options (note 7)	$ 85		(41)									44
Exercise of stock options (note 7) (in shares)	33,159
Share-based compensation (note 7)			1,191									1,191
Stock offering	$ 85,363											85,363
Stock 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)
Closing balance at Dec. 31, 2019	$ 226,245		3,805	(1,634)	(113,499)							$ 114,917
Balance at the end 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					(49,967)							$ (49,967)
Exercise of stock options (note 7)	$ 520		(220)									300
Exercise of stock options (note 7) (in shares)	226,352
Share-based compensation (note 7)			4,945									4,945
Stock offering	$ 24,917	$ 23,236										48,153
Stock offering (in shares)	5,095,897	4,761,903
Private placement (note 7)		$ 24,771										24,771
Private placement (note 7) (in shares)		6,655,131
Closing balance at Dec. 31, 2020	$ 251,682	$ 48,007	$ 8,530	$ (1,634)	$ (163,466)							$ 143,119
Balance at the end of period (in shares) at Dec. 31, 2020	29,827,997	11,417,034										29,827,997

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Operating activities
Net loss for the year	$ (49,967)	$ (55,229)
Adjustments to reconcile net loss to net cash used in operating activities:
Amortization of property and equipment (note 5)	97	38
Share-based compensation expense (note 7)	4,945	1,191
Changes in operating assets and liabilities:
Other receivables	35	119
Research and development tax credits receivable	(147)	(288)
Prepaid expenses	(3,583)	(447)
Operating lease right of use asset, net	(29)
Accounts payable and accrued liabilities	(2,083)	3,520
Income taxes payable (receivable)		(56)
Net cash used in operating activities	(50,732)	(51,152)
Investing Activities
Acquisition of property and equipment		(413)
Acquisition of short-term investments	(90,000)	(35,000)
Maturity of short-term investments	20,000	35,029
Net cash used in investing activities	(70,000)	(384)
Financing activities
Net proceeds from issuance of common shares in Initial Public Offering		85,363
Issuance of common shares on exercise of share options (note 7)	300	44
Net proceeds from issuance of common shares in a public offering (note 7)	24,917
Net proceeds from issuance of pre-funded warrants in a private placement (note 7)	23,236
Net proceeds from issuance of pre-funded warrants in a private placement (note 7)	24,771
Net cash provided by financing activities	73,224	85,407
Net increase (decrease) in cash and cash equivalents during the year	(47,508)	33,871
Cash and cash equivalents – Beginning of year	119,818	85,947
Cash and cash equivalents – End of year	$ 72,310	$ 119,818

Organization and nature of operations	12 Months Ended
Organization and nature of operations	Dec. 31, 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

12 Months Ended

Dec. 31, 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 consolidated financial statements of the Company have been presented in United States dollars (USD) and have been prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP), including the applicable rules and regulations of the Securities and Exchange Commission (SEC) regarding financial reporting.

The preparation of 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 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, progress of activities performed by the CROs and CMOs which are used to calculate the research and development expense incurred, and share-based compensation. Accordingly, actual results may differ from those estimates and such differences may be material.

The COVID-19 pandemic has had an impact on the Company’s business, operations and clinical development timelines. Government orders and restrictions in order to control the spread of the disease have impacted patient recruitment, enrollment and follow-up visits at clinical sites The Company will continue to evaluate the COVID-19 pandemic impact on 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 consolidated 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 consolidated financial statements.

c) Segment information

The Company manages its operations as a single operating segment for the purposes of assessing performance and making operating decisions while focusing on the development and commercialization of innovative cardiovascular medicines.

d) Cash and cash equivalents

Cash and cash equivalents consist of cash and highly liquid investments that are readily convertible into cash with original maturities of three months or less at acquisition date.

e) Short term investments

Short term investments are classified as held-to-maturity, are initially recognised at fair value and are subsequently accounted for at amortized cost. They are comprised of guaranteed investment certificates with a maturity greater than 90 days but less than one year and, as such, are classified as current assets.

f) Concentration of credit risk

Financial instruments which potentially subject the Company to concentration of credit risk consist primarily of cash and cash equivalents and investment securities classified as held to maturity. The Company maintains deposits in financial institutions. Management believes that the Company is not exposed to significant credit risk due to the financial position of the depository institutions in which those deposits are held. Additionally, the Company has adopted an investment policy that includes guidelines relative to credit quality, diversification of maturities and liquidity.

g) Currency Risk

The Company is exposed to currency risk due to financial instruments denominated in foreign currencies. The Company is exposed to the Canadian dollar currency risk and does not enter into arrangements to hedge its currency risk exposure.

h) Property and equipment

Property and equipment is stated at historical cost less accumulated amortization. Expenditures for maintenance and repairs are recorded to expense as incurred. The Company reviews its property and equipment whenever events or changes in circumstances indicate that the carrying value of certain assets might not be recoverable and recognizes an impairment loss when it is probable that an asset’s realizable value is less than the carrying value. To date, no such impairment losses have been recorded. Amortization is calculated using the straight‑line method over the following estimated useful lives of the assets:


Computer hardware and software		3 years
Office equipment		5 years
Furniture and fixtures		5 years
Leasehold improvements		over the lease-term

i) Leases

Effective January 1, 2019, the Company adopted ASC 842, Leases (ASC 842), using the required modified retrospective approach and utilizing the effective date as its date of initial application.

At the inception of an arrangement, the Company determines whether the arrangement is or contains a lease based on the unique facts and circumstances present in the arrangement. Leases with a term greater than one year are recognized on the balance sheet as right-of-use assets and short-term and long-term lease liabilities, as applicable. The Company does not have financing leases.

Operating lease liabilities and their corresponding right-of-use assets are initially recorded based on the present value of lease payments over the expected remaining lease term. Right-out-use assets are subsequently accounted for as long-lived assets, including evaluating for indicators of impairment. Certain adjustments to the right-of-use asset may be required for items such as incentives received. The interest rate implicit in lease contracts is typically not readily determinable. As a result, the Company utilizes its incremental borrowing rate to discount lease payments, which reflects the fixed rate at which the Company could borrow on a collateralized basis the amount of the lease payments in the same currency, for a similar term, in a similar economic environment. Prospectively, the Company will adjust the right-of-use assets for straight-line rent expense or any incentives received and remeasure the lease liability at the net present value using the same incremental borrowing rate that was in effect as of the lease commencement or transition date.

The Company has elected not to recognize leases with an original term of one year or less on the balance sheet. The Company typically only includes an initial lease term in its assessment of a lease arrangement. Options to renew a lease are not included in the Company’s assessment unless there is reasonable certainty that the Company will renew.

j) Pre-funded warrants

Pre-funded warrants allow the holder to pay little or no consideration to receive the shares upon exercise of the warrant. The pre-funded warrants do not meet the definition of a derivative under ASC 815 because their fair value at issuance is equal to the fair value of the shares underlying the warrant. As such, they have the characteristics of a prepaid forward sale of equity. As a result, the pre-funded warrants are accounted for as equity instruments.

k) Share issuance costs

Share issuance costs applicable to the issuance of equity instruments are recorded as a reduction of the financing equity proceeds.

l) Research and development and investment tax credits

Research and development costs are charged to expense as costs are incurred in performing research and development activities. The Company’s research and development costs consist primarily of salaries and fees paid to contract research organizations (CROs) and to contract manufacturing organizations (CMOs).

Clinical trial expenses include direct costs associated with CROs, direct CMO costs for the formulation and packaging of clinical trial material, as well as investigator and patient related costs at sites at which the Company’s trials are being conducted. Direct costs associated with the Company’s CROs and CMOs are generally payable on a time and materials basis, or when milestones are achieved. The invoicing from clinical trial sites can lag several months. The Company records expenses for its clinical trial activities performed by third parties based upon estimates of the percentage of work completed of the total work over the life of the individual study in accordance with agreements established with CROs and clinical trial sites. The Company determines the estimates through discussions with internal clinical personnel, CROs and CMOs as to the progress or stage of completion of trials or services and the agreed upon fee to be paid for such services based on facts and circumstances known to the Company as of each consolidated balance sheet date. The actual costs and timing of clinical trials are highly uncertain, subject of risks and may change depending upon a number of factors, including the Company’s clinical development plan. If the actual timing of the performance of services of the level of effort varies from the estimate, the Company will adjust the accrual accordingly.

The Company recognizes the benefit of Canadian research and development tax credits as a reduction of research and development costs for fully refundable investment tax credits and as a reduction of income taxes for investment tax credits that can only be claimed against income taxes payable when there is reasonable assurance that the claim will be recovered.

m) Income taxes

The provision for income taxes is computed using the liability method. Under this method, deferred tax assets and liabilities are determined based on differences between financial reporting and tax bases of assets and liabilities. Deferred tax assets and liabilities are measured using enacted tax rates and laws that will be in effect when the differences are expected to reverse. A valuation allowance is recorded to reduce the carrying amount of deferred income tax assets when it is more likely than not that these assets will not be realized. Tax benefits related to tax positions not deemed to meet the “more‑likely‑than‑not” threshold are not permitted to be recognized in the consolidated financial statements.

n) Foreign currency translation and transactions

The functional currency of the Company is the US dollar. Accordingly, transactions denominated in currencies other than the functional currency are measured and recorded in the functional currency at the exchange rate in effect on the date of the transactions. At each consolidated balance sheet date, monetary assets and liabilities denominated in currencies other than the functional currency are remeasured using the exchange rate in effect at that date. Non‑monetary assets and liabilities and revenue and expense items denominated in foreign currencies are translated into the functional currency using the exchange rate prevailing at the dates of the respective transactions. Any gains or losses arising on remeasurement are included in the consolidated statement of operations.

o) Share based compensation

The Company has a share based compensation plan which is described in detail in note 7 and records all share‑based payments, including grants of employee share options, at their fair values. The fair value of share options granted to employees and non‑employees is estimated at the date of grant using the Black‑Scholes option pricing model. The Company recognizes share based compensation expense over the requisite service period of the individual grants, which equals the vesting period, using the straight‑line method. Forfeitures, if any, are recorded as they occur. Any consideration paid by employees on exercising share options and the corresponding portion previously credited to contributed surplus are credited to share capital. The Black‑Scholes option pricing model used by the Company to calculate option values was developed to estimate fair value.

The Company approved an employee share purchase plan in April 2019, which became effective on May 8, 2019 and is described in note 7. The plan provides a means by which eligible employees of the company and certain designated companies may be given an opportunity to purchase common shares. The plan permits the company to grant a series of purchase rights to eligible employees under an employee stock purchase plan.

p) Recently adopted accounting pronouncements

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 at the measurement of credit losses.

q) Significant Risks and Uncertainties

The COVID-19 pandemic has had an impact on our business, operations and clinical development timelines. Government orders and restrictions in order to control the spread of the disease have impacted patient recruitment, enrollment and follow-up visits at clinical sites 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, 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.

r) 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). In July 2020, the Company received $24.8 million of net proceeds from the private placement of pre-funded warrants to existing shareholders (note 7). In October 2020, the Company concluded an offering of common shares and pre-funded warrants for net proceeds of $48.2 million (note 7).

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 December 31, 2020, the Company had cash, cash equivalents and short-term investments of $142.3 million and an accumulated deficit of $163.5 million.

Short-term investments	12 Months Ended
Short-term investments	Dec. 31, 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 0.30% and 0.86%, maturing between January 29, 2021 and August 16, 2021. These short-term investments are in scope of ASC 320, Investments - Debt Securities. The short-term investments maturity is greater than 90 days but less than one year, and they are classified as held to maturity, recorded as current assets and are accounted for at amortized cost.

Leases

12 Months Ended

Dec. 31, 2020

Leases

Leases

4 Leases

On June 3, 2019, the Company entered into a new lease arrangement for a three-year term for its office located in Charlotte, NC. The Company recognized the operating lease right-of-use asset and operating lease liabilities at the lease commencement date on September 10, 2019. The interest rate implicit in lease contracts is not readily determinable and the Company does not have a public credit rating and carries no debt. As such, several factors were considered in the determination of the Company’s incremental borrowing rate used in determining the present value of lease payments. The Company’s examined credit ratings for similar companies, assumed equivalency between the Canadian and U.S. markets for collateralized debt and used rates over the 36-month period. This resulted in an incremental borrowing rate of 8%. Lease expenses are recognized on a straight-line basis over the lease term, which is accomplished by increasing the amortization of the right-of-use asset as interest expense on the lease liability declines over the lease term. The company was not reasonably certain of renewing the lease following the initial term and recognized the right-of-use asset and operating lease liabilities over the 36-month period ending September 30, 2022.

On July 1, 2020, the Company entered into an arrangement for the lease renewal for its headquarters located in Ville Saint-Laurent, Quebec. The 5-year lease term is from December 1, 2020 expiring on November 30, 2025. The Company revalued the operating lease right-of-use asset and operating lease liabilities at the effective lease arrangement date of July 1, 2020. The Company’s examined credit ratings for similar companies, assumed equivalency between the Canadian and U.S. markets for collateralized debt and used rates for the remaining lease term of 65 months. This resulted in an incremental borrowing rate of 5.26%. Lease expenses are recognized on a straight-line basis over the lease term, which is accomplished by increasing the amortization of the right-of-use asset as interest expense on the lease liability declines over the lease term. The Company is not reasonably certain of renewing the lease following the current renewal option and recognized the right-of-use asset and operating lease liabilities to November 30, 2025.

The Company's two operating office leases right-of-use assets as at December 31 were as follows:


	2020		2019
Opening balance	$	524	$	321
New operating lease right-of-use asset		—		401
Right-of-use adjustment renewal on July 1, 2020		735		—
Amortization of right-of-use asset		(279)		(198)
Closing balance	$	980	$	524

Operating lease expenses of $318 are included in general and administrative operating expenses in the consolidated statement loss and comprehensive loss, and within operating activities in the statement of cash flows for the year ended December 31, 2020 [2019 - $277], and are comprised of two operating lease right-of-use assets and one operating lease of less than 12 months.

The following table summarizes the future minimum lease payments of right-of-use assets operating lease as at December 31, 2020:


January 1, 2021 to December 31, 2021	$	293
January 1, 2022 to December 31, 2022		255
January 1, 2023 to December 31, 2023		175
January 1, 2024 to December 31, 2024		175
January 1, 2025 to November 30, 2025		159
		1,057
Less interest		(115)
	$	942

Property and equipment

12 Months Ended

Dec. 31, 2020

Property and equipment

Property and equipment

5 Property and equipment

Property and equipment consist of the following at December 31:


	2020		2019
Computer hardware and software	$	22	$	22
Office equipment		406		406
Leasehold improvements		26		26
Total	$	454	$	454
Less accumulated depreciation and amortization		(146)		(49)
Property and equipment, net	$	308	$	405

During the year ended December 31, 2020 and December 31, 2019, the Company did not record any write off. For the year ended December 31, 2020, amortization expense was $97 [2019-$38] and was included in research and development expense.

Accounts payable and accrued liabilities

12 Months Ended

Dec. 31, 2020

Accounts payable and accrued liabilities

Accounts payable and accrued liabilities

6 Accounts payable and accrued liabilities

Accounts payable and accrued liabilities comprised the following as of December 31:


	2020		2019
Trade accounts payable	$	4,641	$	4,376
Accrued research and development liabilities		152		1,513
Other accrued liabilities		164		331
Accrued compensation and benefits payable		957		1,777
	$	5,914	$	7,997

Shareholders' equity

12 Months Ended

Dec. 31, 2020

Shareholders’ equity

Shareholders’ equity

7 Shareholders’ equity

Authorized share capital

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

In May 2019, the Company completed its initial public offering (IPO). Upon the closing of the IPO, all outstanding redeemable convertible preferred shares of Class A1, A2, B, C, D1 and D2 (collectively known as Convertible Preferred Shares) converted into 17,550,802 common shares.

As of December 31, 2020, 523,821 common shares were available under the Employee Stock Purchase Plans (ESPP) and no common shares have been issued.

During the year ended December 31, 2020, the Company issued a total of 226,352 common shares [2019 - 33,162] for a total cash consideration of $300 [2019 - $44] pursuant to the exercise of stock options at an average exercise price of $1.33 per share [2019 - $1.33]. As a result, an amount of $220 [2019 - $41] 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.

Pre-funded warrants – Private Placement

On July 23, 2020, the Company entered into a securities purchase agreement to sell and issue in a private placement pre-funded warrants of 6,655,131 of the Company’s common shares, at a purchase price of $3.7465 per pre-funded warrant for aggregate net proceeds of $24.8 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. The pre-funded warrants are classified and accounted for as equity.

Open Market Sale Agreement

On July 29, 2020, the Company entered into an Open Market Sale Agreement℠ 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. The Company has not sold shares under the ATM program as of the date of this filing.

Pre-funded warrants and common shares – Public offering

On October 22, 2020, the Company issued (i) 5,095,897 common shares, without par value, at a price to the public of $5.25 per share, and (ii) pre-funded warrants to purchase 4,761,903 common shares at an exercise price equal to $0.01 per share, at a price to the public of $5.24 per common share underlying the pre-funded warrants (the Offering). The net proceeds to the Company from the Offering were $48.2 million. The pre-funded warrants are classified and accounted for as equity.

Additional paid‑in capital



	2020		2019
Opening balance	$	3,805	$	2,655
Share-based compensation expense		4,945		1,191
Exercise of stock options		(220)		(41)
Closing balance	$	8,530	$	3,805

Share‑based compensation

The Company's board of directors adopted and its shareholders approved the 2019 Equity Incentive Plan (the 2019 Plan) in April 2019, which became effective on May 8, 2019 in connection with the IPO. Initially, the maximum number of the Company's common shares that may be issued under the 2019 Plan was 4,710,564 shares, which is the sum of (1) 1,923,501 new shares, plus (2) the number of shares (not to exceed 2,787,063 shares) (i) that remained available for the issuance of awards under the Company's Stock Option Plan (the "2011 Plan") at the time the 2019 Plan became effective, and (ii) any shares subject to outstanding options or other share awards that were granted under the 2011 Plan that terminate, expire or are otherwise forfeited, reacquired or withheld. In addition, the number of the Company's common shares reserved for issuance under the 2019 Plan will automatically increase on January 1 of each calendar year, starting on January 1, 2020 through January 1, 2029, in an amount equal to 4% of the total number of the Company's capital shares outstanding on the last day of the calendar month before the date of each automatic increase, or a lesser number of shares determined by the Company's board of directors. As of May 8, 2019, the Company's 2011 Plan was terminated and no further option grants will be made under the 2011 Plan.

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 the grant date and one thirty-sixth (1/36th) of the remaining options vest and are exercisable each month thereafter, such that options are vested in full on the four-year anniversary of the grant date. During the year ended December 31, 2020, the Company granted stock options under the 2019 Plan that also vest and are exercisable in equal monthly installments over periods of 12 months to 48 months.

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, 72,186 options forfeited under the 2011 Plan after adoption of the 2019 Plan and became available for issuance under the 2019 Plan. As of December 31, 2020, there were 3,369,348 shares available for issuance under the 2019 Plan, of which 1,663,158 shares were available for future grants.

The total outstanding and exercisable options from the 2011 Plan and 2019 Plan as at December 31 were as follows:


	2020							2019
						Weighted							Weighted
		Number				average			Number				average
		of shares				exercise			of shares				exercise
		2019 Plan		2011 Plan	Total	price			2019 Plan		2011 Plan	Total	price
Outstanding at beginning of year - 2011 Plan		—		2,364,526	2,364,526	$	2.15		—		2,295,045	2,295,045	$	1.77
Outstanding at beginning of year - 2019 Plan		220,140		—	220,140		20.78		—		—	—		—
Granted - 2011 Plan		—		—	—		—		—		116,742	116,742		9.42
Granted - 2019 Plan		1,534,460		—	1,534,460		12.68		287,138		—	287,138		19.95
Exercised - 2011 Plan		—		(226,352)	(226,352)		1.23		—		(33,162)	(33,162)		1.33
Forfeited - 2011 Plan		—		(58,087)	(58,087)		5.94		—		(14,099)	(14,099)		2.66
Forfeited - 2019 Plan		(45,413)		—	(45,413)		18.53		(66,998)		—	(66,998)		17.22
Cancelled - 2019 Plan		(2,997)		—	(2,997)		21.48		—		—	—		—
Outstanding at end of year		1,706,190		2,080,087	3,786,277	$	7.29		220,140		2,364,526	2,584,666	$	3.75
Outstanding at end of year - Weighted average exercise price	$	13.55	$	2.15				$	20.78	$	2.15
Exercisable at end of year		268,164		1,536,895	1,805,059	$	2.94		1,165		1,212,226	1,213,391	$	1.65
Exercisable at end of year - Weighted average exercise price	$	8.23	$	2.02				$	17.78	$	1.64

As of December 31, 2020, the weighted average remaining contractual life was 7.86 years [2019 - 7.8 years] for outstanding options. The weighted average remaining contractual life was 6.91 years for vested options [2019 - 7.0 years]. There were 103,500 options forfeited in 2020 [2019 - 81,097] and there were 2,997 options cancelled in 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’ deficit. The weighted average fair values of options granted in 2020 was $8.98 per share [2019 - $11.81]. Share‑based compensation expense recognized for the year ended December 31, 2020 was $4,945 [2019 - $1,191].

As of December 31, 2020, there was $13,012 [2019 - $6,464] 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 2.67 years [2019 - 2.60 years].


	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 year - 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 year - 2019 Plan		218,975		—	218,975	$	14.44		—		—	—	$	—
Granted - 2011 Plan		—		—	—		—		—		116,742	116,742		6.65
Granted - 2019 Plan		1,534,460		—	1,534,460		8.98		287,138		—	287,138		13.91
Vested, outstanding 2011 Plan		—		(551,026)	(551,026)		1.70		—		(656,646)	(656,646)		1.33
Vested, outstanding 2019 Plan		(269,996)		—	(269,996)		5.80		(1,165)		—	(1,165)		12.16
Forfeited - 2011 Plan		—		(58,082)	(58,082)		4.32		—		(14,099)	(14,099)		1.91
Forfeited - 2019 Plan		(45,413)		—	(45,413)		13.03		(66,998)		—	(66,998)		12.22
Non-vested share options at end of year		1,438,026		543,192	1,981,218	$	7.96		218,975		1,152,300	1,371,275	$	3.89
Non-vested share options at end of year - Weighted average fair value	$	10.28	$	1.81				$	14.44	$	1.88

The following table summarizes information with respect to share options outstanding as of December 31, 2020:


	Options outstanding				Options exercisable
		Weighted				Weighted
		average	Weighted			average	Weighted
		remaining	average			remaining	average
	Number	contractual	exercise		Number	contractual	exercise
Exercise price	of options	life (years)	price		of options	life (years)	price
$0.84-$1.00	108,160	2.93	$	0.90	108,160	2.93	$	0.90
$1.01-$2.00	1,219,937	6.58	$	1.47	937,898	6.44	$	1.44
$2.01-$4.00	1,366,657	8.62	$	3.22	632,595	8.24	$	2.99
$4.01-$10.00	147,133	7.67	$	8.47	55,701	5.27	$	9.28
$15.01-$20.00	82,380	8.81	$	17.17	24,768	8.77	$	17.18
$21.01-$22.45	862,010	9.00	$	21.65	45,937	8.69	$	22.45
Total	3,786,277	7.86	$	7.29	1,805,059	6.91	$	2.94

The intrinsic value of all outstanding options as of December 31, 2020 was $11.8 million, based on the fair value of our common shares of $6.70 per share at December 31, 2020, of which $7.9 million related to vested options and $3.9 million related to unvested options.

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 years ended December 31, 2020 and 2019:



	2020			2019
Exercise price	$	12.68		$	16.90
Share price	$	12.68		$	16.90
Volatility		85	%		80	%
Risk-free interest rate		1.03	%		1.92	%
Expected life		5.88 years			6.21 years
Dividend		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 US 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.

No compensation expense is recorded related to an award for which the transfer to the employee is contingent on the attainment of a performance target until it becomes probable that the performance target will be met.

The Company recognized share‑based compensation expense as follows at December 31, 2020 and 2019:



	2020		2019
Administration	$	2,007	$	574
Research and development		2,055		495
Commercial activities		883		122
	$	4,945	$	1,191

Net loss per share

12 Months Ended

Dec. 31, 2020

Net loss per share

Net loss per share

8 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 and pre-funded warrants outstanding during the period. Share-based compensation shares 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 December 31, 2020 and 2019, as they would be anti‑dilutive:


	2020	2019
Share options	3,786,277	2,584,666

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

Income taxes

12 Months Ended

Dec. 31, 2020

Income taxes

Income taxes

9 Income taxes

A reconciliation between tax expense and the product of accounting income multiplied by the basic income tax rate for the years ended December 31, 2020 and 2019 is as follows:


	2020			2019
Loss before income taxes	$	(49,984)		$	(55,285)
Basic income tax rate		26.33	%		26.30	%
Computed income tax recovery		(13,161)			(14,542)
Effect on income tax rate resulting from
Accounting charges not deductible for tax purposes		7			23
Non‑deductible share‑based compensation		1,310			317
Share issue costs		(984)			(2,739)
Tax benefits of current period losses and other tax assets		12,715			16,829
Valuation allowance for prior year adjustment		108			77
Other		(12)			(21)
Income tax expense recovery reported in the consolidated statements of loss and comprehensive loss	$	(17)		$	(56)

The Company has incurred Canadian federal and provincial net operating losses (NOLs) from inception. As of December 31, 2020, the Company has NOL carry-forwards of approximately $123,494 and $122,756, respectively, for Canadian federal and Québec purposes, available to reduce future taxable income, which expire beginning in 2027 through 2040. The Company also has scientific research and experimental development expenditures of approximately $13,735 and $16,247, respectively, for Canadian federal and Québec income tax purposes, which have not been deducted. These expenditures are available to reduce future taxable income and have an unlimited carry-forward period. Research and development tax credits and expenditures are subject to verification by the tax authorities, and, accordingly, these amounts may vary.

The Company has incurred NOLs for U.S. tax purposes. As of December 31, 2020, the Company has carry-forwards of approximately $17,428 related to U.S. NOLs that may be carried forward indefinitely and are available to reduce future taxable income.

Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The net deferred tax assets have not been recognized in these financial statements because the criteria for recognition of these assets were not met.

The Company’s deferred tax assets consist of the following for the years ended December 31, 2020 and 2019:


	2020	2019
Net operating loss carry‑forwards	36,951	25,965
Tax basis of property and equipment in excess of carrying values	100	103
Federal SR&ED investment tax credits	496	535
Taxation of federal SR&ED investment tax credits	(132)	(142)
Research and development expenditures	3,929	2,686
Financing costs	2,583	2,103
Change in tax rates	25	5
Others	34	11
Total gross deferred tax assets	43,986	31,266
Valuation allowance	(43,986)	(31,266)
Net deferred tax assets	—	—

The Company files income tax returns in Canada and in the United States. The Company is subject to Canada Revenue Agency and Revenu Québec examination for fiscal years 2015 to 2020 due to unexpired statute of limitation periods and is subject to US Federal and state income tax examination for fiscal years 2017 to 2020.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References + Details

Government assistance	12 Months Ended
Government assistance	Dec. 31, 2020
Government assistance
Government assistance	10 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 (expressed in thousands of US dollars) have been recorded as a reduction of research and development expenditures for an amount of $373 for the year ended December 31, 2020 [2019 - $392].

Commitments	12 Months Ended
Commitments	Dec. 31, 2020
Commitments
Commitments	11 Commitments In the normal course of business, the Company enters into contracts with clinical research organizations, drug manufacturers and other vendors for preclinical and clinical research studies, research and development supplies and other services and products for operating purposes. These contracts generally provide for termination on notice, and therefore are cancellable contracts. Therefore, as at December 31, 2020 there are no contractual commitments, except for office leases (note 4).

Currency risk

12 Months Ended

Dec. 31, 2020

Currency risk

Currency risk

12 Currency risk

The Company is exposed to the financial risk related to the fluctuation of foreign exchange rates and the degree of volatility of those rates. The foreign currency risk is limited to the portion of the Company’s business transactions denominated in currency other than US dollars. The following table provides an indication of the Company’s exposure to the Canadian dollar, which is expressed in US dollars as of December 31:


	2020		2019
Cash	$	426	$	149
Accounts payable and accrued liabilities		675		1,680
Net financial position exposure	$	249	$	1,531

The Company does not enter into arrangements to hedge its currency risk exposure.

Fair value of financial instruments

12 Months Ended

Dec. 31, 2020

Fair value of financial instruments

Fair value of financial instruments

13 Fair value of financial instruments

Pursuant to the accounting guidance for fair value measurement and its subsequent updates, fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (i.e. the exit price) in an orderly transaction between market participants at the measurement date. The accounting guidance establishes a hierarchy for inputs used in measuring fair value that minimizes the use of unobservable inputs by requiring the use of observable market data when available. Observable inputs are inputs that market participants would use in pricing the asset or liability based on active market data. Unobservable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability based on the best information available in the circumstances.

The fair value hierarchy is broken down into the three input levels summarized below:


Level 1	—	Valuations are based on quoted prices in active markets for identical assets or liabilities and readily accessible by the Company at the reporting date.
Level 2	—	Valuations based on inputs other than the quoted prices in active markets that are observable either directly or indirectly in active markets.
Level 3	—	Valuations based on unobservable inputs in which there is little or no market data, which requires the Company to develop its own assumptions.

The Company’s fair value hierarchy for all its financial assets (by major security type measured at fair value on a recurring basis) for the year ended December 31, 2020, the Company held a Guaranteed investment certificate at Level 1 with a fair value of $70. For the year ended December 31, 2019 is nil, as there was no financial instruments measured at fair value on a recurring basis as of that date.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Summary of significant accounting policies (Policies)

12 Months Ended

Dec. 31, 2020

Summary of significant accounting policies

Basis of consolidation

a) Basis of consolidation

Basis of presentation and use of accounting estimates

b) Basis of presentation and use of accounting estimates

Segment information

c) Segment information

Cash and cash equivalents

d) Cash and cash equivalents

Cash and cash equivalents consist of cash and highly liquid investments that are readily convertible into cash with original maturities of three months or less at acquisition date.

Short term investments

e) Short term investments

Concentration of credit risk

f) Concentration of credit risk

Currency Risk

g) Currency Risk

Property and equipment

h) Property and equipment


Computer hardware and software		3 years
Office equipment		5 years
Furniture and fixtures		5 years
Leasehold improvements		over the lease-term

Leases

i) Leases

Effective January 1, 2019, the Company adopted ASC 842, Leases (ASC 842), using the required modified retrospective approach and utilizing the effective date as its date of initial application.

Pre-funded warrants

j) Pre-funded warrants

Share issuance costs

k) Share issuance costs

Share issuance costs applicable to the issuance of equity instruments are recorded as a reduction of the financing equity proceeds.

Research and development and investment tax credits

l) Research and development and investment tax credits

Income taxes

m) Income taxes

Foreign currency translation and transactions

n) Foreign currency translation and transactions

Share based compensation

o) Share based compensation

Recently adopted accounting pronouncements

p) Recently adopted accounting pronouncements

New Accounting Policies - Financial Instruments - Credit Losses

Significant Risks and Uncertainties

q) Significant Risks and Uncertainties

Sources of Liquidity and Funding Requirements

r) Sources of Liquidity and Funding Requirements

Summary of significant accounting policies (Tables)

12 Months Ended

Dec. 31, 2020

Summary of significant accounting policies

Schedule of estimated useful lives


Computer hardware and software		3 years
Office equipment		5 years
Furniture and fixtures		5 years
Leasehold improvements		over the lease-term

Leases (Tables)

12 Months Ended

Dec. 31, 2020

Leases

Schedule of operating lease right-of-use asset


	2020		2019
Opening balance	$	524	$	321
New operating lease right-of-use asset		—		401
Right-of-use adjustment renewal on July 1, 2020		735		—
Amortization of right-of-use asset		(279)		(198)
Closing balance	$	980	$	524

Schedule of future minimum lease payments of right-of-use assets

The following table summarizes the future minimum lease payments of right-of-use assets operating lease as at December 31, 2020:


January 1, 2021 to December 31, 2021	$	293
January 1, 2022 to December 31, 2022		255
January 1, 2023 to December 31, 2023		175
January 1, 2024 to December 31, 2024		175
January 1, 2025 to November 30, 2025		159
		1,057
Less interest		(115)
	$	942

Property and equipment (Tables)

12 Months Ended

Dec. 31, 2020

Property and equipment

Schedule of property and equipment


	2020		2019
Computer hardware and software	$	22	$	22
Office equipment		406		406
Leasehold improvements		26		26
Total	$	454	$	454
Less accumulated depreciation and amortization		(146)		(49)
Property and equipment, net	$	308	$	405

Accounts payable and accrued liabilities (Tables)

12 Months Ended

Dec. 31, 2020

Accounts payable and accrued liabilities

Schedule of accounts payable and accrued liabilities

Accounts payable and accrued liabilities comprised the following as of December 31:


	2020		2019
Trade accounts payable	$	4,641	$	4,376
Accrued research and development liabilities		152		1,513
Other accrued liabilities		164		331
Accrued compensation and benefits payable		957		1,777
	$	5,914	$	7,997

Shareholders' equity (Tables)

12 Months Ended

Dec. 31, 2020

Shareholders’ equity

Schedule of additional paid-in capital



	2020		2019
Opening balance	$	3,805	$	2,655
Share-based compensation expense		4,945		1,191
Exercise of stock options		(220)		(41)
Closing balance	$	8,530	$	3,805

Schedule of outstanding and exercisable options


	2020							2019
						Weighted							Weighted
		Number				average			Number				average
		of shares				exercise			of shares				exercise
		2019 Plan		2011 Plan	Total	price			2019 Plan		2011 Plan	Total	price
Outstanding at beginning of year - 2011 Plan		—		2,364,526	2,364,526	$	2.15		—		2,295,045	2,295,045	$	1.77
Outstanding at beginning of year - 2019 Plan		220,140		—	220,140		20.78		—		—	—		—
Granted - 2011 Plan		—		—	—		—		—		116,742	116,742		9.42
Granted - 2019 Plan		1,534,460		—	1,534,460		12.68		287,138		—	287,138		19.95
Exercised - 2011 Plan		—		(226,352)	(226,352)		1.23		—		(33,162)	(33,162)		1.33
Forfeited - 2011 Plan		—		(58,087)	(58,087)		5.94		—		(14,099)	(14,099)		2.66
Forfeited - 2019 Plan		(45,413)		—	(45,413)		18.53		(66,998)		—	(66,998)		17.22
Cancelled - 2019 Plan		(2,997)		—	(2,997)		21.48		—		—	—		—
Outstanding at end of year		1,706,190		2,080,087	3,786,277	$	7.29		220,140		2,364,526	2,584,666	$	3.75
Outstanding at end of year - Weighted average exercise price	$	13.55	$	2.15				$	20.78	$	2.15
Exercisable at end of year		268,164		1,536,895	1,805,059	$	2.94		1,165		1,212,226	1,213,391	$	1.65
Exercisable at end of year - Weighted average exercise price	$	8.23	$	2.02				$	17.78	$	1.64

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 year - 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 year - 2019 Plan		218,975		—	218,975	$	14.44		—		—	—	$	—
Granted - 2011 Plan		—		—	—		—		—		116,742	116,742		6.65
Granted - 2019 Plan		1,534,460		—	1,534,460		8.98		287,138		—	287,138		13.91
Vested, outstanding 2011 Plan		—		(551,026)	(551,026)		1.70		—		(656,646)	(656,646)		1.33
Vested, outstanding 2019 Plan		(269,996)		—	(269,996)		5.80		(1,165)		—	(1,165)		12.16
Forfeited - 2011 Plan		—		(58,082)	(58,082)		4.32		—		(14,099)	(14,099)		1.91
Forfeited - 2019 Plan		(45,413)		—	(45,413)		13.03		(66,998)		—	(66,998)		12.22
Non-vested share options at end of year		1,438,026		543,192	1,981,218	$	7.96		218,975		1,152,300	1,371,275	$	3.89
Non-vested share options at end of year - Weighted average fair value	$	10.28	$	1.81				$	14.44	$	1.88

Schedule of share option outstanding

The following table summarizes information with respect to share options outstanding as of December 31, 2020:


	Options outstanding				Options exercisable
		Weighted				Weighted
		average	Weighted			average	Weighted
		remaining	average			remaining	average
	Number	contractual	exercise		Number	contractual	exercise
Exercise price	of options	life (years)	price		of options	life (years)	price
$0.84-$1.00	108,160	2.93	$	0.90	108,160	2.93	$	0.90
$1.01-$2.00	1,219,937	6.58	$	1.47	937,898	6.44	$	1.44
$2.01-$4.00	1,366,657	8.62	$	3.22	632,595	8.24	$	2.99
$4.01-$10.00	147,133	7.67	$	8.47	55,701	5.27	$	9.28
$15.01-$20.00	82,380	8.81	$	17.17	24,768	8.77	$	17.18
$21.01-$22.45	862,010	9.00	$	21.65	45,937	8.69	$	22.45
Total	3,786,277	7.86	$	7.29	1,805,059	6.91	$	2.94

Schedule of weighted average assumptions for the options granted



	2020			2019
Exercise price	$	12.68		$	16.90
Share price	$	12.68		$	16.90
Volatility		85	%		80	%
Risk-free interest rate		1.03	%		1.92	%
Expected life		5.88 years			6.21 years
Dividend		0	%		0	%

Schedule of share-based compensation expense

The Company recognized share‑based compensation expense as follows at December 31, 2020 and 2019:



	2020		2019
Administration	$	2,007	$	574
Research and development		2,055		495
Commercial activities		883		122
	$	4,945	$	1,191

Net loss per share (Tables)

12 Months Ended

Dec. 31, 2020

Net loss per share

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


	2020	2019
Share options	3,786,277	2,584,666

Income taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income taxes

Reconciliation of differences between taxes on income (loss) before income taxes

A reconciliation between tax expense and the product of accounting income multiplied by the basic income tax rate for the years ended December 31, 2020 and 2019 is as follows:


	2020			2019
Loss before income taxes	$	(49,984)		$	(55,285)
Basic income tax rate		26.33	%		26.30	%
Computed income tax recovery		(13,161)			(14,542)
Effect on income tax rate resulting from
Accounting charges not deductible for tax purposes		7			23
Non‑deductible share‑based compensation		1,310			317
Share issue costs		(984)			(2,739)
Tax benefits of current period losses and other tax assets		12,715			16,829
Valuation allowance for prior year adjustment		108			77
Other		(12)			(21)
Income tax expense recovery reported in the consolidated statements of loss and comprehensive loss	$	(17)		$	(56)

Schedule of deferred tax assets

The Company’s deferred tax assets consist of the following for the years ended December 31, 2020 and 2019:


	2020	2019
Net operating loss carry‑forwards	36,951	25,965
Tax basis of property and equipment in excess of carrying values	100	103
Federal SR&ED investment tax credits	496	535
Taxation of federal SR&ED investment tax credits	(132)	(142)
Research and development expenditures	3,929	2,686
Financing costs	2,583	2,103
Change in tax rates	25	5
Others	34	11
Total gross deferred tax assets	43,986	31,266
Valuation allowance	(43,986)	(31,266)
Net deferred tax assets	—	—

Currency risk (Tables)

12 Months Ended

Dec. 31, 2020

Currency risk

Schedule of Company's net financial position exposure

The following table provides an indication of the Company’s exposure to the Canadian dollar, which is expressed in US dollars as of December 31:


	2020		2019
Cash	$	426	$	149
Accounts payable and accrued liabilities		675		1,680
Net financial position exposure	$	249	$	1,531

Summary of significant accounting policies (Details)	12 Months Ended
Summary of significant accounting policies (Details)	Dec. 31, 2020
Computer hardware and software
Property, Plant and Equipment [Line Items]
Useful lives	3 years
Office equipment
Property, Plant and Equipment [Line Items]
Useful lives	5 years
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Useful lives	5 years

Summary of significant accounting policies - Adoption of ASU 2016-02 (Details) $ in Thousands	Dec. 31, 2020 USD ($) lease	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)
Adoption of New Accounting Standards
Operating lease right-of use asset \| $	$ 980	$ 524	$ 321
Operating lease liabilities \| $	$ 942
Number of short-term operating leases \| lease	1
ASU 2016-02, Leases
Adoption of New Accounting Standards
Number of short-term operating leases \| lease	2

Summary of significant accounting policies - Sources of Liquidity and Funding Requirements (Details) - USD ($) $ in Thousands			1 Months Ended			12 Months Ended
	Oct. 22, 2020	Jul. 23, 2020	Oct. 31, 2020	Jul. 31, 2020	May 31, 2019	Dec. 31, 2020	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		$ 85,363
Net proceeds from issuance of pre-funded warrants in a private placement (note 7)				$ 24,800		24,771
Cash, cash equivalents and short-term investments						142,300
Accumulated deficit						(163,466)	$ (113,499)
Proceeds from issuance of warrants						23,236
Proceeds received	$ 48,200		$ 48,200			$ 24,917
Pre-funded warrants
Class of Warrant or Right
Proceeds from issuance of warrants		$ 24,800

Short-term investments (Details) - Term Deposits	Dec. 31, 2020
Maximum
Net Investment Income
Earning interest rate	0.30%
Minimum
Net Investment Income
Earning interest rate	0.86%

Leases - Narrative (Details) - lease	Dec. 31, 2020	Jul. 31, 2020	Jun. 03, 2019
Operating lease
Number of operating leases right-of-use assets	2
Number of short-term operating leases	1
Ville Saint-Laurent, Quebec
Operating lease
Operating lease, term		5 years
Incremental borrowing rate		5.26%
Remaining lease term		65 months
Charlotte, NC
Operating lease
Operating lease, term	36 months		3 years
Incremental borrowing rate	8.00%
ASU 2016-02, Leases
Operating lease
Number of short-term operating leases	2

Leases - Changes in ROU assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Changes in operating lease right-of-use asset
Opening balance	$ 524	$ 321
New operating lease right-of-use asset		401
Right-of-use adjustment renewal on July 1, 2020	735
Amortization of right-of-use asset	(279)	(198)
Closing balance	980	524
Operating lease expenses	$ 318
General and Administration
Changes in operating lease right-of-use asset
Operating lease expenses		$ 277

Leases - Future minimum lease payments (Details) $ in Thousands	Dec. 31, 2020 USD ($)
Future minimum lease payments
January 1, 2021 to December 31, 2021	$ 293
January 1, 2022 to December 31, 2022	255
January 1, 2023 to December 31, 2023	175
January 1, 2024 to December 31, 2024	175
January 1, 2025 to November 30, 2025	159
Total future minimum lease payments	1,057
Less interest	(115)
Operating lease liability	$ 942

Property and equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Property, Plant and Equipment [Line Items]
Total	$ 454	$ 454
Less accumulated depreciation and amortization	(146)	(49)
Property and equipment, net	308	405
Computer hardware and software
Property, Plant and Equipment [Line Items]
Total	22	22
Office equipment
Property, Plant and Equipment [Line Items]
Total	406	406
Leasehold improvements
Property, Plant and Equipment [Line Items]
Total	$ 26	$ 26

Property and equipment - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Research and development
Property, Plant and Equipment [Line Items]
Amortization expense	$ 97	$ 38

Accounts payable and accrued liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Accounts payable and accrued liabilities
Trade accounts payable	$ 4,641	$ 4,376
Accrued research and development liabilities	152	1,513
Other accrued liabilities	164	331
Accrued compensation and benefits payable	957	1,777
Accounts payable and accrued liabilities	$ 5,914	$ 7,997

Shareholders' equity - Authorized share capital (Details) - USD ($) $ / shares in Units, $ in Thousands		1 Months Ended		12 Months Ended
	Oct. 22, 2020	Oct. 31, 2020	May 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Authorized share capital
Proceeds received	$ 48,200	$ 48,200		$ 24,917
Initial public offering \| Common Shares
Authorized share capital
Number of preferred shares converted to common shares			17,550,802
Options
Authorized share capital
Average exercise price (in dollar per share)				$ 1.33
Amount reclassified from APIC to share capital				$ 220	$ 41
Options \| Common Shares
Authorized share capital
Number of shares issued upon exercise of options				226,352	33,162
Proceeds received				$ 300	$ 44
ESPP
Authorized share capital
Number of common shares initially reserved for issuance				523,821
Number of shares issued under the ESPP				0

Shareholders' equity - Pre-funded warrants and ATM Agreement (Details) - USD ($) $ / shares in Units, $ in Thousands				1 Months Ended	12 Months Ended
	Oct. 22, 2020	Jul. 29, 2020	Jul. 23, 2020	Oct. 31, 2020	Dec. 31, 2020	Dec. 31, 2019	Jul. 24, 2020
Class of Warrant or Right
Proceeds from issuance of warrants					$ 23,236
Proceeds received	$ 48,200			$ 48,200	24,917
Offering price					48,153	$ 85,363
ATM Program \| Maximum
Class of Warrant or Right
Offering price		$ 50,000
Pre-funded warrants
Class of Warrant or Right
Warrants issued to purchase shares	4,761,903		6,655,131
Purchase price	$ 0.01		$ 3.7465
Warrants exercise price	5.24						$ 0.01
Common shares received per exercised warrant							1
Proceeds from issuance of warrants			$ 24,800
Common Shares
Class of Warrant or Right
Purchase price	$ 5.25
Offering price					$ 24,917	$ 85,363
Number of shares issued during the period	5,095,897				5,095,897	6,325,000

Shareholders' equity - Additional paid-in capital (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Additional paid-in capital
Opening balance	$ 114,917	$ 83,548
Share-based compensation expense	4,945	1,191
Exercise of stock options	300	44
Closing balance	143,119	114,917
Additional paid-in capital
Additional paid-in capital
Opening balance	3,805	2,655
Share-based compensation expense	4,945	1,191
Exercise of stock options	(220)	(41)
Closing balance	$ 8,530	$ 3,805

- Definition

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

+ References + Details

Shareholders' equity - Share-based compensation (Details) - shares	12 Months Ended
	Dec. 31, 2020	Jan. 01, 2020	Dec. 31, 2019	May 08, 2019	May 07, 2019	Dec. 31, 2018
Share-based compensation
Options outstanding	3,786,277		2,584,666
2011 Plan
Share-based compensation
Total number of shares available for awards under the plan					2,787,063
Options outstanding	2,080,087		2,364,526			2,295,045
2011 Plan \| Share-based Compensation Award, Tranche One
Share-based compensation
Percentage of shares to vest	25.00%
2011 Plan \| Options
Share-based compensation
Vesting period	4 years
Aggregate number of shares cancelled/forfeited		72,186
2011 Plan \| Options \| Share-based Compensation Award, Tranche Two
Share-based compensation
Percentage of shares to vest	0.027%
2019 Plan
Share-based compensation
Total number of shares available for awards under the plan				4,710,564
Number of new shares available for awards under the plan				1,923,501
Percentage of shares reserved for future issuance				4.00%
Options outstanding	1,706,190		220,140
Shares reserved for issuance	3,369,348	980,229
Available for future grants	1,663,158
2019 Plan \| Share-based Compensation Award, Tranche One
Share-based compensation
Percentage of shares to vest	25.00%
2019 Plan \| Options
Share-based compensation
Vesting period	4 years
2019 Plan \| Options \| Minimum
Share-based compensation
Vesting period	12 months
2019 Plan \| Options \| Maximum
Share-based compensation
Vesting period	48 months
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	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Outstanding and exercisable options, number of shares
Outstanding at beginning of period	2,584,666
Forfeited	(103,500)	(81,097)
Cancelled	2,997
Outstanding at end of period	3,786,277	2,584,666
Exercisable at end of period	1,805,059	1,213,391
Outstanding and exercisable options, weighted average exercise price
Outstanding at beginning of period	$ 3.75
Outstanding at end of period	7.290	$ 3.75
Exercisable at end of period	$ 2.940	$ 1.65
Weighted average remaining contractual life (in years)	7 years 10 months 10 days	7 years 9 months 18 days
Weighted average remaining contractual life for vested options (in years)	6 years 10 months 28 days	7 years
Weighted average fair values of options granted	$ 8.98	$ 11.81
Share-based compensation expense	$ 4,945	$ 1,191
Unrecognized compensation cost	$ 13,012	$ 6,464
Expected period for recognition	2 years 8 months 1 day	2 years 7 months 6 days
2011 Plan
Outstanding and exercisable options, number of shares
Outstanding at beginning of period	2,364,526	2,295,045
Granted		116,742
Exercised	(226,352)	(33,162)
Forfeited	(58,087)	(14,099)
Outstanding at end of period	2,080,087	2,364,526
Exercisable at end of period	1,536,895	1,212,226
Outstanding and exercisable options, weighted average exercise price
Outstanding at beginning of period	$ 2.15	$ 1.77
Granted		9.42
Exercised	1.23	1.33
Forfeited	5.94	2.66
Outstanding at end of period	2.150	2.15
Exercisable at end of period	$ 2.020	1.64
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	1,534,460	287,138
Forfeited	(45,413)	(66,998)
Cancelled	(2,997)
Outstanding at end of period	1,706,190	220,140
Exercisable at end of period	268,164	1,165
Outstanding and exercisable options, weighted average exercise price
Outstanding at beginning of period	$ 20.78
Granted	12.68	$ 19.95
Forfeited	18.53	17.22
Cancelled	21.48
Outstanding at end of period	13.550	20.78
Exercisable at end of period	8.230	17.78
Weighted average fair values of options granted	$ 8.980	$ 13.91

Shareholders' equity - Share-based compensation - Non-vested share options (Details) - $ / shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Number of options
Non-vested at beginning of period	1,371,275
Non-vested share options at end of period	1,981,218	1,371,275
Weighted average fair value
Non-vested at beginning of period	$ 3.89
Granted	8.98	$ 11.81
Non-vested at end of period	$ 7.960	$ 3.89
2011 Plan
Number of options
Non-vested at beginning of period	1,152,300	1,706,303
Granted		116,742
Vested, outstanding	(551,026)	(656,646)
Forfeited	(58,082)	(14,099)
Non-vested share options at end of period	543,192	1,152,300
Weighted average fair value
Non-vested at beginning of period	$ 1.880	$ 1.35
Granted		6.65
Vested, outstanding	1.700	1.33
Forfeited/expired	4.320	1.91
Non-vested at end of period	$ 1.810	$ 1.880
2019 Plan
Number of options
Non-vested at beginning of period	218,975
Granted	1,534,460	287,138
Vested, outstanding	(269,996)	(1,165)
Forfeited	(45,413)	(66,998)
Non-vested share options at end of period	1,438,026	218,975
Weighted average fair value
Non-vested at beginning of period	$ 14.440
Granted	8.980	$ 13.91
Vested, outstanding	5.800	12.16
Forfeited/expired	13.030	12.22
Non-vested at end of period	$ 10.280	$ 14.440

Shareholders’ equity (deficit) - Share-based compensation - Outstanding and exercisable options (Details) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2020 $ / shares	Dec. 31, 2019 $ / shares shares	Dec. 31, 2020 USD ($) $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of options, Options outstanding \| shares		2,584,666	3,786,277
Weighted average remaining contractual life (years), Options outstanding	7 years 10 months 10 days	7 years 9 months 18 days
Weighted average exercise price, Options outstanding		$ 3.75	$ 7.290
Number of options, Options exercisable \| shares		1,213,391	1,805,059
Weighted average remaining contractual life (years), Options exercisable	6 years 10 months 28 days
Weighted average exercise price, Options exercisable		$ 1.65	$ 2.940
Intrinsic value of option \| $			$ 11.8
Fair value of common share (in dollars per share)			$ 6.70
Intrinsic value of options vested \| $			$ 7.9
Intrinsic value of options non vested \| $			$ 3.9
$0.84-$1.00
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of options, Options outstanding \| shares			108,160
Weighted average remaining contractual life (years), Options outstanding	2 years 11 months 5 days
Weighted average exercise price, Options outstanding	$ 0.900
Number of options, Options exercisable \| shares			108,160
Weighted average remaining contractual life (years), Options exercisable	2 years 11 months 5 days
Weighted average exercise price, Options exercisable	$ 0.900
$1.01-$2.00
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of options, Options outstanding \| shares			1,219,937
Weighted average remaining contractual life (years), Options outstanding	6 years 6 months 29 days
Weighted average exercise price, Options outstanding			$ 1.470
Number of options, Options exercisable \| shares			937,898
Weighted average remaining contractual life (years), Options exercisable	6 years 5 months 9 days
Weighted average exercise price, Options exercisable			$ 1.440
$2.01-$4.00
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of options, Options outstanding \| shares			1,366,657
Weighted average remaining contractual life (years), Options outstanding	8 years 7 months 13 days
Weighted average exercise price, Options outstanding			$ 3.220
Number of options, Options exercisable \| shares			632,595
Weighted average remaining contractual life (years), Options exercisable	8 years 2 months 27 days
Weighted average exercise price, Options exercisable			$ 2.990
$4.01-$10.00
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of options, Options outstanding \| shares			147,133
Weighted average remaining contractual life (years), Options outstanding	7 years 8 months 1 day
Weighted average exercise price, Options outstanding			$ 8.470
Number of options, Options exercisable \| shares			55,701
Weighted average remaining contractual life (years), Options exercisable	5 years 3 months 7 days
Weighted average exercise price, Options exercisable			$ 9.280
$15.01-$20.00
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of options, Options outstanding \| shares			82,380
Weighted average remaining contractual life (years), Options outstanding	8 years 9 months 22 days
Weighted average exercise price, Options outstanding			$ 17.170
Number of options, Options exercisable \| shares			24,768
Weighted average remaining contractual life (years), Options exercisable	8 years 9 months 7 days
Weighted average exercise price, Options exercisable			$ 17.180
$21.01-$22.45
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of options, Options outstanding \| shares			862,010
Weighted average remaining contractual life (years), Options outstanding	9 years
Weighted average exercise price, Options outstanding			$ 21.650
Number of options, Options exercisable \| shares			45,937
Weighted average remaining contractual life (years), Options exercisable	8 years 8 months 9 days
Weighted average exercise price, Options exercisable			$ 22.450

Shareholders' equity - Share-based compensation - Weighted average assumptions for the options granted (Details) - $ / shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Share-based compensation
Expected life (in years)	5 years 10 months 17 days	6 years 2 months 16 days
Options
Share-based compensation
Exercise price (in dollars per share)	$ 12.68	$ 16.90
Share price (in dollars per share)	$ 12.68	$ 16.90
Volatility (as a percent)	85.00%	80.00%
Risk-free interest rate (as a percent)	1.03%	1.92%
Dividend (as a percent)	0.00%	0.00%

Shareholders' equity - Share-based compensation - Recognized share-based compensation expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Share-based compensation
Share-based compensation expense	$ 4,945	$ 1,191
General and Administration
Share-based compensation
Share-based compensation expense	2,007	574
Research and development
Share-based compensation
Share-based compensation expense	2,055	495
Commercial activities
Share-based compensation
Share-based compensation expense	$ 883	$ 122

Net loss per share (Details) - shares	12 Months Ended
Net loss per share (Details) - shares	Dec. 31, 2020	Dec. 31, 2019
Share options and unvested restricted share awards
Net loss per share
Potentially dilutive securities excluded from the computation of diluted weighted average shares outstanding	3,786,277	2,584,666

Income taxes - Income Tax Expense Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Income taxes
Loss before income taxes	$ (49,984)	$ (55,285)
Basic income tax rate	26.33%	26.30%
Computed income tax recovery	$ (13,161)	$ (14,542)
Accounting charges not deductible for tax purposes	7	23
Non-deductible share-based compensation	1,310	317
Unrecorded potential tax benefits of current period losses and other tax assets	12,715	16,829
Share issue costs	(984)	(2,739)
Valuation allowance adjustment for prior year	108	77
Other	(12)	(21)
Income tax expense reported in the consolidated statements of loss and comprehensive loss	(17)	(56)
Scientific research and experimental development expenditures	$ 34,488	$ 41,985

Income taxes (Details) $ in Thousands	12 Months Ended
Income taxes (Details) $ in Thousands	Dec. 31, 2020 USD ($)
Canadian federal
NOL Carry Forwards	$ 123,494
Scientific research and experimental development expenditures available to reduce future taxable income	13,735
Canadian provincial
NOL Carry Forwards	122,756
Scientific research and experimental development expenditures available to reduce future taxable income	16,247
United States
NOL Carry Forwards	$ 17,428

Income taxes - Deferred Tax Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Income taxes
Net operating loss carry-forwards	$ 36,951	$ 25,965
Tax basis of property and equipment in excess of carrying values	100	103
Federal SR&ED investment tax credits	496	535
Taxation of federal SR&ED investment tax credits	(132)	(142)
Research and development expenditures	3,929	2,686
Financing costs	2,583	2,103
Change in tax rates	25	5
Others	34	11
Total gross deferred tax assets	43,986	31,266
Valuation allowance	$ (43,986)	$ (31,266)

Government assistance (Details) - USD ($) $ in Thousands	12 Months Ended
Government assistance (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Government assistance
Research and development expenditures eligible for investment tax credits	$ 373	$ 392

Commitments (Details) $ in Millions	Dec. 31, 2020 USD ($)
Commitments
Contractual commitments	$ 0.0

Currency risk (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Net financial position exposure	$ 249	$ 1,531
Cash
Net financial position exposure	426	149
Accounts payable and accrued liabilities
Net financial position exposure	$ 675	$ 1,680

Fair value of financial instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Fair value of financial instruments
Guaranteed investment certificates	$ 70	$ 0