Document and Entity Information - shares |
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Mar. 31, 2020 |
May 14, 2020 |
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Document and Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2020 | |
Entity Registrant Name | IntelGenx Technologies Corp. | |
Entity Central Index Key | 0001098880 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Common Stock, Shares Outstanding | 110,259,653 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q1 | |
Entity Shell Company | false | |
Entity Small Business | true | |
Entity Interactive Data Current | Yes | |
Entity Emerging Growth Company | false |
Consolidated Balance Sheets (Parenthetical) - $ / shares |
Mar. 31, 2020 |
Dec. 31, 2019 |
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Statement of Financial Position [Abstract] | ||
Common Stock, Par Value Per Share | $ 0.00001 | $ 0.00001 |
Common Stock, Shares Authorized | 200,000,000 | 200,000,000 |
Common Stock, Shares, Issued | 110,259,652 | 93,942,652 |
Common Stock, Shares, Outstanding | 110,259,652 | 93,942,652 |
Consolidated Statement of Shareholders' Equity (Unaudited) - 3 months ended Mar. 31, 2020 - USD ($) $ in Thousands |
Common Stock [Member] |
Additional Paid-In Capital [Member] |
Accumulated Deficit [Member] |
Accumulated Other Comprehensive Loss [Member] |
Total |
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Beginning Balance at Dec. 31, 2019 | $ 1 | $ 42,635 | $ (41,507) | $ (836) | $ 293 |
Beginning Balance (Shares) at Dec. 31, 2019 | 93,942,652 | ||||
Other comprehensive income | (437) | (437) | |||
Common stock issued, net of transaction costs of $778 | 3,912 | 3,912 | |||
Common stock issued, net of transaction costs of $778 (Shares) | 16,317,000 | ||||
Warrants issued, net of transaction costs of $240 | 1,207 | 1,207 | |||
Agents' warrants issued | 125 | 125 | |||
Stock-based compensation | 71 | 71 | |||
Net loss for the period | (2,457) | (2,457) | |||
Ending Balance at Mar. 31, 2020 | $ 1 | $ 47,950 | $ (43,964) | $ (1,273) | $ 2,714 |
Ending Balance (Shares) at Mar. 31, 2020 | 110,259,652 |
Consolidated Statement of Shareholders' Equity (Unaudited) (Parenthetical) $ in Thousands |
3 Months Ended |
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Mar. 31, 2020
USD ($)
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Statement of Stockholders' Equity [Abstract] | |
Common stock transaction cost | $ 778 |
Warrants transaction cost | $ 240 |
Consolidated Statement of Comprehensive Loss (Unaudited) - USD ($) $ in Thousands |
3 Months Ended | |
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Mar. 31, 2020 |
Mar. 31, 2019 |
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Statement of Operations [Abstract] | ||
Total revenues | $ 202 | $ 416 |
Expenses | ||
Research and development expense | 850 | 860 |
Selling, general and administrative expense | 1,324 | 1,704 |
Depreciation of tangible assets | 179 | 171 |
Total expenses | 2,353 | 2,735 |
Operating loss | (2,151) | (2,319) |
Interest income | 1 | 29 |
Financing and interest expense | (307) | (298) |
Net financing and interest expense | (306) | (269) |
Net Loss | (2,457) | (2,588) |
Other Comprehensive (Loss) Income | ||
Foreign currency translation adjustment | (218) | 223 |
Change in fair value | (219) | 24 |
Total other comprehensive income (loss) | (437) | 247 |
Comprehensive loss | $ (2,894) | $ (2,341) |
Basic and diluted weighted average number of shares outstanding | 102,908,037 | 93,519,140 |
Basic and diluted loss per common share | $ (0.03) | $ (0.03) |
Basis of Presentation |
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Mar. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation [Text Block] | 1. Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete consolidated financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation have been included. All such adjustments are of a normal and recurring nature. These financial statements should be read in conjunction with the audited consolidated financial statements at December 31, 2019. Operating results for the three months ended March 31, 2020 are not necessarily indicative of the results that may be expected for the year ending December 31, 2020. The Company prepares its financial statements in accordance with accounting principles generally accepted in the United States ("U.S. GAAP"). This basis of accounting involves the application of accrual accounting and consequently, revenues and gains are recognized when earned, and expenses and losses are recognized when incurred. The consolidated financial statements include the accounts of the Company and its subsidiary companies. On consolidation, all inter-entity transactions and balances have been eliminated. The financial statements are expressed in U.S. funds. Management has performed an evaluation of the Company's activities through the date and time these financial statements were issued and concluded that there are no additional significant events requiring recognition or disclosure. |
Going Concern |
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Going Concern [Abstract] | ||||||||||||||||||||||||||||||||||||||||
Going Concern [Text Block] |
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Significant Accounting Policies |
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Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Significant Accounting Policies [Text Block] |
Upon retirement or disposal, the cost of the asset disposed of and the related accumulated depreciation are removed from the accounts and any gain or loss is reflected in income. Expenditures for repair and maintenance are expensed as incurred.
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Inventory |
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Inventory Disclosure [Abstract] | |||||||
Inventory [Text Block] |
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Leasehold Improvements and Equipment |
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Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leasehold Improvements and Equipment [Text Block] | 5. Leasehold Improvements and Equipment
From the balance of manufacturing equipment, an amount of $1,637 thousand (2019: $1,788 thousand) represents assets which are still under construction as at March 31, 2020 and are consequently not depreciated. |
Bank indebtedness |
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Bank Indebtedness [Abstract] | |||||
Bank Indebtedness [Text Block] |
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Long-term Debt |
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Long-term Debt [Text Block] |
The secured loan has a principal balance authorized of CAD$1 million ($705 thousand) bearing interest at prime plus 7.3%, reimbursable in monthly principal payments of CAD$17 thousand ($12 thousand) from January 2017 to March 2021. In March 2020, as a result of the global pandemic, the lender granted the Company an automatic six-month moratorium of capital repayments. The loan is secured by a second ranking on all present and future property of the Company. The terms of the banking agreement require the Company to comply with certain debt service coverage and debt to net worth financial covenants on an annual basis at the end of the Company's fiscal year. Principal repayments due in each of the next two years are as follows:
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Convertible Debentures |
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Convertible Debt [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Convertible Debentures [Text Block] |
The interest accrued on the convertible debentures for the three-month period ended March 31, 2020 amounts to CAD$152 thousand ($113 thousand) and is recorded in financing and interest expense. The interest on the convertible debentures amounted to CAD$152 thousand ($114 thousand) for the three-month period ended March 31, 2019. |
Convertible Notes |
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Convertible Notes [Text Block] |
The convertible notes have been recorded as a liability. Total transactions costs in the amount of $111 thousand were recorded against the liability. The accretion expense for the three-month period ended March 31, 2020 amounts to $53,000 (2019: $42,000). The components of the convertible notes are as follows:
The interest on the convertible notes for the three-month period ended March 31, 2020 amounts to $24,000 and is recorded in financing and interest expense (2019: $24,000). |
Capital Stock |
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Stockholders' Equity Note [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||
Capital Stock [Text Block] |
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Additional Paid-In Capital |
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Additional Paid-In Capital [Text Block] |
Stock options No options were granted during the three-month period ended March 31, 2020.
No stock options were exercised during the three-month period ended March 31, 2020.
On March 27, 2019, 100,000 options to purchase common stock were granted to an employee under the 2016 Stock Option Plan. The options have an exercise price of $0.69. The options granted vest over a period of 2 years at a rate of 25% every six months and expire 10 years after the grant date. The stock options were accounted for at their fair value, as determined by the Black-Scholes valuation model, of approximately $40 thousand
During the three-month period ended March 31, 2019 a total of 50,000 stock options were exercised for 50,000 common shares having a par value of $0 thousand in aggregate, for cash consideration of $21 thousand, resulting in an increase in additional paid-in capital of $21 thousand.
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Revenues |
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Revenues [Text Block] |
The following table presents our revenues disaggregated by timing of recognition:
The following table presents our revenues disaggregated by geography, based on the billing addresses of our customers:
As at March 31, 2020, the aggregate amount of the transaction price allocated to the remaining performance obligation is $1,084 representing research and development agreements, the majority of which is expected to be recognized in the next twelve months. The Company is also eligible to receive up to $4,169 in research and development milestone payments, approximately 60% of which is expected to be recognized in the next three years, with the remaining 40% expected in the two years following; up to $28,376 in commercial sales milestone payments which are wholly dependent on the marketing efforts of our development partners. In addition, the Company is entitled to receive royalties on potential sales. |
Leases |
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Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||
Leases [Text Block] | 13. Leases Substantially all our operating lease right-of-use assets and operating lease liability represents leases for office space and property to conduct our business. The operating lease expense for the three-month period ended March 31, 2020 included in general and administrative expenses is $37 thousand. The cash outflows from operating leases for the three-month period ended March 31, 2020 was $36 thousand. The weighted average remaining lease term and the weighted average discount rate for operating leases at March 31, 2020 were 5.9 years and 10%, respectively. The following table reconciles the undiscounted cash flows for the operating leases as at March 31, 2020 to the operating lease liabilities recorded on the balance sheet:
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Related Party Transactions |
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Related Party Transactions [Abstract] | |
Related Party Transactions [Text Block] | 14. Related Party Transactions Included in management salaries are $10 thousand (2019 - $20 thousand) for options granted to the Chief Executive Officer, $10 thousand (2019 - $14 thousand) for options granted to the Chief Financial Officer, $10 thousand (2019 - $5 thousand) for options granted to the Vice President, Operations, $5 thousand (2019 - $8 thousand) for options granted to the Vice-President, Research and Development, $5 thousand (2019 - $8 thousand) for options granted to Vice-President, Business and Corporate Development under the 2016 Stock Option Plan. Also included in general and administrative expense for the three-month period ended March 31, 2020 are director fees of $58 thousand (2019 - $58 thousand) and DSU recovery of $175 thousand (2019: expense of $210 thousand). The above related party transactions have been measured at the exchange amount which is the amount of the consideration established and agreed to by the related parties. |
Basic and Diluted Loss Per Common Share |
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Mar. 31, 2020 | |
Earnings Per Share [Abstract] | |
Basic and Diluted Loss Per Common Share [Text Block] | 15. Basic and Diluted Loss Per Common Share Basic and diluted loss per common share is calculated based on the weighted average number of shares outstanding during the period. The warrants, share-based compensation and convertible debenture and notes have been excluded from the calculation of diluted loss per share since they are anti-dilutive. |
Significant Accounting Policies (Policies) |
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Revenue Recognition [Policy Text Block] |
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Leasehold Improvements and Equipment [Policy Text Block] |
Upon retirement or disposal, the cost of the asset disposed of and the related accumulated depreciation are removed from the accounts and any gain or loss is reflected in income. Expenditures for repair and maintenance are expensed as incurred. |
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Leases [Policy Text Block] |
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Recent Accounting Pronouncements [Policy Text Block] |
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Significant Accounting Policies (Tables) |
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Schedule of Estimated Useful Lives of Leasehold Improvements and Equipment [Table Text Block] |
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Leasehold Improvements and Equipment (Tables) |
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Schedule of Leasehold Improvements and Equipment [Table Text Block] |
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Long-term Debt (Tables) |
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Schedule of Term loan [Table Text Block] |
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Schedule of Term loan principal repayments [Table Text Block] |
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Convertible Debentures (Tables) |
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Schedule of Convertible Debt [Table Text Block] |
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Convertible Notes (Tables) |
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Schedule of Capital Units [Table Text Block] |
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Schedule of Components of the Convertible Notes [Table Text Block] |
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Capital Stock (Tables) |
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Stockholders' Equity Note [Abstract] | |||||||||||||||||||||||||||||||||||||||||||
Schedule of Stock by Class [Table Text Block] |
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Additional Paid-In Capital (Tables) |
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Schedule Of Proceeds Of Equity Components Based On Fair Value Under Public Offering [Table Text Block] |
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Revenues (Tables) |
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Schedule of Disaggregation of Revenue [Table Text Block] |
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Schedule of Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Table Text Block] |
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Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block] |
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Leases (Tables) |
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Mar. 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||
Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||
Schedule of undiscounted cash flows for the operating leases [Table Text Block] |
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Schedule of operating lease liabilities [Table Text Block] |
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Going Concern (Narrative) (Details) $ in Thousands |
Mar. 31, 2020
USD ($)
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---|---|
Going Concern [Line Items] | |
Cash and short-term investments | $ 4,367 |
Inventory (Narrative) (Details) - USD ($) $ in Thousands |
Mar. 31, 2020 |
Mar. 31, 2019 |
---|---|---|
Inventory Disclosure [Abstract] | ||
Raw materials inventory | $ 350 | $ 382 |
Leasehold Improvements and Equipment (Narrative) (Details) - USD ($) $ in Thousands |
Mar. 31, 2020 |
Dec. 31, 2019 |
---|---|---|
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Net | $ 5,712 | $ 6,365 |
Asset not yet in service [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Net | $ 1,637 | $ 1,788 |
Long-term Debt (Narrative) (Details) |
3 Months Ended | ||||||
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Mar. 31, 2020
CAD ($)
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Mar. 31, 2020
USD ($)
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Mar. 31, 2020
USD ($)
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Aug. 08, 2017
CAD ($)
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Aug. 08, 2017
USD ($)
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Jul. 12, 2017
CAD ($)
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Jul. 12, 2017
USD ($)
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Debt Instrument [Line Items] | |||||||
Debt Instrument, Face Amount | $ 7,600,000 | $ 5,357,000 | $ 6,838,000 | $ 4,820,000 | |||
Term loan facility [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Face Amount | $ 4,000,000 | $ 2,820,000 | |||||
Debt Instrument, Interest Rate Terms | Bank’s prime lending rate plus 2.50% | Bank’s prime lending rate plus 2.50% | |||||
Debt Instrument, Periodic Payment | $ 62,000 | $ 44,000 | |||||
Secured Loan [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Face Amount | $ 1,000,000 | $ 705,000 | |||||
Debt Instrument, Interest Rate Terms | bearing interest at prime plus 7.3% | bearing interest at prime plus 7.3% | |||||
Debt Instrument, Periodic Payment | $ 17,000 | $ 12,000 |
Convertible Debentures (Narrative) (Details) |
3 Months Ended | 12 Months Ended | ||||||||||
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Aug. 08, 2017
CAD ($)
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Aug. 08, 2017
USD ($)
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Jul. 12, 2017
CAD ($)
$ / shares
shares
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Jul. 12, 2017
USD ($)
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Mar. 31, 2020
CAD ($)
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Mar. 31, 2020
USD ($)
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Mar. 31, 2019
CAD ($)
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Mar. 31, 2019
USD ($)
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Dec. 31, 2019
USD ($)
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May 08, 2018
$ / shares
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Aug. 08, 2017
USD ($)
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Jul. 12, 2017
USD ($)
$ / shares
shares
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Convertible Debt [Abstract] | ||||||||||||
Net proceeds from issuance of convertible debentures | $ 762,000 | $ 537,000 | $ 6,838,000 | $ 4,820,000 | ||||||||
Aggregate principal amount | $ 7,600,000 | 6,838,000 | $ 5,357,000 | $ 4,820,000 | ||||||||
Proceeds from Convertible Debt, amount per instrument | $ 1,000 | $ 705 | ||||||||||
Debt Instrument, Interest Rate | 8.00% | 8.00% | ||||||||||
Debt Instrument, Convertible, Conversion Price | (per share) | $ 1.35 | $ 0.80 | $ 0.95 | |||||||||
Debt Instrument, Convertible, Number of shares per instrument | 740 | 740 | ||||||||||
Transaction costs | $ 1,237,000 | $ 872,000 | $ 952,000 | |||||||||
Accretion Expense | 121,000 | 90,000 | $ 105,000 | $ 79,000 | ||||||||
Interest on Convertible Debt, Net of Tax | $ 152,000 | $ 113,000 | $ 152,000 | $ 114,000 |
Revenues (Narrative) (Details) $ in Thousands |
3 Months Ended |
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Mar. 31, 2020
USD ($)
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Revenue from Contract with Customer [Abstract] | |
Transaction price allocated to the remaining performance obligation | $ 1,084 |
Research and development milestone payments | $ 4,169 |
Percentages of recognized in next three year | 60.00% |
Percentages of remaining recognized in next two years | 40.00% |
Commercial sales milestone payments | $ 28,376 |
Leases (Narrative) (Details) $ in Thousands |
3 Months Ended |
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Mar. 31, 2020
USD ($)
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Leases [Abstract] | |
Operating lease expense | $ 37 |
Operating Lease, Payments | $ 36 |
Weighted average remaining lease term | 5 years 10 months 24 days |
Weighted average discount rate for operating leases | 10.00% |
Long-term Debt - Schedule of Term loan (Details) - USD ($) $ in Thousands |
Mar. 31, 2020 |
Dec. 31, 2019 |
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Other Liabilities Disclosure [Abstract] | ||
Term loan facility | $ 788 | $ 1,005 |
Secured loan | 153 | 192 |
Total debt | 941 | 1,197 |
Less: current portion | 602 | 727 |
Total long-term debt | $ 339 | $ 470 |
Long-term Debt - Schedule of Term loan principal repayments (Details) - Mar. 31, 2020 $ in Thousands, $ in Thousands |
CAD ($) |
USD ($) |
---|---|---|
Other Liabilities Disclosure [Abstract] | ||
2020 | $ 625 | $ 441 |
2021 | $ 710 | $ 500 |
Convertible Debentures - Schedule of Convertible Debt (Details) $ in Thousands |
3 Months Ended | 12 Months Ended | |
---|---|---|---|
Mar. 31, 2020
CAD ($)
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Mar. 31, 2020
USD ($)
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Dec. 31, 2019
USD ($)
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Convertible Debt [Abstract] | |||
Face value of the convertible debentures | $ 5,343 | $ 5,835 | |
Transaction costs | $ (1,237,000) | (872) | (952) |
Accretion | 780 | 759 | |
Convertible debentures | $ 5,251 | $ 5,642 |
Convertible Notes - Schedule of Capital Units (Details) - Offering [Member] $ in Thousands |
May 08, 2018
USD ($)
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Debt Instrument [Line Items] | |
Gross proceeds | $ 3,200 |
Transaction costs | 328 |
Net proceeds | 2,872 |
Common stock [Member] | |
Debt Instrument [Line Items] | |
Gross proceeds | 1,627 |
Transaction costs | 167 |
Net proceeds | 1,460 |
Warrants [Member] | |
Debt Instrument [Line Items] | |
Gross proceeds | 487 |
Transaction costs | 50 |
Net proceeds | 437 |
Convertible notes [Member] | |
Debt Instrument [Line Items] | |
Gross proceeds | 1,086 |
Transaction costs | 111 |
Net proceeds | $ 975 |
Convertible Notes - Schedule of Components of the Convertible Notes (Details) - USD ($) $ in Thousands |
Mar. 31, 2020 |
Dec. 31, 2019 |
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Convertible Notes [Abstract] | ||
Attributed value of net proceeds to convertible notes | $ 975 | $ 975 |
Accretion | 333 | 280 |
Convertible notes | $ 1,308 | $ 1,255 |
Capital Stock - Schedule of Stock by Class (Details) - USD ($) $ / shares in Units, $ in Thousands |
Mar. 31, 2020 |
Dec. 31, 2019 |
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Common Stock, Shares Authorized | 200,000,000 | 200,000,000 |
Common Stock, Par or Stated Value Per Share | $ 0.00001 | $ 0.00001 |
Preferred Stock, Shares Authorized | 20,000,000 | 20,000,000 |
Preferred Stock, Par or Stated Value Per Share | $ 0.00001 | $ 0.00001 |
Common Stock, Shares, Issued | 110,259,652 | 93,942,652 |
Common Stock, Value, Issued | $ 1 | $ 1 |
Additional Paid-In Capital - Schedule of proceeds of the Units (Details) - IPO [Member] $ in Thousands |
Feb. 11, 2020
USD ($)
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Schedule of Additional Paid In Capital [Line Items] | |
Gross proceeds | $ 6,137 |
Transaction costs | 1,018 |
Net proceeds | 5,119 |
Common Stock [Member] | |
Schedule of Additional Paid In Capital [Line Items] | |
Gross proceeds | 4,690 |
Transaction costs | 778 |
Net proceeds | 3,912 |
Warrant [Member] | |
Schedule of Additional Paid In Capital [Line Items] | |
Gross proceeds | 1,447 |
Transaction costs | 240 |
Net proceeds | $ 1,207 |
Revenues - Schedule of Revenue disaggregated by revenue source (Details) - USD ($) $ in Thousands |
3 Months Ended | |
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Mar. 31, 2020 |
Mar. 31, 2019 |
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Disaggregation of Revenue [Line Items] | ||
Revenue | $ 202 | $ 416 |
Research and development agreements [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | $ 202 | $ 416 |
Revenues - Schedule of Revenue disaggregated by timing of recognition (Details) - USD ($) $ in Thousands |
3 Months Ended | |
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Mar. 31, 2020 |
Mar. 31, 2019 |
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Disaggregation of Revenue [Line Items] | ||
Revenues, Total | $ 202 | $ 416 |
Product and services transferred at point in time [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenues, Total | 202 | 372 |
Products and services transferred over time [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenues, Total | $ 0 | $ 44 |
Revenues - Schedule of Revenue disaggregated by geography, based on the billing addresses of our customers (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2020 |
Mar. 31, 2019 |
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Disaggregation of Revenue [Line Items] | ||
Revenues, Total | $ 202 | $ 416 |
Europe [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenues, Total | 202 | 385 |
Canada [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenues, Total | $ 0 | $ 31 |
Leases - Schedule of Leases (Details) $ in Thousands |
Mar. 31, 2020
USD ($)
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Leases [Abstract] | |
2019 Remainder | $ 103 |
2020 | 139 |
2021 | 143 |
2022 | 144 |
2023 | 148 |
Thereafter | 172 |
Total undiscounted lease payments | 849 |
Less: Interest | 234 |
Present value of lease liabilities | $ 615 |
Leases - Schedule of operating lease liabilities (Details) - USD ($) $ in Thousands |
Mar. 31, 2020 |
Dec. 31, 2019 |
---|---|---|
Leases [Abstract] | ||
Current portion of operating lease liability | $ 125 | $ 137 |
Operating lease liability | $ 490 | $ 555 |