Quarterly report pursuant to Section 13 or 15(d)

Note 10 - Share Capital

Note 10 - Share Capital
6 Months Ended
Jun. 30, 2022
Notes to Financial Statements  
Stockholders' Equity Note Disclosure [Text Block]


Share capital:


The Company has authorized share capital of an unlimited number of common voting shares.




Equity issuances:


2020 At‑The‑Market (“ATM”) Facility


On May 5, 2020, the Company entered into an equity distribution agreement with Piper Sandler and Canaccord Genuity acting as co-agents in connection with the 2020 ATM Facility. Under the terms of the 2020 ATM Facility, the Company may, from time to time, sell Common Shares having an aggregate offering value of up to $75 million through Piper Sandler and Canaccord Genuity on the Nasdaq Capital Market.  During the six months ended June 30, 2022, the Company issued 28,038 shares under the 2020 ATM Facility at an average price of $1.06 for gross proceeds of $30 thousand ($29 thousand net of share issue costs). Costs associated with the proceeds consisted of a 3% cash commission. During the period ended June 30, 2021, the Company did not issue any shares under the 2020 ATM Facility. On a cumulative basis to June 30, 2022, the Company has raised a total of $67 thousand gross proceeds ($65 thousand net of share issue costs) under the ATM Facility.  




 Loss per share:


Loss per common share is calculated using the weighted average number of common shares outstanding and is presented in the table below:



Three months ended
June 30,


Six months ended
June 30,










Net loss

  $ (10,565 )   $ (13,470 )   $ (22,046 )   $ (29,697 )

Weighted-average common shares – basic and diluted

    92,243       88,946       92,234       88,915  

Net loss per share – basic and diluted

  $ (0.11 )   $ (0.15 )   $ (0.24 )   $ (0.33 )


The effect of any potential exercise of the Company’s stock options outstanding during the three and six month periods ended June 30, 2022 and June 30, 2021 has been excluded from the calculation of diluted loss per common share as it would be anti‑dilutive.