Quarterly report pursuant to Section 13 or 15(d)

Note 10 - Share Capital

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Note 10 - Share Capital
 9 Months Ended
Sep. 30, 2021
Notes to Financial Statements  
Stockholders' Equity Note Disclosure [Text Block]

10.

Share capital:

 

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

 

 

(a)

Equity issuances:

 

 

(i)

July/August 2020 Confidentially Marketed Public Offering (CMPO)

 

On July 20, 2020 and August 10, 2020, the Company completed a confidentially marketed public offering through the issuance of 11,854,472 common shares at a price of $5.25 per share for gross proceeds of $62.236 million (approximately $58.234 million net of share issue costs). Costs associated with the proceeds consisted of a 6% cash commissions and share issue costs, which consisted of agent commission, legal and professional fees and listing fees.

 

 

(ii)

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 year ended December 31, 2020 and in the nine months period ended September 30, 2021, the Company did not issue any shares under the 2020 ATM Facility.

 

 

(b)

Loss per share:

 

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

 

   

Three months ended
September 30,

    

Nine months ended
September 30,

  
   

2021

    

2020

    

2021

    

2020

  
                                 

Net loss

   $ (11,333 )   $ (13,249 )   $ (41,030 )   $ (40,525 )

Weighted-average common shares – basic and diluted

     88,949       85,860       88,927       79,477  

Net loss per share – basic and diluted

   $ (0.13 )   $ (0.15 )   $ (0.46 )   $ (0.51 )

 

The effect of any potential exercise of the Company’s stock options outstanding during the three and nine-month periods ended September 30, 2021 and September 30, 2020 has been excluded from the calculation of diluted loss per common share as it would be anti‑dilutive.