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Share Based Payments (Tables) | 3 Months Ended
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Mar. 31, 2018
Summary of Stock Option Activity | The following is a summary of stock option activity during the three months ended March 31, 2018:
|  |  |  |  |  | Weighted |  |  |  |  |
|  |  |  |  |  | Average |  |  | Aggregate |
|  | Number |  |  | Exercise Price |  |  | Intrinsic Value |
|  | of Options |  |  | (CAD$) |  |  | (CAD$ in '000s) |
Outstanding as of December 31, 2017 |  |  | 2,448,646 |  |  | $ | 7.35 |  |  | $ | 21,089 |
Exercised (1) |  |  | (80,000 | ) |  |  | 3.00 |  |  | 560 |
Outstanding as of March 31, 2018 |  |  | 2,368,646 |  |  | $ | 7.50 |  |  | $ | 13,119 |
Exercisable as of March 31, 2018 |  |  | 1,371,739 |  |  | $ | 5.85 |  |  | $ | 9,934 |
(1) For the three months ended March 31, 2018, 80,000 stock options were exercised on a cashless basis resulting in 17,091 common shares being withheld. |
Summary of Stock-Based Compensation Expense is Classified in Condensed Consolidated Statements of Operations and Comprehensive Loss | Stock-based compensation expense is classified in the Company’s condensed consolidated statements of operations and comprehensive loss as follows (amounts in thousands):
|  | Three Months Ended March 31, |
|  | 2018 |  |  | 2017 |
Research and development |  | $ | 99 |  |  | $ | 25 |
General and administrative |  |  | 288 |  |  |  | 217 |
Total |  | $ | 387 |  |  | $ | 242 |
Employee and Director Stock Options |
Summary of Stock Options Outstanding and Exercisable | The following table summarizes stock options outstanding and exercisable by employees and directors as of March 31, 2018:
|  |  |  |  |  | Options |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  | Outstanding |  |  |  |  |  |  |  |  |  |  |  |  |
Number of |  |  |  |  | Remaining |  |  |  |  |  |  |  |  |  |  | Number of |
Options |  |  |  |  | Contractual Life |  |  | Exercise |  |  | Grant Date Fair |  |  | Options |
Outstanding |  |  | Expiration Date |  | (In Years) |  |  | Price (CAD) |  |  | Value (CAD) |  |  | Exercisable |
| 360,000 |  |  | June 18, 2019 |  |  | 1.22 |  |  | $ | 3.00 |  |  | $ | 1.00 |  |  |  | 360,000 |
| 80,000 |  |  | June 18, 2019 |  |  | 1.22 |  |  | $ | 3.00 |  |  | $ | 1.32 |  |  |  | 80,000 |
| 20,000 |  |  | December 8, 2019 |  |  | 1.69 |  |  | $ | 14.60 |  |  | $ | 6.55 |  |  |  | 20,000 |
| 80,000 |  |  | December 8, 2019 |  |  | 1.69 |  |  | $ | 14.80 |  |  | $ | 6.46 |  |  |  | 80,000 |
| 20,000 |  |  | March 16, 2020 |  |  | 1.96 |  |  | $ | 16.00 |  |  | $ | 7.09 |  |  |  | 20,000 |
| 8,500 |  |  | August 14, 2020 |  |  | 2.38 |  |  | $ | 4.90 |  |  | $ | 1.94 |  |  |  | 8,500 |
| 150,000 |  |  | October 21, 2020 |  |  | 2.56 |  |  | $ | 4.20 |  |  | $ | 1.80 |  |  |  | 112,500 |
| 20,000 |  |  | December 31, 2020 |  |  | 2.76 |  |  | $ | 6.20 |  |  | $ | 2.49 |  |  |  | 20,000 |
| 595,000 |  |  | July 13, 2020 |  |  | 2.29 |  |  | $ | 6.95 |  |  | $ | 3.23 |  |  |  | 396,666 |
| 20,000 |  |  | August 8, 2020 |  |  | 2.36 |  |  | $ | 6.55 |  |  | $ | 3.23 |  |  |  | 10,000 |
| 617,000 |  |  | April 17, 2027 |  |  | 9.05 |  |  | $ | 10.80 |  |  | $ | 7.76 |  |  |  | - |
| 6,146 |  |  | May 18, 2027 |  |  | 9.14 |  |  | $ | 10.00 |  |  | $ | 5.23 |  |  |  | 3,073 |
| 10,000 |  |  | May 18, 2027 |  |  | 9.14 |  |  | $ | 10.00 |  |  | $ | 7.63 |  |  |  | - |
| 30,000 |  |  | August 8, 2027 |  |  | 9.36 |  |  | $ | 13.15 |  |  | $ | 8.86 |  |  |  | - |
| 2,016,646 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1,110,739 |
Non-employee Stock Options |
Summary of Stock Options Outstanding and Exercisable | The following table summarizes stock options outstanding and exercisable by non-employees as of March 31, 2018:
|  |  |  |  |  | Options |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  | Outstanding |  |  |  |  |  |  |  |  |  |  |  |  |
Number of |  |  |  |  | Remaining |  |  |  |  |  |  |  |  |  |  | Number of |
Options |  |  |  |  | Contractual Life |  |  | Exercise |  |  | Grant Date Fair |  |  | Options |
Outstanding |  |  | Expiration Date |  | (In Years) |  |  | Price (CAD) |  |  | Value (CAD) |  |  | Exercisable |
| 80,000 |  |  | June 18, 2019 |  |  | 1.22 |  |  | $ | 3.00 |  |  | $ | 1.32 |  |  |  | 80,000 |
| 30,000 |  |  | December 8, 2019 |  |  | 1.69 |  |  | $ | 14.60 |  |  | $ | 8.25 |  |  |  | 30,000 |
| 82,000 |  |  | October 3, 2020 |  |  | 2.76 |  |  | $ | 6.75 |  |  | $ | 4.00 |  |  |  | 41,000 |
| 110,000 |  |  | October 28, 2020 |  |  | 2.51 |  |  | $ | 4.20 |  |  | $ | 2.20 |  |  |  | 110,000 |
| 20,000 |  |  | May 18, 2027 |  |  | 9.14 |  |  | $ | 10.00 |  |  | $ | 8.69 |  |  |  | - |
| 15,000 |  |  | August 8, 2027 |  |  | 9.36 |  |  | $ | 13.15 |  |  | $ | 11.70 |  |  |  | - |
| 15,000 |  |  | November 6, 2027 |  |  | 9.61 |  |  | $ | 20.65 |  |  | $ | 19.93 |  |  |  | - |
| 352,000 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 261,000 |
Summary of Non-Employee Stock Options Required to be Accounted for As Liabilities | The non-employee stock options that are required to be accounted for as liabilities are summarized as follows (amounts in thousands):
|  | Three Months Ended March 31, |
|  | 2018 |  |  | 2017 |
Fair value of non-employee options at beginning of period |  | $ | 2,637 |  |  | $ | 1,617 |
Exercise of non-employee options |  |  | (737 | ) |  |  | — |
Change in fair value of non-employee stock options during the period |  |  | (571 | ) |  |  | 162 |
Fair value of non-employee options at end of period |  | $ | 1,329 |  |  | $ | 1,779 |
Non-employee Liability |
Estimation Using Black-Scholes Option Pricing Model With Following Weighted Average Assumptions | The fair value of non-employee liability classified awards as of March 31, 2018 and 2017 was estimated using the Black-Scholes option pricing model with the following weighted average assumptions:
|  | March 31, 2018 |  |  | March 31, 2017 |
Stock price |  | CAD $12.87 |  |  | CAD $10.50 |
Exercise price |  | CAD $4.83 |  |  | CAD $6.15 |
Expected term |  | 1.29 years |  |  | 2.35 years |
Expected volatility |  |  | 67.92 | % |  |  | 85.39 | %
Risk-free interest rate |  |  | 1.60 | % |  |  | 0.81 | %
Dividend rate |  |  | 0.00 | % |  |  | 0.00 | %

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- Definition Tabular disclosure of components of a stock option or other award plan under which equity-based compensation is awarded to employees, typically comprised of the amount of unearned compensation (deferred compensation cost), compensation expense, and changes in the quantity and fair value of the shares (or other type of equity) granted, exercised, forfeited, and issued and outstanding pertaining to that plan. Disclosure may also include nature and general terms of such arrangements that existed during the period and potential effects of those arrangements on shareholders, effect of compensation cost arising from equity-based payment arrangements on the income statement, method of estimating the fair value of the goods or services received, or the fair value of the equity instruments granted, during the period, cash flow effects resulting from equity-based payment arrangements and, for registrants that accelerate vesting of out of the money share options, reasons for the decision to accelerate. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=96867065&loc=d3e5070-113901 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=96867065&loc=d3e5047-113901 + Details
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