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Share Based Payments (Tables)

3 Months Ended

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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