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Common Stock and Warrants (Tables) | 12 Months Ended
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Dec. 31, 2018
Summary of Weighted Average Assumptions Used in Estimating Fair Value of Warrants | The fair value of all warrants classified as derivative financial instruments outstanding as of December 31, 2018 and 2017 were estimated using the Black-Scholes option-pricing model with the following weighted average assumptions:
|  | As of December 31, |
|  | 2018 |  |  | 2017 |
Stock price |  | CAD$12.80 |  |  | CAD$12.32 |
Exercise price |  | CAD$10.89 |  |  | CAD$10.25 |
Warrant term |  | 1.71 years |  |  | 1.91 years |
Expected volatility |  |  | 75.31 | % |  |  | 62.20 | %
Risk-free interest rate |  |  | 1.80 | % |  |  | 1.83 | %
Dividend rate |  |  | 0.00 | % |  |  | 0.00 | %
Summary of Warrants Accounted for as Liabilities and Recorded as Derivative Financial Instruments | The following table summarizes the activities of warrants that the Company accounts for as liabilities and records as derivative financial instruments for the years ended December 31, 2018 and 2017 (amounts in thousands):
|  | Year Ended December 31, |
|  | 2018 |  |  | 2017 |
Fair value of warrants at beginning of year |  | $ | 6,941 |  |  | $ | 2,857 |
Issuance of warrants |  |  | 7,372 |  |  |  | 3,016 |
Exercise of warrants |  |  | (3,012 | ) |  |  | (1,200 | )
Fair value of previously classified equity warrants |  |  | 5,049 |  |  |  | — |
Fair value of previously classified liability warrants reclassified to additional paid-in capital |  |  | (2,478 | ) |  |  | — |
Foreign exchange gains |  |  | (872 | ) |  |  | — |
Change in fair value of warrants during the year |  |  | 769 |  |  |  | 2,268 |
Fair value of warrants at end of year |  | $ | 13,769 |  |  | $ | 6,941 |
Summary of Warrant Activity | The following is a summary of warrant activity during the years ended December 31, 2018 and 2017:
|  | Number of Warrants (by currency denomination of exercise price) |  |  | Weighted-Average Exercise Price |
|  | CAD$ |  |  | USD$ |  |  | CAD$ |  |  | USD$ |
Outstanding as of December 31, 2016 |  |  | 1,111,530 |  |  |  | 905,721 |  |  | $ | 7.30 |  |  | $ | 8.10 |
Granted |  |  | 25,063 |  |  |  | 646,016 |  |  |  | 7.50 |  |  |  | 12.25 |
Exercised |  |  | (125,088 | ) |  |  | (208,333 | ) |  |  | 6.50 |  |  |  | 7.20 |
Outstanding as of December 31, 2017 |  |  | 1,011,505 |  |  |  | 1,343,404 |  |  |  | 7.38 |  |  |  | 10.25 |
Granted |  |  | 2,476,843 |  |  |  | — |  |  |  | 12.22 |  |  |  | — |
Expired |  |  | (22,699 | ) |  |  | (136,528 | ) |  |  | 5.00 |  |  |  | 15.00 |
Exercised |  |  | (112,665 | ) |  |  | (555,556 | ) |  |  | 9.88 |  |  |  | 6.75 |
Outstanding and exercisable as of December 31, 2018 |  |  | 3,352,984 |  |  |  | 651,320 |  |  | $ | 10.89 |  |  | $ | 12.24 |
Warrants Outstanding and Exercisable | The following table summarizes the Company’s warrants outstanding and exercisable as of December 31, 2018:
Number of Warrants Outstanding |  |  | Exercise Price |  | Expiration Date
| 3,795 |  |  | US$10.75 |  | June 26, 2020
| 1,509 |  |  | US$10.75 |  | July 17, 2020
| 960,699 |  |  | CAD$7.50 |  | April 18, 2019
| 270,915 |  |  | US$12.25 |  | December 22, 2020
| 171,020 |  |  | US$12.25 |  | December 28, 2020
| 204,081 |  |  | US$12.25 |  | December 29, 2020
| 2,392,285 |  |  | CAD$12.25 |  | April 21, 2021
| 4,004,304 |  |  |  |  |
April 2016 Offering |
Summary of Weighted Average Assumptions Used in Estimating Fair Value of Warrants | The following table summarizes the weighted average assumptions used in estimating the fair value of the warrants granted in the April 2016 Offering using the Black-Scholes option pricing model as of the grant date and as of April 1, 2018 and December 31, 2018:
|  | December 31, 2018 |  |  | April 1, 2018 |  |  | Grant Date |
Stock price |  | CAD$12.80 |  |  | CAD$12.87 |  |  | CAD$5.45 |
Exercise price |  | CAD$7.50 |  |  | CAD$7.50 |  |  | CAD$7.50 |
Warrant term |  | 0.30 years |  |  | 1.05 years |  |  | 3.0 years |
Expected volatility |  |  | 83.56 | % |  |  | 71.13 | % |  |  | 83.83 | %
Risk-free interest rate |  |  | 1.64 | % |  |  | 1.60 | % |  |  | 0.60 | %
Dividend rate |  |  | 0.00 | % |  |  | 0.00 | % |  |  | 0.00 | %
December 2017 Financing |
Summary of Weighted Average Assumptions Used in Estimating Fair Value of Warrants | The following table summarizes the weighted average assumptions used in estimating the fair value of the warrants granted in the December 2017 financing using the Black-Scholes option pricing model as of the grant dates and on April 1, 2018.
|  | April 1, 2018 |  |  | December 29, 2017 |  |  | December 28, 2017 |  |  | December 22, 2017 |
Stock price |  | $ | 10.11 |  |  | $ | 12.32 |  |  | $ | 12.45 |  |  | $ | 10.60 |
Exercise price |  | $ | 12.25 |  |  | $ | 12.25 |  |  | $ | 12.25 |  |  | $ | 12.25 |
Warrant term |  | 2.7 years |  |  | 3.0 years |  |  | 3.0 years |  |  | 3.0 years |
Expected volatility |  |  | 65.40 | % |  |  | 60.24 | % |  |  | 60.24 | % |  |  | 60.24 | %
Risk-free interest rate |  |  | 2.39 | % |  |  | 1.98 | % |  |  | 2.00 | % |  |  | 2.01 | %
Dividend rate |  |  | 0.00 | % |  |  | 0.00 | % |  |  | 0.00 | % |  |  | 0.00 | %
April 2018 Offering |
Summary of Weighted Average Assumptions Used in Estimating Fair Value of Warrants | The following table summarizes the weighted average assumptions used in estimating the fair value of the warrants granted in the April 2018 Offering using the Black-Scholes option pricing model as of the date of the initial closing of the offering and the date of the closing of the over-allotment option, as well as of December 31, 2018.
|  | December 31, 2018 |  |  | April 24, 2018 |  |  | April 13, 2018 |
Stock price |  | CAD $12.80 |  |  | CAD $10.76 |  |  | CAD $9.85 |
Exercise price |  | CAD $12.25 |  |  | CAD $12.25 |  |  | CAD $12.25 |
Warrant term |  | 2.28 years |  |  | 3.0 years |  |  | 3.0 years |
Expected volatility |  |  | 71.99 | % |  |  | 64.49 | % |  |  | 64.20 | %
Risk-free interest rate |  |  | 1.86 | % |  |  | 2.02 | % |  |  | 1.99 | %
Dividend rate |  |  | 0.00 | % |  |  | 0.00 | % |  |  | 0.00 | %

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- Definition Tabular disclosure of warrants or rights issued. Warrants and rights outstanding are derivative securities that give the holder the right to purchase securities (usually equity) from the issuer at a specific price within a certain time frame. Warrants are often included in a new debt issue to entice investors by a higher return potential. The main difference between warrants and call options is that warrants are issued and guaranteed by the company, whereas options are exchange instruments and are not issued by the company. Also, the lifetime of a warrant is often measured in years, while the lifetime of a typical option is measured in months. Disclose the title of issue of securities called for by warrants and rights outstanding, the aggregate amount of securities called for by warrants and rights outstanding, the date from which the warrants or rights are exercisable, and the price at which the warrant or right is exercisable. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=109197908&loc=d3e5047-113901 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(i)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 50 -Section S99 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6784392&loc=d3e188667-122775 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 50 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=68057994&loc=d3e25284-112666 + Details
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