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Share Based Payments (Tables)

12 Months Ended

Dec. 31, 2018

Summary of Stock Option Activity

The following is a summary of stock option activity for the year ended December 31, 2018 and 2017:

						Weighted Average				Aggregate
						Exercise Price				Intrinsic Value
		Number of Options				in CAD$				in CAD$
Outstanding as of December 31, 2016			1,969,000			$	6.00			$	8,218
Granted			868,902				11.15
Forfeited			(153,067	)			11.45
Cancelled			(62,689	)			13.75
Exercised (1)			(173,500	)			5.15
Outstanding as of December 31, 2017			2,448,646			$	7.35			$	21,089
						in USD$				in USD$
Granted			1,011,406			$	10.12
Forfeited			(53,503	)			9.89
Exercised (2)			(98,500	)			3.10
Outstanding as of December 31, 2018			3,308,049			$	7.14			$	8,308
Exercisable as of December 31, 2018			1,918,672			$	3.18			$	7,616
(1) For the year ended December 31, 2017, 20,000 stock options were exercised on a cashless basis resulting in 14,095 shares being withheld in satisfaction of the exercise price.
(2) For the year ended December 31, 2018, 8,500 stock options were exercised on a cashless basis resulting in 3,280 shares being withheld in satisfaction of the exercise price.

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 consolidated statements of operations and comprehensive loss as follows (amounts in thousands):

		Year Ended December 31,
		2018				2017
Research and development		$	939			$	343
General and administrative			7,156				1,475
		$	8,095			$	1,818

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 December 31, 2018:

						Options
						Outstanding
Number of						Remaining																Number of
Options						Contractual Life				Exercise				Fair Value				Grant Date				Options
Outstanding				Expiration Date		(In Years)				Price				Post Modification (1)				Fair Value				Exercisable
	360,000			June 18, 2019			0.46			$	2.77			$	6.62			$	—				360,000
	80,000			June 18, 2019			0.46			$	2.77			$	6.62			$	—				80,000
	20,000			December 8, 2019			0.94			$	12.72			$	2.18			$	—				20,000
	80,000			December 8, 2019			0.94			$	12.72			$	2.18			$	—				80,000
	20,000			March 16, 2020			1.21			$	12.52			$	2.43			$	—				20,000
	150,000			October 21, 2020			1.81			$	3.20			$	6.57			$	—				150,000
	20,000			December 31, 2020			2.00			$	4.48			$	5.86			$	—				20,000
	595,000			July 13, 2020			1.53			$	5.35			$	5.18			$	—				595,000
	20,000			August 8, 2020			1.60			$	4.98			$	5.42			$	—				20,000
	617,000			April 17, 2027			8.29			$	8.13			$	7.54			$	—				154,250
	6,146			May 18, 2027			8.37			$	7.35			$	4.75			$	—				4,610
	10,000			May 18, 2027			8.37			$	7.35			$	7.65			$	—				2,500
	30,000			August 8, 2027			8.60			$	10.38			$	7.38			$	—				7,500
	25,000			April 9, 2028			9.27			$	9.03			$	8.01			$	—				—
	337,500			May 15, 2028			9.37			$	10.99			$	7.89			$	—				85,313
	150,000			July 9, 2028			9.52			$	9.69			$	—			$	6.83				—
	75,726			August 22, 2028			9.64			$	10.23			$	—			$	7.21				—
	13,177			September 4, 2028			9.67			$	10.19			$	—			$	7.19				—
	50,000			September 10, 2028			9.69			$	10.34			$	—			$	7.30				—
	50,000			September 24, 2028			9.73			$	9.71			$	—			$	6.79				—
	1,500			October 8, 2028			9.76			$	8.25			$	—			$	5.84				—
	75,000			October 15, 2028			9.78			$	8.75			$	—			$	6.19				—
	100,000			October 22, 2028			9.80			$	10.16			$	—			$	7.20				—
	10,000			October 29, 2028			9.82			$	9.71			$	—			$	6.87				—
	20,000			November 19, 2028			9.88			$	8.00			$	—			$	5.66				—
	20,000			December 3, 2028			9.92			$	8.66			$	—			$	6.13				—
	15,000			December 17, 2028			9.96			$	9.42			$	—			$	6.66				—
	2,951,049																						1,599,172
(1) Reflects fair value of modified stock options on August 8, 2018

Estimation Using Black-Scholes Option Pricing Model With Following Weighted Average Assumptions

The fair value of employee and director stock options granted for the years ended December 31, 2018 and 2017 had a weighted average grant date fair value of $7.78 and CAD$4.34 per option, respectively, and they were estimated using the Black-Scholes option-pricing model with the following weighted-average assumptions:

		Year Ended December 31,
		2018				2017
Stock price		$11.21				CAD$10.40
Exercise price		$10.12				CAD$10.85
Expected term		6.25 years				6.25 years
Expected volatility			78.99	%			90.84	%
Risk-free interest rate			2.67	%			1.06	%
Dividend rate			0.00	%			0.00	%

Consultants Stock Option

Summary of Stock Options Outstanding and Exercisable

The following table summarizes stock options outstanding and exercisable by consultants as of December 31, 2018:

						Options
						Outstanding
Number of						Remaining																Number of
Options						Contractual Life				Exercise				Fair Value				Grant Date				Options
Outstanding				Expiration Date		(In Years)				Price				Post Modification (1)				Fair Value				Exercisable
	80,000			June 18, 2019			0.46			$	2.77			$	6.62			$	—				80,000
	30,000			December 8, 2019			0.94			$	12.72			$	2.18			$	—				30,000
	72,000			October 3, 2020			1.76			$	5.15			$	5.35			$	—				72,000
	110,000			October 28, 2020			1.82			$	3.18			$	6.59			$	—				110,000
	20,000			May 18, 2027			8.37			$	7.35			$	7.65			$	—				5,000
	15,000			August 8, 2027			8.60			$	10.38			$	7.38			$	—				3,750
	15,000			November 6, 2027			8.84			$	16.20			$	6.98			$	—				3,750
	15,000			August 22, 2028			9.64			$	10.23			$	—			$	8.87				15,000
	357,000																						319,500
(1) Reflects fair value of modified stock options on August 8, 2018

Estimation Using Black-Scholes Option Pricing Model With Following Weighted Average Assumptions

Stock options granted to the Company’s consultants for the years ended December 31, 2018 and 2017 had a weighted average grant date fair value of $8.87 and CAD$3.88 per share, respectively, and they were estimated using the Black-Scholes option-pricing model with the following weighted-average assumptions:

		Year Ended December 31,
		2018				2017
Stock price		$10.23				CAD$12.15
Exercise price		$10.23				CAD$12.20
Option term		10 years				10 years
Expected volatility			90.17	%			91.02	%
Risk-free interest rate			2.82	%			1.60	%
Dividend rate			0.00	%			0.00	%

Non-employee Liability

Estimation Using Black-Scholes Option Pricing Model With Following Weighted Average Assumptions

The fair value of non-employee stock options previously classified as liabilities and recorded as derivative financial instruments which were subsequently reclassified to equity following the modification of stock option previously on August 8, 2018 were estimated using the Black-Scholes option pricing model with the following weighted-average assumptions as of August 8, 2018 and December 31, 2017:

		August 8, 2018				December 31, 2017
Stock price		CAD$12.14				CAD$15.95
Exercise price		CAD$4.383				CAD$4.30
Expected life		0.93 years				1.51 years
Expected volatility			73.18	%			61.58	%
Risk-free interest rate			1.95	%			1.61	%
Dividend rate			0.00	%			0.00	%

Summary of Non-Employee Stock Options Accounted for As Derivative Financial Instruments

The following table summarizes non-employee stock options that had been accounted for as derivative financial instruments during the years ended December 31, 2018 and 2017 (amounts in thousands):

		Year Ended December 31,
		2018				2017
Fair value of non-employee stock options at beginning of year		$	2,637			$	1,617
Exercise of non-employee options			(737	)			(156	)
Cancelled			—				(294	)
Foreign exchange gains			(38	)			—
Change in fair value of non-employee stock options during    the year			(656	)			1,470
Reclassification to additional paid-in capital			(1,206	)			—
Fair value of non-employee stock options at end of year		$	—			$	2,637

Restricted Stock Units

Summary of Company’s Restricted Stock Unit Activity

The following is a summary of the Company’s RSU activity for the year ended December 31, 2018 and 2017:

		Number of Restricted Stock Units				Weighted Average Grant Date Fair Value per Unit (CAD)
Outstanding as of January 1, 2017			—			$	—
Granted			8,097				10.00
Forfeited			(3,182	)			10.00
Vested and settled during 2017 (1)			(2,987	)			10.00
Outstanding as of December 31, 2017			1,928			$	10.00
Vested and settled during 2018 (2)			(964	)			10.00
Outstanding as of December 31, 2018			964			$	10.00
(1) Includes 723 RSUs withheld to satisfy required withholding taxes.
(2) Includes 259 RSUs withheld to satisfy required withholding taxes.

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