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Common Stock and Warrants (Tables)

6 Months Ended

Jun. 30, 2021

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, 2020 were estimated using the Black-Scholes option pricing model with the following weighted average assumptions:

		December 31, 2020
Stock price		CAD$ 17.15
Exercise price		CAD$ 428.75
Warrant term		0.27 years
Expected volatility			64.48	%
Risk-free interest rate			0.06	%
Dividend rate			0.00	%

Summary of Warrants Accounted for as Liabilities and Recorded as Derivative Financial Instruments

The following table summarizes warrants accounted for as liabilities and recorded as derivative financial instruments on the Company’s condensed consolidated balance sheets for the six months ended June 30, 2021 and 2020 (amounts in thousands):

		Six Months Ended June 30,
		2021				2020
Fair value of warrants at beginning of period		$	—			$	5
Exercise of warrants			—				—
Foreign exchange losses			—				—
Change in fair value of warrants during the period			—				(4	)
Fair value of warrants at end of period		$	—			$	1

Summary of Warrant Activity

The following is a summary of the Company’s warrant activity during the six months ended June 30, 2021:

		Number of Warrants								Weighted Average Exercise Price
		CAD				US				CAD$				USD$
Outstanding as of December 31, 2020			68,351				273,554			$	428.75			$	16.04
Granted			—				402,265				—				16.47
Cancelled/Expired			(68,351	)			—				428.75				—
Exercised			—				(81,895	)			—				16.10
Outstanding as of June 30, 2021			—				593,924			$	—			$	16.32

Warrants Outstanding and Exercisable

The Company’s warrants outstanding and exercisable as of June 30, 2021 were as follows:

Number of Warrants Outstanding				Exercise Price		Expiration Date
	97,143			USD$16.10		March 20, 2025
	17,431			USD$16.1665		October 26, 2023
	76,386			USD$15.82		October 26, 2023
	961			USD$19.775		October 26, 2023
	372,206			USD$16.302		February 1, 2026
	29,797			USD$18.525		February 1, 2026
	593,924

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 issued 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.

		April 24, 2018				April 13, 2018
Stock price		CAD$ 376.60				CAD$ 344.75
Exercise price		CAD$ 428.75				CAD$ 428.75
Warrant term		3.00 years				3.00 years
Expected volatility			64.49	%			64.20	%
Risk-free interest rate			2.02	%			1.99	%
Dividend rate			0.00	%			0.00	%

March 2020 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 March 2020 Offering using the Black-Scholes option pricing model as of the date of the closing of the offering on March 20, 2020.

		March 20, 2020
Stock price		$	12.25
Exercise price		$	16.10
Warrant term		5.50 years
Expected volatility			82.41	%
Risk-free interest rate			0.52	%
Dividend rate			0.00	%

October 2020 Private Placement 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 October 2020 Offering using the Black-Scholes option pricing model as of the date of the closing of the offering on October 26, 2020.

		October 26, 2020
Stock price		$	15.92
Exercise price		$	15.92
Warrant term		3.00 years
Expected volatility			80.91	%
Risk-free interest rate			0.18	%
Dividend rate			0.00	%

February 2021 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 February 2021 Offering using the Black-Scholes option pricing model as of the date of the closing of the offering on February 1, 2021.

		February 1, 2021
Stock price		$	14.82
Exercise price		$	16.47
Warrant term		5.00 years
Expected volatility			75.02	%
Risk-free interest rate			0.42	%
Dividend rate			0.00	%

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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.

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-Publisher FASB
-Name Accounting Standards Codification
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