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CONSOLIDATED STATEMENTS OF CASH FLOWS - CAD ($) $ in Thousands | 12 Months Ended
--- | ---
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021
Operating Activities |  |  |
Net loss for the year | $ (27,752) | $ (24,835) | $ (26,304)
Depreciation - property and equipment (notes 6, 20) | 81 | 93 | 130
Depreciation - right-of-use assets (notes 8, 20) | 322 | 299 | 322
Share-based compensation expense (notes 11, 20, 21) | 1,917 | 2,378 | 3,826
Compensation warrant expenses (note 11) | 151 | 0 | 0
Interest expense (income), net | 71 | (76) | 92
Unrealized foreign exchange loss (gain) | 282 | (1,625) | 426
Change in fair value of warrant derivative (notes 9, 17) | (5,285) | 20 | (17)
Net change in non-cash working capital (note 18) | 1,765 | 391 | (908)
Cash used in operating activities | (28,448) | (23,355) | (22,433)
Investing Activities |  |  |
Acquisition of marketable securities | 0 | (20,348) | 0
Maturities of marketable securities | 20,230 | 0 | 0
Acquisition of property and equipment (note 6) | (8) | (55) | (286)
Cash provided by investing activities | 20,222 | (20,403) | (286)
Financing Activities |  |  |
Proceeds from exercise of stock options (note 11) | 781 | 12 | 238
Proceeds from exercise of warrants (note 9) | 0 | 0 | 231
Payment of lease liabilities (note 8) | (407) | (381) | (366)
Cash provided by financing activities | 31,994 | 12,205 | 33,015
Increase (decrease) in cash and cash equivalents | 23,768 | (31,553) | 10,296
Cash and cash equivalents, beginning of year | 11,666 | 41,262 | 31,220
Impact of foreign exchange on cash and cash equivalents | (522) | 1,957 | (254)
Cash and cash equivalents, end of year | 34,912 | 11,666 | 41,262
At-the-market equity distribution agreement |  |  |
Financing Activities |  |  |
Proceeds from share issuance | 10,261 | 12,574 | 32,912
Public offering |  |  |
Financing Activities |  |  |
Proceeds from share issuance | $ 21,359 | $ 0 | $ 0

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