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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