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Shareholders' Equity | 6 Months Ended
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Sep. 30, 2024
Shareholders' Equity [Abstract] |
Shareholders' Equity | 8. Shareholders’ Equity Private Placement In September 2023, the Company entered into a securities purchase agreement (the “Purchase Agreement”) with certain institutional and accredited investors in connection with a private placement of the Company’s securities (the “Offering”). Pursuant to the Purchase Agreement, the Company agreed to offer and sell 1,951,371 Common Shares, at a purchase price of $1.848 per Common Share and Pre-funded Warrants to purchase up to 2,106,853 Common Shares at a purchase price equal to the purchase price per Common Share less $0.0001. Each Pre-funded Warrant is exercisable for one Common Share at an exercise price of $0.0001 per Common Share, is immediately exercisable, and will expire once exercised in full. Pursuant to the Purchase Agreement, the Company also issued, to such institutional and accredited investors, Common Warrants to purchase Common Shares exercisable for an aggregate of 2,536,391 Common Shares. Under the terms of the Purchase Agreement, for each Common Share and each Pre-funded Warrant issued in the Offering, an accompanying five-eighths (0.625) of a Common Warrant was issued to the purchaser thereof. Each whole Common Warrant is exercisable for one Common Share at an exercise price of $3.003 per Common Share, is immediately exercisable, and will expire on the earlier of (i) the 60th day after the date of the acceptance by the FDA of an NDA for the Company’s product candidate GTx-104 or (ii) five years from the date of issuance. The Offering closed on September 25, 2023. The net proceeds to the Company from the Offering were $7,338, after deducting fees and expenses. The Offering included the issuance of Common Shares, Pre-funded Warrants, and Common Warrants to related parties Shore Pharma LLC, an entity that was controlled by Vimal Kavuru, the Chair of our Board of Directors, at the time of the Offering and SS Pharma LLC, the beneficial owner of 5.5% of Common Stock outstanding prior to the Offering, resulting in proceeds of $2,500. As of September 30, 2024 and March 31, 2024, the balance of derivative warrant liabilities from these related parties was $868 and $1,453, respectively. During the six months ended September 30, 2024, of the 2,106,853 Pre-funded Warrants, 740,480 were exercised into Common Shares. Warrants As further discussed above, on September 25, 2023, the Company issued Pre-Funded Warrants and Common Warrants exercisable for an aggregate of 4,643,244 Common Shares in the Offering pursuant to the terms of the Purchase Agreement entered into with certain institutional and accredited investors. The Common Warrants issued as a part of the Offering are derivative warrant liabilities given the Common Warrants did not meet the fixed-for-fixed criteria and that the Common Warrants are not indexed to the Company’s own stock. Proceeds were allocated amongst Common Shares, Pre-funded Warrants, and Common Warrants by applying the residual method, with fair value of the Common Warrants determined using the Black-Scholes model, resulting in initial derivative warrant liabilities of $1,631 and issuance costs of $45 allocated to Common Warrants. Accordingly, $2,822 and $3,047 of the gross proceeds were allocated to Common Shares and Pre-funded Warrants, respectively, and $78 and $84 of issuance costs were allocated to Common Shares and Pre-funded Warrants, respectively. The derivative warrant liabilities are measured at fair value at each reporting period and the reconciliation of changes in fair value is presented in the following table:
|  | September 30, 2024 |  |  | September 30, 2023 |
|  |  | $ |  |  |  | $ |
Beginning balance |  |  | 4,359 |  |  |  | — |
Issued during the period |  |  | — |  |  |  | 1,631 |
Change in fair value |  |  | (1,756 | ) |  |  | 1,826 |
Ending balance |  |  | 2,603 |  |  |  | 3,457 |
The fair value of derivative warrant liabilities were determined based on the fair value of the Common Warrants at the issue date and the reporting dates using the Black-Scholes model with the following weighted-average assumptions that will expire on the earlier of (i) the 60th day after the date of the acceptance by the FDA of an NDA for the Company’s product candidate GTx-104 or (ii) five years from the date on issuance.
|  | September 30, 2024 |  |  | March 31, 2024 |
Risk-free interest rate |  |  | 3.90 | % |  |  | 4.69 | %
Share price |  | $ | 3.00 |  |  | $ | 3.43 |
Expected warrant life |  |  | 1.59 |  |  |  | 2.03 |
Dividend yield |  |  | 0 | % |  |  | 0 | %
Expected volatility |  |  | 69.14 | % |  |  | 85.94 | %
The weighted-average fair values of the Common Warrants were determined to be $1.03 and $1.72 per Common Warrant as of September 30, 2024, and March 31, 2024, respectively. The risk-free interest rate at the issue date and on the reporting date of September 30, 2024 was based on the interest rate corresponding to the U.S. Treasury rate issue with a remaining term equal to the expected term of the Common Warrants. The expected volatility was based on the historical volatility for the Company. At September 30, 2024, the Company had outstanding Common Warrants to purchase 2,536,391 Common Shares, with an exercise price of $3.003, all of which were classified as derivative warrant liabilities. During the six months ended September 2024, 740,480 Pre-funded Warrants were exercised into 740,457 Common Shares. At September 30, 2024, the Company had outstanding Pre-funded Warrants to purchase 1,366,373 Common Shares, with an exercise price of $0.0001, all of which were classified within shareholders’ equity. In connection with the Continuance and the Domestication, the Company continues its obligations under the Purchase Agreement and the related Pre-Funded and Common Stock Warrants. Upon effectiveness of the Continuance, each outstanding warrant settleable into Class A common shares of Acasti Québec remained exercisable for or able to be settled into an equivalent number of common shares of Acasti British Columbia for the equivalent exercise price per share (if applicable), without any action by the holder. Upon effectiveness of the Domestication, each outstanding warrant settleable into common shares of Acasti British Columbia remained exercisable for or able to be settled into an equivalent number of shares of common stock of Acasti Delaware for the equivalent exercise price per share (if applicable).

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