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SHAREHOLDERS' EQUITY (Tables)

6 Months Ended

Mar. 31, 2021

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Summary of Stock Option Activity

Stock option transactions are summarized as follows:

​

​	​	​	​	​	​
​		​		Weighted
​	​	Number	​	Average
​	​	of Options	​	Exercise Price*
​	​	​	​		​
Balance, September 30, 2019		1,122,461	​	$	4.59
Options granted		4,218,000	​		3.31
Options exercised	​	(416)	​	​	(2.20)
Options expired/forfeited		(30,461)	​		(28.46)
​	​	​	​	​	​
Balance, September 30, 2020		5,309,584	​	$	3.42
Options granted		1,714,646	​		7.77
Options exercised		(255,588)	​		(3.63)
Options expired/forfeited		(42,000)	​		(3.40)
​	​	​	​	​	​
Balance outstanding, March 31, 2021		6,726,642	​	$	4.53
Balance exercisable, March 31, 2021		2,232,820	​	$	3.51

* Options exercisable in Canadian dollars as of March 31, 2021 are translated at current rates to reflect the current weighted average exercise price in US dollars for all outstanding options.

Summary of Stock Option Outstanding

At March 31, 2021, options were outstanding enabling holders to acquire common shares as follows:

​

​	​	​	​	​	​	​
​	​		​		Weighted average remaining	​
​	Exercise price	​	Number of options	​	contractual life (years)	​
​	​	​	​	​	​	​
$	2.20	​	4,584	​	8.20	​
$	3.23		3,823,775		8.52	​
$	3.59		26,667		8.55	​
$	3.81		185,816		7.87	​
$	4.00		539,518		6.73	​
$	4.67		208,511		8.59	​
$	7.00		1,524,646		9.70	​
$	13.96		190,000		9.79	​
C$	4.90		183,845		6.38	​
C$	5.06	​	39,280	​	7.87	​
​	​		6,726,642		8.60	​

Summary of Warrants Activity

Warrant transactions are summarized as follows:

​

​	​	​	​	​	​
​		​		Weighted
​	​	Number	​	Average
​	​	of Warrants	​	Exercise Price
​	​	​	​		​
Balance, September 30, 2019		12,393,092	​	$	1.31
Warrants exercised		(3,120,115)	​		(0.08)
​	​	​	​	​	​
Balance, September 30, 2020		9,272,977	​	$	1.73
Warrants exercised		(2,544,579)	​		(0.08)
​	​	​	​	​	​
Balance outstanding and exercisable, March 31, 2021		6,728,398	​	$	2.35

​

​

Employee Share Purchase Plan [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Schedule of Share Based Compensation Expense

During the six months ended March 31, 2021, the Company issued 5,261 shares (2020 – Nil) upon the exercise of Purchase Rights. The Company recognizes compensation expense for purchase rights on a straight-line basis over the service period.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

For the three months

​

For the six months

​

​

ended March 31,

​

ended March 31,

​

2021

​

2020

2021

​

2020

​

​

​

​

​

​

​

​

​

​

​

​

​

Research and development expense

​

$

9,123

$

—

​

$

14,693

$

—

General and administrative

​

17,381

​

—

​

17,946

​

—

​

​

$

26,504

​

$

—

​

$

32,639

​

$

—

Weighted Average Assumptions for the Valuation of Stock Options

The Company measures the purchase rights based on their estimated grant date fair value using the Black-Scholes option pricing model and the estimated number of shares that can be purchased. The following weighted average assumptions were used for the valuation of purchase rights:

​	​	​	​	​
​	​	​	​	​
​	​	​	​	​
​	2021			2020
​	​	​	​	​
Risk-free interest rate		0.19	%	—
Expected life of share purchase rights		6 months		—
Expected annualized volatility		61.26	%	—
Dividend		—		—

Stock Options Plan [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Schedule of Share Based Compensation Expense

The Company recognized share-based payments expense for options granted and vesting, net of recoveries on cancellations of unvested options, during the three months ended March 31, 2021 and 2020 with allocations to its functional expense as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

For the three months

​

For the six months

​

​

ended March 31,

​

ended March 31,

​

​

2021

​

2020

​

2021

​

2020

​

​

​

​

​

​

​

​

​

​

​

​

​

Research and development expense

​

$

782,846

$

1,029,488

​

$

1,064,700

$

1,181,895

General and administrative

​

1,854,336

​

2,555,129

​

2,771,332

​

3,656,343

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

$

2,637,182

$

3,584,617

​

$

3,836,032

$

4,838,238

Weighted Average Assumptions for the Valuation of Stock Options

The following weighted average assumptions were used for the Black-Scholes option-pricing model valuation of stock options granted:

​

​	​	​	​	​	​
​	​	​	​	​	​
​	​	​	​	​	​
​	2021			2020	​
​	​	​	​	​	​
Risk-free interest rate		0.39	%	1.54	%
Expected life of options		10.00	years	10.00	years
Expected annualized volatility		78.05	%	77.00	%
Dividend		—		—	​

​

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