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SHAREHOLDERS' EQUITY (Tables) | 9 Months Ended
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Jun. 30, 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 |  | 1,889,646 | ​ |  | 9.87
Options exercised |  | (323,610) | ​ |  | (3.67)
Options expired/forfeited |  | (72,390) | ​ |  | (4.46)
​ | ​ | ​ | ​ | ​ | ​
Balance outstanding, June 30, 2021 |  | 6,803,230 | ​ | $ | 5.20
Balance exercisable, June 30, 2021 |  | 2,496,961 | ​ | $ | 3.50
* | Options exercisable in Canadian dollars as of June 30, 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 June 30, 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 | ​ | 7.95 | ​
$ | 3.23 |  | 3,794,603 |  | 8.27 | ​
$ | 3.59 |  | 26,667 |  | 8.30 | ​
$ | 3.81 |  | 185,816 |  | 7.62 | ​
$ | 4.00 |  | 539,518 |  | 6.48 | ​
$ | 4.67 |  | 183,511 |  | 8.34 | ​
$ | 7.00 |  | 1,508,146 |  | 9.45 | ​
$ | 13.96 |  | 190,000 |  | 9.54 | ​
$ | 29.63 |  | 100,000 |  | 9.83 | ​
$ | 31.62 |  | 75,000 |  | 9.92 | ​
C$ | 4.90 |  | 163,154 |  | 6.06 | ​
C$ | 5.06 |  | 32,231 |  | 7.62 | ​
​ | ​ |  | 6,803,230 |  | 8.40 | ​
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 |  | (3,913,227) | ​ |  | (0.10)
​ | ​ | ​ | ​ | ​ | ​
Balance outstanding and exercisable, June 30, 2021 |  | 5,359,750 | ​ | $ | 2.92
​ ​
Summary of Warrants Outstanding | At June 30, 2021, warrants were outstanding enabling holders to acquire common shares as follows: ​
​ | ​ | ​ | ​ | ​ | ​
Number |  | ​ | ​ |  | ​
of Warrants | ​ | Exercise Price | ​ | Expiry Date
​ | ​ | ​ | ​ | ​ | ​
227,273 | (1) | US$ | 66.00 |  | January 14, 2023
7,477 |  | US$ | 42.80 |  | November 18, 2023
80,000 | ​ | US$ | 4.00 |  | January 9, 2023
5,045,000 | (2) | US$ | 0.0001 |  | August 23, 2024
5,359,750 |  | ​ |  |  |
(1) | Detailed terms of the 2016 Warrants are included in Note 9.
(2) | 2,125,000 prefunded warrants exercised subsequent to June 30, 2021. (Note 14)
​
Employee Share Purchase Plan [Member] |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
Schedule of Share Based Compensation Expense | During the nine months ended June 30, 2021, the Company issued 10,702 shares (2020 – 16,506) 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 nine months
​ | ​ | ended June 30, | ​ | ended June 30,
​ |  | 2021 |  | ​ | 2020 |  | 2021 |  | ​ | 2020
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Research and development expense | ​ | $ | 9,123 |  | $ | 19,414 | ​ | $ | 23,816 |  | $ | 24,984
General and administrative | ​ |  | 17,381 |  | ​ | 45,467 | ​ |  | 35,327 |  | ​ | 46,033
​ | ​ | $ | 26,504 | ​ | $ | 64,881 | ​ | $ | 59,143 | ​ | $ | 71,017
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 | % | 1.70 | %
Expected life of share purchase rights |  | 6 months |  | 6 months |
Expected annualized volatility |  | 61.26 | % | 95.68 | %
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 June 30, 2021 and 2020 with allocations to its functional expense as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the three months | ​ | For the nine months
​ | ​ | ended June 30, | ​ | ended June 30,
​ | ​ | 2021 |  | ​ | 2020 | ​ | 2021 |  | ​ | 2020
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Research and development expense | ​ | $ | 1,234,669 |  | $ | 363,527 | ​ | $ | 2,299,369 |  | $ | 1,539,851
General and administrative | ​ |  | 1,522,769 |  | ​ | 1,080,540 | ​ |  | 4,294,101 |  | ​ | 4,736,318
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | $ | 2,757,438 |  | $ | 1,444,067 | ​ | $ | 6,593,470 |  | $ | 6,276,169
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 |  | 0.44 | % | 1.54 | %
Expected life of options |  | 10.00 | years | 10.00 | years
Expected annualized volatility |  | 78.16 | % | 77.00 | %
Dividend |  | — |  | — | ​
​

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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (f)(2) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 + Details
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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5047-113901 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 50 -Section S99 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6784392&loc=d3e188667-122775 + Details
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