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SHAREHOLDERS' EQUITY (Tables)

9 Months Ended

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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