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SHAREHOLDERS EQUITY (Tables) | 12 Months Ended
--- | ---
Sep. 30, 2023
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, 2021 |  | 6,803,230 | ​ | $ | 5.20
Options granted |  | 1,347,500 | ​ |  | 4.55
Options exercised | ​ | (72,910) | ​ | ​ | (4.41)
Options expired/forfeited |  | (175,759) | ​ |  | (3.60)
​ | ​ | ​ | ​ | ​ | ​
Balance, September 30, 2022 |  | 7,902,061 | ​ | $ | 5.13
Options granted |  | 300,000 | ​ |  | 2.97
Options expired/forfeited |  | (89,287) | ​ |  | (12.27)
​ | ​ | ​ | ​ | ​ | ​
Balance outstanding, September 30, 2023 |  | 8,112,774 | ​ | $ | 4.97
Balance exercisable, September 30, 2023 |  | 6,444,885 | ​ | $ | 4.79
* | Options exercisable in Canadian dollars as at September 30, 2023 are translated at current rates to reflect the current weighted average exercise price in U.S. dollars for all outstanding options.
Summary of Stock Option Outstanding | At September 30, 2023, options were outstanding enabling holders to acquire Common Shares as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ |  | Weighted average remaining | ​
​ | Exercise price | ​ | Number of options | ​ | contractual life (years) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
$ | 2.39 | ​ | 50,000 | ​ | 8.96 | ​
$ | 2.70 | ​ | 20,000 | ​ | 9.59 | ​
$ | 2.71 | ​ | 20,000 | ​ | 9.57 | ​
$ | 2.91 | ​ | 175,000 |  | 9.33 | ​
$ | 2.97 | ​ | 15,000 |  | 9.65 | ​
$ | 3.05 | ​ | 50,000 |  | 9.69 | ​
$ | 3.23 | ​ | 3,629,400 |  | 6.02 | *
$ | 3.59 | ​ | 26,667 |  | 6.05 | ​
$ | 3.60 | ​ | 910,000 |  | 8.75 | ​
$ | 3.75 | ​ | 20,000 |  | 9.18 | ​
$ | 3.81 | ​ | 185,816 |  | 5.36 | ​
$ | 4.00 | ​ | 539,518 |  | 4.22 | ​
$ | 4.67 | ​ | 168,227 |  | 6.09 | ​
$ | 5.99 | ​ | 190,000 |  | 8.56 | ​
$ | 7.00 | ​ | 1,458,646 |  | 7.20 | *
$ | 8.47 | ​ | 120,000 |  | 8.04 | ​
$ | 9.76 | ​ | 50,000 |  | 8.39 | ​
$ | 13.96 | ​ | 190,000 |  | 7.29 | ​
$ | 29.63 | ​ | 100,000 |  | 7.58 | ​
$ | 31.62 | ​ | 50,000 |  | 7.67 | ​
C$ | 4.90 | ​ | 124,500 |  | 3.63 | *
C$ | 5.06 | ​ | 20,000 |  | 5.36 | *
​ | ​ | ​ | 8,112,774 |  | 6.68 | ​
​ * 3,500 options expired unexercised and 41,250 options exercised subsequent to September 30, 2023 ​
Summary of Warrants Activity | Warrant transactions are summarized as follows: ​
​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ |  | Weighted
​ | ​ | Number | ​ | Average
​ | ​ | of Warrants | ​ | Exercise Price
​ | ​ | ​ | ​ |  | ​
Balance, September 30, 2021 and September 30, 2022 |  | 3,234,750 | ​ | $ | 4.84
Warrants expired |  | (307,273) | ​ |  | (49.86)
​ | ​ | ​ | ​ | ​ | ​
Balance outstanding and exercisable, September 30, 2023 |  | 2,927,477 | ​ | $ | 0.11
Summary of Warrants Outstanding | At September 30, 2023, warrants were outstanding enabling holders to acquire Common Shares as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
Number |  | ​ | ​ | ​ |  | ​
of Warrants | ​ | ​ | Exercise Price | ​ | Expiry Date
​ | ​ | ​ | ​ | ​ | ​ | ​
7,477 | * | ​ | $ | 42.80 |  | November 18, 2023
2,920,000 | ​ | ​ | $ | 0.0001 |  | August 23, 2024
2,927,477 |  | ​ | ​ |  |  |
​ * 7,477 warrants expired unexercised subsequent to September 30, 2023
Employee Share Purchase Plan [Member] |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
Schedule of Share Based Compensation Expense | During the year ended September 30, 2023, the Company issued a total of 27,762 (2022 –15,820) Common Shares 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 year ended
​ | ​ | September 30,
​ |  | 2023 |  | ​ | 2022
​ | ​ | ​ | ​ | ​ | ​ | ​
Research and development expense | ​ | $ | 4,517 |  | $ | 16,381
General and administrative | ​ |  | 7,031 |  | ​ | 13,562
​ | ​ | $ | 11,548 | ​ | $ | 29,943
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: ​
​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 2023 |  | 2022 |
​ | ​ | ​ | ​ | ​ | ​
Risk-free interest rate |  | 4.90 | % | 0.94 | %
Expected life of share purchase rights |  | 6 months |  | 6 months |
Expected annualized volatility |  | 72.45 | % | 89.42 | %
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 years ended September 30, 2023 and 2022 with allocations to its functional expense as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the year ended
​ | ​ | September 30,
​ | ​ | 2023 |  | ​ | 2022
​ | ​ | ​ | ​ | ​ | ​ | ​
Research and development expense | ​ | $ | 2,622,987 |  | $ | 4,306,463
General and administrative | ​ |  | 2,372,934 |  | ​ | 3,551,679
​ | ​ | $ | 4,995,921 |  | $ | 7,858,142
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: ​
​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 2023 |  | 2022 | ​
​ | ​ | ​ | ​ | ​ | ​
Risk-free interest rate |  | 3.78 | % | 2.73 | %
Expected life of options |  | 10.00 | years | 10.00 | years
Expected annualized volatility |  | 186.50 | % | 79.11 | %
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 https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 + Details
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