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SHAREHOLDERS EQUITY (Tables) | 6 Months Ended
--- | ---
Mar. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
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, March 31, 2023 |  | 2,927,477 | ​ | $ | 0.11
​ ​
Summary of Warrants Outstanding | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
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 |  | ​ | ​ |  |  |
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, 2023, the Company issued 19,298 shares (2022 – 2,444) 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 ended | ​ | For the six months ended
​ | ​ | March 31, | ​ | March 31,
​ |  | 2023 |  | ​ | 2022 |  | 2023 |  | ​ | 2022
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Research and development expense | ​ | $ | 754 |  | $ | 8,483 | ​ | $ | 1,352 |  | $ | 12,133
General and administrative | ​ |  | 41 |  | ​ | 805 | ​ |  | 494 |  | ​ | 6,957
​ | ​ | $ | 795 | ​ | $ | 9,288 | ​ | $ | 1,846 | ​ | $ | 19,090
​
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 |  | 3.19 | % | 0.44 | %
Expected life of share purchase rights |  | 6 months |  | 6 months |
Expected annualized volatility |  | 103.56 | % | 87.90 | %
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 period ended March 31, 2023 and 2022 with allocations to its functional expense as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the three months ended | ​ | For the six months ended
​ | ​ | March 31, | ​ | March 31,
​ | ​ | 2023 |  | ​ | 2022 | ​ | 2023 |  | ​ | 2022
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Research and development expense | ​ | $ | 749,405 |  | $ | 1,113,376 | ​ | $ | 1,539,999 |  | $ | 2,369,077
General and administrative | ​ |  | 686,891 |  | ​ | 740,689 | ​ |  | 1,458,857 |  | ​ | 1,975,277
​ | ​ | $ | 1,436,296 |  | $ | 1,854,065 | ​ | $ | 2,998,856 |  | $ | 4,344,354
​
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 |  | 3.97 | % | 1.20 | %
Expected life of options |  | 10.00 | years | 10.00 | years
Expected annualized volatility |  | 79.00 | % | 80.00 | %
Dividend |  | — |  | — | ​
​
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 |  | 195,000 | ​ |  | 3.00
Options expired/forfeited |  | (51,787) | ​ |  | (5.03)
​ | ​ | ​ | ​ | ​ | ​
Balance outstanding, March 31, 2023 |  | 8,045,274 | ​ | $ | 5.08
Balance exercisable, March 31, 2023 |  | 5,302,472 | ​ | $ | 4.83
* | Options exercisable in Canadian dollars as of March 31, 2023 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 December 31, 2022, 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 | ​ | 9.46 | ​
$ | 2.91 | ​ | 175,000 | ​ | 9.83 | ​
$ | 3.23 | ​ | 3,629,400 | ​ | 6.52 | ​
$ | 3.59 | ​ | 26,667 |  | 6.55 | ​
$ | 3.60 | ​ | 922,500 |  | 9.25 | ​
$ | 3.75 | ​ | 20,000 |  | 9.68 | ​
$ | 3.81 | ​ | 185,816 |  | 5.87 | ​
$ | 4.00 | ​ | 539,518 |  | 4.73 | ​
$ | 4.67 | ​ | 168,227 |  | 6.59 | ​
$ | 5.99 | ​ | 190,000 |  | 9.07 | ​
$ | 7.00 | ​ | 1,458,646 |  | 7.70 | ​
$ | 8.47 | ​ | 120,000 |  | 8.54 | ​
$ | 9.76 | ​ | 50,000 |  | 8.89 | ​
$ | 13.96 | ​ | 190,000 |  | 7.79 | ​
$ | 29.63 | ​ | 100,000 |  | 8.08 | ​
$ | 31.62 | ​ | 75,000 |  | 8.17 | ​
C$ | 4.90 | ​ | 124,500 |  | 4.13 | ​
C$ | 5.06 | ​ | 20,000 |  | 5.87 | ​
​ | ​ | ​ | 8,045,274 |  | 7.15 | ​
​

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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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