Capital management

12 Months Ended

Nov. 30, 2023

Disclosure of objectives, policies and processes for managing capital [abstract]

24.	Capital management

The Company’s objective in managing its capital is to ensure a liquidity position sufficient to finance its business activities. The Company depends primarily on revenue generated by sales of

EGRIFTA SV

as well as sales of Trogarzo

in the United States, and, from time to time, on public offerings of securities in North America to finance its activities. In order to maintain or adjust its capital structure, the Company, upon approval by its Board of Directors, may issue or repay long-term debt, issue shares, repurchase shares, pay dividends or undertake other activities as deemed appropriate under the specific circumstances. The Company has also announced that it will evaluate its options in funding late stage development programs, which may include seeking a potential partner.

The capital management objectives remain the same as of the previous year, including that the Company’s cash deposit and brokerage accounts are subject to control agreements relating to the Loan Facility and certain credit card arrangements allowing creditors to collateralized outstanding loaned values. Furthermore, the Company is required to maintain cash, cash equivalents and eligible short-term investments over time to range of $15,000 to $20,000

based on targeted Marathon Adjusted EBITDA.

As at November 30, 2023, cash, bonds and money market funds amounted to $40,387 (2022-$33,070).

Currently, the Company’s general policy on dividends is to retain cash to keep funds available to finance its growth.

The Company defines capital to include total equity and, prior to June 30, 2023, convertible unsecured senior notes.

The Company is not subject to any externally imposed capital requirements, except those disclosed in Note 17 in relation to the Marathon Credit Agreement.