v3.19.2

Shareholders' equity (deficit) (Tables)

6 Months Ended

Jun. 30, 2019

Shareholders' equity (deficit)

Schedule of additional paid-in capital

		Three months ended June 30,						Six months ended June 30,
		2019			2018			2019			2018
Opening balance		$	2,840		$	2,472		$	2,655		$	2,372
Share-based compensation expense			276			79			487			204
Exercise of stock options			—			(7)			(26)			(32)
Closing balance		$	3,116		$	2,544		$	3,116		$	2,544

Schedule of outstanding and exercisable options

The total outstanding and exercisable options from the 2011 Plan and 2019 Plan as at June 30 were as follows:

		2019					2018
				Weighted					Weighted
				average					average
		Number		exercise			Number		exercise
		of shares		price			of shares		price
Outstanding at beginning of period		2,295,045		$	1.7714		968,782		$	1.1330
Forfeited/cancelled		—			—		(12,198)			1.0958
Granted – 2011 Plan		116,739			9.4152		887,432			1.5400
Granted – 2019 Plan		46,998			15.0000		—			—
Exercised		(18,153)			1.3225		(42,781)			0.8298
Outstanding at end of period		2,440,629		$	2.3963		1,801,235		$	1.3405
Exercisable at end of period		771,478		$	1.3777		563,565		$	1.0266

Schedule of non-vested share options activity

The non-vested options as at June 30 were as follows:

		2019					2018
				Weighted					Weighted
		Number		average			Number		average
		of options		fair value			of options		fair value
Non-vested at beginning of period		1,706,303		$	1.3458		451,113		$	1.0266
Forfeited/cancelled		—			—		(12,198)			1.0639
Granted – 2011 Plan		116,739			6.6491		887,432			1.1114
Granted – 2019 Plan		46,998			10.7731		—			—
Vested, outstanding		(200,889)			1.1787		(88,600)			1.0958
Non-vested share options at end of period		1,669,151		$	2.0041		1,237,747		$	1.0798

Schedule of weighted average assumptions for the options granted

The fair value of options granted was estimated using the Black-Scholes option pricing model, resulting in the following weighted average assumptions for the options granted for the three-month and six-month periods ended June 30:

		Three months ended June 30,						Six months ended June 30,
		2019			2018			2019			2018
Exercise price		$	12.05		$	1.54		$	11.02		$	1.54
Share price		$	12.05		$	1.54		$	11.02		$	1.54
Volatility			82	%		82	%		81	%		82	%
Risk-free interest rate			2.36	%		2.73	%		2.41	%		2.77	%
Expected life			6.25 years			6.25 years			6.25 years			6.25 years
Dividend			0	%		0	%		0	%		0	%

Schedule of share-based compensation expense

The Company recognized share-based compensation expense as follows for the three and six months ended June 30:

		Three months ended June 30,						Six months ended June 30,
		2019			2018			2019			2018
Administration		$	133		$	21		$	203		$	50
Research and development			109			49			234			125
Commercial activities			34			10			50			29
		$	276		$	80		$	487		$	204

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