Quarterly report pursuant to Section 13 or 15(d)

Note 10 - Share Capital

v3.22.2.2
Note 10 - Share Capital
 9 Months Ended
Sep. 30, 2022
Notes to Financial Statements  
Stockholders' Equity Note Disclosure [Text Block]

10.

Share capital:

 

The Company has authorized share capital of an unlimited number of common voting shares.

 

 

a.

Equity issuances:

 

2020 At The Market (“ATM”) Facility

 

On May 5, 2020, the Company entered into an “at-the-market” equity distribution agreement with Piper Sandler & Co. (“Piper Sandler”) and Canaccord Genuity LLC (“Canaccord Genuity”) acting as co-agents (the “2020 ATM Facility”). Under the terms of the 2020 ATM Facility, the Company may, from time to time, sell through Piper Sandler and Canaccord Genuity Common Shares having an aggregate offering value of up to $75 million on the Nasdaq Capital Market.  During the nine months ended September 30, 2022, the Company issued 54,687 shares under the 2020 ATM Facility at an average price of $0.95 for gross proceeds of $52 thousand ($50 thousand, net of share issue costs, which included a 3% cash commission). During the period ended September 30, 2021, the Company did not issue any shares under the 2020 ATM Facility. On a cumulative basis to September 30, 2022, the Company has raised a total of $89 thousand gross proceeds ($86 thousand, net of share issue costs) under the 2020 ATM Facility.

 

 

b.

Loss per share:

 

Loss per common share is calculated using the weighted average number of common shares outstanding and is presented in the table below:

 

   

Three months ended
September 30,

    

Nine months ended
September 30,

  
   

2022

    

2021

    

2022

    

2021

  

Net loss

   $ (9,777 )   $ (11,333 )   $ (31,823 )   $ (41,030 )

Weighted-average common shares – basic and diluted (in thousands)

     92,289       88,949       92,253       88,927  

Net loss per share – basic and diluted

   $ (0.11 )   $ (0.13 )   $ (0.34 )   $ (0.46 )

 

The effect of any potential exercise of the Company’s stock options outstanding during the three- and nine-month periods ended September 30, 2022, and September 30, 2021 has been excluded from the calculation of diluted loss per common share, since such securities would be anti‑dilutive.