Shareholders’ equity (deficit) (Tables)

9 Months Ended

Sep. 30, 2019

Shareholders’ equity (deficit)

Schedule of additional paid-in capital

	Three months ended September 30,				Nine months ended September 30,
	2019		2018		2019		2018
Opening balance	$	3,116	$	2,544	$	2,655	$	2,372
Share-based compensation expense		350		85		837		289
Exercise of stock options		—		—		(26)		(32)
Closing balance	$	3,466	$	2,629	$	3,466	$	2,629

Schedule of outstanding and exercisable options

The total outstanding and exercisable options from the 2011 Plan and 2019 Plan as at September 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/expired	—		—	(12,198)		1.0958
Granted – 2011 Plan	116,739		9.4152	970,225		1.5745
Granted – 2019 Plan	241,378		20.3400	—		—
Exercised	(18,153)		1.3225	(42,781)		0.8298
Outstanding at end of period	2,635,009	$	3.8141	1,884,028	$	1.3671
Exercisable at end of period	906,994	$	1.4851	691,983	$	1.1064

Schedule of non-vested share options activity

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

	2019			2018
		Weighted			Weighted
	Number	average		Number	average
	of options	fair value		of options	fair value
Non-vested share options at beginning of period	1,706,303	$	1.3458	451,113	$	1.0266
Forfeited/expired	—		—	(12,198)		1.0639
Granted – 2011 Plan	116,739		6.6491	970,225		1.1343
Granted – 2019 Plan	241,378		14.2264	—		—
Vested, outstanding	(336,405)	$	1.2104	(217,018)	$	1.0851
Non-vested share options at end of period	1,728,015	$	3.5297	1,192,122	$	1.1011

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 nine-month periods ended September 30:

	Three months ended September 30,						Nine months ended September 30,
	2019			2018			2019			2018
Exercise price	$	21.63		$	1.91		$	16.78		$	1.57
Share price	$	21.63		$	1.91		$	16.78		$	1.57
Volatility		80	%		82	%		80	%		82	%
Risk-free interest rate		1.54	%		2.77	%		1.94	%		2.77	%
Expected life		6.25			6.25			6.25			6.25
Dividend		0	%		0	%		0	%		0	%

Schedule of share-based compensation expense

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

	Three months ended September 30,				Nine months ended September 30,
	2019		2018		2019		2018
Administration	$	194	$	22	$	396	$	72
Research and development		124		53		358		178
Commercial activities		32		10		83		39
	$	350	$	85	$	837	$	289