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Share Capital (Tables)
 12 Months Ended
Dec. 31, 2017
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]  
Stock Option Activity

Summary of stock option activity is as follows: 

 

 

 

Number of

 

 

Weighted Average Exercise Price

 

 

Aggregate

 

 

 

Options

 

 

CAD $

 

 

U.S. $

 

 

Intrinsic Value

 

Outstanding, January 1, 2015

 

 

1,484,218

 

 

 

4.88

 

 

 

4.20

 

 

 

15,551

 

Granted

 

 

529,288

 

 

 

18.73

 

 

 

14.67

 

 

 

 

 

Exercised

 

 

(270,254

)

 

 

4.66

 

 

 

3.65

 

 

 

2,426

 

Forfeited, cancelled or expired

 

 

(21,780

)

 

 

11.21

 

 

 

8.78

 

 

 

 

 

Outstanding, December 31, 2015

 

 

1,721,472

 

 

 

9.62

 

 

 

6.95

 

 

 

1,880

 

Granted

 

 

323,794

 

 

 

9.79

 

 

 

7.39

 

 

 

 

 

Exercised

 

 

(121,292

)

 

 

3.67

 

 

 

2.77

 

 

 

568

 

Forfeited, cancelled or expired

 

 

(13,151

)

 

 

14.98

 

 

 

11.31

 

 

 

 

 

Outstanding, December 31, 2016

 

 

1,910,823

 

 

 

9.84

 

 

 

7.32

 

 

 

4,464

 

Granted

 

 

620,950

 

 

 

8.69

 

 

 

6.69

 

 

 

 

 

Exercised(1)

 

 

(71,006

)

 

 

3.72

 

 

 

2.86

 

 

 

108

 

Forfeited, cancelled or expired

 

 

(120,862

)

 

 

9.06

 

 

 

6.98

 

 

 

 

 

Outstanding, December 31, 2017

 

 

2,339,905

 

 

 

9.32

 

 

 

7.41

 

 

 

159

 

Exercisable, December 31, 2017

 

 

1,439,301

 

 

 

8.91

 

 

 

7.08

 

 

 

159

 

 

(1)

During the year ended December 31, 2017, 63,425 (2016 – 47,413) stock options were exercised for the same number of common shares in exchange for cash. In the same period, the Company issued 4,405 (2016 – 47,841) common shares for the cashless exercise of 7,581 (2016 – 73,879) stock options.

 
Summary of Stock Option Outstanding and Exercisable

The following table summarizes the stock options outstanding and exercisable at December 31, 2017:

 

 

 

Options Outstanding

 

 

Options Exercisable

 

Range of Exercise Prices

 

Number of

Options

Outstanding

 

 

Weighted

Average

Remaining

Contractual Life

 

 

Weighted Average

Exercise Price

 

 

Number of

Options Exercisable

 

 

Weighted Average

Exercise Price

 

U.S. $

 

 

 

 

 

(years)

 

 

CAD $

 

 

U.S. $

 

 

 

 

 

 

CAD $

 

 

U.S. $

 

$2.12 - $2.95

 

 

227,725

 

 

 

5.05

 

 

 

2.67

 

 

 

2.13

 

 

 

226,675

 

 

 

2.67

 

 

 

2.12

 

$2.96 - $3.04

 

 

514,021

 

 

 

2.22

 

 

 

3.74

 

 

 

2.97

 

 

 

514,021

 

 

 

3.74

 

 

 

2.97

 

$3.05 - $7.44

 

 

273,400

 

 

 

9.36

 

 

 

5.25

 

 

 

4.18

 

 

 

30,515

 

 

 

8.73

 

 

 

6.94

 

$7.45 - $7.73

 

 

310,825

 

 

 

8.09

 

 

 

9.52

 

 

 

7.57

 

 

 

158,605

 

 

 

9.53

 

 

 

7.58

 

$7.74 - $8.49

 

 

458,936

 

 

 

8.83

 

 

 

10.46

 

 

 

8.32

 

 

 

52,106

 

 

 

9.84

 

 

 

7.82

 

$8.50 - $17.70

 

 

226,608

 

 

 

6.44

 

 

 

12.11

 

 

 

9.63

 

 

 

210,494

 

 

 

11.81

 

 

 

9.39

 

$17.71 - $21.82

 

 

328,390

 

 

 

7.21

 

 

 

22.34

 

 

 

17.77

 

 

 

246,885

 

 

 

22.34

 

 

 

17.77

 

 

 

 

2,339,905

 

 

 

6.51

 

 

 

9.32

 

 

 

7.41

 

 

 

1,439,301

 

 

 

8.91

 

 

 

7.08

 

 
Schedule of Nonvested Stock Option Activity

A summary of the Company’s non-vested stock option activity and related information for the year ended December 31, 2017 is as follows:

 

 

 

Number of Options

 

 

Weighted Average Grant Date Fair Value

 

 

 

 

 

 

 

CAD $

 

 

USD $

 

Non-vested, January 1, 2017

 

 

618,811

 

 

 

9.58

 

 

 

7.13

 

Granted

 

 

620,950

 

 

 

6.51

 

 

 

5.02

 

Vested

 

 

(274,580

)

 

 

9.68

 

 

 

7.45

 

Forfeited and cancelled

 

 

(64,577

)

 

 

7.46

 

 

 

5.74

 

Non-vested, December 31, 2017

 

 

900,604

 

 

 

7.12

 

 

 

5.66

 

 
Fair Value Assumptions for Stock Options

The weighted-average option pricing assumptions are as follows:

 

 

 

Years ended December 31

 

 

 

2017

 

 

2016

 

 

2015

 

Average risk-free interest rate

 

 

2.35

%

 

 

1.58

%

 

 

1.75

%

Expected volatility

 

 

80

%

 

 

75

%

 

 

75

%

Average expected term (in years)

 

 

7.37

 

 

 

6.22

 

 

 

6.23

 

Expected dividend yield

 

 

0.00

%

 

 

0.00

%

 

 

0.00

%

Weighted average fair value of options granted

 

$

5.02

 

 

$

4.94

 

 

$

9.83

 

 
Stock Based Compensation Expenses

Stock-based compensation expense is classified in the consolidated statements of operations and comprehensive income (loss) as follows:

 

 

 

Years ended December 31,

 

 

 

2017

 

 

2016

 

 

2015

 

Research and development

 

$

985

 

 

$

874

 

 

$

624

 

General and administrative

 

 

1,251

 

 

 

1,287

 

 

 

3,105

 

 

 

$

2,236

 

 

$

2,161

 

 

$

3,729