Common Stock and Warrants (Tables)

3 Months Ended

Mar. 31, 2019

Summary of Weighted Average Assumptions Used in Estimating Fair Value of Warrants

The fair value of all warrants classified as derivative financial instruments outstanding as of March 31, 2019 and December 31, 2018 were estimated using the Black-Scholes option pricing model with the following weighted average assumptions:

	March 31, 2019			December 31, 2018
Stock price	CAD$ 8.95			CAD$ 12.80
Exercise price	CAD$ 10.91			CAD$ 10.89
Warrant term	1.47 years			1.71 years
Expected volatility		66.13	%		75.31	%
Risk-free interest rate		1.59	%		1.80	%
Dividend rate		0.00	%		0.00	%

Activities of Warrants that Company Accounted for as Liabilities and Recorded as Derivative Financial Instruments

The following table summarizes the activities of warrants that the Company accounted for as liabilities and recorded as derivative financial instruments on the Company’s condensed consolidated balance sheets for the three months ended March 31, 2019 and 2018 (amounts in thousands):

	Three Months Ended March 31,
	2019			2018
Fair value of warrants at beginning of period	$	13,769		$	6,941
Exercise of warrants		(25	)		(2,509	)
Foreign exchange loss		288			—
Change in fair value of warrants during the period		(8,289	)		(1,954	)
Fair value of warrants at end of period	$	5,743		$	2,478

Summary of Warrant Activity

The following table summarizes the Company’s warrant activity during the three months ended March 31, 2019:

	Number of Warrants (by currency denomination of exercise price)					Weighted Average Exercise Price
	CAD$			USD$		CAD$		USD$
Outstanding as of December 31, 2018		3,352,984			651,320	$	10.89	$	12.24
Exercised		(16,320	)		—		7.50		—
Outstanding as of March 31, 2019		3,336,664			651,320	$	10.91	$	12.24

Warrants Outstanding and Exercisable

The following table summarizes the Company’s warrants outstanding and exercisable as of March 31, 2019:

Number of Warrants Outstanding		Exercise Price	Expiration Date
	3,795	USD$10.75	June 26, 2020
	1,509	USD$10.75	July 17, 2020
	944,379	CAD$7.50	April 18, 2019
	270,915	USD$12.25	December 22, 2020
	171,020	USD$12.25	December 28, 2020
	204,081	USD$12.25	December 29, 2020
	2,392,285	CAD$12.25	April 10, 2021
	3,987,984

April 2016 Offering

Summary of Weighted Average Assumptions Used in Estimating Fair Value of Warrants

The following table summarizes the weighted average assumptions used in estimating the fair value of the warrants granted in the April 2016 Offering using the Black-Scholes option pricing model as of the grant date and as of December 31, 2018 and March 31, 2019:

	March 31, 2019			December 31, 2018			Grant Date
Stock price	CAD$8.95			CAD$12.80			CAD$5.45
Exercise price	CAD$7.50			CAD$7.50			CAD$7.50
Warrant term	0.05 years			0.30 years			3.0 years
Expected volatility		58.52	%		83.56	%		83.83	%
Risk-free interest rate		1.68	%		1.64	%		0.60	%
Dividend rate		0.00	%		0.00	%		0.00	%

April 2018 Offering

Summary of Weighted Average Assumptions Used in Estimating Fair Value of Warrants

The following table summarizes the weighted average assumptions used in estimating the fair value of the warrants granted in the April 2018 Offering using the Black-Scholes option pricing model as of the date of the initial closing of the offering and the date of the closing of the over-allotment option as well as at March 31, 2019.

	March 31, 2019			April 24, 2018			April 13, 2018
Stock price	CAD $8.95			CAD $10.76			CAD $9.85
Exercise price	CAD $12.25			CAD $12.25			CAD $12.25
Warrant term	2.0 years			3.0 years			3.0 years
Expected volatility		69.14	%		64.49	%		64.20	%
Risk-free interest rate		1.55	%		2.02	%		1.99	%
Dividend rate		0.00	%		0.00	%		0.00	%