SHAREHOLDERS' EQUITY (Tables)

12 Months Ended

Sep. 30, 2022

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Summary of Stock Option Activity

Stock option transactions are summarized as follows:

		Weighted
	Number	Average
	of Options	Exercise Price*
Balance, September 30, 2020	5,309,584	$	3.42
Options granted	1,889,646		9.87
Options exercised	(323,610)		(3.68)
Options expired/forfeited	(72,390)		(4.46)
Balance, September 30, 2021	6,803,230	$	5.20
Options granted	1,347,500		4.55
Options exercised	(72,910)		(4.41)
Options expired/forfeited	(175,759)		(3.60)
Balance outstanding, September 30, 2022	7,902,061	$	5.13
Balance exercisable, September 30, 2022	4,628,477	$	4.59

* Options exercisable in Canadian dollars as at September 30, 2022 are translated at current rates to reflect the current weighted average exercise price in US dollars for all outstanding options.

Summary of Stock Option Outstanding

At September 30, 2022, options were outstanding enabling holders to acquire common shares as follows:

			Weighted average remaining
	Exercise price	Number of options	contractual life (years)
$	2.39	50,000	9.96
$	3.23	3,629,400	7.02
$	3.59	26,667	7.05
$	3.60	937,500	9.75
$	3.81	185,816	6.36
$	4.00	539,518	5.22
$	4.67	183,511	7.09
$	5.99	190,000	9.56
$	7.00	1,475,146	8.20
$	8.47	120,000	9.04
$	9.76	50,000	9.39
$	13.96	190,000	8.29
$	29.63	100,000	8.58
$	31.62	75,000	8.67
C$	4.90	129,503	4.66
C$	5.06	20,000	6.36
		7,902,061	7.58

Summary of Warrants Activity

Warrant transactions are summarized as follows:

		Weighted
	Number	Average
	of Warrants	Exercise Price
Balance, September 30, 2020	9,272,977	$	1.73
Warrants exercised	(6,038,227)		(0.06)
Balance outstanding and exercisable, September 30, 2021 and September 30, 2022	3,234,750	$	4.84

* Warrants exercisable in Canadian dollars as at September 30, 2022 are translated at current rates to reflect the current weighted average exercise price in US dollars for all outstanding warrants.

Summary of Warrants Outstanding

At September 30, 2022, warrants were outstanding enabling holders to acquire common shares as follows:

Number
of Warrants		Exercise Price		Expiry Date
227,273	(1)	US$	66.00	January 14, 2023
7,477		US$	42.80	November 18, 2023
80,000		US$	4.00	January 9, 2023
2,920,000		US$	0.0001	August 23, 2024
3,234,750

(1) Detailed terms of the 2016 Warrants are included in Note 8.

Employee Share Purchase Plan [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Schedule of Share Based Compensation Expense

During the year ended September 30, 2022, the Company issued a total of 15,820 (2021 – 15,963) common shares upon the exercise of Purchase Rights. The Company recognizes compensation expense for purchase rights on a straight-line basis over the service period.

	For the year ended
	September 30,
	2022			2021
Research and development expense	$	16,381	$	32,299
General and administrative		13,562		36,132
	$	29,943	$	68,431

Weighted Average Assumptions for the Valuation of Stock Options

The Company measures the purchase rights based on their estimated grant date fair value using the Black-Scholes option pricing model and the estimated number of shares that can be purchased. The following weighted average assumptions were used for the valuation of purchase rights:

	2022		2021
Risk-free interest rate	0.94	%	0.19	%
Expected life of share purchase rights	6 months		6 months
Expected annualized volatility	89.42	%	61.54	%
Dividend	—		—

Stock Options Plan [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Schedule of Share Based Compensation Expense

The Company recognized share-based payments expense for options granted and vesting, net of recoveries on cancellations of unvested options, during the years ended September 30, 2022 and 2021 with allocations to its functional expense as follows:

	For the year ended
	September 30,
	2022			2021
Research and development expense	$	4,306,463	$	3,611,083
General and administrative		3,551,679		5,796,599
	$	7,858,142	$	9,407,682

Weighted Average Assumptions for the Valuation of Stock Options

The following weighted average assumptions were used for the Black-Scholes option-pricing model valuation of stock options granted:

	2022		2021
Risk-free interest rate	2.73	%	0.44	%
Expected life of options	10.00	years	10.00	years
Expected annualized volatility	79.11	%	78.16	%
Dividend	—		—