0001564590-21-009905 | 10-K | XBRL Viewer | Xenon Pharmaceuticals INC

Net Income (Loss) Per Common (Details) - shares	Dec. 31, 2020	Dec. 31, 2019
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Preferred shares, issued	1,016,000	1,016,000
Series1 Preferred Shares
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Preferred shares, issued	1,016,000	1,016,000

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 45,009	$ 24,755
Marketable securities	131,988	116,603
Accounts receivable	1,822	813
Prepaid expenses and other current assets	2,964	2,695
Total current assets	181,783	144,866
Operating lease right-of-use asset, net (note 8)	3,326	933
Property, plant and equipment, net (note 7)	3,554	1,660
Deferred tax assets (note 15)	523	238
Total assets	189,186	147,697
Current liabilities:
Accounts payable and accrued expenses (note 9)	10,874	8,818
Deferred revenue (note 13)	3,642	29,743
Operating lease liability (note 8)	265	168
Term loan (note 10)		4,650
Total current liabilities	14,781	43,379
Deferred revenue, long-term (note 13)		709
Operating lease liability, long-term (note 8)	3,050	743
Term loan, long-term (note 10)		10,889
Total liabilities	17,831	55,720
Shareholders’ equity:
Preferred shares, without par value; unlimited shares authorized; issued and outstanding: 1,016,000 (December 31, 2019 - 1,016,000) (note 11)	7,732	7,732
Common shares, without par value; unlimited shares authorized; issued and outstanding: 35,012,125 (December 31, 2019 - 28,139,228) (note 11)	397,748	294,244
Additional paid-in capital	45,357	40,646
Accumulated deficit	(278,492)	(249,655)
Accumulated other comprehensive loss	(990)	(990)
Shareholders' equity	171,355	91,977
Total liabilities and shareholders’ equity	189,186	147,697
Commitments and contingencies (note 14)

Consolidated Statement of Shareholders' Equity - USD ($)
$ in Thousands

Total

Cumulative Effect, Period of Adoption, Adjustment

Convertible Preferred Shares [Member]

Common Shares [Member]

Additional Paid-in Capital [Member]

Accumulated Deficit [Member]

Cumulative Effect, Period of Adoption, Adjustment

Accumulated Other Comprehensive Loss [Member]

^[1]

Balance at Dec. 31, 2018

$ 103,295

$ 7,732

$ 265,923

$ 38,515

$ (207,885)

$ (990)

Balance (in Shares) at Dec. 31, 2018

1,016,000

25,750,721

Cumulative effect of accounting change at Dec. 31, 2019

$ (175)

Net loss

(41,595)

Issuance of common shares, net of issuance costs (note 11a)

27,396

$ 27,396

Issuance of common shares, net of issuance costs (note 11a) (in shares)

2,214,490

Stock-based compensation expense

2,934

Issued pursuant to exercise of stock options

$ 122

$ 925

(803)

Issued pursuant to exercise of stock options (in Shares)

266,157

^[2]

174,017

Balance at Dec. 31, 2019

$ 91,977

$ 7,732

$ 294,244

40,646

(249,655)

(990)

Balance (in Shares) at Dec. 31, 2019

1,016,000

28,139,228

Net loss

(28,837)

Issuance of common shares, net of issuance costs (note 11a)

102,456

$ 102,456

Issuance of common shares, net of issuance costs (note 11a) (in shares)

6,759,187

Stock-based compensation expense

5,677

Issued pursuant to exercise of stock options

$ 82

$ 1,048

(966)

Issued pursuant to exercise of stock options (in Shares)

171,812

^[2]

113,710

Balance at Dec. 31, 2020

$ 171,355

$ 7,732

$ 397,748

$ 45,357

$ (278,492)

$ (990)

Balance (in Shares) at Dec. 31, 2020

1,016,000

35,012,125

[1]	The accumulated other comprehensive loss is entirely related to historical cumulative translation adjustments from the application of U.S. dollar reporting when the functional currency of the Company was the Canadian dollar.
[2]	During the year ended December 31, 2020, 26,513 (2019 – 36,174) stock options were exercised for the same number of common shares in exchange for cash. In the same period, the Company issued 87,197 (2019 – 137,843) common shares for the cashless exercise of 145,299 (2019 – 229,983) stock options.

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

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- Definition

Amount of stockholders' equity (deficit), net of receivables from officers, directors, owners, and affiliates of the entity, attributable to both the parent and noncontrolling interests. Amount excludes temporary equity. Alternate caption for the concept is permanent equity.

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Collaboration Agreements (Details) - USD ($)		1 Months Ended					12 Months Ended
Collaboration Agreements (Details) - USD ($)	Feb. 28, 2021	Dec. 31, 2019	Sep. 30, 2019	Jul. 31, 2017	Sep. 30, 2015	Mar. 31, 2014	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2011
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Revenue							$ 32,166,000	$ 6,829,000
Accounts receivable		$ 813,000					1,822,000	813,000
Neurocrine Biosciences [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Accounts receivable							1,346,000
Deferred revenue							3,642,000
Neurocrine Biosciences [Member] \| Collaboration Revenue [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Revenue							32,166,000
Neurocrine Biosciences [Member] \| License and Collaboration Agreement [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Proceeds from upfront fee		50,000,000
Upfront payment received in cash		30,000,000					30,000,000
Upfront payment received in equity investment		20,000,000					20,000,000
Potential Milestone Payments Receivable		$ 1,692,500,000						$ 1,692,500,000
Percentage of option to co-fund development costs upon achievement of certain milestones								50.00%
Collaborate agreement premium related to equity investment								$ 3,333,000
Revenue							33,333,000
Neurocrine Biosciences [Member] \| License and Collaboration Agreement [Member] \| Exclusive License to NBI921352 and Exclusive License to the DTCs [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Transaction price allocated to performance obligations							28,807,000
Neurocrine Biosciences [Member] \| License and Collaboration Agreement [Member] \| Development Services Under the Initial Development Program for the DTCs [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Transaction price allocated to performance obligations							4,526,000
Neurocrine Biosciences [Member] \| License and Collaboration Agreement [Member] \| Common Shares [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Maximum ownership limitation percentage for equity issuable		19.90%						19.90%
Neurocrine Biosciences [Member] \| License and Collaboration Agreement [Member] \| Regulatory Milestone [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Potential Milestone Payments Receivable		$ 1,067,500,000						$ 1,067,500,000
Neurocrine Biosciences [Member] \| License and Collaboration Agreement [Member] \| Sales Based Milestone [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Potential Milestone Payments Receivable		600,000,000						600,000,000
Neurocrine Biosciences [Member] \| IND Milestone [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Potential Milestone Payments Receivable		$ 25,000,000						$ 25,000,000
Percentage of milestone payment in the form of equity		55.00%
Percentage of premium on weighted average price		15.00%
License and Collaboration Agreement [Member] \| Collaboration Revenue [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Revenue							32,166,000
License and Collaboration Agreement [Member] \| Exclusive License to NBI921352 and Exclusive License to the DTCs [Member] \| Collaboration Revenue [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Revenue							25,926,000
License and Collaboration Agreement [Member] \| Development Services Under the Initial Development Program for the DTCs [Member] \| Collaboration Revenue [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Revenue							884,000
License and Collaboration Agreement [Member] \| Research And Development Funding \| Collaboration Revenue [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Revenue							5,356,000
Flexion [Member] \| Asset Purchase Agreement [Member] \| XEN402 [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Proceeds from upfront fee			$ 3,000,000
Proceeds from initiation of first GLP toxicology study			500,000
Flexion [Member] \| Asset Purchase Agreement [Member] \| XEN402 [Member] \| Subsequent Event [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Food and drug administration milestone payment accepted	$ 1,000,000
Flexion [Member] \| Asset Purchase Agreement [Member] \| Eligible to Receive CMC Development and Regulatory Milestone Payments [Member] \| XEN402 [Member] \| Maximum [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Potential Milestone Payments Receivable			7,000,000
Flexion [Member] \| Asset Purchase Agreement [Member] \| Future Clinical Development And Global Regulatory Approval Milestone Payments [Member] \| XEN402 [Member] \| Maximum [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Potential Milestone Payments Receivable			40,750,000
Flexion [Member] \| Asset Purchase Agreement [Member] \| Commercial Milestone Payments [Member] \| XEN402 [Member] \| Maximum [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Potential Milestone Payments Receivable			$ 75,000,000
Genentech [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Proceeds from upfront fee						$ 1,500,000
Potential Milestone Payments Receivable						$ 1,500,000					$ 613,000,000
Food and drug administration milestone payment accepted				$ 250,000	$ 250,000
Additional milestone payments or royalties received							$ 0
Genentech [Member] \| GDC-0276 [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Proceeds from upfront fee											10,000,000
Genentech [Member] \| Regulatory Milestone [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Potential Milestone Payments Receivable											387,500,000
Genentech [Member] \| Sales Based Milestone [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Potential Milestone Payments Receivable											180,000,000
Genentech [Member] \| Development [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Food and drug administration milestone payment accepted										$ 5,000,000
Genentech [Member] \| Health Canada [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Food and drug administration milestone payment accepted									$ 8,000,000
Genentech [Member] \| Pre-clinical And Clinical Milestone [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Potential Milestone Payments Receivable											45,500,000
Genentech [Member] \| Licensing Agreements [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Proceeds from upfront fee											$ 10,000,000

Basis of Presentation

12 Months Ended

Dec. 31, 2020

Accounting Policies [Abstract]

Basis of presentation

2.	Basis of presentation:

These consolidated financial statements are presented in U.S. dollars and have been prepared in accordance with United States generally accepted accounting principles (“U.S. GAAP”). Certain information has been reclassified to conform with the financial statement presentation adopted for the current year.

The Company has one wholly-owned subsidiary as of December 31, 2020, Xenon Pharmaceuticals USA Inc., which was incorporated in Delaware on December 2, 2016.

These consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary. All intercompany transactions and balances have been eliminated on consolidation.

Share Capital - Stock Based Compensation Expenses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation	$ 5,677	$ 2,944
Research and development [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation	1,936	1,283
General and administrative [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation	$ 3,741	$ 1,661

Accounts Payable and Accrued Expenses

12 Months Ended

Dec. 31, 2020

Payables And Accruals [Abstract]

Accounts Payable and Accrued Expenses

9.	Accounts payable and accrued expenses:

Accounts payable and accrued expenses consisted of the following:

	December 31,
	2020		2019
Trade payables	$	3,041	$	2,473
Employee compensation, benefits, and related accruals		2,859		2,892
Consulting and contracted research		4,738		3,104
Professional fees		167		154
Other		69		195
Total	$	10,874	$	8,818

Commitments and Contingencies (Details) - USD ($)	1 Months Ended			3 Months Ended	12 Months Ended
Commitments and Contingencies (Details) - USD ($)	Aug. 31, 2020	Jul. 31, 2017	Aug. 31, 2015	Mar. 31, 2017	Dec. 31, 2020
License, Manufacture and Supply Agreement [Member]
Commitments and Contingencies [Line Items]
Royalty obligation description				Under the terms of the agreement, the Company will be required to pay a low single-digit percentage royalty on net sales of any products developed and commercialized under the agreement
Asset Purchase Agreement [Member] \| 1st Order Pharmaceuticals, Inc. [Member]
Commitments and Contingencies [Line Items]
Milestone payment paid	$ 300,000
Royalty obligations	0
Asset Purchase Agreement [Member] \| 1st Order Pharmaceuticals, Inc. [Member] \| Clinical Development Milestones [Member]
Commitments and Contingencies [Line Items]
Future potential payments	1,200,000
Asset Purchase Agreement [Member] \| 1st Order Pharmaceuticals, Inc. [Member] \| Regulatory Milestone [Member] \| Maximum [Member]
Commitments and Contingencies [Line Items]
Future potential payments	6,000,000
Asset Purchase Agreement [Member] \| 1st Order Pharmaceuticals, Inc. [Member] \| Other Milestones [Member]
Commitments and Contingencies [Line Items]
Future potential payments	$ 500,000
License Agreement [Member]
Commitments and Contingencies [Line Items]
Royalty obligation description		low-to-mid single-digit percentage royalty on net sales of any products developed and commercialized under the agreement
Amount accrued to date based on progress against milestones					$ 0
License Agreement [Member] \| Clinical Development Milestones [Member]
Commitments and Contingencies [Line Items]
Future potential payments		$ 2,000,000
License Agreement [Member] \| Regulatory Milestone [Member] \| Maximum [Member]
Commitments and Contingencies [Line Items]
Future potential payments		$ 7,000,000
Priority Access Agreement with Medpace Inc. [Member]
Commitments and Contingencies [Line Items]
Service agreement, term			5 years
Committed service obligation			$ 7,000,000		3,651,000
Contractual obligation paid					$ 3,349,000

Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2020

Accounting Policies [Abstract]

Property Plant and Equipment Estimated Useful Lives

Property, plant and equipment are amortized over their estimated useful lives using the straight-line method based on the following rates:

Asset		Rate
Research equipment		5 years
Office furniture and equipment		5 years
Computer equipment		3 years
Leasehold improvements		Over the lesser of lease term or estimated useful life

Share Capital - Stock Option Activity (Parenthetical) (Details) - shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Stock Options exercised for Number of Common Shares for cash	26,513	36,174
Common stock issued for cashless exercise	87,197	137,843
Cashless exercise of stock options	145,299	229,983

Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2020

Accounting Policies [Abstract]

Use of estimates

(a)

Use of estimates:

The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Significant areas of estimates include, but are not limited to, revenue recognition including estimated timing of completion of performance obligations and the determination of stock-based compensation. These estimates and assumptions take into account historical and forward looking factors that the Company believes are reasonable, including but not limited to the potential impacts arising from the novel coronavirus (“COVID-19”) and pandemic public and private sector policies and initiatives aimed at reducing its transmission. The full extent to which the pandemic may have a direct or indirect impact on our business, results of operations and financial condition, including revenue, expenses, research and clinical development plans and timelines, depends on future developments that are highly uncertain, including as a result of new information that may emerge concerning COVID-19, as well as the economic impact on local, regional, national and global markets. Actual results could differ materially from these estimates. Estimates and assumptions are reviewed quarterly. All revisions to accounting estimates are recognized in the period in which the estimates are revised and in any future periods affected.

Cash and cash equivalents

(b)

Cash and cash equivalents:

Cash equivalents are highly liquid investments that are readily convertible into cash with terms to maturity of three months or less when acquired. Cash equivalents are recorded at cost plus accrued interest. The carrying value of these cash equivalents approximates their fair value.

Marketable Securities

(c)

Marketable securities:

Marketable securities are investments with original maturities exceeding three months, and the Company classified these securities as current assets as the Company has the intent and ability to convert these securities into cash without penalty within the next 12 months. Marketable securities accrue interest based on a fixed interest rate for the term. The carrying value of marketable securities is recorded at quoted prices in active markets, which approximates their fair value.

Intellectual property

(d)

Intellectual property:

The costs incurred in establishing and maintaining patents for intellectual property developed internally are expensed in the period incurred.

Property, plant and equipment

(e)

Property, plant and equipment:

Property, plant and equipment are stated at cost less accumulated depreciation and/or accumulated impairment losses, if any. Repairs and maintenance costs are expensed in the period incurred.

Property, plant and equipment are amortized over their estimated useful lives using the straight-line method based on the following rates:

Asset		Rate
Research equipment		5 years
Office furniture and equipment		5 years
Computer equipment		3 years
Leasehold improvements		Over the lesser of lease term or estimated useful life

Impairment of long-lived assets

(f)

Impairment of long-lived assets:

The Company monitors its long-lived assets for indicators of impairment. If such indicators are present, the Company assesses the recoverability of affected assets by determining whether the carrying value of such assets is less than the sum of the undiscounted future cash flows of the assets. If such assets are found not to be recoverable, the Company measures the amount of such impairment by comparing the carrying value of the assets to the fair value of the assets, with the fair value generally determined based on the present value of the expected future cash flows associated with the assets. No impairment of long-lived assets was noted during the years ended December 31, 2020 and 2019.

Leases

(g)

Leases:

Leases classified as operating leases are recorded as lease liabilities based on the present value of minimum lease payments over the lease term, discounted using the lessor’s rate implicit in the lease or the Company’s incremental borrowing rate, if the lessor’s implicit rate is not readily determinable. The lease term includes all periods covered by renewal and termination options where the Company is reasonably certain to exercise the renewal options or not to exercise the termination options. Corresponding right-of-use assets are recognized consisting of the lease liabilities, initial direct costs and any lease incentive payments. Lease liabilities are drawn down as lease payments are made and right-of-use assets are depreciated over the term of the lease. Operating lease expenses are recognized on a straight-line basis over the term of the lease, consisting of interest accrued on the lease liability and depreciation of the right-of-use asset, adjusted for changes in index-based variable lease payments in the period of change. Lease payments on short-term operating leases with lease terms twelve months or less are expensed as incurred.

Concentration of credit risk and of significant customers

(h)

Concentration of credit risk and of significant customers:

Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash and cash equivalents. Cash and cash equivalents were held at major financial institutions in Canada and the United States. Such deposits may be in excess of insured limits in the event of non-performance by the institutions; however, the Company does not anticipate non-performance.

Neurocrine Biosciences, Inc. ("Neurocrine Biosciences") accounted for 100% of revenue recognized for the year ended December 31, 2020. Neurocrine Biosciences and Flexion Therapeutics, Inc. (“Flexion”) accounted for 48% and 51% of revenue recognized for the year ended December 31, 2019, respectively.

Financial instruments and fair value

(i)

Financial instruments and fair value:

We measure certain financial instruments and other items at fair value.

To determine the fair value, the Company uses the fair value hierarchy for inputs used to measure fair value of financial assets and liabilities. This hierarchy prioritizes the inputs to valuation techniques used to measure fair value into three levels: Level 1 (highest priority), Level 2, and Level 3 (lowest priority).

•

Level 1 - Unadjusted quoted prices in active markets for identical instruments.

•

Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability (i.e., interest rates, yield curves, etc.), and inputs that are derived principally from or corroborated by observable market data by correlation or other means (market corroborated inputs).

•

Level 3 - Inputs are unobservable and reflect the Company’s assumptions as to what market participants would use in pricing the asset or liability. The Company develops these inputs based on the best information available.

Assets and liabilities are classified based on the lowest level of input that is significant to the fair value measurements. Changes in the observability of valuation inputs may result in a reclassification of levels for certain securities within the fair value hierarchy.

The Company’s Level 1 assets include cash and cash equivalents and marketable securities with quoted prices in active markets. The carrying amount of accounts receivables, accounts payable and accrued expenses approximates fair value due to the nature and short-term of those instruments.

Revenue recognition

(j)

Revenue recognition:

The Company recognizes the amount of revenue to which it expects to be entitled, for the transfer of promised goods or services to customers under a five-step model: (i) identify contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when or as a performance obligation is satisfied.

The Company generates revenue primarily through collaboration agreements. Such agreements may require the Company to deliver various rights and/or services, including intellectual property rights or licenses and research and development services. Under such collaboration agreements, the Company is generally eligible to receive non-refundable upfront payments, funding for research and development services, milestone payments, and royalties.

In contracts where the Company has more than one performance obligation to provide its customer with goods or services, each performance obligation is evaluated to determine whether it is distinct based on whether (i) the customer can benefit from the good or service either on its own or together with other resources that are readily available and (ii) the good or service is separately identifiable from other promises in the contract. The consideration under the contract is then allocated between the distinct performance obligations based on their respective relative standalone selling prices. The estimated standalone selling price of each deliverable reflects the Company’s best estimate of what the selling price would be if the deliverable was regularly sold on a standalone basis and is determined by reference to market rates for the good or service when sold to others or by using an adjusted market assessment approach if selling price on a standalone basis is not available.

The consideration allocated to each distinct performance obligation is recognized as revenue when control is transferred to the customer for the related goods or services. Consideration in exchange for research and development services performed by the Company on behalf of the licensee is recognized upon performance of such activities at rates consistent with prevailing market rates. Consideration associated with at-risk substantive performance milestones, including sales-based milestones, is recognized as revenue when it is probable that a significant reversal of the cumulative revenue recognized will not occur. Sales-based royalties received in connection with licenses of intellectual property are subject to a specific exception in the revenue standards, whereby the consideration is not included in the transaction price and recognized in revenue until the customer’s subsequent sales or usages occur.

Research and development costs

(k)

Research and development costs:

Research and development costs are expensed in the period incurred.

Certain development activity costs, such as pre-clinical costs, manufacturing costs and clinical trial costs, are a component of research and development costs and include fees paid to contract research organizations, contract development and manufacturing organizations, investigators and other vendors who conduct certain product development activities on behalf of the Company. The amount of expenses recognized in a period related to service agreements is based on the work performed using the accrual basis of accounting. Vendors generally provide estimates of proportionate performance to allow the Company to determine an appropriate accrual. Payments made to third parties under these arrangements in advance of the receipt of the related services are recorded as prepaid expenses until the services are rendered.

Stock-based compensation

(l)

Stock-based compensation:

The Company grants stock options to employees, directors and officers pursuant to stock option plans described in note 11c.

Employee stock-based compensation expense is measured at the grant date, based on the estimated fair value of the award, and is recognized as an expense, net of actual forfeitures, over the requisite service period with a corresponding increase in additional paid-in capital. Stock-based compensation expense is amortized on a straight-line basis over the requisite service period for the entire award, which is generally the vesting period of the award. Any consideration received on exercise of stock options is credited to share capital.

Foreign currency translation

(m)

Foreign currency translation:

The functional and reporting currency of the Company and its subsidiary is the U.S. dollar. Monetary assets and liabilities denominated in a currency other than the U.S. dollar are re-measured into U.S. dollars at the exchange rate prevailing as of the balance sheet date. Non-monetary assets and liabilities acquired in a currency other than U.S. dollars are translated at historical exchange rates prevailing at each transaction date.

Revenue and expense transactions are translated at the exchange rates prevailing at each transaction date. Exchange gains and losses on translation are included in the consolidated statements of operations and comprehensive income (loss) as foreign exchange gain (loss).

Income taxes

(n)

Income taxes:

Deferred income taxes are recognized for the future tax consequences attributable to differences between the carrying amounts of assets and liabilities and their respective tax bases and net operating loss and credit carryforwards. Deferred income tax assets and liabilities are measured at enacted rates expected to apply to taxable income in the years in which those temporary differences and carryforwards are expected to be recovered or settled. The effect on deferred income tax assets and liabilities of a change in tax rates is recognized in the consolidated statement of operations and comprehensive income (loss) in the period that includes the enactment date. A valuation allowance is provided when realization of deferred income tax assets does not meet the more-likely-than-not criterion for recognition.

Segment and geographic information

(o)

Segment and geographic information:

Operating segments are defined as components of an enterprise about which separate discrete information is available for evaluation by the chief operating decision maker, or decision making group, in deciding how to allocate resources and in assessing performance. The Company views its operations and manages its business in one operating segment.

Concentrations of Market Risk (Details) $ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2020 USD ($)	Dec. 31, 2020 CAD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2019 CAD ($)
Interest Rate Risk [Member]
Concentration Risk [Line Items]
Cash and cash equivalents and marketable securities	$ 176,997
Interest rate risk, description	The Company does not enter into investments for trading or speculative purposes and has not used any derivative financial instruments to manage interest rate exposure. A 10% change in interest rates during any of the periods presented would not have had a material impact on the Company's consolidated financial statements.
Foreign Currency Exchange Risk [Member]
Concentration Risk [Line Items]
Cash and cash equivalents and marketable securities	$ 161,847	$ 19,282	$ 129,838	$ 14,962

Income Taxes - Schedule of Income Tax Recovery (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Computed recoveries at Canadian federal and provincial tax rates	$ (7,856)	$ (11,237)
Change in valuation allowance	7,821	11,148
Investment tax credits earned	(1,689)	(1,522)
Tax attributes expired/utilized	764	678
Non-deductible expenditures	1,135	477
Other	(432)	433
Income tax recovery	$ (257)	$ (23)

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Income Taxes - Net Deferred Income Tax Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Scientific research and experimental development pool	$ 29,580	$ 27,531
Investment tax credits	25,411	24,384
Non-capital losses	35,803	23,603
Depreciable assets	6,635	5,983
Deferred financing fees	1,689	972
Deferred revenue	983	8,223
Other	533	347
Less - valuation allowance	(100,111)	(90,805)
Net deferred income tax assets	$ 523	$ 238

Share Capital - Summary of Non-Vested Stock Option Activity (Details)	12 Months Ended
	Dec. 31, 2020 $ / shares shares	Dec. 31, 2020 $ / shares shares	Dec. 31, 2019 $ / shares shares	Dec. 31, 2019 $ / shares shares
Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Number Of Shares Roll Forward
Number of Options, Non-vested, Beginning balance	1,588,210	1,588,210
Number of Options, Granted	1,482,250	1,482,250	1,225,575	1,225,575
Number of Options, Vested	(688,590)	(688,590)
Number of Options, Forfeited or cancelled	(45,433)	(45,433)
Number of Options, Non-vested, Ending balance	2,336,437	2,336,437	1,588,210	1,588,210
Weighted Average Grant Date Fair Value, Non-vested, Beginning balance \| (per share)	$ 5.51	$ 7.17
Weighted Average Grant Date Fair Value, Granted \| (per share)	7.46	9.50	$ 6.23
Weighted Average Grant Date Fair Value, Vested \| (per share)	5.37	6.84
Weighted Average Grant Date Fair Value, Forfeited or cancelled \| (per share)	5.83	7.43
Weighted Average Grant Date Fair Value, Non-vested, Ending balance \| (per share)	$ 6.78	$ 8.64	$ 5.51	$ 7.17

Concentrations of Market Risk

12 Months Ended

Dec. 31, 2020

Risks And Uncertainties [Abstract]

Concentration of market risk

12.	Concentrations of market risk:

(a)

Foreign currency risk:

At December 31, 2020, the Company had U.S. dollar denominated cash and cash equivalents and marketable securities of $161,847 (2019 – $129,838) and Canadian denominated cash and cash equivalents and marketable securities of CAD$19,282 (2019 – CAD$14,962).

The Company faces foreign currency exchange rate risk in part, as a result of entering into transactions denominated in currencies other than U.S. dollars, particularly those denominated in Canadian dollars. The Company also holds non-U.S. dollar denominated cash and cash equivalents, marketable securities, accounts receivable and accounts payable, which are denominated in Canadian dollars.

Changes in foreign currency exchange rates can create significant foreign exchange gains or losses to the Company. The Company’s current foreign currency risk is with the Canadian dollar, as a majority of non-U.S. dollar denominated expenses are denominated in Canadian dollars and a portion of cash and cash equivalents and marketable securities are held in Canadian dollars. The Company does not currently hedge its exposure and thus assumes the risk of future gains or losses on the amounts of Canadian dollars held.

(b)

Interest Rate Risk:

At December 31, 2020, the Company had cash and cash equivalents and marketable securities of $176,997. The Company’s interest rate risk is primarily attributable to its cash and cash equivalents and marketable securities. The Company believes that it does not have any material exposure to changes in the fair value of these assets as a result of changes in interest rates due to the short term nature of cash and cash equivalents and marketable securities. The Company does not enter into investments for trading or speculative purposes and has not used any derivative financial instruments to manage interest rate exposure.

Share Capital - Fair Value Assumptions for Stock Options (Details)	12 Months Ended
	Dec. 31, 2020 $ / shares	Dec. 31, 2020 $ / shares	Dec. 31, 2019 $ / shares
Fair Value Assumptions For Stock Options [Abstract]
Average risk-free interest rate	0.72%	0.72%	1.77%
Expected volatility	68.00%	68.00%	69.00%
Average expected term (in years)	6 years 9 months 14 days	6 years 9 months 14 days	6 years 10 months 9 days
Expected dividend yield	0.00%	0.00%	0.00%
Weighted average fair value of options granted \| (per share)	$ 7.46	$ 9.50	$ 6.23

Property, Plant and Equipment

12 Months Ended

Dec. 31, 2020

Property Plant And Equipment [Abstract]

Property, Plant and Equipment

7.	Property, plant and equipment:

Property, plant and equipment consisted of the following:

	December 31,
	2020			2019
Research equipment	$	8,683		$	6,522
Office furniture and equipment		994			985
Computer equipment		2,641			2,473
Leasehold improvements		6,390			6,370
Less: accumulated depreciation and amortization		(15,154	)		(14,690	)
Net book value	$	3,554		$	1,660

Income Taxes

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Income Taxes

15.	Income taxes:

Income tax recovery varies from the amounts that would be computed by applying the expected Canadian federal and provincial statutory income tax rate of 27% (2019 – 27%) to loss before income taxes as shown in the following table:

	Year Ended December 31,
	2020			2019
Computed recoveries at Canadian federal and provincial tax rates	$	(7,856	)	$	(11,237	)
Change in valuation allowance		7,821			11,148
Investment tax credits earned		(1,689	)		(1,522	)
Tax attributes expired/utilized		764			678
Non-deductible expenditures		1,135			477
Other		(432	)		433
Income tax recovery	$	(257	)	$	(23	)

Income tax recovery for the years ended December 31, 2020 and 2019 arose from the operations of Xenon Pharmaceuticals USA Inc., the Company’s wholly-owned subsidiary in the United States.

Deferred income tax assets and liabilities result from the temporary differences between the amount of assets and liabilities recognized for financial statement and income tax purposes. The significant components of the Company’s net deferred income tax assets are as follows:

	December 31,
	2020			2019
Scientific research and experimental development pool	$	29,580		$	27,531
Investment tax credits		25,411			24,384
Non-capital losses		35,803			23,603
Depreciable assets		6,635			5,983
Deferred financing fees		1,689			972
Deferred revenue		983			8,223
Other		533			347
Less - valuation allowance		(100,111	)		(90,805	)
Net deferred income tax assets	$	523		$	238

The realization of deferred income tax assets is dependent upon the generation of sufficient taxable income during future periods in which the temporary differences are expected to reverse. The valuation allowance is reviewed on a quarterly basis and if the assessment of the “more likely than not” criteria changes, the valuation allowance is adjusted accordingly. A full valuation allowance continues to be applied against deferred income tax assets in Canada as the Company has assessed that the realization of such assets does not meet the “more likely than not” criteria. Deferred income tax assets recorded on the consolidated balance sheets as of December 31, 2020 and 2019 result from the temporary differences between the amounts of assets and liabilities recognized for financial statement and income tax purposes related to the operations of Xenon Pharmaceuticals USA Inc.

At December 31, 2020, the Company has unclaimed tax deductions for scientific research and experimental development expenditures of $109,556 (2019 – $101,965) with no expiry.

At December 31, 2020, the Company has $24,311 (2019 – $22,992) of investment tax credits available to offset federal taxes payable and $7,738 (2019 – $7,675) of provincial tax credits available to offset provincial taxes payable in the future.

At December 31, 2020, the Company has non-capital losses, net of uncertain tax positions, carried forward for tax purposes, which are available to reduce taxable income of future years of approximately $132,604 (2019 – $87,417).

The investment tax credits and loss carry forwards expire over various years to 2040.

As of December 31, 2020, the total amount of the Company’s unrecognized tax benefits of uncertain tax positions were $10,850 (2019 – $10,850). If recognized in future periods, the unrecognized tax benefits would not affect the Company’s effective tax rate. The Company recognizes potential accrued interest and penalties related to unrecognized tax benefits within the income tax provision. Interest and penalties have not been accrued at December 31, 2020 as none would be owing on the unrecognized tax benefits due to the availability of non-capital losses to shelter any potential taxable income arising thereon. The Company does not currently expect any significant increases or decreases to these unrecognized tax benefits within 12 months of the reporting date.

The Company files income tax returns in Canada and the United States, the jurisdictions in which the Company believes that it is subject to tax. In jurisdictions in which the Company does not believe it is subject to tax and therefore does not file income tax returns, the Company can provide no certainty that tax authorities in those jurisdictions will not subject one or more tax years (since the inception of the Company) to examination. Further, while the statute of limitations in each jurisdiction where an income tax return has been filed generally limits the examination period, as a result of loss carry-forwards, the limitation period for examination generally does not expire until several years after the loss carry-forwards are utilized. Other than routine audits by tax authorities for tax credits and tax refunds that the Company claims, the Company is not aware of any other material income tax examination currently in progress by any taxing jurisdiction. Tax years ranging from 2002 to 2019 remain subject to examinations in Canada and the United States.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References + Details

Leases

12 Months Ended

Dec. 31, 2020

Leases [Abstract]

Leases

Leases:

The Company has one operating lease for research laboratories and office space in Burnaby, British Columbia. In October 2020, the Company entered into a lease amendment for a 21–month committed term from October 1, 2020 to June 30, 2022. A renewal option for a portion of the facility for a 5-year term that is reasonably certain of exercise has been included in the determination of the right-of-use asset and lease liability as of December 31, 2020.

The cost components of the operating lease were as follows for the years ended December 31, 2020 and 2019:

	Year Ended December 31,
	2020			2019
Lease Cost
Operating lease expense	$	536		$	436
Variable lease expense⁽¹⁾		549			542
Lease Term and Discount Rate
Remaining lease term (years)		6.50		2.25
Discount rate		2.45	%		3.75	%

(1)

Variable lease costs are payments that vary because of changes in facts or circumstances and include common area maintenance and property taxes related to the premises. Variable lease costs are excluded from the calculation of minimum lease payments.

Future minimum lease payments as of December 31, 2020 were as follows:

Year ending December 31:
2021	$	811
2022	694
2023	569
2024	569
2025 and thereafter		1,423
Total future minimum lease payments	$	4,066
Less: imputed interest		(284	)
Less: future lease incentives reasonably certain of use		(467	)
Present value of lease liabilities	$	3,315

Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Tax Credit Carryforward [Line Items]
Canadian federal and provincial tax rates	27.00%	27.00%
Unclaimed Tax Deductions Related To Scientific Research And Experimental Development Expenditures	$ 109,556	$ 101,965
Non-capital losses carried forward for tax purposes	$ 132,604	87,417
Tax Credit Carry forward, Expiration Date	Dec. 31, 2040
Unrecognized tax benefits of uncertain tax positions	$ 10,850	10,850
Canada and United States Revenue Agency [Member] \| Latest Tax Year [Member]
Tax Credit Carryforward [Line Items]
Tax year open for income tax examination	2019
Canada and United States Revenue Agency [Member] \| Earliest Tax Year [Member]
Tax Credit Carryforward [Line Items]
Tax year open for income tax examination	2002
Investment Tax credit [Member]
Tax Credit Carryforward [Line Items]
Tax credit available to offset taxes payable	$ 24,311	22,992
Provincial Tax Credit [Member]
Tax Credit Carryforward [Line Items]
Tax credit available to offset taxes payable	$ 7,738	$ 7,675

Leases - Future Minimum Lease Payments (Details) $ in Thousands	Dec. 31, 2020 USD ($)
Commitments And Contingencies Disclosure [Abstract]
2021	$ 811
2022	694
2023	569
2024	569
2025 and thereafter	1,423
Total future minimum lease payments	4,066
Less: imputed interest	(284)
Less: future lease incentives reasonably certain of use	(467)
Present value of lease liabilities	$ 3,315

Significant Accounting Policies (Details)	12 Months Ended
Significant Accounting Policies (Details)	Dec. 31, 2020 USD ($) Segment	Dec. 31, 2019 USD ($)
Significant Accounting Policies [Line Items]
Impairment of Long-Lived Assets \| $	$ 0	$ 0
Number of operating segment \| Segment	1
Total Revenues [Member] \| Neurocrine Biosciences [Member] \| Product Concentration Risk [Member]
Significant Accounting Policies [Line Items]
Concentration Risk, Percentage	100.00%	48.00%
Total Revenues [Member] \| Flexion [Member] \| Product Concentration Risk [Member]
Significant Accounting Policies [Line Items]
Concentration Risk, Percentage		51.00%

Term Loan (Details) - USD ($) $ / shares in Units, $ in Thousands		1 Months Ended	12 Months Ended
	May 31, 2020	Aug. 31, 2018	Dec. 31, 2020
Debt Instrument [Line Items]
Loss on repayment of term loan (note 10)			$ (988)
Term Loan [Member]
Debt Instrument [Line Items]
Debt instrument, final payment fee	$ 1,008
Debt instrument prepayment fee	$ 225
Loss on repayment of term loan (note 10)			$ 988
Warrants outstanding to purchase common stock			40,000
Warrants exercise price per common share			$ 9.79
Term Loan [Member] \| Loan Agreement [Member] \| Silicon Valley Bank [Member]
Debt Instrument [Line Items]
Aggregate principal amount of debt instrument		$ 15,500
Debt instrument, payment commencing period		2018-08
Debt instrument, interest only payment end date		Mar. 31, 2020
Debt instrument principal repayment period		30 months
Debt instrument, maturity date		Sep. 01, 2022
Debt instrument, final payment fee percentage		6.50%
Term Loan [Member] \| Loan Agreement [Member] \| Silicon Valley Bank [Member] \| Prime Rate [Member]
Debt Instrument [Line Items]
Debt instrument, floating interest rate		0.50%

Document And Entity Information - USD ($) $ in Millions	12 Months Ended
Document And Entity Information - USD ($) $ in Millions	Dec. 31, 2020	Feb. 26, 2021	Jun. 30, 2020
Cover [Abstract]
Document Type	10-K
Entity Registrant Name	XENON PHARMACEUTICALS INC.
Current Fiscal Year End Date	--12-31
Entity Common Stock, Shares Outstanding		35,809,247
Entity Public Float			$ 382.9
Amendment Flag	false
Trading Symbol	XENE
Entity Central Index Key	0001582313
Document Annual Report	true
Document Transition Report	false
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Non-accelerated Filer
Entity Well-known Seasoned Issuer	No
Document Period End Date	Dec. 31, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	FY
Entity Shell Company	false
Entity Small Business	true
Entity Emerging Growth Company	false
Title of 12(b) Security	Common Shares, without par value
Security Exchange Name	NASDAQ
Entity Interactive Data Current	Yes
Entity Tax Identification Number	98-0661854
Entity Address, Address Line One	200-3650 Gilmore Way
Entity Address, City or Town	Burnaby
Entity Address, State or Province	BC
City Area Code	604
Local Phone Number	484-3300
Entity File Number	001-36687
Entity Address, Postal Zip Code	V5G 4W8
Entity Incorporation, State or Country Code	Z4
Entity Address, Country	CA
ICFR Auditor Attestation Flag	false
Documents Incorporated by Reference	Portions of the Registrant’s Definitive Proxy Statement relating to the 2021 Annual Meeting of Shareholders, which will be filed with the Securities and Exchange Commission subsequent to the date hereof, are incorporated by reference into Part III of this Report. Such Proxy Statement will be filed with the Securities and Exchange Commission not later than 120 days following the end of the Registrant’s fiscal year ended December 31, 2020.

Nature of the business (Details) - USD ($) $ in Thousands	12 Months Ended
Nature of the business (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Accumulated deficit	$ 278,492	$ 249,655
Net loss	$ 28,837	$ 41,595

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Commitments and Contingencies

12 Months Ended

Dec. 31, 2020

Commitments And Contingencies Disclosure [Abstract]

Commitments and Contingencies

14.	Commitments and contingencies:

(a)

Priority access agreement with Medpace Inc. (“Medpace”):

In August 2015, the Company entered into a priority access agreement with Medpace for the provision of certain clinical development services, under which the Company had committed to using Medpace non-exclusively for clinical development services over the five year term of the agreement which ended in August 2020. The Company committed to $7,000 of services over the term of the agreement of which $3,349 of services have been received and $3,651 remains committed as of December 31, 2020. As the Company did not meet the commitment to retain Medpace for $7,000 of services prior to August 2020, the Company is required to provide Medpace the exclusive right to perform all subsequent outsourced clinical development work until such $7,000 commitment has been satisfied, subject to the availability of appropriate Medpace resources and reasonable service rates. If the Company decides not to retain Medpace for the provision of clinical development services, the Company may satisfy its obligations under the priority access agreement by paying Medpace an amount equal to half of the unsatisfied portion. The Company intends to continue to utilize Medpace for clinical development work where appropriate in order to fulfill the remaining commitment; therefore, no liability has been recognized as of December 31, 2020 with respect to the unsatisfied portion under the priority access agreement.

(b)

License, manufacture and supply agreement:

In March 2017, the Company entered into a license, manufacture and supply agreement with a pharmaceutical contract manufacturing organization for the access and use of certain regulatory documents as well as for the manufacture and supply of clinical and commercial drug product to support the development of XEN007. Under the terms of the agreement, the Company will be required to pay a low single-digit percentage royalty on net sales of any products developed and commercialized under the agreement.

(c)

Asset purchase agreement with 1st Order Pharmaceuticals, Inc. (“1st Order”):

In April 2017, the Company acquired XEN1101 (previously known as 1OP2198) from 1st Order pursuant to an asset purchase agreement.

In August 2020, the Company and 1stOrder amended the asset purchase agreement to amend certain definitions in the agreement and to modify the payment schedule for certain milestones. Future potential payments to 1st Order related to the XEN1101 program include up to $1,200 in clinical development milestones, up to $6,000 in regulatory milestones, and $500 in other milestones. To date, the Company has paid $300 based on progress against these milestones. There are no royalty obligations to 1st Order.

(d)

License agreement:

In July 2017, the Company entered into a license agreement with a pharmaceutical company for the access and use of certain regulatory documents to support the development of XEN007. Future potential payments include $2,000 in clinical development milestones, up to $7,000 in regulatory milestones, plus a low-to-mid single-digit percentage royalty on net sales of any products developed and commercialized under the agreement. No amounts have been accrued to date based on the progress against these milestones.

(e)

Guarantees and indemnifications:

The Company has entered into license and research agreements with third parties that include indemnification provisions that are customary in the industry. These indemnification provisions generally require the Company to compensate the other party for certain damages and costs incurred as a result of third party claims or damages arising from these transactions.

The maximum amount of potential future indemnification is unlimited; however, the Company currently holds commercial and product liability insurance. This insurance limits the Company’s exposure and may enable it to recover a portion of any future amounts paid. Historically, the Company has not made any indemnification payments under such agreements and the Company believes that the fair value of these indemnification obligations is minimal. Accordingly, the Company has not recognized any liabilities relating to these obligations for any period presented.

Consolidated Balance Sheets (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Statement Of Financial Position [Abstract]
Preferred shares, without par value
Preferred shares, shares authorized	Unlimited	Unlimited
Preferred shares, issued	1,016,000	1,016,000
Preferred shares, outstanding	1,016,000	1,016,000
Common shares, without par value
Common shares, shares authorized	Unlimited	Unlimited
Common shares, Issued	35,012,125	28,139,228
Common shares, Outstanding	35,012,125	28,139,228

Nature of the Business

12 Months Ended

Dec. 31, 2020

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Nature of the business

1.	Nature of the business:

Xenon Pharmaceuticals Inc. (the “Company”), incorporated in 1996 under the predecessor to the Business Corporations Act (British Columbia) and continued federally in 2000 under the Canada Business Corporations Act, is a clinical stage biopharmaceutical company focused on developing innovative therapeutics to improve the lives of patients with neurological disorders, with a focus on epilepsy.

The Company has incurred significant operating losses since inception. As of December 31, 2020, the Company had an accumulated deficit of $278,492 and a $28,837 net loss for the year ended December 31, 2020. Management expects to continue to incur significant expenses in excess of revenue and to incur operating losses for the foreseeable future. To date, the Company has financed its operations primarily through funding received from collaboration and license agreements, private placements of common and preferred shares, public offerings of common shares, debt financing, and government funding.

Until such time as the Company can generate substantial product revenue, if ever, management expects to finance the Company’s cash needs through a combination of collaboration agreements, equity and debt financings. The continuation of research and development activities and the future commercialization of its products are dependent on the Company’s ability to successfully raise additional funds when needed. It is not possible to predict either the outcome of future research and development programs or the Company’s ability to continue to fund these programs in the future.

Leases - Schedule of Cost Components of Operating Lease (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2020

Dec. 31, 2019

Leases [Abstract]

Operating lease expense

$ 536

$ 436

Variable lease expense

^[1]

$ 549

$ 542

Remaining lease term (years)

6 years 6 months

2 years 3 months

Discount rate

2.45%

3.75%

[1]	Variable lease costs are payments that vary because of changes in facts or circumstances and include common area maintenance and property taxes related to the premises. Variable lease costs are excluded from the calculation of

Property, Plant and Equipment (Tables)

12 Months Ended

Dec. 31, 2020

Property Plant And Equipment [Abstract]

Summary of Property, Plant and Equipment

Property, plant and equipment consisted of the following:

	December 31,
	2020			2019
Research equipment	$	8,683		$	6,522
Office furniture and equipment		994			985
Computer equipment		2,641			2,473
Leasehold improvements		6,390			6,370
Less: accumulated depreciation and amortization		(15,154	)		(14,690	)
Net book value	$	3,554		$	1,660

Significant Accounting Policies - Property Plant and Equipment Estimated Useful Lives (Details)	12 Months Ended
	Dec. 31, 2020
Research Equipment [Member]
Property Plant And Equipment [Line Items]
Property, Plant and Equipment, Useful Life	5 years
Office Furniture and Equipment [Member]
Property Plant And Equipment [Line Items]
Property, Plant and Equipment, Useful Life	5 years
Computer Equipment [Member]
Property Plant And Equipment [Line Items]
Property, Plant and Equipment, Useful Life	3 years
Leasehold Improvements [Member]
Property Plant And Equipment [Line Items]
Property, Plant and Equipment, Estimated Useful Lives	Over the lesser of lease term or estimated useful life

Share Capital

12 Months Ended

Dec. 31, 2020

Stockholders Equity Note [Abstract]

Share Capital

11.	Share capital:

(a)

Financing:

In November 2019, the Company entered into an at-the-market equity offering sales agreement with Jefferies LLC (“Jefferies”) and Stifel, Nicolaus & Company, Incorporated (“Stifel”) to sell common shares of the Company having aggregate gross proceeds of up to $50,000 from time to time, through an “at-the-market” equity offering program under which Jefferies and Stifel would act as sales agents. As of December 31, 2019, the Company had sold 805,643 common shares under the sales agreement for proceeds of approximately $10,771, net of commissions paid, but excluding transaction expenses. In January 2020, the Company sold an additional 2,446,687 common shares for proceeds of approximately $37,979, net of commissions paid, but excluding transaction expenses.

In December 2019, in connection with the License and Collaboration Agreement with Neurocrine Biosciences (the "Neurocrine Collaboration Agreement"), the Company executed a Share Purchase Agreement ("SPA") pursuant to which the Company issued 1,408,847 common shares for an aggregate purchase price of $20,000, or $14.196 per common share, which represents a premium of $3,333 when measured at fair value on the date of issuance. These common shares are subject to lock-up restrictions and standstill agreement for a period of two years. The SPA contains certain other customary terms and conditions, including mutual representations, warranties and covenants. For additional information regarding the Neurocrine Collaboration Agreement, refer to note 13a.

In January 2020, the Company entered into an underwriting agreement with Jefferies, Stifel and Guggenheim Securities, LLC, relating to an underwritten public offering of 3,750,000 common shares sold by the Company at a public offering price of $16.00 per common share, and granted the underwriters an option for a period of 30 days to purchase up to an additional 562,500 common shares. The public offering was completed on January 27, 2020, and the Company received net proceeds of $56,700, net of underwriting discounts and commissions, but before offering expenses. The underwriters exercised their option in full in February 2020 and the Company received additional net proceeds of $8,460, net of underwriting discounts and commissions, but before offering expenses.

In August 2020, the Company entered into an at-the-market equity offering sales agreement with Jefferies and Stifel to sell common shares of the Company having aggregate gross proceeds of up to $100,000, from time to time, through an “at-the-market” equity offering program under which Jefferies and Stifel would act as sales agents. As of December 31, 2020, no common shares have been sold under the sales agreement. As of March 1, 2021, the Company sold 733,000 common shares for proceeds of approximately $10,720, net of commissions paid, but excluding estimated transaction expenses.

(b)

Authorized share capital:

The Company’s authorized share capital consists of an unlimited number of common and preferred shares without par value.

(c)

Stock-based compensation:

The Company has three equity incentive plans: (i) a pre-existing stock option plan (the “Amended and Restated Stock Option Plan”), (ii) the 2014 Equity Incentive Plan (the “2014 Plan”) which was amended and restated in June 2020, and (iii) the 2019 Inducement Equity Incentive Plan (the “2019 Inducement Plan”).

The Amended and Restated Stock Option Plan provided for the grant of stock options for the purchase of common shares to directors, officers, employees and consultants prior to the Company’s initial public offering. The stock options granted under the Amended and Restated Stock Option Plan vest on a graduated basis over a four-year period or less and each option’s maximum term is ten years. The 2014 Plan replaced the Amended and Restated Stock Option Plan. No further options will be granted under the Company’s Amended and Restated Stock Option Plan. The Amended and Restated Stock Option Plan will continue to govern the stock options granted thereunder.

In June 2014, the shareholders of the Company approved the 2014 Plan, which was replaced in June 2020 by the Amended and Restated 2014 Equity Incentive Plan (the “Amended and Restated 2014 Plan”). The Amended and Restated 2014 Plan governs all options granted under the 2014 Plan.

In September 2019, the board of directors of the Company adopted the 2019 Inducement Plan and, subject to the adjustment provisions of the 2019 Inducement Plan, reserved 400,000 of the Company’s common shares for issuance pursuant to equity awards granted under the 2019 Inducement Plan. The 2019 Inducement Plan was adopted without shareholder approval in accordance with the applicable Nasdaq Listing Rules. The 2019 Inducement Plan provided for the grant of equity-based awards, including share options, share appreciation rights, restricted share awards, restricted share unit awards and performance share awards, and its terms are substantially similar to the Company’s Amended and Restated 2014 Plan, including with respect to treatment of equity awards in the event of a “merger” or “change of control” as defined under the 2019 Inducement Plan, but with such other terms and conditions intended to comply with the Nasdaq inducement award exception or to comply with the Nasdaq acquisition and merger exception. The 2019 Inducement Plan was terminated in connection with the shareholder approval of the Amended and Restated 2014 Plan. No further options will be granted under the 2019 Inducement Plan, and the 2019 Inducement Plan will continue to govern the options granted thereunder.

In June 2020, the shareholders of the Company approved the Amended and Restated 2014 Plan, amending certain provisions of the Company’s 2014 Plan. The Amended and Restated 2014 Plan continues to permit the grant of stock-based compensation awards to directors, officers, employees and consultants of the Company and the issuance of restricted shares, restricted share units, share appreciation rights and performance shares. Under the Amended and Restated 2014 Plan, options granted generally vest on a graduated basis over a four-year period or less. The exercise price of the options is determined by the board of directors but must at least be equal to the fair market value of the common shares on the date of grant. Options may be exercised over a maximum term of ten years. The annual share increase provision of the 2014 Plan was eliminated and the number of common shares available for issuance was increased by 4,000,000 over the existing share reserve under the 2014 Plan. The number of common shares that can be issued through restricted share awards, restricted share unit awards, or performance share awards was amended to be limited to 1,000,000 common shares, in the aggregate. Other amendments were made to terms of the 2014 Plan with respect to repricing, change of control and payment of dividends and other distributions. As of December 31, 2020, a total of 3,841,942 common shares remain available for issuance pursuant to the Amended and Restated 2014 Plan.

Summary of stock option activity is as follows:

	Number of			Weighted Average Exercise Price				Aggregate
	Options			CAD $		U.S. $		Intrinsic Value
Outstanding, December 31, 2018		2,671,906			9.49		6.96		3,483
Granted		1,225,575			12.49		9.43
Exercised⁽¹⁾		(266,157	)		5.56		4.24		1,594
Forfeited, cancelled or expired		(97,088	)		16.36		12.41
Outstanding, December 31, 2019		3,534,236			10.29		7.90		19,618
Granted		1,482,250			16.10		11.75
Exercised⁽¹⁾		(171,812	)		7.60		5.76		1,535
Forfeited, cancelled or expired		(85,677	)		16.87		13.04
Outstanding, December 31, 2020		4,758,997			11.59		9.10		30,464
Exercisable, December 31, 2020		2,422,560			9.84		7.73		19,060

(1)	During the year ended December 31, 2020, 26,513 (2019 – 36,174) stock options were exercised for the same number of common shares in exchange for cash. In the same period, the Company issued 87,197 (2019 – 137,843) common shares for the cashless exercise of 145,299 (2019 – 229,983) stock options.

The following table summarizes the stock options outstanding and exercisable at December 31, 2020:

	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. $
$2.10 - $5.35		970,895		5.20		4.81		3.78		813,220		4.64		3.65
$5.36 - $9.18		954,108		5.50		10.00		7.85		896,370		10.07		7.91
$9.19 - $9.52		1,097,873		8.71		12.02		9.44		461,065		12.02		9.44
$9.53 - $11.72		1,302,419		9.26		14.65		11.50		3,488		12.63		9.92
$11.73 - $18.70		433,702		6.47		19.92		15.64		248,417		21.95		17.24
		4,758,997		7.30		11.59		9.10		2,422,560		9.84		7.73

At December 31, 2020, stock options outstanding and exercisable had a weighted average remaining contractual life of 7.30 years and 5.71 years, respectively.

A summary of the Company’s non-vested stock option activity and related information for the year ended December 31, 2020 is as follows:

	Number of Options			Weighted Average Grant Date Fair Value
				CAD $		USD $
Non-vested, January 1, 2020		1,588,210			7.17		5.51
Granted		1,482,250			9.50		7.46
Vested		(688,590	)		6.84		5.37
Forfeited or cancelled		(45,433	)		7.43		5.83
Non-vested, December 31, 2020		2,336,437			8.64		6.78

The aggregate fair value of options vested during the year ended December 31, 2020 was $3,698 (2019 – $3,255).

The fair value of stock options at the date of grant is estimated using the Black-Scholes option-pricing model which requires multiple subjective inputs. The risk-free interest rate of the options is based on the U.S. Treasury yield curve in effect at the date of grant for a term similar to the expected term of the option. The expected volatility is based on the historical volatility of the Company’s common shares calculated based on a period of time commensurate with the expected term assumption. Expected life assumptions are based on the Company’s historical data. The dividend yield is based on the fact that the Company has never paid cash dividends and has no present intention to pay cash dividends. Forfeitures are recognized as they occur.

The weighted-average option pricing assumptions are as follows:

	Year Ended December 31,
	2020			2019
Average risk-free interest rate		0.72	%		1.77	%
Expected volatility		68	%		69	%
Average expected term (in years)		6.79			6.86
Expected dividend yield		0.00	%		0.00	%
Weighted average fair value of options granted	$	7.46		$	6.23

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

	Year Ended December 31,
	2020		2019
Research and development expenses	$	1,936	$	1,283
General and administrative expenses		3,741		1,661
	$	5,677	$	2,944

As of December 31, 2020, the unrecognized stock-based compensation expense related to the non-vested stock options was $13,571, which is expected to be recognized over a weighted-average period of 2.59 years.

(d)

Exchange agreement with certain funds affiliated with BVF Partners L.P. (collectively, “BVF”):

In March 2018, the Company and BVF entered into an exchange agreement pursuant to which the Company issued to BVF 2,868,000 Series 1 Preferred Shares in exchange for 2,868,000 common shares which were subsequently cancelled by the Company.

The Company filed articles of amendment creating an unlimited number of Series 1 Preferred Shares. The Series 1 Preferred Shares are convertible into common shares on a one-for-one basis subject to the holder, together with its affiliates, beneficially owning no more than 9.99% of the total number of common shares issued and outstanding immediately after giving effect to such conversion (the “Beneficial Ownership Limitation”). The holder may reset the Beneficial Ownership Limitation to a higher or lower number, not to exceed 19.99% of the total number of common shares issued and outstanding immediately after giving effect to such conversion, upon providing written notice to the Company which will be effective 61 days after delivery of such notice. Each Series 1 Preferred Share is also convertible into one common share at any time at the Company’s option without payment of additional consideration, provided that prior to any such conversion, the holder, together with its affiliates, beneficially owns less than 5.00% of the total number of common shares issued and outstanding and such conversion will not result in the holder, together with its affiliates, beneficially holding more than 5.00% of the total number of common shares issued and outstanding immediately after giving effect to such conversion. In the event of a change of control, holders of Series 1 Preferred Shares shall be issued one common share for each outstanding Series 1 Preferred Share held immediately prior to the change of control (without regard to the Beneficial Ownership Limitation), and following such conversion, will be entitled to receive the same kind and amount of securities, cash or property that a holder of common shares is entitled to receive in connection with such change of control.

The Series 1 Preferred Shares rank equally to the common shares in the event of liquidation, dissolution or winding up or other distribution of the assets of the Company among its shareholders and the holders of the Series 1 Preferred Shares are entitled to vote together with the common shares on an as-converted basis and as a single class, subject in the case of each holder of the Series 1 Preferred Shares to the Beneficial Ownership Limitation. Any Series 1 Preferred Shares that are ineligible to be converted into common shares due to the Beneficial Ownership Limitation, measured as of a given record date that applies for a shareholder meeting or ability to act by written consent, shall be deemed to be non-voting securities of the Company. Holders of Series 1 Preferred Shares are entitled to receive dividends (without regard to the Beneficial Ownership Limitation) on the same basis as the holders of common shares. The Company may not redeem the Series 1 Preferred Shares.

The Company recorded the issuance of Series 1 Preferred Shares and corresponding cancellation of common shares at $7.61 per share, the estimated weighted average cost at which BVF acquired the common shares. The Series 1 Preferred Shares are recorded wholly as equity under ASC 480, with no bifurcation of conversion feature from the host contract, given that the Series 1 Preferred Shares cannot be cash settled and have no redemption features.

During the year ended December 31, 2018, BVF converted 1,852,000 Series 1 Preferred Shares in exchange for an equal number of common shares of the Company.

BVF was a related party of the Company prior to the closing of the exchange agreement, and continues to be a related party as of December 31, 2020 and thereafter.

Leases (Tables)

12 Months Ended

Dec. 31, 2020

Leases [Abstract]

Schedule of Cost Components of Operating Lease

The cost components of the operating lease were as follows for the years ended December 31, 2020 and 2019:

	Year Ended December 31,
	2020			2019
Lease Cost
Operating lease expense	$	536		$	436
Variable lease expense⁽¹⁾		549			542
Lease Term and Discount Rate
Remaining lease term (years)		6.50		2.25
Discount rate		2.45	%		3.75	%

(1)

Future Minimum Lease Payments

Future minimum lease payments as of December 31, 2020 were as follows:

Year ending December 31:
2021	$	811
2022	694
2023	569
2024	569
2025 and thereafter		1,423
Total future minimum lease payments	$	4,066
Less: imputed interest		(284	)
Less: future lease incentives reasonably certain of use		(467	)
Present value of lease liabilities	$	3,315

Term Loan

12 Months Ended

Dec. 31, 2020

Debt Disclosure [Abstract]

Term Loan

10.	Term Loan:

In August 2018, the Company entered into an Amended and Restated Loan and Security Agreement (the “Amended and Restated Loan Agreement”) with Silicon Valley Bank (the “Bank”), pursuant to which the Bank agreed to extend a term loan to the Company with a principal amount of $15,500 (the “Term Loan”). The Term Loan accrued interest at a floating per annum rate of 0.5% above the prime rate. The Term Loan was interest-only until March 31, 2020, followed by 30 equal monthly installments of principal plus interest, originally maturing on September 1, 2022. In addition, the Company was required to pay a final payment fee of 6.5% of the Term Loan on the date on which the term loan was prepaid, paid or became due and payable in full.

In May 2020, the Company repaid the total outstanding Term Loan balance ahead of the maturity date. The repayment consisted of (i) the outstanding principal balance, (ii) a final payment fee of $1,008, which was partially accrued up to the date of repayment, and (iii) a prepayment fee of $225. At the time of repayment, all liabilities and obligations under the Amended and Restated Loan Agreement terminated automatically. The Company recorded a loss on repayment of the Term Loan of $988, which represents the difference between the carrying value of the Term Loan on the repayment date and the amount paid to extinguish the Term Loan. The repayment did not affect the Bank’s rights in connection with the warrant to the Bank to purchase 40,000 of our common shares at a price per common share of $9.79 which will remain outstanding until exercised or expired in August 2028.

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2020
Subsequent Events [Abstract]
Subsequent Events

Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Income Statement [Abstract]
Revenue (note 13):	$ 32,166	$ 6,829
Operating expenses:
Research and development	50,523	38,845
General and administrative	12,944	10,803
Total operating expenses	63,467	49,648
Loss from operations	(31,301)	(42,819)
Other income (expense):
Interest income	2,283	2,353
Interest expense	(484)	(1,434)
Foreign exchange gain	1,396	282
Loss on repayment of term loan (note 10)	(988)
Loss before income taxes	(29,094)	(41,618)
Income tax recovery (note 15)	(257)	(23)
Net loss and comprehensive loss	(28,837)	(41,595)
Net loss attributable to preferred shareholders	(824)	(1,568)
Net loss attributable to common shareholders	$ (28,013)	$ (40,027)
Net loss per common share (note 6):
Basic and diluted	$ (0.81)	$ (1.54)
Weighted-average common shares outstanding (note 6):
Basic and diluted	34,542,213	25,939,405

Collaboration Agreements

12 Months Ended

Dec. 31, 2020

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Collaboration agreements

13.	Collaboration agreements:

The Company has entered into a number of collaboration agreements under which it may have received non-refundable upfront payments. Each arrangement is assessed in accordance with ASC 606 under the five-step model as described in note 3j. The Company generally recognizes revenue from non-refundable upfront payments over the estimated term of the performance obligation or period in which the underlying benefit is transferred to the customer. If non-refundable license fees have value to the customer on a standalone basis, separate from the undelivered performance obligations, they are recognized upon delivery. The Company evaluates the measure of progress each reporting period and, if necessary, adjusts the measure of performance and related revenue recognition.

Research and development milestones in the Company’s collaboration agreements may include the following types of events:

•

completion of pre-clinical research and development work leading to selection of product candidates;

•

initiation of Phase 1, Phase 2 or Phase 3 clinical trials; and

•

achievement of certain other scientific, clinical data or development events.

Regulatory milestone payments may include the following types of events:

•

filing of regulatory applications for marketing approval in the U.S., Europe or Japan, including investigational new drug applications and new drug applications; and

•

marketing approval in a major market, such as the U.S., Europe or Japan.

Commercialization milestone payments may include payments triggered by annual product sales that achieve pre-specified thresholds.

The Company evaluates each arrangement that includes research and development and sales-based milestone payments to determine whether the milestones are considered probable of being reached and estimates the amount to be included in the transaction price using the most likely amount method. Milestone payments that are not within the control of the Company are not considered probable of being achieved. If it is probable that a significant revenue reversal would not occur, the associated milestone value is included in the transaction price. The transaction price is then allocated to each performance obligation on a relative standalone selling price basis, for which the Company recognizes revenue as or when the performance obligations under the contract are satisfied. At the end of each subsequent reporting period, the Company re-evaluates the probability of achievement of such milestones, and if necessary, adjusts its estimate of the overall transaction price.

Revenue was as follows for the years ended December 31, 2020 and 2019:

	Year Ended December 31,
	2020		2019
Neurocrine Biosciences:
Recognition of the transaction price	$	26,810	$	2,881
Research and development services		5,356		448
Flexion:
Recognition of the transaction price		—		3,000
Milestone payment		—		500
Total collaboration revenue	$	32,166	$	6,829

(a)

Neurocrine Biosciences license and collaboration agreement:

In December 2019, the Company entered into the Neurocrine Collaboration Agreement with Neurocrine Biosciences to establish a collaboration under which the parties will identify, research and develop sodium channel inhibitors. Pursuant to this agreement, the Company granted an exclusive license to XEN901, now known as NBI-921352, a clinical stage selective Nav1.6 sodium channel inhibitor for the treatment of epilepsy. The Company also granted an exclusive license to pre-clinical compounds for development, XEN393, XPC’535 and XPC’391 (collectively, the “DTCs”). The agreement also includes a two-year research collaboration to discover, identify and develop additional novel Nav1.6 and Nav1.2/1.6 inhibitors (“Research Compounds”), with an option to extend for an additional year.

At execution of the agreement, Neurocrine Biosciences paid the Company an upfront fee of $50,000, which included a $30,000 payment in cash and a $20,000 equity investment in the Company. For additional information regarding the equity investment, refer to note 11a. The Company is eligible to receive pre-commercial and commercial milestone payments with respect to the licensed products totaling up to an additional $1,692,500, comprised of (a) up to $25,000 upon the achievement of milestones related to Investigational New Drug (“IND”) or IND equivalent acceptance for NBI-921352, with 55% of the amount in the form of an equity investment in the Company at a 15% premium to the Company's 30-day volume weighted average price at that time, subject to Neurocrine Biosciences’ common share ownership of the Company being below 19.9%, (b) up to $1,067,500 in additional development and regulatory milestone payments related to NBI-921352 and other licensed Nav1.6 or Nav1.2/1.6 inhibitor products, and (c) up to $600,000 in additional sales-based milestone payments for multiple products. In addition, the Company is eligible to receive royalties on net sales in and outside the U.S., ranging from (a) for NBI-921352, a low double-digit percentage to a mid-teen percentage and a high-single digit percentage to low double-digit percentage, respectively; (b) for DTCs, a high-single digit percentage to a low double-digit percentage and a mid-single digit percentage to a high-single digit percentage, respectively; and (c) for Research Compounds, a mid-single digit percentage to a high-single digit percentage and a tiered mid-single digit percentage, respectively. Royalty rates are subject to customary reductions.

The Company has an option to co-fund 50% of the development costs of NBI-921352 or another product candidate in the U.S., exercisable upon achievement of certain milestones, in exchange for increased U.S. royalties. The Company has not exercised this option as of December 31, 2020.

The Company and Neurocrine Biosciences will collaborate on the conduct of two collaboration programs: (a) a joint research collaboration to discover, identify and preclinically develop Research Compounds (the “Research Program”) and (b) a collaborative development program for NBI-921352 and two DTCs selected by the joint steering committee (the “Initial Development Program”). During the term of the Research Program and Initial Development Program, Neurocrine Biosciences will fund the Company for certain full-time employees and out-of-pocket expenses incurred by the Company.

The agreement includes the following performance obligations: (i) an exclusive license to NBI-921352 with associated technology and know-how transfer, (ii) an exclusive license to the DTCs with associated know-how transfer, (iii) a license to Research Compounds and research services under the Research Program, (iv) development services under the Initial Development Program for NBI-921352, and (v) development services under the Initial Development Program for the DTCs. The license to the Research Compounds and the research services under the Research Program are considered a single performance obligation as Neurocrine Biosciences cannot benefit from such a license on its own or from other resources commonly available in the industry, without the corresponding research services due to the unique and specialized expertise of the Company that is not readily available in the marketplace. Given the current development phase of the Research Compounds, the performance obligation and related revenue has been linked entirely to the performance of research services.

At execution of the agreement, the transaction price consisted of the $30,000 upfront consideration received in cash and a premium of $3,333 on the $20,000 equity investment in the Company measured at fair value on the date of issuance. The Company also considered the following elements in determining the overall transaction price:

•

Under the arrangement, the Company is entitled to funding for certain full-time equivalent and external costs incurred by the Company under performance obligations (iii) and (iv). The arrangement consideration related to the services under performance obligations (iii) and (iv) to be performed on behalf of Neurocrine Biosciences were excluded from the initial transaction price allocation because the consideration and performance are contingent upon Neurocrine Biosciences requesting performance of the services and these services are priced at an estimated fair value.

•

None of the at-risk substantive performance milestones, including development, regulatory and sales-based milestones, were included in the transaction price, as all milestone amounts are outside the control of the Company and contingent upon Neurocrine Biosciences’ efforts and success in future clinical trials. Any consideration related to sales-based royalties will be recognized when the related sales occur as they were determined to relate predominantly to the license granted to Neurocrine Biosciences and therefore have also been excluded from the transaction price. The Company will re-evaluate the transaction price at each reporting period and as uncertain events are resolved or other changes in circumstances occur.

The total transaction price of $33,333 was allocated to performance obligation (v) based on its estimated standalone selling price determined based on internal development plans and budget, with the balance allocated to performance obligations (i) and (ii) by the residual approach. The residual approach was used as standalone selling prices, including market data, for equivalent performance obligations were not available. The allocation of the transaction price requires significant management judgment. The Company allocated the transaction price as follows: $28,807 to performance obligations (i) and (ii) which were delivered and transferred concurrently and completed as of December 2020, and $4,526 to performance obligation (v) which is being recognized as revenue over an approximate eight quarter period beginning the first quarter of 2020, which is the expected period to complete the development services. The Company measures proportional performance over time using an input method based on cost incurred relative to the total estimated costs for each of the identified obligations at each reporting period. Any changes to estimates will be recognized in the period in which they change as a cumulative catch up.

During the year ended December 31, 2020, the Company recognized $32,166 of revenue which comprised of $25,926 associated with (i) the exclusive license to NBI-921352 and (ii) the exclusive license to the DTCs; $5,356 for the research and development services under (iii) the Research Program and (iv) the Initial Development Program for NBI-921352; and $884 for (v) development services under the Initial Development Program for the DTCs. As of December 31, 2020, there is $1,346 of accounts receivable and $3,642 of deferred revenue related to the Neurocrine Collaboration Agreement.

(b)

Flexion definitive agreement:

In September 2019, the Company entered into an agreement with Flexion pursuant to which Flexion acquired all rights with respect to XEN402, and a related compound (collectively “XEN402”), including certain regulatory documentation, intellectual property rights, reports, data and all quantities of XEN402, now known as FX301, owned or controlled by the Company. Flexion paid the Company upfront consideration of $3,000 and a $500 milestone payment related to the initiation of the first GLP toxicology study which was included in the recognized transaction price at December 31, 2019. In addition, the U.S. Food and Drug Administration cleared the first IND for FX301 in February 2021, resulting in a $1,000 milestone payment due to the Company. Pursuant to terms of the agreement, the Company will also be eligible for various CMC, development and regulatory milestone payments of up to $7,000 through initiation of a Phase 2 proof-of-concept clinical trial. Following successful proof-of-concept, the Company may be entitled to future clinical development and global regulatory approval milestone payments of up to $40,750, commercial milestone payments of up to $75,000, as well as future royalties ranging from mid-single to low-double digit percentages. These additional amounts will be recognized as determinable.

(c)

Genentech collaborative research and license agreement:

In December 2011, the Company entered into a collaborative research and license agreement with Genentech and its affiliate, F. Hoffman-La Roche Ltd. to discover and develop selective oral inhibitors of Nav1.7 for the treatment of pain. Pursuant to this agreement, the Company granted Genentech a worldwide exclusive license to develop and commercialize compounds directed to Nav1.7 and products incorporating such compounds for all uses. The Company also granted Genentech a worldwide non-exclusive license to diagnostic products for the purpose of developing or commercializing such compounds.

Under the terms of the agreement, Genentech paid the Company an upfront fee of $10,000. Genentech also provided funding to the Company for certain of the Company’s full-time equivalents performing the research collaboration plan, which concluded in December 2016.

The Company received and recorded a $5,000 milestone payment in 2013 for the selection of a compound for development and an $8,000 payment in 2014 upon the approval by Health Canada of the clinical trial application. No additional milestone payments or royalties have been received to date.

The Company is eligible to receive pre-commercial and commercial milestone payments with respect to the licensed products totaling up to an additional $613,000, comprised of up to $45,500 in pre-clinical and clinical milestone payments, up to $387,500 in regulatory milestone payments, and up to $180,000 in sales-based milestone payments for multiple products and indications. In addition, the Company is eligible to receive royalties based on net sales of the licensed products, which range from a mid single-digit percentage to ten percent for small-molecule inhibitors for the timeframe that such products are covered by the licensed patents and a low single-digit percentage thereafter until the date that is ten years after first commercial sale on a country-by-country basis, plus a low single-digit percentage for large-molecule inhibitors of Nav1.7 for a period of ten years from first commercial sale on a country-by-country basis. The pre-commercial and commercial milestone payments and royalties may be subject to reductions based on the period in which the compound that is selected for development and commercialization was initially conceived. If the compound that is selected for development and commercialization was conceived after December 21, 2019, the Company will not be entitled to any pre-commercial or commercial milestone payments nor to any royalties.

At execution of the collaborative research and license agreement with Genentech, the transaction price included only the $10,000 upfront consideration received. None of the at-risk substantive performance milestones, including research and development and sales-based milestones, were included in the transaction price, as all milestone amounts are outside the control of the Company and contingent upon Genentech’s efforts and success in future clinical trials. Any consideration related to sales-based royalties will be recognized when the related sales occur as they were determined to relate predominantly to the license granted to Genentech and therefore have also been excluded from the transaction price. The Company will continue to re-evaluate the transaction price in each reporting period and as uncertain events are resolved or other changes in circumstances occur.

The collaborative research and license agreement with Genentech was amended multiple times, in May 2015, November 2015, March 2016, May 2017, July 2018 and September 2018, to either extend the term of the research program or to provide the Company with greater flexibility in developing compounds that target Nav1.6. Pursuant to the current amendment, the Company obtained a non-exclusive, irrevocable, perpetual, world-wide, sublicensable license under the know-how forming part of the Genentech intellectual property developed under the Nav1.7 collaboration that is necessary or useful to make, use, sell, offer for sale, and import compounds from the Company’s Nav1.6 program that are above a certain potency on Nav1.7 and were conceived prior to a certain date and products containing those compounds. The Company’s license from Genentech includes commercialization rights but the Company is restricted from developing or commercializing the Company’s Nav1.6 compounds below a certain potency on Nav1.7 and conceived prior to a certain date in the field of epilepsy and any of the Company’s Nav1.6 compounds conceived prior to a certain date, regardless of their potency on Nav1.7, in the field of pain. In exchange for the rights granted to the Company under this amendment, Genentech is eligible to receive a low single-digit percentage, tiered royalty on net sales of the Company’s Nav1.6 compounds conceived prior to a certain date, including XEN901, now known as NBI-921352, for a period of ten years from first commercial sale on a country-by-country basis. In accordance with the Neurocrine Collaboration Agreement, the Company remains solely responsible for all payments to Genentech with respect to certain Nav1.6 compounds, including NBI-921352, licensed to Neurocrine Biosciences. Pursuant to the amendment, Genentech was granted a royalty-free, non-exclusive, world-wide license under the Company’s Nav1.6 intellectual property to make, use, sell, offer for sale and import compounds below a certain potency on Nav1.7 and products containing those compounds for all uses and indications except epilepsy.

In March 2014, the Company entered into a new agreement with Genentech for pain genetics, which focused on identifying genetic targets associated with rare phenotypes where individuals have an inability to perceive pain or where individuals have non-precipitated spontaneous severe pain. Pursuant to the terms of this agreement, any intellectual property arising out of the collaboration is jointly owned by the Company and Genentech. The Company also granted Genentech a time-limited, exclusive right of first negotiation on a target-by-target basis to form joint drug discovery collaborations. Under the terms of this agreement, Genentech paid an upfront payment of $1,500 and two $250 milestone payments related to the identification of novel pain targets in September 2015 and July 2017. Genentech’s time-limited, exclusive right of first negotiation, which was exercisable throughout the research term, expired at the same time as the agreement in March 2018. Despite such termination, the Company remains eligible for up to an additional $1,500 in milestone payments.

Pursuant to the terms of the Company’s agreement with the Memorial University of Newfoundland, the Company must pay to the Memorial University of Newfoundland certain milestone payments, a single-digit percentage of net sales for pain products the Company sells directly and a single-digit percentage of royalties received for sales of pain products by Genentech or Flexion.

Share Capital (Tables)

12 Months Ended

Dec. 31, 2020

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, December 31, 2018		2,671,906			9.49		6.96		3,483
Granted		1,225,575			12.49		9.43
Exercised⁽¹⁾		(266,157	)		5.56		4.24		1,594
Forfeited, cancelled or expired		(97,088	)		16.36		12.41
Outstanding, December 31, 2019		3,534,236			10.29		7.90		19,618
Granted		1,482,250			16.10		11.75
Exercised⁽¹⁾		(171,812	)		7.60		5.76		1,535
Forfeited, cancelled or expired		(85,677	)		16.87		13.04
Outstanding, December 31, 2020		4,758,997			11.59		9.10		30,464
Exercisable, December 31, 2020		2,422,560			9.84		7.73		19,060

(1)	During the year ended December 31, 2020, 26,513 (2019 – 36,174) stock options were exercised for the same number of common shares in exchange for cash. In the same period, the Company issued 87,197 (2019 – 137,843) common shares for the cashless exercise of 145,299 (2019 – 229,983) stock options.

Summary of Stock Option Outstanding and Exercisable

The following table summarizes the stock options outstanding and exercisable at December 31, 2020:

	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. $
$2.10 - $5.35		970,895		5.20		4.81		3.78		813,220		4.64		3.65
$5.36 - $9.18		954,108		5.50		10.00		7.85		896,370		10.07		7.91
$9.19 - $9.52		1,097,873		8.71		12.02		9.44		461,065		12.02		9.44
$9.53 - $11.72		1,302,419		9.26		14.65		11.50		3,488		12.63		9.92
$11.73 - $18.70		433,702		6.47		19.92		15.64		248,417		21.95		17.24
		4,758,997		7.30		11.59		9.10		2,422,560		9.84		7.73

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, 2020 is as follows:

	Number of Options			Weighted Average Grant Date Fair Value
				CAD $		USD $
Non-vested, January 1, 2020		1,588,210			7.17		5.51
Granted		1,482,250			9.50		7.46
Vested		(688,590	)		6.84		5.37
Forfeited or cancelled		(45,433	)		7.43		5.83
Non-vested, December 31, 2020		2,336,437			8.64		6.78

Fair Value Assumptions for Stock Options

The weighted-average option pricing assumptions are as follows:

	Year Ended December 31,
	2020			2019
Average risk-free interest rate		0.72	%		1.77	%
Expected volatility		68	%		69	%
Average expected term (in years)		6.79			6.86
Expected dividend yield		0.00	%		0.00	%
Weighted average fair value of options granted	$	7.46		$	6.23

Stock Based Compensation Expenses

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

	Year Ended December 31,
	2020		2019
Research and development expenses	$	1,936	$	1,283
General and administrative expenses		3,741		1,661
	$	5,677	$	2,944

Significant Accounting Policies

12 Months Ended

Dec. 31, 2020

Accounting Policies [Abstract]

Significant accounting policies

3.	Significant accounting policies:

(a)

Use of estimates:

(b)

Cash and cash equivalents:

(c)

Marketable securities:

(d)

Intellectual property:

The costs incurred in establishing and maintaining patents for intellectual property developed internally are expensed in the period incurred.

(e)

Property, plant and equipment:

Property, plant and equipment are stated at cost less accumulated depreciation and/or accumulated impairment losses, if any. Repairs and maintenance costs are expensed in the period incurred.

Property, plant and equipment are amortized over their estimated useful lives using the straight-line method based on the following rates:

Asset		Rate
Research equipment		5 years
Office furniture and equipment		5 years
Computer equipment		3 years
Leasehold improvements		Over the lesser of lease term or estimated useful life

(f)

Impairment of long-lived assets:

(g)

Leases:

(h)

Concentration of credit risk and of significant customers:

(i)

Financial instruments and fair value:

We measure certain financial instruments and other items at fair value.

•

Level 1 - Unadjusted quoted prices in active markets for identical instruments.

•

(j)

Revenue recognition:

(k)

Research and development costs:

Research and development costs are expensed in the period incurred.

(l)

Stock-based compensation:

The Company grants stock options to employees, directors and officers pursuant to stock option plans described in note 11c.

(m)

Foreign currency translation:

(n)

Income taxes:

(o)

Segment and geographic information:

Future Changes in Accounting Policies

12 Months Ended

Dec. 31, 2020

Accounting Changes And Error Corrections [Abstract]

Future changes in accounting policies

5.	Future changes in accounting policies:

In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. These amendments simplify accounting for income taxes, change the accounting for certain income tax transactions and make certain improvements to the codification. These amendments will be effective for fiscal years and interim periods within those fiscal years, beginning after December 15, 2020 with early adoption permitted. The Company has evaluated the new guidance and determined it will not have a material impact on the Company’s consolidated financial statements.

Share Capital - Summary of Stock Option Outstanding and Exercisable (Details)	12 Months Ended
	Dec. 31, 2020 $ / shares shares	Dec. 31, 2020 $ / shares shares	Dec. 31, 2019 $ / shares shares	Dec. 31, 2019 $ / shares shares	Dec. 31, 2018 $ / shares shares	Dec. 31, 2018 $ / shares shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Options Outstanding	4,758,997	4,758,997	3,534,236	3,534,236	2,671,906	2,671,906
Options Outstanding Weighted Average Remaining Contractual Life in Years	7 years 3 months 18 days
Options Outstanding, Weighted Average Exercise Price \| (per share)	$ 9.10	$ 11.59	$ 7.90	$ 10.29	$ 6.96	$ 9.49
Number of Options Exercisable	2,422,560	2,422,560
Options exercisable, Weighted Average Exercise Price \| (per share)	$ 7.73	$ 9.84
Range of Exercise Prices - $2.10 - $5.35 [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Exercise price range, lower range limit \| $ / shares	2.10
Exercise price range, upper range limit \| $ / shares	$ 5.35
Number of Options Outstanding	970,895	970,895
Options Outstanding Weighted Average Remaining Contractual Life in Years	5 years 2 months 12 days
Options Outstanding, Weighted Average Exercise Price \| (per share)	$ 3.78	$ 4.81
Number of Options Exercisable	813,220	813,220
Options exercisable, Weighted Average Exercise Price \| (per share)	$ 3.65	$ 4.64
Range of Exercise Prices - $5.36 - $9.18 [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Exercise price range, lower range limit \| $ / shares	5.36
Exercise price range, upper range limit \| $ / shares	$ 9.18
Number of Options Outstanding	954,108	954,108
Options Outstanding Weighted Average Remaining Contractual Life in Years	5 years 6 months
Options Outstanding, Weighted Average Exercise Price \| (per share)	$ 7.85	$ 10.00
Number of Options Exercisable	896,370	896,370
Options exercisable, Weighted Average Exercise Price \| (per share)	$ 7.91	$ 10.07
Range of Exercise Prices - $9.19 - $9.52 [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Exercise price range, lower range limit \| $ / shares	9.19
Exercise price range, upper range limit \| $ / shares	$ 9.52
Number of Options Outstanding	1,097,873	1,097,873
Options Outstanding Weighted Average Remaining Contractual Life in Years	8 years 8 months 15 days
Options Outstanding, Weighted Average Exercise Price \| (per share)	$ 9.44	$ 12.02
Number of Options Exercisable	461,065	461,065
Options exercisable, Weighted Average Exercise Price \| (per share)	$ 9.44	$ 12.02
Range of Exercise Prices - $9.53 - $11.72 [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Exercise price range, lower range limit \| $ / shares	9.53
Exercise price range, upper range limit \| $ / shares	$ 11.72
Number of Options Outstanding	1,302,419	1,302,419
Options Outstanding Weighted Average Remaining Contractual Life in Years	9 years 3 months 3 days
Options Outstanding, Weighted Average Exercise Price \| (per share)	$ 11.50	$ 14.65
Number of Options Exercisable	3,488	3,488
Options exercisable, Weighted Average Exercise Price \| (per share)	$ 9.92	$ 12.63
Range of Exercise Prices - $11.73 - $18.70 [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Exercise price range, lower range limit \| $ / shares	11.73
Exercise price range, upper range limit \| $ / shares	$ 18.70
Number of Options Outstanding	433,702	433,702
Options Outstanding Weighted Average Remaining Contractual Life in Years	6 years 5 months 19 days
Options Outstanding, Weighted Average Exercise Price \| (per share)	$ 15.64	$ 19.92
Number of Options Exercisable	248,417	248,417
Options exercisable, Weighted Average Exercise Price \| (per share)	$ 17.24	$ 21.95

Collaboration Agreements (Table)

12 Months Ended

Dec. 31, 2020

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Schedule Of Collaboration Revenue

Revenue was as follows for the years ended December 31, 2020 and 2019:

	Year Ended December 31,
	2020		2019
Neurocrine Biosciences:
Recognition of the transaction price	$	26,810	$	2,881
Research and development services		5,356		448
Flexion:
Recognition of the transaction price		—		3,000
Milestone payment		—		500
Total collaboration revenue	$	32,166	$	6,829

Accounts Payable and Accrued Expenses (Tables)

12 Months Ended

Dec. 31, 2020

Payables And Accruals [Abstract]

Accounts Payable and Accrued Expenses

Accounts payable and accrued expenses consisted of the following:

	December 31,
	2020		2019
Trade payables	$	3,041	$	2,473
Employee compensation, benefits, and related accruals		2,859		2,892
Consulting and contracted research		4,738		3,104
Professional fees		167		154
Other		69		195
Total	$	10,874	$	8,818

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Operating activities:
Net loss	$ (28,837)	$ (41,595)
Items not involving cash:
Depreciation	644	429
Amortization of discount on term loan	216	525
Deferred income tax recovery	(285)	(133)
Stock-based compensation	5,677	2,924
Unrealized foreign exchange gain	(434)	(302)
Unrealized gain on marketable securities	(4)	(82)
Loss on repayment of term loan (note 10)	988
Changes in operating assets and liabilities:
Accounts receivable	(1,032)	(653)
Prepaid expenses and other current assets	(269)	(820)
Accounts payable and accrued expenses	2,022	4,541
Deferred revenue	(26,810)	30,452
Net cash used in operating activities	(48,124)	(4,714)
Investing activities:
Purchases of property, plant and equipment	(2,637)	(1,240)
Purchase of marketable securities	(228,897)	(140,494)
Proceeds from marketable securities	214,710	75,525
Net cash used in investing activities	(16,824)	(66,209)
Financing activities:
Repayment of term loan and repayment fees (note 10)	(16,743)
Issuance of common shares, net of issuance costs (note 11a)	102,456	27,396
Issuance of common shares pursuant to exercise of stock options	82	122
Net cash provided by financing activities	85,795	27,518
Effect of exchange rate changes on cash and cash equivalents	(593)	406
Increase (decrease) in cash and cash equivalents	20,254	(42,999)
Cash and cash equivalents, beginning of year	24,755	67,754
Cash and cash equivalents, end of year	45,009	24,755
Supplemental disclosures:
Interest paid	339	917
Interest received	4,115	2,216
Cash paid for operating lease	634	634
Supplemental disclosures of non-cash transactions:
Fair value of stock options exercised on a cashless basis	887	$ 719
Increase in operating lease right-of-use asset and operating lease liability related to lease amendment (note 8)	$ 2,907

Accounts Payable and Accrued Expenses - Accounts Payable and Accrued Expenses (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Payables And Accruals [Abstract]
Trade payables	$ 3,041	$ 2,473
Employee compensation, benefits, and related accruals	2,859	2,892
Consulting and contracted research	4,738	3,104
Professional fees	167	154
Other	69	195
Total	$ 10,874	$ 8,818

Basis of presentation (Details)	12 Months Ended
Basis of presentation (Details)	Dec. 31, 2020
Xenon Pharmaceuticals USA Inc. [Member]
Basis of Presentation [Line Items]
Date of incorporation	Dec. 02, 2016

Share Capital (Details) - USD ($) $ / shares in Units, $ in Thousands		1 Months Ended								12 Months Ended
	Mar. 01, 2021	Aug. 31, 2020	Jun. 30, 2020	Feb. 29, 2020	Jan. 31, 2020	Dec. 31, 2019	Nov. 30, 2019	Sep. 30, 2019	Mar. 31, 2018	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Share Capital [Line Items]
Sale proceeds of common shares										$ 102,456	$ 27,396
Amount offered for issuance of common stock										$ 102,456	27,396
Options Outstanding Weighted Average Remaining Contractual Life in Years										7 years 3 months 18 days
Options Exercisable Weighted Average Remaining Contractual Life in Years										5 years 8 months 15 days
Aggregate fair value of options vested										$ 3,698	$ 3,255
Unrecognized stock-based compensation cost										$ 13,571
Unrecognized stock-based compensation expected to be recognized over a period										2 years 7 months 2 days
Series1 Preferred Shares
Share Capital [Line Items]
Conversion of shares												1,852,000
Common Shares [Member]
Share Capital [Line Items]
Conversion of shares												1,852,000
BVF Partners L.P [Member] \| Exchange Agreement [Member]
Share Capital [Line Items]
Estimated weighted average cancellation price per share of common stock									$ 7.61
BVF Partners L.P [Member] \| Exchange Agreement [Member] \| Series1 Preferred Shares
Share Capital [Line Items]
Shares issued									2,868,000
Preferred shares convertible into common shares									one-for-one
Common shares issued on conversion of preferred stock									1
Maximum beneficial ownership limitation percentage for conversion of common stock issued and outstanding									9.99%
Maximum beneficial ownership limitation upon notice, percentage for conversion of common stock issued and outstanding									19.99%
Maximum beneficial percentage hold for conversion of number Of common stock issued and outstanding									5.00%
Minimum beneficial percentage hold for conversion of number Of common stock issued and outstanding.									5.00%
BVF Partners L.P [Member] \| Exchange Agreement [Member] \| Common Shares [Member]
Share Capital [Line Items]
Shares cancelled									2,868,000
2019 Inducement Plan [Member]
Share Capital [Line Items]
Common shares reserved for issuance								400,000
Amended and Restated 2014 Plan [Member]
Share Capital [Line Items]
Common shares reserved for issuance			4,000,000							3,841,942
Number of restricted share awards, restricted share unit awards or performance awards available for issue			1,000,000
Common Shares [Member]
Share Capital [Line Items]
Shares issued										6,759,187	2,214,490
Amount offered for issuance of common stock										$ 102,456	$ 27,396
Common Shares [Member] \| Neurocrine Collaboration Agreement [Member]
Share Capital [Line Items]
Sale proceeds of common shares						$ 20,000
Shares issued						1,408,847
Aggregate purchase price per share						$ 14.196					$ 14.196
Common stock purchase price premium at fair value						$ 3,333
Lock-up restrictions and standstill agreement period						2 years
Jefferies and Stifel [Member] \| At-The-Market Equity Offering [Member]
Share Capital [Line Items]
Sale proceeds of common shares					$ 37,979						$ 10,771
Jefferies and Stifel [Member] \| At-The-Market Equity Offering [Member] \| Subsequent Event [Member]
Share Capital [Line Items]
Sale proceeds of common shares	$ 10,720
Jefferies and Stifel [Member] \| At-The-Market Equity Offering [Member] \| Maximum [Member]
Share Capital [Line Items]
Sale proceeds of common shares							$ 50,000
Amount offered for issuance of common stock		$ 100,000
Jefferies and Stifel [Member] \| At-The-Market Equity Offering [Member] \| Common Shares [Member]
Share Capital [Line Items]
Shares issued		0			2,446,687						805,643
Jefferies and Stifel [Member] \| At-The-Market Equity Offering [Member] \| Common Shares [Member] \| Subsequent Event [Member]
Share Capital [Line Items]
Shares issued	733,000
Jefferies L L C Stifel Nicolaus Company Incorporated And Guggenheim Securities L L C \| Underwritten Public Offering
Share Capital [Line Items]
Sale proceeds of common shares				$ 8,460	$ 56,700
Jefferies L L C Stifel Nicolaus Company Incorporated And Guggenheim Securities L L C \| Underwritten Public Offering \| Common Shares [Member]
Share Capital [Line Items]
Shares issued				562,500	3,750,000
Shares price					$ 16.00

Property, Plant and Equipment - Summary of Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Property Plant And Equipment [Line Items]
Less: accumulated depreciation and amortization	$ (15,154)	$ (14,690)
Property, plant and equipment, net (note 7)	3,554	1,660
Research Equipment [Member]
Property Plant And Equipment [Line Items]
Property, plant and equipment	8,683	6,522
Office Furniture and Equipment [Member]
Property Plant And Equipment [Line Items]
Property, plant and equipment	994	985
Computer Equipment [Member]
Property Plant And Equipment [Line Items]
Property, plant and equipment	2,641	2,473
Leasehold Improvements [Member]
Property Plant And Equipment [Line Items]
Property, plant and equipment	$ 6,390	$ 6,370

Collaboration Agreements - Schedule Of Collaboration Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Total collaboration revenue	$ 32,166	$ 6,829
Neurocrine Biosciences [Member] \| Collaboration Revenue [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Recognition of the transaction price	26,810	2,881
Research and development services	5,356	448
Total collaboration revenue	$ 32,166
Flexion [Member] \| Collaboration Revenue [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Recognition of the transaction price		3,000
Milestone payment		500
Neurocrine Biosciences And Flexion [Member] \| Collaboration Revenue [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Total collaboration revenue		$ 6,829

- Definition

Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise.

+ References

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+ Details

Changes in Significant Accounting Policies

12 Months Ended

Dec. 31, 2020

Accounting Changes And Error Corrections [Abstract]

Changes in Significant Accounting Policies

4.	Changes in significant accounting policies:

In November 2019, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2019-08, Compensation—Stock Compensation (Topic 718) and Revenue from Contracts with Customers (Topic 606): Codification Improvements—Share-Based Consideration Payable to a Customer. These amendments clarify that companies must measure and classify share-based payment awards to a customer following the guidance in Topic 718. A company will classify awards as liabilities or equity following the guidance in Topic 718, and measure them at their grant-date fair value. The awards will be recorded as a reduction to revenue or an expense based on the guidance in Topic 606. If a company intends to provide an award to a customer and the grant date has not occurred, the transaction price guidance in Topic 606 should be followed to estimate the fair value of the award. A company must adjust the fair value estimate each reporting date until a grant date is achieved and recognize changes in the grant-date fair value of an award as a result of changes in the expected outcome of a service or a performance condition as a reduction in the transaction price. If the terms of the award are modified after the grantee vests in the award and is no longer a customer, the award may be subject to other guidance. The Company has adopted this standard as of January 1, 2020 on a retrospective basis. The adoption of the standard had no impact on the Company’s consolidated balance sheets, consolidated statements of operations and comprehensive loss and consolidated statements of cash flows.

- Definition

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

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+ Details

Leases (Details) - Burnaby, British Columbia [Member]	12 Months Ended
Leases (Details) - Burnaby, British Columbia [Member]	Dec. 31, 2020 Lease
Lessee Lease Description [Line Items]
Number of operating leases	1
Operating lease term	21 months
Operating lease extension term	5 years
Operating lease expiration date	Jun. 30, 2022
Operating lease, description	The Company has one operating lease for research laboratories and office space in Burnaby, British Columbia. In October 2020, the Company entered into a lease amendment for a 21–month committed term from October 1, 2020 to June 30, 2022. A renewal option for a portion of the facility for a 5-year term that is reasonably certain of exercise has been included in the determination of the right-of-use asset and lease liability as of December 31, 2020.

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Schedule of Income Tax Recovery

	Year Ended December 31,
	2020			2019
Computed recoveries at Canadian federal and provincial tax rates	$	(7,856	)	$	(11,237	)
Change in valuation allowance		7,821			11,148
Investment tax credits earned		(1,689	)		(1,522	)
Tax attributes expired/utilized		764			678
Non-deductible expenditures		1,135			477
Other		(432	)		433
Income tax recovery	$	(257	)	$	(23	)

Schedule of Net Deferred Income Tax Assets

The significant components of the Company’s net deferred income tax assets are as follows:

	December 31,
	2020			2019
Scientific research and experimental development pool	$	29,580		$	27,531
Investment tax credits		25,411			24,384
Non-capital losses		35,803			23,603
Depreciable assets		6,635			5,983
Deferred financing fees		1,689			972
Deferred revenue		983			8,223
Other		533			347
Less - valuation allowance		(100,111	)		(90,805	)
Net deferred income tax assets	$	523		$	238

Net Income (Loss) Per Common Share

12 Months Ended

Dec. 31, 2020

Earnings Per Share [Abstract]

Net income (loss) per common share

6.	Net income (loss) per common share:

Basic net income (loss) per common share is calculated using the two-class method required for participating securities which includes 1,016,000 Series 1 Preferred Shares as a separate class for the year ended December 31, 2020 (2019 – 1,016,000). The convertible preferred shares entitle the holders to participate in dividends and in earnings and losses of the Company on an equivalent basis as common shares. Accordingly, undistributed earnings (losses) are allocated to common shares and participating preferred shares based on the weighted-average shares of each class outstanding during the period.

The treasury stock method is used to compute the dilutive effect of the Company’s stock options and warrants. Under this method, the incremental number of common shares used in computing diluted net income (loss) per common share is the difference between the number of common shares assumed issued and purchased using assumed proceeds.

The if-converted method is used to compute the dilutive effect of the Company’s convertible preferred shares. Under the if-converted method, dividends on the preferred shares, if applicable, are added back to earnings attributable to common shareholders, and the preferred shares and paid-in kind dividends are assumed to have been converted at the share price applicable at the end of the period. The if-converted method is applied only if the effect is dilutive.

For the years ended December 31, 2020 and 2019, all stock options, warrants and convertible preferred shares were anti-dilutive and were excluded from the diluted weighted average common shares outstanding for the period.

Share Capital - Stock Option Activity (Details)
$ / shares in Units, $ in Thousands

12 Months Ended

Dec. 31, 2020

USD ($)

$ / shares

Dec. 31, 2020

USD ($)

$ / shares

Dec. 31, 2019

USD ($)

$ / shares

Dec. 31, 2019

USD ($)

$ / shares

Dec. 31, 2020

$ / shares

Dec. 31, 2018

USD ($)

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Number of Options Outstanding, Beginning balance

3,534,236

2,671,906

Number of Options, Granted

1,482,250

1,225,575

Number of Options, Exercised

^[1]

(171,812)

(266,157)

Number of Options, Forfeited, cancelled or expired

(85,677)

(97,088)

Number of Options Outstanding, Ending balance

4,758,997

3,534,236

Number of Options Exercisable, End of period

2,422,560

Weighted Average Exercise Price Outstanding, Beginning balance | (per share)

$ 7.90

$ 10.29

$ 6.96

$ 9.49

Weighted Average Exercise Price, Granted | (per share)

11.75

16.10

9.43

12.49

Weighted Average Exercise Price, Exercised | (per share)

^[1]

5.76

7.60

4.24

5.56

Weighted Average Exercise Price, Forfeited, cancelled and expired | (per share)

13.04

16.87

12.41

16.36

Weighted Average Exercise Price Outstanding, Ending balance | (per share)

9.10

$ 11.59

$ 7.90

$ 10.29

Weighted Average Exercise Price, Exercisable Ending balance | (per share)

$ 7.73

$ 9.84

Aggregate Intrinsic Value, Outstanding | $

$ 30,464

$ 19,618

$ 3,483

Aggregate Intrinsic Value, Exercised | $

^[1]

1,535

$ 1,594

Aggregate Intrinsic Value, Exercisable, Ending balance | $

$ 19,060

[1]	During the year ended December 31, 2020, 26,513 (2019 – 36,174) stock options were exercised for the same number of common shares in exchange for cash. In the same period, the Company issued 87,197 (2019 – 137,843) common shares for the cashless exercise of 145,299 (2019 – 229,983) stock options.