0001564590-22-008060 | 10-K | XBRL Viewer | Xenon Pharmaceuticals INC

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Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 175,688	$ 45,009
Marketable securities	376,086	131,988
Accounts receivable	2,765	1,822
Prepaid expenses and other current assets	4,481	2,964
Total current assets	559,020	181,783
Operating lease right-of-use asset, net (note 7)	8,056	3,326
Property, plant and equipment, net (note 6)	4,466	3,554
Deferred tax assets (note 14)	465	523
Total assets	572,007	189,186
Current liabilities:
Accounts payable and accrued expenses (note 8)	13,717	10,874
Deferred revenue (note 12)		3,642
Operating lease liability (note 7)	605	265
Total current liabilities	14,322	14,781
Operating lease liability, long-term (note 7)	7,652	3,050
Total liabilities	21,974	17,831
Shareholders’ equity:
Preferred shares, without par value; unlimited shares authorized; issued and outstanding: 1,016,000 (December 31, 2020 - 1,016,000) (note 10)	7,732	7,732
Common shares, without par value; unlimited shares authorized; issued and outstanding: 51,634,752 (December 31, 2020 - 35,012,125) (note 10)	783,170	397,748
Additional paid-in capital	117,495	45,357
Accumulated deficit	(357,374)	(278,492)
Accumulated other comprehensive loss	(990)	(990)
Shareholders' equity	550,033	171,355
Total liabilities and shareholders’ equity	572,007	189,186
Commitments and contingencies (note 13)

Consolidated Balance Sheets (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
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	51,634,752	35,012,125
Common shares, Outstanding	51,634,752	35,012,125

Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Income Statement [Abstract]
Revenue (note 12)	$ 18,437	$ 32,166
Operating expenses:
Research and development	75,463	50,523
General and administrative	21,967	12,944
Total operating expenses	97,430	63,467
Loss from operations	(78,993)	(31,301)
Other income (expense):
Interest income	466	2,279
Unrealized fair value gain (loss) on marketable securities	(719)	4
Interest expense		(484)
Foreign exchange gain	358	1,396
Loss on repayment of term loan (note 9)		(988)
Loss before income taxes	(78,888)	(29,094)
Income tax recovery (note 14)	6	257
Net loss and comprehensive loss	(78,882)	(28,837)
Net loss attributable to preferred shareholders	(1,795)	(824)
Net loss attributable to common shareholders	$ (77,087)	$ (28,013)
Net loss per common share (note 5):
Basic and diluted	$ (1.77)	$ (0.81)
Weighted-average common shares outstanding (note 5):
Basic and diluted	43,627,452	34,542,213

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

Total

Convertible Preferred Shares [Member]

Common Shares [Member]

Additional Paid-in Capital [Member]

Accumulated Deficit [Member]

Accumulated Other Comprehensive Loss [Member]

^[1]

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 10a)

102,456

$ 102,456

Issuance of common shares, net of issuance costs (note 10a) (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

Net loss

(78,882)

Issuance of common shares, net of issuance costs (note 10a)

447,283

$ 381,567

65,716

Issuance of common shares, net of issuance costs (note 10a) (in shares)

16,143,472

Stock-based compensation expense

10,017

Issued pursuant to exercise of stock options

$ 260

$ 3,855

(3,595)

Issued pursuant to exercise of stock options (in Shares)

690,284

^[2]

479,155

Balance at Dec. 31, 2021

$ 550,033

$ 7,732

$ 783,170

$ 117,495

$ (357,374)

$ (990)

Balance (in Shares) at Dec. 31, 2021

1,016,000

51,634,752

[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, 2021, 66,215 (2020 – 26,513) stock options were exercised for the same number of common shares in exchange for cash. In the same period, the Company issued 412,940 (2020 – 87,197) common shares for the cashless exercise of 624,069 (2020 – 145,299) 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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- Definition

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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Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Operating activities:
Net loss	$ (78,882)	$ (28,837)
Items not involving cash:
Depreciation	906	644
Amortization of discount on term loan		216
Deferred income tax recovery	58	(285)
Stock-based compensation	10,017	5,677
Unrealized foreign exchange (gain) loss	327	(434)
Unrealized fair value gain (loss) on marketable securities	719	(4)
Loss on repayment of term loan (note 9)		988
Changes in operating assets and liabilities:
Accounts receivable	(459)	(1,032)
Prepaid expenses and other current assets	(1,517)	(269)
Accounts payable and accrued expenses	2,971	2,022
Deferred revenue	(3,642)	(26,810)
Net cash used in operating activities	(69,502)	(48,124)
Investing activities:
Purchases of property, plant and equipment	(2,050)	(2,637)
Purchase of marketable securities	(389,474)	(228,897)
Proceeds from marketable securities	144,754	214,710
Net cash used in investing activities	(246,770)	(16,824)
Financing activities:
Repayment of term loan and repayment fees (note 9)		(16,743)
Issuance of common shares and pre-funded warrants, net of issuance costs (note 10a)	447,283	102,456
Issuance of common shares pursuant to exercise of stock options	260	82
Net cash provided by financing activities	447,543	85,795
Effect of exchange rate changes on cash and cash equivalents	(592)	(593)
Increase in cash and cash equivalents	130,679	20,254
Cash and cash equivalents, beginning of year	45,009	24,755
Cash and cash equivalents, end of year	175,688	45,009
Supplemental disclosures:
Interest paid		339
Interest received	3,517	4,115
Cash paid for operating lease	824	634
Supplemental disclosures of non-cash transactions:
Fair value of stock options exercised on a cashless basis	3,349	887
Increase in operating lease liability and accounts receivable related to lease incentives claimed in the period (note 7)	493
Increase in operating lease right-of-use asset and operating lease liability related to lease amendments (note 7)	$ 5,248	$ 2,907

Nature of the Business

12 Months Ended

Dec. 31, 2021

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, 2021, the Company had an accumulated deficit of $357,374 and a $78,882 net loss for the year ended December 31, 2021. 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 and pre-funded warrants and debt financings.

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.

Basis of Presentation

12 Months Ended

Dec. 31, 2021

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, 2021, 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.

Significant Accounting Policies

12 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

Significant accounting policies

3.	Significant accounting policies:

(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 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 the Company’s 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. There was no material impact to the Company’s consolidated financial statements as of and for the years ended December 31, 2021 and 2020. 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.

(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.

(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 Company has elected to record these instruments at fair value. The carrying value of marketable securities is recorded at quoted prices in active markets, which approximates their fair value.

(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:

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, 2021 and 2020.

(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. The Company has elected to not separate non-lease elements embedded in its lease agreements.

(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") and Pacira BioSciences, Inc. (“Pacira BioSciences”) accounted for 84% and 16% of revenue recognized for the year ended December 31, 2021, respectively. Neurocrine Biosciences accounted for 100% of revenue recognized for the year ended December 31, 2020.

(i)

Financial instruments and fair value:

The Company measures 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.

(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 using the most likely amount method 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.

(k)

Research and development costs:

Research and development costs are expensed in the period incurred.

Research and development expenses consist of costs incurred in performing research and development activities, including salary, related benefits and stock-based compensation for employees engaged in scientific research and development, third-party contract costs relating to research, formulation, process development and manufacturing, pre-clinical studies and clinical trial activities, third-party acquisition, license and collaboration fees, laboratory consumables and allocated facility-related and information technology costs. The amount of expenses recognized in a period related to service agreements is based on the work performed using the accrual basis of accounting. Clinical trial expenses represent a significant component of research and development expenses and the Company outsources a significant portion of these activities to third party contract research organizations. Third-party clinical trial expenses include investigator fees, site costs, clinical research organization costs and other trial-related vendor costs. Vendors, including contract research organizations, 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.

(l)

Stock-based compensation:

The Company grants stock options to employees, consultants, directors and officers pursuant to stock option plans described in note 10c.

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.

(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).

(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.

(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.

Changes in Significant Accounting Policies

12 Months Ended

Dec. 31, 2021

Accounting Changes And Error Corrections [Abstract]

Changes in Significant Accounting Policies

4.	Changes in significant accounting policies:

In December 2019, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“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. The Company has adopted this standard as of January 1, 2021 on a prospective 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

Net Income (Loss) Per Common Share

12 Months Ended

Dec. 31, 2021

Earnings Per Share [Abstract]

Net Income (Loss) Per Common Share

5.	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, 2021 (2020 – 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 weighted average number of common shares used in the basic and diluted net income (loss) per common share calculations for the year ended December 31, 2021 includes the pre-funded warrants issued in connection with the Company’s March and October 2021 underwritten public offerings (note 10a) as the pre-funded warrants are exercisable at any time for nominal cash consideration.

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, 2021 and 2020, 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.

Property, Plant and Equipment

12 Months Ended

Dec. 31, 2021

Property Plant And Equipment [Abstract]

Property, Plant and Equipment

6.	Property, plant and equipment:

Property, plant and equipment consisted of the following:

	December 31,
	2021			2020
Research equipment	$	8,424		$	8,683
Office furniture and equipment		832			994
Computer equipment		1,539			2,641
Leasehold improvements		7,021			6,390
Less: accumulated depreciation and amortization		(13,350	)		(15,154	)
Net book value	$	4,466		$	3,554

Leases

12 Months Ended

Dec. 31, 2021

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 and a renewal option for a portion of the facility for a 5-year term that was reasonably certain of exercise was included in the determination of the right-of-use asset and lease liability. In November 2021, the Company entered into an agreement to extend the lease for an additional 10-year term to June 30, 2032.

The cost components of the operating lease were as follows for the years ended December 31, 2021 and 2020:

	Year Ended December 31,
	2021			2020
Lease Cost
Operating lease expense	$	591		$	536
Variable lease expense⁽¹⁾		751			549
Lease Term and Discount Rate
Remaining lease term (years)		10.50			6.50
Discount rate		3.42	%		2.45	%

(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, 2021 were as follows:

Year ending December 31:
2022	$	879
2023	932
2024	974
2025		1,029
2026		1,083
2027 and thereafter		6,793
Total future minimum lease payments	$	11,690
Less: imputed interest		(1,965	)
Less: future lease incentives reasonably certain of use		(1,468	)
Present value of lease liabilities	$	8,257

Accounts Payable and Accrued Expenses

12 Months Ended

Dec. 31, 2021

Payables And Accruals [Abstract]

Accounts Payable and Accrued Expenses

8.	Accounts payable and accrued expenses:

Accounts payable and accrued expenses consisted of the following:

	December 31,
	2021		2020
Trade payables	$	3,824	$	3,041
Employee compensation, benefits, and related accruals		5,940		2,859
Consulting and contracted research		3,550		4,738
Professional fees		285		167
Other		118		69
Total	$	13,717	$	10,874

Term Loan

12 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

Term Loan

9.	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 common shares at a price per common share of $9.79 which will remain outstanding until exercised or expired in August 2028.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

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+ Details

Share Capital

12 Months Ended

Dec. 31, 2021

Stockholders Equity Note [Abstract]

Share Capital

10.	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 $10,729, net of commissions paid and transaction expenses. In January 2020, the Company sold an additional 2,446,687 common shares for proceeds of approximately $37,796, net of commissions and transaction expenses.

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 in January 2020, and the Company received proceeds of $56,265, net of underwriting discounts, commissions and offering expenses. The underwriters exercised their option in full in February 2020 and the Company received additional proceeds of $8,395, net of underwriting discounts, commissions and 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, 2021, the Company had sold 733,000 common shares for proceeds of $10,693, net of commissions and transaction expenses.

In March 2021, the Company entered into an underwriting agreement with Jefferies and Stifel, relating to an underwritten public offering of 5,135,135 common shares, including 810,810 common shares sold upon the full exercise of the underwriters’ over-allotment option, at a public offering price of $18.50 per common share and pre-funded warrants to purchase 1,081,081 common shares at $18.4999 per pre-funded warrant (note 10e), with each pre-funded warrant having an exercise price of $0.0001. The public offering was completed in March 2021, and the Company received proceeds of $107,922, net of underwriting discounts, commissions and offering expenses.

In September 2021, in connection with the License and Collaboration Agreement with Neurocrine Biosciences entered in December 2019 and amended in January 2021 (the “Neurocrine Collaboration Agreement”), the Company executed a Share Purchase Agreement ("SPA") pursuant to which the Company issued 275,337 common shares for an aggregate purchase price of $5,500, or $19.9755 per common share, which represents a premium of $770 when measured at fair value on the date of issuance. 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 12a.

In October 2021, the Company entered into an underwriting agreement with Jefferies, SVB Leerink LLC and Stifel, relating to an underwritten public offering of 10,000,000 common shares, including 1,525,423 common shares sold upon the full exercise of the underwriters’ over-allotment option, at a public offering price of $29.50 per common share and pre-funded warrants to purchase 1,694,915 common shares at $29.4999 per pre-funded warrant (note 10e), with each pre-funded warrant having an exercise price of $0.0001. The public offering was completed in October 2021, and the Company received proceeds of $323,938, net of underwriting discounts, commissions and offering 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, 2021, a total of 2,416,591 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		Aggregate
	Options			Exercise Price ($)⁽¹⁾		Intrinsic Value
Outstanding, December 31, 2019		3,534,236			7.90		19,618
Granted		1,482,250			11.75
Exercised⁽²⁾		(171,812	)		5.76		1,535
Forfeited, cancelled or expired		(85,677	)		13.04
Outstanding, December 31, 2020		4,758,997			9.10		30,464
Granted		1,775,450			19.82
Exercised⁽²⁾		(690,284	)		7.34		11,306
Forfeited, cancelled or expired		(205,931	)		13.01
Outstanding, December 31, 2021		5,638,232			12.55		105,405
Exercisable, December 31, 2021		2,966,643			8.85		66,418

(1)

Canadian dollar denominated stock options have been translated into U.S. dollars at a foreign exchange rate of 0.79 as of December 31, 2021.

(2)

During the year ended December 31, 2021, 66,215 (2020 – 26,513) stock options were exercised for the same number of common shares in exchange for cash. In the same period, the Company issued 412,940 (2020 – 87,197) common shares for the cashless exercise of 624,069 (2020 – 145,299) stock options.

The following table summarizes the stock options outstanding and exercisable at December 31, 2021:

	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)		($)⁽¹⁾				($)⁽¹⁾
$2.11 - $8.32		1,095,052		4.69		5.23		1,089,630		5.22
$8.33 - $9.52		1,315,749		6.54		9.12		1,066,587		9.05
$9.53 - $11.72		1,137,981		8.27		11.50		502,634		11.52
$11.73 - $20.40		1,006,250		7.75		17.14		307,792		16.66
$20.41 - $31.68		1,083,200		9.22		20.93		—		—
		5,638,232		7.26		12.55		2,966,643		8.85

(1)

Canadian dollar denominated stock options have been translated into U.S. dollars at a foreign exchange rate of 0.79 as of December 31, 2021.

At December 31, 2021, stock options outstanding and exercisable had a weighted average remaining contractual life of 7.26 years and 5.79 years, respectively.

A summary of the Company’s non-vested stock option activity and related information for the year ended December 31, 2021 is as follows:

	Number of Options			Weighted Average Grant Date Fair Value ($)
Non-vested, January 1, 2021		2,336,437			6.78
Granted		1,775,450			12.54
Vested		(1,235,867	)		6.69
Forfeited or cancelled		(204,431	)		8.36
Non-vested, December 31, 2021		2,671,589			10.56

The aggregate fair value of options vested during the year ended December 31, 2021 was $8,271 (2020 – $3,698).

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,
	2021			2020
Average risk-free interest rate		1.16	%		0.72	%
Expected volatility		68	%		68	%
Average expected term (in years)		6.66			6.79
Expected dividend yield		0.00	%		0.00	%
Weighted average fair value of options granted	$	12.54		$	7.46

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

	Year Ended December 31,
	2021		2020
Research and development expenses	$	3,734	$	1,936
General and administrative expenses		6,283		3,741
	$	10,017	$	5,677

As of December 31, 2021, the unrecognized stock-based compensation expense related to the non-vested stock options was $24,210, which is expected to be recognized over a weighted-average period of 2.78 years.

(d)

Series 1 Preferred Shares:

In March 2018, 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 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.

As of December 31, 2021 and 2020, the Series 1 Preferred Shares were held by certain funds affiliated with BVF Partners L.P. (“BVF”). BVF is a related party of the Company as of December 31, 2021 and 2020.

(e)

Pre-funded warrants:

In connection with the underwritten public offerings completed in March and October 2021, the Company issued 1,081,081 pre-funded warrants at a price of $18.4999 per pre-funded warrant which grants the holder the right to purchase up to 1,081,081 common shares at an exercise price of $0.0001 per share and 1,694,915 pre-funded warrants at a price of $29.4999 per pre-funded warrant which grants the holder the right to purchase up to 1,694,915 common shares at an exercise price of $0.0001 per share, respectively (together, the “Pre-Funded Warrants”).

The Pre-Funded Warrants are exercisable at the holder’s discretion from the date of issuance until the date the Pre-Funded Warrant is exercised in full. The Company may not affect the exercise of any Pre-Funded Warrant, and a holder will not be entitled to exercise any portion of any Pre-Funded Warrant that, upon giving effect to such exercise, would cause: (i) the aggregate number of common shares beneficially owned by such holder, together with its affiliates, to exceed 4.99% of the total number of common shares outstanding immediately after giving effect to the exercise; or (ii) the combined voting power of the Company’s securities beneficially owned by such holder, together with its affiliates, to exceed 4.99% of the combined voting power of all of the Company’s securities immediately outstanding after giving effect to the exercise, which percentage may be changed at the holder’s election to a higher or lower percentage not in excess of 19.99% upon at least 61 days’ notice to the Company.

Since the Pre-Funded Warrants meet the condition for equity classification, proceeds from issuances of the Pre-Funded Warrants of $65,716, net of underwriting discounts, commissions and offering expenses, are recorded in additional paid-in capital. Upon exercise of the Pre-Funded Warrants, the historical costs recorded in additional paid-in capital along with the exercise price collected from holder will be recorded in common shares. As of December 31, 2021, no Pre-Funded Warrants have been exercised. Pre-funded warrants to purchase 2,775,996 common shares are not included in the number of issued and outstanding common shares as of December 31, 2021.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

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-Name Accounting Standards Codification
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Concentrations of Market Risk

12 Months Ended

Dec. 31, 2021

Risks And Uncertainties [Abstract]

Concentration of Market Risk

11.	Concentrations of market risk:

(a)

Foreign currency risk:

At December 31, 2021, the Company had U.S. dollar denominated cash and cash equivalents and marketable securities of $533,716 (2020 – $161,847) and Canadian denominated cash and cash equivalents and marketable securities of CAD$22,823 (2020 – CAD$19,282).

The Company is subject to 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, 2021, the Company had cash and cash equivalents and marketable securities of $551,774. The Company’s interest rate risk is primarily attributable to its cash and cash equivalents and marketable securities. A 100 basis point, or 1%, unfavorable change in interest rates would have resulted in approximately a $3,566 decrease in the fair value of marketable securities as of December 31, 2021. 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.

Collaboration Agreements

12 Months Ended

Dec. 31, 2021

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Collaboration Agreements

12.	Collaboration agreements:

The Company has assessed each collaboration agreement in accordance with ASC 606 under the five-step model as described in note 3j, including recognition of non-refundable upfront payments. 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 Asia, including investigational new drug applications (“IND”) and new drug applications; and

•

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

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, 2021 and 2020:

	Year Ended December 31,
	2021		2020
Neurocrine Biosciences:
Recognition of the transaction price	$	3,715	$	26,810
Research and development services		6,452		5,356
Milestone payments		5,270		—
Pacira BioSciences:
Milestone payments		3,000		—
Total collaboration revenue	$	18,437	$	32,166

(a)

Neurocrine Biosciences license and collaboration agreement:

In December 2019, the Company entered into the Neurocrine Collaboration Agreement with Neurocrine Biosciences. Pursuant to this agreement, the Company granted an exclusive license to XEN901, now known as NBI-921352, and 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”) which has been extended to June 2022.

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.

The Company is eligible to receive pre-commercial and commercial milestone payments with respect to the licensed products totaling up to an additional $1,667,500, comprised of 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 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, 2021.

The Company and Neurocrine Biosciences are collaborating 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 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 $5,118, which includes $592 of variable consideration, to performance obligation (v), which is expected to be completed by Q1 2022. 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.

The Company will re-evaluate the transaction price in each reporting period and as uncertain events are resolved or other changes in circumstances occur.

In September 2021, based on the regulatory approval of a clinical trial application in Europe for NBI-921352 for focal-onset seizures in adults, the Company received an aggregate milestone payment of $10,000 in the form of $4,500 in cash and a $5,500 equity investment in the Company. The equity investment was measured at fair value of $4,730 on the date of issuance and the resulting premium of $770, with the cash payment of $4,500, was recognized as revenue in the period as the Company did not have any remaining performance obligations in relation to this milestone on the date it was achieved.

In January 2022, based on the receipt of the U.S. Food and Drug Administration’s (“FDA”) full IND acceptance for NBI-921352, the Company received an aggregate milestone payment of $15,000 in the form of $6,750 in cash and a $8,250 equity investment in the Company. The Company executed a SPA pursuant to which the Company issued 258,986 common shares at $31.855 per common share. These amounts were not recognizd in the financial statements at December 31, 2021 as the acceptance was not considered probable at that date.

In addition to milestone revenue, during the year ended December 31, 2021, the Company recognized $10,167 of revenue (2020 – $32,166) which comprised of $6,452 (2020 – $5,356) for the research and development services under (iii) the Research Program and (iv) the Initial Development Program for NBI-921352, and $3,715 (2020 – $884) for (v) development services under the Initial Development Program for the DTCs. For the year ended December 31, 2020, the Company also recognized $25,926 associated with (i) the exclusive license to NBI-921352 and (ii) the exclusive license to the DTCs. As of December 31, 2021, there is $2,184 of accounts receivable outstanding from Neurocrine Biosciences.

(b)

Asset Purchase Agreement with Flexion Therapeutics, Inc., which was subsequently acquired by Pacira BioSciences:

In September 2019, the Company entered into an agreement with Flexion Therapeutics Inc. (“Flexion”), which was acquired by Pacira BioSciences in November 2021, 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 PCRX301 (previously FX301), owned or controlled by the Company.

During the year ended December 31, 2021, the FDA cleared the first IND application for PCRX301 and Flexion initiated a Phase 1b clinical trial, resulting in milestone payments of $1,000 and $2,000 paid to the Company, respectively. Pursuant to terms of the agreement, the Company will also be eligible for a development milestone payment of $5,000 upon 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.

Commitments and Contingencies

12 Months Ended

Dec. 31, 2021

Commitments And Contingencies Disclosure [Abstract]

Commitments and Contingencies

13.	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 has 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 has committed to $7,000 of services over the term of the agreement of which $3,836 of services have been received and $3,164 remains committed as of December 31, 2021. 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 suitable in order to fulfill the remaining commitment; therefore, no liability has been recognized as of December 31, 2021 with respect to the unsatisfied portion under the priority access agreement.

(b)

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 1st Order 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 $900 in clinical development milestones, up to $6,000 in regulatory milestones, and $500 in other milestones. To date, the Company has paid $600 based on progress against these milestones. There are no royalty obligations to 1st Order.

(c)

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.

Income Taxes

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Income Taxes

14.	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% (2020 – 27%) to loss before income taxes as shown in the following table:

	Year Ended December 31,
	2021			2020
Computed recoveries at Canadian federal and provincial tax rates	$	(21,300	)	$	(7,856	)
Change in valuation allowance		21,354			7,821
Investment tax credits earned		(2,279	)		(1,689	)
Tax attributes expired/utilized		692			764
Non-deductible expenditures		2,033			1,135
Other		(506	)		(432	)
Income tax recovery	$	(6	)	$	(257	)

Income tax recovery for the years ended December 31, 2021 and 2020 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,
	2021			2020
Scientific research and experimental development pool	$	32,505		$	29,580
Investment tax credits		27,271			25,411
Non-capital losses		53,453			35,803
Depreciable assets		7,667			6,635
Deferred financing fees		7,252			1,689
Deferred revenue		-			983
Other		826			533
Less - valuation allowance		(128,509	)		(100,111	)
Net deferred income tax assets	$	465		$	523

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, 2021 and 2020 result from the temporary differences between the amounts of assets and liabilities recognized for financial statement and income tax purposes, net of valuation allowance, related to the operations of Xenon Pharmaceuticals USA Inc.

At December 31, 2021, the Company has unclaimed tax deductions for scientific research and experimental development expenditures of $120,388 (2020– $109,556) with no expiry.

At December 31, 2021, the Company has $26,298 (2020 – $24,311) of investment tax credits available to offset federal taxes payable and $8,168 (2020 – $7,738) of provincial tax credits available to offset provincial taxes payable in the future.

At December 31, 2021, 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 $197,976 (2020 – $132,604).

The investment tax credits and loss carry forwards expire over various years to 2041.

As of December 31, 2021, the total amount of the Company’s unrecognized tax benefits of uncertain tax positions were $10,850 (2020 – $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, 2021 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 2020 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 17
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 14
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 270
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-URI http://asc.fasb.org/topic&trid=2144680

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 30
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

Use of estimates

(a)

Use of estimates:

Cash and cash equivalents

(b)

Cash and cash equivalents:

Marketable Securities

(c)

Marketable securities:

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:

Leases

(g)

Leases:

Concentration of credit risk and of significant customers

(h)

Concentration of credit risk and of significant customers:

Financial instruments and fair value

(i)

Financial instruments and fair value:

The Company measures certain financial instruments and other items at fair value.

•

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

•

Revenue recognition

(j)

Revenue recognition:

Research and development costs

(k)

Research and development costs:

Research and development costs are expensed in the period incurred.

Stock-based compensation

(l)

Stock-based compensation:

The Company grants stock options to employees, consultants, directors and officers pursuant to stock option plans described in note 10c.

Foreign currency translation

(m)

Foreign currency translation:

Income taxes

(n)

Income taxes:

Segment and geographic information

(o)

Segment and geographic information:

Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2021

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

Property, Plant and Equipment (Tables)

12 Months Ended

Dec. 31, 2021

Property Plant And Equipment [Abstract]

Summary of Property, Plant and Equipment

Property, plant and equipment consisted of the following:

	December 31,
	2021			2020
Research equipment	$	8,424		$	8,683
Office furniture and equipment		832			994
Computer equipment		1,539			2,641
Leasehold improvements		7,021			6,390
Less: accumulated depreciation and amortization		(13,350	)		(15,154	)
Net book value	$	4,466		$	3,554

Leases (Tables)

12 Months Ended

Dec. 31, 2021

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, 2021 and 2020:

	Year Ended December 31,
	2021			2020
Lease Cost
Operating lease expense	$	591		$	536
Variable lease expense⁽¹⁾		751			549
Lease Term and Discount Rate
Remaining lease term (years)		10.50			6.50
Discount rate		3.42	%		2.45	%

(1)

Future Minimum Lease Payments

Future minimum lease payments as of December 31, 2021 were as follows:

Year ending December 31:
2022	$	879
2023	932
2024	974
2025		1,029
2026		1,083
2027 and thereafter		6,793
Total future minimum lease payments	$	11,690
Less: imputed interest		(1,965	)
Less: future lease incentives reasonably certain of use		(1,468	)
Present value of lease liabilities	$	8,257

Share Capital (Tables)

12 Months Ended

Dec. 31, 2021

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Stock Option Activity

Summary of stock option activity is as follows:

	Number of			Weighted Average		Aggregate
	Options			Exercise Price ($)⁽¹⁾		Intrinsic Value
Outstanding, December 31, 2019		3,534,236			7.90		19,618
Granted		1,482,250			11.75
Exercised⁽²⁾		(171,812	)		5.76		1,535
Forfeited, cancelled or expired		(85,677	)		13.04
Outstanding, December 31, 2020		4,758,997			9.10		30,464
Granted		1,775,450			19.82
Exercised⁽²⁾		(690,284	)		7.34		11,306
Forfeited, cancelled or expired		(205,931	)		13.01
Outstanding, December 31, 2021		5,638,232			12.55		105,405
Exercisable, December 31, 2021		2,966,643			8.85		66,418

(1)

Canadian dollar denominated stock options have been translated into U.S. dollars at a foreign exchange rate of 0.79 as of December 31, 2021.

(2)

Summary of Stock Option Outstanding and Exercisable

The following table summarizes the stock options outstanding and exercisable at December 31, 2021:

	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)		($)⁽¹⁾				($)⁽¹⁾
$2.11 - $8.32		1,095,052		4.69		5.23		1,089,630		5.22
$8.33 - $9.52		1,315,749		6.54		9.12		1,066,587		9.05
$9.53 - $11.72		1,137,981		8.27		11.50		502,634		11.52
$11.73 - $20.40		1,006,250		7.75		17.14		307,792		16.66
$20.41 - $31.68		1,083,200		9.22		20.93		—		—
		5,638,232		7.26		12.55		2,966,643		8.85

(1)

Canadian dollar denominated stock options have been translated into U.S. dollars at a foreign exchange rate of 0.79 as of December 31, 2021.

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, 2021 is as follows:

	Number of Options			Weighted Average Grant Date Fair Value ($)
Non-vested, January 1, 2021		2,336,437			6.78
Granted		1,775,450			12.54
Vested		(1,235,867	)		6.69
Forfeited or cancelled		(204,431	)		8.36
Non-vested, December 31, 2021		2,671,589			10.56

Fair Value Assumptions for Stock Options

The weighted-average option pricing assumptions are as follows:

	Year Ended December 31,
	2021			2020
Average risk-free interest rate		1.16	%		0.72	%
Expected volatility		68	%		68	%
Average expected term (in years)		6.66			6.79
Expected dividend yield		0.00	%		0.00	%
Weighted average fair value of options granted	$	12.54		$	7.46

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,
	2021		2020
Research and development expenses	$	3,734	$	1,936
General and administrative expenses		6,283		3,741
	$	10,017	$	5,677

Collaboration Agreements (Tables)

12 Months Ended

Dec. 31, 2021

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Schedule Of Collaboration Revenue

Revenue was as follows for the years ended December 31, 2021 and 2020:

	Year Ended December 31,
	2021		2020
Neurocrine Biosciences:
Recognition of the transaction price	$	3,715	$	26,810
Research and development services		6,452		5,356
Milestone payments		5,270		—
Pacira BioSciences:
Milestone payments		3,000		—
Total collaboration revenue	$	18,437	$	32,166

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Schedule of Income Tax Recovery

	Year Ended December 31,
	2021			2020
Computed recoveries at Canadian federal and provincial tax rates	$	(21,300	)	$	(7,856	)
Change in valuation allowance		21,354			7,821
Investment tax credits earned		(2,279	)		(1,689	)
Tax attributes expired/utilized		692			764
Non-deductible expenditures		2,033			1,135
Other		(506	)		(432	)
Income tax recovery	$	(6	)	$	(257	)

Schedule of Net Deferred Income Tax Assets

	December 31,
	2021			2020
Scientific research and experimental development pool	$	32,505		$	29,580
Investment tax credits		27,271			25,411
Non-capital losses		53,453			35,803
Depreciable assets		7,667			6,635
Deferred financing fees		7,252			1,689
Deferred revenue		-			983
Other		826			533
Less - valuation allowance		(128,509	)		(100,111	)
Net deferred income tax assets	$	465		$	523

Nature of the business (Details) - USD ($) $ in Thousands	12 Months Ended
Nature of the business (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Accumulated deficit	$ 357,374	$ 278,492
Net loss	$ 78,882	$ 28,837

- Definition

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

+ References

+ Details

- Definition

The cumulative amount of the reporting entity's undistributed earnings or deficit.

+ References + Details

Significant Accounting Policies - Property Plant and Equipment Estimated Useful Lives (Details)	12 Months Ended
	Dec. 31, 2021
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

Significant Accounting Policies (Details)	12 Months Ended
Significant Accounting Policies (Details)	Dec. 31, 2021 USD ($) Segment	Dec. 31, 2020 USD ($)
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	84.00%	100.00%
Total Revenues [Member] \| Pacira BioSciences [Member] \| Product Concentration Risk [Member]
Significant Accounting Policies [Line Items]
Concentration Risk, Percentage	16.00%

Net Income (Loss) Per Common (Details) - shares	Dec. 31, 2021	Dec. 31, 2020
Class Of Stock [Line Items]
Preferred shares, issued	1,016,000	1,016,000
Series1 Preferred Shares
Class Of Stock [Line Items]
Preferred shares, issued	1,016,000	1,016,000

Property, Plant and Equipment - Summary of Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Property Plant And Equipment [Line Items]
Less: accumulated depreciation and amortization	$ (13,350)	$ (15,154)
Property, plant and equipment, net (note 6)	4,466	3,554
Research Equipment [Member]
Property Plant And Equipment [Line Items]
Property, plant and equipment	8,424	8,683
Office Furniture and Equipment [Member]
Property Plant And Equipment [Line Items]
Property, plant and equipment	832	994
Computer Equipment [Member]
Property Plant And Equipment [Line Items]
Property, plant and equipment	1,539	2,641
Leasehold Improvements [Member]
Property Plant And Equipment [Line Items]
Property, plant and equipment	$ 7,021	$ 6,390

Leases (Details) - Burnaby, British Columbia [Member] - Lease	1 Months Ended	12 Months Ended
	Nov. 30, 2021	Dec. 31, 2021	Dec. 31, 2020
Lessee Lease Description [Line Items]
Number of operating leases		1
Operating lease term			21 months
Operating lease extension term	10 years		5 years
Operating lease expiration date	Jun. 30, 2032		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 and a renewal option for a portion of the facility for a 5-year term that was reasonably certain of exercise was included in the determination of the right-of-use asset and lease liability. In November 2021, the Company entered into an agreement to extend the lease for an additional 10-year term to June 30, 2032.

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

12 Months Ended

Dec. 31, 2021

Dec. 31, 2020

Leases [Abstract]

Operating lease expense

$ 591

$ 536

Variable lease expense

^[1]

$ 751

$ 549

Remaining lease term (years)

10 years 6 months

6 years 6 months

Discount rate

3.42%

2.45%

[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.

Leases - Future Minimum Lease Payments (Details) $ in Thousands	Dec. 31, 2021 USD ($)
Commitments And Contingencies Disclosure [Abstract]
2022	$ 879
2023	932
2024	974
2025	1,029
2026	1,083
2027 and thereafter	6,793
Total future minimum lease payments	11,690
Less: imputed interest	(1,965)
Less: future lease incentives reasonably certain of use	(1,468)
Present value of lease liabilities	$ 8,257

Accounts Payable and Accrued Expenses - Accounts Payable and Accrued Expenses (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Payables And Accruals [Abstract]
Trade payables	$ 3,824	$ 3,041
Employee compensation, benefits, and related accruals	5,940	2,859
Consulting and contracted research	3,550	4,738
Professional fees	285	167
Other	118	69
Total	$ 13,717	$ 10,874

Term Loan (Details) - USD ($) $ / shares in Units, $ in Thousands		1 Months Ended	12 Months Ended
	May 31, 2020	Aug. 31, 2018	Dec. 31, 2020	Dec. 31, 2021
Debt Instrument [Line Items]
Loss on repayment of term loan (note 9)			$ (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 9)			$ 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, 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%

Share Capital (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended									8 Months Ended	12 Months Ended
	Oct. 31, 2021	Sep. 30, 2021	Mar. 31, 2021	Aug. 31, 2020	Jun. 30, 2020	Feb. 29, 2020	Jan. 31, 2020	Sep. 30, 2019	Mar. 31, 2018	Oct. 31, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share Capital [Line Items]
Amount offered for issuance of common stock											$ 447,283	$ 102,456
Warrants outstanding to purchase common stock											2,775,996
Options granted											1,775,450	1,482,250
Options Outstanding Weighted Average Remaining Contractual Life in Years											7 years 3 months 3 days
Options Exercisable Weighted Average Remaining Contractual Life in Years											5 years 9 months 14 days
Aggregate fair value of options vested											$ 8,271	$ 3,698
Unrecognized stock-based compensation cost											$ 24,210
Unrecognized stock-based compensation expected to be recognized over a period											2 years 9 months 10 days
Warrants exercise description	The Company may not affect the exercise of any Pre-Funded Warrant, and a holder will not be entitled to exercise any portion of any Pre-Funded Warrant that, upon giving effect to such exercise, would cause: (i) the aggregate number of common shares beneficially owned by such holder, together with its affiliates, to exceed 4.99% of the total number of common shares outstanding immediately after giving effect to the exercise; or (ii) the combined voting power of the Company’s securities beneficially owned by such holder, together with its affiliates, to exceed 4.99% of the combined voting power of all of the Company’s securities immediately outstanding after giving effect to the exercise, which percentage may be changed at the holder’s election to a higher or lower percentage not in excess of 19.99% upon at least 61 days’ notice to the Company.		The Company may not affect the exercise of any Pre-Funded Warrant, and a holder will not be entitled to exercise any portion of any Pre-Funded Warrant that, upon giving effect to such exercise, would cause: (i) the aggregate number of common shares beneficially owned by such holder, together with its affiliates, to exceed 4.99% of the total number of common shares outstanding immediately after giving effect to the exercise; or (ii) the combined voting power of the Company’s securities beneficially owned by such holder, together with its affiliates, to exceed 4.99% of the combined voting power of all of the Company’s securities immediately outstanding after giving effect to the exercise, which percentage may be changed at the holder’s election to a higher or lower percentage not in excess of 19.99% upon at least 61 days’ notice to the Company.
Amended and Restated Stock Option Plan [Member]
Share Capital [Line Items]
Vesting period											4 years
Maximum term of each option exercised											10 years
Options granted											0
2019 Inducement Plan [Member]
Share Capital [Line Items]
Options granted								0
Common shares reserved for issuance								400,000
Amended and Restated 2014 Plan [Member]
Share Capital [Line Items]
Vesting period					4 years
Maximum term of each option exercised					10 years
Common shares reserved for issuance					4,000,000						2,416,591
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											16,143,472	6,759,187
Amount offered for issuance of common stock											$ 381,567	$ 102,456
Common Shares [Member] \| Neurocrine Collaboration Agreement [Member]
Share Capital [Line Items]
Amount offered for issuance of common stock		$ 5,500
Shares issued		275,337
Aggregate purchase price per share		$ 19.9755
Common stock purchase price premium at fair value		$ 770
Jefferies and Stifel [Member] \| Underwritten Public Offering [Member]
Share Capital [Line Items]
Amount offered for issuance of common stock			$ 107,922
Shares issued			5,135,135
Shares price			$ 18.50
Warrants outstanding to purchase common stock			1,081,081
Warrants issued price per pre funded warrant			$ 18.4999
Warrants exercise price per common share			$ 0.0001
Jefferies and Stifel [Member] \| At-The-Market Equity Offering [Member]
Share Capital [Line Items]
Amount offered for issuance of common stock							$ 37,796				$ 10,693		$ 10,729
Jefferies and Stifel [Member] \| At-The-Market Equity Offering [Member] \| Maximum [Member]
Share Capital [Line Items]
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							2,446,687				733,000		805,643
Jefferies and Stifel [Member] \| Over Allotment [Member]
Share Capital [Line Items]
Shares issued			810,810
Jefferies, Stifel and Guggenheim Securities, LLC [Member] \| Underwritten Public Offering [Member]
Share Capital [Line Items]
Amount offered for issuance of common stock						$ 8,395	$ 56,265
Jefferies, Stifel and Guggenheim Securities, LLC [Member] \| Underwritten Public Offering [Member] \| Common Shares [Member]
Share Capital [Line Items]
Shares issued						562,500	3,750,000
Shares price							$ 16.00
Jefferies LLC SVB Leerink LLC and Stifel Nicolaus Company Incorporated [Member] \| Underwritten Public Offering [Member]
Share Capital [Line Items]
Amount offered for issuance of common stock	$ 323,938
Shares issued	10,000,000
Shares price	$ 29.50									$ 29.50
Warrants outstanding to purchase common stock	1,694,915									1,694,915
Warrants issued price per pre funded warrant	$ 29.4999									$ 29.4999
Warrants exercise price per common share	$ 0.0001									$ 0.0001
Sale proceeds from issuance of pre funded warrants										$ 65,716
Number of warrants exercised											0
Jefferies LLC SVB Leerink LLC and Stifel Nicolaus Company Incorporated [Member] \| Over Allotment [Member]
Share Capital [Line Items]
Shares issued	1,525,423
BVF Partners L.P [Member] \| Exchange Agreement [Member] \| Series1 Preferred Shares
Share Capital [Line Items]
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%

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

12 Months Ended

Dec. 31, 2021

Dec. 31, 2020

Dec. 31, 2019

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Number of Options Outstanding, Beginning balance

4,758,997

3,534,236

Number of Options, Granted

1,775,450

1,482,250

Number of Options, Exercised

^[1]

(690,284)

(171,812)

Number of Options, Forfeited, cancelled or expired

(205,931)

(85,677)

Number of Options Outstanding, Ending balance

5,638,232

4,758,997

Number of Options Exercisable, End of period

2,966,643

Weighted Average Exercise Price Outstanding, Beginning balance

^[2]

$ 9.10

$ 7.90

Weighted Average Exercise Price, Granted

^[2]

19.82

11.75

Weighted Average Exercise Price, Exercised

^[1],[2]

7.34

5.76

Weighted Average Exercise Price, Forfeited, cancelled and expired

^[2]

13.01

13.04

Weighted Average Exercise Price Outstanding, Ending balance

^[2]

12.55

$ 9.10

Weighted Average Exercise Price, Exercisable Ending balance

^[2]

$ 8.85

Aggregate Intrinsic Value, Outstanding

$ 105,405

$ 30,464

$ 19,618

Aggregate Intrinsic Value, Exercised

^[1]

11,306

$ 1,535

Aggregate Intrinsic Value, Exercisable, Ending balance

$ 66,418

[1]	During the year ended December 31, 2021, 66,215 (2020 – 26,513) stock options were exercised for the same number of common shares in exchange for cash. In the same period, the Company issued 412,940 (2020 – 87,197) common shares for the cashless exercise of 624,069 (2020 – 145,299) stock options.
[2]	Canadian dollar denominated stock options have been translated into U.S. dollars at a foreign exchange rate of 0.79 as of December 31, 2021.

Share Capital - Stock Option Activity (Parenthetical) (Details)	12 Months Ended
	Dec. 31, 2021 shares	Dec. 31, 2020 shares
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Foreign exchange rate translation	0.79
Stock Options exercised for Number of Common Shares for cash	66,215	26,513
Common stock issued for cashless exercise	412,940	87,197
Cashless exercise of stock options	624,069	145,299

Share Capital - Summary of Stock Option Outstanding and Exercisable (Details) - $ / shares

12 Months Ended

Dec. 31, 2021

Dec. 31, 2020

Dec. 31, 2019

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Number of Options Outstanding

5,638,232

4,758,997

3,534,236

Options Outstanding Weighted Average Remaining Contractual Life in Years

7 years 3 months 3 days

Options Outstanding, Weighted Average Exercise Price

^[1]

$ 12.55

$ 9.10

$ 7.90

Number of Options Exercisable

2,966,643

Options exercisable, Weighted Average Exercise Price

^[1]

$ 8.85

Range of Exercise Prices - $2.11 - $8.32 [Member]

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Exercise price range, lower range limit

2.11

Exercise price range, upper range limit

$ 8.32

Number of Options Outstanding

1,095,052

Options Outstanding Weighted Average Remaining Contractual Life in Years

4 years 8 months 8 days

Options Outstanding, Weighted Average Exercise Price

$ 5.23

Number of Options Exercisable

1,089,630

Options exercisable, Weighted Average Exercise Price

^[1]

$ 5.22

Range of Exercise Prices - $8.33 - $9.52 [Member]

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Exercise price range, lower range limit

8.33

Exercise price range, upper range limit

$ 9.52

Number of Options Outstanding

1,315,749

Options Outstanding Weighted Average Remaining Contractual Life in Years

6 years 6 months 14 days

Options Outstanding, Weighted Average Exercise Price

$ 9.12

Number of Options Exercisable

1,066,587

Options exercisable, Weighted Average Exercise Price

^[1]

$ 9.05

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

9.53

Exercise price range, upper range limit

$ 11.72

Number of Options Outstanding

1,137,981

Options Outstanding Weighted Average Remaining Contractual Life in Years

8 years 3 months 7 days

Options Outstanding, Weighted Average Exercise Price

$ 11.50

Number of Options Exercisable

502,634

Options exercisable, Weighted Average Exercise Price

^[1]

$ 11.52

Range of Exercise Prices - $11.73 - $20.40 [Member]

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Exercise price range, lower range limit

11.73

Exercise price range, upper range limit

$ 20.40

Number of Options Outstanding

1,006,250

Options Outstanding Weighted Average Remaining Contractual Life in Years

7 years 9 months

Options Outstanding, Weighted Average Exercise Price

$ 17.14

Number of Options Exercisable

307,792

Options exercisable, Weighted Average Exercise Price

^[1]

$ 16.66

Range of Exercise Prices - $20.41 - $31.68 [Member]

Share Based Compensation Arrangement By Share Based Payment Award [Line Items]

Exercise price range, lower range limit

20.41

Exercise price range, upper range limit

$ 31.68

Number of Options Outstanding

1,083,200

Options Outstanding Weighted Average Remaining Contractual Life in Years

9 years 2 months 19 days

Options Outstanding, Weighted Average Exercise Price

$ 20.93

[1]	Canadian dollar denominated stock options have been translated into U.S. dollars at a foreign exchange rate of 0.79 as of December 31, 2021.

Share Capital - Summary of Stock Option Outstanding and Exercisable (Parenthetical) (Details)	Dec. 31, 2021
Stock Option Activity [Abstract]
Foreign exchange rate translation	0.79

Share Capital - Summary of Non-Vested Stock Option Activity (Details) - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Number Of Shares Roll Forward
Number of Options, Non-vested, Beginning balance	2,336,437
Number of Options, Granted	1,775,450	1,482,250
Number of Options, Vested	(1,235,867)
Number of Options, Forfeited or cancelled	(204,431)
Number of Options, Non-vested, Ending balance	2,671,589	2,336,437
Weighted Average Grant Date Fair Value, Non-vested, Beginning balance	$ 6.78
Weighted Average Grant Date Fair Value, Granted	12.54	$ 7.46
Weighted Average Grant Date Fair Value, Vested	6.69
Weighted Average Grant Date Fair Value, Forfeited or cancelled	8.36
Weighted Average Grant Date Fair Value, Non-vested, Ending balance	$ 10.56	$ 6.78

Share Capital - Fair Value Assumptions for Stock Options (Details) - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Fair Value Assumptions For Stock Options [Abstract]
Average risk-free interest rate	1.16%	0.72%
Expected volatility	68.00%	68.00%
Average expected term (in years)	6 years 7 months 28 days	6 years 9 months 14 days
Expected dividend yield	0.00%	0.00%
Weighted average fair value of options granted	$ 12.54	$ 7.46

Share Capital - Stock Based Compensation Expenses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation	$ 10,017	$ 5,677
Research and development [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation	3,734	1,936
General and administrative [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation	$ 6,283	$ 3,741

Concentrations of Market Risk (Details) $ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2021 USD ($)	Dec. 31, 2021 CAD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2020 CAD ($)
Interest Rate Risk [Member]
Concentration Risk [Line Items]
Cash and cash equivalents and marketable securities	$ 551,774
Unfavorable change in interest rates of marketable securities	1.00%
Decrease in the fair value of marketable securities	$ 3,566
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
Foreign Currency Exchange Risk [Member]
Concentration Risk [Line Items]
Cash and cash equivalents and marketable securities	$ 533,716	$ 22,823	$ 161,847	$ 19,282

Collaboration Agreements - Schedule of Collaboration Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Total collaboration revenue	$ 18,437	$ 32,166
Collaboration Revenue [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Total collaboration revenue	18,437	32,166
Neurocrine Biosciences [Member] \| Collaboration Revenue [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Recognition of the transaction price	3,715	26,810
Research and development services	6,452	5,356
Milestone payments	5,270
Total collaboration revenue	10,167	$ 32,166
Pacira BioSciences [Member] \| Collaboration Revenue [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Milestone payments	$ 3,000

- 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9038-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130545-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8906-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 4
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130543-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9054-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9031-108599

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 924
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-URI http://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

Collaboration Agreements (Details) - USD ($)	1 Months Ended			12 Months Ended
Collaboration Agreements (Details) - USD ($)	Jan. 31, 2022	Sep. 30, 2021	Dec. 31, 2019	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Common shares, Issued				51,634,752	35,012,125
Revenue				$ 18,437,000	$ 32,166,000
Accounts receivable				2,765,000	1,822,000
Collaboration Revenue [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Revenue				18,437,000	32,166,000
Neurocrine Biosciences [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Accounts receivable				2,184,000
Neurocrine Biosciences [Member] \| Collaboration Revenue [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Revenue				10,167,000	32,166,000
Milestone payments				5,270,000
Neurocrine Biosciences [Member] \| Exclusive License to XEN901 and Exclusive License to DTCs [Member] \| Collaboration Revenue [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Revenue					25,926,000
Neurocrine Biosciences [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				3,715,000	884,000
Neurocrine Biosciences [Member] \| Research And Development Funding \| Collaboration Revenue [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Revenue				$ 6,452,000	$ 5,356,000
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			1,667,500,000			1,667,500,000
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
Transaction price allocated to performance obligations						33,333,000
Variable consideration allocated to performance obligation				$ 592,000
Milestone Payment Received		$ 10,000,000
Milestone Payment Received in Cash		4,500,000
Milestone Payment Received in Equity Investment		5,500,000
Equity investment measure at fair value		4,730,000
Premium		770,000
Revenue		4,500,000
Transaction price allocated to performance obligations		$ 0
Neurocrine Biosciences [Member] \| License and Collaboration Agreement [Member] \| Subsequent Event [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Milestone Payment Received	$ 15,000,000
Milestone Payment Received in Cash	6,750,000
Milestone Payment Received in Equity Investment	$ 8,250,000
Common shares, Issued	258,986
Common stock, par or stated value per share	$ 31.855
Neurocrine Biosciences [Member] \| License and Collaboration Agreement [Member] \| Exclusive License to XEN901 and Exclusive License to 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				5,118,000
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
Pacira BioSciences [Member] \| Collaboration Revenue [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Milestone payments				3,000,000
Pacira BioSciences [Member] \| Asset Purchase Agreement [Member] \| XEN402 [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Milestone payments				1,000,000
Milestone payment due on initiation of Phase 1b clinical trial				2,000,000
Pacira BioSciences [Member] \| Asset Purchase Agreement [Member] \| Eligible to Receive Development Milestone Payment [Member] \| XEN402 [Member] \| Maximum [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Potential Milestone Payments Receivable				5,000,000
Pacira BioSciences [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
Pacira BioSciences [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

Commitments and Contingencies (Details) - USD ($)	1 Months Ended		12 Months Ended
Commitments and Contingencies (Details) - USD ($)	Aug. 31, 2020	Aug. 31, 2015	Dec. 31, 2021
Priority Access Agreement with Medpace Inc. [Member]
Commitments And Contingencies [Line Items]
Service agreement, term		5 years
Committed service obligation		$ 7,000,000	$ 3,164,000
Contractual obligation paid			3,836,000
Asset Purchase Agreement [Member] \| 1st Order Pharmaceuticals, Inc. [Member]
Commitments And Contingencies [Line Items]
Milestone payment paid			$ 600,000
Royalty obligations	$ 0
Asset Purchase Agreement [Member] \| 1st Order Pharmaceuticals, Inc. [Member] \| Clinical Development Milestones [Member]
Commitments And Contingencies [Line Items]
Future potential payments	900,000
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

Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Tax Credit Carryforward [Line Items]
Unclaimed Tax Deductions Related To Scientific Research And Experimental Development Expenditures	$ 120,388	$ 109,556
Non-capital losses carried forward for tax purposes	$ 197,976	132,604
Tax Credit Carry forward, Expiration Date	Dec. 31, 2041
Unrecognized tax benefits of uncertain tax positions	$ 10,850	$ 10,850
Canadian federal and provincial tax rates	27.00%	27.00%
Canada and United States Revenue Agency [Member] \| Latest Tax Year [Member]
Tax Credit Carryforward [Line Items]
Tax year open for income tax examination	2020
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	$ 26,298	$ 24,311
Provincial Tax Credit [Member]
Tax Credit Carryforward [Line Items]
Tax credit available to offset taxes payable	$ 8,168	$ 7,738

Income Taxes - Schedule of Income Tax Recovery (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Computed recoveries at Canadian federal and provincial tax rates	$ (21,300)	$ (7,856)
Change in valuation allowance	21,354	7,821
Investment tax credits earned	(2,279)	(1,689)
Tax attributes expired/utilized	692	764
Non-deductible expenditures	2,033	1,135
Other	(506)	(432)
Income tax recovery	$ (6)	$ (257)

- 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, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Scientific research and experimental development pool	$ 32,505	$ 29,580
Investment tax credits	27,271	25,411
Non-capital losses	53,453	35,803
Depreciable assets	7,667	6,635
Deferred financing fees	7,252	1,689
Deferred revenue		983
Other	826	533
Less - valuation allowance	(128,509)	(100,111)
Net deferred income tax assets	$ 465	$ 523