$GRCE

2022 Q3 Form 10-Q Financial Statement

#000095017022016632 Filed on August 11, 2022

View on sec.gov

Income Statement

Concept 2022 Q3 2022 Q2 2022 Q1
Revenue $0.00 $0.00 $0.00
YoY Change -100.0%
Cost Of Revenue $0.00
YoY Change -100.0%
Gross Profit $0.00
YoY Change -100.0%
Gross Profit Margin
Selling, General & Admin $1.816M $2.140M $2.077M
YoY Change -39.1% -20.03% 37.64%
% of Gross Profit
Research & Development $3.292M $2.590M $848.0K
YoY Change 462.74% 452.24% 115.78%
% of Gross Profit
Depreciation & Amortization -$61.00K $167.0K $0.00
YoY Change -100.0%
% of Gross Profit
Operating Expenses $5.108M $4.730M $4.403M
YoY Change 43.2% 908.53% 124.41%
Operating Profit -$5.108M -$4.730M -$4.403M
YoY Change 43.2% 50.4% 133.33%
Interest Expense -$12.00K -$36.00K -$296.0K
YoY Change -100.26% -233.33% -91.15%
% of Operating Profit
Other Income/Expense, Net $24.00K -$36.00K $147.0K
YoY Change -99.47% -233.33%
Pretax Income -$5.084M -$4.766M -$4.552M
YoY Change -618.25% 52.85% -19.38%
Income Tax $155.0K -$242.0K -$648.0K
% Of Pretax Income
Net Earnings -$4.929M -$4.524M -$3.904M
YoY Change -602.45% 45.09% -30.85%
Net Earnings / Revenue
Basic Earnings Per Share -$0.11 -$0.10
Diluted Earnings Per Share -$0.11 -$0.10 -$106.0K
COMMON SHARES
Basic Shares Outstanding 44.49M 44.33M 44.29M
Diluted Shares Outstanding 44.55M 44.33M

Balance Sheet

Concept 2022 Q3 2022 Q2 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $34.94M $38.39M $43.66M
YoY Change -31.21% -33.49% -28.11%
Cash & Equivalents $34.93M $38.38M $30.34M
Short-Term Investments $14.00K $16.00K $13.32M
Other Short-Term Assets $1.706M $1.891M $1.322M
YoY Change -42.01% -14.7% 18.99%
Inventory
Prepaid Expenses $1.354M $1.539M $720.0K
Receivables $859.0K $964.0K $548.0K
Other Receivables $0.00 $0.00
Total Short-Term Assets $37.51M $41.25M $45.28M
YoY Change -31.24% -31.69% -27.4%
LONG-TERM ASSETS
Property, Plant & Equipment $632.0K $909.0K $20.89M
YoY Change 1369.77% 1277.27%
Goodwill $12.96M $12.96M $12.96M
YoY Change
Intangibles $69.81M $69.81M $69.81M
YoY Change 7.06%
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $83.41M $83.68M $83.34M
YoY Change 27.82% 126692.42% 96805.81%
TOTAL ASSETS
Total Short-Term Assets $37.51M $41.25M $45.28M
Total Long-Term Assets $83.41M $83.68M $83.34M
Total Assets $120.9M $124.9M $128.6M
YoY Change 0.93% 106.66% 105.93%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.735M $3.062M $3.156M
YoY Change -15.75% 34.36% 2644.35%
Accrued Expenses $70.00K $645.0K $296.0K
YoY Change 62.79% 877.27% -51.24%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $3.805M $3.707M $3.260M
YoY Change -14.99% 61.17% 106.46%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $450.0K $174.0K $201.0K
YoY Change -59.68% -96.26% -96.15%
Total Long-Term Liabilities $450.0K $174.0K $201.0K
YoY Change -59.68% -96.26% -96.15%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.805M $3.707M $3.260M
Total Long-Term Liabilities $450.0K $174.0K $201.0K
Total Liabilities $20.75M $20.53M $20.35M
YoY Change 271.01% 193.42% 199.35%
SHAREHOLDERS EQUITY
Retained Earnings -$165.3M -$160.4M -$155.8M
YoY Change 11.57% 7.53% 6.72%
Common Stock $258.3M $258.2M $258.0M
YoY Change 0.12% 30.93% 30.83%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $100.2M $104.4M $108.3M
YoY Change
Total Liabilities & Shareholders Equity $120.9M $124.9M $128.6M
YoY Change 0.93% 106.66% 105.93%

Cashflow Statement

Concept 2022 Q3 2022 Q2 2022 Q1
OPERATING ACTIVITIES
Net Income -$4.929M -$4.524M -$3.904M
YoY Change -602.45% 45.09% -30.85%
Depreciation, Depletion And Amortization -$61.00K $167.0K $0.00
YoY Change -100.0%
Cash From Operating Activities -$3.439M -$5.426M -$3.145M
YoY Change -43.66% 59.54% 78.69%
INVESTING ACTIVITIES
Capital Expenditures -$2.000K -$7.000K $0.00
YoY Change
Acquisitions
YoY Change
Other Investing Activities -$94.00K $13.27M $11.00K
YoY Change -103.31% -291.5% -100.13%
Cash From Investing Activities -$96.00K $13.26M $11.00K
YoY Change -103.38% -291.4% -100.13%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $195.0K
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 109.0K 195.0K 0.000
YoY Change -100.0%
NET CHANGE
Cash From Operating Activities -3.439M -5.426M -3.145M
Cash From Investing Activities -96.00K 13.26M 11.00K
Cash From Financing Activities 109.0K 195.0K 0.000
Net Change In Cash -3.426M 8.038M -3.134M
YoY Change -15.32% -180.65% -112.79%
FREE CASH FLOW
Cash From Operating Activities -$3.439M -$5.426M -$3.145M
Capital Expenditures -$2.000K -$7.000K $0.00
Free Cash Flow -$3.437M -$5.419M -$3.145M
YoY Change -43.69% 59.34% 78.69%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
CY2022Q2 dei Entity Central Index Key
EntityCentralIndexKey
0001444192
CY2021Q2 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
CY2021Q4 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
CY2021Q2 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
CY2022Q2 us-gaap Derivative Liabilities Noncurrent
DerivativeLiabilitiesNoncurrent
CY2022Q2 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q1
CY2022Q2 dei Amendment Flag
AmendmentFlag
false
CY2022Q2 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--03-31
CY2021Q2 us-gaap Payments For Proceeds From Productive Assets
PaymentsForProceedsFromProductiveAssets
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
CY2021Q1 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
CY2022Q2 dei Document Type
DocumentType
10-Q
CY2022Q2 dei Document Quarterly Report
DocumentQuarterlyReport
true
CY2022Q2 dei Document Period End Date
DocumentPeriodEndDate
2022-06-30
CY2022Q2 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2022
CY2022Q2 dei Document Transition Report
DocumentTransitionReport
false
CY2022Q2 dei Entity File Number
EntityFileNumber
001-35776
CY2022Q2 dei Entity Registrant Name
EntityRegistrantName
Acasti Pharma Inc.
CY2022Q2 dei Entity Incorporation State Country Code
EntityIncorporationStateCountryCode
Z4
CY2022Q2 dei Entity Tax Identification Number
EntityTaxIdentificationNumber
98-1359336
CY2022Q2 dei Entity Address Address Line1
EntityAddressAddressLine1
3009 boul. de la Concorde East, Suite 102
CY2022Q2 dei Entity Address City Or Town
EntityAddressCityOrTown
Laval
CY2022Q2 dei Entity Address State Or Province
EntityAddressStateOrProvince
QC
CY2022Q2 dei Entity Address Country
EntityAddressCountry
CA
CY2022Q2 dei Entity Address Postal Zip Code
EntityAddressPostalZipCode
H7E 2B5
CY2022Q2 dei City Area Code
CityAreaCode
450
CY2022Q2 dei Local Phone Number
LocalPhoneNumber
686-4555
CY2022Q2 dei Security12b Title
Security12bTitle
Common Shares, no par value per share
CY2022Q2 dei Trading Symbol
TradingSymbol
ACST
CY2022Q2 dei Security Exchange Name
SecurityExchangeName
NASDAQ
CY2022Q2 dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
CY2022Q2 dei Entity Interactive Data Current
EntityInteractiveDataCurrent
Yes
CY2022Q2 dei Entity Filer Category
EntityFilerCategory
Non-accelerated Filer
CY2022Q2 dei Entity Small Business
EntitySmallBusiness
true
CY2022Q2 dei Entity Emerging Growth Company
EntityEmergingGrowthCompany
false
CY2022Q2 dei Entity Shell Company
EntityShellCompany
false
CY2022Q3 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
44494193
CY2022Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
38377000
CY2022Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
30339000
CY2022Q2 us-gaap Short Term Investments
ShortTermInvestments
16000
CY2022Q1 us-gaap Short Term Investments
ShortTermInvestments
13322000
CY2022Q2 us-gaap Receivables Net Current
ReceivablesNetCurrent
964000
CY2022Q1 us-gaap Receivables Net Current
ReceivablesNetCurrent
548000
CY2022Q2 us-gaap Assets Of Disposal Group Including Discontinued Operation Current
AssetsOfDisposalGroupIncludingDiscontinuedOperationCurrent
352000
CY2022Q1 us-gaap Assets Of Disposal Group Including Discontinued Operation Current
AssetsOfDisposalGroupIncludingDiscontinuedOperationCurrent
352000
CY2022Q2 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
1539000
CY2022Q1 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
720000
CY2022Q2 us-gaap Assets Current
AssetsCurrent
41248000
CY2022Q1 us-gaap Assets Current
AssetsCurrent
45281000
CY2022Q2 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
819000
CY2022Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
315000
CY2022Q2 us-gaap Machinery And Equipment Gross
MachineryAndEquipmentGross
90000
CY2022Q1 us-gaap Machinery And Equipment Gross
MachineryAndEquipmentGross
250000
CY2022Q2 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
69810000
CY2022Q1 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
69810000
CY2022Q2 us-gaap Goodwill
Goodwill
12964000
CY2022Q1 us-gaap Goodwill
Goodwill
12964000
CY2022Q2 us-gaap Assets
Assets
124931000
CY2022Q1 us-gaap Assets
Assets
128620000
CY2022Q2 us-gaap Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
3062000
CY2022Q1 us-gaap Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
3156000
CY2022Q2 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
645000
CY2022Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
104000
CY2022Q2 us-gaap Liabilities Current
LiabilitiesCurrent
3707000
CY2022Q1 us-gaap Liabilities Current
LiabilitiesCurrent
3260000
CY2022Q1 us-gaap Derivative Liabilities Noncurrent
DerivativeLiabilitiesNoncurrent
10000
CY2022Q2 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
174000
CY2022Q1 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
191000
CY2022Q2 us-gaap Deferred Income Tax Liabilities Net
DeferredIncomeTaxLiabilitiesNet
16647000
CY2022Q1 us-gaap Deferred Income Tax Liabilities Net
DeferredIncomeTaxLiabilitiesNet
16889000
CY2022Q2 us-gaap Liabilities
Liabilities
20528000
CY2022Q1 us-gaap Liabilities
Liabilities
20350000
CY2022Q2 us-gaap Common Stock Value
CommonStockValue
258185000
CY2022Q1 us-gaap Common Stock Value
CommonStockValue
257990000
CY2022Q2 us-gaap Additional Paid In Capital
AdditionalPaidInCapital
12618000
CY2022Q1 us-gaap Additional Paid In Capital
AdditionalPaidInCapital
12154000
CY2022Q2 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
-6039000
CY2022Q1 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
-6037000
CY2022Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-160361000
CY2022Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-155837000
CY2022Q2 us-gaap Stockholders Equity
StockholdersEquity
104403000
CY2022Q1 us-gaap Stockholders Equity
StockholdersEquity
108270000
CY2022Q2 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
124931000
CY2022Q1 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
128620000
CY2022Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
2590000
CY2021Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
469000
CY2022Q2 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
1919000
CY2021Q2 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
2676000
CY2022Q2 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
221000
CY2022Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-4730000
CY2021Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-3145000
CY2022Q2 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-36000
CY2021Q2 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
27000
CY2022Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-4766000
CY2021Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-3118000
CY2022Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-242000
CY2021Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2022Q2 us-gaap Net Income Loss
NetIncomeLoss
-4524000
CY2021Q2 us-gaap Net Income Loss
NetIncomeLoss
-3118000
CY2022Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.10
CY2022Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.10
CY2021Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.12
CY2021Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.12
CY2022Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
44328049
CY2022Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
44328049
CY2021Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
26046950
CY2021Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
26046950
CY2022Q1 us-gaap Stockholders Equity
StockholdersEquity
108270000
CY2022Q2 us-gaap Net Income Loss
NetIncomeLoss
-4524000
CY2022Q2 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-2000
CY2022Q2 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
195000
CY2022Q2 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
464000
CY2022Q2 us-gaap Stockholders Equity
StockholdersEquity
104403000
CY2021Q1 us-gaap Stockholders Equity
StockholdersEquity
55660000
CY2021Q2 us-gaap Net Income Loss
NetIncomeLoss
-3118000
CY2021Q2 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
762000
CY2021Q2 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
153000
CY2021Q2 us-gaap Stockholders Equity
StockholdersEquity
53457000
CY2022Q2 us-gaap Net Income Loss
NetIncomeLoss
-4524000
CY2021Q2 us-gaap Net Income Loss
NetIncomeLoss
-3118000
CY2022Q2 us-gaap Depreciation
Depreciation
167000
CY2021Q2 us-gaap Depreciation
Depreciation
0
CY2022Q2 us-gaap Share Based Compensation
ShareBasedCompensation
464000
CY2021Q2 us-gaap Share Based Compensation
ShareBasedCompensation
153000
CY2022Q2 us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
-10000
CY2021Q2 us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
-643000
CY2022Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-242000
CY2021Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2022Q2 us-gaap Foreign Currency Transaction Gain Loss Unrealized
ForeignCurrencyTransactionGainLossUnrealized
10000
CY2021Q2 us-gaap Foreign Currency Transaction Gain Loss Unrealized
ForeignCurrencyTransactionGainLossUnrealized
-740000
CY2022Q2 acst Increase Decrease In Working Capital
IncreaseDecreaseInWorkingCapital
1271000
CY2021Q2 acst Increase Decrease In Working Capital
IncreaseDecreaseInWorkingCapital
533000
CY2022Q2 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-5426000
CY2021Q2 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-3401000
CY2022Q2 us-gaap Payments For Proceeds From Productive Assets
PaymentsForProceedsFromProductiveAssets
-7000
CY2022Q2 us-gaap Payments To Acquire Short Term Investments
PaymentsToAcquireShortTermInvestments
16000
CY2021Q2 us-gaap Payments To Acquire Short Term Investments
PaymentsToAcquireShortTermInvestments
8301000
CY2022Q2 us-gaap Proceeds From Maturities Prepayments And Calls Of Shortterm Investments
ProceedsFromMaturitiesPrepaymentsAndCallsOfShorttermInvestments
13281000
CY2021Q2 us-gaap Proceeds From Maturities Prepayments And Calls Of Shortterm Investments
ProceedsFromMaturitiesPrepaymentsAndCallsOfShorttermInvestments
1374000
CY2022Q2 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
13258000
CY2021Q2 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-6927000
CY2022Q2 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
195000
CY2022Q2 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
195000
CY2021Q2 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
0
CY2022Q2 acst Effect Of Translation Effect On Cash And Cash Equivalents
EffectOfTranslationEffectOnCashAndCashEquivalents
-40000
CY2021Q2 acst Effect Of Translation Effect On Cash And Cash Equivalents
EffectOfTranslationEffectOnCashAndCashEquivalents
-511000
CY2022Q2 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
51000
CY2021Q2 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
872000
CY2022Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
8038000
CY2021Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-9967000
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
30339000
CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
50942000
CY2022Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
38377000
CY2021Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
40975000
CY2022Q2 us-gaap Cash
Cash
38377000
CY2021Q2 us-gaap Cash
Cash
40975000
CY2022Q2 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
0
CY2021Q2 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
0
CY2022Q2 us-gaap Nature Of Operations
NatureOfOperations
<p style="margin-left:1.2%;text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:8.5pt;font-family:Times New Roman;min-width:fit-content;">1. Nature of operation</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;margin-right:1.333%;text-align:left;"><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:8.5pt;font-family:Times New Roman;min-width:fit-content;"> </span> </p><p style="margin-left:1.147%;text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;margin-right:1.333%;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:8.5pt;font-family:Times New Roman;min-width:fit-content;">Acasti Pharma Inc. (“Acasti” or the “Corporation”) is incorporated under the Business Corporations Act (Québec) (formerly Part 1A of the Companies Act (Québec)). The Corporation is domiciled in Canada and its registered office is located at 3009 boul. de la Concorde East, Suite 102, Laval, Québec, Canada H7E 2B5.</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;margin-right:1.333%;text-align:left;"><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:8.5pt;font-family:Times New Roman;min-width:fit-content;"> </span> </p><p style="margin-left:1.147%;text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;margin-right:1.333%;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:8.5pt;font-family:Times New Roman;min-width:fit-content;">In August 2021, the Corporation completed the acquisition via a share-for-share merger of Grace Therapeutics, Inc. (“Grace”), a privately held emerging biopharmaceutical company focused on developing innovative drug delivery technologies for the treatment of rare and orphan diseases. The post-merger Corporation is focused on building a late-stage specialty pharmaceutical company specializing in rare and orphan diseases and developing and commercializing products that improve clinical outcomes using our novel drug delivery technologies. The Corporation seeks to apply new proprietary formulations to existing pharmaceutical compounds to achieve enhanced efficacy, faster onset of action, reduced side effects, more convenient delivery and increased patient compliance; all of which could result in improved patient outcomes. The active pharmaceutical ingredients chosen by the Corporation for further development may be already approved in the target indication or could be repurposed for use in new indications.</span></p><p style="margin-left:1.147%;text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;margin-right:1.333%;text-align:justify;"><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:8.5pt;font-family:Times New Roman;min-width:fit-content;"> </span> </p><p style="margin-left:1.147%;text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;margin-right:1.333%;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:8.5pt;font-family:Times New Roman;min-width:fit-content;">The Corporation has incurred operating losses and negative cash flows from operations in each year since its inception. The Corporation expects to incur significant expenses and continued operating losses for the foreseeable future. The Corporation expects its expenses will increase substantially in connection with its ongoing activities, particularly as it advances clinical development for the first three drug candidates in the Corporation’s pipeline; continues to engage contract manufacturing organizations (“CMOs”) to manufacture its clinical study materials and to ultimately develop large-scale manufacturing capabilities in preparation for commercial launch; seeks regulatory approval for its drug candidates; and adds personnel to support its drug product development and future drug product launch and commercialization.</span></p><p style="margin-left:1.147%;text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;margin-right:1.333%;text-align:justify;"><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:8.5pt;font-family:Times New Roman;min-width:fit-content;"> </span> </p><p style="margin-left:1.147%;text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;margin-right:1.333%;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:8.5pt;font-family:Times New Roman;min-width:fit-content;">The Corporation does not expect to generate revenue from product sales unless and until it successfully completes drug development and obtains regulatory approval, which the Corporation expects will take several years and is subject to significant uncertainty. To date, the Corporation has financed its operations primarily through public offerings and private placements of its common shares, warrants and convertible debt and the proceeds from research tax credits. Until such time that the Corporation can generate significant revenue from drug product sales, if ever, it will require additional financing, which is expected to be sourced from a combination of public or private equity or debt financings or other non-dilutive sources, which may include fees, milestone payments and royalties from collaborations with third parties. Arrangements with collaborators or others may require the Corporation to relinquish certain rights related to its technologies or drug product candidates. Adequate additional financing may not be available to the Corporation on acceptable terms, or at all. The Corporation’s inability to raise capital as and when needed would have a negative impact on its financial condition and its ability to pursue its business strategy.</span></p><p style="margin-left:1.147%;text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;margin-right:1.333%;text-align:justify;"><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:8.5pt;font-family:Times New Roman;min-width:fit-content;"> </span> </p><p style="margin-left:1.147%;text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;margin-right:1.333%;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:8.5pt;font-family:Times New Roman;min-width:fit-content;">The Corporation remains subject to risks similar to other development stage companies in the biopharmaceutical industry, including compliance with government regulations, protection of proprietary technology, dependence on third party contractors and consultants and potential product liability, among others.</span></p><p style="margin-left:1.147%;text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;margin-right:1.333%;text-align:justify;"><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:8.5pt;font-family:Times New Roman;min-width:fit-content;"> </span> </p><p style="margin-left:1.147%;text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;margin-right:1.333%;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:8.5pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Reverse stock split</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;margin-right:1.333%;text-align:left;"><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:8.5pt;font-family:Times New Roman;min-width:fit-content;"> </span> </p><p style="margin-left:1.147%;text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;margin-right:1.333%;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:8.5pt;font-family:Times New Roman;min-width:fit-content;">On August 26, 2021, the shareholders of the Corporation approved a resolution to undertake a reverse split of the common stock within a range of 1-6 to 1-8 with such specific ratio to be approved by the Acasti Board. All references in these financial statements to number of common shares, warrants and options, price per share and weighted average number of shares outstanding prior to the reverse split have been adjusted to reflect the approved reverse stock split of 1-</span><span style="font-size:8.5pt;font-family:Times New Roman;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:8.5pt;font-family:Times New Roman;min-width:fit-content;">8</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:8.5pt;font-family:Times New Roman;min-width:fit-content;">, which was made effective on August 31, 2021, on a retroactive basis as of the earliest period presented.</span></p>
CY2022Q2 us-gaap Use Of Estimates
UseOfEstimates
<p style="margin-left:1.147%;text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;margin-right:1.333%;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:8.5pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Use of estimates</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;margin-right:1.333%;text-align:left;"><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:8.5pt;font-family:Times New Roman;min-width:fit-content;"> </span> </p><p style="margin-left:1.147%;text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;margin-right:1.333%;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:8.5pt;font-family:Times New Roman;min-width:fit-content;">The preparation of these financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, income, and expenses. Actual results may differ from these estimates.</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;margin-right:1.333%;text-align:left;"><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:8.5pt;font-family:Times New Roman;min-width:fit-content;"> </span> </p><p style="margin-left:1.147%;text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;margin-right:1.333%;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:8.5pt;font-family:Times New Roman;min-width:fit-content;">Estimates are based on management’s best knowledge of current events and actions that management may undertake in the future. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimates are revised and in any future periods affected.</span></p><p style="margin-left:1.147%;text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;margin-right:1.333%;text-align:justify;"><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:8.5pt;font-family:Times New Roman;min-width:fit-content;"> </span> </p><p style="margin-left:1.147%;text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;margin-right:1.333%;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:8.5pt;font-family:Times New Roman;min-width:fit-content;">Estimates and assumptions include the measurement of derivative warrant liabilities (note 7), stock-based compensation (note 10), assets held for sale (note 6), supply agreement (note 12), valuation of intangibles (note 4). Estimates and assumptions are also involved in measuring the accrual of services rendered with respect to research and development expenditures at each reporting date, including whether contingencies should be accrued for, as well as in determining which research and development expenses qualify for investment tax credits and in what amounts. The Corporation recognizes the tax credits once it has reasonable assurance that they will be realized. Recorded tax credits are subject to review and approval by tax authorities and, therefore, could be different from the amounts recorded.</span></p><p style="margin-left:1.333%;text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;margin-right:1.333%;text-align:left;"><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:8.5pt;font-family:Times New Roman;min-width:fit-content;"> </span> </p>
CY2022Q2 acst Disposal Group Including Discontinued Operation Property Plant And Equipment Cost
DisposalGroupIncludingDiscontinuedOperationPropertyPlantAndEquipmentCost
696000
CY2022Q2 acst Disposal Group Including Discontinued Operation Property Plant And Equipment Accumulated Depreciation
DisposalGroupIncludingDiscontinuedOperationPropertyPlantAndEquipmentAccumulatedDepreciation
-446000
CY2022Q2 us-gaap Impairment Of Long Lived Assets To Be Disposed Of
ImpairmentOfLongLivedAssetsToBeDisposedOf
250000
CY2022Q2 us-gaap Depreciation Expense On Reclassified Assets
DepreciationExpenseOnReclassifiedAssets
167000
CY2022Q2 us-gaap Marketable Securities
MarketableSecurities
16000
CY2022Q1 us-gaap Marketable Securities
MarketableSecurities
13322000
CY2019Q1 acst Atthemarket Sales Agreement Common Stock Maximum Amount
AtthemarketSalesAgreementCommonStockMaximumAmount
30000000
CY2019Q1 acst Atthemarket Sales Agreement Term
AtthemarketSalesAgreementTerm
P3Y
CY2020Q2 acst Atthemarket Sales Agreement Common Stock Maximum Amount
AtthemarketSalesAgreementCommonStockMaximumAmount
75000000
CY2020Q2 acst Atthemarket Sales Agreement Underwriter Fees Percentage Of Sales
AtthemarketSalesAgreementUnderwriterFeesPercentageOfSales
0.030
CY2019Q1 acst Write Off Of Deferred Financing Costs Of At The Market Program
WriteOffOfDeferredFinancingCostsOfAtTheMarketProgram
115000
CY2021Q4 acst Atthemarket Sales Agreement Common Stock Maximum Amount
AtthemarketSalesAgreementCommonStockMaximumAmount
75000000
CY2022Q2 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
32390
CY2022Q2 us-gaap Warrants And Rights Outstanding
WarrantsAndRightsOutstanding
161000
CY2022Q1 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
32390
CY2022Q1 us-gaap Warrants And Rights Outstanding
WarrantsAndRightsOutstanding
161000
CY2022Q2 us-gaap Foreign Currency Transaction Gain Loss Realized
ForeignCurrencyTransactionGainLossRealized
-78000
CY2021Q2 us-gaap Foreign Currency Transaction Gain Loss Realized
ForeignCurrencyTransactionGainLossRealized
-755000
CY2022Q2 us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
-10000
CY2021Q2 us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
-643000
CY2022Q2 us-gaap Investment Income Interest
InvestmentIncomeInterest
0
CY2021Q2 us-gaap Investment Income Interest
InvestmentIncomeInterest
20000
CY2022Q2 us-gaap Other Income
OtherIncome
32000
CY2021Q2 us-gaap Other Income
OtherIncome
119000
CY2022Q2 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-36000
CY2021Q2 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
27000
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExercisePrice
1.15
CY2022Q2 us-gaap Share Price
SharePrice
1.15
CY2022Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Weighted Average Grant Date Fair Value
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedWeightedAverageGrantDateFairValue
0.99
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
1.1747
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0329
CY2022Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P5Y9M21D
CY2022Q2 us-gaap Increase Decrease In Receivables
IncreaseDecreaseInReceivables
-434000
CY2021Q2 us-gaap Increase Decrease In Receivables
IncreaseDecreaseInReceivables
93000
CY2022Q2 us-gaap Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
-839000
CY2021Q2 us-gaap Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
-653000
CY2022Q2 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
2000
CY2021Q2 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
27000
CY2022Q2 acst Increase Decrease In Non Cash Working Capital
IncreaseDecreaseInNonCashWorkingCapital
-1271000
CY2021Q2 acst Increase Decrease In Non Cash Working Capital
IncreaseDecreaseInNonCashWorkingCapital
-533000

Files In Submission

Name View Source Status
0000950170-22-016632-index-headers.html Edgar Link pending
0000950170-22-016632-index.html Edgar Link pending
0000950170-22-016632.txt Edgar Link pending
0000950170-22-016632-xbrl.zip Edgar Link pending
acst-20220630.htm Edgar Link pending
acst-20220630.xsd Edgar Link pending
acst-ex31_1.htm Edgar Link pending
acst-ex31_2.htm Edgar Link pending
acst-ex32_1.htm Edgar Link pending
acst-ex32_2.htm Edgar Link pending
Financial_Report.xlsx Edgar Link pending
img179496299_0.jpg Edgar Link pending
img179496299_1.jpg Edgar Link pending
img179496299_10.jpg Edgar Link pending
img179496299_11.jpg Edgar Link pending
img179496299_2.jpg Edgar Link pending
img179496299_3.jpg Edgar Link pending
img179496299_4.jpg Edgar Link pending
img179496299_5.jpg Edgar Link pending
img179496299_6.jpg Edgar Link pending
img179496299_7.jpg Edgar Link pending
img179496299_8.jpg Edgar Link pending
img179496299_9.jpg Edgar Link pending
MetaLinks.json Edgar Link pending
R1.htm Edgar Link pending
R10.htm Edgar Link pending
R11.htm Edgar Link pending
R12.htm Edgar Link pending
R13.htm Edgar Link pending
R14.htm Edgar Link pending
R15.htm Edgar Link pending
R16.htm Edgar Link pending
R17.htm Edgar Link pending
R18.htm Edgar Link pending
R19.htm Edgar Link pending
R2.htm Edgar Link pending
R20.htm Edgar Link pending
R21.htm Edgar Link pending
R22.htm Edgar Link pending
R23.htm Edgar Link pending
R24.htm Edgar Link pending
R25.htm Edgar Link pending
R26.htm Edgar Link pending
R27.htm Edgar Link pending
R28.htm Edgar Link pending
R29.htm Edgar Link pending
R3.htm Edgar Link pending
R30.htm Edgar Link pending
acst-20220630_cal.xml Edgar Link unprocessable
FilingSummary.xml Edgar Link unprocessable
acst-20220630_htm.xml Edgar Link completed
acst-20220630_pre.xml Edgar Link unprocessable
R31.htm Edgar Link pending
R32.htm Edgar Link pending
R33.htm Edgar Link pending
R34.htm Edgar Link pending
R35.htm Edgar Link pending
R36.htm Edgar Link pending
R37.htm Edgar Link pending
R38.htm Edgar Link pending
R39.htm Edgar Link pending
R4.htm Edgar Link pending
R40.htm Edgar Link pending
R41.htm Edgar Link pending
R42.htm Edgar Link pending
R5.htm Edgar Link pending
R6.htm Edgar Link pending
R7.htm Edgar Link pending
R8.htm Edgar Link pending
R9.htm Edgar Link pending
report.css Edgar Link pending
Show.js Edgar Link pending
acst-20220630_def.xml Edgar Link unprocessable
acst-20220630_lab.xml Edgar Link unprocessable