$GRCE

2023 Q3 Form 10-Q Financial Statement

#000095017023041595 Filed on August 11, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2
Revenue $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $1.632M $1.874M
YoY Change -10.13% -12.43%
% of Gross Profit
Research & Development $460.0K $1.095M
YoY Change -86.03% -57.72%
% of Gross Profit
Depreciation & Amortization $0.00 $7.000K
YoY Change -100.0% -95.81%
% of Gross Profit
Operating Expenses $2.092M $2.969M
YoY Change -59.04% -37.23%
Operating Profit -$2.092M -$4.454M
YoY Change -59.04% -5.84%
Interest Expense -$1.630M $140.0K
YoY Change 13483.33% -488.89%
% of Operating Profit
Other Income/Expense, Net -$1.627M $142.0K
YoY Change -6879.17% -494.44%
Pretax Income -$3.719M -$4.312M
YoY Change -26.85% -9.53%
Income Tax -$446.0K -$289.0K
% Of Pretax Income
Net Earnings -$3.273M -$4.023M
YoY Change -33.6% -11.07%
Net Earnings / Revenue
Basic Earnings Per Share -$0.43 -$0.54
Diluted Earnings Per Share -$0.43 -$0.54
COMMON SHARES
Basic Shares Outstanding 7.448M 44.61M
Diluted Shares Outstanding 7.553M 7.436M

Balance Sheet

Concept 2023 Q3 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $27.01M $21.65M
YoY Change -22.71% -43.61%
Cash & Equivalents $26.99M $21.63M
Short-Term Investments $15.00K $15.00K
Other Short-Term Assets $1.000M $1.100M
YoY Change -41.38% -41.83%
Inventory
Prepaid Expenses $1.044M $1.127M
Receivables $837.0K $837.0K
Other Receivables
Total Short-Term Assets $28.89M $23.61M
YoY Change -22.98% -42.76%
LONG-TERM ASSETS
Property, Plant & Equipment $100.0K $200.0K
YoY Change -84.18% -78.0%
Goodwill $8.138M $8.138M
YoY Change -37.23% -37.23%
Intangibles $41.13M $41.13M
YoY Change -41.09% -41.09%
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $49.32M $49.42M
YoY Change -40.86% -40.94%
TOTAL ASSETS
Total Short-Term Assets $28.89M $23.61M
Total Long-Term Assets $49.32M $49.42M
Total Assets $78.21M $73.03M
YoY Change -35.32% -41.54%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.200M $1.600M
YoY Change -67.87% -47.75%
Accrued Expenses $460.0K $994.0K
YoY Change 557.14% 54.11%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $1.397M $1.966M
YoY Change -63.29% -46.97%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $3.500M $0.00
YoY Change 677.78% -100.0%
Total Long-Term Liabilities $3.500M $0.00
YoY Change 677.78% -100.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.397M $1.966M
Total Long-Term Liabilities $3.500M $0.00
Total Liabilities $11.47M $9.023M
YoY Change -44.74% -56.05%
SHAREHOLDERS EQUITY
Retained Earnings -$205.6M -$202.3M
YoY Change 24.36% 26.15%
Common Stock $258.3M
YoY Change 0.04%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $66.75M $64.01M
YoY Change
Total Liabilities & Shareholders Equity $78.21M $73.03M
YoY Change -35.32% -41.54%

Cashflow Statement

Concept 2023 Q3 2023 Q2
OPERATING ACTIVITIES
Net Income -$3.273M -$4.023M
YoY Change -33.6% -11.07%
Depreciation, Depletion And Amortization $0.00 $7.000K
YoY Change -100.0% -95.81%
Cash From Operating Activities -$2.110M -$6.240M
YoY Change -38.64% 15.0%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $0.00
YoY Change -100.0% -100.0%
Acquisitions
YoY Change
Other Investing Activities $110.0K $0.00
YoY Change -217.02% -100.0%
Cash From Investing Activities $110.0K $0.00
YoY Change -214.58% -100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 7.360M 0.000
YoY Change 6652.29% -100.0%
NET CHANGE
Cash From Operating Activities -2.110M -6.240M
Cash From Investing Activities 110.0K 0.000
Cash From Financing Activities 7.360M 0.000
Net Change In Cash 5.360M -6.242M
YoY Change -256.45% -177.66%
FREE CASH FLOW
Cash From Operating Activities -$2.110M -$6.240M
Capital Expenditures $0.00 $0.00
Free Cash Flow -$2.110M -$6.240M
YoY Change -38.61% 15.15%

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<p style="margin-left:1.2%;text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;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:9.5pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">1. Nature of operation</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;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:9.5pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> </span></p><p style="margin-left:1.147%;text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;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:9.5pt;font-family:&quot;Times New Roman&quot;, serif;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 2572 boul. Daniel-Johnson, 2nd Floor Laval, Québec, Canada H7T 2R3.</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:9.5pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> </span></p><p style="margin-left:1.147%;text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;font-family:Times New Roman;margin-bottom:0.0pt;margin-right:1.333%;text-align:justify;"><span style="white-space:pre-wrap;font-size:9.5pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> </span></p><p style="margin-left:1.147%;text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;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:9.5pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">The Corporation’s shares are listed on the Nasdaq Capital Market (the "Nasdaq"), and through March 27, 2023 the Corporation's shares were also listed on the TSX Venture Exchange ("TSXV"), in each case, under the symbol "ACST". On March 13, 2023 the Corporation received approval to voluntarily delist from the TSXV. Effective as at the close of trading on March 27, 2023, the Corporation's common shares are no longer listed and posted for trading on the TSXV.</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:9.5pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> </span></p><p style="margin-left:1.147%;text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;font-family:Times New Roman;margin-bottom:0.0pt;margin-right:1.333%;text-align:justify;"><span style="white-space:pre-wrap;font-size:9.5pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> </span></p><p style="margin-left:1.147%;text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;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:9.5pt;font-family:&quot;Times New Roman&quot;, serif;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 its 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><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:9.5pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> </span></p><p style="margin-left:1.147%;text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;font-family:Times New Roman;margin-bottom:0.0pt;margin-right:1.333%;text-align:justify;"><span style="white-space:pre-wrap;font-size:9.5pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> </span></p><p style="margin-left:1.147%;text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;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:9.5pt;font-family:&quot;Times New Roman&quot;, serif;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.</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:9.5pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> </span></p><p style="margin-left:1.147%;text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;font-family:Times New Roman;margin-bottom:0.0pt;margin-right:1.333%;text-align:justify;"><span style="white-space:pre-wrap;font-size:9.5pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> </span></p><p style="margin-left:1.147%;text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;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:9.5pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">In May 2023, the Corporation implemented a strategic realignment plan to enhance shareholder value that resulted in the Corporation engaging a new management team, streamlining its research and development activities to concentrate on its lead product, GTX 104, and greatly reducing its workforce. Moving forward, the Corporation plans to build a smaller, more focused organization in the United States. Further development of GTX-102 and GTX-101 will occur at such time as additional funding is obtained or strategic partnerships are entered into. This strategic realignment is expected to significantly reduce administrative and research and development expenses and enable the Corporation to extend its available cash resources to the second calendar quarter of 2025.</span></p><p style="margin-left:1.147%;text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;font-family:Times New Roman;margin-bottom:0.0pt;margin-right:1.333%;text-align:justify;"><span style="white-space:pre-wrap;font-size:9.5pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> </span></p><p style="margin-left:1.147%;text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;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:9.5pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">The Corporation will require additional capital to fund our daily operating needs beyond that time. 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 financing 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 could have a negative impact on its financial condition and its ability to pursue its business strategy. The Corporation plans to raise additional capital prior to that time in order to maintain adequate liquidity. Negative results from studies, if any, and depressed prices of the Corporation’s stock could impact the Corporation’s ability to raise additional financing. Raising additional equity capital is subject to market conditions not within the Corporation’s control. If the Corporation does not raise additional funds in this time period, the Corporation may not be able to realize our assets and discharge our liabilities in the normal course of business.</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:9.5pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> </span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="white-space:pre-wrap;font-size:9.5pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> </span></p><p style="margin-left:1.147%;text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;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:9.5pt;font-family:&quot;Times New Roman&quot;, serif;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. Please refer to the risk factors included in Part 1, Item 1A of the Corporation’s annual report on Form 10-K for the year ended March 31, 2023, filed with the SEC on June 23, 2023 (the “Annual Report”).</span></p><p style="margin-left:1.147%;text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;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:9.5pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> </span></p><p style="margin-left:1.147%;text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;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:9.5pt;font-family:&quot;Times New Roman&quot;, serif;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;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:9.5pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> </span></p><p style="margin-left:1.147%;text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;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:9.5pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">On June 29, 2023, the Board of Directors of the Corporation approved an amendment to the Corporation's Articles of Incorporation to implement a reverse stock split of the Corporation's Class A common shares, no par value per share, at a ratio of </span><span style="font-size:9.5pt;font-family:&quot;Times New Roman&quot;, serif;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:9.5pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">1-for-6</span></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:9.5pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> (the </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:9.5pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">“Reverse Stock Split”). On July 4, 2023, the Corporation filed Articles of Amendment to its Articles of Incorporation with the Registraire des entreprises du Québec, to implement the Reverse Stock Split. All references in these financial statements to number of common shares, warrants and</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:9.5pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> </span></p><p style="margin-left:1.147%;text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;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:9.5pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">options, </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:9.5pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">price per share and weighted average number of shares outstanding have been adjusted to reflect the Reverse Stock Split, which became effective on July 10, 2023.</span></p>
CY2023Q2 us-gaap Use Of Estimates
UseOfEstimates
<p style="margin-left:1.147%;text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;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:9.5pt;font-family:&quot;Times New Roman&quot;, serif;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;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:9.5pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> </span></p><p style="margin-left:1.147%;text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;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:9.5pt;font-family:&quot;Times New Roman&quot;, serif;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;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:9.5pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> </span></p><p style="margin-left:1.147%;text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;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:9.5pt;font-family:&quot;Times New Roman&quot;, serif;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;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:9.5pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> </span></p><p style="margin-left:1.147%;text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;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:9.5pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">Estimates and assumptions include the measurement of stock-based compensation, accruals for research and development contracts and contract organization agreements, and valuation of intangibles and goodwill. Estimates and assumptions are also involved in measuring the accrual of services rendered with respect to research and development expenditures at each r</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:9.5pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">eporting date, and determining which research and development expenses qualify for research and development tax credits and in what amounts. The Corporation recognizes the tax credits once it has reasonable assurance that they will be realized.</span></p>
CY2023Q2 acst Sales Tax Receivables Current
SalesTaxReceivablesCurrent
426000
CY2023Q1 acst Sales Tax Receivables Current
SalesTaxReceivablesCurrent
338000
CY2023Q2 acst Grants And Investment Tax Credit Receivable
GrantsAndInvestmentTaxCreditReceivable
361000
CY2023Q1 acst Grants And Investment Tax Credit Receivable
GrantsAndInvestmentTaxCreditReceivable
412000
CY2023Q2 us-gaap Interest Receivable Current
InterestReceivableCurrent
50000
CY2023Q1 us-gaap Interest Receivable Current
InterestReceivableCurrent
52000
CY2023Q2 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
837000
CY2023Q1 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
802000
CY2023Q2 us-gaap Marketable Securities
MarketableSecurities
15000
CY2023Q1 us-gaap Marketable Securities
MarketableSecurities
15000
CY2023Q2 acst Investment Tax Credit Receivables
InvestmentTaxCreditReceivables
361000
CY2023Q1 acst Investment Tax Credit Receivables
InvestmentTaxCreditReceivables
412000
CY2023Q2 us-gaap Tax Credit Carryforward Amount
TaxCreditCarryforwardAmount
3950000
CY2023Q2 us-gaap Accounts Payable Trade Current
AccountsPayableTradeCurrent
607000
CY2023Q1 us-gaap Accounts Payable Trade Current
AccountsPayableTradeCurrent
1242000
CY2023Q2 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
994000
CY2023Q1 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
946000
CY2023Q2 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
285000
CY2023Q1 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
1148000
CY2023Q2 us-gaap Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
1886000
CY2023Q1 us-gaap Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
3336000
CY2023Q2 us-gaap Lessee Operating Lease Option To Extend
LesseeOperatingLeaseOptionToExtend
On March 14, 2022, the Corporation renewed the lease agreement effective April 1, 2022, resulting in a commitment of $556 over a 24 months base lease term and 48 months additional lease renewal term. In April 2023, the Corporation elected not to renew the additional 48 months lease renewal term with the lease expected to terminate March 31, 2024
CY2022Q1 us-gaap Payments For Rent
PaymentsForRent
556000
CY2022Q1 us-gaap Lessee Operating Lease Remaining Lease Term
LesseeOperatingLeaseRemainingLeaseTerm
P24M
CY2022Q1 us-gaap Lessee Operating Lease Renewal Term
LesseeOperatingLeaseRenewalTerm
P48M
CY2022Q1 us-gaap Lessor Operating Lease Option To Terminate
LessorOperatingLeaseOptionToTerminate
March 31, 2024
CY2022Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
369000
CY2022Q1 us-gaap Lessee Operating Lease Discount Rate
LesseeOperatingLeaseDiscountRate
0.043
CY2023Q2 us-gaap Operating Lease Cost
OperatingLeaseCost
24000
CY2023Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P0Y9M
CY2023Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.043
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
81000
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
0
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
81000
CY2023Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
1000
CY2023Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
80000
CY2020Q2 acst Atthemarket Sales Agreement Common Stock Maximum Amount
AtthemarketSalesAgreementCommonStockMaximumAmount
75000000
CY2020Q2 acst Atthemarket Sales Agreement Underwriter Fees Percentage Of Sales
AtthemarketSalesAgreementUnderwriterFeesPercentageOfSales
0.03
CY2021Q4 acst Atthemarket Sales Agreement Common Stock Maximum Amount
AtthemarketSalesAgreementCommonStockMaximumAmount
75000000
CY2023Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
78000
CY2022Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
464000
CY2023Q2 acst Unrecognized Compensation Cost Related To Non Vested Share Options
UnrecognizedCompensationCostRelatedToNonVestedShareOptions
130000
CY2023Q2 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P0Y11M19D
CY2023Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedNumberOfShares
473178
CY2022Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedNumberOfShares
704585
CY2023Q2 us-gaap Increase Decrease In Receivables
IncreaseDecreaseInReceivables
35000
CY2022Q2 us-gaap Increase Decrease In Receivables
IncreaseDecreaseInReceivables
-434000
CY2023Q2 us-gaap Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
-529000
CY2022Q2 us-gaap Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
-839000
CY2023Q2 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-1449000
CY2022Q2 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
2000
CY2023Q2 us-gaap Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
13000
CY2022Q2 us-gaap Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
0
CY2023Q2 acst Increase Decrease In Non Cash Working Capital
IncreaseDecreaseInNonCashWorkingCapital
-2026000
CY2022Q2 acst Increase Decrease In Non Cash Working Capital
IncreaseDecreaseInNonCashWorkingCapital
-1271000
CY2023Q2 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals Policyholder Liabilities
DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsPolicyholderLiabilities
0
CY2023Q2 us-gaap Restructuring And Related Cost Cost Incurred To Date1
RestructuringAndRelatedCostCostIncurredToDate1
1485000
CY2023Q1 us-gaap Restructuring And Related Cost Cost Incurred To Date1
RestructuringAndRelatedCostCostIncurredToDate1
1485000
CY2023Q2 us-gaap Payments Of Debt Restructuring Costs
PaymentsOfDebtRestructuringCosts
1212000
CY2023Q2 us-gaap Restructuring And Related Cost Cost Incurred To Date1
RestructuringAndRelatedCostCostIncurredToDate1
274000

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