$GRCE

2023 Q4 Form 10-Q Financial Statement

#000095017023062437 Filed on November 13, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3
Revenue $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $1.600M $1.632M
YoY Change -10.86% -10.13%
% of Gross Profit
Research & Development $1.443M $460.0K
YoY Change -41.1% -86.03%
% of Gross Profit
Depreciation & Amortization $0.00 $0.00
YoY Change -100.0% -100.0%
% of Gross Profit
Operating Expenses $3.043M $2.092M
YoY Change -28.32% -59.04%
Operating Profit -$3.043M -$2.092M
YoY Change -28.32% -59.04%
Interest Expense $444.0K -$1.630M
YoY Change 462.03% 13483.33%
% of Operating Profit
Other Income/Expense, Net $444.0K -$1.627M
YoY Change 441.46% -6879.17%
Pretax Income -$2.599M -$3.719M
YoY Change -37.57% -26.85%
Income Tax -$208.0K -$446.0K
% Of Pretax Income
Net Earnings -$2.391M -$3.273M
YoY Change -38.52% -33.6%
Net Earnings / Revenue
Basic Earnings Per Share -$0.21 -$0.43
Diluted Earnings Per Share -$0.21 -$0.43
COMMON SHARES
Basic Shares Outstanding 9.399M 7.448M
Diluted Shares Outstanding 11.51M 7.553M

Balance Sheet

Concept 2023 Q4 2023 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $25.11M $27.01M
YoY Change -19.65% -22.71%
Cash & Equivalents $18.55M $26.99M
Short-Term Investments $6.569M $15.00K
Other Short-Term Assets $811.0K $1.000M
YoY Change -41.82% -41.38%
Inventory
Prepaid Expenses $811.0K $1.044M
Receivables $959.0K $837.0K
Other Receivables
Total Short-Term Assets $26.88M $28.89M
YoY Change -19.58% -22.98%
LONG-TERM ASSETS
Property, Plant & Equipment $35.00K $100.0K
YoY Change -94.16% -84.18%
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 $49.30M $49.32M
YoY Change -40.87% -40.86%
TOTAL ASSETS
Total Short-Term Assets $26.88M $28.89M
Total Long-Term Assets $49.30M $49.32M
Total Assets $76.19M $78.21M
YoY Change -34.77% -35.32%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.445M $1.200M
YoY Change -56.99% -67.87%
Accrued Expenses $532.0K $460.0K
YoY Change 628.77% 557.14%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $1.770M $1.397M
YoY Change -48.44% -63.29%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $3.332M $3.500M
YoY Change 674.88% 677.78%
Total Long-Term Liabilities $3.332M $3.500M
YoY Change 674.88% 677.78%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.770M $1.397M
Total Long-Term Liabilities $3.332M $3.500M
Total Liabilities $11.51M $11.47M
YoY Change -42.71% -44.74%
SHAREHOLDERS EQUITY
Retained Earnings -$208.0M -$205.6M
YoY Change 22.92% 24.36%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $64.68M $66.75M
YoY Change
Total Liabilities & Shareholders Equity $76.19M $78.21M
YoY Change -34.77% -35.32%

Cashflow Statement

Concept 2023 Q4 2023 Q3
OPERATING ACTIVITIES
Net Income -$2.391M -$3.273M
YoY Change -38.52% -33.6%
Depreciation, Depletion And Amortization $0.00 $0.00
YoY Change -100.0% -100.0%
Cash From Operating Activities -$1.895M -$2.110M
YoY Change -49.09% -38.64%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $0.00
YoY Change -100.0%
Acquisitions
YoY Change
Other Investing Activities -$6.554M $110.0K
YoY Change 31.05% -217.02%
Cash From Investing Activities -$6.554M $110.0K
YoY Change 31.05% -214.58%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -1.000K 7.360M
YoY Change 6652.29%
NET CHANGE
Cash From Operating Activities -1.895M -2.110M
Cash From Investing Activities -6.554M 110.0K
Cash From Financing Activities -1.000K 7.360M
Net Change In Cash -8.450M 5.360M
YoY Change -3.13% -256.45%
FREE CASH FLOW
Cash From Operating Activities -$1.895M -$2.110M
Capital Expenditures $0.00 $0.00
Free Cash Flow -$1.895M -$2.110M
YoY Change -49.09% -38.61%

Facts In Submission

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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
34926000
CY2023Q3 us-gaap Cash
Cash
10596000
CY2022Q3 us-gaap Cash
Cash
34926000
CY2023Q3 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
16395000
CY2022Q3 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
0
us-gaap Nature Of Operations
NatureOfOperations
<p style="margin-left:1.2%;text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9.5pt;font-family:Times New Roman;min-width:fit-content;">1. Nature of operation</span></p><p style="text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:1.333%;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:9.5pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="margin-left:1.147%;text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:1.333%;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:9.5pt;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 2572 boul. Daniel-Johnson, 2nd Floor Laval, Québec, Canada H7T 2R3.</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:9.5pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="margin-left:1.147%;text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:1.333%;text-align:justify;"><span style="white-space:pre-wrap;font-size:9.5pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="margin-left:1.147%;text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:1.333%;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:9.5pt;font-family:Times New Roman;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></p><p style="margin-left:1.147%;text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:1.333%;text-align:justify;"><span style="white-space:pre-wrap;font-size:9.5pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="margin-left:1.147%;text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:1.333%;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:9.5pt;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 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:#000000;white-space:pre-wrap;font-weight:normal;font-size:9.5pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="margin-left:1.147%;text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:1.333%;text-align:justify;"><span style="white-space:pre-wrap;font-size:9.5pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="margin-left:1.147%;text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:1.333%;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:9.5pt;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.</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:9.5pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="margin-left:1.147%;text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:1.333%;text-align:justify;"><span style="white-space:pre-wrap;font-size:9.5pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="margin-left:1.147%;text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:1.333%;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:9.5pt;font-family:Times New Roman;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.</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:9.5pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="margin-left:1.147%;text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:1.333%;text-align:justify;"><span style="white-space:pre-wrap;font-size:9.5pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="margin-left:1.147%;text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:1.333%;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:9.5pt;font-family:Times New Roman;min-width:fit-content;">On September 24, 2023, the Corporation entered into a securities purchase agreement with certain institutional and accredited investors. Gross proceeds to the Corporation from this private placement were approximately $</span><span style="font-size:9.5pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-weight:normal;font-size:9.5pt;font-family:Times New Roman;min-width:fit-content;">7,500</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:9.5pt;font-family:Times New Roman;min-width:fit-content;">, before deducting fees and expenses. The Corporation issued and sold an aggregate of </span><span style="font-size:9.5pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-weight:normal;font-size:9.5pt;font-family:Times New Roman;min-width:fit-content;">1,951,371</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:9.5pt;font-family:Times New Roman;min-width:fit-content;"> common shares, no par value per share, pre-funded warrants to purchase up to an aggregate of </span><span style="font-size:9.5pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-weight:normal;font-size:9.5pt;font-family:Times New Roman;min-width:fit-content;">2,106,853</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:9.5pt;font-family:Times New Roman;min-width:fit-content;"> common shares, each at a purchase price of $</span><span style="font-size:9.5pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-weight:normal;font-size:9.5pt;font-family:Times New Roman;min-width:fit-content;">1.8481</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:9.5pt;font-family:Times New Roman;min-width:fit-content;"> per common share and accompanying common warrants to purchase up to an aggregate of </span><span style="font-size:9.5pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-weight:normal;font-size:9.5pt;font-family:Times New Roman;min-width:fit-content;">2,536,391</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:9.5pt;font-family:Times New Roman;min-width:fit-content;"> common shares. The Corporation currently intends to use the net proceeds from the private placement for clinical trial expenses to further the Phase 3 clinical trial for GTX-104, pre-commercial planning, working capital and other general corporate purposes. The Corporation believes its cash runway, including net proceeds from this financing, will be sufficient to fund the Corporation’s operations into the second calendar quarter of 2026.</span></p><p style="margin-left:1.147%;text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:1.333%;text-align:justify;"><span style="white-space:pre-wrap;font-size:9.5pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="margin-left:1.147%;text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:1.333%;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:9.5pt;font-family:Times New Roman;min-width:fit-content;">The Corporation will require additional capital to fund its 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 in order to maintain adequate liquidity. Negative results from studies or trials, 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 is unable to raise additional funds, the Corporation may not be able to realize its assets and discharge its liabilities in the normal course of business.</span></p><p style="text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:9.5pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="margin-left:1.147%;text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:1.333%;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:9.5pt;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. 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;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:1.333%;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:9.5pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="margin-left:1.147%;text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:1.333%;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9.5pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Reverse stock split</span></p><p style="text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:1.333%;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:9.5pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="margin-left:1.147%;text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:1.333%;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:9.5pt;font-family:Times New Roman;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:Times New Roman;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:9.5pt;font-family:Times New Roman;min-width:fit-content;">1-for-6</span></span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:9.5pt;font-family:Times New Roman;min-width:fit-content;"> (the “Reverse Stock Split”). On July 4, 2023, the Corporation filed Articles of Amendment to its Articles of Incorporation with the </span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:9.5pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Registraire des entreprises du Québec</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:9.5pt;font-family:Times New Roman;min-width:fit-content;">, to implement the Reverse Stock Split. All references in these financial statements to number of common shares, warrants and options, 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>
CY2023Q3 us-gaap Proceeds From Issuance Of Private Placement
ProceedsFromIssuanceOfPrivatePlacement
7500
CY2023Q3 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
1951371
CY2023Q3 acst Purchase Of Pre Funded Warrants
PurchaseOfPreFundedWarrants
2106853
CY2023Q3 acst Purchase Price Per Common Share
PurchasePricePerCommonShare
1.8481
CY2023Q3 acst Purchase Of Common Shares
PurchaseOfCommonShares
2536391
us-gaap Use Of Estimates
UseOfEstimates
<p style="margin-left:1.147%;text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:1.333%;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:9.5pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Use of estimates</span></p><p style="text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:1.333%;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:9.5pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="margin-left:1.147%;text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:1.333%;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:9.5pt;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;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:1.333%;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:9.5pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="margin-left:1.147%;text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:1.333%;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:9.5pt;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;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:1.333%;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:9.5pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="margin-left:1.147%;text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:1.333%;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:9.5pt;font-family:Times New Roman;min-width:fit-content;">Estimates and assumptions include the measurement of stock-based compensation, derivative warrant liabilities, accruals for research and development contracts and contract organization agreements, and valuation of intangibles and goodwill. Estimates and assumptions are also involved in </span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:9.5pt;font-family:Times New Roman;min-width:fit-content;">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>
CY2023Q3 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
837000
CY2023Q1 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
802000
acst Reduction Of Research And Development Expenses
ReductionOfResearchAndDevelopmentExpenses
81000
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
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
CY2023Q3 acst Guaranteed Investment Certificates And Term Deposits
GuaranteedInvestmentCertificatesAndTermDeposits
16395000
CY2023Q3 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
16395000
CY2023Q3 us-gaap Derivative Liabilities
DerivativeLiabilities
3457000
CY2023Q3 us-gaap Liabilities Fair Value Disclosure
LiabilitiesFairValueDisclosure
3457000
us-gaap Transfers Of Financial Assets Accounted For As Sale Valuation Techiques
TransfersOfFinancialAssetsAccountedForAsSaleValuationTechiques
no
CY2023Q3 acst Sales Tax Receivables Current
SalesTaxReceivablesCurrent
360000
CY2023Q1 acst Sales Tax Receivables Current
SalesTaxReceivablesCurrent
338000
CY2023Q3 acst Grants And Investment Tax Credit Receivable
GrantsAndInvestmentTaxCreditReceivable
356000
CY2023Q1 acst Grants And Investment Tax Credit Receivable
GrantsAndInvestmentTaxCreditReceivable
412000
us-gaap Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
23000
CY2023Q3 us-gaap Marketable Securities
MarketableSecurities
15000
CY2023Q1 us-gaap Marketable Securities
MarketableSecurities
15000
CY2023Q3 us-gaap Accounts Payable Trade Current
AccountsPayableTradeCurrent
685000
CY2023Q1 us-gaap Accounts Payable Trade Current
AccountsPayableTradeCurrent
1242000
CY2023Q3 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
460000
CY2023Q1 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
946000
CY2023Q3 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
206000
CY2023Q1 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
1148000
CY2023Q3 us-gaap Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
1351000
CY2023Q1 us-gaap Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
3336000
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
us-gaap Operating Lease Cost
OperatingLeaseCost
47000
CY2023Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P0Y6M
CY2023Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.043
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
47000
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
0
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
47000
CY2023Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
1000
CY2023Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
46000
CY2020Q2 acst Atthemarket Sales Agreement Common Stock Maximum Amount
AtthemarketSalesAgreementCommonStockMaximumAmount
75000000
CY2020Q2 acst Atthemarket Sales Agreement Underwriter Fees Percentage Of Sales
AtthemarketSalesAgreementUnderwriterFeesPercentageOfSales
0.03
CY2023Q1 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue
0
us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Issues
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityIssues
1631000
us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Gain Loss Included In Earnings
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityGainLossIncludedInEarnings
1826000
CY2023Q3 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue
3457000
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P1Y5M23D
us-gaap Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
0
acst Increase Decrease In Non Cash Working Capital
IncreaseDecreaseInNonCashWorkingCapital
-2489000
acst Increase Decrease In Non Cash Working Capital
IncreaseDecreaseInNonCashWorkingCapital
-137000
CY2023Q3 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
0.64
CY2023Q3 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
1.36
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
446502
CY2023Q3 acst Stock Options Exercise Price
StockOptionsExercisePrice
2.64
acst Share Based Compensation Arrangement By Share Based Value Of Awards For Options Granted
ShareBasedCompensationArrangementByShareBasedValueOfAwardsForOptionsGranted
2.27
acst Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumption Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionExercisePrice
2.64
acst Shares Price
SharesPrice
2.64
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0362
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P5Y9M10D
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
1.184
CY2023Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
280
CY2022Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
582
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
358
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1046
acst Unrecognized Compensation Cost Related To Non Vested Share Options
UnrecognizedCompensationCostRelatedToNonVestedShareOptions
680000
CY2023Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedNumberOfShares
561365
CY2022Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedNumberOfShares
740974
us-gaap Increase Decrease In Receivables
IncreaseDecreaseInReceivables
35000
us-gaap Increase Decrease In Receivables
IncreaseDecreaseInReceivables
-359000
us-gaap Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
-446000
us-gaap Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
-704000
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-1986000
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
926000
CY2023Q3 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

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