6-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

Report of Foreign Private Issuer Pursuant to Rule 13a-16 or 15d-16 under the Securities Exchange Act of 1934

For the month of February 2019

Commission File Number: 001-35135

Sequans Communications S.A.

(Translation of Registrant’s name into English)

15-55 boulevard Charles de Gaulle

92700 Colombes, France

Telephone : +33 1 70 72 16 00

(Address of Principal Executive Office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F: Form 20-F R Form 40-F £

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): Yes £ NoR

Note: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): Yes £ NoR

Note: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant’s “home country”), or under the rules of the home country exchange on which the registrant’s securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant’s security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.  

On February 19, 2019, Sequans Communications S.A. issued a press release announcing its preliminary financial results for the fourth quarter ended December 31, 2018.  A copy of the press release is attached to this Form 6-K as Exhibit 99.1 and is incorporated herein by reference. 

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	SEQUANS COMMUNICATIONS S.A. (Registrant)
Date: February 19, 2019	By:	/s/ Deborah Choate
		Deborah Choate
		Chief Financial Officer

EXHIBIT INDEX

The following exhibit is filed as part of this Form 6-K:

Exhibit	Description
99.1	Press release dated February 19, 2019

EX-99.1

NEWS

Sequans Communications AnnouncesPreliminary

FourthQuarter2018and Full Year 2018 Financial Results

Finalized agreement for $8.4 million strategic investment to accelerate 5G roadmap

PARIS - February 19, 2019 - 4G chipmakerSequans Communications S.A. (NYSE: SQNS) today announced preliminary financial results for the fourth quarter ended December 31, 2018.

Fourth Quarter and Fiscal Year 2018 Highlights:

Revenue: Revenue was $6.1 million, a decrease of 41.0% compared to the third quarter of 2018, and a decrease of 46.3% compared to the fourth quarter of 2017, reflecting the need to work down channel inventory resulting from a weaker-than-expected broadband business and customer project delays. Revenue from IoT grew 70% in 2018, including CAT 1 chipset revenues which nearly tripled compared to 2017. The growth in IoT was not sufficient to offset the decline in the broadband business, and full-year revenue decreased 16.6% to $40.3 million in 2018 from $48.3 million in 2017.

Gross margin: Gross margin was 46.9% compared to 35.0% in the third quarter of 2018 and compared to 41.7% in the fourth quarter of 2017, primarily due to a shift in product mix toward a higher proportion of chipset sales versus modules. Full-year gross margin decreased from 43.8% in 2017 to 40.0% in 2018.

Operating loss: Operating loss was $8.9 million compared to an operating loss of $7.9 million in the third quarter of 2018 and an operating loss of $5.6 million in the fourth quarter of 2017. Full year operating loss for 2018 was $31.0 million compared to an operating loss of $19.5 million for 2017.

Net loss: Preliminary net loss was $10.2 million, or ($0.11) per diluted share/ADS, compared to a net loss of $9.9 million, or ($0.10) per diluted share/ADS, in the third quarter of 2018 and a net loss of $7.6 million, or ($0.10) per diluted share/ADS, in the fourth quarter of 2017. Preliminary full year net loss for 2018 was $36.9 million, or ($0.39) per diluted share/ADS, compared to a net loss of $26.2 million, or ($0.34) per diluted share/ADS, for 2017.

Non-IFRS Net loss: Excluding the non-cash items of stock-based compensation, the non-cash impact of convertible debt amendments and effective interest adjustments related to the convertible debt and other financings, non-IFRS net loss was $9.4 million, or ($0.10) per diluted share/ADS, compared to a non-IFRS net loss of $8.0 million, or ($0.08) per diluted share/ADS in the third quarter of 2018, and a non-IFRS net loss of $5.9 million, or ($0.07) per diluted share/ADS, in the fourth quarter of 2017. Full year non-IFRS net loss for 2018 was $31.8 million, or ($0.34) per diluted share/ADS, compared to a full year non-IFRS net loss of $21.4 million, or ($0.28) per diluted share/ADS in 2017.

Cash: Cash, cash equivalents and short-term deposits at December 31, 2018 totaled $12.1 million compared to $5.2 million at September 30, 2018, reflecting the issuance in the fourth quarter of $4.5 million of additional convertible debt due in April 2021 and a €12 million ($13.6 million) financing facility, partially offset by the early extinguishment of $1 million principal convertible notes due in April 2020.

Strategic investment: On February 18, a new strategic investor (“Investor”) agreed to invest approximately $8.4 million in support of accelerating Sequans’ existing 5G product roadmap. Upon the closing of this transaction, the Company will issue to the Investor a total of 9,392,986 warrants. The warrants are exercisable upon 61 days’ notice to Sequans at an exercise price of €0.02 per share/ADS into 9,392,986 of our ordinary shares/ADS. The warrants expire 15 years from the issuance date. The Company has agreed to grant the new strategic investor customary registration rights upon exercise of the warrants. The net proceeds from the transaction, which will be reflected in Sequans’ first quarter financial statements, will strengthen Sequans' balance sheet and will be used to fund development of Sequans’ first 5G chipset. 

“We are proud that this company has chosen Sequans in which to invest for 5G technology development,” said, Georges Karam, Sequans CEO. “The investment will support the availability of solutions for important 5G use cases and accelerate the development of the market, and allow us to forge an important strategic relationship.”

“IoT revenue showed good growth in 2018, increasing 70% from the prior year, driven by our success in CAT 1,” continued Dr. Karam. “Meanwhile, lower revenue from the broadband business, mainly from emerging markets, combined with the ongoing effects of IoT customer project delays, caused our 2018 results to be below expectations, particularly in the fourth quarter. We

Sequans reports fourth quarter 2018 financial results

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already see signs of improvement, and we expect a significant rebound in the first quarter, followed by accelerating growth throughout the remainder of 2019, driven mainly by LTE-M revenue.”

Preliminary financial results: In the context of the preparation of its 2018 consolidated financial statements, the Company determined that certain deferred tax assets and deferred tax liabilities related to the application of IFRS to deferred taxes on debt instruments with equity components issued since 2015 had not been recorded. The expected accounting changes do not affect the cash position or the operating results for the current or prior periods. The Company has not yet finalized its review, but the corrections are expected to lead to a decrease in the 2018 consolidated IFRS net loss and could also lead to a decrease of the 2016 and 2017 consolidated IFRS net losses.No change to announced non-IFRS results is expected.

In millions of US$ except percentages, shares and per share amounts	Key Metrics
	Q4 2018			%*		Q3 2018			%*		Q4 2017			%*		Full year 2018			%*		Full year 2017			%*
Revenue		$6.1					$10.3					$11.3					$40.3					$48.3
Gross profit	2.8			46.9	%	3.6			35.0	%	4.7			41.7	%	16.1			40.0	%	21.1			43.8	%
Operating loss	(8.9		)	(146.0	)%	(7.9		)	(77.1	)%	(5.6		)	(49.7	)%	(31.0		)	(77.1	)%	(19.5		)	(40.5	)%
Net loss	(10.2		)	(167.4	)%	(9.9		)	(96.4	)%	(7.6		)	(67.6	)%	(36.9		)	(91.7	)%	(26.2		)	(54.2	)%
Diluted EPS		($0.11	)				($0.10	)				($0.10	)				($0.39	)				($0.34	)
Weighted average number of diluted shares/ADS	94,599,554					94,533,229					79,844,151					93,767,005					77,668,404
Cash flow from (used in) operations	(8.0		)			(1.3		)			(9.3		)			(23.3		)			(28.6		)
Cash, cash equivalents and short-term deposit at quarter-end	12.1					5.2					3.3					12.1					3.3
Additional information on non-cash items:
- Stock-based compensation included in operating result	0.3					0.4					0.7					1.8					1.6
- Non-cash interest on convertible debt and other financing	0.8					0.8					0.7					3.0					2.8
- Non-cash impact of Convertible debt amendment	(0.4		)			0.7					0.3					0.3					0.3
Non-IFRS diluted EPS (excludes stock-based compensation, impact of convertible debt amendments and effective interest adjustments related to the convertible and other debt and embedded derivative, and the non-cash impact of revaluation of interest-free government loan)		($0.10	)				($0.08	)				($0.07	)				($0.34	)				($0.28	)

* Percentage of revenue

Q1 2019 Outlook

The following statements are based on management’s current assumptions and expectations. These statements are forward-looking and actual results may differ materially. Sequans undertakes no obligation to update these statements.

Sequans expects results to improve significantly in the first quarter from the low level of the fourth quarter, with the extent of the improvement tempered somewhat by typical seasonality. Management has decided not to provide detailed quarterly guidance until visibility on the LTE-M market improves, but continues to expect quarterly results to improve sequentially throughout 2019, driven by increasing LTE-M revenue as more Sequans-powered devices go into mass production.

Conference Call and Webcast

Sequans plans to conduct a teleconference and live webcast to discuss the preliminary financial results for the fourth quarter of 2018 today, February 19, 2019 at 8:00 a.m. EST /14:00 CET. To participate in the live call, analysts and investors should dial 800-230-1059 (or 612-234-9960 if outside the U.S.). A live and archived webcast of the call will be available from the Investors section of the Sequans website at www.sequans.com/investors/. A replay of the conference call will be available until March 19, 2019 by dialing toll free 800-475-6701 or 320-365-3844 from outside the U.S., using the following access code: 461871.

Sequans reports fourth quarter 2018 financial results

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Forward Looking Statements

This press release contains projections and other forward-looking statements regarding future events or our future financial performance and potential financing sources. All statements other than present and historical facts and conditions contained in this release, including any statements regarding our future results of operations and financial positions, business strategy and plans, expectations for IoT and Broadband sales, and our objectives for future operations and potential strategic partnerships, are forward-looking statements (within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended). These statements are only predictions and reflect our current beliefs and expectations with respect to future events and are based on assumptions and subject to risk and uncertainties and subject to change at any time. We operate in a very competitive and rapidly changing environment. New risks emerge from time to time. Given these risks and uncertainties, you should not place undue reliance on these forward-looking statements. Actual events or results may differ materially from those contained in the projections or forward-looking statements. Some of the factors that could cause actual results to differ materially from the forward-looking statements contained herein include, without limitation: (i) the contraction or lack of growth of markets in which we compete and in which our products are sold, (ii) unexpected increases in our expenses, including manufacturing expenses, (iii) our inability to adjust spending quickly enough to offset any unexpected revenue shortfall, (iv) delays or cancellations in spending by our customers, (v) unexpected average selling price reductions, (vi) the significant fluctuation to which our quarterly revenue and operating results are subject due to cyclicality in the wireless communications industry and transitions to new process technologies, (vii) our inability to anticipate the future market demands and future needs of our customers, (viii) our inability to achieve new design wins or for design wins to result in shipments of our products at levels and in the timeframes we currently expect, (ix) our inability to enter into and execute on strategic alliances, (x) the impact of natural disasters on our sourcing operations and supply chain, (xi) the finalization of the amount of the charge related to the amendment of the convertible debt made at the end of the quarter, (xii) the impact of accounting changes relating to deferred tax assets and deferred tax liabilities related to the application of IFRS to deferred taxes on debt instruments with equity components issued since 2015, and (xiii) other factors detailed in documents we file from time to time with the Securities and Exchange Commission. Forward-looking statements in this release are made pursuant to the safe harbor provisions contained in the Private Securities Litigation Reform Act of 1995.

As discussed above, the Company’s financial results are preliminary and do not reflect expected changes related to a change in how the Company has accounted for deferred tax assets and deferred tax liabilities related to the application of IFRS to deferred taxes on debt instruments with equity components issued since 2015 or changes that may result prior to filings its Annual Report on Form 20-F.

Use of Non-IFRS/non-GAAP Financial Measures

To supplement our unaudited consolidated financial statements prepared in accordance with IFRS, we disclose certain non-IFRS, or non-GAAP, financial measures. These measures exclude non-cash charges relating to stock-based compensation and the non-cash financial income and expense related to the convertible debt and its embedded derivative issued in April 2015 and April 2016. We believe that these measures can be useful to facilitate comparisons among different companies. These non-GAAP measures have limitations in that the non-GAAP measures we use may not be directly comparable to those reported by other companies. We seek to compensate for this limitation by providing a reconciliation of the non-GAAP financial measures to the most directly comparable IFRS measures in the table attached to this press release. We are not able to provide a non-GAAP reconciliation for forward-looking IFRS estimates for gross margin and net loss per diluted share without unreasonable efforts, because certain adjustments are not known until the end of the period. The impact of these adjustments could be significant to our actual IFRS results.

About Sequans Communications

Sequans Communications S.A. (NYSE: SQNS) is a leading provider of single-mode 4G LTE wireless semiconductor solutions for Internet of Things (IoT) and a wide range of broadband data devices. Founded in 2003, Sequans has developed and delivered seven generations of 4G technology and its chips are certified and shipping in 4G networks around the world. Today, Sequans offers two LTE product lines: StreamliteLTE™, optimized for IoT and M2M devices and StreamrichLTE™, optimized for feature-rich mobile computing and home and portable router devices. The company is based in Paris, France with additional offices in the United States, United Kingdom, Sweden, Israel, Hong Kong, Singapore, Taiwan, South Korea, and China.

Visit Sequans online atwww.sequans.com; www.facebook.com/sequans; www.twitter.com/sequans

SOURCE: Sequans Communications S.A.

Sequans reports fourth quarter 2018 financial results

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Media Relations: Kimberly Tassin, +1.425.736.0569, Kimberly@sequans.com

Investor Relations: Claudia Gatlin, +1 212.830.9080, Claudia@sequans.com

Condensed financial tables follow

Sequans reports fourth quarter 2018 financial results

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SEQUANS COMMUNICATIONS S.A.

PRELIMINARY UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

		Three months ended
(in thousands of US$, except share and per share amounts)		Dec 31, 2018			Sept 30, 2018			Dec 31, 2017
Revenue :
	Product revenue	$	3,856		$	7,526		$	8,685
	Other revenue	2,217			2,759			2,632
Total revenue		6,073			10,285			11,317
Cost of revenue
	Cost of product revenue	2,724			6,026			5,994
	Cost of other revenue	503			664			602
Total cost of revenue		3,227			6,690			6,596
Gross profit		2,846			3,595			4,721
Operating expenses :
	Research and development	6,488			6,750			5,985
	Sales and marketing	2,179			2,229			2,203
	General and administrative	3,044			2,545			2,159
Total operating expenses		11,711			11,524			10,347
Operating loss		(8,865		)	(7,929		)	(5,626		)
Financial income (expense):
	Interest income (expense), net	(1,631		)	(1,278		)	(1,178		)
	Other financial expenses	(400		)	—			—
	Convertible debt amendment	420			(685		)	(322		)
	Foreign exchange gain (loss)	332			58			(439		)
Loss before income taxes		(10,144		)	(9,834		)	(7,565		)
Income tax expense (benefit)		23			78			81
Loss		$	(10,167	)	$	(9,912	)	$	(7,646	)
Attributable to :
	Shareholders of the parent	(10,167		)	(9,912		)	(7,646		)
	Minority interests	—						—
Basic loss per share			($0.11	)		($0.10	)		($0.10	)
Diluted loss per share			($0.11	)		($0.10	)		($0.10	)
Weighted average number of shares used for computing:
— Basic		94,599,554			94,533,229			79,844,151
— Diluted		94,599,554			94,533,229			79,844,151

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SEQUANS COMMUNICATIONS S.A.

PRELIMINARY UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

		Twelve months ended Dec 31
(in thousands of US$, except share and per share amounts)		2018			2017
Revenue :
	Product revenue	$	28,938		$	37,353
	Other revenue	11,312			10,910
Total revenue		40,250			48,263
Cost of revenue
	Cost of product revenue	21,738			24,725
	Cost of other revenue	2,405			2,397
Total cost of revenue		24,143			27,122
Gross profit		16,107			21,141
Operating expenses :
	Research and development	27,909			25,202
	Sales and marketing	9,411			8,785
	General and administrative	9,835			6,679
Total operating expenses		47,155			40,666
Operating loss		(31,048		)	(19,525		)
Financial income (expense):
	Interest income (expense), net	(5,376		)	(4,612		)
	Other financial expenses	(400		)	—
	Convertible debt amendment	(265		)	(322		)
	Foreign exchange gain (loss)	366			(1,401		)
Loss before income taxes		(36,723		)	(25,860		)
Income tax expense (benefit)		194			300
Loss		$	(36,917	)	$	(26,160	)
Attributable to :
	Shareholders of the parent	(36,917		)	(26,160		)
	Minority interests	—			—
Basic loss per share			($0.39	)		($0.34	)
Diluted loss per share			($0.39	)		($0.34	)
Weighted average number of shares used for computing:
— Basic		93,767,005			77,668,404
— Diluted		93,767,005			77,668,404

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SEQUANS COMMUNICATIONS S.A.

PRELIMINARY UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

		At Dec 31,			At Dec 31,
(in thousands of US$)		2018			2017
ASSETS
	Non-current assets
	Property, plant and equipment	$	6,271		$	6,992
	Intangible assets	12,409			9,562
	Deposits and other receivables	394			402
	Available for sale assets	337			353
	Total non-current assets	19,411			17,309
	Current assets
	Inventories	8,462			7,376
	Trade receivables	12,709			17,650
	Unbilled contract revenue	2,707			3,176
	Prepaid expenses and other receivables	2,685			4,214
	Recoverable value added tax	565			688
	Research tax credit receivable	3,148			3,248
	Short term deposit	—			347
	Cash and cash equivalents	12,086			2,948
	Total current assets	42,362			39,647
Total assets		$	61,773		$	56,956
EQUITY AND LIABILITIES
	Equity
	Issued capital, euro 0.02 nominal value, 94,732,539 shares authorized, issued and outstanding at December 31, 2018 (80,024,707 shares at December 31, 2017)	$	2,384		$	2,031
	Share premium	225,470			204,952
	Other capital reserves	41,586			33,313
	Accumulated deficit	(272,730		)	(235,813		)
	Other components of equity	(604		)	(435		)
	Total equity	(3,894		)	4,048
	Non-current liabilities
	Government grant advances and loans	5,768			5,030
	Venture Debt	11,811			—
	Convertible debt and accrued interest	19,723			17,063
	Provisions and other liabilities	1,724			1,584
	Deferred revenue	808			1,293
	Total non-current liabilities	39,834			24,970
	Current liabilities
	Trade payables	8,859			13,023
	Interest-bearing receivables financing	10,295			7,413
	Venture Debt	823			—
	Government grant advances and loans	594			1,592
	Provisions and other current liabilities	4,274			5,170
	Deferred revenue	988			740
	Total current liabilities	25,833			27,938
Total equity and liabilities		$	61,773		$	56,956

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SEQUANS COMMUNICATIONS S.A.

PRELIMINARY UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW

			Twelve months ended Dec 31
(in thousands of US$)			2018			2017
Operating activities
	Loss before income taxes		$	(36,723	)	$	(25,860	)
	Non-cash adjustment to reconcile income before tax to net cash from (used in) operating activities
		Depreciation and impairment of property, plant and equipment	3,060			2,760
		Amortization and impairment of intangible assets	3,103			2,815
		Share-based payment expense	1,812			1,638
		Increase (decrease) in provisions	480			165
		Financial expense (income)	5,376			4,612
		Other financial expenses	400			—
		Convertible debt amendment	265			322
		Foreign exchange loss (gain)	(480		)	561
		Loss (Gain) on disposal of property, plant and equipment	13			—
	Working capital adjustments
		Decrease (Increase) in trade receivables and other receivables	6,805			(7,084		)
		Decrease (Increase) in inventories	(1,086		)	1,317
		Decrease (Increase) in research tax credit receivable	100			(1,087		)
		Decrease in trade payables and other liabilities	(5,250		)	(5,939		)
		Decrease in deferred revenue	(237		)	(242		)
		Decrease in government grant advances	(857		)	(2,271		)
	Income tax paid		(78		)	(333		)
Net cash flow used in operating activities			(23,297		)	(28,626		)
Investing activities
	Purchase of intangible assets and property, plant and equipment		(4,914		)	(4,232		)
	Capitalized development expenditures		(3,835		)	(2,190		)
	Sale (purchase) of financial assets		24			(113		)
	Sale of short-term deposit		347			(2		)
	Interest received		71			60
Net cash flow used in investments activities			(8,307		)	(6,477		)
Financing activities
	Proceeds from issue of warrants, exercise of stock options/warrants		30			966
	Public equity offering proceeds, net of transaction costs paid		20,841			14,898
	Proceeds (Repayment of) from interest-bearing receivables financing		2,882			(299		)
	Proceeds from interest-bearing research project financing		1,574			2,716
	Proceeds from issuance of venture debt, net of transaction costs		13,595			—
	Proceeds from convertible debt, net of transaction costs		4,388			—
	Repayment of government loans		(589		)	(116		)
	Repayment of convertible debt and accrued expenses		(1,186		)	—
	Interest paid		(791		)	(327		)
Net cash flows from financing activities			40,744			17,838
	Net increase (decrease) in cash and cash equivalents		9,140			(17,265		)
	Net foreign exchange difference		(2		)	11
	Cash and cash equivalent at January 1		2,948			20,202
Cash and cash equivalents at end of the period			$	12,086		$	2,948

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SEQUANS COMMUNICATIONS S.A.

PRELIMINARY UNAUDITED RECONCILIATION OF NON-IFRS FINANCIAL RESULTS

(in thousands of US$, except share and per share amounts)			Three months ended
			Dec 31, 2018			Sept 30, 2018			Dec 31, 2017
Net IFRS loss as reported			$	(10,167	)	$	(9,912	)	$	(7,646	)
Add back
	Stock-based compensation expense according to IFRS 2 (1)		308			446			680
	Non-cash interest on Convertible debt and other financing (2)		831			761			706
	Non-cash impact of Convertible debt amendment		(420		)	685			322
			$	(9,448	)	$	(8,020	)	$	(5,938	)
IFRS basic loss per share as reported				($0.11	)		($0.10	)		($0.10	)
Add back
	Stock-based compensation expense according to IFRS 2 (1)			$0.00			$0.00			$0.01
	Non-cash interest on Convertible debt and other financing (2)			$0.01			$0.01			$0.01
	Non-cash impact of Convertible debt amendment			$0.00			$0.01			$0.01
Non-IFRS basic loss per share				($0.10	)		($0.08	)		($0.07	)
IFRS diluted loss per share				($0.11	)		($0.10	)		($0.10	)
Add back
	Stock-based compensation expense according to IFRS 2 (1)			$0.00			$0.00			$0.01
	Non-cash interest on Convertible debt and other financing (2)			$0.01			$0.01			$0.01
	Non-cash impact of Convertible debt amendment			$0.00			$0.01			$0.01
Non-IFRS diluted loss per share				($0.10	)		($0.08	)		($0.07	)
	(1) Included in the IFRS loss as follows:
		Cost of product revenue	$	—		$	2		$	—
		Research and development	147			116			143
		Sales and marketing	6			66			96
		General and administrative	155			262			441
	(2) Related to the difference between contractual and effective interest rates

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SEQUANS COMMUNICATIONS S.A.

PRELIMINARY UNAUDITED RECONCILIATION OF NON-IFRS FINANCIAL RESULTS

(in thousands of US$, except share and per share amounts)			Twelve months ended Dec 31
			2018			2017
Net IFRS loss as reported			$	(36,917	)	$	(26,160	)
Add back
	Stock-based compensation expense according to IFRS 2 (1)		1,812			1,638
	Non-cash interest on Convertible debt and other financing (2)		3,008			2,818
	Non-cash impact of Convertible debt amendment		265			322
			$	(31,832	)	$	(21,382	)
IFRS basic loss per share as reported				($0.39	)		($0.34	)
Add back
	Stock-based compensation expense according to IFRS 2 (1)			$0.02			$0.03
	Non-cash interest on Convertible debt and other financing (2)			$0.03			$0.03
	Non-cash impact of Convertible debt amendment			$0.00			$0.00
Non-IFRS basic loss per share				($0.34	)		($0.28	)
IFRS diluted loss per share				($0.39	)		($0.34	)
Add back
	Stock-based compensation expense according to IFRS 2 (1)			$0.02			$0.03
	Non-cash interest on Convertible debt and other financing (2)			$0.03			$0.03
	Non-cash impact of Convertible debt amendment			$0.00			$0.00
Non-IFRS diluted loss per share				($0.34	)		($0.28	)
	(1) Included in the IFRS loss as follows:
		Cost of product revenue	$	8		$	7
		Research and development	529			436
		Sales and marketing	225			295
		General and administrative	1,050			900
	(2) Related to the difference between contractual and effective interest rates