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SHAREHOLDERS' EQUITY (Tables)
12 Months Ended
Sep. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Summary of Stock Option Activity

Stock option transactions are summarized as follows:

    

    

Weighted

Number

Average

of Options

Exercise Price*

 

Balance, September 30, 2018

 

900,459

$

4.59

Options granted

255,000

3.77

Options expired/forfeited

 

(32,998)

 

(4.10)

Balance, September 30, 2019

 

1,122,461

$

4.59

Options granted

 

4,218,000

 

3.31

Options exercised

(416)

(2.20)

Options expired/forfeited

 

(30,461)

 

(28.46)

Balance, September 30, 2020

 

5,309,584

$

3.42

Options granted

 

1,889,646

 

9.87

Options exercised

 

(323,610)

 

(3.68)

Options expired/forfeited

 

(72,390)

 

(4.46)

Balance outstanding, September 30, 2021

 

6,803,230

$

5.20

Balance exercisable, September 30, 2021

 

2,799,226

$

3.49

*Options exercisable in Canadian dollars as at September 30, 2021 are translated at current rates to reflect the current weighted average exercise price in US dollars for all outstanding options.
Summary of Stock Option Outstanding

At September 30, 2021, options were outstanding enabling holders to acquire common shares as follows:

    

    

Weighted average remaining

Exercise price

Number of options

contractual life (years)

$

2.20

4,584

7.70

$

3.23

 

3,794,603

 

8.02

$

3.59

 

26,667

 

8.05

$

3.81

 

185,816

 

7.36

$

4.00

 

539,518

 

6.22

$

4.67

 

183,511

 

8.09

$

7.00

 

1,508,146

 

9.20

$

13.96

 

190,000

 

9.29

$

29.63

 

100,000

 

9.58

$

31.62

 

75,000

 

9.67

C$

4.90

 

163,154

 

5.81

C$

5.06

 

32,231

 

7.36

 

6,803,230

 

8.15

Summary of Warrants Activity

Warrant transactions are summarized as follows:

    

    

Weighted

Number

Average

of Warrants

Exercise Price

 

Balance, September 30, 2018

 

2,663,937

$

6.13

Warrants granted

 

11,919,404

 

0.0001

Warrants exercised

 

(2,188,999)

 

(0.002)

Warrants expired

 

(1,250)

 

(31.17)

Balance, September 30, 2019

 

12,393,092

$

1.31

Warrants exercised

 

(3,120,115)

 

(0.08)

Balance, September 30, 2020

 

9,272,977

$

1.73

Warrants exercised

 

(6,038,227)

 

(0.06)

Balance outstanding and exercisable, September 30, 2021

 

3,234,750

$

4.84

*Warrants exercisable in Canadian dollars as at September 30, 2021 are translated at current rates to reflect the current weighted average exercise price in US dollars for all outstanding warrants.
Summary of Warrants Outstanding

At September 30, 2021, warrants were outstanding enabling holders to acquire common shares as follows:

Number

    

    

of Warrants

Exercise Price

Expiry Date

227,273

(1)

US$

66.00

 

January 14, 2023

7,477

  

US$

42.80

 

November 18, 2023

80,000

US$

4.00

 

January 9, 2023

2,920,000

US$

0.0001

 

August 23, 2024

3,234,750

  

  

 

  

(1)Detailed terms of the 2016 Warrants are included in Note 10.
Employee Share Purchase Plan [Member]  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Schedule of Share Based Compensation Expense

During the year ended September 30, 2021, the Company issued a total of 15,963 (2020 –16,506; 2019 - nil) common shares upon the exercise of Purchase Rights. The Company recognizes compensation expense for purchase rights on a straight-line basis over the service period.

For the year ended September 30, 

    

2021

    

2020

    

2019

Research and development expense

$

32,299

 

$

24,984

$

General and administrative

 

36,132

 

46,033

 

$

68,431

$

71,017

$

Weighted Average Assumptions for the Valuation of Stock Options

The Company measures the purchase rights based on their estimated grant date fair value using the Black-Scholes option pricing model and the estimated number of shares that can be purchased. The following weighted average assumptions were used for the valuation of purchase rights:

2021

    

2020

    

2019

Risk-free interest rate

 

0.19

%  

1.44

%  

Expected life of share purchase rights

 

6 months

 

6 months

 

Expected annualized volatility

 

61.54

%  

90.34

%  

Dividend

 

 

 

Stock Options Plan [Member]  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Schedule of Share Based Compensation Expense

The Company recognized share-based payments expense for options granted and vesting, net of recoveries on cancellations of unvested options, during the years ended September 30, 2021, 2020 and 2019 with allocations to its functional expense as follows:

For the year ended September 30, 

2021

    

2020

2019

Research and development expense

$

3,611,083

 

$

1,853,388

$

304,786

General and administrative

 

5,796,599

 

5,598,202

 

841,921

$

9,407,682

 

$

7,451,590

$

1,146,707

Weighted Average Assumptions for the Valuation of Stock Options

The following weighted average assumptions were used for the Black-Scholes option-pricing model valuation of stock options granted:

2021

    

2020

2019

Risk-free interest rate

 

0.44

%  

1.55

%

2.55

%

Expected life of options

 

10.00

years

10.00

years

10.00

years

Expected annualized volatility

 

78.16

%  

77.00

%

79.33

%

Dividend