0001193125-24-040745 | 20-F | XBRL Viewer

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Tax credits and grants receivable - Summary of information about unused and unrecorded non refundable federal tax credit (Detail) - USD ($) $ in Thousands	Nov. 30, 2023	Nov. 30, 2022
Statement [line items]
Deferred tax assets	$ 29	$ 0
Unused tax credits
Statement [line items]
Deferred tax assets	13,815
Income tax expire 2024 \| Unused tax credits
Statement [line items]
Deferred tax assets	438
Income tax expire 2025 \| Unused tax credits
Statement [line items]
Deferred tax assets	1,306
Income tax expire 2026 \| Unused tax credits
Statement [line items]
Deferred tax assets	1,604
Income tax expire 2027 \| Unused tax credits
Statement [line items]
Deferred tax assets	2,209
Income tax expire 2028 \| Unused tax credits
Statement [line items]
Deferred tax assets	2,451
Income tax expire 2029 \| Unused tax credits
Statement [line items]
Deferred tax assets	1,652
Income tax expire 2030 \| Unused tax credits
Statement [line items]
Deferred tax assets	818
Income tax expire 2031 \| Unused tax credits
Statement [line items]
Deferred tax assets	572
Income tax expire 2032 \| Unused tax credits
Statement [line items]
Deferred tax assets	299
Income tax expire 2033 \| Unused tax credits
Statement [line items]
Deferred tax assets	198
Income tax expire 2039 \| Unused tax credits
Statement [line items]
Deferred tax assets	185
Income tax expire 2040 \| Unused tax credits
Statement [line items]
Deferred tax assets	315
Income tax expire 2041 \| Unused tax credits
Statement [line items]
Deferred tax assets	383
Income tax expire 2042 \| Unused tax credits
Statement [line items]
Deferred tax assets	657
Income tax expire 2043 \| Unused tax credits
Statement [line items]
Deferred tax assets	$ 728

Share capital warrants and subscription receipts - Summary Of The Model Used To Determine Fair Value Of Options (Detail) - Stock Appreciation Rights [Member]	12 Months Ended
	Nov. 30, 2023 yr $ / shares	Nov. 30, 2023 yr $ / shares	Nov. 30, 2022 yr $ / shares	Nov. 30, 2022 yr $ / shares
Disclosure Of The Model Used To Determine Fair Value Of Options [Line Items]
Risk-free interest rate	3.55%	3.55%	3.50%	3.50%
Expected volatility	89.51%	89.51%	58.40%	58.40%
Average option life in years	6.8	6.8	7.8	7.8
Grant-date share price \| (per share)	$ 1.58	$ 2.15	$ 8.72	$ 11.72
Option exercise price \| (per share)	$ 16.99	$ 23.07	$ 17.16	$ 23.07

Convertible unsecured senior notes (Tables)

12 Months Ended

Nov. 30, 2023

Convertible Unsecured Senior Notes [Abstract]

Summary of deferred tax related to equity component of convertible unsecured senior notes

The movement in the carrying value of the convertible unsecured senior notes is as follows:



Convertible unsecured senior notes as at November 30, 2021	$	54,227

Changes from financing cash flows:

Cash paid on repurchase		(28,546)

Transaction costs incurred		(73)

Other changes:

Gain on repurchase		(357)

Accretion expense		1,644


Convertible unsecured senior notes as at November 30, 2022	$	26,895

Changes from financing cash flows:

Cash paid on repurchase		(27,452)

Other changes:

Conversion		(15)



Accretion expense		572


Convertible unsecured senior notes as at November 30, 2023	$	-

Finance income and finance costs

12 Months Ended

Nov. 30, 2023

Text Block [Abstract]

Finance income and finance costs

5.	Finance income and finance costs




	Note		2023		2022			2021


Gain on repurchase of convertible unsecured senior notes	18	$	-	$	357		$	-

Net gain on financial instruments carried at fair value			1,257		-			-

Interest income			769		316			195

Gain on lease termination			121		-			-


Finance income			2,147		673			195

Accretion expense and amortization of deferred financing costs	17, 18, 19		(2,098)		(2,140)			(2,358)

Interest on convertible unsecured senior notes and on long-term loan			(8,263)		(4,357)			(3,306)

Bank charges			(42)		(35)			(31)

Net foreign currency loss			(159)		(1,027	)		(926)

Loss on Loan Facility modifications	17, 20(c)		(3,540)		-			-

Write off of deferred financing costs	17, 20(d)		(954)		-			-


Finance costs			(15,056)		(7,559)			(6,621)


Net finance cost recognized in net profit or loss		$	(12,909)	$	(6,886)		$	(6,426)

Other asset (Tables)

12 Months Ended

Nov. 30, 2023

Text Block [Abstract]

Summary of other asset



Cost

Balance as at November 30, 2021, 2022 and 2023	$	19,530

Accumulated amortization

Balance as at November 30, 2021	$	17,089

Amortization		2,441
Balance as at November 30, 2022	$	19,530

Net carrying amounts

November 30, 2023 and November 30, 2022	$	-

Share capital warrants and subscription receipts - Summary Of The Number Of Options Outstanding (Parenthetical) (Detail) - 12 months ended Nov. 30, 2022	$ / shares	$ / shares
Disclosure of classes of share capital [abstract]
Weighted average share price of options excercised on the exercise date \| (per share)	$ 8.24	$ 11.12

Loan Facility - Summary of movement in the carrying value of the long term loan (Detail) - USD ($) $ in Thousands	4 Months Ended	5 Months Ended	12 Months Ended
	Nov. 30, 2022	Nov. 30, 2023	Nov. 30, 2023	Nov. 30, 2022
Disclosure of detailed information about borrowings [line items]
Proceeds from Loan Facility on July 27, 2022			$ 20,000	$ 40,000
Consideration for the Fifth Amendment		$ 540
Current portion		(7,286)	(7,286)
Non-current portion		50,688	50,688
Loan Facility [Member]
Disclosure of detailed information about borrowings [line items]
Proceeds from Loan Facility on July 27, 2022	$ 40,000
Transaction costs	(2,285)
Accretion expense	179	800
Term loan	$ 37,894	57,974	$ 57,974	$ 37,894
Loan Facility Tranche 2 Loan [member]
Disclosure of detailed information about borrowings [line items]
Proceeds from Loan Facility on July 27, 2022		20,000
Transaction costs		(1,182)
Marathon Warrants [member]
Disclosure of detailed information about borrowings [line items]
Transaction costs		$ (78)

Provisions (Tables)

12 Months Ended

Nov. 30, 2023

Disclosure of other provisions [abstract]

Summary of provision



	Chargebacks and rebates		Returns		Restructuring (a)		Total


Balance as at November 30, 2021	$	3,713	$	410	$	-	$	4,123

Provisions made		12,910		2,004		-		14,914

Provisions used		(10,358)		(929)		-		(11,287)

Effect of change in exchange rate		(233)		-		-		(233)


Balance as at November 30, 2022	$	6,032	$	1,485	$	-	$	7,517


Provisions made		15,407		1,086		1,963		18,456

Provisions used		(14,506)		(309)		(1,721)		(16,536)

Effect of change in exchange rate		168		-		(2)		166


Balance as at November 30, 2023	$	7,101	$	2,262	$	240	$	9,603

(a)

In July 2023, the Company initiated a reorganization mainly focused on its R&D activities. On October 24, 2023, the Company announced changes to its operations that saw a tapering of its research and development activities. As such, for the year ended November 30, 2023, $1,963 was recorded in charges related to severance and other expenses, of which an amount of $1,384 was recorded in research and development expenses, $220 in selling expenses and $359 in general and administrative expenses.

Accounts payable and accrued liabilities - Summary of accounts payable and accrued liabilities (Detail) - USD ($) $ in Thousands	Nov. 30, 2023	Nov. 30, 2022
Trade And Other Payables [Line Items]
Trade payables	$ 6,990	$ 12,886
Accrued liabilities and other payables	15,016	18,951
Salaries and benefits due to key management personnel	1,036	3,387
Employee salaries and benefits payable	3,053	1,298
Liability related to deferred stock unit plan	39	589
Accrued interest payable on convertible unsecured senior notes and Loan Facility	840	1,108
TaiMed milestone	1,497	2,846
Total	$ 28,471	$ 41,065

Leases liabilities- Summary of Leases liabilities (Parenthetical) (Detail) - USD ($)

12 Months Ended

Mar. 01, 2023

Feb. 17, 2023

Nov. 30, 2023

Nov. 30, 2022

Nov. 30, 2021

^[1]

Disclosure of Lease Liabilities [Abstract]

Termination Of Leases Operating Lease Right Of Use Liability

$ 799

Termination Of Leases Operating Lease Right Of Use Assets

920

Gain on lease termination

$ 121,000

$ 0

Right Of Use Asset Obtained In Exchange For Operating Lease Liability

$ 326

[1]	The company voluntarily changed its accounting policy to classify interest paid and received as part of operating activities, see Note 1.

Bonds and money market funds - Additional information (Detail)	12 Months Ended
	Nov. 30, 2023	Nov. 30, 2022
Disclosure of detailed information about Financial Assets [Line Items]
Average maturity period	1 year 4 months 24 days	1 year 9 months 10 days
Bottom of range
Disclosure of detailed information about Financial Assets [Line Items]
Stated interest rate	0.85%	0.65%
Top of range
Disclosure of detailed information about Financial Assets [Line Items]
Stated interest rate	3.75%	3.90%

Convertible unsecured senior notes

12 Months Ended

Nov. 30, 2023

Convertible Unsecured Senior Notes [Abstract]

Convertible unsecured senior notes

18.	Convertible unsecured senior notes

The movement in the carrying value of the convertible unsecured senior notes is as follows:



Convertible unsecured senior notes as at November 30, 2021	$	54,227

Changes from financing cash flows:

Cash paid on repurchase		(28,546)

Transaction costs incurred		(73)

Other changes:

Gain on repurchase		(357)

Accretion expense		1,644


Convertible unsecured senior notes as at November 30, 2022	$	26,895

Changes from financing cash flows:

Cash paid on repurchase		(27,452)

Other changes:

Conversion		(15)



Accretion expense		572


Convertible unsecured senior notes as at November 30, 2023	$	-

On June 30, 2023, the Company reimbursed all of the issued and outstanding convertible unsecured senior notes for proceeds of $

27,452 and 253 shares were issued on conversion of $15 convertible unsecured senior notes.

Basis of preparation - Additional Information (Detail) - USD ($)
$ in Thousands

12 Months Ended

Nov. 30, 2023

Nov. 30, 2022

Nov. 30, 2021

^[1]

Basis of Presentation [Line Items]

Borrowings, interest rate basis

300 basis points

Negative operating cash flows

$ (5,678)

$ (14,692)

$ (17,501)

Net loss

(23,957)

(47,237)

$ (31,725)

Cash

34,097

23,856

Bonds and money market funds

6,290

$ 9,214

Top of range [member]

Basis of Presentation [Line Items]

Minimum liquidity requirement amount

20,000

Bottom of range [member]

Basis of Presentation [Line Items]

Minimum liquidity requirement amount

$ 15,000

[1]	The company voluntarily changed its accounting policy to classify interest paid and received as part of operating activities, see Note 1.

- Definition

The total of income less expenses from continuing and discontinued operations, excluding the components of other comprehensive income. [Refer: Other comprehensive income]

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Name IAS
-Number 7
-IssueDate 2023-01-01
-Paragraph 18
-Subparagraph b
-URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=7&code=ifrs-tx-2023-en-r&anchor=para_18_b&doctype=Standard
-URIDate 2023-03-23

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 1
-IssueDate 2023-01-01
-Paragraph 32
-Subparagraph a
-Clause ii
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=1&code=ifrs-tx-2023-en-r&anchor=para_32_a_ii&doctype=Standard
-URIDate 2023-03-23

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 1
-IssueDate 2023-01-01
-Paragraph 24
-Subparagraph b
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=1&code=ifrs-tx-2023-en-r&anchor=para_24_b&doctype=Standard
-URIDate 2023-03-23

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 8
-IssueDate 2023-01-01
-Paragraph 28
-Subparagraph b
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2023-en-r&anchor=para_28_b&doctype=Standard
-URIDate 2023-03-23

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 8
-IssueDate 2023-01-01
-Paragraph 23
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2023-en-r&anchor=para_23&doctype=Standard
-URIDate 2023-03-23

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Name IFRS
-Number 12
-IssueDate 2023-01-01
-Paragraph B10
-Subparagraph b
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=12&code=ifrs-tx-2023-en-r&anchor=para_B10_b&doctype=Appendix&subtype=B
-URIDate 2023-03-23

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Name IFRS
-Number 17
-IssueDate 2023-01-01
-Paragraph 113
-Subparagraph b
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=17&code=ifrs-tx-2023-en-r&anchor=para_113_b&doctype=Standard
-URIDate 2023-03-23

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Name IAS
-Number 1
-IssueDate 2023-01-01
-Paragraph 81A
-Subparagraph a
-URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=1&code=ifrs-tx-2023-en-r&anchor=para_81A_a&doctype=Standard
-URIDate 2023-03-23

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Name IAS
-Number 1
-IssueDate 2023-01-01
-Paragraph 106
-Subparagraph d
-Clause i
-URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=1&code=ifrs-tx-2023-en-r&anchor=para_106_d_i&doctype=Standard
-URIDate 2023-03-23

+ Details

Bonds and money market funds - Summary of detailed information about bonds and money market funds (Detail) - USD ($) $ in Thousands	Nov. 30, 2023	Nov. 30, 2022
Schedule Of Detailed Information About Bonds And Money Market Funds [Abstract]
Bonds	$ 6,062	$ 8,990
Guaranteed investment certificates	228	224
Bonds and money market funds	$ 6,290	$ 9,214

Leases liabilities - Summary of lease liabilities (Detail) - USD ($)
$ in Thousands

12 Months Ended

Nov. 30, 2023

Nov. 30, 2022

Disclosure of Lease Liabilities [Abstract]

Beginning Balance

$ 1,922

$ 2,518

Accretion expense

101

157

Lease payments

(452)

(605)

Effect of change in exchange rates

(148)

Termination (a)

^[1]

(920)

New lease (b)

^[2]

326

Ending Balance

994

1,922

Current portion

(421)

(476)

Non-current portion

$ 573

$ 1,446

[1]	On February 17, 2023, the Company terminated its lease in Ireland. Accordingly, the Company reduced its right-of-use assets by $799, the lease liabilities by $920 and recorded a gain on lease termination of $121. The gain is presented in finance costs (Note 5)
[2]	On March 1, 2023, the Company signed a new lease in Ireland. Accordingly, the Company recorded a right-of-use asset and a lease liability of $326.

Share capital warrants and subscription receipts (Tables)

12 Months Ended

Nov. 30, 2023

Share Capital [Line Items]

Summary of measurement of fair value of warrant liabilities



	Measurement date as at November 30, 2023		Issuance date measurement


Risk-free interest rate		4.326%		3.92%

Expected volatility		88.568%		61.985%

Average option life in years		6.25 years		7 years

Share price	$	1.63	$	3.80

Exercise price	$	2.30	$	5.80

Summary of changes in the number of options outstanding

Changes in the number of Options outstanding during the past two years were as follows:



			Weighted average exercise price per option


	Number of Options		CA$		US$

O ptions outstanding in CA $

Options outstanding as at November 30, 2021		797,583	$	15.32	$	12.00

Granted – CA$		547,847		16.68		13.00
Forfeited and expired – CA$		(144,213)		17.80		13.52
Exercised (share price: CA$11.12 (US$8.24))		(21,165)		1.24		0.92

Options outstanding as at November 30, 2022		1,180,052	$	15,92	$	11,84

Granted – CA$		792,193		5.16		3.80
Forfeited and expired – CA$		(197,686)		12.34		9.10


Options outstanding as at November 30, 2023 – CA$		1,774,559	$	11.51	$	8.48

Options exercisable as at November 30, 2023 – CA$		926,539	$	15.19	$	11.19

Options exercisable as at November 30, 2022 – CA$		554,354	$	16.32	$	12.12




Options outstanding in US$

Options as at November 30, 2021 – US$		20,183		-		12.36

Granted – US$		96,668		-		12.08
Forfeited – US$		(10,208)		-		12.52

Options outstanding as at November 30, 2022 – US$		106,643	$	-	$	10.00

Granted – US$		203,935		-		3.80
Forfeited – US$		(31,209)		-		5.01


Options outstanding as at November 30, 2023 – US$		279,369	$	-	$	6.02

Options exercisable as at November 30, 2023 – US$		65,692	$	-	$	9.48

Options exercisable as at November 30, 2022 – US$		7,769	$	-	$	11.96

Summary of the model used to determine fiar value of stock appreciation rights

the fair value of SARs granted is estimated at each reporting period using the

Black-Scholes

model and the following weighted average assumptions. The liability is recorded in other liabilities on the statement of financial position.



Granted in 2019 and 2021	Measurement date as at November 30, 2023		Measurement date as at November 30, 2022


Risk-free interest rate		3.55%		3.50%

Expected volatility		89.51%		58.4%

Average option life in years		6.8 years		7.8 years

Share price		$ 1.58 (CA$2.15)		$ 8.72 (CA$11.72)

Option exercise price		$ 16.99 (CA$23.07)		$ 17.16 (CA$23.07)

Summary of the following table provides stock option information

The following table provides Option information as at November 30, 2023 (Options outstanding in CA$).



Price range			Number of options outstanding		Weighted average remaining life				Weighted average exercise price

CA$	US$				(years)		CA$		US$

1.00 – 4.76		0.74 – 3.50		57,500		0.03		1.52		1.12

4.77 – 8.00		3.51 – 5.89		707,695		9.25		5.16		3.80

8.01 – 15.00		5.90 – 11.04		308,196		5.43		11.10		8.17

15.01 – 24.00		11.05 – 17.67		621,167		7.55		16.85		12.40

24.01 – 36.00		17.68 – 26.51		51,575		4.86		33.27		24.50

36.01 – 40.00		26.51 – 29.45		28,426		4.35		38.24		28.16


				1,774,559		7.49		11.51		8.48

The following table provides Option information as at November 30, 2023 (Options outstanding in US$).

Price range			Number of Options outstanding		Weighted average remaining life				Weighted average exercise price

	US$				(years)				US$

		1.00 – 4.76		179,185		9.25				3.80

		4.77 – 15.00		100,184		8.03				10.00

				279,369		8.81				6.02

Summary of Accumulated other comprehensive income (loss) (Detail)

Accumulated other comprehensive income (loss)


	2023		2022		2021


Unrealized losses on FVOCI financial assets, net of tax	$	(256)	$	(555)	$	(195)

Cumulative exchange difference on translation of foreign operations		940		940		151


	$	684	$	385	$	(44)

Summary of the measurement date weighted average fair value of stock options granted

The following table summarizes the measurement date weighted average fair value of Options granted during the years ended November 30, 2023 and 2022.




Options granted in CA$	Number of Options granted		Weighted average grant date fair value




2023		792,193	$	2.77 (CA$3.76	)

2022		547,847	$	8.64 (CA$11.64	)




Options granted in US$		Number of Options granted		Weighted average grant date fair value




2023		203,935	$	2.72

2022		96,668	$	8.36

Summary of earnings per share calculation

The calculation of basic loss per

common

share was based on the net loss attributable to common shareholders of the Company of $23,957 (2022 – 47,237, 2021 – $31,725) and a weighted average number of common shares outstanding calculated as follows.



	2023		2022		2021


Issued common shares as at December 1		24,201,582		23,780,417		19,253,360

Effect of share options exercised		-		3,338		93,562

Effect of public issue common shares		1,843,517		-		3,704,071

Impact on conversion of convertible unsecured senior notes		107		-		-

Effect of share issue - ATM program		-		29,589		-

Effect of subscription receipts issue		287,223		-		-

Effect of broker warrants exercised		-		-		36,564


Weighted average number of common shares, basic and diluted		26,332,429		23,813,344		23,087,557

Summary of the share-based compensation expense for the stock option plan

The fair value of Options granted in 202

and 202

was estimated on

the grant date using the

Black-Scholes

model and the following weighted average assumptions.



Options granted in CA$	2023		2022


Risk-free interest rate		3.33%		1.62%

Expected volatility		64.3%		65.5%

Average option life in years		9.5 years		9 years

Grant-date share price		$ 3.80 (CA$5.16)		13.00 (CA$16.68)

Option exercise price		$ 3.80 (CA$5.16)		13.00 (CA$16.68)



Options granted in US$	2023		2022



Risk-free interest rate		3.92%		1.95%

Expected volatility		62%		64%

Average option life in years		9.5 years		9 years

Grant-date share price	$	3.80		12.08

Option exercise price	$	3.80		12.08

Consolidated Statements of Financial Position - USD ($) $ in Thousands	Nov. 30, 2023	Nov. 30, 2022
Current assets
Cash	$ 34,097	$ 23,856
Bonds and money market funds	6,290	9,214
Trade and other receivables	13,023	12,045
Tax credits and grants receivable	524	299
Income taxes receivable	4	0
Deferred tax assets	29	0
Inventories	6,066	19,688
Prepaid expenses and deposits	3,154	7,665
Derivative financial assets	110	603
Total current assets	63,297	73,370
Non-current assets
Property and equipment	1,206	1,494
Right-of-use-assets	770	1,595
Intangible assets	12,496	15,009
Deferred financing costs	0	1,792
Total non-current assets	14,472	19,890
Total assets	77,769	93,260
Current liabilities
Accounts payable and accrued liabilities	28,471	41,065
Provisions	9,603	7,517
Convertible unsecured senior notes	0	26,895
Current portion of Loan Facility	7,286	37,894
Current portion of lease liabilities	421	476
Marathon Warrants	1,475	0
Income taxes payable	0	394
Deferred revenue	38	38
Total current liabilities	47,294	114,279
Non-current liabilities
Loan Facility	50,688	0
Lease liabilities	573	1,446
Other liabilities	84	106
Total non-current liabilities	51,345	1,552
Total liabilities	98,639	115,831
Equity
Share capital, warrants and subscription receipts	363,927	338,751
Equity component of convertible unsecured senior notes	0	2,132
Contributed surplus	23,178	18,810
Deficit	(408,659)	(382,649)
Accumulated other comprehensive income	684	385
Total equity	(20,870)	(22,571)
Total liabilities and equity	$ 77,769	$ 93,260

Financial instruments - Summary of Company's foreign currency exposures (Detail) € in Thousands, $ in Thousands	12 Months Ended
	Nov. 30, 2023 CAD ($)	Nov. 30, 2023 EUR (€)	Nov. 30, 2022 CAD ($)	Nov. 30, 2022 EUR (€)
Disclosure of detailed information about financial instruments [abstract]
Positive (negative) impact	$ 152	€ (172)	$ 129	€ (380)

Significant accounting policies - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2023	Nov. 30, 2022	Nov. 30, 2021
Disclosure of detailed information about intangible assets [line items]
Intangible assets amortization method	straight-line basis
Other Assets
Disclosure of detailed information about intangible assets [line items]
Amortization of other assets	48 months
Commercialization Rights EGRIFTA SV®
Disclosure of detailed information about intangible assets [line items]
Intangible assets finite useful lives	111 months
Commercialization Rights Trogarzo
Disclosure of detailed information about intangible assets [line items]
Intangible assets finite useful lives	142 months
Capitalised development expenditure [member]
Disclosure of detailed information about intangible assets [line items]
Development expenditures capitalized	$ 0	$ 0	$ 0
THTX Commercialization Rights Trogarzo® North America [Member]
Disclosure of detailed information about intangible assets [line items]
Intangible assets finite useful lives	148 months

Bonds and money market funds (Tables)

12 Months Ended

Nov. 30, 2023

Text Block [Abstract]

Detailed Information About Bonds And Money Market Funds




	2023		2022


Bonds	$	6,062	$	8,990

Guaranteed investment certificates		228		224


	$ 6,290		$ 9,214

Other asset - Summary of detailed information about other asset (Detail) - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2022	Nov. 30, 2023	Nov. 30, 2021
Cost
Ending balance	$ 19,530	$ 19,530	$ 19,530
Accumulated amortization
Beginning balance	17,089
Amortization	2,441
Ending balance	19,530
Net carrying amounts	$ 0	$ 0

Financial instruments (Tables)

12 Months Ended

Nov. 30, 2023

Disclosure of detailed information about financial instruments [abstract]

Summary of maturity analysis for non-derivative financial liabilities



									2023

	Carrying amount		Total contractual amount		Less than 1 year		From 1 to 2 years		More than 3 years


Accounts payable and accrued liabilities	$	28,471	$	28,471	$	28,471	$	-	$	-

Facility loan, including interest (1)		57,974		80,141		17,416		50,348		12,377

Lease liabilities		994		1,108		487		516		105


	$	87,439	$	109,720	$	46,374	$	50,864	$	12,482

(1)

Based on SOFR forward rates.


									2022

	Carrying amount		Total contractual amount		Less than 1 year		From 1 to 2 years		More than 3 years


Accounts payable and accrued liabilities	$	41,065	$	41,065	$	41,065	$	-	$	-

Term loan, including interest (2)		37,894		57,667		5,649		28,421		23,597

Convertible unsecured senior notes, including interest		26,895		29,081		29,081		-		-

Lease liabilities		1,922		2,196		595		1,145		456


	$	107,776	$	130,009	$	76,390	$	29,566	$	24,053

(2)

Based on SOFR forward rates. The maturities above reflect the fact that the Marathon Credit Agreement has been amended in the subsequent event period and, as such, the contractual maturities are used.

Summary of currency risk exposure explanatory



			2023				2022

	CA$		EURO		CA$		EURO

Cash		358		123		1,547		236

Bonds and money market funds		8,543		-		12,387		-

Trade and other receivables		296		2		733		2,141

Tax credits and grants receivable		497		145		66		239

Accounts payables and accrued liabilities		(5,395)		(224)		(10,784)		(5,849)

Lease liabilities		(925)		(288)		(1,362)		(873)

Provisions		(326)		(3,192)		-		(3,486)


Total exposure		3,048		(3,434)		2,587		(7,592)

Summary of applicable exchange rates explanatory

The following exchange rates are those applicable as at November 30, 2023 and 2022.



			2023				2022
	Average rate		Reporting date rate		Average rate		Reporting date rate


CA$ – US$		0,7404		0,7363		0,7722		0,7439

Euro – US$		1,0792		1,0903		1,0600		1,0406

Disclosure of effect of changes in foreign exchange rates



			2023				2022

	CA$		Euro		CA$		Euro

Positive (negative) impact		152		(172)		129		(380)

Significant accounting policies (Tables)

12 Months Ended

Nov. 30, 2023

Text Block [Abstract]

Summary of estimated useful lives, methods of depreciation and depreciation rates

The methods of depreciation and depreciation rates and periods are as follows:



Asset	Method	Rate/period

Computer equipment	Declining balance	50%
Laboratory equipment	Declining balance and straight-line	20% 5 years
Office furniture and equipment	Declining balance	20%
Leasehold improvements	Straight-line	Lower of lease term and economic life

Accounts Payable and accured liabilities (Tables)

12 Months Ended

Nov. 30, 2023

Trade and other payables [abstract]

Accounts payable and accrued liabilities



	Note		2023		2022


Trade payables			$	6,990	$	12,886

Accrued liabilities and other payables				15,016		18,951

Salaries and benefits due to key management personnel		28		1,036		3,387

Employee salaries and benefits payable				3,053		1,298

Liability related to deferred stock unit plan		20(e)		39		589

Accrued interest payable on convertible unsecured senior notes and Loan Facility		17 and 18		840		1,108

TaiMed milestone (a)		13		1,497		2,846


			$	28,471	$	41,065

Basis of preparation

12 Months Ended

Nov. 30, 2023

Text Block [Abstract]

Basis of preparation

1. Basis of preparation

Share consolidation

On July 19, 2023, the Board of Directors approved a consolidation of the issued and outstanding common shares (the “Common Shares”) on the basis of one for four

(1-for-4)

common shares (the “Consolidation”) effective July 31, 2023. All references in these Financial Statements to the number of common shares, Public Offering Warrants (as defined in Note 20(a)), Marathon Warrants (as defined in Note 20(c)), Options (as defined in Note 20(h)), weighted average number of common shares, basic and diluted loss per share and the exercise prices of the Public Offering Warrants, Marathon Warrants and Options have been retrospectively adjusted and restated to reflect the effect of the Consolidation for all periods presented.

Statement of compliance

The consolidated financial statements of the Company have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”).

These Financial Statements were authorized for issue by the Board of Directors on February 20, 2024.

Going concern uncertainty

As part of the preparation of these Financial Statements, management is responsible for identifying any event or situation that may cast doubt on the Company’s ability to continue as a going concern. Substantial doubt regarding the Company’s ability to continue as a going concern exists if events or conditions, considered collectively, indicate that the Company may be unable to honor its obligations as they fall due during a period of at least, but not limited to, 12 months from November 30, 2023. If the Company concludes that events or conditions cast substantial doubt on its ability to continue as a going concern, it must assess whether the plans developed to mitigate these events or conditions will remove any possible substantial doubt.

For the year ended November 30, 2023, the Company incurred a net loss of $23,957 (2022-$47,237

; 2021-$31,725

) and had negative cash

flows

from operating activities of $5,678 (2022-

14,692

; 2021- $17,501

). As at November 30, 2023, cash amounted to $34,097 and bonds and money market funds amounted to $6,290.

The Company’s Loan Facility contains various covenants, including minimum liquidity covenants whereby the Company needs to maintain significant cash, cash equivalent and eligible short-term investments balances in specified accounts, which restricts the management of the Company’s liquidity (refer to Note 17). A breach of the liquidity covenant (a “Liquidity Breach”) provides the lender with the ability to demand immediate repayment of the Loan Facility and makes available to the lender the collateralized assets, which include substantially all cash, bonds and money market funds which are subject to control agreements, and may trigger an increase of

300 basis points

of the interest rate on the outstanding loan balance. On July 3, 2023, the Company incurred a Liquidity Breach resulting in the lender having the ability to demand immediate repayment of the debt, which breach was waived on September 21, 2023. During fiscal 2023, the Company entered into several amendments to the Marathon Credit Agreement to amend certain of the terms and conditions therein (see note 17).

The amendments to the Marathon Credit Agreement resulted in: (i) revising the minimum liquidity requirements for all times following October 31, 2023 to be between

15,000

and $

20,000

ased on the Marathon adjusted EBITDA (as defined in the Marathon Credit Agreement, the “Marathon Adjusted EBITDA”) targets over the most recently ended four fiscal quarters; (ii) deleting the quarterly minimum revenue targets and replacing them with Marathon Adjusted EBITDA targets, beginning with the quarter ending November 30, 2023; and (iii) deleting the prohibition against the Company having a going concern explanatory paragraph in the opinion of the independent registered public accounting firm of the Company that accompanies the Company’s annual report. Notwithstanding these amendments, there is no assurance that the lender will agree to amend or to waive any future potential covenant breaches, if any. The Company does not meet the condition precedents to drawdown additional amounts under the Marathon Credit Agreement and does not currently have other committed sources of financing available to i

The Company’s ability to continue as a going concern for a period of at least, but not limited to, 12 months from November 30, 2023, involves significant judgement and is dependent on the adherence to the conditions of the Marathon Credit Agreement or to obtain the support of the lender (including possible waivers and amendments, if necessary), increase its revenues and the management of its expenses (including the reorganization mainly focused on its R&D activities-see Note 16(a)) in order to meet or exceed the Marathon Adjusted EBITDA target and generate sufficient positive operating cash flows. Some elements of management’s plans are outside of management’s control and the outcome cannot be predicted at this time. Should management’s plans not materialize, the Company may be in default under the Marathon Credit Agreement, be forced to reduce or delay expenditures and capital additions and seek additional alternative financing, or sell or liquidate its assets. As a result, there is material uncertainty related to events or conditions that cast substantial doubt about the Company’s ability to continue as a going concern.

These Financial Statements have been prepared assuming the Company will continue as a going concern, which assumes the Company will continue its operations in the foreseeable future and will be able to realize its assets and discharge its liabilities and commitments in the normal course of business. These Financial Statements do not include any adjustments to the carrying values and classification of assets and liabilities and reported expenses that might result from the outcome of this uncertainty and that may be necessary if the going concern basis was not appropriate for these Financial Statements. If the Company was unable to continue as a going concern, material impairment of the carrying values of the Company’s assets, including intangible assets, could be required.

The Company’s Financial Statements have been prepared on a going concern and historical cost basis, except for:

bonds and money market funds, which are measured at fair value,

derivative financial assets, which are measured at fair value,

liabilities related to

cash-settled

share-based

arrangements and derivative financial liabilities, which are measured at fair value,

lease liabilities which are measured at present value of lease payments not paid at commencement date,

equity-classified

share-based

payment arrangements are measured at fair value at the grant date pursuant to IFRS 2,

-based

Payment

The methods used to measure fair value are discussed further in Note 25.

Functional and presentation currency

The Company’s functional currency is the United States dollar (“USD”).

All financial information presented in USD has been rounded to the nearest thousand.

Use of estimates and judgments

The preparation of the Company’s Financial Statements in conformity with IFRS requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the Financial Statements and the reported amounts of revenues and expenses during the reporting year.

Judgments in applying accounting policies

Information about critical judgments in applying accounting policies and assumptions that have the most significant effect on the amounts recognized in the Financial Statements is noted below.

Milestones payments

The purchase consideration for the oncology platform (Note 13) includes additional milestone payments based on the attainment of commercial milestones that will be settled through the issuance of the Company’s common shares, which represent a transaction in the scope of IFRS 2. Accordingly, the fair value of the oncology platform at the date of acquisition incorporates management’s judgement as to the probability of attaining the share-based milestones as well as the expected timing of the attainment of the milestones.

Management uses judgement in determining whether milestone payments are performance-related development milestones which are capitalized as an intangible asset or are milestones related to the activity or usage of an asset which are expensed.

Key sources of estimation uncertainty

Key sources of estimation uncertainty that have a significant risk of resulting in a material adjustment to the carrying amount of assets and liabilities within the next financial year are as follows:

Sales allowances

Management uses judgment in estimating provisions for sale allowances such as cash discounts, returns, rebates and chargebacks, including potential clawbacks in certain jurisdictions when pricing terms are based on temporary use authorizations and thus subject to future negotiation. The product revenue recognized quarter over quarter is net of these estimated allowances. Such estimates require the need to make estimates about matters that are inherently uncertain. These estimates take into consideration historical experience, current contractual and statutory requirements, specific known market events and trends such as competitive pricing and new product introductions, estimated inventory levels, and the shelf life of products. If actual future results vary, these estimates need to be adjusted, with an effect on sales and earnings in the period of the adjustment. (refer to Notes 2 “Revenue recognition” and 3 for additional information).

Recoverability of inventories

The Company regularly reviews inventory to determine whether the inventory cost exceeds its net realizable value. The determination of the net realizable value requires management to make estimates and use judgement in considering shelf life of a product, the effects of technological changes and new product introductions.

Other

Other areas of judgment and uncertainty are related to the estimation of accruals for clinical trial expenses, the recoverability of intangible assets, the measurement of derivative financial assets, the measurement of

share-based

arrangements, the Marathon Warrants and gain or loss on amendments to the Marathon Credit Agreement.

The Company is subject to risks and uncertainties that may cause actual results to differ from estimated amounts, such as changes in the healthcare environment, competition, litigation, legislation and regulations. Management regularly evaluates estimates and assumptions using historical experience and expectations about the future. Management adjusts estimates and assumptions when facts and circumstances indicate the need for change. Revisions to accounting estimates are recognized in the year in which the estimates are revised and in any future years affected.

Right-of-use assets (Tables)

12 Months Ended

Nov. 30, 2023

Disclosure of right of use Asset [Abstract]

Summary of right-of-use assets




Balance as at November 30, 2021		$	2,111
Amortization			(429)
Effect of change in exchange rates			(87)


Balance as at November 30, 2022		$	1,595
Amortization			(352)
Termination	19(a)	$	(799)
New lease	19( b )	$	326


Balance as at November 30, 2023		$	770

Share capital warrants and subscription receipts

12 Months Ended

Nov. 30, 2023

Disclosure of classes of share capital [abstract]

Share capital warrants and subscription receipts

20.	Share capital, warrants and subscription receipts

Authorized in unlimited number and without par value

Common shares;

Preferred shares, issuable in one or more series.

All issued shares were fully paid on November 30, 2023 and 2022.

Common shareholders are entitled to receive dividends as declared by the Company at its discretion and are entitled to one vote per share at the Company’s annual meeting of shareholders.

No preferred shares are outstanding.

(a)

Public offering

On January 19, 2021, the Company completed a public offering for the sale and issuance of units. Each unit was comprised of one common share of the Company and o

ne half of one

common share purchase warrant of the Company (each whole warrant, a “Public Offering Warrant”) and is classified in Share Capital and Public Offering Warrants within equity. During the year ended November 30, 2023, no Public Offering Warrant were exercised (November 30, 2022 nil and November 30, 2021

233,400 Public Offering Warrants were exercised for proceeds of $742). At November 30, 2023, there were

8,130,550

Public Offering Warrants outstanding. Four (4) Public Offering Warrants entitles the holder thereof to purchase one (1) common share at an exercise price of $

12.72

at any time until January 19, 2024

The 8,130,550 Public Offering Warrants expired on January

19, 2024

On October 31, 2023, the Company completed a public offering for the sale and issuance of

12,500,000 common shares at a price of $1.00

per common share for gross proceeds o

f $12,500. On November 14, 2023, the Company issued 160,000 common shares at a price of $1.00

per common share for gross proceeds of $

160

in relation to the partial exercise of the over-allotment option. The

ompany has also completed a concurrent private placement (the “Concurrent Private Placement”) with Investissement Québec of

9,118,184 common shares and 3,381,816

fully-funded,

non-voting

subscription receipts, exchangeable at all times into common shares on a one-for-one basis in, in each case, at $

1.00

for gross proceeds of $

12,500

. The subscription receipts were issued to limit the share ownership of the investor to not more than 19.9% of the issued and outstanding common shares and the subscription receipts are exchangeable at any time, provided ownership limitations are respected. The Company has also entered into an investor rights agreement pursuant to which Investissement Québec will be entitled to nominate one director to the Company’s board of directors for as long as it holds 50% of the Common Shares purchased pursuant to the Concurrent Private Placement. The cost of the offering amounted to $

2,053

(b)

Milestone oncology

In March 2021, the Company issued 120,482 common shares under the terms of the acquisition agreement entered into with all of the shareholders of Katana for Katana’s

in-licensed

oncology platform. The purchase price for the oncology platform provided for share-based consideration to be issued upon attainment of two milestones. The first milestone was achieved in March 2021. The estimated fair value of the share-based consideration of $668 initially recorded in “Contributed surplus” on the date of the acquisition was reclassified to “Share capital” (Note 13).

(c)

Marathon warrants

On February 27, 2023, the Company issued to Marathon an aggregate of

5,000,000

common share purchase warrants (the “Marathon Warrants exercisable into 1,250,000 common shares, at an exercise price of

$5.80

, post Consolidation. The Marathon Warrants are exercisable for a period of

seven years.

The Marathon Warrants are not traded on any stock exchange, are transferable only to affiliates of Marathon or to other potential lenders under the terms of the Loan Facility and their affiliates and may be exercised on a cashless basis. Accordingly, the Marathon Warrants are derivative financial liabilities measured at fair value through profit or loss.

The Marathon Warrants were issued as consideration for various amendments made to the Marathon Credit Agreement, including:

●

An amendment to remove a condition precedent to the disbursement of the Tranche 2 Loan requiring the Company to have filed with the FDA the results of a human factor study before June 30, 2023; and

●

An amendment to allow for the inclusion of a going concern explanatory paragraph in the annual report of the independent registered public accounting firm for the fiscal year ended November 30, 2022.

In consideration of the Fifth Amendment, the Company has agreed to reset the exercise price of the

5,000,000

Marathon Warrants, which are now exercisable into

1,250,000

common shares at

2.30

per common share. (Refer to Note 17)

The fair value of the Marathon Warrants was treated as a cash outflow in testing whether the debt modification was a substantial modification and it was concluded that the modification was not substantial. At the issuance

, $

2,650

were recorded as loss on debt modification using the Black-Sholes model and the assumptions set forth in the table below. An amount

of $

350

was recorded reflecting the increase of fair value of Marathon Warrants for the repricing upon entering into the Fifth Amendment. The derivative financial liability relating to the Marathon Warrants is recorded as a liability on the consolidated statement of financial position and resulted in a gain on fair value remeasurement o

f $

1,525

for the year ended November

2023



	Measurement date as at November 30, 2023		Issuance date measurement


Risk-free interest rate		4.326%		3.92%

Expected volatility		88.568%		61.985%

Average option life in years		6.25 years		7 years

Share price	$	1.63	$	3.80

Exercise price	$	2.30	$	5.80

The risk-free interest rate is based on the implied yield on a Canadian government zero-coupon issue, with a remaining term equal to the term of the Marathon warrant life. The volatility is based on weighted average historical volatility adjusted for changes expected due to publicly available information. The life of the Marathon warrant is based upon the contractual term. The dividend yield was excluded from the calculation, since it is the present policy of the Company to retain all earnings to finance operations and future growth.

With the issuance of the Marathon Warrants, the Company incurred transaction costs totalling $

196

of which $

was allocated to the Loan Facility and $

118

was recorded as deferred financing costs relating to the available tranches under the Loan Facility

Deferred financing costs were written off on November 30, 2023 (Note 17).

(d)

ATM program

Under the terms of a sales agreement dated July 23, 2021, the Company was able to issue and sell from time to time its common shares, having an aggregate offering price of up

to $50,000,

through or to the Agent, as agent or principal, in the United States for a period ending in December 2023. Sales of the common shares were to be made in transactions that were deemed to be

“at-the-market

distributions“ (“ATM“). In the fourth quarter of 202

2, 400,000 common shares (2021 – no common shares) were sold for proceed

of $2,960 under the ATM program. Commission, legal and other costs related to this equity

offering

were charged directly to equity in the amount of $126 (2021 - nil). The

common

shares were sold at the prevailing market prices, which resulted in a price of $1.85 per share. Deferred financing costs in the amount of $607

were written off in the statement of net loss of November 30, 2023, in relation to the end of the program in December of 2023 without additional usage.

(e)

DSU plan

On December 10, 2010, the Board of Directors adopted the DSU Plan for the benefit of its directors and officers (the “Beneficiaries”). The goal of the DSU Plan is to increase the Company’s ability to attract and retain

high-quality

individuals to act as directors or officers and to better align their interests with those of the shareholders of the Company in the creation of

long-term

value. Under the terms of the DSU Plan, Beneficiaries who are directors are entitled to elect to receive all or part of their annual retainer to act as directors in DSUs. Beneficiaries who act as officers are entitled to elect to receive all or part of their annual bonus, if any, in DSUs. The value of a DSU is used to determine the number of DSUs a Beneficiary may be granted or the value to be paid to a Beneficiary upon redemption. This value is equal to the average closing price of the common shares on the Toronto Stock Exchange on the date on which the Company is entitled to grant DSUs, or on the date on which a Beneficiary redeems them, and during the four previous trading days.

DSUs may only be redeemed when a Beneficiary ceases to act as a director or an officer of the Company. Upon redemption, the Company must provide a Beneficiary with an amount in cash equal to the DSU value on the redemption date. Beneficiaries may not sell, transfer or otherwise assign their DSUs or any rights associated therewith other than by will or in accordance with legislation regarding the vesting and partition of successions.

DSUs are totally vested on the grant date. When DSUs are granted to officers as part of their annual bonus, a DSU liability is recorded on the grant date in lieu of a liability for a cash bonus payment. In the case of directors, the expenses related to DSUs and their liabilities are recognized on the grant date. During the year ended

November 30, 2023, nil (2022 -

126

; 2021 –

)

was recorded as an expense and is included in general and administrative expenses. The liability related to DSUs is adjusted periodically to reflect any change in the market value of the common shares. As at November 30, 2023, a gain of

224

(2022 - $221; 2021 – loss of

209)

was recognized within finance costs (Note

. As at November

202

, the Company had a total

24,878

DSUs outstanding

(202

–

67,536

DSUs) and a liability related to the DSUs of $

(202

–

liability of $

589

Cash-settled

forward stock contracts

To protect against fluctuations in the value of DSUs, the Company entered into

cash-settled

forward stock contracts. They were not designated as hedging instruments for accounting purposes. As at November 30, 202

, the

cash-settled

forward stock contracts outstanding correspond to a total of 67,535 (202

– 67,535) common shares at a price of $19.47 per share (202

– $19.68 per share) expiring on December 1

, 202

(202

– December 1

, 202

). As at November 30, 202

, the fair value of

cash-settled

forward stock contracts was $110 (202

– $603) and is recorded in derivative financial assets. During the year ended November 30, 202

, a loss of

$492 (2022 -

$217

;2021 –

gain of $212) related to the change in fair value of derivative financial assets was recognized within finance costs.

(f)

tock

Appreciation Rights

On October 4, 2018, the Board of Directors approved a stock appreciation rights plan (the “SARs Plan”) for its consultants that entitles the grantee to receive a cash payment based on the increase in the stock price of the Company’s common shares from the grant date to the settlement date. The term of a SAR may not exceed

years from the grant date. Generally, SARs vest over a period of three years.

For the year ended November 30, 2023, ($22) (2022 - $12, 2021 – $53) was recorded as

share-based

compensation expense for the SARs

lan. Since these awards will be

cash-settled,

the fair value of SARs granted is estimated at each reporting period using the

Black-Scholes

model and the following weighted average assumptions. The liability is recorded in other liabilities on the statement of financial position.



Granted in 2019 and 2021	Measurement date as at November 30, 2023		Measurement date as at November 30, 2022


Risk-free interest rate		3.55%		3.50%

Expected volatility		89.51%		58.4%

Average option life in years		6.8 years		7.8 years

Share price		$ 1.58 (CA$2.15)		$ 8.72 (CA$11.72)

Option exercise price		$ 16.99 (CA$23.07)		$ 17.16 (CA$23.07)

The

risk-free

interest rate is based on the implied yield on a Canadian government

zero-coupon

issue, with a remaining term equal to the expected term of a SAR. The volatility is based on weighted average historical volatility adjusted for changes expected due to publicly available information. The life of a SAR is estimated taking into consideration the vesting period on the grant date, the life of a SAR and the average length of time similar grants have remained outstanding in the past. The dividend yield was excluded from the calculation, since it is the present policy of the Company to retain all earnings to finance operations and future growth.

No SARs w

ere

granted during the years ended November 30, 2023 and 2022.

(g)

Shareholder rights plan

On March 3, 2022, the Board of Directors approved certain amendments and the renewal of the Company’s shareholder rights plan and, on April 6, 2022, the Company and Computershare Trust Services of Canada entered into an amended and restated shareholder rights plan agreement (the “Rights Plan”). The Rights Plan was approved by the shareholders on May 10, 2022. The Rights Plan

designed to provide adequate time for the Board and the shareholders to assess an unsolicited takeover bid for the Company. In addition, Rights the Plan provides the Board with sufficient time to explore and develop alternatives for maximizing shareholder value if a takeover bid is made, as well as provide shareholders with an equal opportunity to participate in a takeover bid to receive full and fair value for their common shares. The Rights Plan will expire at the close of the Company’s annual meeting of shareholders in 2025 unless the Rights Plan is reconfirmed and approved by shareholders at such meeting.

% or more of the outstanding common shares without complying with the “Permitted Bid” provisions of the Rights Plan or without approval of the Board of Directors. Subject to the terms and conditions set out in the Rights Plan, each right (other than those held by the acquiring person) will permit the holder to purchase for the exercise price that number of common shares determined as follows: a value of twice the exercise price divided by the “Market Price” (defined under the Rights Plan as being the average weighted trading price per common share for the 20 consecutive trading days through and including the trading day immediately preceding the relevant date) on the common share acquisition date (defined as “Stock Acquisition Date” under the Rights Plan). The exercise price under the Rights Plan has been set to three (3) times the Market Price.

Under the Rights Plan, a Permitted Bid is a bid made to all holders of common shares and which is open for acceptance for no less than

105

days. If, at the end of

105

days, more than

% of the outstanding common shares, other than those owned by the offeror and certain related parties, have been tendered, the offeror may take up and pay for the common shares. If more than

% of the outstanding common shares, other than those owed by the offeror and certain related parties, have been tendered within the above mentioned

105

days period, the offeror must make a public announcement of that fact and the bid must remain open for an additional ten business days from the date of the announcement.

(h)

Stock option plan

The Company has established a stock option plan (the “Option Plan”) under which it can grant its directors, officers, employees, researchers and consultants non-transferable options (the “Option”) for the purchase of common shares. The exercise date of an Option may not be later than

10 years after the grant date. On March 28, 2023, the Company’s Board of Directors

amended the Option Plan

to provide, among other things, that the

maximum number

of common shares that may be issued under the

Option Plan

(together with any other security-based compensation arrangements) shall not exceed 17% of the issued and outstanding common shares, on a

non-diluted

basis

The Option Plan has

a “reloading” or “evergreen” feature, so that whe

shares issuable under the Option Plan will be replenished and such exercised

ptions will be available to be regranted in the future. Shareholders ratified this amendment on May 9, 2023. Generally, the Options vest on the grant date or over a period of up to three years.

As at November 30, 2023, 5,762,675

ptions could still be granted

the Company (2022

–

1,091,358,

2021

–

1, 062,851

)

under the Option Plan.

All Options are to be settled by the physical delivery of common shares.

Changes in the number of Options outstanding during the past two years were as follows:



			Weighted average exercise price per option


	Number of Options		CA$		US$

O ptions outstanding in CA $

Options outstanding as at November 30, 2021		797,583	$	15.32	$	12.00

Granted – CA$		547,847		16.68		13.00
Forfeited and expired – CA$		(144,213)		17.80		13.52
Exercised (share price: CA$11.12 (US$8.24))		(21,165)		1.24		0.92

Options outstanding as at November 30, 2022		1,180,052	$	15,92	$	11,84

Granted – CA$		792,193		5.16		3.80
Forfeited and expired – CA$		(197,686)		12.34		9.10


Options outstanding as at November 30, 2023 – CA$		1,774,559	$	11.51	$	8.48

Options exercisable as at November 30, 2023 – CA$		926,539	$	15.19	$	11.19

Options exercisable as at November 30, 2022 – CA$		554,354	$	16.32	$	12.12




Options outstanding in US$

Options as at November 30, 2021 – US$		20,183		-		12.36

Granted – US$		96,668		-		12.08
Forfeited – US$		(10,208)		-		12.52

Options outstanding as at November 30, 2022 – US$		106,643	$	-	$	10.00

Granted – US$		203,935		-		3.80
Forfeited – US$		(31,209)		-		5.01


Options outstanding as at November 30, 2023 – US$		279,369	$	-	$	6.02

Options exercisable as at November 30, 2023 – US$		65,692	$	-	$	9.48

Options exercisable as at November 30, 2022 – US$		7,769	$	-	$	11.96

The following table provides Option information as at November 30, 2023 (Options outstanding in CA$).



Price range			Number of options outstanding		Weighted average remaining life				Weighted average exercise price

CA$	US$				(years)		CA$		US$

1.00 – 4.76		0.74 – 3.50		57,500		0.03		1.52		1.12

4.77 – 8.00		3.51 – 5.89		707,695		9.25		5.16		3.80

8.01 – 15.00		5.90 – 11.04		308,196		5.43		11.10		8.17

15.01 – 24.00		11.05 – 17.67		621,167		7.55		16.85		12.40

24.01 – 36.00		17.68 – 26.51		51,575		4.86		33.27		24.50

36.01 – 40.00		26.51 – 29.45		28,426		4.35		38.24		28.16


				1,774,559		7.49		11.51		8.48

The following table provides Option information as at November 30, 2023 (Options outstanding in US$).

Price range			Number of Options outstanding		Weighted average remaining life				Weighted average exercise price

	US$				(years)				US$

		1.00 – 4.76		179,185		9.25				3.80

		4.77 – 15.00		100,184		8.03				10.00

				279,369		8.81				6.02

For the year ended November 30, 2023, $2,237 (2022 - $3,860, 2021 – $1,879) was recorded as

share-based

compensation expense for the Option Plan. The fair value of Options granted in 202

and 202

was estimated on

the grant date using the

Black-Scholes

model and the following weighted average assumptions.



Options granted in CA$	2023		2022


Risk-free interest rate		3.33%		1.62%

Expected volatility		64.3%		65.5%

Average option life in years		9.5 years		9 years

Grant-date share price		$ 3.80 (CA$5.16)		13.00 (CA$16.68)

Option exercise price		$ 3.80 (CA$5.16)		13.00 (CA$16.68)



Options granted in US$	2023		2022



Risk-free interest rate		3.92%		1.95%

Expected volatility		62%		64%

Average option life in years		9.5 years		9 years

Grant-date share price	$	3.80		12.08

Option exercise price	$	3.80		12.08

The risk-free interest rate is based on the implied yield on a Canadian or U.S. government

zero-coupon

issue, with a remaining term equal to the expected term of an Option. The volatility is based on the weighted average historical volatility adjusted for changes expected due to publicly available information. The life of an Option is estimated taking into consideration the vesting period on the grant date, the life of the Option and the average period of time similar grants have remained outstanding in the past. The dividend yield was excluded from the calculation, since Company policy is to retain all earnings to finance operations and future growth.

The following table summarizes the measurement date weighted average fair value of Options granted during the years ended November 30, 2023 and 2022.




Options granted in CA$	Number of Options granted		Weighted average grant date fair value




2023		792,193	$	2.77 (CA$3.76	)

2022		547,847	$	8.64 (CA$11.64	)




Options granted in US$		Number of Options granted		Weighted average grant date fair value




2023		203,935	$	2.72

2022		96,668	$	8.36

The

Black-Scholes

model used by the Company to calculate the option values was developed to estimate the fair value of freely tradable, fully transferable Options without vesting restrictions, which significantly differs from the Company’s Option grants. This model also requires four highly subjective assumptions, including future stock price volatility and the average Option life, which greatly affect the calculated values.

(i)

Loss per share

The calculation of basic loss per

common



	2023		2022		2021


Issued common shares as at December 1		24,201,582		23,780,417		19,253,360

Effect of share options exercised		-		3,338		93,562

Effect of public issue common shares		1,843,517		-		3,704,071

Impact on conversion of convertible unsecured senior notes		107		-		-

Effect of share issue - ATM program		-		29,589		-

Effect of subscription receipts issue		287,223		-		-

Effect of broker warrants exercised		-		-		36,564


Weighted average number of common shares, basic and diluted		26,332,429		23,813,344		23,087,557

For the year ended November 30, 2023, 2,053,928 (2022 – 1,286,695, 2021 – 817,766)

ptions, 8,130,550 (2022 – 8,130,550, 2021 – 8,130,550) Public Offering Warrants, and 5,000,000 Marathon Warrants were excluded from the weighted average number of diluted common shares calculation as their effect would have been

anti-dilutive.

The convertible unsecured senior notes were also excluded from the weighted average number of diluted common share calculation for the periods they were outstanding.

The average market value of the Company’s common shares for purposes of calculating the dilutive effect of Options was based on quoted market prices for the period during which the options were outstanding.

(j)

Accumulated other comprehensive income (loss)


	2023		2022		2021


Unrealized losses on FVOCI financial assets, net of tax	$	(256)	$	(555)	$	(195)

Cumulative exchange difference on translation of foreign operations		940		940		151


	$	684	$	385	$	(44)

Significant accounting policies

12 Months Ended

Nov. 30, 2023

Text Block [Abstract]

Significant accounting policies

2.	Significant accounting policies

The accounting policies have been applied consistently by the Company, except as otherwise noted for the initial application of new or amended accounting standards.

Basis of consolidation

The financial statements of the subsidiaries of the Company are included in these Financial Statements from the date on which control commences until the date on which control ceases. Subsidiaries are entities controlled by the Company. Control is present where the Company has the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities. In assessing control, potential voting rights that are currently exercisable are taken into consideration. The accounting policies of subsidiaries are changed when necessary to align them with the policies adopted by the Company.

Intercompany balances and transactions, revenues and expenses resulting from transactions between subsidiaries and with the Company are eliminated in preparing the Financial Statements.

Foreign currencies

Transactions in foreign currencies are translated to the functional currency at exchange rates in effect at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies at the reporting date are translated to the functional currency at the exchange rate in effect at that date. The foreign currency gain or loss on monetary items is the difference between amortized cost in the functional currency at the beginning of the reporting year, adjusted for effective interest and payments during the reporting year, and the amortized cost in foreign currency translated at the exchange rate in effect at the end of the reporting year.

Non-monetary

assets and liabilities denominated in foreign currencies that are measured at fair value are translated to the functional currency at the exchange rate in effect at the date on which the fair value was determined.

Non-monetary

items that are measured at historical cost in a foreign currency are translated using the exchange rate in effect at the date of the transaction. Foreign currency differences arising on translation are recognized in net profit, except for differences arising on the translation of FVOCI financial instruments, which are recognized in other comprehensive income (loss).

Foreign operations

The assets and liabilities of foreign operations whose functional currency is not the US$ are translated into US$ at the reporting date. The income and expenses of

foreign-currency

denominated operations are translated at average rates for each reporting period. Foreign exchange differences arising on the translation of foreign operations are recognized directly in other comprehensive income (loss). When a foreign subsidiary is disposed of, the cumulative amount recognized in the currency translative reserve forms part of the gain or loss on disposal.

Revenue recognition

Revenue from contracts with customers – Net sales

The Company derives revenue from the sales of finished goods, which include Trogarzo

and

EGRIFTA SV

. The Company recognizes revenue at a point in time when it transfers title of the finished goods to a customer, which generally occurs upon delivery of the finished goods to the customer’s premises. Payment received from customers prior to the transfer of control of the goods is recorded as deferred revenue.

Some arrangements for the sale of finished goods provide for customer cash discounts for prompt payment, allowances, rights of return, rebates on sales made under governmental and commercial rebate programs, chargebacks on sales made to government agencies and retail pharmacies and distribution fees, including potential clawbacks in certain jurisdictions when pricing terms are based on temporary use authorizations and thus subject to future negotiation which gives rise to variable consideration. At the time of sale, estimates are made for items giving rise to variable consideration based on the terms of the arrangement. The variable consideration is estimated at contract inception using the most likely amount method and revenue is only recognized to the extent that a significant reversal of revenue is not expected to occur. The estimate is based on historical experience, current trends, contractual terms with distributors and other known factors. Sales are recorded net of customer discounts, rebates, chargebacks, distribution fees and estimated sales returns, and exclude sales taxes. A refund liability and a right to recover returned goods asset are recognized for expected returns in relation to sales made before the end of the reporting period. The right to recover returned goods asset is measured at the former carrying amount of the inventory less any expected costs to recover goods. The Company reviews its estimate of variable consideration, including expected returns, on a quarterly basis, adjusting for the amounts of the asset and liability accordingly.

Cost of sales

Cost of goods sold

Cost of goods sold includes the cost of raw materials, supplies, direct labour and overhead charges allocated to goods sold as well as write-downs of inventories.

Amortization of the other asset

The amortization of the other asset related to the repurchase of the future royalty rights under the 2013 Termination Agreement (Note 14).

Employee benefits

Salaries and

short-term

employee benefits

Salaries and

short-term

employee benefit obligations are measured on an undiscounted basis and are expensed as the related service is provided. A liability is recognized for the amount expected to be paid under

short-term

profit-sharing

or cash bonus plans if the Company has a legal or constructive obligation to pay an amount as a result of past services rendered by an employee and the obligation can be estimated reliably.

Post-employment

benefits

Post-employment

benefits include a defined contribution plan under which an entity pays fixed contributions into a separate entity and will have no legal or constructive obligation to pay further amounts. Obligations for contributions to defined contribution plans are recognized as an employee benefit expense when due. Prepaid contributions are recognized as an asset to the extent that a cash refund or a reduction in future payments is available. The Company’s defined contribution plan comprises the registered retirement savings plan, the Quebec Pension Plan and employment insurance.

Termination benefits

Termination benefits are recognized as an expense when the Company is committed demonstrably, without realistic possibility of withdrawal, to a formal detailed plan to either terminate employment before the normal retirement date or to provide termination benefits as a result of an offer made to encourage voluntary redundancy.

Finance income and finance costs

Finance income comprises interest income on financial assets and gains on the disposal of financial assets and financial liabilities. Interest income is recognized as it accrues in net loss using the effective interest method.

Finance costs comprise bank charges, interest and accretion expense on lease liabilities, convertible unsecured senior notes,

long-term

loans and obligations and deferred financing costs, impairment losses on financial assets recognized in net loss, changes in fair value of liabilities and derivatives, unrealized foreign currency gain or loss on

long-term

obligations, loss on long-term obligations modifications and other foreign currency gains and losses which are reported on a net basis.

Inventories

Inventories are presented at the lower of cost, determined using the

first-in,

first-out

method, and net realizable value. Inventory costs include the purchase price and other costs directly related to the acquisition of materials and other costs incurred in bringing the inventories to their present location and condition. The Company is responsible for coordinating the production and stability testing and for auditing suppliers at different times during the manufacturing process. Inventory costs also include the costs directly related to the conversion of materials into finished goods. Net realizable value is the estimated selling price in the Company’s ordinary course of business less the estimated costs of completion and selling expenses. In determining whether the inventory cost exceeds its net realizable value for

pre-launch

inventory, the Company considers whether there is a high probability of regulatory approval for the product. In making that determination, the Company considers prior history with approvals of similar products, estimated timing of obtaining regulatory approval, regulatory agencies correspondence regarding safety and efficacy of the product and current market factors.

Work in progress inventory appears from the moment third party suppliers use the material provided by the Company until the time the Company receives the finished product. The value of work in progress inventory is equal to the value of material provided by the Company plus all conversion work performed by third party suppliers.

Property and equipment

Recognition and measurement

Items of property and equipment are recognized at cost less accumulated depreciation and accumulated impairment losses. Cost includes expenditures that are directly attributable to the acquisition of the asset and the costs of dismantling and removing the item and restoring the site on which it is located, if any.

Gains and losses on disposal of an item of property and equipment are determined by comparing the proceeds from disposal with the carrying amount of property and equipment and are recognized in net profit or loss.

Subsequent costs

The cost of replacing a part of an item of property and equipment is recognized in the carrying amount of the item if it is probable that the future economic benefits embodied within the part will flow to the Company and its cost can be measured reliably. The carrying amount of the replaced part is derecognized. The costs of the

day-to-day

servicing of items of property and equipment are recognized in net profit or loss as incurred.

Depreciation

The methods of depreciation and depreciation rates and periods are as follows:



Asset	Method	Rate/period

Computer equipment	Declining balance	50%
Laboratory equipment	Declining balance and straight-line	20% 5 years
Office furniture and equipment	Declining balance	20%
Leasehold improvements	Straight-line	Lower of lease term and economic life

The method of depreciation is selected based on the most closely expected pattern of consumption of the future economic benefits embodied in the asset.

Estimates for depreciation methods, useful lives and residual values are reviewed at each

year-end

and adjusted if appropriate.

Intangible assets

Research and development

Expenditure on research activities, undertaken with the prospect of gaining new scientific or technical knowledge and understanding, is expensed as incurred.

Development activities involve a plan or design for the production of new or substantially improved products and processes. A development expenditure is capitalized only if development costs can be measured reliably, the product or process is technically and commercially feasible, future economic benefits are probable and the Company intends to and has sufficient resources to complete development and to use or sell the asset. These criteria are usually met when a regulatory filing has been made in a major market and approval is considered highly probable. The expenditure capitalized includes the cost of materials, direct labour, and overhead costs that are directly attributable to preparing the asset for its intended use. Other development

expenditures are expensed as incurred. Capitalized development expenditures are measured at cost, less accumulated amortization and accumulated impairment losses.

During the years ended November 30, 2023, 2022 and 2021, no development expenditures were capitalized.

Non-refundable

advance payments for good and services that will be used in future research and development activities are expenses when the activity has been performed rather than when the payment is made.

Commercialization rights and oncology platform

Commercialization rights and the oncology platform acquired by the Company have finite useful lives and are measured at cost less accumulated amortization and any accumulated impairment losses. Commercialization rights –

EGRIFTA SV

– are amortized at fixed rates based on their estimated useful life of

111

months on a

straight-line

basis

Commercialization rights – Trogarzo

North American Territory – are amortized at fixed rates based on their estimated useful life of

142

months on a

straight-line

basis. Commercialization rights – Trogarzo

European Territory – were amortized at fixed rates based on their estimated useful life of

148

months on a straight-line basis. They were fully amortized during the year ended November 30, 2022. Refer to Note 13. Commercialization rights for the oncology platform will be amortized over the estimated useful life on a

straight-line

basis when the asset is available for use.

The amortization method and useful life of intangible assets are reviewed every year and adjusted as required.

Asset acquisitions

Asset acquisitions are acquisitions that do not qualify as business combinations. At the date of acquisition, the Company initially recognizes the individual identifiable assets acquired and liabilities assumed. The cost to the Company at the date of the acquisition is allocated to the individual identifiable assets and liabilities on the basis of their relative fair values at the date of the acquisition. Subsequent consideration for performance-related development milestones is recognized as intangible assets when the specific milestones have been achieved and other recognition criteria are met. Subsequent payments related to activity or usage of an asset, including sales royalties, are expensed as incurred. Asset acquisition transactions do not give rise to goodwill.

Other asset

Other asset, which comprised the amount disbursed in connection with the repurchase of the future royalty rights under the 2013 Termination Agreement (Note 14), was amortized over its estimated useful life of

48 months. Other asset was fully amortized during the year ended November 30, 2022.

Impairment of

non-financial

assets

The carrying amounts of the Company’s

non-financial

assets, other than inventories and deferred tax assets, are reviewed at each reporting date to determine whether there is any indication of impairment. If such an indication exists, the recoverable amount is estimated.

For the purpose of impairment testing, assets are grouped together into the smallest group of assets that generates cash inflows from continuing use that are largely independent of cash inflows from other assets or groups of assets (“Cash-Generating Unit”). The recoverable amount of an asset or a Cash-Generating Unit is the greater of its value in use and its fair value less costs to sell. In assessing value in use, the estimated future cash flows are discounted to their present value using a

pre-tax

discount rate that reflects current market assessments of the time value of money and the risks specific to the asset or the Cash-Generating Unit.

Impairment losses recognized in prior years are determined by the Company at each reporting date for any indications that the loss has decreased or no longer exists. An asset’s carrying amount, increased through the reversal of an impairment loss, must not exceed the carrying amount that would have been determined, net of depreciation or amortization, if no impairment loss had been recognized.

Financial instruments

The Company initially recognizes financial assets on the trade date at which the Company becomes a party to the contractual provisions of the instrument. Financial assets are initially measured at fair value. If the financial asset is not subsequently accounted for at fair value through profit or loss, then the initial measurement includes transaction costs that are directly attributable to the asset’s acquisition or issue. On initial recognition, the Company classifies its financial assets as measured at amortized cost, FVOCI or fair value through profit or loss (“FVPL”), depending on its business model for managing the financial assets and the contractual cash flow characteristics of the financial assets.

(i) Financial assets measured at amortized cost

A financial asset is measured at amortized cost, using the effective interest method and net of any impairment loss, if it meets both of the following conditions and is not designated at fair value though profit or loss:

it is held within a business model whose objective is to hold assets to collect contractual cash flows;

its contractual terms give rise, on specified dates, to cash flows that are solely payments of principal and interest on the principal amount outstanding.

The Company currently classifies its cash and trade and other receivables as financial assets measured at amortized cost.

(ii) Financial assets, measured at fair value through other comprehensive income

A debt investment is measured at fair value through other comprehensive income if it meets both of the following conditions and is not designated at fair value through profit or loss:

it is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets;

its contractual terms give rise, on specified dates, to cash flows that are solely payments of principal and interest on the principal amount outstanding.

(ii) Financial assets, measured at fair value through other comprehensive income (continued)

These assets are subsequently measured at fair value. Interest income calculated using the effective interest method, foreign exchange gains and losses and impairment are recognized in profit or loss. Other net gains and losses are recognized in other comprehensive income (loss). When an investment is derecognized, gains or losses accumulated in other comprehensive income (loss) are reclassified to profit or loss.

On initial recognition of an equity investment that is not held for trading, the Company may irrevocably elect to present subsequent changes in the investment’s fair value in other comprehensive income (loss).

This election is made on an

investment-by-investment

basis. These assets are subsequently measured at fair value. Dividends are recognized in profit or loss, unless the dividend clearly represents a repayment of part of the cost of the investment, and other net gains and losses are recognized in other comprehensive income (loss) and are never reclassified in profit or loss.

The Company currently classifies its bonds as financial assets measured at FVOCI.

(iii) Financial assets measured at fair value through profit or loss

All financial assets not classified as measured at amortized cost or FVOCI as described above are measured at FVPL. These assets are subsequently measured at fair value and changes therein, including any interest or dividend income, are recognized in profit or loss. The Company currently classifies its money market funds and

non-hedge

derivative financial assets as financial assets measured at FVPL.

The Company derecognizes a financial asset when the contractual rights to the cash flows from the asset expire, or it transfers the rights to receive the contractual cash flows on the financial asset in a transaction in which substantially all the risks and rewards of ownership of the financial asset are transferred.

(iv) Financial liabilities

Financial liabilities are classified into the following categories:

Financial liabilities at fair value through profit or loss

A financial liability is classified at fair value through profit or loss if it is classified as

held-for-trading,

it is a derivative or it is designated as such on initial recognition. Financial liabilities at fair value are measured at fair value and net gains and losses, including interest expense, are recognized in profit or loss.

The Company issued the Marathon Warrants which are classified as financial liabilities through profit or loss because the exercise can be made on a cashless basis. All transaction costs related to financial instruments designated at fair value through profit or loss are expensed as incurred.

The Company currently has no other financial liabilities measured at FVPL.

Financial liabilities measured at amortized cost

This category includes all financial liabilities, other than those measured at FVPL. A financial liability is subsequently measured at amortized cost using the effective interest method. The Company currently classifies accounts payable and accrued liabilities, convertible unsecured senior notes and Loan Facility as financial liabilities measured at amortized cost.

The Company derecognizes a financial liability when its contractual obligations are discharged or cancelled or expired.

(v) Compound financial instruments

Compound financial instruments are instruments that contain both a liability component and an equity component, and the liability component can be converted into share capital at the option of the holder and the number of shares to be issued does not vary with changes in their fair value.

The liability component of a compound financial instrument is recognized initially at the fair value of a similar liability that does not have an equity conversation option. The equity component is recognized initially as the difference between the fair value of the compound financial instrument as a whole and the fair value of the liability component. Upon repurchase, the proceeds are allocated based on the same basis that was used for the initial recognition.

Any directly attributable transaction costs are allocated to the liability and equity components in proportion to their initial carrying amounts.

(vi) Derivative financial instruments

Derivative financial instruments are recorded as either assets or liabilities measured at their fair value unless exempted from derivative treatment as a normal purchase and sale. Certain derivatives embedded in other contracts must also be measured at fair value. The changes in the fair value of derivatives are recognized through profit or loss in the year in which they occur.

(vii) Offsetting of financial instruments

Financial assets and financial liabilities are offset and the net amount is presented in the consolidated statement of financial position when, and only when, the Company has a legal right to set off the amounts and intends either to settle them on a net basis or to realize the asset and settle the liability simultaneously.

At each reporting date, the Company recognizes loss allowances for expected credit losses (“ECLs”) on financial assets carried at amortized cost and debt securities at FVOCI. The Company’s trade and other receivables are accounts receivable with no financing component and which have maturities of less than 12 months and, as such, the Company has chosen to apply the simplified approach for ECL. As a result, the Company does not track changes in credit risk related to its trade and other receivables, but instead recognizes a loss allowance based on lifetime ECLs at each reporting date.

(viii) Impairment of financial assets

For other financial assets subject to impairment, the Company measures loss allowances at an amount equal to lifetime ECLs, except for the following, which are measured at

12-month

ECLs:

debt securities that are determined to have low credit risk at the reporting date;

other debt securities and bank balances for which credit risk (i.e. the risk of default occurring over the expected life of the financial instrument) has not increased significantly since initial recognition.

The Company considers a debt security to have a low credit risk when its credit risk rating is equivalent or above investment grade credit rating, such as its bonds classified at FVOCI.

The Company’s approach to ECLs reflects a

probability-weighted

outcome, the time value of money and reasonable and supportable information that is available without undue cost or effort at the reporting date about past events, current conditions and forecasts of future

economic

conditions.

Leases

At inception, the Company assesses whether a contract is, or contains, a lease based on whether the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration.

The Company recognizes a

right-of-use

asset and a lease liability at the commencement date of the lease, i.e. the date the underlying asset is available for use.

Right-of-use

assets

Right-of-use

assets are measured at cost, less any accumulated amortization and accumulated impairment losses, and adjusted for remeasurement of lease liabilities. Cost of

right-of-use

assets comprises:

the initial measurement amount of the lease liabilities recognized;

any lease payments made at or before the commencement date, less any lease incentives received;

any initial direct costs incurred;

an estimate of costs to dismantle and remove the underlying asset, restore the site on which it is located or restore the underlying asset to the condition required by the terms and conditions of the lease contract.

Right-of-use

assets are amortized on a

straight-line

basis over the lesser of (i) the estimated useful life of the underlying assets; and (ii) the lease term.

Right-of-use

assets are assessed for impairment whenever there is an indication that the

right-of-use

assets may be impaired.

Lease liabilities

Lease liabilities are initially measured at the present value of the lease payments that are not paid at the commencement date over the lease term. The present value of the lease payments is determined using the lessee’s incremental borrowing rate at the commencement date if the interest rate implicit in the lease is not readily determinable. The incremental borrowing rate is a function of the lessee’s incremental borrowing rate, the nature of the underlying asset, the location of the asset, the length of the lease and the currency of the lease contract. Generally, the Company uses the lessee’s incremental borrowing rate for the present value. At the commencement date, lease payments generally include fixed payments, less any lease incentives

receivable, variable lease payments that depend on an index (e.g. based on inflation index) or a specified rate, and payments of penalties for terminating the lease, if the lease term reflects the lessee exercising the option to terminate the lease. Lease payments also include amounts expected to be paid under residual value guarantees and the exercise price of a purchase option if the Company is reasonably certain to exercise that option.

Variable lease payments that do not depend on an index or a specified rate are not included in the measurement of lease liabilities but instead are recognized as expenses in the period in which the event or condition that triggers the payment occurs.

After the commencement date, the carrying amount of lease liabilities is increased to reflect the accretion of interest and reduced to reflect lease payments made. In addition, the carrying amount of lease liabilities is remeasured when there is a change in future lease payments arising from a change in an index or specified rate, if there is a modification to the lease terms and conditions, a change in the estimate of the amount expected to be payable under residual value guarantee, or if the Company changes its assessment of whether it will exercise a termination, extension or purchase option. The remeasurement amount of the lease liabilities is recognized as an adjustment to the

right-of-use

asset, or in the consolidated statement of comprehensive loss when the carrying amount of the

right-of-use

asset is reduced to zero.

Classification and presentation of

lease-related

expenses

Amortization charge for

right-of-use

assets, expenses related to variable lease payments not included in the measurement of lease liabilities and loss (gain) related to lease modifications are allocated in the Company’s consolidated statement of comprehensive loss based on their function within the Company, while interest expense on lease liabilities is presented within finance costs.

Deferred Financing Costs

Deferred financing costs consists of fees charged by underwriters, attorneys, accountants, and other fees directly attributable to future issuances of shares or debt securities. Provided these costs are determined to be recoverable, these costs are deferred and charged subsequently against the gross proceeds of the related equity or debt issuance on a proportionate basis when it occurs. If at such time the Company deems that these costs are no longer recoverable, they will be expensed as a component of finance expenses.

Provisions

A provision is recognized if, as a result of a past event, the Company has a present legal or constructive obligation that can be estimated reliably, and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions are assessed by discounting the expected future cash flows at a

pre-tax

rate that reflects current market assessments of the time value of money and the risks specific to the liability. The unwinding of the discount on provisions is recognized in finance costs.

Chargebacks and rebates

Chargebacks and rebates are estimated based on historical experience, relevant statutes with respect to governmental pricing programs, and contractual sales terms.

Returns

Provisions for returns are estimated based on historical return levels, taking into account additional available information on contract changes. The Company reviews its methodology and adequacy of the provision for returns on a quarterly basis, adjusting for changes in assumptions, historical results and business practices, as necessary.

Contingent liability

A contingent liability is a possible obligation that arises from past events and whose existence will be confirmed only by the occurrence or

non-occurrence

of one or more uncertain future events not wholly within the control of the Company, or a present obligation that arises from past events (and therefore exists) but is not recognized because it is not probable that a transfer or use of assets, provision of services or any other transfer of economic benefits will be required to settle the obligation, or because the amount of the obligation cannot be estimated reliably.

Income taxes

Income tax expense comprises current and deferred taxes. Current tax and deferred tax are recognized in net loss except to the extent that they relate to items recognized directly in other comprehensive income (loss) or in equity.

Current tax

Current tax is the expected tax payable or receivable on the taxable income or loss for the year and any adjustment to tax payable in respect of previous years. The Company establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities.

Deferred tax

Deferred tax is recognized in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes and deferred tax losses that can be used against taxable profit in future years. Deferred tax is measured at the tax rates that are expected to be applied to temporary differences when they reverse and to fiscal losses when they will be used, based on the laws that have been enacted or substantively enacted by the reporting date.

A deferred tax liability is generally recognized for all taxable temporary differences. A deferred tax asset is recognized for unused tax losses and deductible temporary differences to the extent that it is probable that future taxable profits will be available against which they can be used. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realized.

Deferred income tax is not recognized for the following temporary differences: the initial recognition of assets or liabilities in a transaction that is not a business combination and that affects neither accounting or taxable profit or loss at the time of the transaction, and, where the timing of the reversal of the temporary difference is controlled by the Company and it is probable that the temporary difference will not reverse in the foreseeable future. In addition, deferred tax is not recognized for taxable temporary differences arising from the initial recognition of goodwill.

Share-based

compensation

Share option plan

The Company records share-based compensation related to Options granted using the fair-value-based method estimated using the Black-Scholes model. Under this method, compensation cost is measured at fair value at the date of grant and expensed over the period in which optionees unconditionally become entitled to the Options. The amount recognized as an expense is adjusted to reflect the number of Options for which the related service conditions are expected to be met, such that the amount ultimately recognized as an expense is based on the number of Options that do meet the related service conditions at the vesting date.

Share-based

payment arrangements in which the Company receives services as consideration for its own equity instruments are accounted for as

equity-settled

share-based

payment transactions, regardless of how the equity instruments are obtained by the Company.

Deferred stock unit plan

The deferred stock units (“DSUs”) are totally vested on the date of grant and are settled in cash. When DSUs are granted to officers as part of their annual bonuses, a DSU liability is recorded on the date of grant at the market value of the common shares in place of the liability for the bonus payments. When DSUs are granted to directors as part of their annual compensation in lieu of cash, the expense related to DSUs and their liabilities are recognized on the date of grant. The liability is adjusted to reflect any change in the market value of common shares, and such change is recorded in finance costs.

Stock appreciation rights

plan

Stock appreciation rights (“SARs”) entitle the grantee to a cash payment based on the increase in the share price of the Company’s common shares from the grant date to the settlement date.

A liability is recognized for the services acquired and is recorded at the fair value of the SARs in other

non-current

liabilities, with a corresponding expense recognized in selling expenses over the period that the grantees become unconditionally entitled to the payment. The fair value of the employee benefits expense of the SARs is measured using the

Black-Scholes

model.

Estimating fair value requires determining the most ap

propri

ate inputs to the valuation model including the expected life of the SARs, volatility,

risk-free

interest rate and dividend yield and making assumptions about them. At the end of each reporting period until the liability is settled, the fair value of the liability is remeasured, with any changes in fair value recognized in the consolidated statement of net earnings (loss) and comprehensive earnings (loss) of the current year.

Government assistance

Government grants are recognized only when the Company has reasonable assurance that it meets the conditions and will receive the grants. Government grants related to assets are recognized in the consolidated statement of financial position as a deduction from the carrying amount of the related asset. They are then recognized in profit or loss over the estimated useful life of the amortization asset that the grants were used to acquire, as a deduction from the amortization expense.

Other government grants are recognized in profit or loss as a deduction from the related expenses, such as salaries for the Canadian Emergency Wage Subsidy program.

Research and development tax credits

The Company elected to account for

non-refundable

research and development tax credits under IAS 20,

Accounting for Government Grants and Disclosure of Governmental Assistance

Non-refundable

research and development tax credits are included in earnings against gross research and development expenses or deducted from the related assets, provided there is reasonable assurance that the Company has complied and will comply with the conditions related to the tax credits and that the credits will be received.

Share capital

Common shares

Common shares, subscription receipts and Public Offering Warrants are classified as equity.

Transaction costs

Costs directly attributable to the issue of common shares and equity classified warrants and subscription receipts are recognized in equity, net of any tax effects.

Earnings per share

The Company presents basic and diluted earnings per share (“EPS”) data for its common shares. Basic EPS is calculated by dividing the net profit or loss attributable to common shareholders of the Company by the weighted average number of common shares outstanding during the year. Diluted EPS is determined by adjusting the profit or loss attributable to common shareholders by taking the weighted average number of common shares outstanding and taking into consideration all dilutive potential common shares, which consist of the outstanding Options, warrants, subscription receipts and convertible unsecured senior notes.

Changes in accounting policies

In fiscal 2022, the Company voluntarily changed its accounting policy to classify interest paid and received as part of operating activities in the consolidated statement of cash flows. Previously, the Company elected to classify interest paid as cash flow from financing activities and interest received as cash flows from investing activities. This change was applied retrospectively.

New standard adopted

Onerous contracts – Cost of Fulfilling a Contract (Amendments to IAS 37)

The amendments specify which costs an entity includes in determining the cost of fulfilling a contract for the purpose of assessing whether the contract is onerous. The amendments applied to the Company’s annual reporting periods beginning on December 1, 2022, to contracts existing at the date the amendments were first applied. The adoption of the standard did not have an impact on the financial statements.

Standards issued but not yet effective

A number of new standards are effective for annual periods beginning after December 1, 2023 and earlier application is permitted; however, the Company has not early adopted the new or amended standards in preparing these Financial Statements.

Classification of Liabilities as Current or

Non-current

(Amendments to IAS 1)

For the purposes of

non-current

classification, the amendments removed the requirement for a right to defer settlement or roll over of a liability for at least twelve months to be unconditional. Instead, such a right must exist at the end of the reporting period and have substance.

The amendments reconfirmed that only covenants with which a company must comply on or before the reporting date affect the classification of a liability as current or

non-current.

Covenants with which a company must comply after the reporting date do not affect a liability’s classification at that date.

The amendments also clarify how a company classifies a liability that includes a counterparty conversion option. The amendments provide that: settlement of a liability includes transferring a company’s own equity instruments to the counterparty; and when classifying liabilities as current or

non-current

a company can ignore only those conversion options that are recognized as equity.

The amendments will be effective for the Company’s annual reporting period beginning on December 1, 2025. The Company is currently evaluating the impact of the amendments on its financial statements.

Consolidated Statements of Net Loss and Comprehensive Loss (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2023	Nov. 30, 2022	Nov. 30, 2021
Statement of comprehensive income [abstract]
Other Comprehensive Income Net Of Tax Research and Development Cost	$ 539	$ 316	$ 277

Intangible assets - Additional Information (Detail) $ in Thousands, $ in Thousands		12 Months Ended
	Mar. 06, 2017	Nov. 30, 2023 USD ($)	Nov. 30, 2023 CAD ($)	Nov. 30, 2022 USD ($)	Nov. 30, 2021 USD ($)	Nov. 30, 2019 USD ($) shares	Nov. 30, 2019 CAD ($)	Nov. 30, 2017 USD ($)	Nov. 30, 2016 USD ($)	Nov. 30, 2023 CAD ($)	Nov. 30, 2022 CAD ($)	May 31, 2022 USD ($)	Nov. 30, 2021 CAD ($)	Mar. 31, 2021 shares	May 15, 2018 shares	Dec. 01, 2017 USD ($)	Dec. 31, 2016 USD ($)	Mar. 31, 2016 USD ($)
Disclosure of detailed information about intangible assets [line items]
Amortisation Expense		$ 2,513		$ 9,211	$ 3,180
Net sales		81,764		80,057	69,823
Additions to intangibles Through cash payment		1,000
Intangible assets		12,496		15,009
Trogarzo®
Disclosure of detailed information about intangible assets [line items]
Intangible assets												$ 6,356
Europe [Member]
Disclosure of detailed information about intangible assets [line items]
Net sales		286		1,261	1,455
Katana
Disclosure of detailed information about intangible assets [line items]
Number of shares issued \| shares														120,482
Acquisition of intangible assets during the year		3,073
Business combination cash consideration transferred		1,965
Business combination shares value of consideration						$ 5
Business combination number of shares issued \| shares						900
Business combination acquisition costs		75
Business combination contingent consideration fair value		1,028
Number of shares issued and fully paid \| shares														120,482
Katana Amendment Agreement
Disclosure of detailed information about intangible assets [line items]
Business combination contingent consideration										$ 2,300
Acquisition of intangible assets during the year						$ 376	$ 500
Business combination adjustment to the purchase consideration							1,080
Subsidy or grants received							$ 1,200
Regulatory payable milestone related										200
Katana Amendment Agreement \| Business Combination Adjustment To Consideration Installment One
Disclosure of detailed information about intangible assets [line items]
Business combination cash consideration transferred										$ 500
Katana Amendment Agreement \| Business Combination Adjustment To Consideration Installment Two
Disclosure of detailed information about intangible assets [line items]
Business combination contingent consideration		$ 580
Katana Amendment Agreement \| Royalty Related License Peptides \| First Five Years
Disclosure of detailed information about intangible assets [line items]
Annual maintenance fees			$ 25
Katana Amendment Agreement \| Royalty Related License Peptides \| After Five Years
Disclosure of detailed information about intangible assets [line items]
Annual maintenance fees			$ 100
Katana Amendment Agreement \| Development Milestone Phase One Clinical Trial
Disclosure of detailed information about intangible assets [line items]
Milestone amount payable					39								$ 50
Katana Amendment Agreement \| Development Milestone Phase Two Clinical Trial
Disclosure of detailed information about intangible assets [line items]
Milestone amount payable													100
Katana Amendment Agreement \| Development Milestone Phase Three Clinical Trial
Disclosure of detailed information about intangible assets [line items]
Milestone amount payable													$ 200
Katana Amendment Agreement \| Top of range \| Net Sales Basis
Disclosure of detailed information about intangible assets [line items]
Royalty fees in percentage		2.50%	2.50%
Katana Amendment Agreement \| Top of range \| Royalty Revenue Sublicense Basis
Disclosure of detailed information about intangible assets [line items]
Royalty fees in percentage		15.00%	15.00%
Katana Amendment Agreement \| Bottom of range \| Net Sales Basis
Disclosure of detailed information about intangible assets [line items]
Royalty fees in percentage		1.00%	1.00%
Katana Amendment Agreement \| Bottom of range \| Royalty Revenue Sublicense Basis
Disclosure of detailed information about intangible assets [line items]
Royalty fees in percentage		5.00%	5.00%
Taimed Agreement
Disclosure of detailed information about intangible assets [line items]
Upfront payment		$ 3,000
First milestone installment				3,500
Second milestone installment					3,500
Additions to intangibles		2,832							$ 5,207
Acquisition costs									$ 207
Net sales					$ 20,000
Milestone Payments annual installment																	$ 1,500
Additions to intangibles Through cash payment		1,000
Additions to intangibles Through share based payment		$ 4,000
Initial Milestone Payments Payable Aggregate Annual Installments.				$ 7,000
Taimed Agreement \| Milestone One
Disclosure of detailed information about intangible assets [line items]
Launch milestone payable																$ 5,000
Taimed Agreement \| Milestone One \| Europe [Member]
Disclosure of detailed information about intangible assets [line items]
Net sales								$ 50,000
Taimed Agreement \| Ordinary shares
Disclosure of detailed information about intangible assets [line items]
Number of shares issued \| shares															1,463,505
Taimed Agreement \| Commercialization rights- Trogarzo® North American Territory
Disclosure of detailed information about intangible assets [line items]
Intangible Asset Purchase Consideration	52.00%
Initial payments																		$ 5,000
Taimed Agreement \| Commercialization rights- Trogarzo® North American Territory \| Ordinary shares
Disclosure of detailed information about intangible assets [line items]
Number of shares issued \| shares															1,463,505
Taimed Agreement \| Commercialization Rights Trogarzo
Disclosure of detailed information about intangible assets [line items]
Intangible Assets Agreement Term	12 years
License Agreement Transfer Plus L P \| Katana \| Milestone Phase Two Live Demonstration
Disclosure of detailed information about intangible assets [line items]
Business combination contingent consideration											$ 2,300

Financial instruments - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2023	Nov. 30, 2022
Disclosure of detailed information about financial instruments [line items]
Trade receivables	$ 12,798	$ 10,659
Current trade receivables aging period	60 days	60 days
Bad debt expenses	$ 0	$ 0
Bonds and money market funds	6,290	9,214
Cash and money market funds	20,231	23,505
Top of range [member]
Disclosure of detailed information about financial instruments [line items]
Minimum cash cash equivalents and short term investments to be maintained	20,000
Bottom of range [member]
Disclosure of detailed information about financial instruments [line items]
Minimum cash cash equivalents and short term investments to be maintained	$ 15,000
Interest rate, measurement \| SOFR
Disclosure of detailed information about financial instruments [line items]
Positive impact of market interest rates	0.50%
Increase (decrease) in cash flows	$ 300
Increase (decrease) in profit or loss	$ 300
Interest rate, measurement \| Bonds
Disclosure of detailed information about financial instruments [line items]
Positive impact of market interest rates	0.50%
Increase (decrease) in accumulated other comprehensive	$ 42	79
Increase (decrease) in fair value of assets	$ 42	79
Negative impact of market interest rates	0.50%
Interest rate, measurement \| Cash and market funds
Disclosure of detailed information about financial instruments [line items]
Positive impact of market interest rates	0.50%
Increase (decrease) in cash flows	$ 101	118
Increase (decrease) in profit or loss	$ 101	$ 118
Negative impact of market interest rates	0.50%
CA$
Disclosure of detailed information about financial instruments [line items]
Positive percentage impact on foreign currency exposures	5.00%
Negative percentage impact on foreign currency exposures	5.00%

Supplemental cash flow disclosures

12 Months Ended

Nov. 30, 2023

Supplemental cash flow disclosures [abstract]

Supplemental cash flow disclosures

22.	Supplemental cash flow disclosures

The Company entered into the following transactions, which had no impact on its cash flows.


	2023		2022		2021


Deferred financing costs included in accounts payable and accrued liabilities	$	-	$	-	$	174

Additions to property and equipment included in accounts payable and accrued liabilities		-		156		-

Acquisition of derivative financial assets included in accounts payable and accrued liabilities		-		104		-

Additions to intangible assets included in accounts payable and accrued liabilities		-		2,832		-

Reclassification of other Deferred financing costs to deficit		-		38		-

Share issue cost included in accounts payable and accrued liabilities		505		37		-

Revenue

12 Months Ended

Nov. 30, 2023

Text Block [Abstract]

Revenue

United States

On May 12, 2014, the Company entered into a master services agreement with RxC Acquisition Company (“RxCrossroads”), along with two statements of work (“RxCrossroads Agreements”). Under the terms of the RxCrossroads Agreements, RxCrossroads acts as the Company’s exclusive

third-party

logistics service provider for all of the Company’s products in the United States and, as such, provides warehousing and logistical support services to the Company, including inventory control, account management, customer support, product return management and fulfillment of orders.

Under the RxCrossroads Agreements, RxCrossroads also acts as the Company’s exclusive

third-party

distributor of

EGRIFTA

in the United States. In such a role, RxCrossroads purchases

EGRIFTA

from the Company and takes title thereto when the goods arrive in their warehouse. RxCrossroads’ purchases of

EGRIFTA

are triggered by its expectations of market demand over a certain period of time. With respect to

EGRIFTA

, RxCrossroads fulfills orders received from authorized wholesalers and delivers

EGRIFTA

directly to that authorized wholesaler’s client, namely, a specialty pharmacy forming part of the Company’s network of specialty pharmacies.

On November 1, 2017, the Company entered into amended and restated RxCrossroads Agreements to add Trogarzo

as a new product sold in the United States. These amended and restated RxCrossroads Agreements replaced the RxCrossroads Agreements entered into in May 2014. On November 1, 2019, the RxCrossroads Agreements were amended anew to include

EGRIFTA

as an additional product distributed by RxCrossroads in the United States

Canada

The Company commercialized

EGRIFTA

directly in Canada using a distributor until September 2022, after which time the Company withdrew the product from the market in Canada.

Europe

On July 9, 2020, the Company entered into

pre-wholesaling

services agreement with Loxxess Pharma GmbH or (“Loxxess”) pursuant to which Loxxess agreed to act as our third-party service logistics provider (the “Loxxess Agreement”) in certain key European countries, including Germany, France, Italy, Austria, The Netherlands, Portugal, Switzerland, United Kingdom, Norway, Sweden, Finland and Denmark. Loxxess is also capable of serving other European countries, including Israel and Turkey. Pursuant to the Loxxess Agreement, Loxxess received customers’ ordered, stored, packaged and shipped Trogarzo

to European hospitals and pharmacies. Loxxess was also responsible, on our behalf, to collect payments of the goods sold to those hospitals and pharmacies. The hospitals and pharmacies dispensed Trogarzo

to patients.

On April 27, 2022, the Company announced that it would focus its commercial operations on the North American territory only and, as a result, would cease commercial sales of Trogarzo

in Europe. At that time, the Company sent a notice of termination to TaiMed Biologics Inc. (“TaiMed”), as per the contractual terms indicating it was returning the European commercialization rights to Trogarzo

to TaiMed within the next 180 days. The discontinuation became effective in December 2022. Refer to Note 13.

Net sales by product

were

as follows:




	2023		2022		2021


EGRIFTA SV ®	$	53,705	$	50,454	$	43,009

Trogarzo ®		28,059		29,603		26,814


	$	81,764	$	80,057	$	69,823

Net sales by geography were as follows:




	2023		2022		2021


Canada	$	86	$	52	$	269

United States		81,392		78,744		68,099

Europe		286		1,261		1,455


	$	81,764	$	80,057	$	69,823

Revenue - Schedule of net sale by product (Detail) - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2023	Nov. 30, 2022	Nov. 30, 2021
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue	$ 81,764	$ 80,057	$ 69,823
Europe
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue	286	1,261	1,455
EGRIFTA® net sales \| Europe
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue	53,705	50,454	43,009
Trogarzo® net sales \| Europe
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue	$ 28,059	$ 29,603	$ 26,814

- Definition

The income arising in the course of an entity's ordinary activities. Income is increases in assets, or decreases in liabilities, that result in increases in equity, other than those relating to contributions from holders of equity claims.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 8
-IssueDate 2023-01-01
-Paragraph 28
-Subparagraph a
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2023-en-r&anchor=para_28_a&doctype=Standard
-URIDate 2023-03-23

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 8
-IssueDate 2023-01-01
-Paragraph 23
-Subparagraph a
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2023-en-r&anchor=para_23_a&doctype=Standard
-URIDate 2023-03-23

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 8
-IssueDate 2023-01-01
-Paragraph 32
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2023-en-r&anchor=para_32&doctype=Standard
-URIDate 2023-03-23

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 5
-IssueDate 2023-01-01
-Paragraph 33
-Subparagraph b
-Clause i
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=5&code=ifrs-tx-2023-en-r&anchor=para_33_b_i&doctype=Standard
-URIDate 2023-03-23

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 8
-IssueDate 2023-01-01
-Paragraph 33
-Subparagraph a
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2023-en-r&anchor=para_33_a&doctype=Standard
-URIDate 2023-03-23

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 8
-IssueDate 2023-01-01
-Paragraph 34
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2023-en-r&anchor=para_34&doctype=Standard
-URIDate 2023-03-23

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 12
-IssueDate 2023-01-01
-Paragraph B12
-Subparagraph b
-Clause v
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=12&code=ifrs-tx-2023-en-r&anchor=para_B12_b_v&doctype=Appendix&subtype=B
-URIDate 2023-03-23

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Name IFRS
-Number 12
-IssueDate 2023-01-01
-Paragraph B10
-Subparagraph b
-URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=12&code=ifrs-tx-2023-en-r&anchor=para_B10_b&doctype=Appendix&subtype=B
-URIDate 2023-03-23

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Name IAS
-Number 1
-IssueDate 2023-01-01
-Paragraph 82
-Subparagraph a
-URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=1&code=ifrs-tx-2023-en-r&anchor=para_82_a&doctype=Standard
-URIDate 2023-03-23

Reference 10: http://www.xbrl.org/2003/role/exampleRef
-Name IAS
-Number 1
-IssueDate 2023-01-01
-Paragraph 103
-URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=1&code=ifrs-tx-2023-en-r&anchor=para_103&doctype=Standard
-URIDate 2023-03-23

Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Name IAS
-Number 1
-IssueDate 2023-01-01
-Paragraph 102
-URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=1&code=ifrs-tx-2023-en-r&anchor=para_102&doctype=Standard
-URIDate 2023-03-23

+ Details

Inventories

12 Months Ended

Nov. 30, 2023

Classes of current inventories [abstract]

Inventories

9.	Inventories




	2023		2022


Raw materials	$	2,262	$	2,583

Work in progress		1,708		5,815

Finished goods		2,096		11,290


	$	6,066	$	19,688

In fiscal 2023, inventories of $18,540 (2022

$19,587) were recognized as an expense and included in cost of goods sold.

In the second quarter of 2023, inventories for an amount of $3,295 was returned to TaiMed. and accounts payable was reduced by a total amount of

€

3,179 ($3,399).

In fiscal 2023, an inventory provision of

220

(2022 –

nil

)

was recognized pending marketing approval of the F8 formulation of tesamorelin and recorded in cost of sales.

Inventories were written down to net realizable value by an amount of $2,137 in 2022, which was recorded in cost of sales. Included in the 2022 write-down is a provision of $1,477 on the F8 formulation and $339 on material for the pen in development to be used in conjunction with the F8 formulation, and $252 on expired raw material. The 2022 write-down also includes a provision of $69 on excess stock of

EGRIFTA

as a result of the Company’s decision to withdraw the product from the market in Canada.

Share capital warrants and subscription receipts - Summary of measurement of fair value of warrant liabilities (Detail) - Financial liabilities at fair value through profit or loss, category [member] - Marathon Warrants [member]	Nov. 30, 2023 yr	Feb. 27, 2023 yr
Risk-free interest rate [member]
Disclosure In Tabular Form Of Significant Unobservable Inputs Used In The Measurement Of Fair Value Of Warrant Liabilities [Line Items]
Measurement date	0.04326	0.0392
Expected volatility [member]
Disclosure In Tabular Form Of Significant Unobservable Inputs Used In The Measurement Of Fair Value Of Warrant Liabilities [Line Items]
Measurement date	0.88568	0.61985
Average option life in years [member]
Disclosure In Tabular Form Of Significant Unobservable Inputs Used In The Measurement Of Fair Value Of Warrant Liabilities [Line Items]
Measurement date	6.25	7
Share price [member]
Disclosure In Tabular Form Of Significant Unobservable Inputs Used In The Measurement Of Fair Value Of Warrant Liabilities [Line Items]
Measurement date	1.63	3.8
Exercise price to acquire one common share with four Marathon Warrants [member]
Disclosure In Tabular Form Of Significant Unobservable Inputs Used In The Measurement Of Fair Value Of Warrant Liabilities [Line Items]
Measurement date	2.3	5.8

Financial instruments

12 Months Ended

Nov. 30, 2023

Disclosure of detailed information about financial instruments [abstract]

Financial instruments

23.	Financial instruments

Overview

This note provides disclosures relating to the nature and extent of the Company’s exposure to risks arising from financial instruments, including credit risk, liquidity risk, currency risk and interest rate risk, and how the Company manages those risks. In addition to currency risk, the Company has exposure to risks from disputed accounts receivables.

Credit risk

Credit risk refers to the risk of a loss if a customer or counterparty to a financial instrument fails to meet its contractual obligations. The Company regularly monitors credit risk exposure and takes steps to mitigate the likelihood of this exposure resulting in losses.

The Company’s exposure to credit risk currently relates to accounts receivable with one major customer (refer to Note 27), other receivable and derivative financial assets which it manages by dealing only with highly rated Canadian

financial institutions. Included in the consolidated statements of financial position are trade receivables of $12,798 (2022 – $10,659), all of which were aged under 60 days or received after year end. There was no amount recorded as bad debt expense for the years ended November 30, 2023 and 2022. Financial instruments other than cash and trade and other receivables that potentially subject the Company to

significant credit risk consists principally of bonds and money market funds. The Company invests its available cash in highly liquid fixed income instruments from governmental, paragovernmental, municipal and

high-grade

corporate bodies and money market funds (2023 – $6,290; 202

– $9,214). As at November 30, 2023, the Company believes it was not exposed to any significant credit risk. The Company’s maximum credit exposure corresponded to the carrying amount of these financial assets.

Liquidity risk

Liquidity risk refers to the risk that the Company will not be able to meet its financial obligations as they become due. As indicated in Note 24, the Company manages this risk through the management of its capital structure. It also manages liquidity risk by continuously monitoring actual and projected cash flows. The Board of Directors reviews and approves the Company’s operating and capital budgets, as well as any material transactions out of the ordinary course of business.

The Company has adopted an investment policy in respect of the safety and preservation of its capital designed to ensure that the Company’s liquidity needs are met. The instruments are selected with regards to the expected timing of expenditures and prevailing interest rates.

Pursuant to the Marathon Credit Agreement, the Company is required to maintain cash, cash equivalents and eligible short-term investments overtime between

$15,000

to $20,000

based on the last twelve months adjusted EBITDA-based targets, which restricts the management of the Company’s liquidity. Refer to notes 1 and 17.

The following are amounts due on the contractual maturities of financial liabilities as at November 30, 2023 and 2022.



									2023

	Carrying amount		Total contractual amount		Less than 1 year		From 1 to 2 years		More than 3 years


Accounts payable and accrued liabilities	$	28,471	$	28,471	$	28,471	$	-	$	-

Facility loan, including interest (1)		57,974		80,141		17,416		50,348		12,377

Lease liabilities		994		1,108		487		516		105


	$	87,439	$	109,720	$	46,374	$	50,864	$	12,482

(1)

Based on SOFR forward rates.


									2022

	Carrying amount		Total contractual amount		Less than 1 year		From 1 to 2 years		More than 3 years


Accounts payable and accrued liabilities	$	41,065	$	41,065	$	41,065	$	-	$	-

Term loan, including interest (2)		37,894		57,667		5,649		28,421		23,597

Convertible unsecured senior notes, including interest		26,895		29,081		29,081		-		-

Lease liabilities		1,922		2,196		595		1,145		456


	$	107,776	$	130,009	$	76,390	$	29,566	$	24,053

(2)

Currency risk

The Company is exposed to financial risk related to the fluctuation of foreign exchange rates and the degree of volatility of those rates. Currency risk is limited to the portion of the Company’s business transactions denominated in currencies other than US$, primarily cash, sale of goods and expenses incurred in CA$ and euros.

Exchange rate fluctuations for foreign currency transactions can cause cash flows, as well as amounts recorded in the consolidated statements of net loss, to vary from period to period and not necessarily correspond to those forecasted in operating budgets and projections. Additional earnings variability arises from the translation of monetary assets and liabilities denominated in currencies other than the US$ at the rates of exchange at each consolidated statement of financial position date, the impact of which is reported as foreign exchange gain or loss in the consolidated statements of net loss.

The following table presents the significant items in the original currencies exposed to currency risk as at November 30, 2023 and 2022.



			2023				2022

	CA$		EURO		CA$		EURO

Cash		358		123		1,547		236

Bonds and money market funds		8,543		-		12,387		-

Trade and other receivables		296		2		733		2,141

Tax credits and grants receivable		497		145		66		239

Accounts payables and accrued liabilities		(5,395)		(224)		(10,784)		(5,849)

Lease liabilities		(925)		(288)		(1,362)		(873)

Provisions		(326)		(3,192)		-		(3,486)


Total exposure		3,048		(3,434)		2,587		(7,592)

The following exchange rates are those applicable as at November 30, 2023 and 2022.



			2023				2022
	Average rate		Reporting date rate		Average rate		Reporting date rate


CA$ – US$		0,7404		0,7363		0,7722		0,7439

Euro – US$		1,0792		1,0903		1,0600		1,0406

Based on the Company’s foreign currency exposures noted above, varying the above foreign exchange rates to reflect a 5% strengthening of the CA$ or the euro would have an impact on net earnings for CA$ and in the accumulated other comprehensive loss for euro as follows, assuming that all other variables remained constant.



			2023				2022

	CA$		Euro		CA$		Euro

Positive (negative) impact		152		(172)		129		(380)

An assumed 5%

weakening of the CA$ or of the euro would have had an equal but opposite effect on the above currencies in the amounts shown above, assuming that all other variables remained constant.

Interest rate risk

Interest rate risk refers to the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates.

Short-term

bonds held by the Company are invested at fixed interest rates and/or mature in the short term.

Long-term

bonds are also instruments that bear interest at fixed rates. The risk that the Company will realize a loss as a result of a decline in the fair value of its bonds is limited because these investments, although they are classified as fair value through OCI, are generally held until close to maturity. The unrealized gains or losses on bonds are recorded in accumulated other comprehensive income (loss).

Based on the value of the Company’s

short-

and

long-term

bonds as at November 30, 2023, an assumed 0.5% decrease in market interest rates would have increased the fair value of these bonds and the accumulated other comprehensive income (loss) by approximately

(2022 – $79); an assumed increase in market interest rates of 0.5% would have an equal but opposite effect, assuming that all other variables remained constant.

Cash and money market funds bear interest at variable rates. Trade and other receivables, accounts payable and accrued liabilities and provisions bear no interest.

Prepaid Expenses and Deposits - Summary of Prepaid Expenses and Deposits (Detail) - USD ($) $ in Thousands	Nov. 30, 2023	Nov. 30, 2022
Current prepayments [abstract]
Prepaid expenses	$ 2,687	$ 6,320
Deposits	467	1,345
Prepaid Expenses and Deposits	$ 3,154	$ 7,665

Significant accounting policies (Policies)

12 Months Ended

Nov. 30, 2023

Text Block [Abstract]

Basis of consolidation

Intercompany balances and transactions, revenues and expenses resulting from transactions between subsidiaries and with the Company are eliminated in preparing the Financial Statements.

Foreign currencies

Non-monetary

Foreign operations

The assets and liabilities of foreign operations whose functional currency is not the US$ are translated into US$ at the reporting date. The income and expenses of

foreign-currency

Revenue recognition

Revenue from contracts with customers – Net sales

The Company derives revenue from the sales of finished goods, which include Trogarzo

and

EGRIFTA SV

Cost of sales

Cost of goods sold

Cost of goods sold includes the cost of raw materials, supplies, direct labour and overhead charges allocated to goods sold as well as write-downs of inventories.

Amortization of the other asset

The amortization of the other asset related to the repurchase of the future royalty rights under the 2013 Termination Agreement (Note 14).

Employee benefits

Salaries and

short-term

employee benefits

Salaries and

short-term

employee benefit obligations are measured on an undiscounted basis and are expensed as the related service is provided. A liability is recognized for the amount expected to be paid under

short-term

profit-sharing

or cash bonus plans if the Company has a legal or constructive obligation to pay an amount as a result of past services rendered by an employee and the obligation can be estimated reliably.

Post-employment

benefits

Post-employment

Termination benefits

Finance income and finance costs

Finance costs comprise bank charges, interest and accretion expense on lease liabilities, convertible unsecured senior notes,

long-term

obligations, loss on long-term obligations modifications and other foreign currency gains and losses which are reported on a net basis.

Inventories

Inventories are presented at the lower of cost, determined using the

first-in,

first-out

pre-launch

Property and equipment

Recognition and measurement

Subsequent costs

day-to-day

servicing of items of property and equipment are recognized in net profit or loss as incurred.

Depreciation

The methods of depreciation and depreciation rates and periods are as follows:



Asset	Method	Rate/period

Computer equipment	Declining balance	50%
Laboratory equipment	Declining balance and straight-line	20% 5 years
Office furniture and equipment	Declining balance	20%
Leasehold improvements	Straight-line	Lower of lease term and economic life

The method of depreciation is selected based on the most closely expected pattern of consumption of the future economic benefits embodied in the asset.

Estimates for depreciation methods, useful lives and residual values are reviewed at each

year-end

and adjusted if appropriate.

Intangible assets

Research and development

Expenditure on research activities, undertaken with the prospect of gaining new scientific or technical knowledge and understanding, is expensed as incurred.

expenditures are expensed as incurred. Capitalized development expenditures are measured at cost, less accumulated amortization and accumulated impairment losses.

During the years ended November 30, 2023, 2022 and 2021, no development expenditures were capitalized.

Non-refundable

advance payments for good and services that will be used in future research and development activities are expenses when the activity has been performed rather than when the payment is made.

Commercialization rights and oncology platform

EGRIFTA SV

– are amortized at fixed rates based on their estimated useful life of

111

months on a

straight-line

basis

Commercialization rights – Trogarzo

North American Territory – are amortized at fixed rates based on their estimated useful life of

142

months on a

straight-line

basis. Commercialization rights – Trogarzo

European Territory – were amortized at fixed rates based on their estimated useful life of

148

straight-line

basis when the asset is available for use.

The amortization method and useful life of intangible assets are reviewed every year and adjusted as required.

Asset acquisitions

Other asset

48 months. Other asset was fully amortized during the year ended November 30, 2022.

Impairment of non-financial assets