0001193125-21-055844 | 40-F | XBRL Viewer

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Cover Page	12 Months Ended
Cover Page	Nov. 30, 2020 shares
Cover [Abstract]
Document Type	40-F
Amendment Flag	false
Document Period End Date	Nov. 30, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	FY
Entity Registrant Name	Theratechnologies Inc.
Entity Central Index Key	0001512717
Entity Current Reporting Status	Yes
Entity Emerging Growth Company	true
Current Fiscal Year End Date	--11-30
Document Annual Report	true
Entity Common Stock, Shares Outstanding	77,013,411
Title of 12(b) Security	Common Stock
Entity Interactive Data Current	Yes
Entity Address, Country	CA
Entity Ex Transition Period	false
Trading Symbol	THTX
Security Exchange Name	NASDAQ
ICFR Auditor Attestation Flag	false

Consolidated Statements of Financial Position - USD ($) $ in Thousands	Nov. 30, 2020	Nov. 30, 2019
Current assets
Cash	$ 12,737	$ 28,661
Bonds and money market funds	8,031	11,964
Trade and other receivables	12,430	10,116
Tax credits and grants receivable	755	0
Inventories	25,145	20,929
Prepaid expenses and deposits	5,189	3,874
Derivative financial assets	520	637
Total current assets	64,807	76,181
Non–current assets
Bonds and money market funds		619
Property and equipment	865	1,071
Right-of-use-assets	2,618	0
Intangible assets	24,529	27,480
Other asset	7,323	12,204
Total non–current assets	35,335	41,374
Total assets	100,142	117,555
Current liabilities
Accounts payable and accrued liabilities	34,815	31,173
Provisions	1,947	2,484
Current portion of long-term obligations	4,666	3,417
Current portion of lease liabilities	425
Income taxes payable	16
Deferred revenue	50	70
Total current liabilities	41,919	37,144
Non–current liabilities
Long-term obligations		4,570
Convertible unsecured senior notes	52,403	50,741
Lease liabilities	2,555
Other liabilities	41	266
Total non–current liabilities	54,999	55,577
Total liabilities	96,918	92,721
Equity
Share capital	287,312	287,035
Equity component of convertible unsecured senior notes	4,457	4,457
Contributed surplus	12,065	10,783
Deficit	(300,129)	(277,462)
Accumulated other comprehensive income (loss)	(481)	21
Total equity	3,224	24,834
Commitments
Total liabilities and equity	$ 100,142	$ 117,555

Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2020	Nov. 30, 2019
Statement of comprehensive income [abstract]
Revenue	$ 66,053	$ 63,216
Operating expenses
Cost of goods sold	20,970	21,125
Other production-related costs	1,051	67
Amortization of other asset	4,881	4,884
Research and development expenses net of tax credits of $296 (2019 – nil)	18,019	10,841
Selling expenses	26,859	26,482
General and administrative expenses	12,230	8,330
Total operating expenses	84,010	71,729
Loss from operating activities	(17,957)	(8,513)
Finance income	299	1,097
Finance costs	(4,993)	(5,080)
Finance income cost	(4,694)	(3,983)
Loss before income taxes	(22,651)	(12,496)
Income taxes	(16)
Net loss	(22,667)	(12,496)
Items that may be reclassified to net profit (loss) in the future
Net change in fair value of FVOCI financial assets, net of tax	14	83
Exchange difference on translation of foreign operations	(516)	33
Other comprehensive income that will be reclassified to profit or loss, net of tax	(502)	116
Total comprehensive loss	$ (23,169)	$ (12,380)
Loss per share
Basic and diluted	$ (0.29)	$ (0.16)

Consolidated Statements of Comprehensive Loss (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2020	Nov. 30, 2019
Statement of comprehensive income [abstract]
Other Comprehensive Income Net Of Tax Research and Development Cost	$ 296	$ 0

Consolidated Statements of Changes in Equity - USD ($) $ in Thousands	Total	Share capital	Equity component of convertible unsecured senior notes	Contributed surplus	Deficit	Accumulated other comprehensive income (loss)
Beginning balance at Nov. 30, 2018	$ 35,012	$ 286,828	$ 4,457	$ 8,788	$ (264,966)	$ (95)
Beginning balance, Shares at Nov. 30, 2018		76,877,679
Total comprehensive loss
Net loss	(12,496)				(12,496)
Other comprehensive income
Net change in fair value of FVOCI financial assets, net of tax	83					83
Exchange differences on translation of foreign operations	33					33
Total comprehensive loss	(12,380)				(12,496)	116
Transactions with owners, recorded directly in equity
Issuance of common shares of Katana	5	$ 5
Issuance of common shares of Katana shares		900
Share-based contingent consideration	1,028			1,028
Share-based compensation plan
Share-based compensation for stock option plan	1,059			1,059
Exercise of stock options
Monetary consideration	110	$ 110
Monetary consideration Shares		74,832
Attributed value		$ 92		(92)
Total contributions by owners	2,202	$ 207		1,995
Total contributions by owners shares		75,732
Ending Balance at Nov. 30, 2019	24,834	$ 287,035	4,457	10,783	(277,462)	21
Ending Balance, Shares at Nov. 30, 2019		76,953,411
Total comprehensive loss
Net loss	(22,667)				(22,667)
Other comprehensive income
Net change in fair value of FVOCI financial assets, net of tax	14					14
Exchange differences on translation of foreign operations	(516)					(516)
Total comprehensive loss	(23,169)				(22,667)	(502)
Share-based compensation plan
Share-based compensation for stock option plan	1,414			1,414
Exercise of stock options
Monetary consideration	145	$ 145
Monetary consideration Shares		60,000
Attributed value		$ 132		(132)
Total contributions by owners	1,559	$ 277		1,282
Total contributions by owners shares		60,000
Ending Balance at Nov. 30, 2020	$ 3,224	$ 287,312	$ 4,457	$ 12,065	$ (300,129)	$ (481)
Ending Balance, Shares at Nov. 30, 2020		77,013,411

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2020	Nov. 30, 2019
Cash flows from (used in) Operating
Net loss	$ (22,667)	$ (12,496)
Adjustments for
Depreciation of property and equipment	247	199
Amortization of intangible assets and other asset	7,832	7,296
Amortization of right-of-use assets	441
Share-based compensation for stock option plan and stock appreciation rights	1,427	1,087
Write-down of inventories	917	16
Change in fair value of derivative financial assets	166	647
Change in fair value of liability related to deferred stock unit plan	(157)	(641)
Interest on convertible unsecured senior notes	3,306	3,317
Interest income	(299)	(1,097)
Accretion expense	2,056	1,673
Foreign exchange	(549)	32
Lease inducements and amortization		238
Cash flows from (used in) operations before changes in working capital	(7,280)	271
Change in operating assets and liabilities
Trade and other receivables	(2,253)	831
Tax credits and grants receivable	(749)
Inventories	(4,872)	(9,861)
Prepaid expenses and deposits	(1,297)	(2,282)
Accounts payable and accrued liabilities	3,438	6,137
Provisions	(537)	1,470
Income taxes payable	16
Deferred revenue	(20)	43
Increase (decrease) in working capital	(6,274)	(3,662)
Total cash from used in operating activities	(13,554)	(3,391)
Financing
Interest paid on convertible unsecured senior notes	(3,306)	(3,417)
Repayment of long-term obligations	(3,500)	(3,500)
Proceeds from exercise of stock options	145	110
Payment of lease liability	(568)
Total cash used in financing activities	(7,229)	(6,807)
Investing
Acquisition of intangible assets		(2,407)
Acquisition of property and equipment	(32)	(1,215)
Proceeds from sale of bonds and money market funds	4,506	2,482
Acquisition of bonds and money market funds	(59)	(192)
Interest received	401	1,199
Acquisition of derivative financial assets	(40)	(21)
Proceeds from sale of derivative financial assets		24
Total cash from (used in) in investing activities	4,776	(130)
Net change in cash	(16,007)	(10,328)
Cash, beginning of year	28,661	38,997
Effect of foreign exchange on cash	83	(8)
Cash, end of year	$ 12,737	$ 28,661

Basis of preparation

12 Months Ended

Nov. 30, 2020

Text Block [Abstract]

Basis of preparation

1.	Basis of preparation

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”).

The consolidated financial statements were authorized for issue by the Board of Directors on February 24, 2021.

Basis of measurement

The Company’s consolidated financial statements have been prepared on a going concern and historical cost basis, except for bonds and money market funds, derivative financial assets, liabilities related to

cash-settled

share-based arrangements and derivative financial liabilities, which are measured at fair value.

Effective December 1, 2019, lease liabilities are measured at present value of lease payments not paid at commencement date. See Note 1(a) below.

Equity-classified

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

Share-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 (“US$”).

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

(a) Leases

In January 2016, the IASB issued IFRS 16, Leases, which replaced IAS 17, Leases. IFRS 16 sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract, the customer (lessee) and the supplier (lessor). IFRS 16 eliminates the classification of leases as either operating leases or finance leases, introduces a single lessee accounting model and requires a lessee to recognize assets and liabilities for all leases with a term of more than 12 months, unless the underlying asset is of low value.

The Company has adopted IFRS 16 using the modified retrospective transition approach, with the effect of initially applying this standard recognized at the date of initial application, i.e. December 1, 2019. Under this method, the Company elected to measure right-of-use of asset as equal to lease liability, adjusted for amounts previously recorded for deferred lease inducements or prepaid rent as at the date of adoption. Accordingly, the cumulative effect of initially applying IFRS 16 is nil on the opening balance of deficit as at December 1, 2019. The comparative information has not been restated, i.e. it is presented, as previously reported, under IAS 17 and related interpretations.

Transition options and practical expedients

The Company has elected to apply the following transition options and practical expedients available under IFRS 16:

•

Lease definition: to grandfather the assessment of which transactions are leases on the date of initial application. Accordingly, the Company applied IFRS 16 only to contracts that were previously identified as leases under IAS 17 and IFRIC 4, Determining whether an Arrangement

Contain

s a Lease, and applied the definition of leases under IFRS 16 only to contracts entered on or after the date of initial application; and

•

Short-term leases and leases of low-value items recognition exemptions: related lease payments are recognized as an expense on a straight-line basis or another basis if that basis is more representative.

Impact of adopting IFRS 16

The most significant impact as a result of adopting IFRS 16 related to the accounting for the Company’s operating leases, since the nature of expenses related to most of the Company’s leases changed as IFRS 16 replaced the straight-line operating lease expense with a amortization charge for right-of-use assets and interest expense on lease liabilities.

Under IAS 17, the Company classified each of its leases at the inception date as either a finance lease or an operating lease, based on the extent to which risks and rewards of ownership were transferred to the Company. The Company’s leases were classified as operating leases as they did not transfer substantially all the risks and rewards of ownership to the Company. Lease payments related to the Company’s operating leases were recognized as rent expense in general and administrative expenses, selling expenses and research and development expenses in the consolidated statements of net loss and comprehensive loss on a straight-line basis over the lease term and presented as part of cash flows from operating activities in the consolidated statements of cash flows. Deferred lease inducements were recognized under other liabilities, in the consolidated statement of financial position as at November 30, 2019.

Upon adoption of IFRS 16, the Company recognized right-of-use assets for leases previously classified as operating leases. Right-of-use assets were measured for an amount equal to the lease liability adjusted

for

deferred lease inducements. Lease liabilities were measured at the present value of the remaining lease payments on a discounted basis, using the incremental borrowing rate at the date of initial application.

The following table summarizes the impacts of adopting IFRS 16 on the Company’s consolidated statement of financial position as at December 1, 2019:


Impact of adopting IFRS 16 as at December 1, 2019	Increase (decrease)

Assets

Non-current assets:
Right-of-use of assets	$	2,954

Total assets	$	2,954

Liabilities

Non-current liabilities:
Lease liabilities	$	3,192
Other liabilities		(238	)

Total liabilities	$	2,954

(i)

Lease liabilities of $3,192 and related right-of-use assets of $2,954 were recognized and presented separately on the consolidated statement of financial position. There was no adjustment from the adoption of IFRS 16 on the opening deficit as at December 1, 2019 due to the Company’s choice of transition method.

(ii)

Deferred lease inducements related to previous operating leases were derecognized.

Reconciliation of operating lease commitments to lease liabilities recognized

When measuring lease liabilities, the Company discounted lease payments using its incremental borrowing rate as at December 1, 2019. The weighted average incremental borrowing rate applied as at December 1, 2019 was 7.1%. The lease liabilities as at December 1, 2019 can be reconciled to the operating lease commitments as at November 30, 2019 as follows:


Reconciliation of operating lease commitment to operating lease liabilities

Operating lease commitments as at November 30, 2019 Effect of discounting	$	4,035 (843)

Discounted lease liabilities as at December 1, 2019	$	3,192

Use of estimates and judgments

The preparation of the Company’s consolidated 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 consolidated 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 consolidated financial statements is noted below.

Milestone payments related to Trogarzo

The commercialization rights related to Trogarzo

are subject to additional cash-based milestone payments based on the attainment of commercial milestones, including development, launch and sales milestones. Milestone payments will be accrued and recorded in the cost of intangible assets when it is probable that they will be achieved. The determination of probability of paying the milestones is subject to judgment. In order to demonstrate that the commercial milestone payment is probable, the following are taken into consideration: product approval; product launch; and approved development plan. In addition, there should be a sufficient history of sales to have reasonable expectation that the commercial milestone payments related to the sales milestone will be reached.

Contingent consideration related to oncology platform

The purchase consideration for the oncology platform (Note 12) includes additional milestone payments based on the attainment of commercial milestones that will be settled through the issuance of the Company’s 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.

Convertible senior unsecured notes

The determination of the fair value of the liability component of a convertible instrument was at time of issuance based on the estimated interest rate that the Company could obtain for a similar debt instrument without a conversion option.

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. The product revenue we recognize quarter over quarter is net of these estimated allowances. Such estimates require the need to make estimates about matters that are inherently uncertain. The Company’s estimates are based on our historical claims as supplemented by management’s judgment (see Notes 2 (Revenue recognition) and 3 for additional information).

Other

Other areas of judgment and uncertainty are related to the estimation of accruals for clinical trial expenses, the recoverability of inventories, the measurement and recoverability of intangible assets, the measurement of derivative financial assets, and the measurement of share-based arrangements.

Reported amounts and note disclosures reflect the overall economic conditions that are most likely to occur and the anticipated measures management intends to take. Actual results could differ from those estimates.

The above estimates and assumptions are reviewed regularly. Revisions to accounting estimates are recognized in the year in which the estimates are revised and in any future years affected.

COVID-19 pandemic

The COVID-19 pandemic continues to cause significant financial market and social dislocation. The situation is dynamic with various cities and countries around the world responding in different ways to address the outbreak. While the Company has experienced the impact of the outbreak of the Coronavirus (COVID-19) on its operations, it had continued to operate during the current pandemic. During the year ended November 30, 2020, the Company recognized payroll subsidiaries totaling $453 principally under the Canadian Emergency Wage Subsidy program. These subsidies were recorded as a reduction in the associated personnel costs which the Company incurred, and were recognized in research and development, selling and general and administrative expenses. In the event of a prolonged continuation of the pandemic, it is not clear what the potential impact may be on the Company’s business, financial position and financial performance.

Significant accounting policies

12 Months Ended

Nov. 30, 2020

Text Block [Abstract]

Significant accounting policies

2.	Significant accounting policies

The accounting policies have been applied consistently by the subsidiaries of 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 the consolidated 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 consolidated 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

. The Company recognizes revenue at a point in time when it transfers control 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, 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.

Other production-related costs

Other production-related costs include unallocated indirect costs related to production as well as write-downs of inventories.

Amortization of the other asset

The amortization of the other asset relates to the repurchase of the future royalty rights under the 2013 Termination Agreement (Note 13).

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. 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 convertible unsecured senior notes and long-term obligations, 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 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.

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.

Construction in progress assets are capitalized during construction and depreciation commences when the asset is available for use.

When parts of an item of property and equipment have different useful lives, they are accounted for as separate items (major components) of property and equipment.

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		20%
	and straight-line		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, 2020 and 2019, no development expenditures were capitalized.

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. Subsequent changes in the cash-based contingent consideration on the acquisition of intangible assets arising from the attainment of commercial milestones are recorded in the cost of the asset. Commercialization rights –

EGRIFTA

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 and the oncology platform will be amortized over their estimated useful lives on a straight-line basis when the assets are available for use.

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

Other asset

Other asset, which comprises the amount disbursed in connection with the repurchase of the future royalty rights under the 2013 Termination Agreement (Note 13), is amortized over its estimated useful life of 48 months.

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; and

•

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; and

•

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

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 currently has no 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 long-term obligations 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.

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 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 expect 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; and

•

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

Policy applicable effective December 1, 2019

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.

The details of the new significant accounting policies in relation to the Company’s leases are set out below.

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; and

•

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.

Lease liabilities (continued)

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.

Policy applicable before December 1, 2019

Operating lease payments are recognized in net loss on a straight-line basis over the term of the lease.

Lease inducements arising from leasehold improvement allowances and rent-free periods form an integral part of the total lease cost and are deferred and recognized in net profit over the term of the lease on a straight-line basis.

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 employee stock 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 employees 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. In the case of the DSUs granted to officers for 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. In the case of the directors, 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.

Cash-settled stock appreciation rights

The 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 employees 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 appropriate 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 are classified as equity.

Transaction costs

Costs directly attributable to the issue of common shares 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 stock options and convertible unsecured senior notes.

Standards issued but not yet effective

A number of new standards are effective for annual periods beginning after December 1, 2020 and earlier application is permitted; however, the Company has not early adopted the new or amended standards in preparing these consolidated financial statements.

The following amended standards and interpretations are not expected to have a significant impact on the Company’s consolidated financial statements:

●

Amendments to References to Conceptual Framework in IFRS and;

●

Definition of Material (Amendments to IAS 1,

Presentation of Financial Statements

, and IAS 8,

Accounting Policies, Changes in Accounting Estimates and Errors

Revenue

12 Months Ended

Nov. 30, 2020

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. See Note 27.

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 SV

as an additional product distributed by RxCrossroads in the United States.

Canada

The Company commercializes

EGRIFTA

directly in Canada using a distributor.

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, or 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 receives customers’ orders, stores, packages and ships Trogarzo

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

to patients.

Net sales by product were as follows:


	2020		2019

EGRIFTA ® net sales	$	35,399	$	35,520

Trogarzo ® net sales		30,654		27,696

	$	66,053	$	63,216

Net sales by geography were as follows:


	2020		2019

Canada	$	354	$	295

United States		65,455		62,921

Europe		244		-

	$	66,053	$	63,216

Personnel expenses

12 Months Ended

Nov. 30, 2020

Text Block [Abstract]

Personnel expenses

4.	Personnel expenses


	Note		2020		2019

Salaries and short-term employee benefits			$	7,564	$	5,402

Post-employment benefits				458		295

Share-based compensation		20(b),(e)		1,297		1,059

Termination benefits				876		87

			$	10,195	$	6,843

Finance income and finance costs

12 Months Ended

Nov. 30, 2020

Text Block [Abstract]

Finance income and finance costs

5.	Finance income and finance costs


	Note		2020			2019

Interest income			$	299		$	1,097

Finance income				299			1,097

Accretion expense		16, 17, 18		(2,056	)		(1,673	)

Interest on convertible unsecured senior notes				(3,306	)		(3,317	)

Bank charges				(40	)		(39	)

Net foreign currency gain (loss)				418			(45	)

Loss on financial instruments carried at fair value				(9	)		(6	)

Finance costs				(4,993	)		(5,080	)

Net finance cost recognized in net profit or loss			$	(4,694	)	$	(3,983	)

Bonds and money market funds

12 Months Ended

Nov. 30, 2020

Schedule Of Detailed Information About Bonds And Money Market Funds [Abstract]

Bonds and money market funds

6.	Bonds and money market funds


	2020			2019

Bonds	$	634		$	5,246
Money market funds		7,397			7,337

		8,031			12,583

Current portion		(8,031	)		(11,964	)

Non-current portion	$	-		$	619

As at November 30, 2020, bonds were interest-bearing financial assets with stated interest rates ranging from 2.2% to 4.1% (2019 – 1.7% to 4.8%) and had an average maturity of 0.06 years (2019 – 0.5 years).

Trade And Other Receivables

12 Months Ended

Nov. 30, 2020

Trade And Other Receivables Explanatory [Abstract]

Trade and other receivables

7.	Trade and other receivables


	2020		2019

Trade receivables	$	10,947	$	9,538

Sales tax receivable		407		253

Other receivables		1,076		325

	$	12,430	$	10,116

Tax credits and grants receivable

12 Months Ended

Nov. 30, 2020

Schedule Of Information About Unused And Unrecorded Non Refundable Federal Tax Credit [Abstract]

Tax credits and grants receivable

8.	Tax credits and grants receivable


	2020

Balance as at November 30, 2019	$	-

Tax credits and grants recognized in net loss		749

Effect of change in exchange rates		6

Balance as at November 30, 2020	$	755

Tax credits receivable comprise grants receivable, and research and development investment tax credits receivable which relate to eligible research and development expenditures under the applicable tax laws. The amounts recorded as receivables are subject to a government tax audit and the final amounts received may differ from those recorded. There are no unfulfilled conditions or contingencies associated with the government assistance received.

The Company has unused and unrecorded non-refundable federal tax credits which may be used to reduce future federal income tax payable and expire as follows:



2024	$	458

2025		1,365

2026		1,676

2027		2,309

2028		2,561

2029		1,726

2030		855

2031		598

2032		313

2033		207

2039		193

2040		454

	$	12,715

Inventories

12 Months Ended

Nov. 30, 2020

Classes of current inventories [abstract]

Inventories

9.	Inventories


	2020		2019

Raw materials	$	2,290	$	3,011

Work in progress		488		2,467

Finished goods		22,367		15,451

	$	25,145	$	20,929

Inventories were written down to net realizable value by an amount of $917 in 2020 (2019 – $16), of which $910 (2019 – nil) was recorded in cost of sales as other production-related costs and $7 (2019 – $16) was recorded in cost of goods sold.

Included in the 2020 write-down is a provision of $660 on excess stock of

EGRIFTA

as a result of the Company’s decision to switch patients to and only actively commercialize the new

EGRIFTA SV

formulation in the United States.

The write-downs in 2019 related to losses incurred during the conversion of raw materials to finished goods and losses associated with expired goods.

Property and equipment

12 Months Ended

Nov. 30, 2020

Disclosure of detailed information about property, plant and equipment [abstract]

Property and equipment

10.	Property and equipment


	Computer equipment			Laboratory equipment		Office furniture and equipment			Leasehold improvements		Total

Cost
Balance as at November 30, 2018	$	82		$	47	$	75		$	52	$	256
Additions		206			60		313			590		1,169
Disposals		(57	)		-		(54	)		-		(111	)

Balance as at November 30, 2019	$	231		$	107	$	334		$	642	$	1,314

Additions		41			-		-			-		41

Balance as at November 30, 2020	$	272		$	107	$	334		$	642	$	1,355

Accumulated depreciation
Balance as at November 30, 2018	$	66		$	25	$	64		$	-	$	155
Depreciation		78			7		48			66		199
Disposals		(57	)		-		(54	)		-		(111	)

Balance as at November 30, 2019	$	87		$	32	$	58		$	66	$	243

Depreciation		75			18		56			98		247

Balance as at November 30, 2020	$	162		$	50	$	114		$	164	$	490

Net carrying amounts

November 30, 2020	$	110		$	57	$	220		$	478	$	865

November 30, 2019	$	144		$	75	$	276		$	576	$	1,071

Right-of-use assets

12 Months Ended

Nov. 30, 2020

Disclosure of quantitative information about right-of-use assets [abstract]

Right-of-use assets

11.	Right-of-use assets


	2020

Balance as at November 30, 2019	$	-

Impact of initial adoption of IFRS 16 (Note 1(a))		2,954

Amortization		(441	)

Effect of change in exchange rates		105

Balance as at November 30, 2020	$	2,618

Intangible assets

12 Months Ended

Nov. 30, 2020

Text Block [Abstract]

Intangible assets

12.	Intangible assets


	Commercialization rights – Trogarzo ® North American Territory		Commercialization rights – Trogarzo ® European Territory		Commercialization rights – EGRIFTA SV ®		Oncology platform		Total

Cost

Balance as at November 30, 2018	$	5,207	$	3,055	$	14,041	$	-		22,303

Additions		6,765		4,557				3,449		14,771

Balance as at November 30, 2019 and 2020	$	11,972	$	7,612	$	14,041	$	3,449		37,074

Accumulated amortization

Balance as at November 30, 2018	$	257	$	-	$	6,925	$	-		7,182

Amortization		901		-		1,511		-		2,412

Balance as at November 30, 2019	$	1,158	$	-	$	8,436	$	-		9,594

Amortization		1,055		384		1,512		-		2,951

Balance as at November 30, 2020	$	2,213	$	384	$	9,948	$	-		12,545

Net carrying amounts

November 30, 2020	$	9,759	$	7,228	$	4,093	$	3,449		24,529

November 30, 2019	$	10,814	$	7,612	$	5,605	$	3,449		27,480

The amortization expense of $2,951 (2019 – $2,412) is included in selling expenses.

Commercialization rights – Trogarzo

On March 18, 2016, the Company entered into a distribution and marketing agreement with TaiMed Biologics, Inc. (“TaiMed”) granting the Company the exclusive right to market Trogarzo

in Canada and in the United States. On March 6, 2017, the Company entered into an amended and restated distribution and marketing agreement with TaiMed (“TaiMed Agreement”) granting the Company the exclusive right to market and distribute Trogarzo

in Canada and in the United States (collectively, the “North American Territory”) as well as in European Union countries and other countries such as Israel, Norway, Russia and Switzerland (collectively, the “European Territory”). The TaiMed Agreement has a 12-year term that will expire on a country-by-country basis calculated from the date of approval of Trogarzo

in each of the countries covered under the TaiMed Agreement. TaiMed is responsible for the manufacture and supply of Trogarzo

under the TaiMed Agreement.

Commercialization rights – Trogarzo

in the North American Territory

Under the terms of the TaiMed Agreement, TaiMed is responsible for developing Trogarzo

and was responsible for seeking its approval from the US Food and Drug Administration (“FDA”), whereas the Company is responsible, but has no obligation, to seek the approval of Trogarzo

from Health Canada. The purchase price of Trogarzo

payable to TaiMed has been determined at 52% of its net selling price with an additional amount equal to 10% of its net selling price until such additional amount aggregates $5,500, which was reached in November 2019.

Initial payments

Under the TaiMed Agreement, the Company agreed to make an initial payment of US$5,000 and will make several further milestone payments in exchange for the right to commercialize Trogarzo

and the right to use TaiMed’s trademark in the North American Territory.

The initial payment of $5,000 was made in accordance with the following:

(i)

$1,000 was paid in cash at the signature of the TaiMed Agreement entered into in March 2016; and

(ii)

$4,000 through the issuance of the Company’s common shares, payable after the first commercial sale of Trogarzo

in the United States. The $4,000 payment was made on May 15, 2018 and resulted in the issuance of 1,463,505 common shares to TaiMed.

The Company recorded as additions to intangible assets during 2016 related to the TaiMed Agreement an amount of $5,207, which comprises the cash payment of $1,000 at the signature of the agreement, the share-based payment of $4,000 and $207 of acquisition costs.

Commercial milestone payments

As further consideration under the TaiMed Agreement, the Company shall make the following one-time payments upon the first occurrence of the following commercial events:


Commercial milestone	Note	Commercial milestone payment

(i) Achieving aggregate net sales of $20,000 over four consecutive quarters of the Company’s financial year	16	$7,000 (paid in 2019 and 2020)

(ii) Upon first achieving annual net sales of $200,000		$10,000

(iii) Upon first achieving annual net sales of $500,000		$40,000

(iv) Upon first achieving annual net sales of $1,000,000		$100,000

The Company will also pay TaiMed development milestones for Trogarzo

. A $3,000 milestone (payable in two equal annual installments of $1,500) is due upon the date of the first commercial sale of a once every two weeks intramuscular, subcutaneous or intravenous-push (either fast or slow) injection formulation. TaiMed is also planning a larger Phase III trial using Trogarzo

with a once every four weeks intramuscular, subcutaneous or intravenous-push (either fast or slow) injection formulation to address a much broader patient population. This development milestone will consist of an upfront milestone payment of up to $50,000 depending on the size of the newly targeted population, which will be paid quarterly, based on a percentage of net sales generated by Trogarzo

Commercialization rights – Trogarzo

in the European Territory

On September 26, 2019, Trogarzo

was approved for sale in Europe by the European Medicines Agency (the “EMA”).

The purchase price of Trogarzo

for sales occurring in a country forming part of the European Territory is set at i) 52% of the net selling price of Trogarzo

in such country on annual net sales in such country up to, or equal to, $50,000 and ii) an amount equal to 57% of the net selling price of Trogarzo

in such country on the portion of annual net sales of Trogarzo

in the European Territory that exceeds annual net sales of Trogarzo

in the European Territory of $50,000.

Initial and milestone payments

The TaiMed Agreement also provides for the following development, launch and sales milestones paid or to be paid by the Company to TaiMed:

An upfront payment of $3,000, which was paid through the issuance of 906,077 common shares of the Company on March 17, 2017;

An approval milestone payment representing 50% of the costs of the clinical trials and all associated development activities regulated by the EMA and incurred by TaiMed, if any, to obtain marketing approval of Trogarzo

in the European Territory countries, payable quarterly and equal to 5% of net sales recorded in each quarter;

A launch milestone payment of $10,000 payable to TaiMed as follows:

•

$5,000 one year after the first commercial sale of Trogarzo

; and

•

$5,000 one year after reaching net sales in the European Territory aggregating $50,000 over four consecutive quarters;

A milestone of $10,000 upon net sales in the European Territory aggregating $150,000 over four consecutive quarters;

A milestone of $20,000 upon net sales in the European Territory aggregating $500,000 over four consecutive quarters; and

A milestone of $50,000 upon net sales in the European Territory aggregating $1,000,000 over four consecutive quarters.

As a result of the TaiMed Agreement, the Company recorded as additions to intangible assets during 2017 an amount of $3,055, which comprises the payment of $3,000 paid through the issuance of 906,077 common shares of the Company and $55 of acquisition costs.

The commercial milestone payments payable in cash are accrued and recorded in the cost of the intangible asset when it is probable that they will be paid. The commercial milestone payments represent licence fee consideration and, therefore, will be added to the cost of the intangible asset. In order to demonstrate that the commercial milestone payment is probable, the product will need to have been launched and there should be a sufficient history of sales to have a reasonable expectation that the commercial milestone payments will be reached.

In 2019, the Company accrued and recorded the first $5,000 payable one year after the first commercial sale of Trogarzo

at a present value of $4,557 as the Company determined that it was probable that the milestones would be achieved (Note 16).

Oncology platform

On February 25, 2019, the Company acquired Katana Biopharma Inc. (“Katana”). On May 21, 2019, Katana was wound-up into the Company and then dissolved.

Katana (now the Company) is the worldwide exclusive licensee of a technology platform using peptides as a vehicle to specifically deliver existing cytotoxic agents to sortilin receptors, which are overexpressed on cancer cells. The licence was entered into on February 25, 2019 with Transfert Plus, L.P. (“Transfert Plus”), an affiliate of Aligo Innovation, a university research company that commercializes the research results of universities and other institutional partners from various areas of innovation, including life sciences (the “Licence Agreement”).

Under the terms of the acquisition agreement, the purchase price is subject to two share-based milestone payments. The first milestone payment will occur when the first patient is enrolled in a Phase 1 clinical study. At that time, CA$2 million will be paid through the issuance of common shares of the Company.

The second milestone payment of CA$2.3 million will occur when the proof of concept is demonstrated in human subjects and will be satisfied through the issuance of common shares of the Company.

This acquisition was accounted for as an asset acquisition. The Company recorded additions to intangible assets during 2019 of $3,073, which comprised the payment at closing of $1,965 in cash, $5 through the issuance of 900 common shares of the Company, the estimated fair value of the share-based contingent consideration of $1,028, and $75 of acquisition costs. As the share-based payments are equity-settled, the Company recognized a corresponding increase in equity, and no remeasurement of the fair value will occur regardless of whether the milestones are achieved. Since the common shares have not been issued yet, the increase in equity is recorded in contributed surplus. Upon the issuance of the common shares, this amount will be reclassified to share capital. The intangible asset is currently not being amortized. Amortization will begin when the asset is available for use.

In August 2019, the acquisition agreement was amended to provide for an adjustment to the purchase price of CA$1.08 million in the event the Company could indirectly benefit from a CA$1.2 million subsidy in connection with its research and development activities. The subsidy was granted in October 2019. The adjustment will be payable in two installments. The first installment of CA$500 thousand was paid in cash in October 2019, whereas the second installment of CA$580 thousand will be paid at the same time as the CA$2.3 million milestone referred to above is achieved and will be satisfied through the issuance of common shares of the Company. The cash payment of $376 (CA$500 thousand) was recognized as an addition to intangible assets during 2019.

Under the Licence Agreement, Katana (now the Company) obtained the exclusive worldwide rights to develop, make, have made, use, sell, offer to sell, distribute, commercialize and import the technology related to the technology platform that uses peptides as a vehicle to deliver cytotoxic agents to sortilin receptors, which are overexpressed on cancer cells.

Annual maintenance fees amount to CA$25 thousand for the first five years and CA$100 thousand thereafter, until royalties become payable beginning with the first commercial sale of a product developed using the licensed technology.

The royalties payable under the Licence Agreement vary between 1% and 2.5% on net sales of a product based on the licensed technology. If the Company enters into a sublicence agreement, it must then pay amounts varying between 5% and 15% of revenues received from such sublicence agreement.

The Company must pay Transfert Plus the following milestone payments upon the occurrence of the following development milestones for the first product developed in the field of oncology:

(i)

First milestone payment: CA$50 thousand upon the successful enrolment of the first patient in the first Phase 1 human clinical trial;

(ii)

Second milestone payment: CA$100 thousand upon the successful enrolment of the first patient in the first Phase 2 human clinical trial; and

(iii)

Third milestone payment: CA$200 thousand upon the successful enrolment of the first patient in the first Phase 3 human clinical trial.

Also, the Company must pay CA$200 thousand for each product upon receiving the first approval for such product by a regulatory authority. The approval shall entitle the holder thereof to commercialize the product in the territory in which the approval was obtained.

Other asset

12 Months Ended

Nov. 30, 2020

Text Block [Abstract]

Other asset

13.	Other asset



Cost

Balance as at November 30, 2018, 2019 and 2020	$	19,530

Accumulated amortization

Balance as at November 30, 2018	$	2,442

Amortization		4,884

Balance as at November 30, 2019	$	7,326

Amortization		4,881

Balance as at November 30, 2020	$	12,207

Net carrying amounts

November 30, 2020	$	7,323

November 30, 2019	$	12,204

On May 29, 2018, the Company entered into an agreement (the “Renegotiated Agreement”) with EMD Serono, Inc. to settle all outstanding cash payment obligations stemming from a termination and transfer agreement dated December 13, 2013, as amended (the “2013 Termination Agreement”). The remaining contractual obligations under the 2013 Termination Agreement totalled approximately $28,200, which was comprised of a $4,000 payment due in May 2019 and $24,200 in estimated royalties on future sales of

EGRIFTA

payable over the subsequent four to five years. The Renegotiated Agreement allowed the Company to make one lump sum payment of $23,850 in settlement of the long-term obligation of $4,000 and to eliminate all of the royalty payments due on sales of

EGRIFTA

in the United States. The payment made in connection with the settlement of the future royalty obligation has been accounted for as an other asset on the consolidated statement of financial position.

Accounts payable and accured liabilities

12 Months Ended

Nov. 30, 2020

Trade and Accrued Payables [Abstract]

Accounts payable and accured liabilities

14.	Accounts payable and accrued liabilities


	Note		2020		2019

Trade payables			$	17,510	$	13,106

Accrued liabilities and other payables				13,911		15,028

Salaries and benefits due to key management personnel		28		776		555

Employee salaries and benefits payable				724		473

Liability related to deferred stock unit plan		20(b)		508		625

Accrued interest payable on convertible unsecured senior notes		17		1,386		1,386

			$	34,815	$	31,173

Provisions

12 Months Ended

Nov. 30, 2020

Disclosure of other provisions [abstract]

Provisions

15.	Provisions


	Chargebacks and rebates			Returns			Other			Total

Balance as at December 1, 2018	$	895		$	119		$	-		$	1,014

Provisions made		10,818			174			55			11,047

Provisions used		(9,531)			(46)			-			(9,577)

Balance as at November 30, 2019	$	2,182		$	247		$	55		$	2,484

Provisions made		10,314			948			2,973			14,235

Provisions used		(10,818	)		(935	)		(3,019	)		(14,772	)

Balance as at November 30, 2020	$	1,678		$	260		$	9		$	1,947

Long-term obligations

12 Months Ended

Nov. 30, 2020

Disclosure Of Detailed Information About Long Term Obligation [Abstract]

Long-term obligations

16.	Long-term obligations

The movement in the long-term obligations is as follows.


	Commercialization rights – Trogarzo ® North American Territory		Commercialization rights – Trogarzo ® European Territory		Total

Balance as at November 30, 2018	$	-	$	-	$	-

Additions		6,765		4,557		11,322

Accretion expense		152		13		165

Payment		(3,500)		-		(3,500)

Balance as at November 30, 2019		3,417		4,570		7,987

Accretion expense		83		96		179

Payment		(3,500)		-		(3,500)

Current portion as at November 30, 2020	$	-	$	4,666	$	4,666

Commercialization rights – Trogarzo

North American Territory

Under the terms of the TaiMed Agreement, a commercial milestone of $7,000 was payable in two equal annual installments of $3,500 after achieving aggregate net sales of $20,000 over four consecutive quarters of the Company’s financial year. The Company accrued the discounted value of the obligation during the quarter ended February 28, 2019 because it was probable it would be achieved. The milestone was achieved during the quarter ended May 31, 2019. The first payment of $3,500 was made in July 2019, and the second payment was made in June 2020.

Commercialization rights – Trogarzo

European Territory

Under the terms of the TaiMed Agreement, a launch milestone of $5,000 is payable one year after the first commercial sale of Trogarzo

. The Company accrued the discounted value of the obligation in 2019 in the amount of $4,557 because it was probable it would be achieved.

Convertible unsecured senior notes

12 Months Ended

Nov. 30, 2020

Convertible Senior Notes [Abstract]

Convertible unsecured senior notes

17.	Convertible unsecured senior notes

On June 19, 2018, the Company closed a notes offering of convertible unsecured senior notes having an aggregate principal amount of $57,500. The notes bear interest at an annual rate of 5.75% (effective interest rate of 9.95%) and are convertible into common shares at the option of the holder at any time at a conversion price of $14.85 per common share, representing 3,872,053 common shares. The maturity date of the notes is June 30, 2023. The Company may redeem the notes prior to maturity at any time on or after June 30, 2021 if the current market price of the common shares is at least 130% of the conversion price. The notes are repayable at par value plus accrued and unpaid interest.

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



Proceeds allocated to liability component	$	51,122

Transaction costs related to liability		(2,517	)

As at June 19, 2018 (date of issuance)		48,605

Accretion expense		628

Convertible unsecured senior notes as at November 30, 2019		50,741

Accretion expense		1,662

Convertible unsecured senior notes as at November 30, 2020	$	52,403

Leases liabilities

12 Months Ended

Nov. 30, 2020

Lease liabilities [abstract]

Disclosure of leases [text block]

18.	Leases liabilities


	Carrying value

Balance as at December 1, 2019	$	3,192

Accretion expense		215

Lease payments		(568	)

Effect of change in exchange rates		141

Balance as at November 30, 2020		2,980

Current portion		(425	)

Non-current portion	$	2,555

Other liabilities

12 Months Ended

Nov. 30, 2020

Other Liabilities [Abstract]

Other liabilities

19.	Other liabilities


	Note		2020		2019

Deferred lease inducements			$	-	$	238

Stock appreciation rights		20(c)		41		28

			$	41	$	266

Share capital

12 Months Ended

Nov. 30, 2020

Disclosure of classes of share capital [abstract]

Share capital

20.	Share capital

Authorized in unlimited number and without par value

Common shares; and

Preferred shares, issuable in one or more series.

All issued shares were fully paid on November 30, 2020 and 2019.

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 general meeting.

No preferred shares are outstanding.

(a)

Issuance of common shares

Oncology platform

On February 25, 2019, the Company issued 900 common shares with a value of $5 in connection with the acquisition of Katana (Note 12).

(b)

DSU plan

On December 10, 2010, the Board of Directors adopted a deferred stock unit plan (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 or Chair of the Board 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 DSU 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 at the grant date. In the case of DSUs granted to officers for annual bonuses, a DSU liability is recorded at the grant date in place of the liability for the bonus payments. In the case of directors, the expense related to DSUs and their liabilities is recognized at the grant date. During the year ended November 30, 2020, $33 (2019 – $23) 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, 2020, a gain of $157 (2019 – charge of $641) was recognized within finance costs (Note 5). As at November 30, 2020, the Company had a total 220,171 DSUs outstanding (2019 – 204,357 DSUs) and a liability related to the DSUs of $508 (2019 – liability of $625).

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, 2020, the cash-settled forward stock contracts outstanding correspond to a total of 220,171 common shares (2019 – 204,357 common shares) at a price of $5.75 per share (2019 – $5.86 per share) expiring on December 21, 2021 (2019 – December 21, 2020). As at November 30, 2020, the fair value of cash-settled forward stock contracts was $520 (2019 – $637) and is recorded in derivative financial assets. During the year ended November 30, 2020, a loss of $166 (2019 – $647) related to the change in fair value of derivative financial assets was recognized within finance costs (Note 5).

(c)

Share Appreciation Rights (SARs)

On October 4, 2018, the Company’s Board of Directors approved a 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 exercise date of an SAR may not be later than 10 years after the grant date. Generally, the SARs vest over a period of three years.

For the year ended November 30, 2020, $13 (2019 – $28) was recorded as share-based compensation expense for the SARs plan. 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.


	Measurement date as at November 30, 2020

Risk-free interest rate		0.67%

Expected volatility		64.6%

Average option life in years		6.25 years

Grant-date share price		$2.31 (CA$3.00)

Option exercise price		$2.31 (CA$3.00)

(c)

Share Appreciation Rights SARs (continued)

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 the SAR. The volatility is based on weighted average historical volatility adjusted for changes expected due to publicly available information. The life of the SAR is estimated taking into consideration the vesting period at the grant date, the life of the 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.

The following table summarizes the grant date weighted average fair value of SARs granted during the year ended November 30, 2019. No SARs were granted in 2020.


	Number of SARs			Weighted average grant date fair value

2019		40,000	$		1.31 (CA$1.70)

(d)

Shareholder rights plan

On April 10, 2019, the Company’s Board of Directors approved the amendment and renewal of the shareholder rights plan and, on the same date, the Company and Computershare Trust Services of Canada entered into an amended and restated shareholder rights plan agreement (the “Plan”). The Plan was approved by the shareholders on May 15, 2019. The Plan is designed to provide adequate time for the Board and the shareholders to assess an unsolicited takeover bid for the Company. In addition, 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 Plan will expire at the closure of the Company’s annual meeting of shareholders in 2022 unless the Plan is reconfirmed and approved by shareholders at such meeting.

The rights issued under the Plan will initially attach to and trade with the common shares, and no separate certificates will be issued unless a triggering event occurs. The rights will become exercisable only when an acquiring person, including any party related to it, acquires or attempts to acquire 20% or more of the outstanding shares without complying with the “Permitted Bid” provisions of the Plan or without approval of the Board of Directors. Subject to the terms and conditions set out in the Plan, each right would, upon exercise and payment of $5.00 per right, entitle a rights holder, other than the acquiring person and related parties, to purchase a number of common shares at twice the exercise price of $5.00 per right based on the average weighted market price of the common shares for the last 20 trading days preceding the common share acquisition date (as defined in the Plan’s rights).

Under the 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, at least 50% of the outstanding common shares, other than those owned by the offeror and certain related parties, has been tendered, the offeror may take up and pay for the common shares, but must extend the bid for a further 10 days to allow other shareholders to tender.

(e)

Stock option plan

The Company has established a stock option plan under which it can grant its directors, officers, employees, researchers and consultants non-transferable options for the purchase of common shares. The exercise date of an option may not be later than 10 years after the grant date. A maximum number of 7,700,000 options can be granted under the stock option plan. Generally, the options vest at the grant date or over a period of up to three years. As at November 30, 2020, 2,379,863 options could still be granted by the Company under the plan (2019 – 1,632,851).

The Company issued 487,421 options to Paul Lévesque, the President and Chief Executive Officer of the Company, on April 15, 2020 as inducement to enter into his employment agreement with the Company. These 487,421 options vest equally over a three-year period, have an exercise price of CA$2.87 and have a 10-year term.

The Company has also issued an additional 590,300 options to its senior management, employees and directors since the beginning of its last fiscal year.

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$

Options as at December 1, 2018		2,172,705			3.15		2.37

Granted		406,400			8.19		6.20

Expired		(88,489	)		6.07		4.56

Exercised (share price: CA$7.78 (US$5.82))		(74,832	)		1.96		1.46

Options outstanding as at November 30, 2019		2,415,784		$	3.94	$	2.96

Granted – CA$		1,077,721			3.06		2.25

Forfeited and expired – CA$		(229,812	)		4.72		3.47

Exercised (share price: CA$8.65 (US$6.57))		(60,000	)		3.38		2.40

Options outstanding as at November 30, 2020 – CA$		3,203,693			3.59		2.76

Options granted and outstanding as at November 30, 2020 – US$		12,500			-		2.35

Options exercisable as at November 30, 2020 – CA$		2,063,672			3.43		2.64

Options exercisable as at November 30, 2019 – CA$		1,864,727		$	2.69	$	2.02

The following table provides stock option information as at November 30, 2020

(options exercisable in CA$)


Price range			Number of options outstanding		Weighted average remaining life		Weighted average exercise price
CA$	US$				(years)	CA$	US$

0.25 – 1.19		0.19 – 0.92		814,660	2.95	0.64	0.49

2.01 – 3.75		1.55 – 2.89		1,521,721	8.03	2.72	2.10

3.76 – 6.00		2.89 – 4.62		230,000	6.35	5.96	4.59

6.01 – 9.00		4.62 – 6.93		424,000	8.03	8.06	6.20

9.01 – 10.00		6.93 – 1.70		213,312	7.35	9.56	7.36

				3,203,693	6.57	3.59	2.76

The following table provides stock option information as at November 30, 2020

(options exercisable in US$)

Price range

Number of

options
outstanding

Weighted
average
remaining
life

Weighted
average
exercise
price

US$

(years)

US$

1.55 – 2.89

12,500

10.0

2.35

For the year ended November 30, 2020, $1,414 (2019 – $1,059) was recorded as share-based compensation expense for the stock option plan. The fair value of options granted in 2020 and 2019 was estimated at the grant date using the Black-Scholes model and the following weighted average assumptions.


Options exercisable in CA$		2020		2019

Risk-free interest rate		0.95%			2.15%

Expected volatility		74%			57%

Average option life in years		8.5 years			8 years

Grant-date share price	$	2.35 (CA$3.05)	$		6.15 (CA$8.19)

Option exercise price	$	2.35 (CA$3.05)	$		6.15 (CA$8.19)


Options exercisable in US$		2020

Risk-free interest rate			0.74%

Expected volatility			78%

Average option life in years			8.5 years

Grant-date share price	$		2.35

Option exercise price	$		2.35

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 the option. The volatility is based on weighted average historical volatility adjusted for changes expected due to publicly available information. The life of the options is estimated taking into consideration the vesting period at the grant date, the life of the option 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.

The following table summarizes the measurement date weighted average fair value of stock options granted during the years ended November 30, 2020 and 2019.


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

2020	1,077,721	$	1.71 (CA$2.22)

2019	406,400	$	3.69 (CA$4.92)


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

2020	12,500	$	2.35

The Black-Scholes model used by the Company to calculate 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 stock option awards. This model also requires four highly subjective assumptions, including future stock price volatility and average option life, which greatly affect the calculated values.

(f)

Loss per share

The calculation of basic loss per share was based on the net loss attributable to common shareholders of the Company of $22,667 (2019 – $12,496) and a weighted average number of common shares outstanding of 76,991,635 (2019 – 76,928,287), calculated as follows.


	2020		2019

Issued common shares as at December 1		76,953,411		76,877,679

Effect of share options exercised		38,224		49,920

Effect of public issue common shares		-		688

Weighted average number of common shares, basic and diluted		76,991,635		76,928,287

For the year ended November 30, 2020, 3,216,193 (2019 – 2,415,784) share options and 3,872,053 common shares potentially issuable from the conversion of the $57,500 aggregate principal amount of convertible unsecured senior notes (Note 17), that may potentially dilute earnings per share in the future, were excluded from the weighted average number of diluted common shares calculation as their effect would have been anti-dilutive.

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

(g)

Accumulated other comprehensive income (loss)


	2020			2019

Unrealized losses on FVOCI financial assets, net of tax	$	2		$	(12)

Cumulative exchange difference on translation of foreign operations		(483	)		33

	$	(481	)	$	21

Income taxes

12 Months Ended

Nov. 30, 2020

Major components of tax expense (income) [abstract]

Income taxes

21. Income taxes

The following table presents the components of the current and deferred tax expenses (recovery).


	2020			2019

Current tax expense	$	16		$	-

Deferred tax expense (recovery)

Origination and reversal of temporary differences	$	(4,890	)	$	(2,484	)

Change in unrecognized deductible temporary differences		4,890			2,484

Total deferred tax expense (recovery)	$	-		$	-

Total current and deferred tax expense	$	16		$	-

Reconciliation between effective and applicable tax amounts


	2020			2019

Income taxes at domestic tax statutory rate	$	(6,004	)	$	(3,325	)

Change in unrecognized deductible temporary differences		4,890			2,484

Impact of differences in statutory tax rates		742			518

Non-deductible expenses and other		388			323

Total income tax expense	$	16		$	-

The applicable statutory tax rates were 26.5% in 2020 and 26.6% in 2019. The Company’s applicable tax rate is the Canadian combined rates applicable in the jurisdictions in which the Company operates.

Unrecognized deferred tax assets

As at November 30, unrecognized deferred tax assets were as follows.


	2020		2019

Research and development expenses	$	24,924	$	23,262

Non-capital losses		31,725		30,470

Property and equipment		242		282

Intellectual property and patent fees		2,952		2,900

Available deductions and other		5,045		3,335

	$	64,888	$	60,249

Given the Company’s past losses, management does not believe that it is probable that the Company can realize its deferred tax assets and, therefore, no amount has been recognized in the consolidated statements of financial position.

The generation of future taxable profit is dependent on the successful commercialization of the Company’s products and technologies.

As at November 30, 2020 and 2019, the amounts and expiry dates of Canadian tax attributes for which no deferred tax asset was recognized were as follows:


			2020				2019
	Federal		Provincial		Federal		Provincial

Research and development expenses, without time limitation	$	85,792	$	104,822	$	79,698	$	98,321

Losses carried forward

2027		5,760		5,753		414		407

2028		35,640		17,347		34,876		16,975

2029		14,993		12,672		14,671		12,400

2030		8,803		8,800		8,614		8,611

2031		18,129		16,092		17,740		15,748

2032		12,282		11,278		12,019		11,036

2033		8,826		8,742		8,636		8,555

2034		8,082		8,011		7,909		7,839

2037		7,212		7,126		7,057		6,973

2038		2,104		2,025		1,964		1,886

2039		1,386		1,347		6,024		5,952

2040		6,928		6,921		-		-

Other temporary differences, without time limitation

Excess of tax value of property and equipment over carrying value		959		870		1,128		998

Excess of tax value of intellectual property and patent fees over carrying value		11,136		11,131		10,897		10,892

Available deductions and other		50,470		7,619		43,291		1,430

As at November 30, 2020 and 2019, no deferred tax liability was recognized for temporary differences arising from investments in subsidiaries because the Company controls the decisions affecting the realization of such liabilities and it is probable that the temporary differences will not reverse in the foreseeable future.

Supplemental cash flow disclosures

12 Months Ended

Nov. 30, 2020

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.


	2020		2019

Additions to property and equipment included in accounts payable and accrued liabilities	$	12	$	3

Additions to intangible assets included in accounts payable and accrued liabilities		-		9

Additions to intangible assets included in long-term obligations		-		7,822

Additions to intangible assets included in contributed surplus		-		1,028

Issuance of shares in connection with acquisitions of intangible assets		-		5

Initial recognition of right-of-use assets and lease liabilities		3,192		-

Reclassification of other liabilities to right-of-use-assets		238		-

Financial instruments

12 Months Ended

Nov. 30, 2020

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.

Credit risk

Credit risk is 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 (see 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 $10,947 (2019 – $9,538), all of which were aged under 60 days. There was no amount recorded as bad debt expense for the years ended November 30, 2020 and 2019. Financial instruments other than cash and trade and other receivables that potentially subject the Company to significant credit risk consist 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 (2020 – $8,031; 2019 – $12,583). As at November 30, 2020, 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 is 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 and/or the Audit Committee 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 regard to the expected timing of expenditures and prevailing interest rates.

The following are amounts due on the contractual maturities of financial liabilities as at November 30, 2020 and 2019.


									2020
	Carrying amount		Total contractual amount		Less than 1 year		From 1 to 2 years		More than 3 years

Accounts payable and accrued liabilities	$	34,815		34,815	$	34,815	$	-	$	-

Convertible unsecured senior notes, including interest		52,403		67,419		3,306		64,113		-

Long-term obligations		4,666		5,000		5,000		-		-

Lease liabilities		2,980		3,640		621		1,267		1,752

	$	94,864	$	110,874	$	43,742	$	65,380	$	1,752


									2019
	Carrying amount		Total contractual amount		Less than 1 year		From 1 to 2 years		More than 3 years

Accounts payable and accrued liabilities	$	31,173		31,173	$	31,173	$	-	$	-

Convertible unsecured senior notes, including interest		50,741		70,725		3,306		6,613		60,806

Long-term obligations		7,987		8,500		3,500		5,000		-

	$	89,901	$	110,398	$	37,979	$	11,613	$	60,806

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 Euro.

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 Company does not believe a sudden change in foreign exchange rates would impair or enhance its ability to pay its CA$ or Euro denominated obligations.

The following table presents the significant items in the original currencies exposed to currency risk as at November 30, 2020 and 2019.


		2020				2019
	CA$	EURO			CA$	EURO

Cash	871		36		740	533

Bonds and money market funds	821		-		6,982	-

Trade and other receivables	522		1,052		328	447

Tax credits and grants receivable	942		25		-	-

Accounts payables and accrued liabilities	(4,937)		(4,496	)	(5,101)	(793)

Lease liabilities	(2,109)		(1,138	)	-	-

Total exposure	(3,890)		(4,521	)	2,949	187

The following exchange rates are those applicable as at November 30, 2020 and 2019.


			2020		2019
	Average rate		Reporting date rate	Average rate	Reporting date rate

CA$ – US$		0.7445	0.7695	0.7524	0.7530

Euro – US$		1.1325	1.1928	1.1217	1.1018

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 a positive impact on net earnings as follows, assuming that all other variables remained constant.


		2020		2019
	CA$	EURO	CA$	EURO

Positive impact	(195)	(226)	147	9

An assumed 5% weakening of the CA$ would have had an equal but opposite effect on the above currencies in the amounts shown above, assuming that all other variables remain constant.

Interest

rate risk

Interest rate risk is 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 available for sale, 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, 2020, 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 nil (2019 – $14); 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 a variable rate. Trade and other receivables, accounts payable and accrued liabilities and provisions bear no interest.

Based on the average value of variable interest-bearing cash and money market funds during the year ended November 30, 2020 of $28,124 (2019 – $39,032), an assumed 0.5% increase in interest rates during such year would have increased future cash flows and net profit by approximately $141 (2019 – $195); an assumed decrease of 0.5% would have had an equal but opposite effect.

As the Company’s convertible unsecured senior notes bear interest at a fixed rate of 5.75%, the Company does not face cash flow interest rate risk, but is subject to market price interest rate risk. The Company’s long-term obligations do not bear interest.

Capital management

12 Months Ended

Nov. 30, 2020

Disclosure of objectives, policies and processes for managing capital [abstract]

Captital management

24.	Capital management

The Company’s objective in managing its capital is to ensure a liquidity position sufficient to finance its business activities. The Company depends primarily on revenue generated by sales of

EGRIFTA

and Trogarzo

in the United States and, from time to time, on public offerings of securities in North America to finance its activities.

The capital management objectives remain the same as for the previous year.

As at November 30, 2020, cash, bonds and money market funds amounted to $20,768 (2019 – $41,244). Subsequent to year-end, the Company raised aggregate proceeds of $42,668 from the public offering of units (see Note 29). The Company believes that its cash position and future operating cash flows will be sufficient to finance its operations and capital needs for at least the next 12 months from the consolidated statement of financial position date.

Currently, the Company’s general policy on dividends is to retain cash to keep funds available to finance its growth.

The Company defines capital to include total equity and convertible unsecured senior notes.

The Company is not subject to any externally imposed capital requirements.

Determination of fair values

12 Months Ended

Nov. 30, 2020

Disclosure of Fair Value Measurement [Abstract]

Determination of fair values

25.	Determination of fair values

Certain of the Company’s accounting policies and disclosures require the determination of fair value, for both financial and non-financial assets and liabilities. Fair values have been determined for measurement and/or disclosure purposes based on the following methods. When applicable, further information about the assumptions made in determining fair values is disclosed in the notes specific to that asset or liability.

Financial assets and financial liabilities measured at fair value

In establishing fair value, the Company uses a fair value hierarchy based on levels as defined below:

Level 1:

Defined as observable inputs such as quoted prices in active markets.

Level 2:

Defined as inputs other than quoted prices in active markets that are either directly or indirectly observable.

Level 3:

Defined as inputs that are based on little or no observable market data, therefore requiring entities to develop their own assumptions.

Other financial assets and financial liabilities

The Company has determined that the carrying values of its short-term financial assets and financial liabilities, including cash, trade and other receivables, derivative financial assets, accounts payable and accrued liabilities and long-term obligations approximate their fair value because of their relatively short period to maturity.

Bonds and money market funds and derivative financial assets and financial liabilities are stated at fair value, determined by inputs that are primarily based on broker quotes at the reporting date (Level 2).

The fair value of the convertible unsecured senior notes, including the equity portion, as at November 30, 2020 was approximately $43,125 (Level 1) based on market quotes.

Share-based payment transactions

The fair value of the employee stock options is measured based on the Black-Scholes valuation model. Measurement inputs include share price on measurement date, exercise price of the instrument, expected volatility (based on weighted average historical volatility adjusted for changes expected due to publicly available information), weighted average expected life of the instruments (based on historical experience and general option holder behaviour), expected dividends, and the risk-free interest rate (based on government bonds). Service and non-market performance conditions attached to the transactions, if any, are not taken into account in determining fair value.

The DSU liability is recognized at fair value and considered Level 2 in the fair value hierarchy for financial instruments. The fair value is determined using the quoted price of the common shares of the Company.

Commitments

12 Months Ended

Nov. 30, 2020

Disclosure of commitments [abstract]

Commitments

26.	Commitments

(a)

Long-term procurement agreements and research agreements

The Company has long-term procurement agreements with third party suppliers in connection with the commercialization of

EGRIFTA SV

and Trogarzo

. As at November 30, 2020, the Company had outstanding purchase orders and minimum payments required under these agreements amounting to $14,042 (2019 – $20,311) for the manufacture of Trogarzo

EGRIFTA

and for various services.

The Company also has research commitments and outstanding clinical material purchase orders amounting to $586 in connection with the oncology platform and $1,217 in connection with a new formulation of tesamorelin and of a multi-dose pen injector developed for this new formulation.

(b)

Credit facilities

The Company has a CA$1,500 revolving credit facility bearing interest at Canadian prime rate plus 1% and a $1,000 revolving credit facility bearing interest at US prime rate plus 1%. The Company’s assets have been given as collateral to secure these credit facilities. As at November 30, 2020 and 2019, the Company did not have any borrowings outstanding under these facilities.

(c)

Licence agreement

On February 4, 2020, the Company entered into an amended and restated licence agreement with the Massachusetts General Hospital (“MGH”), as amended on April 15, 2020, in order to benefit from its assistance and knowledge for the development of tesamorelin for the potential treatment of Non-Alcoholic Steatohepatitis (“NASH”) in the general population. Under the terms of the amended agreement, the MGH, through Dr. Steven Grinspoon, will provide services related to the study design, selection of optimal patient population, dosing, study duration and other safety matters and participate, if need be, in regulatory meetings with the FDA or the EMA. In consideration, we agreed to make certain milestone payments to the MGH related to the development of tesamorelin and to pay a low single-digit royalty on all sales of

EGRIFTA

and

EGRIFTA SV

above a certain threshold amount. The payment of the royalty will begin upon approval by the FDA or the EMA (the first to occur) of an expanded label of tesamorelin for the treatment of any fatty liver disease, including Non-Alcoholic Fatty Liver Disease or NASH in the general population.

(d)

Post-approval commitments

In connection with the approval of Trogarzo

in Europe, we are required to conduct a pediatric investigation plan, or PIP, and a post-authorization efficacy study, or Registry. The PIP comprises two studies: the first one consists in evaluating the pharmacokinetics, pharmacodynamics, safety and tolerability of Trogarzo

in children from 6 to less than 18 years of age with HIV-1 infection in order to provide pharmacokinetics and pharmacodynamics data to support the extrapolation of efficacy from adults; and the second study is a modelling and simulation study to evaluate the use of Trogarzo

in the treatment of HIV-1 infection resistant to at least one agent in three different classes in children from 6 to less than 18 years of age. The Registry consists primarily in evaluating the long-term efficacy and durability of Trogarzo

in combination with other antiretrovirals by comparing the virologic, immunologic and clinical outcomes of patients receiving Trogarzo

treatment versus matched patients not receiving Trogarzo

. The study comprising the Registry should be conducted over a five-year period. The cost of the Registry, estimated to be approximately 4,000 Euros, will be borne as to 52% by TaiMed and as to 48% by the Company.

Operating segments

12 Months Ended

Nov. 30, 2020

Disclosure of operating segments [abstract]

Operating segments

27.	Operating segments

The Company has a single operating segment. As described in Note 3, almost all of the Company’s revenues are generated from one customer, RxCrossroads, which is domiciled in the United States.


	2020		2019

RxCrossroads	$	63,909	$	60,853

Others		2,144		2,363

	$	66,053	$	63,216

All of the Company’s non-current assets are located in Canada and Ireland, as is the Company’s head office. Of the Company’s non-current assets of $35,335, $34,006 are located in Canada and $1,329 are located in Ireland.

Related parties

12 Months Ended

Nov. 30, 2020

Related parties

28.	Related parties

The key management personnel of the Company are the directors, the President and Chief Executive Officer and all of the Senior Vice Presidents.

Key management personnel compensation comprises:


	2020		2019

Short-term employee benefits	$	2,384	$	2,016

Post-employment benefits		97		67

Share-based compensation		925		847

Termination benefits		864		-

	$	4,270	$	2,930

As at November 30, 2020, the key management personnel

controlled 1.4%

(2019 – 1.4%) of the voting shares of the Company and held 0.0% (2019 – 0.3%) of the convertible unsecured senior notes.

Subsequent event

12 Months Ended

Nov. 30, 2020

Disclosure of non-adjusting events after reporting period [abstract]

Subsequent event

29.	Subsequent event

On January 19, 2021, the Company completed a public offering for the sale and issuance of 16,727,900 units of the Company for a gross cash consideration of $46,002, including the full exercise of the over allotment option. Share issue costs are estimated at $3,334 resulting in net proceeds of $42,668.

Each unit is comprised of one common share of the Company and one-half of one common share purchase warrant of the Company (each whole warrant, a “Warrant”). Each Warrant entitles the holder to purchase one common share of the Company at an exercise price of $3.18 until January 19, 2024.

Significant accounting policies (Policies)

12 Months Ended

Nov. 30, 2020

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 consolidated financial statements.

Foreign currencies

Foreign operations

Revenue recognition

Revenue from contracts with customers – Net sales

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

and EGRIFTA

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.

Other production-related costs

Other production-related costs include unallocated indirect costs related to production as well as write-downs of inventories.

Amortization of the other asset

The amortization of the other asset relates to the repurchase of the future royalty rights under the 2013 Termination Agreement (Note 13).

Employee benefits

Salaries and short-term employee benefits

Post-employment benefits

Termination benefits

Finance income and finance costs

Inventories

Property and equipment

Recognition and measurement

Construction in progress assets are capitalized during construction and depreciation commences when the asset is available for use.

When parts of an item of property and equipment have different useful lives, they are accounted for as separate items (major components) of property and equipment.

Subsequent costs

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		20%
	and straight-line		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.

During the years ended November 30, 2020 and 2019, no development expenditures were capitalized.

Commercialization rights and oncology platform

EGRIFTA

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 and the oncology platform will be amortized over their estimated useful lives on a straight-line basis when the assets are available for use.

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

Other asset

Impairment of non-financial assets

Financial instruments

(i)

Financial assets measured at amortized cost

•

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

•

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; and

•

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 bonds as financial assets measured at FVOCI.

(iii)

Financial assets measured at fair value through profit or loss

(iv)

Financial liabilities

Financial liabilities are classified into the following categories:

•

Financial liabilities at fair value through profit or loss

•

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

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

(vi)

Derivative financial instruments

(vii) Offsetting of financial instruments

(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; and

•

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.

Leases

Policy applicable effective December 1, 2019

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.

The details of the new significant accounting policies in relation to the Company’s leases are set out below.

Right-of-use assets

•

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; and

•

Lease liabilities

Classification and presentation of lease-related expenses

Policy applicable before December 1, 2019

Operating lease payments are recognized in net loss on a straight-line basis over the term of the lease.

Provisions

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

Contingent liability

Income taxes

Current tax

Deferred tax

Share-based compensation

Share option plan

Deferred stock unit plan

Cash Settled stock appreciation rights

Cash-settled stock appreciation rights

The 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

Government assistance

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

Share capital

Common shares

Common shares are classified as equity.

Transaction costs

Costs directly attributable to the issue of common shares are recognized in equity, net of any tax effects.

Earnings per share

Standards issued but not yet effective

The following amended standards and interpretations are not expected to have a significant impact on the Company’s consolidated financial statements:

●

Amendments to References to Conceptual Framework in IFRS and;

●

Definition of Material (Amendments to IAS 1,

Presentation of Financial Statements

, and IAS 8,

Accounting Policies, Changes in Accounting Estimates and Errors

Basis of preparation (Tables)

12 Months Ended

Nov. 30, 2020

Text Block [Abstract]

Disclosure of impacts of adoption of consolidated statement of financial position

The following table summarizes the impacts of adopting IFRS 16 on the Company’s consolidated statement of financial position as at December 1, 2019:


Impact of adopting IFRS 16 as at December 1, 2019	Increase (decrease)

Assets

Non-current assets:
Right-of-use of assets	$	2,954

Total assets	$	2,954

Liabilities

Non-current liabilities:
Lease liabilities	$	3,192
Other liabilities		(238	)

Total liabilities	$	2,954

(i)

(ii)

Deferred lease inducements related to previous operating leases were derecognized.

Reconciliation of operating lease commitment to operating lease liabilities

The lease liabilities as at December 1, 2019 can be reconciled to the operating lease commitments as at November 30, 2019 as follows:


Reconciliation of operating lease commitment to operating lease liabilities

Operating lease commitments as at November 30, 2019 Effect of discounting	$	4,035 (843)

Discounted lease liabilities as at December 1, 2019	$	3,192

Significant accounting policies (Tables)

12 Months Ended

Nov. 30, 2020

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

Revenue (Tables)

12 Months Ended

Nov. 30, 2020

Text Block [Abstract]

Summary of net sales by product

Net sales by product were as follows:


	2020		2019

EGRIFTA ® net sales	$	35,399	$	35,520

Trogarzo ® net sales		30,654		27,696

	$	66,053	$	63,216

Summary of revenue by geographical area

Net sales by geography were as follows:


	2020		2019

Canada	$	354	$	295

United States		65,455		62,921

Europe		244		-

	$	66,053	$	63,216

Personnel expenses (Tables)

12 Months Ended

Nov. 30, 2020

Text Block [Abstract]

Summary of detailed information about personnel expenses


	Note		2020		2019

Salaries and short-term employee benefits			$	7,564	$	5,402

Post-employment benefits				458		295

Share-based compensation		20(b),(e)		1,297		1,059

Termination benefits				876		87

			$	10,195	$	6,843

Finance income and finance costs (Tables)

12 Months Ended

Nov. 30, 2020

Text Block [Abstract]

Summary of detailed information about finance income and cost


	Note		2020			2019

Interest income			$	299		$	1,097

Finance income				299			1,097

Accretion expense		16, 17, 18		(2,056	)		(1,673	)

Interest on convertible unsecured senior notes				(3,306	)		(3,317	)

Bank charges				(40	)		(39	)

Net foreign currency gain (loss)				418			(45	)

Loss on financial instruments carried at fair value				(9	)		(6	)

Finance costs				(4,993	)		(5,080	)

Net finance cost recognized in net profit or loss			$	(4,694	)	$	(3,983	)

Bonds and money market funds (Tables)

12 Months Ended

Nov. 30, 2020

Text Block [Abstract]

Detailed Information About Bonds And Money Market Funds


	2020			2019

Bonds	$	634		$	5,246
Money market funds		7,397			7,337

		8,031			12,583

Current portion		(8,031	)		(11,964	)

Non-current portion	$	-		$	619

Trade and other receivables (Tables)

12 Months Ended

Nov. 30, 2020

Text Block [Abstract]

Summary of detailed information about trade and other receivables


	2020		2019

Trade receivables	$	10,947	$	9,538

Sales tax receivable		407		253

Other receivables		1,076		325

	$	12,430	$	10,116

Tax credits and grants receivable (Tables)

12 Months Ended

Nov. 30, 2020

Schedule Of Information About Unused And Unrecorded Non Refundable Federal Tax Credit [Abstract]

Disclosure Details Of Tax Credits Roll Forward


	2020

Balance as at November 30, 2019	$	-

Tax credits and grants recognized in net loss		749

Effect of change in exchange rates		6

Balance as at November 30, 2020	$	755

Summary of information about unused and unrecorded non refundable federal tax credit

The Company has unused and unrecorded non-refundable federal tax credits which may be used to reduce future federal income tax payable and expire as follows:



2024	$	458

2025		1,365

2026		1,676

2027		2,309

2028		2,561

2029		1,726

2030		855

2031		598

2032		313

2033		207

2039		193

2040		454

	$	12,715

Inventories (Tables)

12 Months Ended

Nov. 30, 2020

Classes of current inventories [abstract]

Summary of detailed information about inventories


	2020		2019

Raw materials	$	2,290	$	3,011

Work in progress		488		2,467

Finished goods		22,367		15,451

	$	25,145	$	20,929

Property and equipment (Tables)

12 Months Ended

Nov. 30, 2020

Disclosure of detailed information about property, plant and equipment [abstract]

Summary of information about property plant equipment


	Computer equipment			Laboratory equipment		Office furniture and equipment			Leasehold improvements		Total

Cost
Balance as at November 30, 2018	$	82		$	47	$	75		$	52	$	256
Additions		206			60		313			590		1,169
Disposals		(57	)		-		(54	)		-		(111	)

Balance as at November 30, 2019	$	231		$	107	$	334		$	642	$	1,314

Additions		41			-		-			-		41

Balance as at November 30, 2020	$	272		$	107	$	334		$	642	$	1,355

Accumulated depreciation
Balance as at November 30, 2018	$	66		$	25	$	64		$	-	$	155
Depreciation		78			7		48			66		199
Disposals		(57	)		-		(54	)		-		(111	)

Balance as at November 30, 2019	$	87		$	32	$	58		$	66	$	243

Depreciation		75			18		56			98		247

Balance as at November 30, 2020	$	162		$	50	$	114		$	164	$	490

Net carrying amounts

November 30, 2020	$	110		$	57	$	220		$	478	$	865

November 30, 2019	$	144		$	75	$	276		$	576	$	1,071

Right-of-use assets (Tables)

12 Months Ended

Nov. 30, 2020

Disclosure of right Of use Asset [Abstract]

Summary of right of use assets


	2020

Balance as at November 30, 2019	$	-

Impact of initial adoption of IFRS 16 (Note 1(a))		2,954

Amortization		(441	)

Effect of change in exchange rates		105

Balance as at November 30, 2020	$	2,618

Intangible assets (Tables)

12 Months Ended

Nov. 30, 2020

Disclosure of detailed information about intangible assets [abstract]

Schedule of Intangible Assets


	Commercialization rights – Trogarzo ® North American Territory		Commercialization rights – Trogarzo ® European Territory		Commercialization rights – EGRIFTA SV ®		Oncology platform		Total

Cost

Balance as at November 30, 2018	$	5,207	$	3,055	$	14,041	$	-		22,303

Additions		6,765		4,557				3,449		14,771

Balance as at November 30, 2019 and 2020	$	11,972	$	7,612	$	14,041	$	3,449		37,074

Accumulated amortization

Balance as at November 30, 2018	$	257	$	-	$	6,925	$	-		7,182

Amortization		901		-		1,511		-		2,412

Balance as at November 30, 2019	$	1,158	$	-	$	8,436	$	-		9,594

Amortization		1,055		384		1,512		-		2,951

Balance as at November 30, 2020	$	2,213	$	384	$	9,948	$	-		12,545

Net carrying amounts

November 30, 2020	$	9,759	$	7,228	$	4,093	$	3,449		24,529

November 30, 2019	$	10,814	$	7,612	$	5,605	$	3,449		27,480

Schedule of Commercial Milestone Payment

As further consideration under the TaiMed Agreement, the Company shall make the following one-time payments upon the first occurrence of the following commercial events:


Commercial milestone	Note	Commercial milestone payment

(i) Achieving aggregate net sales of $20,000 over four consecutive quarters of the Company’s financial year	16	$7,000 (paid in 2019 and 2020)

(ii) Upon first achieving annual net sales of $200,000		$10,000

(iii) Upon first achieving annual net sales of $500,000		$40,000

(iv) Upon first achieving annual net sales of $1,000,000		$100,000

Other asset (Tables)

12 Months Ended

Nov. 30, 2020

Text Block [Abstract]

Summary of other asset



Cost

Balance as at November 30, 2018, 2019 and 2020	$	19,530

Accumulated amortization

Balance as at November 30, 2018	$	2,442

Amortization		4,884

Balance as at November 30, 2019	$	7,326

Amortization		4,881

Balance as at November 30, 2020	$	12,207

Net carrying amounts

November 30, 2020	$	7,323

November 30, 2019	$	12,204

Accounts Payable and accured liabilities (Tables)

12 Months Ended

Nov. 30, 2020

Trade and other payables [abstract]

Accounts payable and accrued liabilities


	Note		2020		2019

Trade payables			$	17,510	$	13,106

Accrued liabilities and other payables				13,911		15,028

Salaries and benefits due to key management personnel		28		776		555

Employee salaries and benefits payable				724		473

Liability related to deferred stock unit plan		20(b)		508		625

Accrued interest payable on convertible unsecured senior notes		17		1,386		1,386

			$	34,815	$	31,173

Provisions (Tables)

12 Months Ended

Nov. 30, 2020

Disclosure of other provisions [abstract]

Summary of provision


	Chargebacks and rebates			Returns			Other			Total

Balance as at December 1, 2018	$	895		$	119		$	-		$	1,014

Provisions made		10,818			174			55			11,047

Provisions used		(9,531)			(46)			-			(9,577)

Balance as at November 30, 2019	$	2,182		$	247		$	55		$	2,484

Provisions made		10,314			948			2,973			14,235

Provisions used		(10,818	)		(935	)		(3,019	)		(14,772	)

Balance as at November 30, 2020	$	1,678		$	260		$	9		$	1,947

Long-term obligations (Tables)

12 Months Ended

Nov. 30, 2020

Disclosure Of Detailed Information About Long Term Obligation [Abstract]

Summary of movement in the long-term obligation

The movement in the long-term obligations is as follows.


	Commercialization rights – Trogarzo ® North American Territory		Commercialization rights – Trogarzo ® European Territory		Total

Balance as at November 30, 2018	$	-	$	-	$	-

Additions		6,765		4,557		11,322

Accretion expense		152		13		165

Payment		(3,500)		-		(3,500)

Balance as at November 30, 2019		3,417		4,570		7,987

Accretion expense		83		96		179

Payment		(3,500)		-		(3,500)

Current portion as at November 30, 2020	$	-	$	4,666	$	4,666

Convertible unsecured senior notes (Tables)

12 Months Ended

Nov. 30, 2020

Convertible Senior Notes [Abstract]

Summary of deferred tax related to equity component of convertible notes

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



Proceeds allocated to liability component	$	51,122

Transaction costs related to liability		(2,517	)

As at June 19, 2018 (date of issuance)		48,605

Accretion expense		628

Convertible unsecured senior notes as at November 30, 2019		50,741

Accretion expense		1,662

Convertible unsecured senior notes as at November 30, 2020	$	52,403

Leases liabilities (Tables)

12 Months Ended

Nov. 30, 2020

Disclosure of Lease Liabilities [Abstract]

Disclosure of Lease Liabilities [Table Text Block]


	Carrying value

Balance as at December 1, 2019	$	3,192

Accretion expense		215

Lease payments		(568	)

Effect of change in exchange rates		141

Balance as at November 30, 2020		2,980

Current portion		(425	)

Non-current portion	$	2,555

Other liabilities (Tables)

12 Months Ended

Nov. 30, 2020

Other Liabilities [Abstract]

Summary of other liabilities


	Note		2020		2019

Deferred lease inducements			$	-	$	238

Stock appreciation rights		20(c)		41		28

			$	41	$	266

Share capital (Tables)

12 Months Ended

Nov. 30, 2020

Share Capital [Line Items]

Summary of the grant date weighted average fair value of SARs granted

The following table summarizes the grant date weighted average fair value of SARs granted during the year ended November 30, 2019. No SARs were granted in 2020.


	Number of SARs			Weighted average grant date fair value

2019		40,000	$		1.31 (CA$1.70)

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$

Options as at December 1, 2018		2,172,705			3.15		2.37

Granted		406,400			8.19		6.20

Expired		(88,489	)		6.07		4.56

Exercised (share price: CA$7.78 (US$5.82))		(74,832	)		1.96		1.46

Options outstanding as at November 30, 2019		2,415,784		$	3.94	$	2.96

Granted – CA$		1,077,721			3.06		2.25

Forfeited and expired – CA$		(229,812	)		4.72		3.47

Exercised (share price: CA$8.65 (US$6.57))		(60,000	)		3.38		2.40

Options outstanding as at November 30, 2020 – CA$		3,203,693			3.59		2.76

Options granted and outstanding as at November 30, 2020 – US$		12,500			-		2.35

Options exercisable as at November 30, 2020 – CA$		2,063,672			3.43		2.64

Options exercisable as at November 30, 2019 – CA$		1,864,727		$	2.69	$	2.02

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.


	Measurement date as at November 30, 2020

Risk-free interest rate		0.67%

Expected volatility		64.6%

Average option life in years		6.25 years

Grant-date share price		$2.31 (CA$3.00)

Option exercise price		$2.31 (CA$3.00)

Summary of the following table provides stock option information

The following table provides stock option information as at November 30, 2020

(options exercisable in CA$)


Price range			Number of options outstanding		Weighted average remaining life		Weighted average exercise price
CA$	US$				(years)	CA$	US$

0.25 – 1.19		0.19 – 0.92		814,660	2.95	0.64	0.49

2.01 – 3.75		1.55 – 2.89		1,521,721	8.03	2.72	2.10

3.76 – 6.00		2.89 – 4.62		230,000	6.35	5.96	4.59

6.01 – 9.00		4.62 – 6.93		424,000	8.03	8.06	6.20

9.01 – 10.00		6.93 – 1.70		213,312	7.35	9.56	7.36

				3,203,693	6.57	3.59	2.76

The following table provides stock option information as at November 30, 2020

(options exercisable in US$)

Price range

Number of

options
outstanding

Weighted
average
remaining
life

Weighted
average
exercise
price

US$

(years)

US$

1.55 – 2.89

12,500

10.0

2.35

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

Accumulated other comprehensive income (loss)


	2020			2019

Unrealized losses on FVOCI financial assets, net of tax	$	2		$	(12)

Cumulative exchange difference on translation of foreign operations		(483	)		33

	$	(481	)	$	21

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 stock options granted during the years ended November 30, 2020 and 2019.


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

2020	1,077,721	$	1.71 (CA$2.22)

2019	406,400	$	3.69 (CA$4.92)


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

2020	12,500	$	2.35

Summary of earnings per share calculation


	2020		2019

Issued common shares as at December 1		76,953,411		76,877,679

Effect of share options exercised		38,224		49,920

Effect of public issue common shares		-		688

Weighted average number of common shares, basic and diluted		76,991,635		76,928,287

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

The fair value of options granted in 2020 and 2019 was estimated at the grant date using the Black-Scholes model and the following weighted average assumptions.


Options exercisable in CA$		2020		2019

Risk-free interest rate		0.95%			2.15%

Expected volatility		74%			57%

Average option life in years		8.5 years			8 years

Grant-date share price	$	2.35 (CA$3.05)	$		6.15 (CA$8.19)

Option exercise price	$	2.35 (CA$3.05)	$		6.15 (CA$8.19)


Options exercisable in US$		2020

Risk-free interest rate			0.74%

Expected volatility			78%

Average option life in years			8.5 years

Grant-date share price	$		2.35

Option exercise price	$		2.35

Income taxes (Tables)

12 Months Ended

Nov. 30, 2020

Major components of tax expense (income) [abstract]

Summary of major component of income tax and deferred tax explanatory

The following table presents the components of the current and deferred tax expenses (recovery).


	2020			2019

Current tax expense	$	16		$	-

Deferred tax expense (recovery)

Origination and reversal of temporary differences	$	(4,890	)	$	(2,484	)

Change in unrecognized deductible temporary differences		4,890			2,484

Total deferred tax expense (recovery)	$	-		$	-

Total current and deferred tax expense	$	16		$	-

Summary of reconciliation between effective and income tax amounts explanatory

Reconciliation between effective and applicable tax amounts


	2020			2019

Income taxes at domestic tax statutory rate	$	(6,004	)	$	(3,325	)

Change in unrecognized deductible temporary differences		4,890			2,484

Impact of differences in statutory tax rates		742			518

Non-deductible expenses and other		388			323

	$	16		$	-

Summary of temporary difference, unused tax losses and unused tax credits

As at November 30, unrecognized deferred tax assets were as follows.


	2020		2019

Research and development expenses	$	24,924	$	23,262

Non-capital losses		31,725		30,470

Property and equipment		242		282

Intellectual property and patent fees		2,952		2,900

Available deductions and other		5,045		3,335

	$	64,888	$	60,249

Summary of amounts and expiry dates of tax attributes carry forward explanatory

As at November 30, 2020 and 2019, the amounts and expiry dates of Canadian tax attributes for which no deferred tax asset was recognized were as follows:


			2020				2019
	Federal		Provincial		Federal		Provincial

Research and development expenses, without time limitation	$	85,792	$	104,822	$	79,698	$	98,321

Losses carried forward

2027		5,760		5,753		414		407

2028		35,640		17,347		34,876		16,975

2029		14,993		12,672		14,671		12,400

2030		8,803		8,800		8,614		8,611

2031		18,129		16,092		17,740		15,748

2032		12,282		11,278		12,019		11,036

2033		8,826		8,742		8,636		8,555

2034		8,082		8,011		7,909		7,839

2037		7,212		7,126		7,057		6,973

2038		2,104		2,025		1,964		1,886

2039		1,386		1,347		6,024		5,952

2040		6,928		6,921		-		-

Other temporary differences, without time limitation

Excess of tax value of property and equipment over carrying value		959		870		1,128		998

Excess of tax value of intellectual property and patent fees over carrying value		11,136		11,131		10,897		10,892

Available deductions and other		50,470		7,619		43,291		1,430

Supplemental cash flow disclosures (Tables)

12 Months Ended

Nov. 30, 2020

Supplemental cash flow disclosures [abstract]

Summary of supplemental cash flow disclosures

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


	2020		2019

Additions to property and equipment included in accounts payable and accrued liabilities	$	12	$	3

Additions to intangible assets included in accounts payable and accrued liabilities		-		9

Additions to intangible assets included in long-term obligations		-		7,822

Additions to intangible assets included in contributed surplus		-		1,028

Issuance of shares in connection with acquisitions of intangible assets		-		5

Initial recognition of right-of-use assets and lease liabilities		3,192		-

Reclassification of other liabilities to right-of-use-assets		238		-

Financial instruments (Tables)

12 Months Ended

Nov. 30, 2020

Disclosure of detailed information about financial instruments [abstract]

Summary of maturity analysis for non-derivative financial liabilities


									2020
	Carrying amount		Total contractual amount		Less than 1 year		From 1 to 2 years		More than 3 years

Accounts payable and accrued liabilities	$	34,815		34,815	$	34,815	$	-	$	-

Convertible unsecured senior notes, including interest		52,403		67,419		3,306		64,113		-

Long-term obligations		4,666		5,000		5,000		-		-

Lease liabilities		2,980		3,640		621		1,267		1,752

	$	94,864	$	110,874	$	43,742	$	65,380	$	1,752


									2019
	Carrying amount		Total contractual amount		Less than 1 year		From 1 to 2 years		More than 3 years

Accounts payable and accrued liabilities	$	31,173		31,173	$	31,173	$	-	$	-

Convertible unsecured senior notes, including interest		50,741		70,725		3,306		6,613		60,806

Long-term obligations		7,987		8,500		3,500		5,000		-

	$	89,901	$	110,398	$	37,979	$	11,613	$	60,806

Summary of currency risk exposure explanatory


		2020				2019
	CA$	EURO			CA$	EURO

Cash	871		36		740	533

Bonds and money market funds	821		-		6,982	-

Trade and other receivables	522		1,052		328	447

Tax credits and grants receivable	942		25		-	-

Accounts payables and accrued liabilities	(4,937)		(4,496	)	(5,101)	(793)

Lease liabilities	(2,109)		(1,138	)	-	-

Total exposure	(3,890)		(4,521	)	2,949	187

Summary of applicable exchange rates explanatory

The following exchange rates are those applicable as at November 30, 2020 and 2019.


			2020		2019
	Average rate		Reporting date rate	Average rate	Reporting date rate

CA$ – US$		0.7445	0.7695	0.7524	0.7530

Euro – US$		1.1325	1.1928	1.1217	1.1018

Disclosure of effect of changes in foreign exchange rates


		2020		2019
	CA$	EURO	CA$	EURO

Positive impact	(195)	(226)	147	9

Operating segments (Tables)

12 Months Ended

Nov. 30, 2020

Disclosure of operating segments [abstract]

Summary of operating segments


	2020		2019

RxCrossroads	$	63,909	$	60,853

Others		2,144		2,363

	$	66,053	$	63,216

Related parties (Tables)

12 Months Ended

Nov. 30, 2020

Summary of key management personnel compensation comprises

Key management personnel compensation comprises:


	2020		2019

Short-term employee benefits	$	2,384	$	2,016

Post-employment benefits		97		67

Share-based compensation		925		847

Termination benefits		864		-

	$	4,270	$	2,930

Basis of preparation - Disclosure of impacts of adoption of consolidated statement of financial position (Detail) - USD ($) $ in Thousands	Nov. 30, 2020	Dec. 01, 2019	Nov. 30, 2019
Non-current assets:
Right-of-use of assets	$ 2,618	$ 2,954	$ 0
Total assets	100,142	2,954	117,555
Non-current liabilities:
Lease liabilities	2,980	3,192	3,192
Other liabilities		(238)
Total liabilities	$ 96,918	$ 2,954	$ 92,721

Basis of preparation - Disclosure of impacts of adoption of consolidated statement of financial position (Parenthetical) (Detail) - USD ($) $ in Thousands	Nov. 30, 2020	Dec. 01, 2019	Nov. 30, 2019
Disclosure of expected impact of initial application of new standards or interpretations [line items]
Lease liabilitites	$ 2,980	$ 3,192	$ 3,192
Right of use assets	2,618	2,954	0
Deficit	$ (300,129)	$ 0	$ (277,462)

Basis of preparation - Reconciliation of operating lease commitment to operating lease liabilities (Detail) - USD ($) $ in Thousands	Dec. 01, 2019	Nov. 30, 2019
Reconciliation of operating lease commitment to operating lease liabilities (line item)
Operating lease commitments as at November 30, 2019		$ 4,035
Effect of discounting	$ (843)
Discounted lease liabilities as at December 1, 2020	$ 3,192

Basis of preparation - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2020	Dec. 01, 2019
Basis of Presentation [Line Items]
Weighted average incremental borrowing rate		7.10%
Canadian Emergency Wage Subsidy Program [Member]
Basis of Presentation [Line Items]
Other income (expense) from subsidiaries	$ 453

Significant accounting policies - Summary of methods of depreciation (Detail)	12 Months Ended
	Nov. 30, 2020
Computer equipment
Disclosure of detailed information about property, plant and equipment [line items]
Depreciation method, property, plant and equipment	Declining balance
Depreciation rate, property, plant and equipment	50.00%
Laboratory equipment
Disclosure of detailed information about property, plant and equipment [line items]
Depreciation method, property, plant and equipment	Declining balance and straight-line
Depreciation rate, property, plant and equipment	20.00%
Useful life measured as period of time, property, plant and equipment	5 years
Office furniture and equipment
Disclosure of detailed information about property, plant and equipment [line items]
Depreciation method, property, plant and equipment	Declining balance
Depreciation rate, property, plant and equipment	20.00%
Leasehold improvements
Disclosure of detailed information about property, plant and equipment [line items]
Depreciation method, property, plant and equipment	Straight-line
Description of useful life, property, plant and equipment	Lower of lease term and economic life

Significant accounting policies - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2020	Nov. 30, 2019
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
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

Revenue - Schedule of net sale by product (Detail) - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2020	Nov. 30, 2019
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue	$ 66,053	$ 63,216
Europe
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue	244
EGRIFTA® net sales \| Europe
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue	35,399	35,520
Trogarzo® net sales \| Europe
Disclosure of disaggregation of revenue from contracts with customers [line items]
Revenue	$ 30,654	$ 27,696

- 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 2020-01-01
-Paragraph 28
-Subparagraph a
-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2020-en-r&anchor=para_28_a&doctype=Standard
-URIDate 2020-01-01

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 8
-IssueDate 2020-01-01
-Paragraph 23
-Subparagraph a
-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2020-en-r&anchor=para_23_a&doctype=Standard
-URIDate 2020-01-01

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 8
-IssueDate 2020-01-01
-Paragraph 32
-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2020-en-r&anchor=para_32&doctype=Standard
-URIDate 2020-01-01

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 8
-IssueDate 2020-01-01
-Paragraph 33
-Subparagraph a
-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2020-en-r&anchor=para_33_a&doctype=Standard
-URIDate 2020-01-01

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 8
-IssueDate 2020-01-01
-Paragraph 34
-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=8&code=ifrs-tx-2020-en-r&anchor=para_34&doctype=Standard
-URIDate 2020-01-01

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Name IAS
-Number 1
-IssueDate 2020-01-01
-Paragraph 82
-Subparagraph a
-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=1&code=ifrs-tx-2020-en-r&anchor=para_82_a&doctype=Standard
-URIDate 2020-01-01

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Name IAS
-Number 1
-IssueDate 2020-01-01
-Paragraph 103
-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=1&code=ifrs-tx-2020-en-r&anchor=para_103&doctype=Standard
-URIDate 2020-01-01

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Name IAS
-Number 1
-IssueDate 2020-01-01
-Paragraph 102
-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IAS&num=1&code=ifrs-tx-2020-en-r&anchor=para_102&doctype=Standard
-URIDate 2020-01-01

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 5
-IssueDate 2020-01-01
-Paragraph 33
-Subparagraph b
-Clause i
-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=5&code=ifrs-tx-2020-en-r&anchor=para_33_b_i&doctype=Standard
-URIDate 2020-01-01

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name IFRS
-Number 12
-IssueDate 2020-01-01
-Paragraph B12
-Subparagraph b
-Clause v
-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=12&code=ifrs-tx-2020-en-r&anchor=para_B12_b_v&doctype=Appendix&subtype=B
-URIDate 2020-01-01

Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Name IFRS
-Number 12
-IssueDate 2020-01-01
-Paragraph B10
-Subparagraph b
-URI http://eifrs.ifrs.org/eifrs/xifrs-link?type=IFRS&num=12&code=ifrs-tx-2020-en-r&anchor=para_B10_b&doctype=Appendix&subtype=B
-URIDate 2020-01-01

+ Details

Revenue - Schedule of disaggregation revenue by geographical area (Detail) - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2020	Nov. 30, 2019
Disaggregation Of Revenue By Geographical Area [Line Items]
Revenue	$ 66,053	$ 63,216
Canada [Member]
Disaggregation Of Revenue By Geographical Area [Line Items]
Revenue	354	295
United States [Member]
Disaggregation Of Revenue By Geographical Area [Line Items]
Revenue	65,455	$ 62,921
Europe
Disaggregation Of Revenue By Geographical Area [Line Items]
Revenue	$ 244

- Definition

+ References

+ Details

Personnel expenses - Summary of detailed information about personnel expenses (Detail) - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2020	Nov. 30, 2019
Disclosure Of Personnel Expenses Explanatory [Abstract]
Salaries and short-term employee benefits	$ 7,564	$ 5,402
Post-employment benefits	458	295
Share-based compensation	1,297	1,059
Termination benefits	876	87
Employee benefits expense	$ 10,195	$ 6,843

Finance income and finance costs - Summary of detailed information about finance income and cost (Detail) - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2020	Nov. 30, 2019
Schedule Of Detail Information About Finance Income And Costs [Abstract]
Interest income	$ 299	$ 1,097
Finance income	299	1,097
Accretion expense	(2,056)	(1,673)
Interest on convertible unsecured senior notes	(3,306)	(3,317)
Bank charges	(40)	(39)
Net foreign currency gain (loss)	418	(45)
Loss on financial instruments carried at fair value	(9)	(6)
Finance costs	(4,993)	(5,080)
Net finance cost recognized in net profit or loss	$ (4,694)	$ (3,983)

Bonds and money market funds - Summary of detailed information about bonds and money market funds (Detail) - USD ($) $ in Thousands	Nov. 30, 2020	Nov. 30, 2019
Schedule Of Detailed Information About Bonds And Money Market Funds Abstract [Abstract]
Bonds	$ 634	$ 5,246
Money market funds	7,397	7,337
Bonds and money market funds	8,031	12,583
Current portion	$ (8,031)	(11,964)
Non-current portion		$ 619

Bonds and money market funds - Additional information (Detail)	12 Months Ended
	Nov. 30, 2020	Nov. 30, 2019
Disclosure of detailed information about Financial Assets [Line Items]
Average maturity period	21 days	6 months
Bottom of range
Disclosure of detailed information about Financial Assets [Line Items]
Stated interest rate	2.20%	1.70%
Top of range
Disclosure of detailed information about Financial Assets [Line Items]
Stated interest rate	4.10%	4.80%

Trade and other receivables -Summary of detailed information about trade and other receivables (Detail) - USD ($) $ in Thousands	Nov. 30, 2020	Nov. 30, 2019
Schedule of Detailed Information About Trade and Other Receivables [Abstract]
Trade receivables	$ 10,947	$ 9,538
Sales tax receivable	407	253
Other receivables	1,076	325
Total	$ 12,430	$ 10,116

Tax credits and grants receivable - Disclosure Details Of Tax Credits Roll Forward (Detail) $ in Thousands	12 Months Ended
	Nov. 30, 2020 USD ($)
Disclosure of tax credit receivable [Line Items]
Beginning balance	$ 0
Tax credits and grants recognized in net loss	749
Effect of change in exchange rates	6
Ending balance	$ 755

Tax credits and grants receivable - Summary of information about unused and unrecorded non refundable federal tax credit (Detail) - Unused tax credits $ in Thousands	Nov. 30, 2020 USD ($)
Statement [line items]
Deferred tax assets	$ 12,715
Income tax expire 2024
Statement [line items]
Deferred tax assets	458
Income tax expire 2025
Statement [line items]
Deferred tax assets	1,365
Income tax expire 2026
Statement [line items]
Deferred tax assets	1,676
Income tax expire 2027
Statement [line items]
Deferred tax assets	2,309
Income tax expire 2028
Statement [line items]
Deferred tax assets	2,561
Income tax expire 2029
Statement [line items]
Deferred tax assets	1,726
Income tax expire 2030
Statement [line items]
Deferred tax assets	855
Income tax expire 2031
Statement [line items]
Deferred tax assets	598
Income tax expire 2032
Statement [line items]
Deferred tax assets	313
Income tax expire 2033
Statement [line items]
Deferred tax assets	207
Income tax expire 2039
Statement [line items]
Deferred tax assets	193
Income tax expire 2040
Statement [line items]
Deferred tax assets	$ 454

Inventories - Summary of detailed information about inventories (Detail) - USD ($) $ in Thousands	Nov. 30, 2020	Nov. 30, 2019
Classes of current inventories [abstract]
Raw materials	$ 2,290	$ 3,011
Work in progress	488	2,467
Finished goods	22,367	15,451
Total Inventories	$ 25,145	$ 20,929

Inventories - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2020	Nov. 30, 2019
Statement [line items]
Inventory writedown	$ 917	$ 16
Provision of inventories	660
Cost of sales
Statement [line items]
Inventory writedown	910	0
Cost of goods sold
Statement [line items]
Inventory writedown	$ 7	$ 16

Property and equipment - Summary of information about property plant equipment (Detail) - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2020	Nov. 30, 2019
Cost
Beginning Balance	$ 1,071
Ending Balance	865	$ 1,071
Net carrying amounts
Property and equipment	865	1,071
Cost
Cost
Beginning Balance	1,314	256
Additions	41	1,169
Disposals		(111)
Ending Balance	1,355	1,314
Net carrying amounts
Property and equipment	1,355	256
Accumulated depreciation
Accumulated depreciation
Beginning Balance	243	155
Depreciation	247	199
Disposals		(111)
Ending Balance	490	243
Computer equipment
Cost
Beginning Balance	144
Ending Balance	110	144
Net carrying amounts
Property and equipment	144	144
Computer equipment \| Cost
Cost
Beginning Balance	231	82
Additions	41	206
Disposals		(57)
Ending Balance	272	231
Net carrying amounts
Property and equipment	272	82
Computer equipment \| Accumulated depreciation
Accumulated depreciation
Beginning Balance	87	66
Depreciation	75	78
Disposals		(57)
Ending Balance	162	87
Laboratory equipment
Cost
Beginning Balance	75
Ending Balance	57	75
Net carrying amounts
Property and equipment	75	75
Laboratory equipment \| Cost
Cost
Beginning Balance	107	47
Additions		60
Ending Balance	107	107
Net carrying amounts
Property and equipment	107	47
Laboratory equipment \| Accumulated depreciation
Accumulated depreciation
Beginning Balance	32	25
Depreciation	18	7
Ending Balance	50	32
Office furniture and equipment
Cost
Beginning Balance	276
Ending Balance	220	276
Net carrying amounts
Property and equipment	276	276
Office furniture and equipment \| Cost
Cost
Beginning Balance	334	75
Additions		313
Disposals		(54)
Ending Balance	334	334
Net carrying amounts
Property and equipment	334	75
Office furniture and equipment \| Accumulated depreciation
Accumulated depreciation
Beginning Balance	58	64
Depreciation	56	48
Disposals		(54)
Ending Balance	114	58
Leasehold improvements
Cost
Beginning Balance	576
Ending Balance	478	576
Net carrying amounts
Property and equipment	576	576
Leasehold improvements \| Cost
Cost
Beginning Balance	642	52
Additions		590
Ending Balance	642	642
Net carrying amounts
Property and equipment	642	52
Leasehold improvements \| Accumulated depreciation
Accumulated depreciation
Beginning Balance	66
Depreciation	98	66
Ending Balance	$ 164	$ 66

Right-of-use assets - Disclosure of right of use asset (Detail) $ in Thousands	12 Months Ended
	Nov. 30, 2020 USD ($)
Disclosure of right Of use Asset [Abstract]
Beginning balance	$ 0
Impact of initial adoption of IFRS 16 (Note 1(a))	2,954
Amortization	(441)
Effect of change in exchange rates	105
Ending balance	$ 2,618

Intangible asset - Summary of Intangible Assets (Detail) - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2020	Nov. 30, 2019
Cost
Beginning Balance	$ 27,480
Ending Balance	24,529	$ 27,480
Net carrying amounts
Intangible assets	24,529	27,480
Cost
Cost
Beginning Balance	37,074	22,303
Additions		14,771
Ending Balance	37,074	37,074
Net carrying amounts
Intangible assets	37,074	22,303
Cost \| Commercialization Rights Trogarzo North America
Cost
Beginning Balance	11,972	5,207
Additions		6,765
Ending Balance	11,972	11,972
Net carrying amounts
Intangible assets	11,972	5,207
Cost \| Commercialization rights- Trogarzo®European Territory
Cost
Beginning Balance	7,612	3,055
Additions		4,557
Ending Balance	7,612	7,612
Net carrying amounts
Intangible assets	7,612	3,055
Cost \| Commercialization rights – EGRIFTA SV®
Cost
Beginning Balance	14,041	14,041
Ending Balance	14,041	14,041
Net carrying amounts
Intangible assets	14,041	14,041
Cost \| Oncology Platform
Cost
Beginning Balance	3,449
Additions		3,449
Ending Balance	3,449	3,449
Net carrying amounts
Intangible assets	3,449	3,449
Accumulated amortization
Accumulated amortization
Beginning balance	9,594	7,182
Amortization	2,951	2,412
Ending Balance	12,545	9,594
Accumulated amortization \| Commercialization Rights Trogarzo North America
Accumulated amortization
Beginning balance	1,158	257
Amortization	1,055	901
Ending Balance	2,213	1,158
Accumulated amortization \| Commercialization rights- Trogarzo®European Territory
Accumulated amortization
Amortization	384
Ending Balance	384
Accumulated amortization \| Commercialization rights – EGRIFTA SV®
Accumulated amortization
Beginning balance	8,436	6,925
Amortization	1,512	1,511
Ending Balance	9,948	8,436
Net Carrying Amount [Member]
Cost
Beginning Balance	27,480
Ending Balance	24,529	27,480
Net carrying amounts
Intangible assets	27,480	27,480
Net Carrying Amount [Member] \| Commercialization Rights Trogarzo North America
Cost
Beginning Balance	10,814
Ending Balance	9,759	10,814
Net carrying amounts
Intangible assets	9,759	10,814
Net Carrying Amount [Member] \| Commercialization rights- Trogarzo®European Territory
Cost
Beginning Balance	7,612
Ending Balance	7,228	7,612
Net carrying amounts
Intangible assets	7,612	7,612
Net Carrying Amount [Member] \| Commercialization rights – EGRIFTA SV®
Cost
Beginning Balance	5,605
Ending Balance	4,093	5,605
Net carrying amounts
Intangible assets	5,605	5,605
Net Carrying Amount [Member] \| Oncology Platform
Cost
Beginning Balance	3,449
Ending Balance	3,449	3,449
Net carrying amounts
Intangible assets	$ 3,449	$ 3,449

Intangible assets - Summary of Commercial Milestone Payment (Detail) $ in Thousands	Nov. 30, 2020 USD ($)
Disclosure of detailed information about intangible assets [line items]
Initial milestone payments payable aggregate annual installments	$ 7,000
Upon first achieving annual net sales of US$ 200,000
Disclosure of detailed information about intangible assets [line items]
Initial Milestone Payments Payable	10,000
Upon first achieving annual net sales of US$ 500,000
Disclosure of detailed information about intangible assets [line items]
Initial Milestone Payments Payable	40,000
Upon first achieving annual net sales of US$ 1,000,000
Disclosure of detailed information about intangible assets [line items]
Initial Milestone Payments Payable	$ 100,000

Intangible assets - Additional Information (Detail) $ in Thousands, $ in Thousands						12 Months Ended
	Sep. 26, 2019	May 15, 2018 USD ($) shares	Mar. 17, 2017 USD ($) shares	Mar. 06, 2017 USD ($)	Mar. 31, 2016 USD ($)	Nov. 30, 2020 USD ($)	Nov. 30, 2020 CAD ($)	Nov. 30, 2019 USD ($) shares	Nov. 30, 2019 CAD ($)	Nov. 30, 2017 USD ($)	Nov. 30, 2016 USD ($)	Nov. 30, 2020 CAD ($)	Nov. 30, 2019 CAD ($) shares	Dec. 01, 2017 USD ($)	Dec. 01, 2016 USD ($)
Disclosure of detailed information about intangible assets [line items]
Amortisation Expense						$ 2,951		$ 2,412
Net sales						66,053		63,216
Trogarzo
Disclosure of detailed information about intangible assets [line items]
Description for purchase price	The purchase price of Trogarzo® for sales occurring in a country forming part of the European Territory is set at i) 52% of the net selling price of Trogarzo® in such country on annual net sales in such country up to, or equal to, $50,000 and ii) an amount equal to 57% of the net selling price of Trogarzo® in such country on the portion of annual net sales of Trogarzo® in the European Territory that exceeds annual net sales of Trogarzo® in the European Territory of $50,000.
Europe [Member]
Disclosure of detailed information about intangible assets [line items]
Net sales						244
Upon first achieving annual net sales of US$ 500,000
Disclosure of detailed information about intangible assets [line items]
Initial payments						40,000
Upon first achieving annual net sales of US$ 1,000,000
Disclosure of detailed information about intangible assets [line items]
Initial payments						$ 100,000
Katana
Disclosure of detailed information about intangible assets [line items]
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					900
Business combination acquisition costs								$ 75
Business combination contingent consideration fair value								1,028
Katana Amendment Agreement
Disclosure of detailed information about intangible assets [line items]
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												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
Percentage of milestone payable														5.00%
Number of shares issued \| shares			906,077
Additions to intangibles										$ 3,055	$ 5,207
Acquisition costs										55	$ 207
Launch milestone payable														$ 10,000
Percentage of milestone payments														50.00%
Milestone Payments annual installment															$ 1,500
Additions to intangibles Through cash payment						$ 1,000
Additions to intangibles Through share based payment						4,000
Taimed Agreement \| Milestone One
Disclosure of detailed information about intangible assets [line items]
Net sales						20,000
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 \| Upon first achieving annual net sales of US$ 50,000
Disclosure of detailed information about intangible assets [line items]
Launch milestone payable														5,000
Taimed Agreement \| Upon first achieving annual net sales of US$ 150,000
Disclosure of detailed information about intangible assets [line items]
Initial And Milestone Payments														10,000
Taimed Agreement \| Upon first achieving annual net sales of US$ 500,000
Disclosure of detailed information about intangible assets [line items]
Initial milestone periodic payment instalment														20,000
Taimed Agreement \| Upon first achieving annual net sales of US$ 1,000,000
Disclosure of detailed information about intangible assets [line items]
Initial And Milestone Payments														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%
Additional Purchase Consideration				10.00%
Aggregate Intangible Assets Consideration				$ 5,500
Initial payments					$ 5,000
Taimed Agreement \| Commercialization rights- Trogarzo® North American Territory \| Launch Milestone One
Disclosure of detailed information about intangible assets [line items]
Milestone amount payable								4,557
Milestone amount payable undiscounted						$ 5,000		$ 5,000
Taimed Agreement \| Commercialization rights- Trogarzo® North American Territory \| Tranche One
Disclosure of detailed information about intangible assets [line items]
Initial payments to acquired to use intangible assets					$ 1,000
Taimed Agreement \| Commercialization rights- Trogarzo® North American Territory \| Tranche Two
Disclosure of detailed information about intangible assets [line items]
Initial payments to acquired to use intangible assets		$ 4,000
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
Launch milestone payable														$ 5,000
License Agreement Transfer Plus L P \| Katana \| Milestone Phase One Clinical Study
Disclosure of detailed information about intangible assets [line items]
Business combination contingent consideration												2,000
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

Other asset - Summary of detailed information about other asset (Detail) - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2020	Nov. 30, 2019	Nov. 30, 2018
Cost
Ending balance	$ 19,530	$ 19,530	$ 19,530
Accumulated amortization
Beginning balance	7,326	2,442
Amortization	4,881	4,884
Ending balance	12,207	7,326
Net carrying amounts	$ 7,323	$ 12,204

Other asset - Additional Information (Detail) $ in Thousands	May 29, 2018 USD ($)
Due with one year
Other asset [line items]
Contractual obligations	$ 4,000
Serono Inc \| 2013 Termination agreement
Other asset [line items]
Contractual obligations	28,200
Performance obligation final settlement amount	23,850
Serono Inc \| 2013 Termination agreement \| Due with one year
Other asset [line items]
Contractual obligations	4,000
Serono Inc \| 2013 Termination agreement \| Due in next four to five years
Other asset [line items]
Contractual obligations	$ 24,200

Accounts payable and accrued liabilities - Summary of accounts payable and accrued liabilities (Detail) - USD ($) $ in Thousands	Nov. 30, 2020	Nov. 30, 2019
Trade And Other Payables [Line Items]
Trade payables	$ 17,510	$ 13,106
Accrued liabilities and other payables	13,911	15,028
Salaries and benefits due to key management personnel	776	555
Employee salaries and benefits payable	724	473
Liability related to deferred stock unit plan	508	625
Accrued interest payable on convertible unsecured senior notes	1,386	1,386
Total	$ 34,815	$ 31,173

Provisions - Summary of provision (Detail) - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2020	Nov. 30, 2019
Disclosure of other provisions [line items]
Beginning Balance	$ 2,484	$ 1,014
Provisions made	14,235	11,047
Provisions used	(14,772)	(9,577)
Ending Balance	1,947	2,484
Chargebacks and rebates
Disclosure of other provisions [line items]
Beginning Balance	2,182	895
Provisions made	10,314	10,818
Provisions used	(10,818)	(9,531)
Ending Balance	1,678	2,182
Returns
Disclosure of other provisions [line items]
Beginning Balance	247	119
Provisions made	948	174
Provisions used	(935)	(46)
Ending Balance	260	247
Other
Disclosure of other provisions [line items]
Beginning Balance	55
Provisions made	2,973	55
Provisions used	(3,019)
Ending Balance	$ 9	$ 55

Long-term obligations - Summary of movement in the long-term obligation (Detail) - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2020	Nov. 30, 2019
Disclosure of detailed information about Long-Term Obligation [Line Items]
Additions		$ 11,322
Accretion expense	$ 179	165
Payments	(3,500)	(3,500)
Ending balance		7,987
Current portion	4,666	3,417
Commercialization rights- Trogarzo® North American Territory
Disclosure of detailed information about Long-Term Obligation [Line Items]
Additions		6,765
Accretion expense	83	152
Payments	(3,500)	(3,500)
Ending balance		3,417
Commercialization rights- Trogarzo®European Territory
Disclosure of detailed information about Long-Term Obligation [Line Items]
Additions		4,557
Accretion expense	96	13
Ending balance		$ 4,570
Current portion	$ 4,666

Long-term obligation - Additional information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2020	Nov. 30, 2019	Jun. 30, 2020
Disclosure of detailed information about Long-Term Obligation [Line Items]
Initial milestone payments payable aggregate annual installments	$ 7,000
Revenue estimate	66,053	$ 63,216
Taimed Agreement \| Milestone One
Disclosure of detailed information about Long-Term Obligation [Line Items]
Revenue estimate	20,000
Taimed Agreement \| Milestone One \| Scenario Forecast One
Disclosure of detailed information about Long-Term Obligation [Line Items]
Initial milestone payments payable aggregate annual installments	7,000
Initial milestone periodic payment instalment	3,500
Initial milestone periodic payment instalment			$ 3,500
Taimed Agreement \| Launch Milestone One \| Commercialization Rights Trogarzo North America [Member]
Disclosure of detailed information about Long-Term Obligation [Line Items]
Milestone amount payable undiscounted	$ 5,000	5,000
Milestone amount payable		$ 4,557

Convertible unsecured senior notes - Additional Information (Detail) - Convertible Notes [Member] - USD ($) $ / shares in Units, $ in Thousands	Jun. 19, 2018	Nov. 30, 2020
Convertible senior notes [line items]
Principal amount		$ 57,500
Interest rate	5.75%
Effective interest rate	9.95%
Conversion price	$ 14.85
Convertible instruments number of shares issued	3,872,053
Percenrage of current market price on conversion price	130.00%

Convertible unsecured senior notes - Summary of deferred tax related to equity component of convertible notes (Detail) - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2020	Nov. 30, 2019
Convertible senior notes [line items]
Accretion expense	$ 179	$ 165
Convertible unsecured senior notes as at November 30, 2020	52,403	50,741
Liability component
Convertible senior notes [line items]
Proceeds allocated to liability component		51,122
Transaction costs related to the equity component		(2,517)
As at June 19, 2018 (date of issuance)		48,605
Accretion expense	1,662	628
Convertible unsecured senior notes as at November 30, 2020	$ 52,403	$ 50,741

Leases liabilities - Summary of lease liabilities (Detail) $ in Thousands	12 Months Ended
	Nov. 30, 2020 USD ($)
Disclosure of Lease Liabilities [Abstract]
Balance as at December 1, 2019	$ 3,192
Accretion expense	215
Lease payments	(568)
Effect of change in exchange rates	141
Balance as at November 30, 2020	2,980
Current portion	(425)
Non-current portion	$ 2,555

Other liabilities - Schedule of other liabilities (Details) - USD ($) $ in Thousands	Nov. 30, 2020	Nov. 30, 2019
Other Liabilities [Abstract]
Deferred lease inducements		$ 238
Stock appreciation rights	$ 41	28
Other non-current non-financial liabilities	$ 41	$ 266

Share Capital - Additional information (Detail) $ / shares in Units, $ in Thousands		12 Months Ended
	Oct. 04, 2018	Nov. 30, 2020 USD ($) shares yr $ / shares	Nov. 30, 2020 USD ($) shares $ / shares	Nov. 30, 2019 USD ($) shares yr $ / shares	Feb. 25, 2019 $ / shares shares
Disclosure of classes of share capital [line items]
Share based compensation expense \| $		$ 1,297		$ 1,059
Deferred stock liability \| $		508	$ 508	625
Change in fair value \| $		(157)		(641)
SAR Contractual Life	10 years
Net loss attributable to common stock holders of the company \| $		$ 22,667		$ 12,496
Weighted average number of common shares outstanding \| shares		76,991,635		76,928,287
Effect of share options number of ordinary shares \| shares		3,216,193		2,415,784
Broker options common shares potentially issuable \| shares		3,872,053
Potential conversion of aggregate principal amount \| $		$ 57,500
Number of share options granted \| shares				406,400
Paul Lévesque [Member]
Disclosure of classes of share capital [line items]
Period of vesting of options		options vest equally over a three-year period
Number of share options granted \| shares		487,421
Number of share options Outstanding \| shares		487,421
Weighted average share price \| $ / shares			$ 2.87
Employees And Directors [Member]
Disclosure of classes of share capital [line items]
Number of share options granted \| shares		590,300
Two Thousand And Sixteen Shareholders Plan [Member]
Disclosure of classes of share capital [line items]
Shareholders rights covenants		The rights issued under the Plan will initially attach to and trade with the common shares, and no separate certificates will be issued unless a triggering event occurs. The rights will become exercisable only when an acquiring person, including any party related to it, acquires or attempts to acquire 20% or more of the outstanding shares without complying with the “Permitted Bid” provisions of the Plan or without approval of the Board of Directors. Subject to the terms and conditions set out in the Plan, each right would, upon exercise and payment of $5.00 per right, entitle a rights holder, other than the acquiring person and related parties, to purchase a number of common shares at twice the exercise price of $5.00 per right based on the average weighted market price of the common shares for the last 20 trading days preceding the common share acquisition date (as defined in the Plan’s rights).Under the 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, at least 50% of the outstanding common shares, other than those owned by the offeror and certain related parties, has been tendered, the offeror may take up and pay for the common shares, but must extend the bid for a further 10 days to allow other shareholders to tender.
Stock Option Plan Two Thousand And Nineteen [Member]
Disclosure of classes of share capital [line items]
Share based compensation expense \| $		$ 1,414		$ 1,059
Exercise period of options \| yr				10
Maximum number of options available for grant \| shares		7,700,000	7,700,000
Period of vesting of options		Generally, the options vest at the grant date or over a period of up to three years
Remaining options available for issuance \| shares		2,379,863	2,379,863	1,632,851
Stock Appreciation Rights [Member]
Disclosure of classes of share capital [line items]
Share based compensation expense \| $		$ 13		$ 28
Exercise period of options \| yr		6.25
Deferred Stock Units [Member]
Disclosure of classes of share capital [line items]
Share based compensation expense \| $		$ 33		$ 23
Deferred stock units outstanding \| shares		220,171	220,171	204,357
Deferred stock liability \| $		$ 508	$ 508	$ 625
Change in fair value \| $		$ 157		$ 641
Deferred Stock Units [Member] \| Cash Settled Forward Contracts [Member]
Disclosure of classes of share capital [line items]
Shares outstanding \| shares		220,171	220,171	204,357
Fair value of cash settled forward contracts \| $		$ 520	$ 520	$ 637
Change in fair value \| $		$ 166		$ 647
Oncology Platform Agreement [Member]
Disclosure of classes of share capital [line items]
Value per share \| $ / shares					$ 5
Ordinary shares [member] \| Two Thousand And Sixteen Shareholders Plan [Member]
Disclosure of classes of share capital [line items]
Value per unit of forward contract \| $ / shares		$ 5.75		$ 5.86
Ordinary shares [member] \| Oncology Platform Agreement [Member]
Disclosure of classes of share capital [line items]
Shares issued during the period \| shares					900

Share Capital - Summary Of The Model Used To Determine Fair Value Of Options (Detail)	12 Months Ended
	Nov. 30, 2020 yr $ / shares	Nov. 30, 2020 yr $ / shares	Nov. 30, 2019 $ / shares	Nov. 30, 2019 $ / shares
Disclosure Of The Model Used To Determine Fair Value Of Options [Line Items]
Option exercise price \| (per share)	$ 2.35	$ 3.05	$ 6.15	$ 8.19
Stock Appreciation Rights [Member]
Disclosure Of The Model Used To Determine Fair Value Of Options [Line Items]
Risk-free interest rate	0.67%	0.67%
Expected volatility	64.60%	64.60%
Average option life in years	6.25	6.25
Grant-date share price \| (per share)	$ 2.31	$ 3.00
Option exercise price \| (per share)	$ 2.31	$ 3.00

Share capital - Summary of the grant date weighted average fair value of SARs granted (Detail) - Stock Appreciation Rights [Member]	12 Months Ended
	Nov. 30, 2019 shares $ / shares	Nov. 30, 2019 shares $ / shares
Disclosure of classes of share capital [line items]
Number of SARs	40,000	40,000
Weighted average grant dare fair value \| (per share)	$ 1.31	$ 1.70

Share Capital - Summary Of The Number Of Options Outstanding (Detail)	12 Months Ended
	Nov. 30, 2020 shares $ / shares	Nov. 30, 2020 shares $ / shares $ / shares	Nov. 30, 2019 shares $ / shares	Nov. 30, 2019 shares $ / shares $ / shares	Nov. 30, 2020 shares $ / shares	Nov. 30, 2019 shares $ / shares
Disclosure of classes of share capital [line items]
Number of options beginning balance	2,415,784	2,415,784	2,172,705	2,172,705
Number of options, granted			406,400	406,400
Number of options, expired			(88,489)	(88,489)
Number of options, exercised	(60,000)	(60,000)	(74,832)	(74,832)
Number of options ending balance	3,203,693	3,203,693	2,415,784	2,415,784
Weighted average beginning balance \| (per share)	$ 2.96	$ 3.94	$ 2.37	$ 3.15
Weighted average, granted \| (per share)	2.25	3.06	6.20	8.19
Weighted average, expired \| (per share)			4.56	6.07
Weighted average,Forfeited and expired \| (per share)	3.47	4.72
Weighted average, exercised \| (per share)	2.40	$ 3.38	1.46	$ 1.96
Weighted average options exercisable \| (per share)	2.64	$ 2.64	2.02	$ 2.02	$ 3.43	$ 2.69
Weighted average ending balance \| (per share)	2.76	$ 3.59	$ 2.96	$ 3.94
Weighted average Options granted and outstanding \| (per share)	$ 0	$ 2.35
CAD
Disclosure of classes of share capital [line items]
Number of options, granted	1,077,721	1,077,721	406,400	406,400
Number of options,Forfeited and expired – CAD	(229,812)	(229,812)
Options exercisable outstanding	2,063,672	2,063,672	1,864,727	1,864,727	2,063,672	1,864,727
Weighted average, granted \| $ / shares	$ 1,077,721
US
Disclosure of classes of share capital [line items]
Number of options granted and outstanding	12,500	12,500

Share Capital - Summary Of The Number Of Options Outstanding (Parenthetical) (Detail)	12 Months Ended
	Nov. 30, 2020 $ / shares	Nov. 30, 2020 $ / shares	Nov. 30, 2019 $ / shares	Nov. 30, 2019 $ / shares
Disclosure of classes of share capital [abstract]
Weighted average share price of options excercised on the exercise date \| (per share)	$ 6.57	$ 8.65	$ 5.82	$ 7.78

Share Capital - Summary Of The Stock Option Information (Detail)	12 Months Ended
	Nov. 30, 2020 shares $ / shares	Nov. 30, 2020 shares $ / shares	Nov. 30, 2019 shares $ / shares	Nov. 30, 2019 shares $ / shares	Nov. 30, 2018 shares $ / shares	Nov. 30, 2018 shares $ / shares
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items]
Number of options outstanding	3,203,693	3,203,693	2,415,784	2,415,784	2,172,705	2,172,705
Weighted average remaining life	6 years 6 months 25 days
Weighted average exercise price \| (per share)	$ 2.76	$ 3.59	$ 2.96	$ 3.94	$ 2.37	$ 3.15
Price range \| (per share)	$ 2.76	$ 3.59	$ 2.96	$ 3.94	$ 2.37	$ 3.15
Exercise Price 1 \| USD
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items]
Number of options outstanding	12,500	12,500
Weighted average remaining life	10 years
Weighted average exercise price \| $ / shares	$ 2.35
Price range \| $ / shares	$ 2.35
Exercise Price 1 \| CAD
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items]
Number of options outstanding	814,660	814,660
Weighted average remaining life	2 years 11 months 12 days
Weighted average exercise price \| (per share)	$ 0.49	$ 0.64
Price range \| (per share)	0.49	0.64
Exercise Price 1 \| Top of range [member] \| USD
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items]
Weighted average exercise price \| $ / shares	1.55
Price range \| $ / shares	1.55
Exercise Price 1 \| Top of range [member] \| CAD
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items]
Weighted average exercise price \| (per share)	0.92	1.19
Price range \| (per share)	0.92	1.19
Exercise Price 1 \| Bottom of range [member] \| USD
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items]
Weighted average exercise price \| $ / shares	2.89
Price range \| $ / shares	2.89
Exercise Price 1 \| Bottom of range [member] \| CAD
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items]
Weighted average exercise price \| (per share)	0.19	0.25
Price range \| (per share)	$ 0.19	$ 0.25
Exercise Price 2 \| CAD
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items]
Number of options outstanding	1,521,721	1,521,721
Weighted average remaining life	8 years 10 days
Weighted average exercise price \| (per share)	$ 2.10	$ 2.72
Price range \| (per share)	2.10	2.72
Exercise Price 2 \| Top of range [member] \| CAD
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items]
Weighted average exercise price \| (per share)	2.89	3.75
Price range \| (per share)	2.89	3.75
Exercise Price 2 \| Bottom of range [member] \| CAD
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items]
Weighted average exercise price \| (per share)	1.55	2.01
Price range \| (per share)	$ 1.55	$ 2.01
Exercise Price 3 \| CAD
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items]
Number of options outstanding	230,000	230,000
Weighted average remaining life	6 years 4 months 6 days
Weighted average exercise price \| (per share)	$ 4.59	$ 5.96
Price range \| (per share)	4.59	5.96
Exercise Price 3 \| Top of range [member] \| CAD
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items]
Weighted average exercise price \| (per share)	4.62	6.00
Price range \| (per share)	4.62	6.00
Exercise Price 3 \| Bottom of range [member] \| CAD
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items]
Weighted average exercise price \| (per share)	2.89	3.76
Price range \| (per share)	$ 2.89	$ 3.76
Exercise Price 4 \| CAD
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items]
Number of options outstanding	424,000	424,000
Weighted average remaining life	8 years 10 days
Weighted average exercise price \| (per share)	$ 6.20	$ 8.06
Price range \| (per share)	6.20	8.06
Exercise Price 4 \| Top of range [member] \| CAD
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items]
Weighted average exercise price \| (per share)	6.93	9.00
Price range \| (per share)	6.93	9.00
Exercise Price 4 \| Bottom of range [member] \| CAD
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items]
Weighted average exercise price \| (per share)	4.62	6.01
Price range \| (per share)	$ 4.62	$ 6.01
Exercise Price 5 \| CAD
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items]
Number of options outstanding	213,312	213,312
Weighted average remaining life	7 years 4 months 6 days
Weighted average exercise price \| (per share)	$ 7.36	$ 9.56
Price range \| (per share)	7.36	9.56
Exercise Price 5 \| Top of range [member] \| CAD
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items]
Weighted average exercise price \| (per share)	1.70	10.00
Price range \| (per share)	1.70	10.00
Exercise Price 5 \| Bottom of range [member] \| CAD
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items]
Weighted average exercise price \| (per share)	6.93	9.01
Price range \| (per share)	$ 6.93	$ 9.01

Share Capital - Summary Of Fair Value Of Options Used To Determine The Weighted Average Assumptions (Detail)	12 Months Ended
	Nov. 30, 2020 yr $ / shares	Nov. 30, 2020 yr $ / shares	Nov. 30, 2019 yr $ / shares	Nov. 30, 2019 yr $ / shares
Disclosure of classes of share capital [line items]
Option exercise price \| (per share)	$ 2.35	$ 3.05	$ 6.15	$ 8.19
USD
Disclosure of classes of share capital [line items]
Risk-free interest rate	0.74%	0.74%
Expected volatility	78.00%	78.00%
Average option life in years	8.5	8.5
Grant-date share price \| $ / shares	$ 2.35
CAD
Disclosure of classes of share capital [line items]
Risk-free interest rate	0.95%	0.95%	2.15%	2.15%
Expected volatility	74.00%	74.00%	57.00%	57.00%
Average option life in years	8.5	8.5	8	8
Grant-date share price \| (per share)	$ 2.35	$ 3.05	$ 6.15	$ 8.19

Share Capital - Summary Of Summarizes The Measurement Date Weighted Average Fair Value Of Stock Options Granted (Detail)	12 Months Ended
	Nov. 30, 2020 USD ($) shares	Nov. 30, 2019 USD ($) shares	Nov. 30, 2020 CAD ($)	Nov. 30, 2019 CAD ($)
Disclosure of classes of share capital [line items]
Number of options		406,400
USD
Disclosure of classes of share capital [line items]
Number of options	12,500
Weighted average grant date fair value \| $	$ 2.35
CAD
Disclosure of classes of share capital [line items]
Number of options	1,077,721	406,400
Weighted average grant date fair value	$ 1.71	$ 3.69	$ 2.22	$ 92

Share Capital - Summary of Calculation of Weighted Average Number of Common Shares (Detail) - shares	12 Months Ended
	Nov. 30, 2020	Nov. 30, 2019
Earnings per share [line items]
Issued common shares as at December 1	76,953,411	76,877,679
Weighted average number of common shares, basic and diluted	76,991,635	76,928,287
Share options [member]
Earnings per share [line items]
Effect of share options exercised	38,224	49,920
public issue common shares [member]
Earnings per share [line items]
Effect of issue common shares	0	688

Share capital - Summary of Accumulated other comprehensive income (loss) (Detail) - USD ($) $ in Thousands	Nov. 30, 2020	Nov. 30, 2019
Accumulated other comprehensive income	$ (481)	$ 21
Unrealized losses on FVOCI financial assets, net of tax
Accumulated other comprehensive income	2	(12)
Cumulative exchange difference on translation of foreign operations
Accumulated other comprehensive income	$ (483)	$ 33

Income Taxes - Summary of components of the current and deferred tax expenses (Detail) - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2020	Nov. 30, 2019
Major components of tax expense (income) [abstract]
Current tax expense	$ 16
Deferred tax expense (recovery)
Origination and reversal of temporary differences	(4,890)	$ (2,484)
Change in unrecognized deductible temporary differences	4,890	$ 2,484
Total deferred tax expense (recovery)
Total current and deferred tax expense	$ 16

- Definition

The aggregate amount included in the determination of profit (loss) for the period in respect of current tax and deferred tax. [Refer: Current tax expense (income); Deferred tax expense (income)]

+ References + Details

Income Taxes - Summary of reconciliation between effective and applicable tax (Detail) - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2020	Nov. 30, 2019
Major components of tax expense (income) [abstract]
Income taxes at domestic tax statutory rate	$ (6,004)	$ (3,325)
Change in unrecognized deductible temporary differences	4,890	2,484
Impact of differences in statutory tax rates	742	518
Non-deductible expenses and other	388	$ 323
Total current and deferred tax expense	$ 16

- Definition

The aggregate amount included in the determination of profit (loss) for the period in respect of current tax and deferred tax. [Refer: Current tax expense (income); Deferred tax expense (income)]

+ References + Details

Income Taxes - Additional Information (Detail)	12 Months Ended
Income Taxes - Additional Information (Detail)	Nov. 30, 2020	Nov. 30, 2019
Disclosure of Detailed Information About Income Tax [Line Items]
Effective applicable income tax rate	26.50%	26.60%

Income Taxes - Summary of unrecognized deferred tax assets (Detail) - USD ($) $ in Thousands	Nov. 30, 2020	Nov. 30, 2019
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Unrecognised deferred tax assets	$ 64,888	$ 60,249
Research and development expenses
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Unrecognised deferred tax assets	24,924	23,262
Non-capital losses
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Unrecognised deferred tax assets	31,725	30,470
Property and equipment
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Unrecognised deferred tax assets	242	282
Intellectual property and patent fees
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Unrecognised deferred tax assets	2,952	2,900
Available deductions and other
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Unrecognised deferred tax assets	$ 5,045	$ 3,335

Income Taxes - Summary of the amounts and expiry dates of tax attributes (Detail) - USD ($) $ in Thousands	Nov. 30, 2020	Nov. 30, 2019
Federal
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Research and development expenses, without time limitation	$ 85,792	$ 79,698
Excess of tax value of property and equipment over carrying value	959	1,128
Excess of tax value of intellectual property and patent fees over carrying value	11,136	10,897
Available deductions and other	50,470	43,291
Provincial
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Research and development expenses, without time limitation	104,822	98,321
Excess of tax value of property and equipment over carrying value	870	998
Excess of tax value of intellectual property and patent fees over carrying value	11,131	10,892
Available deductions and other	7,619	1,430
2027 \| Federal
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Losses carried forward	5,760	414
2027 \| Provincial
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Losses carried forward	5,753	407
2028 \| Federal
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Losses carried forward	35,640	34,876
2028 \| Provincial
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Losses carried forward	17,347	16,975
2029 \| Federal
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Losses carried forward	14,993	14,671
2029 \| Provincial
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Losses carried forward	12,672	12,400
2030 \| Federal
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Losses carried forward	8,803	8,614
2030 \| Provincial
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Losses carried forward	8,800	8,611
2031 \| Federal
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Losses carried forward	18,129	17,740
2031 \| Provincial
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Losses carried forward	16,092	15,748
2032 \| Federal
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Losses carried forward	12,282	12,019
2032 \| Provincial
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Losses carried forward	11,278	11,036
2033 \| Federal
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Losses carried forward	8,826	8,636
2033 \| Provincial
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Losses carried forward	8,742	8,555
2034 \| Federal
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Losses carried forward	8,082	7,909
2034 \| Provincial
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Losses carried forward	8,011	7,839
2037 \| Federal
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Losses carried forward	7,212	7,057
2037 \| Provincial
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Losses carried forward	7,126	6,973
2038 \| Federal
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Losses carried forward	2,104	1,964
2038 \| Provincial
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Losses carried forward	2,025	1,886
2039 \| Federal
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Losses carried forward	1,386	6,024
2039 \| Provincial
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Losses carried forward	1,347	$ 5,952
2040 \| Federal
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Losses carried forward	6,928
2040 \| Provincial
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]
Losses carried forward	$ 6,921

Supplemental cash flow disclosures - Summary of supplemental cash flow (Detail) - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2020	Nov. 30, 2019
Supplemental cash flow disclosures [abstract]
Additions to property and equipment included in accounts payable and accrued liabilities	$ 12	$ 3
Additions to intangible assets included in accounts payable and accrued liabilities	0	9
Additions to intangible assets included in long-term obligations	0	7,822
Additions to intangible assets included in contributed surplus	0	1,028
Issuance of shares in connection with acquisitions of intangible assets	0	5
Initial recognition of right-of-use assets and lease liabilities	3,192	0
Reclassification of other liabilities to right-of-use-assets	$ 238	$ 0

Financial instruments - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2020	Nov. 30, 2019
Disclosure of detailed information about financial instruments [line items]
Trade receivable	$ 10,947	$ 9,538
Current trade receivables aging period	60 days	60 days
Bad debt expenses	$ 0	$ 0
Bonds and money market funds	8,031	12,583
Cash and money market funds	$ 28,124	$ 39,032
Fixed interest rate
Disclosure of detailed information about financial instruments [line items]
Borrowings Interest rate	5.75%	5.75%
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	$ 0	$ 14
Increase (decrease) in fair value of assets	$ 0	14
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	$ 141	195
Increase (decrease) in profit or loss	$ 141	$ 195
Negative impact of market interest rates	0.50%
CAD
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%

Financial instruments - Summary of the contractual maturities of financial liabilities (Detail) - USD ($) $ in Thousands	Nov. 30, 2020	Dec. 01, 2019	Nov. 30, 2019
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
Accounts payable and accrued liabilities	$ 34,815		$ 31,173
Convertible unsecured senior notes including interest	67,419		70,725
Long-term obligations	5,000		8,500
Lease Liabilities	3,640
Financial liabilities	110,874		110,398
Accounts payable and accrued liabilities carrying amount	34,815		31,173
Convertible unsecured senior notes including interest carrying amount	52,403		50,741
Long-term obligations			4,570
Lease liabilitites	2,980	$ 3,192	3,192
Carrying amount
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
Accounts payable and accrued liabilities carrying amount	34,815		31,173
Convertible unsecured senior notes including interest carrying amount	52,403		50,741
Long-term obligations	4,666		7,987
Lease liabilitites	2,980
Financial liabilities	94,864		89,901
Less than 1 year
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
Accounts payable and accrued liabilities	34,815		31,173
Convertible unsecured senior notes including interest	3,306		3,306
Long-term obligations	5,000		3,500
Lease Liabilities	621
Financial liabilities	43,742		37,979
From 1 to 2 Years
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
Convertible unsecured senior notes including interest	64,113		6,613
Long-term obligations			5,000
Lease Liabilities	1,267
Financial liabilities	65,380		11,613
More than 3 Years
Disclosure of maturity analysis for non-derivative financial liabilities [line items]
Convertible unsecured senior notes including interest			60,806
Lease Liabilities	1,752
Financial liabilities	$ 1,752		$ 60,806

Financial instruments - Summary of presents the significant items in the original currencies exposed to currency risk (Detail) € in Thousands, $ in Thousands, $ in Thousands	Nov. 30, 2020 USD ($)	Nov. 30, 2020 CAD ($)	Nov. 30, 2020 EUR (€)	Nov. 30, 2019 USD ($)	Nov. 30, 2019 CAD ($)	Nov. 30, 2019 EUR (€)
Disclosure of nature and extent of risks arising from financial instruments [line items]
Cash	$ 12,737			$ 28,661
Trade and other receivables	12,430			10,116
Tax credits and grants receivable	755			0
Accounts payable and accrued liabilities	$ (34,815)			$ (31,173)
Currency risk
Disclosure of nature and extent of risks arising from financial instruments [line items]
Cash		$ 871	€ 36		$ 740	€ 533
Bonds and money market funds		821			6,982
Trade and other receivables		522	1,052		328	447
Tax credits and grants receivable		942	25
Accounts payable and accrued liabilities		(4,937)	(4,496)		(5,101)	(793)
Lease liabilities		(2,109)	(1,138)
Total exposure		$ (3,890)	€ (4,521)		$ 2,949	€ 187

Financial instruments - Summary of exchange rates (Detail)	12 Months Ended
	Nov. 30, 2020	Nov. 30, 2019
CAD – USD
Disclosure of detailed information about financial instruments [line items]
Average rate	0.7445	0.7524
Reporting date rate	0.7695	0.7530
Euro – USD
Disclosure of detailed information about financial instruments [line items]
Average rate	1.1325	1.1217
Reporting date rate	1.1928	1.1018

Financial instruments - Summary of Company's foreign currency exposures (Detail) € in Thousands, $ in Thousands	12 Months Ended
	Nov. 30, 2020 CAD ($)	Nov. 30, 2020 EUR (€)	Nov. 30, 2019 CAD ($)	Nov. 30, 2019 EUR (€)
Disclosure of detailed information about financial instruments [abstract]
Positive impact	$ (195)	€ (226)	$ 147	€ 9

Capital management - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2020	Nov. 30, 2019
Disclosure of objectives, policies and processes for managing capital [line items]
Proceed from the issue of initial public offering	$ 42,668
Cash bond and money market funds
Disclosure of objectives, policies and processes for managing capital [line items]
Cash,bond and money market funds	$ 20,768	$ 41,244

Determination of fair values - Additional Information (Detail) $ in Thousands	Nov. 30, 2020 USD ($)
Level 1 \| Convertible unsecured notes
Disclosure of fair value measurement of liabilities [line items]
Convertible unsecured notes fair value	$ 43,125

Commitments - Additional Information (Detail) € in Thousands, $ in Thousands, $ in Thousands	12 Months Ended
	Nov. 30, 2020 USD ($)	Nov. 30, 2020 CAD ($)	Nov. 30, 2020 EUR (€)	Nov. 30, 2019 USD ($)
Disclosure of Commitments [Line Items]
Cost of the project plan \| €			€ 4,000
Percentage of cost held by company	48.00%
Taimed Agreement
Disclosure of Commitments [Line Items]
Percentage of cost held by investor	52.00%
Oncology Platform
Disclosure of Commitments [Line Items]
Long term purchase commitements	$ 586
Trogarzo
Disclosure of Commitments [Line Items]
Long term purchase commitements	14,042			$ 20,311
Multidose pass injector developed
Disclosure of Commitments [Line Items]
Line of credit facility outstanding	1,217
Revolving credit facility
Disclosure of Commitments [Line Items]
Revolving credit facility face value	1,000	$ 1,500
Line of credit facility outstanding	$ 0			$ 0
Canadian prime variable rate \| Revolving Credit Facility CAD
Disclosure of Commitments [Line Items]
Description of interest rate	Canadian prime plus 1%
Debt instrument variable rate spread	1.00%	1.00%	1.00%
U.S. prime variable rate \| Revolving Credit Facility USD
Disclosure of Commitments [Line Items]
Description of interest rate	U.S. prime plus 1%
Debt instrument variable rate spread	1.00%	1.00%	1.00%

Operating segments - Summary of single operating segment (Detail) - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2020	Nov. 30, 2019
Disclosure of operating segments [line items]
Revenue	$ 66,053	$ 63,216
RxCrossroads
Disclosure of operating segments [line items]
Revenue	63,909	60,853
Others
Disclosure of operating segments [line items]
Revenue	$ 2,144	$ 2,363

- Definition

+ References

+ Details

Operating segments - Additional Information (Detail) - USD ($) $ in Thousands	Nov. 30, 2020	Nov. 30, 2019
Disclosure of operating segments [line items]
Non-current assets	$ 35,335	$ 41,374
Canada
Disclosure of operating segments [line items]
Non-current assets	34,006
Ireland
Disclosure of operating segments [line items]
Non-current assets	$ 1,329

Related parties - Summary of key management personnel compensation (Detail) - USD ($) $ in Thousands	12 Months Ended
	Nov. 30, 2020	Nov. 30, 2019
Related party transactions [abstract]
Short-term employee benefits	$ 2,384	$ 2,016
Post-employment benefits	97	67
Share-based compensation	925	847
Termination benefits	864
Key management personnel compensation	$ 4,270	$ 2,930

Related parties - Additional Information (Detail)	Nov. 30, 2020	Nov. 30, 2019
Disclosure of transactions between related parties [abstract]
Related party percentage of voting shares held	1.40%	1.40%
Related party percentage of unsecured notes held	0.00%	0.30%

Subsequent event (Detail) - Subsequent Events [member] $ / shares in Units, $ in Thousands	Jan. 19, 2021 USD ($) $ / shares shares
Disclosure of non-adjusting events after reporting period [line items]
Number of shares issued \| shares	16,727,900
Gross sale consideration	$ 46,002
Share issue related cost	3,334
Proceeds from issue of common shares	$ 42,668
Exercise price of warrants \| $ / shares	$ 3.18