0001171843-24-006946 | 10-K | XBRL Viewer

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Note 11 - Financial Instruments (Details Textual) $ in Thousands, $ in Thousands	Sep. 30, 2024 USD ($)	Sep. 30, 2024 CAD ($)	Sep. 30, 2023
Net Assets		$ 40
Currency Exchange Rate			1.3517
Sensitivity Analysis, Ten Percent Change to Foreign Currency Exchange, Impact to Net Income (Loss) and Other Comprehensive Income (Loss)	$ 40

Note 10 - Income Tax (Tables)

12 Months Ended

Sep. 30, 2024

Notes Tables

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

	Years Ended
	September 30, 2024			September 30, 2023

Net loss before recovery of income taxes	$	(6,169,000	)	$	(8,374,000	)
Canadian federal and provincial statutory income tax rate		26.5	%		26.5	%

Expected income tax recovery	$	(1,635,000	)	$	(2,219,000	)
Effect of foreign currency and foreign tax rate differences		(58,200	)		(207,200	)
Permanent differences		147,000			339,000
Share issuance cost booked through equity or capitalization		36,000			(89,000	)
Non-capital losses limitation - U.S.		0			899,000
Other		(38,000	)		(94,000	)
Change in valuation allowance		1,549,000			1,372,000

Income tax (recovery) expense	$	800		$	800

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

	September 30, 2024			September 30, 2023

Non-capital losses carried forward - Canada	$	15,547,000		$	13,943,000
Non-capital losses carried forward - U.S.		742,000			731,000
Research and development tax credits		1,504,000			1,371,000
Share issuance and financing costs		381,000			585,000
Right-of-use lease liabilities		5,000			25,000
Other temporary differences		21,000			44,000

Subtotal	$	18,200,000		$	16,699,000
Less: valuation allowance		(18,074,000	)		(16,466,000	)

Total net deferred tax assets	$	126,000		$	233,000

Property and equipment	$	(2,000	)	$	(3,000	)
Right-of-use assets		(5,000	)		(24,000	)
Grant Income receivable		(71,000	)		(153,000	)
Deferred share issuance costs		(48,000	)		(53,000	)

Total deferred tax liabilities	$	(126,000	)	$	(233,000	)

Net deferred taxes	$	-		$	-

Summary of Operating Loss Carryforwards [Table Text Block]

2025	C$	16,000
2026		41,000
2027		84,000
2028		171,000
2029		507,000
2030		633,000
2031		504,000
2032		496,000
2033		79,000
2034		1,432,000
2035		1,628,000
2036		1,637,000
2037		1,564,000
2038		2,580,000
2039		1,279,000
2040		5,904,000
2041		9,366,000
2042		16,191,000
2043		7,890,000
2044		6,260,000

Total	C$	58,262,000

2039	$	70,000
2040		150,000
2041		68,000
2042		6,000
2044		41,000

Total	$	335,000

Note 13 - Subsequent Events (Details Textual)		1 Months Ended	12 Months Ended
Note 13 - Subsequent Events (Details Textual)	Oct. 04, 2024 USD ($) shares	Oct. 31, 2024 USD ($) $ / shares shares	Sep. 30, 2024 USD ($) $ / shares	Sep. 30, 2023 $ / shares	Sep. 30, 2022 $ / shares	Aug. 31, 2022 USD ($)
Equity Offering, Maximum Amount \| $						$ 150,000,000
Stock Issued During Period, Value, New Issues \| $			$ 729,387
Class of Warrant or Right, Exercise Price of Warrants or Rights \| $ / shares			$ 21.74	$ 19.51	$ 28
Series A-1 Convertible Preferred Stock [Member]
Preferred Stock, Par or Stated Value Per Share \| $ / shares		$ 10,000
Subsequent Event [Member] \| Series A-1 Convertible Preferred Stock [Member]
Preferred Stock, Par or Stated Value Per Share \| $ / shares		$ 10,000
At The Market Offering Agreement [Member] \| Subsequent Event [Member]
Equity Offering, Maximum Amount \| $	$ 3,870,000	$ 3,870,000
Stock Issued During Period, Shares, New Issues \| shares	220,269
Stock Issued During Period, Value, New Issues \| $	$ 600,000
Private Placement, Securities Purchase Agreement [Member] \| Warrants to Purchase Common Shares [Member]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) \| shares		326,560
Private Placement, Securities Purchase Agreement [Member] \| Subsequent Event [Member]
Preferred Stock, Convertible, Conversion Ratio		0.75
Shares Issued, Price Per Share \| $ / shares		$ 10,272.13
Proceeds from Issuance or Sale of Equity \| $		$ 1,540,819
Private Placement, Securities Purchase Agreement [Member] \| Subsequent Event [Member] \| Warrants to Purchase Common Shares [Member]
Class of Warrant or Right, Exercise Price of Warrants or Rights \| $ / shares		$ 3.445
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) \| shares		326,560
Warrants and Rights Outstanding, Term (Year)		5 years
Private Placement, Securities Purchase Agreement [Member] \| Subsequent Event [Member] \| Series A-1 Convertible Preferred Stock [Member]
Stock Issued During Period, Shares, New Issues \| shares		150
Stock Issued During Period, Value, New Issues \| $		$ 5,000,000
Private Placement, Securities Purchase Agreement [Member] \| Subsequent Event [Member] \| Series A-1 Convertible Preferred Stock [Member] \| Conversion of Series A-1 Convertible Preferred Shares to Common Shares [Member]
Preferred Stock, Convertible, Shares Issuable \| shares		2,903
Preferred Stock, Convertible, Conversion Price \| $ / shares		$ 3.445
Convertible Preferred Stock, Shares Issued upon Conversion \| shares		435,414

Note 1 - Nature of Operations (Details Textual) $ / shares in Units, $ in Millions			1 Months Ended			2 Months Ended	7 Months Ended	12 Months Ended
	Oct. 04, 2024 USD ($) shares	Nov. 02, 2022 USD ($) shares	Oct. 31, 2024 USD ($) $ / shares shares	Oct. 31, 2023 USD ($)	Nov. 30, 2022 USD ($) shares	Dec. 13, 2024 USD ($)	Sep. 30, 2023 USD ($) $ / shares shares	Sep. 30, 2024 USD ($) $ / shares	Sep. 30, 2023 USD ($) $ / shares	Aug. 31, 2024 USD ($)	Oct. 31, 2023 CAD ($)	Mar. 31, 2023 USD ($)	Sep. 30, 2022 $ / shares	Aug. 31, 2022 USD ($)	Feb. 28, 2021 CAD ($)
Comprehensive Income (Loss), Net of Tax, Attributable to Parent								$ (6,198,010)	$ (8,375,461)
Retained Earnings (Accumulated Deficit)							$ 52,418,968	58,589,013	52,418,968
Net Cash Provided by (Used in) Operating Activities								(4,890,205)	(6,636,483)
Cash and Cash Equivalents, at Carrying Value								1,000,000
Working Capital (Deficit)								(200,000)
Equity Offering, Maximum Amount														$ 150,000,000
Net Cash Provided by (Used in) Operating Activities								4,890,205	6,636,483
Net Income (Loss) Attributable to Parent								6,170,045	$ 8,374,415
Stock Issued During Period, Value, New Issues								$ 729,387
Class of Warrant or Right, Exercise Price of Warrants or Rights \| $ / shares							$ 19.51	$ 21.74	$ 19.51				$ 28
Government Assistance, Nonoperating Income, Increase (Decrease)								$ 698,277	$ 581,039
Revolving Credit Facility [Member] \| Pardeep Nijhawan Medicine Professional Corporation [Member]
Line of Credit Facility, Maximum Borrowing Capacity				$ 10,000,000
Debt Instrument, Maturity Date								Mar. 31, 2026
Debt Instrument, Covenant, Maximum Percentage of Borrowing Base for Outstanding Principal				85.00%							85.00%
Unsecured Line of Credit [Member] \| Pardeep Nijhawan Medicine Professional Corporation [Member]
Line of Credit Facility, Maximum Borrowing Capacity				$ 3,500,000
Line of Credit [Member] \| Pardeep Nijhawan Medicine Professional Corporation [Member]
Debt Instrument, Basis Spread on Variable Rate				3.00%
The 2023 SIF Agreement [Member]
Government Assistance, Award Amount											$ 23.0
Government Assistance, Award Amount, Not Repayable											5.8
Government Assistance, Award Amount, Repyable											$ 17.2
Government Assistance, Nonoperating Income, Increase (Decrease)								$ 700,000	$ 600,000
The 2021 SIF Agreement [Member]
Government Assistance, Award Amount															$ 14.1
Twelve Month Warrants [Member]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) \| shares					192,248
Three Year Warrants [Member]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) \| shares					192,248
Canaccord [Member]
Equity Offering, Maximum Amount										$ 20,000,000		$ 20,000,000
Equity Offering, Limitation Amount										$ 8,400,000		$ 8,400,000
Stock Issued During Period, Value, New Issues							$ 700,000
Stock Issued During Period, Shares, New Issues \| shares							171,916
Series A-1 Convertible Preferred Stock [Member]
Preferred Stock, Par or Stated Value Per Share \| $ / shares			$ 10,000
Private Placement [Member]
Proceeds from Issuance or Sale of Equity		$ 2,900,000			$ 3,000,000
Stock Issued During Period, Value, New Issues		$ 2,700,000
Stock Issued During Period, Shares, New Issues \| shares		384,475			384,475
Private Placement, Securities Purchase Agreement [Member] \| Warrants to Purchase Common Shares [Member]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) \| shares			326,560
Subsequent Event [Member] \| Series A-1 Convertible Preferred Stock [Member]
Preferred Stock, Par or Stated Value Per Share \| $ / shares			$ 10,000
Subsequent Event [Member] \| Private Placement [Member] \| Series A-1 Convertible Preferred Stock [Member]
Proceeds from Issuance or Sale of Equity						$ 1,500,000
Subsequent Event [Member] \| At The Market Offering Agreement [Member]
Equity Offering, Maximum Amount	$ 3,870,000		$ 3,870,000
Stock Issued During Period, Value, New Issues	$ 600,000
Stock Issued During Period, Shares, New Issues \| shares	220,269
Subsequent Event [Member] \| Private Placement, Securities Purchase Agreement [Member]
Proceeds from Issuance or Sale of Equity			$ 1,540,819
Preferred Stock, Convertible, Conversion Ratio			0.75
Shares Issued, Price Per Share \| $ / shares			$ 10,272.13
Subsequent Event [Member] \| Private Placement, Securities Purchase Agreement [Member] \| Warrants to Purchase Common Shares [Member]
Class of Warrant or Right, Exercise Price of Warrants or Rights \| $ / shares			$ 3.445
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) \| shares			326,560
Warrants and Rights Outstanding, Term (Year)			5 years
Subsequent Event [Member] \| Private Placement, Securities Purchase Agreement [Member] \| Series A-1 Convertible Preferred Stock [Member]
Stock Issued During Period, Value, New Issues			$ 5,000,000
Stock Issued During Period, Shares, New Issues \| shares			150
Subsequent Event [Member] \| Private Placement, Securities Purchase Agreement [Member] \| Series A-1 Convertible Preferred Stock [Member] \| Conversion of Series A-1 Convertible Preferred Shares to Common Shares [Member]
Preferred Stock, Convertible, Shares Issuable \| shares			2,903
Preferred Stock, Convertible, Conversion Price \| $ / shares			$ 3.445
Convertible Preferred Stock, Shares Issued upon Conversion \| shares			435,414

Note 8 - Capital Shares - Option Assumptions (Details)	12 Months Ended
Note 8 - Capital Shares - Option Assumptions (Details)	Sep. 30, 2024	Sep. 30, 2023
Risk free interest rate	4.92%
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Risk Free Interest Rate, Minimum	3.62%
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Risk Free Interest Rate, Maximum	4.18%
Expected share price volatility	97.26%
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Volatility Rate, Minimum	95.30%
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Volatility Rate, Maximum	97.34%
Share-Based Payment Arrangement, Option [Member]
Expected life (years) (Year)	5 years	5 years
Expected dividend yield	0.00%	0.00%

Note 5 - Intangible Assets (Details Textual) - USD ($) $ in Millions	1 Months Ended	12 Months Ended
	Apr. 30, 2020	Sep. 30, 2024	Sep. 30, 2023
Finite-Lived Intangible Asset, Useful Life	25 years	25 years
Amortization of Intangible Assets		$ 101,172.0	$ 101,172.0
Licensing Agreements [Member]
Finite-Lived Intangible Asset, Useful Life	25 years	25 years
License Agreement, Renewal Period	5 years	5 years
Upfront License Payment	$ 2.5

Note 13 - Related Party Transactions

12 Months Ended

Sep. 30, 2024

Notes to Financial Statements

12. Related party transactions

During each of the years ended September 30, 2024 and 2023, the Company paid cash of $78,000 and $82,000, respectively, for a ROU lease from a company controlled by the Company's CEO. These transactions are in the normal course of operations and are measured at the exchange amount, which is the amount of consideration established and agreed to by both parties. On December 31, 2022, the Company executed a two-year lease extension through December 31, 2024 in accordance with the terms of the original lease agreement. Rents of approximately $30,000 and $15,000 were payable at September 30, 2024, and September 30, 2023, respectively.

The Company agreed to pay a monthly standby fee for the term of the Credit Agreement, which amounted to $51,000 in September 2024 and nil in September 2023.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147480990/946-20-50-6

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 1
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
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-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

+ Details

Note 8 - Capital Shares - Schedule of Warrants (Details) - $ / shares	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Balance, number of warrant shares (in shares)	720,909	521,718
Class of Warrant or Right, Outstanding (in shares)	609,717	720,909
Balance, warrants, weighted average exercise price (in dollars per share)	$ 19.51	$ 28
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share)	$ 21.74	$ 19.51
Issued, number of warrant shares (in shares)		384,496
Issued, warrants, weighted average exercise price (in dollars per share)		$ 8.75
Exercised, number of warrant shares (in shares)		(100,760)
Exercised, warrants, weighted average exercise price (in dollars per share)		$ 7.65
Expired, number of warrant shares (in shares)	111,192	(84,545)
Expired, warrants, weighted average exercise price (in dollars per share)	$ 7.26	$ 37.29
Expired, number of warrant shares (in shares)	111,192	(84,545)
Expired, warrants, weighted average exercise price (in dollars per share)	$ 7.26	$ 37.29
Balance, number of warrant shares (in shares)	609,717	720,909
Balance, warrants, weighted average exercise price (in dollars per share)	$ 21.74	$ 19.51
Warrant One [Member]
Class of Warrant or Right, Outstanding (in shares)	1,687
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share)	$ 22.4
Warrants and Rights Outstanding, Maturity Date	Jan. 31, 2025
Balance, number of warrant shares (in shares)	1,687
Balance, warrants, weighted average exercise price (in dollars per share)	$ 22.4
Warrant Two [Member]
Class of Warrant or Right, Outstanding (in shares)	173,614
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share)	$ 10.5
Warrants and Rights Outstanding, Maturity Date	Dec. 31, 2025
Balance, number of warrant shares (in shares)	173,614
Balance, warrants, weighted average exercise price (in dollars per share)	$ 10.5
Warrant Three [Member]
Class of Warrant or Right, Outstanding (in shares)	15,627
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share)	$ 56
Warrants and Rights Outstanding, Maturity Date	Feb. 28, 2026
Balance, number of warrant shares (in shares)	15,627
Balance, warrants, weighted average exercise price (in dollars per share)	$ 56
Warrant Four [Member]
Class of Warrant or Right, Outstanding (in shares)	27,399
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share)	$ 31.94
Warrants and Rights Outstanding, Maturity Date	Mar. 31, 2027
Balance, number of warrant shares (in shares)	27,399
Balance, warrants, weighted average exercise price (in dollars per share)	$ 31.94
Warrant Five [Member]
Class of Warrant or Right, Outstanding (in shares)	391,390
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share)	$ 24.64
Warrants and Rights Outstanding, Maturity Date	Sep. 30, 2027
Balance, number of warrant shares (in shares)	391,390
Balance, warrants, weighted average exercise price (in dollars per share)	$ 24.64

Note 6 - Right-of-use Assets and Liabilities - Future Minimum Lease Payments (Details) - USD ($)	Sep. 30, 2024	Sep. 30, 2023
September 30, 2025	$ 20,019
Total lease payments	20,019
Less imputed interest	152
Present value of right-of-use lease liabilities	19,867
Present value included in current liabilities	19,867	$ 74,714
Present value included in long-term liabilities	$ 0	$ 19,773

Note 2 - Basis of Preparation

12 Months Ended

Sep. 30, 2024

Notes to Financial Statements

Business Description and Basis of Presentation [Text Block]

2. Basis of preparation

The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (U.S. GAAP) and include the accounts of the Company and its wholly owned subsidiaries, Edesa Biotech Research, Inc. and Edesa Biotech USA, Inc. All intercompany balances and transactions have been eliminated upon consolidation.

Note 5 - Intangible Assets - Estimated Future Amortization (Details) - USD ($)	Sep. 30, 2024	Sep. 30, 2023
September 30, 2025	$ 101,172
September 30, 2026	101,172
September 30, 2027	101,172
September 30, 2028	101,172
September 30, 2029	101,172
Thereafter	1,572,988
Total intangible assets, net	$ 2,078,848	$ 2,180,020

Note 4 - Property and Equipment

12 Months Ended

Sep. 30, 2024

Notes to Financial Statements

Property, Plant and Equipment Disclosure [Text Block]

4. Property and equipment

Property and equipment, net consisted of the following:

	September 30, 2024			September 30, 2023

Computer equipment	$	46,945		$	46,945
Furniture and equipment		5,603			5,603

		52,548			52,548
Less: accumulated depreciation		(52,548	)		(43,846	)

Depreciable assets, net	$	-		$	8,702

Assets not in service		-			-

Total property and equipment, net	$	-		$	8,702

Depreciation expense amounted to $8,702 and $4,328 for the years ended September 30, 2024 and 2023, respectively.

Note 6 - Right-of-use Asset and Liabilities (Details Textual)	Dec. 31, 2022
Related Party [Member]
Lessee, Operating Lease, Renewal Term	2 years

Note 10 - Income Tax - Summary of Operating Loss Carryforwards (Details) - Sep. 30, 2024	USD ($)	CAD ($)
Domestic Tax Jurisdiction [Member]
Operating loss carryforwards		$ 58,262,000
Domestic Tax Jurisdiction [Member] \| Tax Year 2025 [Member]
Operating loss carryforwards		16,000
Domestic Tax Jurisdiction [Member] \| Tax Year 2039 [Member]
Operating loss carryforwards		1,279,000
Domestic Tax Jurisdiction [Member] \| Tax Year 2040 [Member]
Operating loss carryforwards		5,904,000
Domestic Tax Jurisdiction [Member] \| Tax Year 2026 [Member]
Operating loss carryforwards		41,000
Domestic Tax Jurisdiction [Member] \| Tax Year 2041 [Member]
Operating loss carryforwards		9,366,000
Domestic Tax Jurisdiction [Member] \| Tax Year 2042 [Member]
Operating loss carryforwards		16,191,000
Domestic Tax Jurisdiction [Member] \| Tax Year 2027 [Member]
Operating loss carryforwards		84,000
Domestic Tax Jurisdiction [Member] \| Tax Year 2044 [Member]
Operating loss carryforwards		6,260,000
Domestic Tax Jurisdiction [Member] \| Tax Year 2028 [Member]
Operating loss carryforwards		171,000
Domestic Tax Jurisdiction [Member] \| Tax Year 2029 [Member]
Operating loss carryforwards		507,000
Domestic Tax Jurisdiction [Member] \| Tax Year 2030 [Member[
Operating loss carryforwards		633,000
Domestic Tax Jurisdiction [Member] \| Tax Year 2031 [Member]
Operating loss carryforwards		504,000
Domestic Tax Jurisdiction [Member] \| Tax Year 2032 [Member]
Operating loss carryforwards		496,000
Domestic Tax Jurisdiction [Member] \| Tax Year 2033 [Member]
Operating loss carryforwards		79,000
Domestic Tax Jurisdiction [Member] \| Tax Year 2034 [Member]
Operating loss carryforwards		1,432,000
Domestic Tax Jurisdiction [Member] \| Tax Year 2035 [Member]
Operating loss carryforwards		1,628,000
Domestic Tax Jurisdiction [Member] \| Tax Year 2036 [Member]
Operating loss carryforwards		1,637,000
Domestic Tax Jurisdiction [Member] \| Tax Year 2037 [Member]
Operating loss carryforwards		1,564,000
Domestic Tax Jurisdiction [Member] \| Tax Year 2038 [Member]
Operating loss carryforwards		2,580,000
Domestic Tax Jurisdiction [Member] \| Tax Year 2043 [Member]
Operating loss carryforwards		$ 7,890,000
Foreign Tax Jurisdiction [Member]
Operating loss carryforwards	$ 335,000
Foreign Tax Jurisdiction [Member] \| Tax Year 2039 [Member]
Operating loss carryforwards	70,000
Foreign Tax Jurisdiction [Member] \| Tax Year 2040 [Member]
Operating loss carryforwards	150,000
Foreign Tax Jurisdiction [Member] \| Tax Year 2041 [Member]
Operating loss carryforwards	68,000
Foreign Tax Jurisdiction [Member] \| Tax Year 2042 [Member]
Operating loss carryforwards	6,000
Foreign Tax Jurisdiction [Member] \| Tax Year 2044 [Member]
Operating loss carryforwards	$ 41,000

Note 6 - Right-of-use Assets and Liabilities - Lease Terms and Discount Rates (Details)	Sep. 30, 2024	Sep. 30, 2023
Remaining lease term (months): (Month)	3 months	15 months
Estimated incremental borrowing rate:	9.20%	9.20%

Note 10 - Income Tax - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($)	Sep. 30, 2024	Sep. 30, 2023
Research and development tax credits	$ 1,504,000	$ 1,371,000
Share issuance and financing costs	381,000	585,000
Right-of-use lease liabilities	5,000	25,000
Other temporary differences	21,000	44,000
Subtotal	18,200,000	16,699,000
Less: valuation allowance	(18,074,000)	(16,466,000)
Total net deferred tax assets	126,000	233,000
Property and equipment	(2,000)	(3,000)
Right-of-use assets	(5,000)	(24,000)
Grant Income receivable	(71,000)	(153,000)
Deferred share issuance costs	(48,000)	(53,000)
Total deferred tax liabilities	(126,000)	(233,000)
Net deferred taxes	0	0
Canada Revenue Agency [Member]
Non-capital losses carried forward - Canada	15,547,000	13,943,000
Internal Revenue Service (IRS) [Member]
Non-capital losses carried forward - U.S.	$ 742,000	$ 731,000

Note 3 - Significant Accounting Policies

12 Months Ended

Sep. 30, 2024

Notes to Financial Statements

Significant Accounting Policies [Text Block]

3. Significant accounting policies

Use of estimates

The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the period or year. Actual results could differ from those estimates. Areas where significant judgment is involved in making estimates are valuation of accounts and other receivable; valuation and useful lives of property and equipment; intangible assets; right-of-use assets; deferred income taxes; the determination of fair value of share-based compensation; the determination of fair value of warrants in order to allocate proceeds from equity issuances; and forecasting future cash flows for assessing the going concern assumption.

Functional and reporting currencies

The consolidated financial statements of the Company are presented in U.S. dollars, unless otherwise stated, which is the Company’s and its wholly owned subsidiary’s, Edesa Biotech USA, Inc., functional currency. The functional currency of the Company’s wholly owned subsidiary, Edesa Biotech Research, Inc., as determined by management, is Canadian dollars.

Cash and cash equivalents

Cash and cash equivalents consist of demand deposits with financial institutions held in checking, savings and money market mutual funds and highly liquid investments which are readily convertible into cash with maturities of three months or less when purchased. The carrying amount of cash and cash equivalents approximates its fair value due to its short-term nature.

Accounts and other receivables

The Company assesses the collectability of its accounts receivables through a review of its current aging and payment terms, as well as an analysis of its historical collection rate, general economic conditions and credit status of the government agencies. Accounts and other receivables include reimbursement grant income for the Company’s federal grant with the Canadian government’s SIF and Harmonized Sales Tax (HST) refunds receivables. As of September 30, 2024, all outstanding accounts, grants and HST refunds receivables were deemed to be fully collectible, and therefore, no allowance for doubtful accounts was recorded.

Property and equipment

Property and equipment are recorded at historical cost less accumulated depreciation and any accumulated impairment losses. Depreciation is recorded to write off the cost of assets less their residual values over their useful lives, using the declining balance and straight-line methods. Maintenance and repair expenditures that do not improve or extend the life are expensed in the period incurred. Any gain or loss arising on the disposal or retirement of an item of property and equipment is recognized as the difference between the sales proceeds and the carrying amount of the asset. The estimated useful lives, residual values and depreciation methods are reviewed at the end of each year, with the effect of any changes in estimate accounted for on a prospective basis. The Company capitalizes expenditures greater than $5,000. The Company changed its depreciation policy to straight line depreciation.

The depreciation policy for the principal asset categories are calculated as follows:

●

Computer equipment 30% declining balance method or straight line 3 years

●

Furniture and equipment 20% declining balance method or straight line for 4 years

Intangible assets

Intangible assets represent the exclusive world-wide rights to know-how, patents and data relating to certain monoclonal antibodies (the Constructs), including sublicensing rights, acquired by entering into a license agreement with a pharmaceutical development company. Unless earlier terminated, the term of the license agreement will remain in effect for 25 years from the date of first commercial sale of licensed products containing the Constructs. Subsequently, the license agreement will automatically renew for five-year periods unless either party terminates the agreement in accordance with its terms. Intangible assets are stated at their historical cost, amortized on a straight-line basis over their expected useful lives, which is 25 years, and subject to impairment review at the end of each year.

Impairment of long-lived assets

Long-lived assets are tested for impairment when indicators of impairment exist. When a significant change in the expected timing or amount of the future cash flows of the financial asset is identified, the carrying amount of the financial asset is reduced and the amount of the write-down is recognized as a loss.

Right-of-Use assets and liabilities

The Company recognizes right-of-use (ROU) assets and liabilities on the balance sheet for operating leases with terms longer than 12 months. The Company follows the ongoing practical expedient not to recognize ROU assets and liabilities for short-term leases. The ROU assets are initially measured at cost and amortized using the straight-line method through the end of the lease term. The ROU liabilities are initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the Company's incremental borrowing rate.

Fair value measurement

The Company uses the fair value measurement framework for valuing financial assets and liabilities. See Note 11.

Reimbursement Grant Income

Reimbursement grant income is recognized based on the reimbursement rate included in the government contribution agreement when allowable expenses have been incurred.

Research and development

Research and development expenses principally consist of (i) contract research organizations for clinical trial management services, (ii) contract manufacturing organizations for manufacturing the drug compound(s) for use in clinical trials and (iii) salaries of employees directly involved in research and development efforts. Research and development costs are expensed as incurred.

Share-based compensation

The Company has equity incentive plans under which various types of equity-based awards including share options, restricted shares and restricted share unit awards may be granted to employees, non-employee directors and non-employee consultants and warrants that may be granted as compensation to non-employees.

The Company measures the cost of equity-settled transactions by reference to the fair value of the equity instruments at the date at which they are granted.

The Company recognizes compensation expense for all share-based awards based on the estimated grant-date fair values. For restricted share unit awards to employees, the fair value is based on the 5-day volume weighted average price (VWAP) of the Company’s common shares up to the date of grant. The value of the portion of the award that is ultimately expected to vest is recognized as expense on a straight-line basis over the requisite service period.

The fair value of share options is determined using the Black-Scholes option pricing model. The Company utilizes a dividend yield of zero based on the fact that the Company has never paid cash dividends and has no current intention of paying cash dividends. The Company elected an accounting policy to record forfeitures as they occur. See Note 8 for a discussion of the assumptions used by the Company in determining the grant date fair value of options granted under the Black-Scholes option pricing model, as well as a summary of the share option activity under the Company’s share-based compensation plan for all years presented.

The provisions of the Company’s share-based compensation plans do not require the Company to settle any options or restricted share units by transferring cash or other assets, and therefore the Company classifies the awards as equity.

Translation of foreign currency transactions

The Company’s reporting currency is the U.S. dollar. The financial statements of the wholly owned Canadian subsidiary is measured using the Canadian dollar as the functional currency. Assets and liabilities of the Canadian operation have been translated at year-end exchange rates and related revenue and expenses have been translated at average exchange rates for the year. Accumulated gains and losses resulting from the translation of the financial statements of the Canadian operation are included as part of accumulated other comprehensive loss, a separate component of shareholders’ equity.

For other transactions denominated in currencies other than the Company’s functional currency, the monetary assets and liabilities are translated at the year-end rates. Revenue and expenses are translated at rates of exchange prevailing on the transaction dates. Non-monetary balance sheet and related income statement accounts are remeasured into U.S. dollar using historical exchange rates. All of the exchange gains or losses resulting from these other transactions are recognized in the statements of operations and comprehensive loss.

Income taxes

Deferred tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between the tax bases of assets and liabilities and their financial statement reported amounts using enacted tax rates and laws in effect in the year in which the differences are expected to reverse. A valuation allowance is provided against deferred tax assets when it is determined to be more likely than not that the deferred tax asset will not be realized.

The Company assesses the likelihood of the financial statement effect of a tax position that should be recognized when it is more likely than not that the position will be sustained upon examination by a taxing authority based on the technical merits of the tax position, circumstances, and information available as of the reporting date. The Company is subject to examination by taxing authorities in Canada and the U.S. Management does not believe that there are any uncertain tax positions that would result in an asset or liability for taxes being recognized in the accompanying financial statements. The Company recognizes tax-related interest and penalties, if any, as a component of income tax expense.

The Company accounts for income taxes on a tax jurisdictional basis. The Company files income tax returns in Canada, the provinces of British Columbia and Ontario, the U.S. and the state of California.

Earnings (loss) per share

Basic earnings (loss) per share is calculated by dividing net income (loss) available to common shareholders by the weighted average number of common shares outstanding during the year.

The computation of diluted earnings (loss) per share assumes the conversion, exercise or contingent issuance of securities only when such conversion, exercise or issuance would have a dilutive effect on earnings (loss) per share. The dilutive effect of convertible securities would be reflected in diluted earnings per share by application of the “if converted” method. The dilutive effect of outstanding share options and warrants and their equivalents would be reflected in diluted earnings per share by application of the treasury stock method. However, conversion of outstanding share options and warrants would have an antidilutive effect on loss per share for the years ended September 30, 2024 and 2023 and are therefore excluded from the computation of diluted loss per share. See Note 8 for share options and warrants at September 30, 2024 and 2023.

Segmented information

The Company’s operations comprise a single reportable segment engaged in the research and development, manufacturing and commercialization of innovative pharmaceutical products. As the operations comprise a single reportable segment, amounts disclosed in the consolidated financial statements for net loss, comprehensive loss, depreciation and total assets also represent segmented amounts.

Adoption of recent accounting pronouncements

On October 1, 2022, the Company adopted Accounting Standards Update ASU 2021-10 Disclosure by Business Entities About Government Assistance, modifying ASC Topic 832, Government Assistance. The amendments in ASU 2021-10 require disclosure of information about certain types of government assistance received. The Company expanded its disclosures related to government assistance.

Future accounting pronouncements

In November 2023, the FASB issued Accounting Standards Update ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires disclosure of incremental segment information on an interim and annual basis. This ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal periods beginning after December 15, 2024, and requires retrospective application to all prior periods presented in the financial statements. The Company is currently evaluating the impact of the guidance on the consolidated financial statements and disclosures.

In November 2024, the FASB issued ASU 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (“ASU 2024-03”), which requires public entities to disclose additional information about specific expense categories in the notes to the financial statements on an interim and annual basis. This guidance is effective for annual reporting periods beginning after December 15, 2026, and interim periods beginning after December 15, 2027. Early adoption is permitted. The Company is currently evaluating the impact of this guidance on its consolidated financial statements.

In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which is intended to provide enhancements to annual income tax disclosures. The standard will require more detailed information in the rate reconciliation table and for income taxes paid, among other enhancements. The standard is effective for years beginning after December 15, 2024 and early adoption is permitted. The Company is currently evaluating the impact of the guidance on the consolidated financial statements and disclosures.

Note 4 - Property and Equipment (Tables)

12 Months Ended

Sep. 30, 2024

Notes Tables

Property, Plant and Equipment [Table Text Block]

	September 30, 2024			September 30, 2023

Computer equipment	$	46,945		$	46,945
Furniture and equipment		5,603			5,603

		52,548			52,548
Less: accumulated depreciation		(52,548	)		(43,846	)

Depreciable assets, net	$	-		$	8,702

Assets not in service		-			-

Total property and equipment, net	$	-		$	8,702

Note 8 - Capital Shares - Vested Restricted Stock Units (Details)	Sep. 30, 2024 shares
Restricted Stock Units (RSUs) [Member]
Fully-vested RSUs (in shares)	63,204

Consolidated Statements of Operations and Comprehensive Loss - USD ($)	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Expenses:
Research and development	$ 2,881,967	$ 4,794,549
General and administrative	4,132,777	4,428,209
Loss from operations	(7,014,744)	(9,222,758)
Other income (loss):
Reimbursement grant income	698,277	581,039
Interest income	153,498	289,846
Misc other income	14,766	0
Foreign exchange loss	(21,042)	(21,742)
Nonoperating Income (Expense)	845,499	849,143
Loss before income taxes	(6,169,245)	(8,373,615)
Income tax expense	800	800
Net loss	(6,170,045)	(8,374,415)
Exchange differences on translation	(27,965)	(1,046)
Net comprehensive loss	$ (6,198,010)	$ (8,375,461)
Weighted average number of common shares (in shares)	3,197,423	2,858,929
Loss per common share - basic and diluted (in dollars per share)	$ (1.93)	$ (2.93)

Note 1 - Nature of Operations

12 Months Ended

Sep. 30, 2024

Notes to Financial Statements

Nature of Operations [Text Block]

1. Nature of operations

Edesa Biotech, Inc. (the Company or Edesa) is a biopharmaceutical company focused on acquiring, developing and commercializing clinical stage drugs for inflammatory and immune-related diseases with clear unmet medical needs. The Company is organized under the laws of British Columbia, Canada and is headquartered in Markham, Ontario. It operates under its wholly owned subsidiaries, Edesa Biotech Research, Inc., an Ontario, Canada corporation, and Edesa Biotech USA, Inc., a California, USA corporation.

The Company’s common shares trade on The Nasdaq Capital Market in the United States under the symbol “EDSA”.

Going Concern

These consolidated financial statements have been prepared on a going concern basis which presumes the realization of assets and the discharge of liabilities in the normal course of operations for at least the next twelve months.

For the year ended September 30, 2024, the Company incurred a comprehensive loss of $6.2 million resulting in an accumulated deficit of $58.6 million. For the year ended September 30, 2024, the Company had a net cash outflow from operating activities of $4.9 million and ended the year with $1.0 million in cash and cash equivalents and a net working capital deficit of $0.2 million. Subsequent to the year end, the Company received proceeds of $1.5 million from the sale of Preferred Shares to the Pardeep Nijhawan Medicine Professional Corporation (PN MPC). The Company’s ability to continue as a going concern is dependent on obtaining additional funding through financings, other strategic activities as well as via grants, to fund the development of its drug candidates. There can be no assurance that the Company will be successful in raising the necessary financing. These conditions indicate the existence of a material uncertainty that may cast significant doubt about the Company’s ability to continue as a going concern.

These consolidated financial statements do not give effect to any adjustments which would be necessary should the Company be unable to continue as a going concern and, therefore, be required to realize its assets and discharge its liabilities in other than the normal course of business and at amounts different from those reflected in the accompanying consolidated financial statements. These adjustments could be material.

Liquidity

The Company’s operations have historically been funded through issuances of common shares, exercises of common share purchase warrants, convertible preferred shares, convertible loans, government grants and tax incentives.

In August 2022 the Company filed a $150.0 million shelf registration statement, under which the Company entered into an equity distribution agreement with Canaccord for $20.0 million in gross proceeds, subject to certain offering limitations that allowed the Company to offer and sell common shares having an aggregate gross sales price of up to $8.4 million (Canaccord ATM). The Canaccord ATM was terminated in October 2024. In October 2024, the Company entered into an At The Market Offering Agreement with H.C. Wainwright & Co., LLC as a sales agent (HCW ATM) pursuant to which the Company may offer and sell, from time to time, common shares through an at-the-market equity offering program for up to $3.87 million in gross proceeds.

The Company’s primary use of cash and cash equivalents is to fund operating expenses, which consist of research and development (R&D) and general and administrative (G&A) expenditures. Cash used to fund operating expenses is impacted by the timing of when the Company pays these expenses, as reflected in the change in accounts payable and accrued expenses. Net cash used in operating activities was $4.9 million and $6.6 million for the years ended September 30, 2024 and 2023, respectively. The Company incurred net losses of $6.2 million and $8.4 million for the years ended September 30, 2024 and 2023.

In October 2024, the Company entered into a Securities Purchase Agreement with PN MPC, an entity controlled by Pardeep Nijhawan, the Company’s Chief Executive Officer, Secretary and member of the board of directors of the Company, pursuant to which the Company agreed to issue and sell to PN MPC in a private placement, up to $5 million of shares (Preferred Shares) of the Company’s newly designated Series A-1 Convertible Preferred Shares, stated value $10,000 per share, each of which is initially convertible into approximately 2,903 common shares (Conversion Shares), without par value, of the Company (Common Shares) at a conversion price of $3.445 per Conversion Share, and warrants (Warrants) to purchase Common Shares (Warrant Shares) at an exercise price of $3.445 per Warrant Share. The Preferred Shares and the Warrants are being sold together in a fixed combination of one Preferred Share and a Warrant to purchase a number of Common Shares equal to 75% of the underlying Conversion Shares at a combined purchase price of $10,272.13 per Preferred Share and related Warrants. Under the Purchase Agreement, PN MPC has purchased 150 Preferred Shares initially convertible into an aggregate of 435,414 Conversion Shares and Warrants to purchase up to an aggregate of 326,560 Warrant Shares for an aggregate purchase price of $1,540,819. The Warrants expire five years from the issuance date.

In October 2023, the Company entered into a multi-year contribution agreement (2023 SIF Agreement) with the Canadian Government’s Strategic Innovation Fund (SIF). Under the 2023 SIF Agreement, the Government of Canada committed up to C$23 million in partially repayable funding. Of the C$23 million committed by SIF, up to C$5.8 million is not repayable by the Company. The remaining C$17.2 million is conditionally repayable starting in 2029 only if and when the Company earns gross revenue. See Note 9. In February 2021, the Company signed a contribution agreement with the Canadian government’s SIF (2021 SIF Agreement), the Company was eligible to receive cash reimbursements up to C$14.1 million in the aggregate for certain R&D expenses related to the EB05 clinical development program. All potential funding available under the 2021 SIF Agreement has been received. For the years ended September 30, 2024 and 2023, the Company recorded grant income of $0.7 million and $0.6 million respectively related to the 2023 SIF Agreement.

In October 2023, the Company entered into a $10.0 million revolving credit agreement with Pardeep Nijhawan Medicine Professional Corporation (Credit Agreement), providing an unsecured revolving credit facility, with a credit limit of $3.5 million (Credit Limit) which is available immediately. The line of credit bears interest at the Canadian Imperial Bank of Commerce US Base-Interest Rate plus 3% per annum and has a maturity date of March 31, 2026, unless terminated earlier by either party with 90 days’ notice. Advances under the line of credit are tied to a borrowing base (Borrowing Base) consisting of eligible grant receivables from SIF, future potential license fee receivables and any other accounts receivable. At no time shall the aggregate principal amount of all advances outstanding exceed the lesser of (i) the Credit Limit and (ii) an amount equal to 85% of the Borrowing Base. No amounts have been drawn upon from the Credit Agreement. The Credit Agreement was terminated in October 2024.

In March 2023, the Company entered into an equity distribution agreement with Canaccord, as sales agent, pursuant to which the Company may offer and sell, from time to time, common shares through an at-the-market equity offering program for up to $20 million in gross proceeds, subject to certain offering limitations that currently allows the Company to offer and sell common shares having an aggregate gross sales price of up to $8.4 million. At September 30, 2024, the Company sold a total of 171,916 common shares pursuant to the agreement for gross proceeds of approximately $0.7 million.

In November 2022, the Company completed a private placement of units consisting of 384,475 common shares, 12-month warrants to purchase up to an aggregate of 192,248 common shares and 3-year warrants to purchase up to an aggregate of 192,248 common shares. The gross proceeds from this offering are approximately $3.0 million, before offering expenses.

Document And Entity Information - USD ($)	12 Months Ended
Document And Entity Information - USD ($)	Sep. 30, 2024	Dec. 11, 2024	Mar. 31, 2024
Document Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Sep. 30, 2024
Document Transition Report	false
Entity File Number	001-37619
Entity Registrant Name	EDESA BIOTECH, INC.
Entity Incorporation, State or Country Code	CA
Entity Address, Address Line One	100 Spy Court
Entity Address, City or Town	Markham
Entity Address, Country	CA
Entity Address, Postal Zip Code	L3R 5H6
City Area Code	289
Local Phone Number	800-9600
Title of 12(b) Security	Common Shares, without par value
Trading Symbol	EDSA
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	false
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 11,056,198
Entity Common Stock, Shares Outstanding (in shares)		3,467,658
Auditor Firm ID	1930
Auditor Name	MNP LLP
Auditor Location	Toronto, Canada
Entity Central Index Key	0001540159
Current Fiscal Year End Date	--09-30
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY
Amendment Flag	false

Note 9 - Government Contributions

12 Months Ended

Sep. 30, 2024

Notes to Financial Statements

Government Assistance [Text Block]

9. Government Contributions

SIF

Reimbursement grant income for the Company’s federal grant with the Canadian government’s SIF is recorded based on the claim period of eligible costs.

In October 2023, the Company entered into the 2023 SIF Agreement with the Canadian Government. Under the 2023 SIF Agreement, the Government of Canada committed up to C$23 million in partially repayable funding toward (i) conducting and completing the Company’s Phase 3 clinical study of its experimental drug EB05 in critical-care patients with Acute Respiratory Distress Syndrome (ARDS) caused by COVID-19 or other infectious agents, (ii) submitting EB05 for governmental approvals and manufacturing scale-up, following, and subject to, completing the Phase 3 study and (iii) conducting two non-clinical safety studies to assess the potential long-term impact of EB05 exposure (the Project). Of the C$23 million committed by SIF, up to C$5.8 million is not repayable by the Company. The remaining C$17.2 million is conditionally repayable starting in 2029 only if and when the Company earns gross revenue. The repayable portion would be payable over fifteen (15) years based on a percentage rate of the Company’s annual revenue growth. The maximum amount repayable under the Agreement is 1.4 times the original repayable amount. In addition, the Company is entitled to partial reimbursement of certain eligible expenses under the Agreement.

Under the Agreement, the Company agreed to certain financial and non-financial covenants and other obligations in relation to the Project. Pursuant to the Agreement, certain customary events of default, such as the Company’s or Edesa Biotech Research’s breach of their covenants and obligations under the Agreement, their insolvency, winding up or dissolution, and other similar events, may permit the Government of Canada to declare an event of default under the Agreement. Upon an event of default, subject to applicable cure, the Government of Canada may exercise a number of remedies, including suspending or terminating funding under the Agreement, demanding repayment of funding previously received and/or terminating the Agreement.

The funding and any associated conditional repayments are not secured by any assets of Edesa Biotech Research or the Company.

The Agreement will expire on the later of December 31, 2042 or the date of the last repayment, unless earlier terminated, subject to certain provisions that extend three (3) years beyond the term or early termination of the Agreement.

Under the October 2023 SIF Agreement the Company recorded grant income of $0.7 million and $0.6 million for the years ended September 30, 2024 and September 30, 2023, respectively.

Canada Emergency Business Account

During year ended September 30, 2024, the Company recognized a $20,000 Canadian dollar gain from loan forgiveness related to its Canada Emergency Business Account (CEBA) loan. This forgiveness was granted upon successful repayment of $40,000 Canadian dollar of the loan balance, in accordance with CEBA program terms. The forgiven amount is recorded as other income in the consolidated statements of operations. The CEBA loan has been fully repaid and closed with CIBC.

Consolidated Statements of Changes in Shareholders' Equity - USD ($)	Common Stock [Member]	Additional Paid-in Capital [Member]	AOCI Attributable to Parent [Member]	Retained Earnings [Member]	Total
Balance (in shares) at Sep. 30, 2022	2,380,280
Balance at Sep. 30, 2022	$ 42,473,099	$ 11,176,345	$ (213,602)	$ (44,044,553)	$ 9,391,289
Issuance of common shares and warrants in equity offering (in shares)	580,876
Issuance of common shares and warrants in equity offering	$ 3,400,191	944,828	0	0	4,345,019
Issuance of common shares upon exercise of warrants (in shares)	100,760
Issuance of common shares upon exercise of warrants	$ 994,618	(224,087)			770,531
Issuance of common shares upon exercise of restricted share units (in shares)	13,557
Issuance of common shares upon exercise of restricted share units	$ 75,920	(75,920)			0
Issuance costs	$ (300,677)	(28,358)	0	0	(329,035)
Share-based compensation		1,246,457	0		1,246,457
Net loss and comprehensive loss		0	(1,046)	(8,374,415)	(8,375,461)
Balance (in shares) at Sep. 30, 2023	3,075,473
Balance at Sep. 30, 2023	$ 46,643,151	13,039,265	(214,648)	(52,418,968)	7,048,800
Issuance costs	(136,514)	0	0	0	(136,514)
Share-based compensation	0	537,492	0		537,492
Net loss and comprehensive loss	$ 0	0	(27,965)	(6,170,045)	(6,198,010)
Issuance of common shares (in shares)	171,916
Issuance of common shares	$ 729,387	0	0	0	729,387
Balance (in shares) at Sep. 30, 2024	3,247,389
Balance at Sep. 30, 2024	$ 47,236,024	$ 13,576,757	$ (242,613)	$ (58,589,013)	$ 1,981,155

Significant Accounting Policies (Policies)

12 Months Ended

Sep. 30, 2024

Accounting Policies [Abstract]

Use of Estimates, Policy [Policy Text Block]

Use of estimates

Functional and Reporting Currencies [Policy Text Block]

Functional and reporting currencies

Cash and Cash Equivalents, Policy [Policy Text Block]

Cash and cash equivalents

Accounts Receivable [Policy Text Block]

Accounts and other receivables

Property, Plant and Equipment, Policy [Policy Text Block]

Property and equipment

The depreciation policy for the principal asset categories are calculated as follows:

●

Computer equipment 30% declining balance method or straight line 3 years

●

Furniture and equipment 20% declining balance method or straight line for 4 years

Goodwill and Intangible Assets, Policy [Policy Text Block]

Intangible assets

Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block]

Impairment of long-lived assets

Lessee, Leases [Policy Text Block]

Right-of-Use assets and liabilities

Fair Value Measurement, Policy [Policy Text Block]

Fair value measurement

The Company uses the fair value measurement framework for valuing financial assets and liabilities. See Note 11.

Revenue [Policy Text Block]

Reimbursement Grant Income

Reimbursement grant income is recognized based on the reimbursement rate included in the government contribution agreement when allowable expenses have been incurred.

Research and Development Expense, Policy [Policy Text Block]

Research and development

Share-Based Payment Arrangement [Policy Text Block]

Share-based compensation

The Company measures the cost of equity-settled transactions by reference to the fair value of the equity instruments at the date at which they are granted.

Foreign Currency Transactions and Translations Policy [Policy Text Block]

Translation of foreign currency transactions

Income Tax, Policy [Policy Text Block]

Income taxes

Earnings Per Share, Policy [Policy Text Block]

Earnings (loss) per share

Basic earnings (loss) per share is calculated by dividing net income (loss) available to common shareholders by the weighted average number of common shares outstanding during the year.

Segment Reporting, Policy [Policy Text Block]

Segmented information

New Accounting Pronouncements, Policy [Policy Text Block]

Adoption of recent accounting pronouncements

Future accounting pronouncements

Note 3 - Significant Accounting Policies (Details Textual) - USD ($) $ in Thousands		1 Months Ended	12 Months Ended
	Sep. 30, 2024	Apr. 30, 2020	Sep. 30, 2024	Sep. 30, 2023
Allowance for Doubtful Accounts, Premiums and Other Receivables	$ 0		$ 0
Finite-Lived Intangible Asset, Useful Life	25 years	25 years	25 years
Share-Based Payment Arrangement, Option [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Dividend Rate			0.00%	0.00%
Licensing Agreements [Member]
Finite-Lived Intangible Asset, Useful Life	25 years	25 years	25 years
License Agreement, Renewal Period		5 years	5 years
Capitalized Costs, Property Plant and Equipment [Member]
Property, Plant and Equipment, Additions	$ 5
Computer Equipment [Member]
Depreciation, Declining Balance Method, Percentage			30.00%
Property, Plant and Equipment, Useful Life	3 years		3 years
Furniture and Equipment [Member]
Depreciation, Declining Balance Method, Percentage			20.00%
Property, Plant and Equipment, Useful Life	4 years		4 years

Insider Trading Arrangements	12 Months Ended
Insider Trading Arrangements	Sep. 30, 2024
Insider Trading Arr Line Items
Material Terms of Trading Arrangement [Text Block]	Item 9B. OTHER INFORMATION. None of the Company's directors and officers adopted, modified, or terminated a Rule 10b-1 trading arrangement or a non-Rule 10b5-1 trading arrangement during the Company's fiscal quarter ended September 30, 2024 (each as defined in Item 408 of Regulation S-K under the Securities Exchange Act of 1934, as amended).
ecd_Rule10b51ArrAdoptedFlag	false
ecd_NonRule10b51ArrAdoptedFlag	false
ecd_Rule10b51ArrTrmntdFlag	false
ecd_NonRule10b51ArrTrmntdFlag	false

Note 13 - Subsequent Events

12 Months Ended

Sep. 30, 2024

Notes to Financial Statements

Subsequent Events [Text Block]

13. Subsequent events

On October 4, 2024, the Company entered into an At The Market Offering Agreement with H.C. Wainwright & Co., LLC as a sales agent (HCW ATM) pursuant to which the Company may offer and sell, from time to time, common shares through an at-the-market equity offering program for up to $3.87 million in gross proceeds. The Company has no obligation to sell any of the common shares and may at any time suspend sales or terminate the equity distribution agreement in accordance with its terms. Subsequent to the year ended September 30, 2024, the Company sold a total of 220,269 common shares pursuant to the agreement for net proceeds of approximately $0.6 million after deducting sales commissions.

As a result of the foregoing transactions and as of the date of this filing, the Company believes it has shareholders’ equity of at least $2.5 million and therefore satisfies the minimum Nasdaq listing requirement set forth in Nasdaq Listing Rule 5550(b)(1).

Note 7 - Commitments

12 Months Ended

Sep. 30, 2024

Notes to Financial Statements

Commitments and Contingencies Disclosure [Text Block]

7. Commitments

Research and other commitments

The Company has commitments for contracted research organizations who perform clinical trials for the Company’s ongoing clinical studies and other service providers. Aggregate future contractual payments at September 30, 2024 are as follows:

Year Ending

September 30, 2025	$	212,667
September 30, 2026		34,667
September 30, 2027		34,666
September 30, 2028		-
September 30, 2029		-

	$	282,000

License and royalty commitments

In April 2020, through its Ontario subsidiary, the Company entered into a license agreement with a third party to obtain exclusive world-wide rights to certain know-how, patents and data relating to certain monoclonal antibodies (the Constructs), including sublicensing rights. An intangible asset for the acquired license has been recognized. See Note 5 for intangible assets. Under the license agreement, the Company is committed to payments of up to an aggregate amount of $356 million contingent upon meeting certain milestones outlined in the license agreement, primarily relating to future potential commercial approval and sales milestones. The Company also has a commitment to pay royalties based on any net sales of products containing the Constructs in the countries where the Company directly commercializes the products containing the Constructs and a percentage of any sublicensing revenue received by the Company and its affiliates in the countries where it does not directly commercialize the products containing the Constructs. No milestone, royalty or sublicensing payments were made to the third party during the years ended September 30, 2024 and 2023. In connection with this license agreement and pursuant to a purchase agreement entered into in April 2020, the Company acquired drug substance of one of the Constructs for an aggregate purchase price of $5.0 million. No expense was recorded during the years ended September 30, 2024 and September 30, 2023.

In 2016, through its Ontario subsidiary, the Company entered into a license agreement with a third party to obtain exclusive rights to certain know-how, patents and data relating to a pharmaceutical product. The Company will use the exclusive rights to develop the product for therapeutic, prophylactic and diagnostic uses in topical dermal applications and anorectal applications. No intangible assets have been recognized under the license agreement with the third party. Under the license agreement, the Company is committed to payments of various amounts to the third party upon meeting certain milestones outlined in the license agreement, up to an aggregate amount of $18.4 million. Upon divestiture of substantially all of the assets of the Company, the Company shall pay the third party a percentage of the valuation of the licensed technology sold as determined by an external objective expert. The Company also has a commitment to pay the third party a royalty based on net sales of the product in countries where the Company, or an affiliate, directly commercializes the product and a percentage of sublicensing revenue received by the Company and its affiliates in the countries where it does not directly commercialize the product. No license or royalty payments were made to the third party during the years ended September 30, 2024 and 2023, respectively.

In March 2021, through its Ontario subsidiary, the Company entered into a license agreement with the inventor of the same pharmaceutical product to acquire global rights for all fields of use beyond those named under the 2016 license agreement. For the years ended September 30, 2024 and 2023, the Company recorded expenses of $100,000 and $50,000, respectively, as a result of meeting milestones outlined in the 2021 license agreement. The Company is committed to remaining payments of up to an aggregate amount of $68.9 million, primarily relating to future potential commercial approval and sales milestones. In addition, if the Company fails to file an investigational new drug application or foreign equivalent (IND) for the product within a certain period of time following the date of the agreement, the Company is required to remit to the inventor a fixed license fee quarterly as long as the requirement to file an IND remains unfulfilled.

Retirement savings plan 401(k) contributions

Executive officers and employees of the California subsidiary are eligible to receive the Company’s non-elective safe harbor employer contribution of 3% of eligible compensation under a 401(k) plan to provide retirement benefits. Employees are 100% vested in employer contributions and in any voluntary employee contributions. Contributions to the 401(k) plan were $17,870 and $16,872 during the years ended September 30, 2024 and 2023, respectively.

Note 4 - Property and Equipment (Details Textual) - USD ($)	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Depreciation	$ 8,702	$ 4,328

Note 8 - Capital Shares - Restricted Stock Units (Details) - $ / shares	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Granted, number of RSU (in shares)	30,159
Granted, weighted average grant date fair value (in dollars per share)	$ 4.56
Balance, number of RSU (in shares)	63,204
Balance, weighted average grant date fair value (in dollars per share)	$ 5.1
Restricted Stock Units (RSUs) [Member]
Balance, number of RSU (in shares)	33,045	0
Balance, weighted average grant date fair value (in dollars per share)	$ 5.6	$ 0
Granted, number of RSU (in shares)		46,602
Granted, weighted average grant date fair value (in dollars per share)		$ 5.6
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period (in shares)		(13,557)
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value (in dollars per share)		$ 5.6
Balance, number of RSU (in shares)		33,045
Balance, weighted average grant date fair value (in dollars per share)		$ 5.6

Consolidated Balance Sheets (Parentheticals) - $ / shares $ / shares in Thousands	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Common Stock, Shares Authorized, Unlimited [Fixed List]	Unlimited	Unlimited
Common Stock, No Par Value (in dollars per share)	$ 0	$ 0
Issued and outstanding: 3,075,473 common shares (September 30, 2022 - 2,380,280) (in shares)	3,247,389	3,075,473
Common Stock, Shares, Outstanding (in shares)	3,247,389	3,075,473

Consolidated Balance Sheets - USD ($)	Sep. 30, 2024	Sep. 30, 2023
Current assets:
Cash and cash equivalents	$ 1,037,320	$ 5,361,397
Accounts and other receivable	270,908	626,543
Prepaid expenses and other current assets	367,394	448,912
Total current assets	1,675,622	6,436,852
Non-current assets:
Property and equipment, net	0	8,702
Long-term deposits	41,151	173,490
Intangible asset, net	2,078,848	2,180,020
Right-of-use assets	18,361	91,373
Total assets	3,813,982	8,890,437
Current liabilities:
Accounts payable and accrued liabilities	1,812,960	1,747,150
Short-term right-of-use lease liabilities	19,867	74,714
Total current liabilities	1,832,827	1,821,864
Non-current liabilities:
Long-term right-of-use lease liabilities	0	19,773
Total liabilities	1,832,827	1,841,637
Shareholders' equity:
Authorized unlimited common and preferred shares without par value issued and outstanding: 3,247,389 common shares (September 30, 2023 - 3,075,473)	47,236,024	46,643,151
Additional paid-in capital	13,576,757	13,039,265
Accumulated other comprehensive loss	(242,613)	(214,648)
Accumulated deficit	(58,589,013)	(52,418,968)
Total shareholders' equity	1,981,155	7,048,800
Total liabilities and shareholders' equity	$ 3,813,982	$ 8,890,437

Note 10 - Income Tax

12 Months Ended

Sep. 30, 2024

Notes to Financial Statements

Income Tax Disclosure [Text Block]

10. Income Tax

The reconciliation of the combined Canadian federal and provincial statutory income tax rate to the approximate effective tax rate is as follows:

	Years Ended
	September 30, 2024			September 30, 2023

Net loss before recovery of income taxes	$	(6,169,000	)	$	(8,374,000	)
Canadian federal and provincial statutory income tax rate		26.5	%		26.5	%

Expected income tax recovery	$	(1,635,000	)	$	(2,219,000	)
Effect of foreign currency and foreign tax rate differences		(58,200	)		(207,200	)
Permanent differences		147,000			339,000
Share issuance cost booked through equity or capitalization		36,000			(89,000	)
Non-capital losses limitation - U.S.		0			899,000
Other		(38,000	)		(94,000	)
Change in valuation allowance		1,549,000			1,372,000

Income tax (recovery) expense	$	800		$	800

Components of the net deferred tax asset or liability

Deferred taxes are provided as a result of temporary differences that arise due to the difference between the income tax values and the carrying amount of assets and liabilities. Approximate deferred tax assets and liabilities are as follows:

	September 30, 2024			September 30, 2023

Non-capital losses carried forward - Canada	$	15,547,000		$	13,943,000
Non-capital losses carried forward - U.S.		742,000			731,000
Research and development tax credits		1,504,000			1,371,000
Share issuance and financing costs		381,000			585,000
Right-of-use lease liabilities		5,000			25,000
Other temporary differences		21,000			44,000

Subtotal	$	18,200,000		$	16,699,000
Less: valuation allowance		(18,074,000	)		(16,466,000	)

Total net deferred tax assets	$	126,000		$	233,000

Property and equipment	$	(2,000	)	$	(3,000	)
Right-of-use assets		(5,000	)		(24,000	)
Grant Income receivable		(71,000	)		(153,000	)
Deferred share issuance costs		(48,000	)		(53,000	)

Total deferred tax liabilities	$	(126,000	)	$	(233,000	)

Net deferred taxes	$	-		$	-

Realization of the deferred tax assets is dependent upon the generation of future taxable income, the amount and timing of which are uncertain. It is more likely than not that a tax benefit will not be realized. Accordingly, net deferred tax assets have been fully offset by a valuation allowance.

Non-capital losses, capital losses, and research and development credits generated by Edesa Biotech USA, Inc. prior to changes in share ownership that occurred as a result of the reverse acquisition are substantially limited. It is unlikely that tax losses totaling $32.7 million and credits totaling $0.6 million will be utilized to offset potential future taxable income before expiration and they are excluded from deferred tax assets above.

The approximate Canadian non-capital losses carried forward at September 30, 2024 expire as follows:

2025	C$	16,000
2026		41,000
2027		84,000
2028		171,000
2029		507,000
2030		633,000
2031		504,000
2032		496,000
2033		79,000
2034		1,432,000
2035		1,628,000
2036		1,637,000
2037		1,564,000
2038		2,580,000
2039		1,279,000
2040		5,904,000
2041		9,366,000
2042		16,191,000
2043		7,890,000
2044		6,260,000

Total	C$	58,262,000

Share issuance and financing costs will be fully amortized in 2027.

The U.S. non-capital losses carried forward at September 30, 2024 totaled approximately $3.42 million, which do not expire for federal taxes. The U.S. state research and development tax credits carried forward at September 30, 2024 totaled approximately $0.6 million, which do not expire for state taxes. The approximate U.S. state non-capital losses carried forward at September 30, 2024 expire as follows:

2039	$	70,000
2040		150,000
2041		68,000
2042		6,000
2044		41,000

Total	$	335,000

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
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-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
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-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
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-Paragraph 12C
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-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
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-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 20
-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Section S99
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Section S99
-Paragraph 2
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-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Note 10 - Income Tax (Details Textual)	Sep. 30, 2024 USD ($)
Operating Loss Carryforwards, Valuation Allowance	$ 32,700,000
Tax Credit Carryforward, Valuation Allowance	600,000
Foreign Tax Jurisdiction [Member]
Operating Loss Carryforwards	335,000
Foreign Tax Jurisdiction [Member] \| Internal Revenue Service (IRS) [Member]
Operating Loss Carryforwards	3,420,000
State and Local Jurisdiction [Member] \| Research Tax Credit Carryforward [Member]
Tax Credit Carryforward, Amount	$ 600,000

Note 8 - Capital Shares (Tables)

12 Months Ended

Sep. 30, 2024

Notes Tables

Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block]

	Number of Warrant Shares (#)			Weighted Average Exercise Price

Balance - September 30, 2022		521,718		$	28.00

Issued		384,496			8.75
Exercised		(100,760	)		7.65
Expired		(84,545	)		37.29


Balance - September 30, 2023		720,909		$	19.51

Expired		(111,192	)		7.26

Balance - September 30, 2024		609,717		$	21.74

Number of Warrants (#)	Exercise Prices		Expiry Dates
1,687	$	22.40	January 2025
173,614	$	10.50	December 2025
15,627	$	56.00	February 2026
27,399	$	31.94	March 2027
391,390	$	24.64	September 2027
609,717

Fair Value Measurement Inputs and Valuation Techniques [Table Text Block]

	Year Ended September 30,2023
	Class A Warrants			Class B Warrants

Risk free interest rate		4.54	%		4.76	%
Expected life (years)	3.14			1.14
Expected share price volatility		90.73	%		89.70	%
Expected dividend yield		0.00	%		0.00	%

Share-Based Payment Arrangement, Option, Activity [Table Text Block]

	Number of Options (#)			Weighted Average Exercise Price		Weighted Average Grant Date Fair Value

Balance - September 30, 2022		314,853		$	32.62	$	23.94

Granted		118,579			7.47		5.23
Forfeited		(12,779	)		22.76		16.23
Expired		(38	)		1,973.20		1,973.20

Balance - September 30, 2023		420,615		$	25.60	$	18.84

Granted		500			4.10		3.10
Forfeited		(2,401	)		15.00		10.70
Expired		(35,674	)		33.18		25

Balance - September 30, 2024		383,040		$	24.93	$	18.33

Share-Based Payment Arrangement, Option, Exercise Price Range [Table Text Block]

Number of Options (#)	Exercisable at September 30, 2024 (#)		Range of Exercise Prices		Expiry Dates
374		374	$	246.96	March 2025
37,719		37,719	C$	15.12	August 2027 - Dec 2028
43,031		43,031	$	22.12	Feb 2030
51,006		51,006	$	52.08 - 56.49	September 2030 - Oct 2030
81,041		81,013	$	36.75 - 40.18	March 2025 - Sep 2031
58,753		52,957	$	25.97	March 2025 - Feb 2032
111,116		62,288	$	4.10 - 10.01	March 2025 - Oct 2033
383,040		328,388

Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]

	Years Ended
	September 30, 2024			September 30, 2023

Risk free interest rate		4.92	%		3.62% - 4.18	%
Expected life (years)	5			5
Expected share price volatility		97.26	%		95.3% - 97.34	%
Expected dividend yield		0.00	%		0.00	%

Schedule of Unvested Restricted Stock Units Roll Forward [Table Text Block]

	Number of RSU (#)			Weighted Average Grant Date Fair Value

Balance - September 30, 2022		-		$	-

Granted		46,602			5.60
Converted to common shares		(13,557	)		5.60

Balance - September 30, 2023		33,045		$	5.60

Granted		30,159		$	4.56

Balance - September 30, 2024		63,204		$	5.10

Share-Based Compensation Arrangements by Share-Based Payment Award, Restricted Stock Units, Vested and Expected to Vest [Table Text Block]

		Number of RSU (#)				Expiry Date
Fully-vested RSUs			63,204			August 2033 - September 2034

Note 7 - Commitments (Details Textual) - USD ($)	12 Months Ended
Note 7 - Commitments (Details Textual) - USD ($)	Sep. 30, 2024	Sep. 30, 2023	Apr. 30, 2020	Dec. 31, 2016
California Subsidiary 401k [Member]
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent	3.00%
Defined Contribution Plan, Employers Matching Contribution, Annual Vesting Percentage	100.00%
Defined Contribution Plan, Employer Discretionary Contribution Amount	$ 17,870	$ 16,872
The Constructs [Member]
Maximum Contingent Obligation			$ 356,000,000
Payments for Milestone, Royalty and Sublicensing	0	0
The Constructs [Member] \| Drug Substance [Member]
Purchase Obligation			$ 5,000,000
Payments to Suppliers	0	0
License Agreement Related to Pharmaceutical Products [Member]
Maximum Contingent Obligation				$ 18,400,000
Finite-Lived License Agreements, Gross				$ 0
Finite-Lived License Agreements, Gross	0	0
License Agreement to Acquire Global Rights of Pharmaceutical Product [Member]
Maximum Contingent Obligation	68,900,000
Milestone Expense	$ 100,000	$ 50,000

Note 6 - Right-of-use Asset and Liabilities (Tables)

12 Months Ended

Sep. 30, 2024

Notes Tables

Lease, Cost [Table Text Block]

		September 30, 2024				September 30, 2023
Right-of-use lease cost, included in general and administrative on the Statements of Operations		$	78,073			$	82,358

Lease Term and Discount Rate [Table Text Block]

	September 30, 2024			September 30, 2023
Remaining lease term (months):		3			15
Estimated incremental borrowing rate:		9.2	%		9.2	%

Lessee, Operating Lease, Liability, to be Paid, Maturity [Table Text Block]

Year Ending
September 30, 2025		20,019

Total lease payments		20,019
Less imputed interest		152

Present value of right-of-use lease liabilities		19,867
Present value included in current liabilities		19,867

Present value included in long-term liabilities	$	-

Leases, Cash Flow Information [Table Text Block]

	Years Ended
	September 30, 2024		September 30, 2023
Cash paid for amounts included in the measurement of right-of-use lease liabilities, included in accounts payable and accrued liabilities on the Statements of Cash Flow.	$	77,954	$	79,222

Note 10 - Income Tax - Schedule of Income Tax Reconciliation (Details) - USD ($)	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Net loss before recovery of income taxes	$ (6,169,000)	$ (8,374,000)
Canadian federal and provincial statutory income tax rate	26.50%	26.50%
Expected income tax recovery	$ (1,635,000)	$ (2,219,000)
Effect of foreign currency and foreign tax rate differences	(58,200)	(207,200)
Permanent differences	147,000	339,000
Share issuance cost booked through equity or capitalization	36,000	(89,000)
Non-capital losses limitation - U.S.	0	899,000
Other	(38,000)	(94,000)
Change in valuation allowance	1,549,000	1,372,000
Income tax (recovery) expense	$ 800	$ 800

Note 13 - Related Party Transactions (Details Textual) - Chief Executive Officer [Member] - USD ($)	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2022
Operating Lease, Expense	$ 78,000	$ 82,000
Lessee, Operating Lease, Renewal Term			2 years
Accrued Rent	$ 30,000	$ 15,000

Note 11 - Financial Instruments

12 Months Ended

Sep. 30, 2024

Notes to Financial Statements

Financial Instruments Disclosure [Text Block]

11. Financial instruments

(a) Fair values

The Company uses the fair value measurement framework for valuing financial assets and liabilities measured on a recurring basis in situations where other accounting pronouncements either permit or require fair value measurements.

The Company follows the fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. Observable inputs are inputs that reflect assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company’s own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances.

There are three levels of inputs that may be used to measure fair value:

●

Level 1 - Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets.

●

Level 2 - Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar assets or liabilities in active markets, or quoted prices for identical or similar assets and liabilities in markets that are not active.

●

Level 3 - Unobservable inputs for the asset or liability that are supported by little or no market activity.

The carrying value of certain financial instruments such as cash and cash equivalents, accounts and other receivable, accounts payable and accrued liabilities approximates fair value due to the short-term nature of such instruments.

(b) Interest rate and credit risk

Interest rate risk is the risk that the value of a financial instrument might be adversely affected by a change in interest rates. The Company does not believe that the results of operations or cash flows would be affected to any significant degree by a significant change in market interest rates, relative to interest rates on cash and cash equivalents due to the short-term nature of these balances.

The Company is also exposed to credit risk at year end from the carrying value of its cash and cash equivalents and accounts and other receivable. The Company manages this risk by maintaining bank accounts with Canadian Chartered Banks, U.S. banks believed to be credit worthy and money market mutual funds of U.S. government securities. The Company’s cash is not subject to any external restrictions. The Company assesses the collectability of accounts and receivables through a review of the current aging and terms, as well as an analysis of historical collection rates, general economic conditions and credit status of government agencies. Credit risk for the reimbursement grant and HST refunds receivable are not considered significant since amounts are due from the Canadian government’s SIF and the Canada Revenue Agency.

(c) Foreign exchange risk

The Company and its subsidiary have balances in Canadian dollars that give rise to exposure to foreign exchange (FX) risk relating to the impact of translating certain non-U.S. dollar balance sheet accounts as these statements are presented in U.S. dollars. A strengthening U.S. dollar will lead to a FX loss while a weakening U.S. dollar will lead to a FX gain. The Company has not entered into any agreements or purchased any instruments to hedge possible currency risks. At September 30, 2024, the Company and its Canadian subsidiary had assets denominated in Canadian dollars of approximately C$0.04 million and the U.S. dollar exchange rate at this date was equal to 1.3517 Canadian dollars. Based on the exposure at September 30, 2024, a 10% annual change in the Canadian/U.S. exchange rate would impact the Company’s loss and other comprehensive loss by approximately $0.04 million.

(d) Liquidity risk

Liquidity risk is the risk that the Company will encounter difficulty raising liquid funds to meet commitments as they fall due. In meeting its liquidity requirements, the Company closely monitors its forecasted cash requirements with expected cash drawdown.

Note 8 - Capital Shares - Option Activity (Details) - $ / shares	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Balance, number of options (in shares)	420,615	314,853
Balance, options, weighted average exercise price (in dollars per share)	$ 25.6	$ 32.62
Balance, options, weighted average grant date fair value (in dollars per share)	$ 18.84	$ 23.94
Granted, number of options (in shares)	500	118,579
Granted, options, weighted average exercise price (in dollars per share)	$ 4.1	$ 7.47
Granted, options, weighted average grant date fair value (in dollars per share)	$ 3.1	$ 5.23
Forfeited, number of options (in shares)	(2,401)	(12,779)
Forfeited, options, weighted average exercise price (in dollars per share)	$ 15	$ 22.76
Forfeited, options, weighted average grant date fair value (in dollars per share)	$ 10.7	$ 16.23
Expired, number of options (in shares)	(35,674)	(38)
Expired, options, weighted average exercise price (in dollars per share)	$ 33.18	$ 1,973.2
Expired, options, weighted average grant date fair value (in dollars per share)	$ 25	$ 1,973.2
Balance, number of options (in shares)	383,040	420,615
Balance, options, weighted average exercise price (in dollars per share)	$ 24.93	$ 25.6
Balance, options, weighted average grant date fair value (in dollars per share)	$ 18.33	$ 18.84

Note 7 - Commitments (Tables)

12 Months Ended

Sep. 30, 2024

Notes Tables

Contractual Obligation, Fiscal Year Maturity [Table Text Block]

Year Ending

September 30, 2025	$	212,667
September 30, 2026		34,667
September 30, 2027		34,666
September 30, 2028		-
September 30, 2029		-

	$	282,000

Note 8 - Capital Shares - Schedule of Options (Details) - $ / shares	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Number (in shares)	383,040	420,615	314,853
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercisable, Number (in shares)	328,388
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Weighted Average Exercise Price (in dollars per share)	$ 24.93	$ 25.6	$ 32.62
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Weighted Average Exercise Price (in dollars per share)	$ 24.93	$ 25.6	$ 32.62
Range One [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Number (in shares)	374
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercisable, Number (in shares)	374
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Weighted Average Exercise Price (in dollars per share)	$ 246.96
Share-Based Compensation Arrangement by Share-Based Payment Award, Expiration Date	Mar. 31, 2025
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Weighted Average Exercise Price (in dollars per share)	$ 246.96
Share-Based Compensation Arrangement by Share-Based Payment Award, Expiration Date	Mar. 31, 2025
Range Two [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Number (in shares)	37,719
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercisable, Number (in shares)	37,719
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Weighted Average Exercise Price (in dollars per share)	$ 15.12
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Weighted Average Exercise Price (in dollars per share)	$ 15.12
Range Two [Member] \| Minimum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Expiration Date	Aug. 31, 2027
Share-Based Compensation Arrangement by Share-Based Payment Award, Expiration Date	Aug. 31, 2027
Range Two [Member] \| Maximum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Expiration Date	Dec. 31, 2028
Share-Based Compensation Arrangement by Share-Based Payment Award, Expiration Date	Dec. 31, 2028
Range Three [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Number (in shares)	43,031
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercisable, Number (in shares)	43,031
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Weighted Average Exercise Price (in dollars per share)	$ 22.12
Share-Based Compensation Arrangement by Share-Based Payment Award, Expiration Date	Feb. 28, 2030
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Weighted Average Exercise Price (in dollars per share)	$ 22.12
Share-Based Compensation Arrangement by Share-Based Payment Award, Expiration Date	Feb. 28, 2030
Range Four [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Number (in shares)	51,006
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercisable, Number (in shares)	51,006
Share-Based Payment Arrangement, Option, Exercise Price Range, Lower Range Limit (in dollars per share)	$ 52.08
Share-Based Payment Arrangement, Option, Exercise Price Range, Upper Range Limit (in dollars per share)	$ 56.49
Range Four [Member] \| Minimum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Expiration Date	Sep. 30, 2030
Share-Based Compensation Arrangement by Share-Based Payment Award, Expiration Date	Sep. 30, 2030
Range Four [Member] \| Maximum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Expiration Date	Oct. 31, 2030
Share-Based Compensation Arrangement by Share-Based Payment Award, Expiration Date	Oct. 31, 2030
Range Five [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Number (in shares)	81,041
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercisable, Number (in shares)	81,013
Share-Based Payment Arrangement, Option, Exercise Price Range, Lower Range Limit (in dollars per share)	$ 36.75
Share-Based Payment Arrangement, Option, Exercise Price Range, Upper Range Limit (in dollars per share)	$ 40.18
Range Five [Member] \| Minimum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Expiration Date	Mar. 31, 2025
Share-Based Compensation Arrangement by Share-Based Payment Award, Expiration Date	Mar. 31, 2025
Range Five [Member] \| Maximum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Expiration Date	Sep. 30, 2031
Share-Based Compensation Arrangement by Share-Based Payment Award, Expiration Date	Sep. 30, 2031
Range Six [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Number (in shares)	58,753
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercisable, Number (in shares)	52,957
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Weighted Average Exercise Price (in dollars per share)	$ 25.97
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Weighted Average Exercise Price (in dollars per share)	$ 25.97
Range Six [Member] \| Minimum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Expiration Date	Mar. 31, 2025
Share-Based Compensation Arrangement by Share-Based Payment Award, Expiration Date	Mar. 31, 2025
Range Six [Member] \| Maximum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Expiration Date	Feb. 28, 2032
Share-Based Compensation Arrangement by Share-Based Payment Award, Expiration Date	Feb. 28, 2032
Range Seven [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Number (in shares)	111,116
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercisable, Number (in shares)	62,288
Share-Based Payment Arrangement, Option, Exercise Price Range, Lower Range Limit (in dollars per share)	$ 4.1
Share-Based Payment Arrangement, Option, Exercise Price Range, Upper Range Limit (in dollars per share)	$ 10.01
Range Seven [Member] \| Minimum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Expiration Date	Mar. 31, 2025
Share-Based Compensation Arrangement by Share-Based Payment Award, Expiration Date	Mar. 31, 2025
Range Seven [Member] \| Maximum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Expiration Date	Oct. 31, 2033
Share-Based Compensation Arrangement by Share-Based Payment Award, Expiration Date	Oct. 31, 2033

Note 4 - Property and Equipment - Schedule of Property, Plant, and Equipment (Details) - USD ($)	Sep. 30, 2024	Sep. 30, 2023
Property and equipment, gross	$ 52,548	$ 52,548
Less: accumulated depreciation	(52,548)	(43,846)
Depreciable assets, net	0	8,702
Assets not in service	0	0
Total property and equipment, net	0	8,702
Computer Equipment [Member]
Property and equipment, gross	46,945	46,945
Furniture and Fixtures [Member]
Property and equipment, gross	$ 5,603	$ 5,603

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
Consolidated Statements of Cash Flows - USD ($)	Sep. 30, 2024	Sep. 30, 2023
Cash flows from operating activities:
Net loss	$ (6,170,045)	$ (8,374,415)
Adjustments for:
Depreciation and amortization	186,049	183,471
Share-based compensation	537,492	1,246,457
Gain on payable forgiveness	(14,766)	0
Increase (Decrease) in Operating Capital [Abstract]
Accounts and other receivable	356,339	562,770
Prepaid expenses and other current assets	197,136	301,504
Accounts payable and accrued liabilities	17,590	(556,270)
Net cash used in operating activities	(4,890,205)	(6,636,483)
Cash flows from financing activities:
Proceeds from issuance of common shares and warrants	729,387	4,345,017
Proceeds from exercise of warrants	0	770,532
Payments for issuance costs of common shares and warrants	(107,824)	(285,438)
Repayment of debt	(29,532)	0
Net cash provided by financing activities	592,031	4,830,111
Effect of exchange rate changes on cash and cash equivalents	(25,903)	76,850
Net change in cash and cash equivalents	(4,324,077)	(1,729,522)
Cash and cash equivalents, beginning of period	5,361,397	7,090,919
Cash and cash equivalents, end of period	$ 1,037,320	$ 5,361,397

Note 7 - Commitments - Commitments for Contractual Research (Details)	Sep. 30, 2024 USD ($)
September 30, 2025	$ 212,667
September 30, 2026	34,667
September 30, 2027	34,666
September 30, 2028	0
September 30, 2029	0
Contractual Obligation	$ 282,000

Note 6 - Right-of-use Assets and Liabilities - Cash Flow Information (Details) - USD ($)	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash paid for amounts included in the measurement of right-of-use lease liabilities, included in accounts payable and accrued liabilities on the Statements of Cash Flow.	$ 77,954	$ 79,222

Note 5 - Intangible Assets - Schedule of Intangible Assets (Details) - USD ($)	Sep. 30, 2024	Sep. 30, 2023
Less: accumulated amortization	$ (450,635)	$ (349,463)
Total intangible assets, net	2,078,848	2,180,020
The Constructs [Member]
The Constructs	$ 2,529,483	$ 2,529,483

Note 8 - Capital Shares - Warrants Assumptions (Details)	Sep. 30, 2024
Class A Warrants [Member] \| Measurement Input, Risk Free Interest Rate [Member]
Warrant assumption	0.0454
Class A Warrants [Member] \| Measurement Input, Expected Term [Member]
Warrant assumption	3.14
Class A Warrants [Member] \| Measurement Input, Price Volatility [Member]
Warrant assumption	0.9073
Class A Warrants [Member] \| Measurement Input, Expected Dividend Rate [Member]
Warrant assumption	0
Class B Warrants [Member] \| Measurement Input, Risk Free Interest Rate [Member]
Warrant assumption	0.0476
Class B Warrants [Member] \| Measurement Input, Expected Term [Member]
Warrant assumption	1.14
Class B Warrants [Member] \| Measurement Input, Price Volatility [Member]
Warrant assumption	0.897
Class B Warrants [Member] \| Measurement Input, Expected Dividend Rate [Member]
Warrant assumption	0

Note 9 - Government Contributions (Details Textual)	1 Months Ended	12 Months Ended
Note 9 - Government Contributions (Details Textual)	Oct. 31, 2023 CAD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2024 CAD ($)	Sep. 30, 2023 USD ($)
Government Assistance, Nonoperating Income, Increase (Decrease)		$ 698,277		$ 581,039
The 2023 SIF Agreement [Member]
Government Assistance, Award Amount	$ 23,000,000
Government Assistance, Award Amount, Not Repayable	5,800,000
Government Assistance, Award Amount, Repayable	$ 17,200,000
Government Assistance, Period of Repayment	15 years
Government Assistance, Maximum Amount Repayable, Factor of Original	1.4
Government assistance, Expiration, Period After Last Repayment	3 years
Government Assistance, Nonoperating Income, Increase (Decrease)		$ 700,000		$ 600,000
Canada Emergency Business Account Program [Member] \| CIBC [Member]
Debt Instrument, Decrease, Forgiveness			$ 20,000
Repayments of Long-Term Debt			$ 40,000

Note 5 - Intangible Assets

12 Months Ended

Sep. 30, 2024

Notes to Financial Statements

Intangible Assets Disclosure [Text Block]

5. Intangible assets

Acquired license

In April 2020, the Company entered into a license agreement with a pharmaceutical development company to obtain exclusive world-wide rights to know-how, patents and data relating to certain monoclonal antibodies (the Constructs), including sublicensing rights. Unless earlier terminated, the term of the license agreement will remain in effect for 25 years from the date of first commercial sale of licensed products containing the Constructs. Subsequently, the license agreement will automatically renew for five-year periods unless either party terminates the agreement in accordance with its terms.

Under the license agreement, the Company is exclusively responsible, at its expense, for the research, development manufacture, marketing, distribution and commercialization of the Constructs and licensed products and to obtain all necessary licenses and rights. The Company is required to use commercially reasonable efforts to develop and commercialize the Constructs in accordance with the terms of a development plan established by the parties.

The Company has determined that the license has multiple alternative future uses in research and development projects and sublicensing in other countries or for other disease indications. The value of the acquired license is recorded as an intangible asset with amortization over the estimated useful life of 25 years and evaluation for impairment at the end of each reporting period.

The required upfront license payment of $2.5 million was paid by issuance of Series A-1 Convertible Preferred Shares, which have been fully converted to common shares. The value of the license includes acquisition legal costs. See Note 7 for license commitments.

Intangible assets, net consisted of the following:

	September 30, 2024			September 30, 2023

The Constructs	$	2,529,483		$	2,529,483

Less: accumulated amortization		(450,635	)		(349,463	)

Total intangible assets, net	$	2,078,848		$	2,180,020

Amortization expense amounted to $101,172 for each of the years ended September 30, 2024, and 2023, respectively.

Total estimated future amortization of intangible assets for each fiscal year is as follows:

Year Ending
September 30, 2025		101,172
September 30, 2026		101,172
September 30, 2027		101,172
September 30, 2028		101,172
September 30, 2029		101,172
Thereafter		1,572,988

	$	2,078,848

Note 8 - Capital Shares

12 Months Ended

Sep. 30, 2024

Notes to Financial Statements

Equity [Text Block]

8. Capital shares

Equity offerings

On November 2, 2022, the Company completed a private placement of units consisting of 384,475 common shares, Class A warrants to purchase up to an aggregate of 192,248 common shares and Class B warrants to purchase up to an aggregate of 192,248 common shares. Net proceeds from the offering were $2.9 million, which were allocated between the relative fair values of the common shares (using a fair value of $2.7 million) and the common share purchase warrants (using a total fair value of $1.2 million). The warrants became exercisable December 23, 2022. The Class A warrants have an exercise price of $10.50 per share and will expire on December 23, 2025. The Class B warrants have an exercise price of $7.00 per share and expired on December 23, 2023. The warrants are considered contracts on the Company’s own shares and are classified as equity.

Equity distribution agreement

On March 27, 2023, the Company entered into the Canaccord ATM, pursuant to which the Company may offer and sell, from time to time, common shares through an at-the-market equity offering program for up to $20.0 million in gross proceeds, subject to certain offering limitations that currently allow the Company to offer and sell common shares having an aggregate gross sales price of up to $8.4 million. The Company has no obligation to sell any of the common shares and may at any time suspend sales or terminate the equity distribution agreement in accordance with its terms. During the year ended September 30, 2024, the Company sold a total of 171,916 common shares pursuant to the agreement for gross proceeds of approximately $0.7 million. During the year ended September 30, 2023, the Company sold a total of 196,401 common shares pursuant to the agreement for gross proceeds of approximately $1.3 million. The Canaccord ATM was terminated on October 3, 2024.

At The Market Offering Agreement

Black-Scholes option valuation model

The Company uses the Black-Scholes option valuation model to determine the fair value of share-based compensation for share options and compensation warrants granted and the fair value of warrants issued. Option valuation models require the input of highly subjective assumptions including the expected price volatility. The Company calculates expected volatility based on historical volatility of the Company’s share price. When there is insufficient data available, the Company uses a peer group that is publicly traded to calculate expected volatility. The Company adopted interest-free rates by reference to the U.S. treasury yield rates. The Company calculated the fair value of share options granted based on the expected life of 5 years considering expected forfeitures during the option term of 10 years. Expected life of warrants is based on warrant terms. The Company did not and is not expected to declare any dividends. Changes in the subjective input assumptions can materially affect the fair value estimates, and therefore the existing models do not necessarily provide a reliable single measure of the fair value of the Company’s warrants and share options.

Warrants

A summary of the Company’s warrants activity is as follows:

	Number of Warrant Shares (#)			Weighted Average Exercise Price

Balance - September 30, 2022		521,718		$	28.00

Issued		384,496			8.75
Exercised		(100,760	)		7.65
Expired		(84,545	)		37.29


Balance - September 30, 2023		720,909		$	19.51

Expired		(111,192	)		7.26

Balance - September 30, 2024		609,717		$	21.74

The weighted average contractual life remaining on the outstanding warrants at September 30, 2024 is 29 months.

The following table summarizes information about the warrants outstanding at September 30, 2024:

Number of Warrants (#)	Exercise Prices		Expiry Dates
1,687	$	22.40	January 2025
173,614	$	10.50	December 2025
15,627	$	56.00	February 2026
27,399	$	31.94	March 2027
391,390	$	24.64	September 2027
609,717

There were no warrants issued during the year ended September 30, 2024. The fair value of warrants issued during the year ended September 30, 2023 were estimated using the Black-Scholes option valuation model using the following assumptions:

	Year Ended September 30,2023
	Class A Warrants			Class B Warrants

Risk free interest rate		4.54	%		4.76	%
Expected life (years)	3.14			1.14
Expected share price volatility		90.73	%		89.70	%
Expected dividend yield		0.00	%		0.00	%

Share options

The Company adopted an Equity Incentive Compensation Plan in 2019 (the 2019 Plan) administered by the independent members of the Board of Directors, which amended and restated prior plans. Options, restricted shares and restricted share units are eligible for grant under the 2019 Plan. The total number of shares available for issuance under the terms of the 2019 Plan is 642,737. The remaining number of shares available to grant at September 30, 2024 is 141,099.

The Company’s 2019 Plan allows options to be granted to directors, officers, employees and certain external consultants and advisers. Under the 2019 Plan, the option term is not to exceed 10 years and the exercise price of each option is determined by the independent members of the Board of Directors.

Options have been granted under the 2019 Plan allowing the holders to purchase common shares of the Company as follows:

	Number of Options (#)			Weighted Average Exercise Price		Weighted Average Grant Date Fair Value

Balance - September 30, 2022		314,853		$	32.62	$	23.94

Granted		118,579			7.47		5.23
Forfeited		(12,779	)		22.76		16.23
Expired		(38	)		1,973.20		1,973.20

Balance - September 30, 2023		420,615		$	25.60	$	18.84

Granted		500			4.10		3.10
Forfeited		(2,401	)		15.00		10.70
Expired		(35,674	)		33.18		25

Balance - September 30, 2024		383,040		$	24.93	$	18.33

There were no options exercised during the years ended September 30, 2024 or September 30, 2023. The intrinsic value of options outstanding at September 30, 2024 was $200.00.

The weighted average contractual life remaining on the outstanding options at September 30, 2024 is 80 months.

The following table summarizes information about the options under the 2019 Plan outstanding and exercisable at September 30, 2024:

Number of Options (#)	Exercisable at September 30, 2024 (#)		Range of Exercise Prices		Expiry Dates
374		374	$	246.96	March 2025
37,719		37,719	C$	15.12	August 2027 - Dec 2028
43,031		43,031	$	22.12	Feb 2030
51,006		51,006	$	52.08 - 56.49	September 2030 - Oct 2030
81,041		81,013	$	36.75 - 40.18	March 2025 - Sep 2031
58,753		52,957	$	25.97	March 2025 - Feb 2032
111,116		62,288	$	4.10 - 10.01	March 2025 - Oct 2033
383,040		328,388

The options exercisable at September 30, 2024 had a weighted average exercise price of $27.55 and an intrinsic value of $66.00 and a weighted average remaining life of 76 months. There were 54,652 options at September 30, 2024 that had not vested with a weighted average exercise price of $9.24 and an intrinsic value of $134.00 and a weighted average remaining life of 102 months.

The fair value of options granted during the years ended September 30, 2024 and 2023 was estimated using the Black-Scholes option valuation model using the following assumptions:

	Years Ended
	September 30, 2024			September 30, 2023

Risk free interest rate		4.92	%		3.62% - 4.18	%
Expected life (years)	5			5
Expected share price volatility		97.26	%		95.3% - 97.34	%
Expected dividend yield		0.00	%		0.00	%

The Company recorded $0.5 million and $1.2 million of share-based compensation expenses for the years ended September 30, 2024 and 2023, respectively.

As of September 30, 2024, the Company had approximately $0.1 million of unrecognized share-based compensation expense, which is expected to be recognized over a period of 24 months.

Restricted share units

The Company's 2019 Plan allows restricted share units (RSUs) to be granted to directors, officers, employees and certain external consultants and advisers. Under the 2019 Plan, the RSU term is not to exceed 10 years. The fair value is based on the 5-day VWAP of the Company's common shares up to the date of grant.

The following is a summary of changes in the status of RSUs from October 1, 2022 through September 30, 2024:

	Number of RSU (#)			Weighted Average Grant Date Fair Value

Balance - September 30, 2022		-		$	-

Granted		46,602			5.60
Converted to common shares		(13,557	)		5.60

Balance - September 30, 2023		33,045		$	5.60

Granted		30,159		$	4.56

Balance - September 30, 2024		63,204		$	5.10

The following table summarizes information about the RSUs under the 2019 Plan outstanding and exercisable at September 30, 2024:

		Number of RSU (#)				Expiry Date
Fully-vested RSUs			63,204			August 2033 - September 2034

The RSUs that were granted in the current year was for compensation to the Company’s Chief Executive Officer who is receiving 50% of his salary in RSUs. In the comparative period, RSUs were granted in lieu of cash bonuses for certain employees and in lieu of payments on consulting invoices for services prior to the appointment of the new Chief Financial Officer. All RSUs that were granted vested immediately upon the grant date. The outstanding RSUs can be converted to common shares by the holder at any time prior to the expiry date.

There is no future unrecorded compensation expense for the RSUs.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478448/946-505-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
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+ Details

Note 6 - Right-of-use Asset and Liabilities

12 Months Ended

Sep. 30, 2024

Notes to Financial Statements

Lessee, Operating Leases [Text Block]

6. Right-of-Use Asset and Liabilities

Related party ROU asset and liability

The Company leases a facility used for executive offices from a related company. The original lease expired in December 2022 and the Company executed a two-year term extension through December 31, 2024.

The components of lease cost were as follows:

		September 30, 2024				September 30, 2023
Right-of-use lease cost, included in general and administrative on the Statements of Operations		$	78,073			$	82,358

Lease terms and discount rates were as follows:

	September 30, 2024			September 30, 2023
Remaining lease term (months):		3			15
Estimated incremental borrowing rate:		9.2	%		9.2	%

The approximate future minimum lease payments under operating leases at September 30, 2024 were as follows:

Year Ending
September 30, 2025		20,019

Total lease payments		20,019
Less imputed interest		152

Present value of right-of-use lease liabilities		19,867
Present value included in current liabilities		19,867

Present value included in long-term liabilities	$	-

Cash flow information was as follows:

	Years Ended
	September 30, 2024		September 30, 2023
Cash paid for amounts included in the measurement of right-of-use lease liabilities, included in accounts payable and accrued liabilities on the Statements of Cash Flow.	$	77,954	$	79,222

Note 6 - Right-of-use Assets and Liabilities - Lease Cost (Details) - USD ($)	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Right-of-use lease cost, included in general and administrative on the Statements of Operations	$ 78,073	$ 82,358

Note 8 - Capital Shares (Details Textual) - USD ($) $ / shares in Units, Pure in Thousands				1 Months Ended	7 Months Ended	12 Months Ended
	Oct. 04, 2024	Sep. 30, 2024	Nov. 02, 2022	Nov. 30, 2022	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Oct. 31, 2024	Aug. 31, 2024	Mar. 31, 2023	Mar. 27, 2023	Sep. 30, 2022	Aug. 31, 2022
Stock Issued During Period, Value, New Issues						$ 729,387
Class of Warrant or Right, Exercise Price of Warrants or Rights		$ 21.74			$ 19.51	$ 21.74	$ 19.51					$ 28
Equity Offering, Maximum Amount													$ 150,000,000
Class of Warrant or Right, Outstanding, Weighted Average Remaining Contractual Term						29 months
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period						0	0
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Intrinsic Value		$ 200				$ 200
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term						80 months
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercisable, Weighted Average Exercise Price		$ 27.55				$ 27.55
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercisable, Intrinsic Value Per Share		$ 66				$ 66
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term						76 months
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Nonvested, Number of Shares		54,652				54,652
Share-Based Compensation Arrangement by Share-Based Payment Award, Option, Nonvested, Weighted Average Exercise Price		$ 9.24				$ 9.24
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Nonvested, Intrinsic Value Per Share		$ 134				$ 134
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Nonvested, Weighted Average Remaining Contractual Term						102 months
Share-Based Payment Arrangement, Expense						$ 500,000	$ 1,200,000
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount		$ 100,000				$ 100,000
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition						24 months
The 2019 Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized		642,737				642,737
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant		141,099				141,099
Share-Based Payment Arrangement, Option [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Term						5 years	5 years
Share-Based Compensation Arrangement by Share-Based Payment Award, Expiration Period						10 years
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Dividend Rate						0.00%	0.00%
Share-Based Payment Arrangement, Option [Member] \| The 2019 Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Expiration Period		10 years
Restricted Stock Units (RSUs) [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Expiration Period						10 years
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount		$ 0				$ 0
Canaccord [Member]
Stock Issued During Period, Shares, New Issues					171,916
Stock Issued During Period, Value, New Issues					$ 700,000
Equity Offering, Maximum Amount									$ 20,000,000	$ 20,000,000
Equity Offering, Limitation Amount									$ 8,400,000	$ 8,400,000
Class A Warrants [Member]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares)			192,248
Class of Warrant or Right, Exercise Price of Warrants or Rights			$ 10.5
Warrants and Rights Outstanding, Maturity Date			Dec. 23, 2025
Class B Warrants [Member]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares)			192,248
Class of Warrant or Right, Exercise Price of Warrants or Rights			$ 7
Warrants and Rights Outstanding, Maturity Date			Dec. 23, 2023
Warrants Issued in Private Placement [Member]
Warrants and Rights Outstanding			$ 1,200,000
Private Placement [Member]
Stock Issued During Period, Shares, New Issues			384,475	384,475
Proceeds from Issuance or Sale of Equity			$ 2,900,000	$ 3,000,000
Stock Issued During Period, Value, New Issues			$ 2,700,000
Equity Distribution Agreement [Member] \| Canaccord [Member]
Stock Issued During Period, Shares, New Issues						171,916	196,401
Stock Issued During Period, Value, New Issues						$ 700,000	$ 1,300,000
Equity Offering, Maximum Amount											$ 20,000,000
Equity Offering, Limitation Amount											$ 8,400,000
At The Market Offering Agreement [Member] \| Subsequent Event [Member]
Stock Issued During Period, Shares, New Issues	220,269
Stock Issued During Period, Value, New Issues	$ 600,000
Equity Offering, Maximum Amount	$ 3,870,000							$ 3,870,000

Note 5 - Intangible Assets (Tables)

12 Months Ended

Sep. 30, 2024

Notes Tables

Schedule of Finite-Lived Intangible Assets [Table Text Block]

	September 30, 2024			September 30, 2023

The Constructs	$	2,529,483		$	2,529,483

Less: accumulated amortization		(450,635	)		(349,463	)

Total intangible assets, net	$	2,078,848		$	2,180,020

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block]

Year Ending
September 30, 2025		101,172
September 30, 2026		101,172
September 30, 2027		101,172
September 30, 2028		101,172
September 30, 2029		101,172
Thereafter		1,572,988

	$	2,078,848

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Sep. 30, 2024
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true