Annual report [Section 13 and 15(d), not S-K Item 405]

SHARE-BASED COMPENSATION (Tables)

v3.26.1
SHARE-BASED COMPENSATION (Tables)
12 Months Ended
Dec. 31, 2025
SHARE-BASED COMPENSATION  
Summary of the activity of share options

  ​ ​ ​

  ​ ​ ​

  ​ ​ ​

Weighted

  ​ ​ ​

 

 

Weighted

 

Average

 

 

 

Average

 

Remaining

 

Number of

 

Exercise

 

Contractual

Aggregate

Share

 

Price Per

 

Term

Intrinsic

Options

Share

 

(years)

Value

Outstanding as of January 1, 2024

 

35,930

C$

189.50

 

6.5

$

Expired

 

(3,191)

 

229.00

 

 

Outstanding as of December 31, 2024

 

32,740

184.00

 

6.6

Forfeited

 

(2,346)

 

209.00

 

 

Expired

 

(14,704)

 

54.58

 

 

Outstanding as of December 31, 2025

 

15,690

C$

170.00

 

6.0

Vested and exercisable as of December 31, 2025

 

15,413

C$

170.50

 

6.0

$

  ​ ​ ​

  ​ ​ ​

  ​ ​ ​

Weighted

  ​ ​ ​

 

 

Weighted

 

Average

 

 

 

Average

 

Remaining

 

Number of

 

Exercise

 

Contractual

Aggregate

Share

 

Price Per

 

Term

Intrinsic

Options

Share

 

(years)

Value

Outstanding as of January 1, 2024

 

2,760

$

46.75

 

$

Granted

 

107,478

 

27.75

 

 

Outstanding as of December 31, 2024

 

110,238

28.25

 

Granted

 

55,400

 

11.81

 

  ​

 

Forfeited

 

(501)

 

46.75

 

 

Outstanding as of December 31, 2025

 

165,137

 

22.75

 

9.0

Vested and exercisable as of December 31, 2025

 

47,421

$

28.50

 

8.6

$

Summary of share-based compensation liability activity

  ​ ​ ​

December 31, 

2025

Fair value at December 31, 2024

$

199,263

Increase in additional paid-in-capital due to decrease in fair value of share-based compensation liability

(170,081)

Fair value at December 31, 2025

$

29,182

  ​ ​ ​

December 31, 

2024

Fair value at December 31, 2023

$

422,002

Increase in additional paid-in-capital due to decrease in fair value of share-based compensation liability

(222,739)

Fair value at December 31, 2024

$

199,263

Summary of fair value of share options granted estimated using Black Scholes with the assumptions

Period Ended

December 31, 

December 31,

  ​ ​ ​

2025

  ​ ​ ​

2024

Weighted average fair value of C$ Options

C$

0.08

C$

0.26

Expected volatility

 

106.4

%  

99.7

%

Risk-free interest rate

 

3.86

%  

4.40

%

Expected dividend yield

 

%  

%

Expected term (years)

 

6.0

 

6.6

Year Ended

December 31, 

December 31, 

2025

2024

Weighted average fair value of US$ Options

$

9.80

$

22.00

Expected volatility

107.4

%

101.7

%

Risk-free interest rate

3.79

%

3.95

%

Expected dividend yield

%

%

Expected term (years)

6.0

 

5.7

 

Summary of total share-based compensation

Year Ended December 31, 

2025

  ​ ​ ​

2024

Research and development

$

37,674

$

49,405

General and administrative

 

819,954

 

776,403

Total share-based compensation

$

857,628

$

825,808