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

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Weighted

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Weighted

 

Average

 

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Average

 

Remaining

 

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Number of

 

Exercise

 

Contractual

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Aggregate

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Share

 

Price Per

 

Term

​

Intrinsic

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​

Options

​

Share

 

(years)

​

Value

Outstanding as of January 1, 2024

 

35,930

​

C$

189.50

 

6.5

​

$

—

Expired

 

(3,191)

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229.00

 

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Outstanding as of December 31, 2024

 

32,740

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​

184.00

 

6.6

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—

Forfeited

 

(2,346)

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209.00

 

—

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—

Expired

 

(14,704)

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54.58

 

—

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—

Outstanding as of December 31, 2025

 

15,690

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C$

170.00

 

6.0

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—

Vested and exercisable as of December 31, 2025

 

15,413

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C$

170.50

 

6.0

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$

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Weighted

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Weighted

 

Average

 

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Average

 

Remaining

 

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Number of

 

Exercise

 

Contractual

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Aggregate

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Share

 

Price Per

 

Term

​

Intrinsic

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Options

​

Share

 

(years)

​

Value

Outstanding as of January 1, 2024

 

2,760

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$

46.75

 

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$

—

Granted

 

107,478

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27.75

 

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Outstanding as of December 31, 2024

 

110,238

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​

28.25

 

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—

Granted

 

55,400

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11.81

 

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—

Forfeited

 

(501)

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46.75

 

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Outstanding as of December 31, 2025

 

165,137

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22.75

 

9.0

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—

Vested and exercisable as of December 31, 2025

 

47,421

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$

28.50

 

8.6

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$

—

Summary of share-based compensation liability activity

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December 31, 

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2025

Fair value at December 31, 2024

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$

199,263

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

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(170,081)

Fair value at December 31, 2025

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$

29,182

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December 31, 

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2024

Fair value at December 31, 2023

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$

422,002

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

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(222,739)

Fair value at December 31, 2024

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$

199,263

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

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Period Ended

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December 31, 

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December 31,

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  ​ ​ ​

2025

  ​ ​ ​

2024

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Weighted average fair value of C$ Options

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C$

0.08

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C$

0.26

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Expected volatility

 

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106.4

%  

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99.7

%

Risk-free interest rate

 

​

3.86

%  

​

4.40

%

Expected dividend yield

 

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—

%  

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—

%

Expected term (years)

 

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6.0

 

​

6.6

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Year Ended

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December 31, 

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December 31, 

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2025

​

2024

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Weighted average fair value of US$ Options

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$

9.80

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$

22.00

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Expected volatility

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​

107.4

%

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101.7

%

Risk-free interest rate

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​

3.79

%

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3.95

%

Expected dividend yield

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—

%

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—

%

Expected term (years)

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6.0

 

​

5.7

 

Summary of total share-based compensation

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Year Ended December 31, 

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2025

  ​ ​ ​

2024

Research and development

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$

37,674

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$

49,405

General and administrative

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819,954

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776,403

Total share-based compensation

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$

857,628

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$

825,808