Quarterly report [Sections 13 or 15(d)]

SHARE-BASED COMPENSATION (Tables)

v3.26.1
SHARE-BASED COMPENSATION (Tables)
3 Months Ended
Mar. 31, 2026
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

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Intrinsic

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Options

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Share

 

(years)

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Value

Outstanding as of December 31, 2025

 

15,690

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184.00

 

6.6

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—

Expired

 

(100)

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76.50

 

—

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—

Outstanding as of March 31, 2026

 

15,590

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C$

175.55

 

5.7

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—

Vested and exercisable as of March 31, 2026

 

15,565

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C$

175.65

 

5.7

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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

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Intrinsic

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Options

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Share

 

(years)

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Value

Outstanding as of December 31, 2025

 

165,137

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22.58

 

9.0

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—

Granted

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1,600

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11.25

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Forfeited

 

(548)

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13.07

 

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Outstanding as of March 31, 2026

 

166,189

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22.62

 

8.8

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71,560

Vested and exercisable as of March 31, 2026

 

54,127

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$

28.12

 

8.4

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$

822

Summary of share-based compensation liability activity

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March 31, 

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2026

Fair value at December 31, 2025

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$

29,182

Decrease in additional paid-in-capital due to increase in fair value of share-based compensation liability

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50,198

Fair value at March 31, 2026

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$

79,380

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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

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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March 31, 

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December 31,

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2026

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2025

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Weighted average fair value of C$ Options

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C$

5.10

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C$

2.00

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Expected volatility

 

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118.0

%  

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106.4

%

Risk-free interest rate

 

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3.94

%  

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3.86

%

Expected dividend yield

 

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—

%  

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—

%

Expected term (years)

 

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5.7

 

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6.0

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Summary of total share-based compensation

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Three Months Ended

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March 31, 

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  ​ ​ ​

2026

  ​ ​ ​

2025

Research and development

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$

50,438

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$

37,674

General and administrative

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138,987

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207,621

Total share-based compensation

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$

189,425

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$

245,295