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

  ​ ​ ​

  ​ ​ ​

  ​ ​ ​

Weighted

  ​ ​ ​

 

 

Weighted

 

Average

 

 

 

Average

 

Remaining

 

Number of

 

Exercise

 

Contractual

Aggregate

Share

 

Price Per

 

Term

Intrinsic

Options

Share

 

(years)

Value

Outstanding as of December 31, 2025

 

15,690

184.00

 

6.6

Expired

 

(100)

 

76.50

 

 

Outstanding as of March 31, 2026

 

15,590

C$

175.55

 

5.7

Vested and exercisable as of March 31, 2026

 

15,565

C$

175.65

 

5.7

$

  ​ ​ ​

  ​ ​ ​

  ​ ​ ​

Weighted

  ​ ​ ​

 

 

Weighted

 

Average

 

 

 

Average

 

Remaining

 

Number of

 

Exercise

 

Contractual

Aggregate

Share

 

Price Per

 

Term

Intrinsic

Options

Share

 

(years)

Value

Outstanding as of December 31, 2025

 

165,137

22.58

 

9.0

Granted

1,600

11.25

Forfeited

 

(548)

 

13.07

 

 

Outstanding as of March 31, 2026

 

166,189

 

22.62

 

8.8

71,560

Vested and exercisable as of March 31, 2026

 

54,127

$

28.12

 

8.4

$

822

Summary of share-based compensation liability activity

  ​ ​ ​

March 31, 

2026

Fair value at December 31, 2025

$

29,182

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

50,198

Fair value at March 31, 2026

$

79,380

  ​ ​ ​

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

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

Period Ended

March 31, 

December 31,

  ​ ​ ​

2026

  ​ ​ ​

2025

Weighted average fair value of C$ Options

C$

5.10

C$

2.00

Expected volatility

 

118.0

%  

106.4

%

Risk-free interest rate

 

3.94

%  

3.86

%

Expected dividend yield

 

%  

%

Expected term (years)

 

5.7

 

6.0

Summary of total share-based compensation

Three Months Ended

March 31, 

  ​ ​ ​

2026

  ​ ​ ​

2025

Research and development

$

50,438

$

37,674

General and administrative

 

138,987

 

207,621

Total share-based compensation

$

189,425

$

245,295