Quarterly report [Sections 13 or 15(d)]

SHARE-BASED COMPENSATION (Tables)

v3.26.1
SHARE-BASED COMPENSATION (Tables)
6 Months Ended
Jun. 30, 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

 

(486)

 

85.49

 

 

Outstanding as of June 30, 2026

 

15,204

C$

167.46

 

5.5

Vested and exercisable as of June 30, 2026

 

15,204

C$

167.46

 

5.5

$

  ​ ​ ​

  ​ ​ ​

  ​ ​ ​

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

854,102

10.77

Forfeited

 

(954)

 

18.56

 

 

Outstanding as of June 30, 2026

 

1,018,285

 

12.69

 

9.7

2,136,528

Vested and exercisable as of June 30, 2026

 

79,735

$

23.79

 

8.6

$

42,250

Summary of share-based compensation liability activity

  ​ ​ ​

June 30, 

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

48,073

Fair value at June 30, 2026

$

77,255

  ​ ​ ​

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

June 30, 

December 31,

  ​ ​ ​

2026

  ​ ​ ​

2025

Weighted average fair value of C$ Options

C$

5.08

C$

2.00

Expected volatility

 

115.7

%  

106.4

%

Risk-free interest rate

 

4.19

%  

3.86

%

Expected dividend yield

 

%  

%

Expected term (years)

 

5.5

 

6.0

Period Ended

June 30, 

June 30, 

2026

2025

Weighted average fair value of US$ Options

$

9.00

$

12.00

Expected volatility

108.8

%

100.8

%

Risk-free interest rate

4.26

%

3.86

%

Expected dividend yield

%

%

Expected term (years)

5.9

 

5.7

 

Summary of total share-based compensation

Three Months Ended

Six Months Ended

June 30, 

June 30, 

  ​ ​ ​

2026

  ​ ​ ​

2025

  ​ ​ ​

2026

  ​ ​ ​

2025

Research and development

$

157,530

$

37,883

$

207,967

$

75,557

General and administrative

 

251,365

 

174,132

 

390,352

 

381,753

Total share-based compensation

$

408,895

$

212,015

$

598,319

$

457,310