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

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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

​

​

Options

​

Share

 

(years)

​

Value

Outstanding as of December 31, 2025

 

15,690

​

​

184.00

 

6.6

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​

—

Expired

 

(486)

​

 

85.49

 

—

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—

Outstanding as of June 30, 2026

 

15,204

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C$

167.46

 

5.5

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​

—

Vested and exercisable as of June 30, 2026

 

15,204

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C$

167.46

 

5.5

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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

​

Aggregate

​

​

Share

 

Price Per

 

Term

​

Intrinsic

​

​

Options

​

Share

 

(years)

​

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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854,102

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​

10.77

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Forfeited

 

(954)

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18.56

 

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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

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$

23.79

 

8.6

​

$

42,250

Summary of share-based compensation liability activity

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June 30, 

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​

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

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​

48,073

Fair value at June 30, 2026

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$

77,255

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December 31, 

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​

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

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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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June 30, 

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December 31,

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  ​ ​ ​

2026

  ​ ​ ​

2025

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Weighted average fair value of C$ Options

​

C$

5.08

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C$

2.00

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Expected volatility

 

​

115.7

%  

​

106.4

%

Risk-free interest rate

 

​

4.19

%  

​

3.86

%

Expected dividend yield

 

​

—

%  

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—

%

Expected term (years)

 

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5.5

 

​

6.0

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Period Ended

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June 30, 

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June 30, 

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2026

​

2025

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Weighted average fair value of US$ Options

​

$

9.00

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$

12.00

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Expected volatility

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​

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

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Three Months Ended

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Six Months Ended

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June 30, 

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June 30, 

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  ​ ​ ​

2026

  ​ ​ ​

2025

  ​ ​ ​

2026

  ​ ​ ​

2025

Research and development

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$

157,530

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$

37,883

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$

207,967

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$

75,557

General and administrative

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251,365

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174,132

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390,352

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381,753

Total share-based compensation

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$

408,895

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$

212,015

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$

598,319

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$

457,310