Quarterly report [Sections 13 or 15(d)]

SHARE-BASED COMPENSATION (Tables)

v3.26.3
SHARE-BASED COMPENSATION (Tables)
9 Months Ended
Sep. 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

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​

Options

​

Share

 

(years)

​

Value

Outstanding as of December 31, 2025

 

15,690

​

C$

184.00

 

6.6

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—

Expired

 

(1,484)

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136.85

 

—

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—

Outstanding as of September 30, 2026

 

14,206

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C$

162.29

 

5.2

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—

Vested and exercisable as of September 30, 2026

 

14,206

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C$

162.29

 

5.2

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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

​

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Share

 

Price Per

 

Term

​

Intrinsic

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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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874,102

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10.83

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Forfeited

 

(1,006)

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18.53

 

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Outstanding as of September 30, 2026

 

1,038,233

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$

12.70

 

9.5

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​

71,400

Vested and exercisable as of September 30, 2026

 

100,468

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$

22.07

 

8.4

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$

1,558

Summary of share-based compensation liability activity

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September 30, 

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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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​

27,186

Fair value at September 30, 2026

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$

56,368

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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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September 30, 

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December 31,

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  ​ ​ ​

2026

  ​ ​ ​

2025

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Weighted average fair value of C$ options

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$

3.97

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$

2.00

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Expected volatility

 

​

114.0

%  

​

106.4

%

Risk-free interest rate

 

​

5.08

%  

​

3.86

%

Expected dividend yield

 

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—

%  

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—

%

Expected term (years)

 

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5.2

 

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6.0

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Period Ended

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September 30, 

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September 30, 

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2026

​

2025

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Weighted average fair value of US$ Options

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$

11.11

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$

9.50

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Expected volatility

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​

108.7

%

​

108.4

%

Risk-free interest rate

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​

4.23

%

​

3.77

%

Expected dividend yield

​

​

—

%

​

—

%

Expected term (years)

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6.1

 

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6.1

 

Summary of total share-based compensation

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Three Months Ended

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Nine Months Ended

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September 30, 

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September 30, 

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  ​ ​ ​

2026

  ​ ​ ​

2025

  ​ ​ ​

2026

  ​ ​ ​

2025

Research and development

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$

238,106

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$

40,211

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$

446,073

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$

115,768

General and administrative

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244,534

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156,936

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634,885

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538,689

Total share-based compensation

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$

482,640

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$

197,147

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$

1,080,958

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$

654,457