Quarterly report [Sections 13 or 15(d)]

SHARE-BASED COMPENSATION (Tables)

v3.25.1
SHARE-BASED COMPENSATION (Tables)
3 Months Ended
Mar. 31, 2025
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 January 1, 2024

 

898,262

$

7.58

 

6.5

$

Expired

 

(79,769)

 

9.16

 

 

Outstanding as of December 31, 2024

 

818,493

7.36

 

6.6

Outstanding as of March 31, 2025

 

818,493

 

7.24

 

6.5

Vested and exercisable as of March 31, 2025

 

779,095

$

7.43

 

6.5

$

    

    

    

Weighted

    

 

 

Weighted

 

Average

 

 

 

Average

 

Remaining

 

Number of

 

Exercise

 

Contractual

Aggregate

Share

 

Price Per

 

Term

Intrinsic

Options

Share

 

(years)

Value

Outstanding as of January 1, 2024

 

69,000

$

1.87

 

$

Granted

 

2,686,960

 

1.11

 

 

Outstanding as of December 31, 2024

 

2,755,960

1.13

 

Forfeited

 

(8,594)

 

1.87

 

 

Outstanding as of March 31, 2025

 

2,747,366

 

1.13

 

9.5

Vested and exercisable as of March 31, 2025

 

723,570

$

1.17

 

9.3

$

Summary of share-based compensation liability activity

    

March 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

(86,163)

Fair value at March 31, 2025

$

113,100

    

December 31, 

2024

Fair value at December 31, 2023

$

422,002

Increase in additional paid-in-capital due to decrease in fair value of share-based compensation liability

(222,739)

Fair value at December 31, 2024

$

199,263

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

Period Ended

March 31, 

December 31,

    

2025

    

2024

Weighted average fair value of C$ Options

C$

0.15

C$

0.26

Expected volatility

 

97.0

%  

99.7

%

Risk-free interest rate

 

4.07

%  

4.40

%

Expected dividend yield

 

%  

%

Expected term (years)

 

6.5

 

6.6

Summary of total share-based compensation

Three Months Ended

March 31, 

    

2025

    

2024

Research and development

$

37,674

$

3,812

General and administrative

 

207,621

 

59,772

Total share-based compensation

$

245,295

$

63,584