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

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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)

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Value

Outstanding as of January 1, 2024

 

898,262

​

$

7.58

 

6.5

​

$

—

Expired

 

(79,769)

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9.16

 

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Outstanding as of December 31, 2024

 

818,493

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7.36

 

6.6

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—

Outstanding as of March 31, 2025

 

818,493

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7.24

 

6.5

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—

Vested and exercisable as of March 31, 2025

 

779,095

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$

7.43

 

6.5

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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

​

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Share

 

Price Per

 

Term

​

Intrinsic

​

​

Options

​

Share

 

(years)

​

Value

Outstanding as of January 1, 2024

 

69,000

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$

1.87

 

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$

—

Granted

 

2,686,960

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1.11

 

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Outstanding as of December 31, 2024

 

2,755,960

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1.13

 

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—

Forfeited

 

(8,594)

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1.87

 

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Outstanding as of March 31, 2025

 

2,747,366

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1.13

 

9.5

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—

Vested and exercisable as of March 31, 2025

 

723,570

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$

1.17

 

9.3

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$

—

Summary of share-based compensation liability activity

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March 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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(86,163)

Fair value at March 31, 2025

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$

113,100

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December 31, 

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​

2024

Fair value at December 31, 2023

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$

422,002

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

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(222,739)

Fair value at December 31, 2024

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$

199,263

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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March 31, 

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December 31,

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2025

    

2024

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Weighted average fair value of C$ Options

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C$

0.15

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C$

0.26

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Expected volatility

 

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97.0

%  

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99.7

%

Risk-free interest rate

 

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4.07

%  

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4.40

%

Expected dividend yield

 

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—

%  

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—

%

Expected term (years)

 

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6.5

 

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6.6

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Summary of total share-based compensation

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Three Months Ended

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March 31, 

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2025

    

2024

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Research and development

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$

37,674

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$

3,812

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General and administrative

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207,621

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59,772

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Total share-based compensation

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$

245,295

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$

63,584

​