SHARE-BASED COMPENSATION (Tables)
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6 Months Ended |
Jun. 30, 2025 |
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| SHARE-BASED COMPENSATION |
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| Summary of the activity of share options |
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Weighted |
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Weighted |
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Average |
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Average |
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Remaining |
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Number of |
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Exercise |
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Contractual |
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Aggregate |
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Share |
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Price Per |
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Term |
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Intrinsic |
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|
Options |
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Share |
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(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 |
|
|
7.36 |
|
6.6 |
|
|
— |
Outstanding as of June 30, 2025 |
|
818,493 |
|
|
7.33 |
|
6.4 |
|
|
— |
Vested and exercisable as of June 30, 2025 |
|
789,869 |
|
$ |
7.46 |
|
6.4 |
|
$ |
— |
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Weighted |
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|
Weighted |
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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 January 1, 2024 |
|
69,000 |
|
$ |
1.87 |
|
|
|
$ |
— |
Granted |
|
2,686,960 |
|
|
1.11 |
|
|
|
|
|
Outstanding as of December 31, 2024 |
|
2,755,960 |
|
|
1.13 |
|
|
|
|
— |
Granted |
|
195,000 |
|
|
0.61 |
|
|
|
|
— |
Forfeited |
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(8,594) |
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|
1.87 |
|
|
|
|
|
Outstanding as of June 30, 2025 |
|
2,942,366 |
|
|
1.09 |
|
9.3 |
|
|
— |
Vested and exercisable as of June 30, 2025 |
|
817,774 |
|
$ |
1.17 |
|
9.1 |
|
$ |
— |
|
| Summary of share-based compensation liability activity |
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|
June 30, |
|
|
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 |
|
|
(136,868) |
Fair value at June 30, 2025 |
|
$ |
62,395 |
|
|
|
|
|
|
December 31, |
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|
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 |
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Period Ended |
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|
June 30, |
|
December 31, |
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|
2025 |
|
2024 |
|
Weighted average fair value of C$ Options |
|
C$ |
0.08 |
|
C$ |
0.26 |
|
Expected volatility |
|
|
96.0 |
% |
|
99.7 |
% |
Risk-free interest rate |
|
|
3.95 |
% |
|
4.40 |
% |
Expected dividend yield |
|
|
— |
% |
|
— |
% |
Expected term (years) |
|
|
6.4 |
|
|
6.6 |
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Period Ended |
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|
June 30, |
|
June 30, |
|
|
|
2025 |
|
2024 |
|
Weighted average fair value of US$ Options |
|
$ |
0.48 |
|
$ |
0.91 |
|
Expected volatility |
|
|
100.8 |
% |
|
98.6 |
% |
Risk-free interest rate |
|
|
3.86 |
% |
|
3.90 |
% |
Expected dividend yield |
|
|
— |
% |
|
— |
% |
Expected term (years) |
|
|
5.7 |
|
|
5.8 |
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|
| 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, |
|
June 30, |
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|
2025 |
|
2024 |
|
2025 |
|
2024 |
|
Research and development |
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$ |
37,883 |
|
$ |
3,813 |
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$ |
75,557 |
|
$ |
7,625 |
|
General and administrative |
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|
174,132 |
|
|
14,186 |
|
|
381,753 |
|
|
73,958 |
|
Total share-based compensation |
|
$ |
212,015 |
|
$ |
17,999 |
|
$ |
457,310 |
|
$ |
81,583 |
|
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