SHARE-BASED COMPENSATION (Tables)
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9 Months Ended |
Sep. 30, 2025 |
|---|
| SHARE-BASED COMPENSATION |
|
| 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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|
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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 |
|
898,262 |
|
C$ |
7.58 |
|
6.5 |
|
$ |
— |
Expired |
|
(79,769) |
|
|
9.16 |
|
|
|
|
|
Outstanding as of December 31, 2024 |
|
818,493 |
|
|
7.36 |
|
6.6 |
|
|
— |
Forfeited |
|
(58,333) |
|
|
8.36 |
|
— |
|
|
— |
Expired |
|
(355,760) |
|
|
2.15 |
|
— |
|
|
— |
Outstanding as of September 30, 2025 |
|
404,400 |
|
C$ |
7.01 |
|
7.0 |
|
|
— |
Vested and exercisable as of September 30, 2025 |
|
386,549 |
|
C$ |
7.09 |
|
7.0 |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
|
|
— |
Granted |
|
1,385,000 |
|
|
0.47 |
|
|
|
|
— |
Forfeited |
|
(12,500) |
|
|
1.87 |
|
|
|
|
|
Outstanding as of September 30, 2025 |
|
4,128,460 |
|
|
0.91 |
|
9.3 |
|
|
— |
Vested and exercisable as of September 30, 2025 |
|
908,080 |
|
$ |
1.17 |
|
8.8 |
|
$ |
— |
|
| Summary of share-based compensation liability activity |
|
|
|
|
|
|
September 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 |
|
|
(145,110) |
Fair value at September 30, 2025 |
|
$ |
54,153 |
|
|
|
|
|
|
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 |
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|
Period Ended |
|
|
September 30, |
|
December 31, |
|
|
|
2025 |
|
2024 |
|
Weighted average fair value of C$ Options |
|
C$ |
0.14 |
|
C$ |
0.26 |
|
Expected volatility |
|
|
107.0 |
% |
|
99.7 |
% |
Risk-free interest rate |
|
|
3.88 |
% |
|
4.40 |
% |
Expected dividend yield |
|
|
— |
% |
|
— |
% |
Expected term (years) |
|
|
6.2 |
|
|
6.6 |
|
|
|
|
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|
|
|
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|
Period Ended |
|
|
September 30, |
|
September 30, |
|
|
|
2025 |
|
2024 |
|
Weighted average fair value of US$ Options |
|
$ |
0.38 |
|
$ |
0.91 |
|
Expected volatility |
|
|
108.4 |
% |
|
98.6 |
% |
Risk-free interest rate |
|
|
3.77 |
% |
|
3.90 |
% |
Expected dividend yield |
|
|
— |
% |
|
— |
% |
Expected term (years) |
|
|
6.1 |
|
|
5.8 |
|
|
| Summary of total share-based compensation |
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Three Months Ended |
|
Nine Months Ended |
|
|
|
September 30, |
|
September 30, |
|
|
|
2025 |
|
2024 |
|
2025 |
|
2024 |
|
Research and development |
|
$ |
40,211 |
|
$ |
3,853 |
|
$ |
115,768 |
|
$ |
11,478 |
|
General and administrative |
|
|
156,936 |
|
|
117,183 |
|
|
538,689 |
|
|
191,141 |
|
Total share-based compensation |
|
$ |
197,147 |
|
$ |
121,036 |
|
$ |
654,457 |
|
$ |
202,619 |
|
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