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Shareholders' Equity (Tables)
12 Months Ended
Dec. 31, 2021
Stockholders' Equity Note [Abstract]  
Share-based Payment Arrangement, Restricted Stock Unit, Activity
Number of RSUsWeighted-
average grant
date fair value
($)
Outstanding, December 31, 202082,704 35.19 
Granted316,212 24.71 
Vested and settled(27,563)35.19 
Forfeited(17,084)34.96 
Outstanding, December 31, 2021354,269 25.85 
Summary of Stock Options Granted The following table summarizes the Company’s stock options granted in Canadian dollars under the Original Plan and the New Plan:
Number
of Options
Weighted-
Average
Exercise Price
(C$)
Weighted-
Average
Exercise Price
($)
Weighted-
Average
Contractual
Term
(years)
Aggregate
intrinsic value
(C$)
Aggregate
intrinsic value
($)
Outstanding, December 31, 20192,356,413 16.21 12.46 6.70101,404 77,807 
Granted413,750 49.22 36.25 
Expired— — — 
Exercised(404,963)13.82 10.48 
Forfeited(79,631)33.89 25.30 
Outstanding, December 31, 20202,285,569 22.00 17.27 6.4687,545 68,664 
Granted480,117 42.83 34.12 
Expired— — — 
Exercised(212,817)14.77 11.69 
Forfeited(64,214)40.69 32.48 
Outstanding, December 31, 20212,488,655 26.15 20.70 6.247,919 6,224 
December 31, 2021
Exercisable1,715,062 19.29 15.16 5.037,658 6,018 
Vested and expected to vest2,440,510 25.84 20.31 6.127,734 6,078 
The following table summarizes the Company’s stock options granted in U.S. dollars under the New Plan:
Number
of Options
Weighted-
Average
Exercise Price
($)
Weighted-
Average
Contractual
Term
(years)
Aggregate
intrinsic value
($)
Outstanding, December 31, 20192,853,346 15.85 8.6684,481 
Granted1,247,550 37.11 
Expired— — 
Exercised(197,195)14.59 
Forfeited(113,375)18.01 
Outstanding, December 31, 20203,790,326 22.85 8.2092,705 
Granted1,726,421 33.61 
Expired— — 
Exercised(289,202)13.66 
Forfeited(310,631)31.95 
Outstanding, December 31, 20214,916,914 26.59 7.935,555 
December 31, 2021
Exercisable2,314,998 20.18 6.975,224 
Vested and expected to vest4,750,727 26.37 7.905,537 
Schedule of Non-Vested Stock Option Activity A summary of the non-vested stock option activity and related information of the Company’s stock options granted in Canadian dollars is as follows:
Number of
options
Weighted-average grant
date fair value
(C$)
Weighted-
average grant
date fair value
(US$)
Non-vested, December 31, 2020690,776 24.44 19.17 
Options granted480,117 29.50 23.18 
Options vested(344,786)21.36 16.79 
Options forfeited and cancelled(52,514)27.76 21.81 
Non-vested, December 31, 2021773,593 27.97 21.98 
A summary of the non-vested stock option activity and related information of the Company’s stock options granted in U.S. dollars is as follows:
Number of
options
Weighted-
average grant
date fair value
(US$)
Non-vested, December 31, 20202,290,287 18.75 
Options granted1,726,421 23.05 
Options vested(1,114,482)17.45 
Options forfeited and cancelled(300,310)21.32 
Non-vested, December 31, 20212,601,916 21.85 
Schedule of Stock-based Compensation Expense for Equity Classified Instruments Stock-based compensation expense for equity classified instruments, as well as the financial statement impact of the amortization and periodic revaluation of liability classified instruments (note 2), are recorded in research and development expenses, general and administration expense and finance expense as follows:
Year Ended December 31,
202120202019
Research and development expense:
Stock-based compensation for equity classified instruments$20,090 $12,299 $5,939 
Change in fair value of liability classified instruments(4,646)(6)8,358 
$15,444 $12,293 $14,297 
General and administrative expense:
Stock-based compensation for equity classified instruments$18,184 $14,645 $6,737 
Change in fair value of liability classified instruments(23,758)1,416 27,470 
$(5,574)$16,061 $34,207 
Finance expense (income):
Stock-based compensation for equity classified instruments$— $— $— 
Change in fair value of liability classified instruments(129)(41)166 
$(129)$(41)$166 
Amounts for equity classified instruments above include stock-based compensation expense relating to RSUs of $3,101 for the year ended December 31, 2021 (2020: $1,387 and 2019: $nil).
Schedule of Estimated Fair Value of Stock Options Assumptions
The estimated fair value of stock options granted under the New Plan was determined using the Black-Scholes option pricing model with the following weighted-average assumptions:
Year ended December 31,
202120202019
Dividend yield%%%
Expected volatility80.3 %76.8 %73.2 %
Risk-free interest rate1.02 %0.66 %2.09 %
Expected average life of options6.05 years6.04 years6.03 years
The weighted-average Black-Scholes option pricing assumptions for liability classified stock options outstanding at December 31, 2021 and 2020 are as follows:
December 31,
2021
December 31,
2020
Dividend yield%%
Expected volatility74.3 %77.2 %
Risk-free interest rate0.99 %0.43 %
Expected average option term2.35 years2.47 years
Number of liability classified stock options outstanding911,400 1,028,676