Shareholders’ equity

3 Months Ended

Mar. 31, 2026

Stockholders' Equity Note [Abstract]

Shareholders’ equity

Shareholders’ equity

Authorized share capital

The Company’s authorized share capital consists of an unlimited number of common shares and preferred shares, without par value, and 1,164,000 Series A participating convertible preferred shares, without par value.

Open Market Sale Agreement

Effective March 26, 2025, the Company terminated its Open Market Sale Agreement with Jefferies LLC (Jefferies) dated December 20, 2018, as amended (the Sale Agreement), under which the Company could issue and sell common shares, from time to time.

The Company did not issue any common shares pursuant to the Sale Agreement during the three months ended March 31, 2026 or 2025.

Stock-based compensation

The table below summarizes information about the Company’s stock-based compensation for the three months ended March 31, 2026 and 2025 and the expense recognized in the condensed consolidated statements of operations:

	Three Months Ended March 31,
	2026		2025
Stock options
Options granted during period	952,400		3,943,722
Weighted average exercise price	$	4.39	$	3.31
Restricted stock units (RSUs)
Restricted stock units granted during period	371,500		901,900
Grant date fair value	$	4.39	$	3.29
	Three Months Ended March 31,
	2026		2025
	(in thousands)
Stock compensation expense
Research and development	$	416	$	555
General and administrative	906		738
Total stock compensation expense	$	1,322	$	1,293