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Share Capital (Tables)
 9 Months Ended
Sep. 30, 2022
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]  
Pre-Funded Warrants Outstanding

The following table summarizes the pre-funded warrants outstanding at September 30, 2022:

 

Date of Issuance

Pre-Funded Warrants to Purchase Common Shares

 

Price per Pre-Funded Warrant

 

Exercise Price

 

March 2021

 

1,081,081

 

$

18.4999

 

$

0.0001

 

October 2021

 

1,694,915

 

$

29.4999

 

$

0.0001

 

June 2022

 

327,868

 

$

30.4999

 

$

0.0001

 

Total

 

3,103,864

 

 

 

 

 
Stock Option Activity

The following table presents stock option activity for the period:

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Outstanding, beginning of period

 

 

7,234,460

 

 

 

5,771,051

 

 

 

5,638,232

 

 

 

4,758,997

 

Granted

 

 

102,000

 

 

 

236,200

 

 

 

2,079,845

 

 

 

1,730,650

 

Exercised(1)

 

 

(369,334

)

 

 

(41,974

)

 

 

(718,472

)

 

 

(386,708

)

Forfeited, cancelled or expired

 

 

(21,357

)

 

 

(45,843

)

 

 

(53,836

)

 

 

(183,505

)

Outstanding, end of period

 

 

6,945,769

 

 

 

5,919,434

 

 

 

6,945,769

 

 

 

5,919,434

 

Exercisable, end of period

 

 

3,391,011

 

 

 

3,068,278

 

 

 

3,391,011

 

 

 

3,068,278

 
(1)
During the nine months ended September 30, 2022, 65,844 stock options were exercised for cash (nine months ended September 30, 2021 – 61,072). In the same period, the Company issued 468,598 (nine months ended September 30, 2021 – 196,206) common shares for the cashless exercise of 652,628 (nine months ended September 30, 2021– 325,636) stock options.
Fair Value Assumptions for Stock Options

The fair value of each stock option granted is estimated using the Black-Scholes option-pricing model with the following weighted-average assumptions:

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Average risk-free interest rate

 

 

3.20

%

 

 

1.00

%

 

 

2.19

%

 

 

1.16

%

Expected volatility

 

 

70

%

 

 

68

%

 

 

70

%

 

 

68

%

Average expected term (in years)

 

 

4.92

 

 

 

6.77

 

 

 

6.15

 

 

 

6.69

 

Expected dividend yield

 

 

0

%

 

 

0

%

 

 

0

%

 

 

0

%

Weighted average fair value of stock options granted

 

$

21.63

 

 

$

10.74

 

 

$

19.40

 

 

$

12.41