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Share Capital (Tables)
3 Months Ended
Mar. 31, 2023
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]  
Schedule Of Pre-Funded Warrants Activity

The following table summarizes the pre-funded warrants activity for the three months ended March 31, 2023 and 2022:

 

 

Date of issuance

 

 

 

March 2021

 

October 2021

 

June 2022

 

Total

Outstanding, December 31, 2021

1,081,081

 

1,694,915

 

 

2,775,996

Exercised

 

 

 

Outstanding, March 31, 2022

1,081,081

 

1,694,915

 

 

2,775,996

 

 

 

 

 

 

 

 

Outstanding, December 31, 2022

1,081,081

 

1,694,915

 

327,868

 

3,103,864

Exercised

(425,003)

 

 

 

(425,003)

Outstanding, March 31, 2023

656,078

 

1,694,915

 

327,868

 

2,678,861

Stock Option Activity

The following table presents stock option activity for the three months ended March 31, 2023 and 2022:

 

 

 

Three Months Ended March 31,

 

 

 

2023

 

 

2022

 

Outstanding, beginning of period

 

 

7,117,782

 

 

 

5,638,232

 

Granted

 

 

1,866,548

 

 

 

1,659,845

 

Exercised(1)

 

 

(113,677

)

 

 

(219,107

)

Forfeited, cancelled or expired

 

 

(73,400

)

 

 

(3,897

)

Outstanding, end of period

 

 

8,797,253

 

 

 

7,075,073

 

Exercisable, end of period

 

 

4,104,317

 

 

 

3,231,657

 

(1)
During the three months ended March 31, 2023, the Company issued 94,319 (2022149,311) common shares for the cashless exercise of 113,677 (2022219,107) 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 March 31,

 

 

 

2023

 

 

2022

 

Average risk-free interest rate

 

 

3.87

%

 

 

1.94

%

Expected volatility

 

 

69

%

 

 

70

%

Average expected term (in years)

 

 

6.13

 

 

 

6.28

 

Expected dividend yield

 

 

0

%

 

 

0

%

Weighted average fair value of stock options granted

 

$

22.19

 

 

$

19.23