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Share Capital (Tables)
12 Months Ended
Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]  
Stock Option Activity

The following table presents the summary of stock option activity for the period:

 

 

 

Number of

 

 

Weighted
Average
Exercise

 

 

Aggregate

 

 

 

Options

 

 

Price ($)(1)

 

 

Intrinsic Value

 

Outstanding, December 31, 2020

 

 

4,758,997

 

 

 

9.10

 

 

 

30,464

 

Granted

 

 

1,775,450

 

 

 

19.82

 

 

 

 

Exercised(2)

 

 

(690,284

)

 

 

7.34

 

 

 

11,306

 

Forfeited, cancelled or expired

 

 

(205,931

)

 

 

13.01

 

 

 

 

Outstanding, December 31, 2021

 

 

5,638,232

 

 

 

12.55

 

 

 

105,405

 

Granted

 

 

2,315,645

 

 

 

30.90

 

 

 

 

Exercised(2)

 

 

(780,725

)

 

 

9.47

 

 

 

19,651

 

Forfeited, cancelled or expired

 

 

(55,370

)

 

 

24.50

 

 

 

 

Outstanding, December 31, 2022

 

 

7,117,782

 

 

 

18.75

 

 

 

147,214

 

Granted

 

 

2,542,473

 

 

 

35.29

 

 

 

 

Exercised(2)

 

 

(587,536

)

 

 

13.58

 

 

 

14,526

 

Forfeited, cancelled or expired

 

 

(178,217

)

 

 

31.49

 

 

 

 

Outstanding, December 31, 2023

 

 

8,894,502

 

 

 

23.56

 

 

 

200,122

 

Exercisable, December 31, 2023

 

 

4,789,178

 

 

 

16.23

 

 

 

142,900

 

 

(1)
Canadian dollar denominated stock options have been translated into U.S. dollars at a foreign exchange rate of 0.76 (2022 – 0.74 and 2021 – 0.79) as of December 31, 2023.

 

(2)
During the year ended December 31, 2023, 4,320 (202268,930 and 2021 – 66,215) stock options were exercised for the same number of common shares in exchange for cash. In the same period, the Company issued 377,114 (2022510,671 and 2021 – 412,940) common shares for the cashless exercise of 583,216 (2022711,795 and 2021 – 624,069) stock options.
Schedule of Nonvested Stock Option Activity

A summary of the Company’s non-vested stock option activity and related information for the year ended December 31, 2023 is as follows:

 

 

 

Number of
Options

 

 

Weighted Average
Grant Date
Fair Value ($)

 

Non-vested, January 1, 2023

 

 

3,587,374

 

 

 

16.60

 

Granted

 

 

2,542,473

 

 

 

22.52

 

Vested

 

 

(1,847,714

)

 

 

15.82

 

Forfeited or cancelled

 

 

(176,809

)

 

 

18.62

 

Non-vested, December 31, 2023

 

 

4,105,324

 

 

 

20.53

 

Fair Value Assumptions for Stock Options

The weighted-average option pricing assumptions are as follows:

 

 

 

Year Ended December 31,

 

 

 

 

2023

 

 

2022

 

 

2021

 

 

Average risk-free interest rate

 

 

3.93

%

 

 

2.39

%

 

 

1.16

%

 

Expected volatility

 

 

69

%

 

 

70

%

 

 

68

%

 

Average expected term (in years)

 

 

5.94

 

 

 

6.16

 

 

 

6.66

 

 

Expected dividend yield

 

 

0.00

%

 

 

0.00

%

 

 

0.00

%

 

Weighted average fair value of options granted

 

$

22.52

 

 

$

19.78

 

 

$

12.54

 

 

Stock Based Compensation Expenses

Stock-based compensation expense is classified in the consolidated statements of operations and comprehensive income (loss) as follows:

 

 

 

Year Ended December 31,

 

 

 

 

2023

 

 

2022

 

 

2021

 

 

Research and development expenses

 

$

13,067

 

 

$

7,766

 

 

$

3,734

 

 

General and administrative expenses

 

 

19,305

 

 

 

12,610

 

 

 

6,283

 

 

 

 

$

32,372

 

 

$

20,376

 

 

$

10,017

 

 

Schedule Of Pre-Funded Warrants Activity

The following table summarizes the pre-funded warrants activity for the years ended December 31, 2023, 2022, and 2021:

 

 

 

Date of issuance

 

 

 

 

 

 

March 2021

 

 

October 2021

 

 

June 2022

 

 

December 2023

 

 

Total

 

Outstanding, December 31, 2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Issued

 

 

1,081,081

 

 

 

1,694,915

 

 

 

 

 

 

 

 

 

2,775,996

 

Exercised

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Outstanding, December 31, 2021

 

 

1,081,081

 

 

 

1,694,915

 

 

 

 

 

 

 

 

 

2,775,996

 

Issued

 

 

 

 

 

 

 

 

327,868

 

 

 

 

 

 

327,868

 

Exercised

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Outstanding, December 31, 2022

 

 

1,081,081

 

 

 

1,694,915

 

 

 

327,868

 

 

 

 

 

 

3,103,864

 

Issued

 

 

 

 

 

 

 

 

 

 

 

769,230

 

 

 

769,230

 

Exercised

 

 

(1,081,081

)

 

 

(618,932

)

 

 

 

 

 

 

 

 

(1,700,013

)

Outstanding, December 31, 2023

 

 

 

 

 

1,075,983

 

 

 

327,868

 

 

 

769,230

 

 

 

2,173,081