Share Capital

3 Months Ended

Mar. 31, 2024

Stockholders' Equity Note [Abstract]

Share Capital

9.Share capital:

(a)Financing:

In August 2020, the Company entered into an “at-the-market” equity offering sales agreement, amended as of March 2022, with Jefferies LLC and Stifel, Nicolaus & Company, Incorporated pursuant to which the Company may sell common shares from time to time. In January 2021, the Company sold an aggregate of 733,000 common shares for proceeds of $10,693, net of commissions and transaction expenses pursuant to a prospectus supplement filed in August 2020 (“August 2020 ATM”). The Company may sell common shares having gross proceeds of up to $250,000, from time to time, pursuant to a new prospectus supplement filed in March 2022 (“March 2022 ATM”), replacing the August 2020 ATM. As of March 31, 2024, the Company has sold an aggregate of 855,685 common shares for proceeds of $29,508, net of commissions and transaction expenses under the March 2022 ATM.

(b)Pre-funded warrants:

The following table summarizes the pre-funded warrants activity for the three months ended March 31, 2024 and 2023:

	Three Months Ended March 31,
	2024		2023
Outstanding, beginning of period		2,173,081		3,103,864
Exercised		—		(425,003	)
Outstanding, end of period		2,173,081		2,678,861

Each pre-funded warrant is exercisable for the purchase of a common share at the holder's discretion at an exercise price of $0.0001, subject to certain post-exercise beneficial ownership limitations as provided under the terms of the pre-funded warrant.

In January 2023, the Company issued 425,000 common shares upon the exercise of 425,003 pre-funded warrants pursuant to a net exercise mechanism under the warrants. Pre-funded warrants to purchase 2,173,081 (March 31, 2023 – 2,678,861) common shares are not included in the number of issued and outstanding common shares as of March 31, 2024.

(c)Stock-based compensation:

Stock Options

The following table presents stock option activity for the three months ended March 31, 2024 and 2023:

	Three Months Ended March 31,
	2024			Weighted Average Exercise Price ($)		2023			Weighted Average Exercise Price ($)
Outstanding, beginning of period		8,894,502			23.56		7,117,782			18.75
Granted		1,983,525			44.53		1,866,548			34.29
Exercised(1)		(180,424	)		23.42		(113,677	)		6.49
Forfeited, cancelled or expired		(18,911	)		30.87		(73,400	)		28.49
Outstanding, end of period		10,678,692			27.45		8,797,253			22.12
Exercisable, end of period		5,419,295			18.27		4,104,317			14.04

(1)During the three months ended March 31, 2024, the Company issued 88,704 (2023 – 94,319) common shares for the cashless exercise of 180,424 (2023 – 113,677) 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,
	2024			2023
Average risk-free interest rate		4.05	%		3.87	%
Expected volatility		67	%		69	%
Average expected term (in years)		5.92			6.13
Expected dividend yield		0	%		0	%
Weighted average fair value of stock options granted	$	27.89		$	22.19

Performance Share Units

In March 2024, 192,000 PSUs were granted to officers and certain employees. The vesting conditions, vesting period and expiry of the PSUs are determined by the board of directors, subject to the terms of the Amended and Restated 2014 Equity Incentive Plan. PSUs vest upon the achievement of certain predefined company-specific performance-based criteria on or before December 31, 2027, subject to continued employment to each performance objective achievement date. No PSUs vested during the three months ended March 31, 2024.