Share Capital

9 Months Ended

Sep. 30, 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 (the "ATM Program"). In September 2023, pursuant to a prospectus supplement filed in March 2022 (“March 2022 Prospectus”), the Company sold an aggregate of 855,685 common shares for proceeds of $29,508, net of commissions and transaction expenses.

In August 2024, a prospectus supplement was filed replacing the March 2022 Prospectus, pursuant to which the Company refreshed the ATM Program and may sell common shares having gross proceeds of up to $350,000, from time to time. No common shares had been sold under the ATM Program during the nine months ended September 30, 2024.

(b)Pre-funded warrants:

The following table summarizes the pre-funded warrants activity for the three and nine months ended September 30, 2024 and 2023:

	Three Months Ended September 30,					Nine Months Ended September 30,
	2024		2023			2024		2023
Outstanding, beginning of period		2,173,081		2,253,858			2,173,081		3,103,864
Exercised (1)		—		(425,004	)		—		(1,275,010	)
Outstanding, end of period		2,173,081		1,828,854			2,173,081		1,828,854

(1)During the nine months ended September 30, 2023, the Company issued 1,275,000 common shares upon the exercise of 1,275,010 pre-funded warrants pursuant to a net exercise mechanism under the warrants.

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. Pre-funded warrants to purchase 2,173,081 (September 30, 2023 – 1,828,854) common shares are not included in the number of issued and outstanding common shares as of September 30, 2024.

(c)Stock-based compensation:

Stock Options

The following table presents stock option activity for the nine months ended September 30, 2024 and 2023:

	Nine Months Ended September 30,
	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		2,854,719			43.08		2,457,173			35.30
Exercised(1)		(627,662	)		13.81		(398,097	)		11.21
Forfeited, cancelled or expired		(108,180	)		37.53		(170,617	)		31.27
Outstanding, end of period		11,013,379			29.04		9,006,241			23.36
Exercisable, end of period		5,975,121			21.00		4,618,002			15.71

(1)During the nine months ended September 30, 2024, the Company issued 423,432 (2023 – 283,863) common shares for the cashless exercise of 627,662 (2023 – 398,097) 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:

	Nine Months Ended September 30,
	2024			2023
Average risk-free interest rate		4.05	%		3.91	%
Expected volatility		66	%		69	%
Average expected term (in years)		5.82			5.99
Expected dividend yield		0	%		0	%
Weighted average fair value of stock options granted	$	26.72		$	22.59

Performance Share Units

During the nine months ended September 30, 2024, the Company granted 210,000 PSUs 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 nine months ended September 30, 2024.