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Share Capital (Tables)
9 Months Ended
Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]  
Schedule Of Pre-Funded Warrants Activity

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.
Stock Option Activity

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 (2023283,863) common shares for the cashless exercise of 627,662 (2023398,097) 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:

 

 

 

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