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Income Taxes (Tables)
12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
Schedule of Loss before Income Taxes

Loss before income taxes for the years ended December 31, 2024, 2023 and 2022 was as follows:

 

 

 

Year Ended December 31,

 

 

 

2024

 

 

2023

 

 

2022

 

Canada

 

$

(243,410

)

 

$

(174,491

)

 

$

(121,335

)

United States

 

 

4,991

 

 

 

(8,194

)

 

 

(3,920

)

Loss before income taxes

 

$

(238,419

)

 

$

(182,685

)

 

$

(125,255

)

Schedule of Income Tax Recovery (Expense)

The income tax recovery (expense) is allocated as follows:

 

 

 

Year Ended December 31,

 

 

 

2024

 

 

2023

 

 

2022

 

Current:

 

 

 

 

 

 

 

 

 

   Canada

 

$

 

 

$

 

 

$

 

   United States

 

 

(4,775

)

 

 

 

 

 

(162

)

 

 

 

(4,775

)

 

 

 

 

 

(162

)

Deferred:

 

 

 

 

 

 

 

 

 

   Canada

 

 

 

 

 

 

 

 

 

   United States

 

 

8,864

 

 

 

292

 

 

 

44

 

 

 

 

8,864

 

 

 

292

 

 

 

44

 

Income tax recovery (expense)

 

$

4,089

 

 

$

292

 

 

$

(118

)

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of the expected Canadian statutory income tax rate to the effective income tax rate is as follows:

 

 

Year Ended December 31,

 

 

 

2024

 

 

2023

 

 

2022

 

Tax at statutory income tax rate

 

 

27.00

%

 

 

27.00

%

 

 

27.00

%

Change in valuation allowance

 

 

(22.0

%)

 

 

(24.0

%)

 

 

(24.5

%)

Research and development and other credits

 

 

1.3

%

 

 

1.6

%

 

 

2.5

%

Tax attributes expired/utilized

 

 

(1.1

%)

 

 

(0.8

%)

 

 

(1.2

%)

Stock-based compensation

 

 

(3.4

%)

 

 

(3.2

%)

 

 

(2.6

%)

Other non-deductible expenses

 

 

(0.4

%)

 

 

(0.3

%)

 

 

(0.2

%)

Other

 

 

0.3

%

 

 

(0.1

%)

 

 

(1.1

%)

Effective income tax rate

 

 

1.7

%

 

 

0.2

%

 

 

(0.1

%)

 

Schedule of Net Deferred Income Tax Assets

 

 

December 31,

 

 

 

2024

 

 

2023

 

Deferred income tax assets:

 

 

 

 

 

 

Research and development tax credits

 

$

42,830

 

 

$

38,590

 

Investment tax credits

 

 

29,818

 

 

 

30,695

 

Non-capital losses

 

 

173,352

 

 

 

119,765

 

Depreciable assets

 

 

13,269

 

 

 

10,311

 

Deferred financing fees

 

 

6,967

 

 

 

10,831

 

Stock-based compensation

 

 

8,380

 

 

 

3,832

 

Operating lease liability

 

 

2,299

 

 

 

2,779

 

Other

 

 

1,704

 

 

 

852

 

 Total deferred income tax assets

 

 

278,619

 

 

 

217,655

 

 

 

 

 

 

 

 

 Deferred income tax liability:

 

 

 

 

 

 

 Operating lease right-of-use asset

 

 

(2,097

)

 

 

(2,411

)

 

 

 

 

 

 

 

 Less - valuation allowance

 

 

(266,856

)

 

 

(214,442

)

Net deferred income tax assets

 

$

9,666

 

 

$

802