Share Capital

3 Months Ended

Mar. 31, 2025

Stockholders' Equity Note [Abstract]

Share Capital

8.Share capital:

(a)Pre-funded warrants:

As of March 31, 2025, 2,173,081 (2024 – 2,173,081) pre-funded warrants were outstanding. 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 common shares are not included in the number of issued and outstanding common shares.

(b)2025 Inducement Equity Incentive Plan:

On February 27, 2025, the board of directors of the Company adopted the 2025 Inducement Equity Incentive Plan (the “2025 Inducement Plan”). Pursuant to the terms of the 2025 Inducement Plan, the Company may grant nonstatutory stock options, stock appreciation rights, restricted stock units, restricted stock, and performance awards as an inducement material to individuals being hired, or rehired following a bona fide period of interruption of employment, as an employee of the Company or any of its subsidiaries, and its terms are substantially similar to the Company’s Amended and Restated 2014 Equity Incentive Plan, including with respect to treatment of equity awards in the event of a “merger” or “change of control” as defined under the 2025 Inducement Plan, but with such other terms and conditions intended to comply with the Nasdaq inducement award exception or to comply with the Nasdaq acquisition and merger exception. The Company has reserved 775,000 common shares for issuance under the 2025 Inducement Plan. In accordance with Nasdaq Listing Rule 5635(c)(4), the Company did not seek approval of the 2025 Inducement Plan by its shareholders.

(c)Stock-based compensation:

The following table presents the components of stock-based compensation expense for the three months ended March 31, 2025 and 2024:

	Three Months Ended March 31,
	2025		2024
Stock-based compensation expense by award type:
Stock options	$	11,666	$	9,221
Performance share units (PSUs)		361		179
RSUs		147		—
Total	$	12,174	$	9,400

Stock Options

The following table presents stock option activity for the three months ended March 31, 2025 and 2024:

	Three Months Ended March 31,
	2025			Weighted Average Exercise Price ($)		2024			Weighted Average Exercise Price ($)
Outstanding, beginning of period		10,709,289			29.90		8,894,502			23.56
Granted		1,873,045			35.57		1,983,525			44.53
Exercised(1)		(259,815	)		17.31		(180,424	)		23.42
Forfeited, cancelled or expired		(226,034	)		38.97		(18,911	)		30.87
Outstanding, end of period		12,096,485			30.88		10,678,692			27.45
Exercisable, end of period		6,547,609			24.92		5,419,295			18.27

(1)During the three months ended March 31, 2025, 80,086 (2024 – nil) stock options were exercised for the same number of common shares in exchange for cash. In the same period, the Company issued 90,187 (2024 – 88,704) common shares for the cashless exercise of 179,729 (2024 – 180,424) 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,
	2025			2024
Average risk-free interest rate		4.09	%		4.05	%
Expected volatility		61	%		67	%
Average expected term (in years)		5.69			5.92
Expected dividend yield		0	%		0	%
Weighted average fair value of stock options granted	$	20.81		$	27.89

As of March 31, 2025, the unrecognized stock-based compensation expense related to unvested stock options was $121,027, which is expected to be recognized over 2.9 years.

PSUs

The following table presents PSU activity for the three months ended March 31, 2025 and 2024:

	Three Months Ended March 31,
	2025			Weighted Average Grant Date Fair Value ($)		2024		Weighted Average Grant Date Fair Value ($)
Outstanding, beginning of period		210,000			43.90		—		—
Granted		88,550			35.48		192,000		44.37
Vested		—			—		—		—
Forfeited		(16,000	)		44.37		—		—
Outstanding, end of period		282,550			41.23		192,000		44.37

PSUs vest upon the achievement of certain predefined company-specific performance-based criteria, subject to continued employment to each performance objective achievement date.

As of March 31, 2025, the unrecognized stock-based compensation expense related to unvested PSUs that is probable to be achieved was $1,551. There is $7,396 of unrecognized stock-compensation expense related to PSUs that is not probable to be achieved. The recognition of these expenses is subject to the achievement of the performance-based criteria, which are reassessed at each reporting date.

RSUs

In March 2025, the Company granted 303,417 RSUs to employees and officers under its equity incentive plan with a weighted average grant date fair value of $35.48 per unit. RSUs vest annually over a four-year period, subject to continued employment on each vesting date. No RSUs vested during the three months ended March 31, 2025. As of March 31, 2025, the unrecognized stock-based compensation expense related to unvested RSUs was $10,618, which is expected to be recognized over 3.9 years.