Share Capital (Tables)

3 Months Ended

Mar. 31, 2025

Share-Based Payment Arrangement [Abstract]

Stock Based Compensation Expenses

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 Option Activity

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.

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:

	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

Schedule of PSU activity

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