Share Capital

6 Months Ended

Jun. 30, 2025

Stockholders' Equity Note [Abstract]

Share Capital

8.Share capital:

(a)Pre-funded warrants:

As of June 30, 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 and six months ended June 30, 2025 and 2024:

	Three Months Ended June 30,					Six Months Ended June 30,
	2025			2024		2025		2024
Stock-based compensation expense by award type:
Stock options	$	13,144		$	13,896	$	24,810	$	23,117
Performance share units (PSUs)		(130	)		820		231		999
RSUs		699			—		846		—
Total	$	13,713		$	14,716	$	25,887	$	24,116

Stock Options

The following table presents stock option activity for the six months ended June 30, 2025 and 2024:

	Six Months Ended June 30,
	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		2,362,179			34.87		2,387,619			43.71
Exercised(1)		(1,001,995	)		17.01		(448,069	)		14.51
Forfeited, cancelled or expired		(394,337	)		38.48		(50,254	)		35.22
Outstanding, end of period		11,675,136			31.72		10,783,798			28.35
Exercisable, end of period		6,292,504			26.77		5,719,543			19.94

(1)During the six months ended June 30, 2025, 85,230 (2024 – nil) stock options were exercised for the same number of common shares in exchange for cash. In the same period, the Company issued 438,495 (2024 – 296,573) common shares for the cashless exercise of 916,765 (2024 – 448,069) 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 June 30,						Six Months Ended June 30,
	2025			2024			2025			2024
Average risk-free interest rate		4.01	%		4.39	%		4.08	%		4.11	%
Expected volatility		61	%		65	%		61	%		66	%
Average expected term (in years)		6.12			5.48			5.78			5.85
Expected dividend yield		0	%		0	%		0	%		0	%
Weighted average fair value of stock    options granted	$	19.25		$	23.97		$	20.48		$	27.23

As of June 30, 2025, the unrecognized stock-based compensation expense related to unvested stock options was $115,281, which is expected to be recognized over 2.8 years.

PSUs

The following table presents PSU activity for the six months ended June 30, 2025 and 2024:

	Six Months Ended June 30,
	2025			Weighted Average Grant Date Fair Value ($)		2024		Weighted Average Grant Date Fair Value ($)
Outstanding, beginning of period		210,000			43.90		—		—
Granted		96,550			35.28		195,000		44.29
Vested		—			—		—		—
Forfeited		(31,000	)		44.37		—		—
Outstanding, end of period		275,550			40.83		195,000		44.29

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 June 30, 2025, the unrecognized stock-based compensation expense related to unvested PSUs that is probable to be achieved was $1,349. There is $7,328 of unrecognized stock-compensation expense related to PSUs that is not considered 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

The following table presents RSU activity for the six months ended June 30, 2025:

	Six Months Ended June 30,
	2025			Weighted Average Grant Date Fair Value ($)
Outstanding, beginning of period		—			—
Granted		321,932			35.21
Vested		—			—
Forfeited		(4,975	)		35.48
Outstanding, end of period		316,957			35.20

RSUs generally vest annually over a one-year period for directors and a four-year period for employees and officers, subject to continued service on each vesting date. As of June 30, 2025, the unrecognized stock-based compensation expense related to unvested RSUs was $10,312, which is expected to be recognized over 3.6 years.