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Share Capital (Tables)

6 Months Ended

Jun. 30, 2025

Share-Based Payment Arrangement [Abstract]

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 Option Activity

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.

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 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

Schedule of PSU activity

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

Schedule of RSU activity

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