Share Capital

12 Months Ended

Dec. 31, 2025

Stockholders' Equity Note [Abstract]

Share Capital

9.Share capital:

(a)Financing:

In August 2020, the Company entered into an “at-the-market” equity offering sales agreement, amended as of March 2022, with Jefferies LLC and Stifel, Nicolaus & Company, Incorporated pursuant to which the Company may sell common shares from time to time (the “ATM Program”). In September 2023, pursuant to a prospectus supplement filed in March 2022 (“March 2022 Prospectus”), the Company sold an aggregate of 855,685 common shares for proceeds of $29,508, net of commissions and transaction expenses. In August 2024, a new prospectus supplement was filed replacing the March 2022 Prospectus, pursuant to which the Company refreshed the ATM Program and may sell common shares having gross proceeds of up to $350,000, from time to time. As of December 31, 2025, the Company had sold an aggregate of 2,651,023 common shares for proceeds of $112,151, net of commissions and transaction expenses under the ATM Program (2024 – 310,000 common shares for net proceeds of $12,083). As of February 23, 2026, we sold an additional 3,134,119 common shares for proceeds of $129,975, net of commissions and transaction expenses.

In November 2023, the Company completed an underwritten public offering of 9,846,157 common shares, including 1,384,615 shares sold upon the full exercise of the underwriters' over-allotment option, at a public offering price of $32.50 per common share and pre-funded warrants to purchase 769,230 common shares at $32.4999 per pre-funded warrant (note 9d), with each pre-funded warrant having an exercise price of $0.0001. The public offering was completed in December 2023, and the Company received proceeds of $323,979, net of underwriting discounts, commissions and offering expenses.

(b)Authorized share capital:

The Company’s authorized share capital consists of an unlimited number of common and preferred shares without par value.

(c)Stock-based compensation:

The Company has two equity incentive plans: (i) the 2014 Equity Incentive Plan, which was amended and restated in June 2020, June 2022 and June 2024 (the “Amended and Restated 2014 Plan”), and (ii) the 2025 Inducement Equity Incentive Plan, which was amended and restated in November 2025 (the “Amended and Restated 2025 Inducement Plan”).

The shareholders of the Company approved the Amended and Restated 2014 Plan amended in June 2020, June 2022 and June 2024, amending certain provisions of the Company’s 2014 Plan. The Amended and Restated 2014 Plan permits the grant of stock-based compensation awards to directors, officers, employees and consultants of the Company, including the issuance of options, share appreciation rights, restricted shares, RSUs, and PSUs. Under the Amended and Restated 2014 Plan, options granted generally vest on a graduated basis over a four-year periods. The exercise price of the options is determined by the board of directors but must at least be equal to the fair market value of the common shares on the date of grant. Options may be exercised over a maximum term of ten years. The vesting conditions, vesting period and expiry terms of the RSUs and PSUs are determined by the board of directors. As of December 31, 2025, a total of 5,004,392 common shares remain available for issuance pursuant to the Amended and Restated 2014 Plan. Of this total, the aggregate number of common shares that can be issued through restricted share awards, RSU awards, or PSU awards is limited to 1,000,000 common shares, of which 431,556 common shares remain available as of December 31, 2025.

The board of directors of the Company adopted Amended and Restated 2025 Inducement Plan amended in November 2025. Pursuant to the terms of the Amended and Restated 2025 Inducement Plan, the Company may grant nonstatutory stock options, stock appreciation rights, RSUs, restricted stock, and PSUs 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 900,000 common shares for issuance under the Amended and Restated 2025 Inducement Plan. In accordance with Nasdaq Listing Rule 5635(c)(4), the Company did not seek approval of the Amended and Restated 2025 Inducement Plan by its shareholders.

The following table presents the components and classification of stock-based compensation expense for the years ended December 31, 2025, 2024 and 2023:

	Year Ended December 31,
	2025		2024		2023
Stock-based compensation expense by award type:
Stock options	$	50,347	$	48,384	$	32,372
RSUs		2,518		—		—
PSUs		842		2,333		—
	$	53,707	$	50,717	$	32,372
Stock-based compensation expense in operating expenses:
Research and development	$	26,479	$	22,088	$	13,067
General and administrative		27,228		28,629		19,305
	$	53,707	$	50,717	$	32,372

Stock options

The following table presents the summary of stock option activity for the period:

	Number of			Weighted Average Exercise		Aggregate
	Options			Price ($)(1)		Intrinsic Value
Outstanding, December 31, 2022		7,117,782			18.75		147,214
Granted		2,542,473			35.29
Exercised(1)		(587,536	)		13.58		14,526
Forfeited, cancelled or expired		(178,217	)		31.49
Outstanding, December 31, 2023		8,894,502			23.56		200,122
Granted		3,062,819			42.93
Exercised(1)		(1,040,136	)		12.43		30,416
Forfeited, cancelled or expired		(207,896	)		38.18
Outstanding, December 31, 2024		10,709,289			29.90		111,202
Granted		2,894,139			35.99
Exercised(1)		(1,801,630	)		20.56		28,436
Forfeited, cancelled or expired		(727,078	)		39.17
Outstanding, December 31, 2025		11,074,720			32.40		137,659
Exercisable, December 31, 2025		6,279,248			28.28		103,917

(1)During the year ended December 31, 2025, 318,813 (2024 – 5,144 and 2023 – 4,320) stock options were exercised for the same number of common shares in exchange for cash. In the same period, the Company issued 594,076 (2024 – 729,965 and 2023 – 377,114) common shares for the cashless exercise of 1,482,817 (2024 – 1,034,992 and 2023 – 583,216) stock options.

At December 31, 2025, stock options outstanding and exercisable had a weighted average remaining contractual life of 7.31 years and 6.18 years, respectively.

The fair value of stock options at the date of grant is estimated using the Black-Scholes option-pricing model, which requires multiple subjective inputs. The risk-free interest rate of the options is based on the U.S. Treasury yield curve in effect at the date of grant for a term similar to the expected term of the option. The expected volatility is based on the historical volatility of the Company’s common shares calculated based on a period of time commensurate with the expected term assumption. Expected life assumptions are based on the Company’s historical data. The dividend yield is based on the fact that the Company has never paid cash dividends and has no present intention to pay cash dividends. Forfeitures are recognized as they occur.

The weighted average option pricing assumptions are as follows:

	Year Ended December 31,
	2025			2024			2023
Average risk-free interest rate		4.01	%		4.05	%		3.93	%
Expected volatility		61	%		66	%		69	%
Average expected term (in years)		5.78			5.75			5.94
Expected dividend yield		0.00	%		0.00	%		0.00	%
Weighted average fair value of stock options granted	$	21.11		$	26.48		$	22.52

A summary of the Company’s unvested stock option activity and related information for the year ended December 31, 2025 is as follows:

	Number of Options			Weighted Average Grant Date Fair Value ($)
Unvested, January 1, 2025		4,781,651			24.56
Granted		2,894,139			21.11
Vested		(2,365,029	)		24.09
Forfeited or cancelled		(515,289	)		25.39
Unvested, December 31, 2025		4,795,472			22.62

The aggregate fair value of options vested during the year ended December 31, 2025 was $56,967 (2024 – $43,375 and 2023 – $29,233).

As of December 31, 2025, the unrecognized stock-based compensation expense related to the unvested stock options was $97,452, which is expected to be recognized over a weighted average period of 2.60 years.

Restricted share units

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. Upon vesting, each RSU entitles the holder to receive one common share.

The following table presents the summary of RSU activity for the year ended December 31, 2025:

	Number of			Weighted Average Grant Date
	Units			Fair Value ($)
Outstanding, December 31, 2024		—			—
Granted		358,932			35.90
Vested		—			—
Forfeited		(9,938	)		35.48
Outstanding, December 31, 2025		348,994		35.91

As of December 31, 2025, the unrecognized stock-based compensation expense related to unvested RSUs was $10,014, which is expected to be recognized over a weighted average period of 3.21 years.

Performance share units

PSUs vest upon the achievement of certain predefined company-specific performance-based criteria on or before December 31, 2027, subject to continued employment to each performance objective achievement date. At the achievement of the vesting criteria, each PSU entitles the holder to receive one common share.

The following table presents the summary of PSU activity for the period:

	Number of			Weighted Average Grant Date
	Units			Fair Value ($)
Outstanding, December 31, 2023		—			—
Granted		210,000			43.90
Vested		—			—
Forfeited		—			—
Outstanding, December 31, 2024		210,000			43.90
Granted		96,550			35.28
Vested		—			—
Forfeited		(49,100	)		44.17
Outstanding, December 31, 2025		257,450			40.61

As of December 31, 2025, the unrecognized stock-based compensation expense related to the unvested PSUs that is probable to be achieved was $361. The recognition of this expense is subject to the achievement of the performance-based criteria, which are reassessed at each reporting date. There is $6,912 of unrecognized stock-based compensation expense related to the PSUs that is not probable to be achieved.

(d)Pre-funded warrants:

The following table summarizes the pre-funded warrants activity for the years ended December 31, 2025, 2024, and 2023:

	Number of Pre-funded
	warrants outstanding
Outstanding, December 31, 2022		3,103,864
Issued		769,230
Exercised(1)		(1,700,013	)
Outstanding, December 31, 2023		2,173,081
Issued		—
Exercised		—
Outstanding, December 31, 2024 and 2025		2,173,081

(1)During the year ended December 31, 2023, the Company issued 1,700,000 common shares upon the exercise of 1,700,013 pre-funded warrants pursuant to a net exercise mechanism under the warrants.

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.

The Company may not affect the exercise of any pre-funded warrant, and a holder will not be entitled to exercise any portion of any pre-funded warrant that, upon giving effect to such exercise, would cause: (i) the aggregate number of common shares beneficially owned by such holder, together with its affiliates, to exceed 4.99% of the total number of common shares outstanding immediately after giving effect to the exercise; or (ii) the combined voting power of the Company’s securities beneficially owned by such holder, together with its affiliates, to exceed 4.99% of the combined voting power of all of the Company’s securities immediately outstanding after giving effect to the exercise, which percentage may be changed at the holder’s election to a higher or lower percentage not in excess of 19.99% upon at least 61 days’ notice to the Company.

Since the pre-funded warrants meet the condition for equity classification, proceeds from issuances of the pre-funded warrants for the year ended December 31, 2023, of $23,477, net of underwriting discounts, commissions and offering expenses, are recorded in additional paid-in capital. Upon exercise of the pre-funded warrants, the historical costs recorded in additional paid-in capital along with the exercise price collected from the holder are recorded in common shares. Pre-funded warrants to purchase 2,173,081 (2024 – 2,173,081 and 2023 – 2,173,081) common shares are not included in the number of issued and outstanding common shares as of December 31, 2025.

(e)Warrant:

In August 2018, a warrant to purchase 40,000 common shares at a price per common share of $9.79 was issued. In October 2025, the Company issued 30,792 common shares upon the cashless exercise of the warrant.