Net Loss Per Common Share

12 Months Ended

Dec. 31, 2025

11.

Net loss per common share:

The following table presents the calculation of basic and diluted net loss per common share for the years ended December 31, 2025, 2024 and 2023:


	Year Ended December 31,
	2025			2024			2023
Numerator:
Net loss	$	(345,910	)	$	(234,330	)	$	(182,393	)
Denominator:
Common shares (weighted average)		77,080,670			75,721,562			64,739,678
Pre-funded warrants (weighted average)		2,173,081			2,173,081			2,149,327
Weighted average common shares outstanding – basic and diluted		79,253,751			77,894,643			66,889,005
Net loss per common share – basic and diluted	$	(4.36	)	$	(3.01	)	$	(2.73	)

The weighted average number of common shares used in the basic and diluted net loss per common share calculations includes the weighted average pre-funded warrants outstanding during the period as they are exercisable at any time for nominal cash consideration (note 9d).

The Company reported net losses for each of the years ended December 31, 2025, 2024 and 2023, and therefore excluded all potentially dilutive outstanding securities from the computation of diluted net loss per common share as their inclusion would have had an anti-dilutive effect. The following table summarizes these potentially dilutive securities:


	Year Ended December 31,
	2025		2024		2023
Stock options		11,074,720		10,709,289		8,894,502
RSUs		348,994		—		—
PSUs		257,450		210,000		—
Warrants		—		40,000		40,000
Total		11,681,164		10,959,289		8,934,502