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Share Capital (Tables)
 12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Stock Based Compensation Expenses

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 Option Activity

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.
Fair Value Assumptions for Stock Options

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

 

 
Schedule of Unvested Stock Option Activity

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

 
Summary of RSU Activity

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

 

 
Summary of PSU Activity

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

 

 
Schedule of Pre-Funded Warrants Activity

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.