XML 39 R25.htm IDEA: XBRL DOCUMENT

Share Capital (Tables)

12 Months Ended

Dec. 31, 2021

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Summary of stock option activity is as follows:

	Number of			Weighted Average		Aggregate
	Options			Exercise Price ($)⁽¹⁾		Intrinsic Value
Outstanding, December 31, 2019		3,534,236			7.90		19,618
Granted		1,482,250			11.75
Exercised⁽²⁾		(171,812	)		5.76		1,535
Forfeited, cancelled or expired		(85,677	)		13.04
Outstanding, December 31, 2020		4,758,997			9.10		30,464
Granted		1,775,450			19.82
Exercised⁽²⁾		(690,284	)		7.34		11,306
Forfeited, cancelled or expired		(205,931	)		13.01
Outstanding, December 31, 2021		5,638,232			12.55		105,405
Exercisable, December 31, 2021		2,966,643			8.85		66,418

(1)

Canadian dollar denominated stock options have been translated into U.S. dollars at a foreign exchange rate of 0.79 as of December 31, 2021.

(2)

During the year ended December 31, 2021, 66,215 (2020 – 26,513) stock options were exercised for the same number of common shares in exchange for cash. In the same period, the Company issued 412,940 (2020 – 87,197) common shares for the cashless exercise of 624,069 (2020 – 145,299) stock options.

Summary of Stock Option Outstanding and Exercisable

The following table summarizes the stock options outstanding and exercisable at December 31, 2021:

	Options Outstanding						Options Exercisable
Range of Exercise Prices	Number of Options Outstanding		Weighted Average Remaining Contractual Life		Weighted Average Exercise Price		Number of Options Exercisable		Weighted Average Exercise Price
U.S. $			(years)		($)⁽¹⁾				($)⁽¹⁾
$2.11 - $8.32		1,095,052		4.69		5.23		1,089,630		5.22
$8.33 - $9.52		1,315,749		6.54		9.12		1,066,587		9.05
$9.53 - $11.72		1,137,981		8.27		11.50		502,634		11.52
$11.73 - $20.40		1,006,250		7.75		17.14		307,792		16.66
$20.41 - $31.68		1,083,200		9.22		20.93		—		—
		5,638,232		7.26		12.55		2,966,643		8.85

(1)

Canadian dollar denominated stock options have been translated into U.S. dollars at a foreign exchange rate of 0.79 as of December 31, 2021.

Schedule of Nonvested Stock Option Activity

A summary of the Company’s non-vested stock option activity and related information for the year ended December 31, 2021 is as follows:

	Number of Options			Weighted Average Grant Date Fair Value ($)
Non-vested, January 1, 2021		2,336,437			6.78
Granted		1,775,450			12.54
Vested		(1,235,867	)		6.69
Forfeited or cancelled		(204,431	)		8.36
Non-vested, December 31, 2021		2,671,589			10.56

Fair Value Assumptions for Stock Options

The weighted-average option pricing assumptions are as follows:

	Year Ended December 31,
	2021			2020
Average risk-free interest rate		1.16	%		0.72	%
Expected volatility		68	%		68	%
Average expected term (in years)		6.66			6.79
Expected dividend yield		0.00	%		0.00	%
Weighted average fair value of options granted	$	12.54		$	7.46

Stock Based Compensation Expenses

Stock-based compensation expense is classified in the consolidated statements of operations and comprehensive loss as follows:

	Year Ended December 31,
	2021		2020
Research and development expenses	$	3,734	$	1,936
General and administrative expenses		6,283		3,741
	$	10,017	$	5,677