Share Capital (Tables)

3 Months Ended

Mar. 31, 2022

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Stock Option Activity

The following table presents stock option activity for the period:

	Three Months Ended March 31,
	2022			2021
Outstanding, beginning of period		5,638,232			4,758,997
Granted		1,659,845			1,111,950
Exercised(1)		(219,107	)		(122,403	)
Forfeited, cancelled or expired		(3,897	)		(5,936	)
Outstanding, end of period		7,075,073			5,742,608
Exercisable, end of period		3,231,657			2,769,438

⁽¹⁾ During the three months ended March 31, 2022, no stock options were exercised for cash (2021 – 46,296). In the same period, the Company issued 149,311 (2021 – 36,159) common shares for the cashless exercise of 219,107  (2021 – 76,107) 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 March 31,
	2022			2021
Average risk-free interest rate		1.94	%		1.15	%
Expected volatility		70	%		68	%
Average expected term (in years)		6.28			6.53
Expected dividend yield		0	%		0	%
Weighted average fair value of stock options granted	$	19.23		$	12.86