Share Capital (Tables)

6 Months Ended

Jun. 30, 2022

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

The following table summarizes the pre-funded warrants outstanding at June 30, 2022:

Date of Issuance	Pre-Funded Warrants to Purchase Common Shares		Price per Pre-Funded Warrant		Exercise Price
March 2021		1,081,081	$	18.4999	$	0.0001
October 2021		1,694,915	$	29.4999	$	0.0001
June 2022		327,868	$	30.4999	$	0.0001
Total		3,103,864

Stock Option Activity

The following table presents stock option activity for the period:

	Three Months Ended June 30,						Six Months Ended June 30,
	2022			2021			2022			2021
Outstanding, beginning of period		7,075,073			5,742,608			5,638,232			4,758,997
Granted		318,000			382,500			1,977,845			1,494,450
Exercised⁽¹⁾		(130,031	)		(222,331	)		(349,138	)		(344,734	)
Forfeited, cancelled or expired		(28,582	)		(131,726	)		(32,479	)		(137,662	)
Outstanding, end of period		7,234,460			5,771,051			7,234,460			5,771,051
Exercisable, end of period		3,464,081			2,842,948			3,464,081			2,842,948

⁽¹⁾

During the six months ended June 30, 2022, no stock options were exercised for cash (six months ended June 30, 2021 – 58,179) . In the same period, the Company issued 234,783 (six months ended June 30, 2021 – 179,129) common shares for the cashless exercise of 349,138 (six months ended June 30, 2021 – 286,555) 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 June 30,						Six Months Ended June 30,
	2022			2021			2022			2021
Average risk-free interest rate		3.17	%		1.27	%		2.14	%		1.18	%
Expected volatility		70	%		69	%		70	%		68	%
Average expected term (in years)		5.87			7.09			6.21			6.67
Expected dividend yield		0	%		0	%		0	%		0	%
Weighted average fair value of stock options granted	$	19.60		$	12.14		$	19.29		$	12.67