Share Capital

6 Months Ended

Jun. 30, 2026

Equity [Abstract]

Share Capital

Share Capital

At-the-Market Offering Program

On January 3, 2025, the Company entered into a sales agreement (the “ATM Agreement”) with A.G.P./Alliance Global Partners (“AGP”), as sales agent. In accordance with the terms of the ATM Agreement, the Company may offer and sell from time to time through or to AGP, as agent or principal, the Company's common shares having an aggregate offering price of up to $8.0 million (the “Placement Shares”). The ATM Agreement can be terminated by either party by giving two days written notice.

Neither the Company nor AGP are obligated to sell any Placement Shares pursuant to the ATM Agreement. Subject to the terms and conditions of the ATM Agreement, the AGP will use commercially reasonable efforts, consistent with its normal trading and sales practices and applicable state and federal law, rules and regulations and the rules of Nasdaq, to sell the Placement Shares from time to time based upon the Company’s instructions, including any price, time or size limits or other customary parameters or conditions the Company may impose. Sales of the Placement Shares, if any, will be made on Nasdaq at market prices by any method permitted by law deemed to be an “at the market offering” as defined in Rule 415 of the Securities Act of 1933, as amended. For the three months ended June 30, 2026 and 2025, under the ATM Agreement the Company issued 892,582 and nil common shares, respectively, for $2.1 million

and nil of net proceeds, respectively. For the six months ended June 30, 2026 and 2025, under the ATM Agreement the Company issued 1,148,724 and 21,045 common shares, respectively, for $2.5 million and $0.1 million of net proceeds, respectively. See Note 16 regarding the Company’s entry into the Amended and Restated ATM Agreement on July 31, 2026.

Unlimited authorized shares of common shares at no par value are available to the Company. At June 30, 2026, the following table summarizes outstanding warrants to purchase common shares:

Date issued	Contractual life (years)	Exercise price		Number outstanding	Expiration
September 2021	5	$	665.00	142,955	September 8, 2026
February 2022	5	$	280.00	1,429	February 7, 2027
February 2022	5	$	350.00	1,429	February 7, 2027
February 2022	5	$	420.00	1,429	February 7, 2027
August 2023	3	$	27.50	80,000	August 11, 2026
August 2023	3	$	27.50	216,293	August 23, 2026
October 2025	5	$	9.40	873,643	January 15, 2031
June 2026	—	—		115,867	(1)
				1,433,045

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(1) These warrants were assumed from the June 1, 2026 Cathedra acquisition and have exercise prices ranging from $11.08 to $272.40, expiration dates ranging from November 2026 to December 2027, expected volatility of 121.2%, and risk-free interest rate of 3.8%-3.9%.