Warrants

6 Months Ended

Jun. 30, 2025

Warrants and Rights Note Disclosure [Abstract]

Warrants

8.WARRANTS

2022 USD Financing Warrants

On September 30, 2022, the Company closed an underwritten public offering of 7,058,823 Common Shares and accompanying 2022 USD Financing Warrants to purchase 7,058,823 Common Shares. Each 2022 USD Financing Warrant is immediately exercisable for one Common Share at an initial exercise price of $4.25 per Common Share, subject to certain adjustments, and will expire on September 30, 2027.

The table below represents the activity associated with the Company's outstanding liability-classified 2022 USD Financing Warrants for the six months ended June 30, 2025.

	2022 USD Financing Warrants
Balance at December 31, 2024		5,086,300
Issued		—
Exercised		(136,346	)
Expired		—
Balance at June 30, 2025		4,949,954

The 2022 USD Financing Warrants are liability-classified. Accordingly, the 2022 USD Financing Warrants are recognized at fair value upon issuance and are adjusted to fair value at the end of each reporting period. Any change in fair value is recognized on the condensed consolidated statements of operations and comprehensive loss.

The below table summarizes the activity of the outstanding liability for the 2022 USD Financing Warrants for the six months ended June 30, 2025 (in thousands):

	As of June 30, 2025
Balance at December 31, 2024	$	24,010
Warrant exercise		(295	)
Change in fair value of the warrant liability		(4,771	)
Balance at June 30, 2025	$	18,944