Stock-based compensation

3 Months Ended

Mar. 31, 2025

Share-based Payment Arrangement [Abstract]

Stock-based compensation [Text Block]

6. Stock-based compensation

At March 31, 2025 the Company had in place a stock option plan for employee, non-employee directors, and consultants of the Company ("the Plan").  The Plan provides both for the direct award or sale of shares and for the grant of options to purchase shares. Under the plan the total number of shares available for options cannot exceed 10% of the Company's issued and outstanding common shares at the time of any grant. The Company is authorized to issue options to employees, non-employee directors and consultants under the plan.

On June 25, 2024, the Board of Directors approved the acceleration of vesting for all outstanding share options to June 25, 2024, resulting in the Company recognizing the remaining expense for all share options outstanding and unvested as of that date.

The following table summarizes option transactions for the Plan:

	Number of options	Weighted average exercise price C$	Weighted average remaining contractual life (years)	Aggregate intrinsic value C$
Outstanding at December 31, 2024	1,185,000	2.06	4.18	1.89
Outstanding at March 31, 2025	1,185,000	2.06	3.94	1.66
Exercisable at March 31, 2025	927,500	1.46	3.59	2.26
Unvested at March 31, 2025	257,500	3.68	4.69	0.04

As of March 31, 2025 there were $455,175 of unrecognized stock-based compensation cost related to share options outstanding, which is expected to be recognized over a weighted-average period of 2.00.

For the three months ended March 31, 2025 and 2024, stock-based compensation expense was $112,277 and $35,953, respectively. Stock-based compensation expense has been reported in the Company's condensed consolidated statements of operations and comprehensive loss within the line items 'general and administrative' and 'research and development' expenses.