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v3.25.4

Income taxes | 12 Months Ended
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Dec. 31, 2025
Income Tax Disclosure [Abstract] |
Income taxes | Income taxes a. For financial reporting purposes, loss before income taxes includes the following components:
| December 31,
| 2023 |  | 2024 |  | 2025
Canadian | $ | (146,322) |  |  | $ | (189,474) |  |  | $ | (188,462) |
Foreign | (27,707) |  |  | (10,921) |  |  | 10,867 |
Total | $ | (174,029) |  |  | $ | (200,395) |  |  | $ | (177,595) |
The recovery for income taxes consists of:
| December 31,
| 2023 |  | 2024 |  | 2025
Current |  |  |  |  |
Canadian | $ | (29,591) |  |  | $ | (18,460) |  |  | $ | (30,044) |
Foreign | — |  |  | 671 |  |  | (201) |
| (29,591) |  |  | (17,789) |  |  | (30,245) |
Deferred and other |  |  |  |  |
Canadian | 4,526 |  |  | 749 |  |  | — |
Foreign | (2,566) |  |  | (20,498) |  |  | (938) |
| 1,960 |  |  | (19,749) |  |  | (938) |
Income tax recovery | $ | (27,631) |  |  | $ | (37,538) |  |  | $ | (31,183) |
| December 31,
| 2023 |  | 2024 |  | 2025
Current tax recovery | $ | (29,591) |  |  | $ | (17,789) |  |  | $ | (30,245) |
Deferred tax expense (recovery) | 1,960 |  |  | (19,749) |  |  | (938) |
Total tax recovery | $ | (27,631) |  |  | $ | (37,538) |  |  | $ | (31,183) |
b. The consolidated effective income tax rate differs from the expected Canadian statutory tax rate. We adopted ASU 2023-09 prospectively. See Note 3 for additional details on the adoption of ASU 2023-09. A reconciliation of the Canadian federal statutory income tax rate to our effective tax rate pursuant to the disclosure requirements for the year ended December 31, 2025 is as follows:
| Year ended December 31, 2025
Loss before income taxes | $ | (177,595) |  |  |
Canadian Federal statutory income tax rate (i) | (44,399) |  |  | 25.0 | %
Domestic Federal |  |  |
Change due to SR&ED | (6,002) |  |  | 3.4 | %
Changes in valuation allowance | 12,321 |  |  | (6.9) | %
Stock-based compensation | 11,863 |  |  | (6.6) | %
Other | 252 |  |  | (0.1) | %
Provincial taxes net of Federal benefit (ii) | (1,134) |  |  | 0.6 | %
Foreign Tax Effects |  |  |
United States |  |  |
Change in valuation allowance | (2,775) |  |  | 1.6 | %
Other | 1,101 |  |  | (0.6) | %
Other Foreign Jurisdictions |  |  |
Change in valuation allowance and other | (2,410) |  |  | 1.2 | %
Effective tax rate | $ | (31,183) |  |  | 17.5 | %
(i)The federal tax rate of 25% which is the federal statutory rate of Canada, net of the general rate reduction. (ii)Provincial taxes in British Columbia and Quebec contributed to the majority of the tax effect in this category. Cash taxes paid net of refund received by the Company during 2025 in all jurisdictions was immaterial. A reconciliation of the combined Canadian federal and provincial statutory income tax rates to our effective tax rate for the years ended December 31, 2023 and 2024 is as follows :
| December 31,
| 2023 |  | 2024
Net loss before income taxes | $ | (174,029) |  | $ | (200,395)
Combined statutory tax rate | 27 | % |  | 27 | %
Expected income tax recovery at statutory rates | (46,988) |  | (54,107)
Stock-based compensation | 17,081 |  | 18,226
Change in valuation allowance | 11,485 |  | 15,205
Tax rate differential | (1,042) |  | 1,077
Prior year tax assessments and adjustments | (344) |  | 774
Change due to SR&ED | (7,428) |  | (8,224)
Gain on contingent consideration | — |  | (12,771)
Capital treatment of items | — |  | 2,205
Other | (395) |  | 77
Income tax recovery | $ | (27,631) |  | $ | (37,538)
c. Deferred income tax assets (“DTAs”) and liabilities (“DTLs”) result from the temporary differences between assets and liabilities recognized for financial statement and income tax purposes. The significant components of the Company’s deferred income tax assets and liabilities were as follows:
| December 31,
| 2024 |  | 2025
Deferred tax assets |  |  |
Government contributions | $ | 33,308 |  |  | $ | 36,928 |
Operating lease liability | 15,648 |  |  | 38,662 |
Net operating losses carried forward | 15,631 |  |  | 2,130 |
Research and development expenditures and related credits | 33,566 |  |  | 56,049 |
Other | 5,388 |  |  | 1,064 |
| 103,541 |  |  | 134,833 |
Deferred tax liabilities |  |  |
Property and equipment | $ | (20,777) |  |  | $ | (30,594) |
Intangibles | (9,592) |  |  | (8,645) |
Operating lease right-of-use assets | (15,862) |  |  | (36,740) |
Other | (17,453) |  |  | (11,738) |
| (63,684) |  |  | (87,717) |
| 39,857 |  |  | 47,116 |
Less: valuation allowance | (49,909) |  |  | (56,231) |
Net deferred tax liability | (10,052) |  |  | (9,115) |
Deferred tax asset | — |  |  | — |
Deferred tax liability | (10,052) |  |  | (9,115) |
Net deferred tax liability | $ | (10,052) |  |  | $ | (9,115) |
d. The Company had $27.1 million and $51.1 million of net-operating losses and R&D expenditure pools, and $8.5 million and $24.0 million of tax carryforward credits to apply against future taxes in Canada as of December 31, 2024 and 2025, respectively. e. The Company had operating losses carried forward related to U.S. operations of approximately $19.4 million, $17.9 million and $4.8 million as of December 31, 2023, 2024 and 2025, respectively. U.S net-operating losses totaling $4.8 million may be carried forward indefinitely. f. In Australia, the Company has immaterial tax carryforward credits. g. As of December 31, 2025, the Company has immaterial accumulated undistributed earnings generated by foreign subsidiaries. The Company has not provided a deferred liability for the income taxes associated with its foreign investments because it is the Company’s intention to indefinitely reinvest in its foreign investments. h. The Company did not realize any previously unrecognized tax benefits with respect to uncertain tax positions during the years ended December 31, 2023, 2024, and 2025. There were no unrecognized tax benefits with respect to uncertain tax positions for the years ended December 31, 2023, 2024 and 2025. The Company is subject to taxation primarily in Canada, the United States, and Australia. Further, while the statute of limitations in each jurisdiction where an income tax return has been filed generally limits the examination period, the limitation period for examination by a jurisdiction may be extended under various provisions. Generally, tax years ranging from 2021 to 2025 remain open to income tax examination. Other than routine audits done by tax authorities, management is not aware of any other material income tax assessments arising from examinations currently in progress by any taxing jurisdiction.

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