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Share-based Payments (Tables) | 12 Months Ended
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Dec. 31, 2020
Share-based Payment Arrangement [Abstract] |
Summary of Changes in Warrants and DSUs | The following is a summary of the changes in warrants during the year ended December 31, 2020 and December 31, 2019:
| Weighted average exercise price (C$) |  | Number of warrants
Balance as of January 1, 2020 | $ | 0.26 |  |  | 18,066,662 |
Exercise of warrants | 0.27 |  |  | (10,079,313) |
Balance as of December 31, 2020 | $ | 0.25 |  |  | 7,987,349 |
| Weighted average exercise price (C$) |  | Number of warrants
Balance as of January 1, 2019 | $ | 0.26 |  |  | 25,457,623 |
Exercise of warrants | 0.26 |  |  | (7,390,961) |
Balance as of December 31, 2019 | $ | 0.26 |  |  | 18,066,662 |
The following is a summary of the changes in DSUs:
| Number of DSUs |  | Financial liability
Balance at January 1, 2020 | 33,397 |  |  | $ | 255 |
Granting and vesting of DSUs | 58,380 |  |  | 338 |
Liabilities settled | (8,484) |  |  | (46) |
Loss (gain) on revaluation | — |  |  | 30 |
Balance at December 31, 2020 | 83,293 |  |  | $ | 577 |
| Number of DSUs |  | Financial liability
Balance at January 1, 2019 | — |  |  | $ | — |
Granting and vesting of DSUs | 33,397 |  |  | 452 |
Loss (gain) on revaluation | — |  |  | (197) |
Balance at December 31, 2019 | 33,397 |  |  | $ | 255 |
Summary of Outstanding Warrants | As of December 31, 2020, the Company had outstanding warrants as follows:
Grant date |  | Expiry date |  | Weighted average exercise price (C$) |  | Number of warrants
May 13 – 27, 2016 |  | May 13 – 27, 2021 |  | $ | 0.25 |  |  | 7,987,349 |
As of December 31, 2020 |  | $ | 0.25 |  |  | 7,987,349 |
Summary of Outstanding Options | The equity plans described above have the following stock options outstanding:
| Shares outstanding as of December 31,
| 2020 |  | 2019 |  | 2018
2020 Omnibus Plan | 2,000,000 |  |  | — |  |  | — |
2018 Stock Option Plan | 1,627,715 |  | 1,817,287 |  | 285,000 |
2015 Stock Option Plan | 10,127,433 |  |  | 12,332,215 |  |  | 12,617,995 |
Total stock options outstanding | 13,755,148 |  | 14,149,502 |  | 12,902,995 |
Summary of the Changes in Options | The following is a summary of the changes in options during the year ended December 31, 2020 and December 31, 2019:
| Weighted average exercise price (C$) |  | Number of options |  | Weighted average remaining contractual term (years)
Balance as of January 1, 2020 | $ | 4.84 |  |  | 14,149,502 |  |  | 2.56
Issuance of options(i) | 6.96 |  |  | 2,000,000 |  |  |
Exercise of options | 2.03 |  |  | (2,131,939) |  |  |
Cancellation, forfeiture and expiry of options | 14.34 |  |  | (262,415) |  |  |
Balance as of December 31, 2020 | $ | 5.40 |  |  | 13,755,148 |  |  | 2.30
Exercisable at December 31, 2020 | $ | 3.75 |  |  | 9,643,682 |  |  | 1.34
(i)The weighted average exercise price reflects the conversion of foreign currency-denominated options at the exchange rates as of December 31, 2020. For foreign currency-denominated options, the weighted average exercise prices are translated using exchange rates as of the settlement date.
| Weighted average exercise price (C$) |  | Number of options |  | Weighted average remaining contractual term (years)
Balance as of January 1, 2019 | $ | 2.99 |  |  | 12,902,995 |  |  | 3.35
Issuance of options | 20.08 |  |  | 1,534,162 |  |  |
Exercise of options | 3.48 |  |  | (282,572) |  |  |
Cancellation, forfeiture and expiry of options | 2.27 |  |  | (5,083) |  |  |
Balance as of December 31, 2019 | $ | 4.84 |  |  | 14,149,502 |  |  | 2.56
Exercisable at December 31, 2019 | $ | 2.93 |  |  | 9,034,714 |  |  | 2.27
Fair Value of Options Issued | The fair value of the options issued during the year was determined using the Black-Scholes option pricing model, using the following inputs:
| 2020 |  | 2019
Share price at grant date (per share) | C$6.96 |  | C$15.34 – $24.75
Exercise price (per option)(i) | C$6.96 |  | C$15.34 – $24.75
Risk-free interest rate | 0.43% |  | 1.39% – 1.62%
Expected life of options (in years)(ii) | 5 |  | 5
Expected annualized volatility | 91% |  | 82%
Expected dividend yield | — |  | —
Weighted average Black-Scholes value at grant date (per option) | C$4.84 |  | C$13.03
Forfeiture rate | — |  | —
(i)The weighted average exercise price reflects the conversion of foreign currency-denominated options at the exchange rates as of December 31, 2020. For foreign currency-denominated options, the weighted average exercise prices are translated using exchange rates as of the settlement date. (ii)The expected life of the awards represents the period of time options are expected to be outstanding and is estimated considering vesting terms and employees’ and non-employees’ historical exercise and, where relevant, post-vesting employment termination behavior. Volatility was estimated by using the historical volatility of the Company’s share price, adjusted for the Company’s expectation of volatility going forward. The risk-free interest rate was based on the Bank of Canada government bonds with a remaining term equal to the expected life of the options at the grant date.
Summary of Restricted Share Units Activity | The following is a summary of the changes in RSUs:
| Number of RSUs |  | Weighted average grant date fair value (C$)
Balance at January 1, 2020 | 732,972 |  |  | $ | 15.34 |
Granted | 957,854 |  |  | 7.66 |
Exercised | (732,972) |  |  | 15.34 |
Cancellation and forfeitures | (9,497) |  |  | 7.52 |
Balance at December 31, 2020 | 948,357 |  |  | $ | 7.66 |
| Number of RSUs |  | Weighted average grant date fair value (C$)
Balance at January 1, 2019 | — |  |  | $ | — |
Granted | 732,972 |  |  | 15.34 |
Balance at December 31, 2019 | 732,972 |  |  | $ | 15.34 |

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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (f)(2) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 + Details
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