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Share-based Compensation | 6 Months Ended
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Jun. 30, 2024
Share-Based Payment Arrangement [Abstract] |
Share-based Compensation | Share-based Compensation (a)Share-based award plans The Company has granted stock options, restricted share units (“RSUs”) and deferred share units (“DSUs”) to employees and non-employee directors under the 2018 Stock Option Plan dated June 28, 2018 (the “2018 Stock Option Plan”), the Employment Inducement Award Plan #1 (the “Employment Inducement Award Plan”), the 2020 Omnibus Equity Incentive Plan dated March 29, 2020 (the “2020 Omnibus Plan”) and the DSU Plan dated August 10, 2019 (the “DSU Plan”). The Company can no longer make grants under the 2018 Stock Option Plan or the Employment Inducement Award Plan. The following table summarizes the total share-based compensation expense associated with the Company’s stock options and RSUs for the three and six months ended June 30, 2024 and 2023:
| For the three months ended June 30, | For the six months ended June 30,
| 2024 |  | 2023 | 2024 |  | 2023
Stock options | $ | 33 |  |  | $ | 372 |  | $ | 67 |  |  | $ | 1,106 |
RSUs | 2,203 |  |  | 1,959 |  | 4,184 |  |  | 3,760 |
Total share-based compensation | $ | 2,236 |  |  | $ | 2,331 |  | $ | 4,251 |  |  | $ | 4,866 |
(b)Stock options Vesting conditions for grants of options are determined by the Compensation Committee of the Company’s Board of Directors. The typical vesting for stock option grants made under the 2020 Omnibus Plan is annual vesting over three to five years with a maximum term of ten years. The typical vesting for stock option grants made under the 2018 Stock Option Plan is quarterly vesting over three to five years with a maximum term of seven years. The 2018 Stock Option Plan did not, and the 2020 Omnibus Plan does not, authorize grants of options with an exercise price below fair market value. The following is a summary of the changes in stock options for the six months ended June 30, 2024 and 2023:
| Weighted-average exercise price (C$) (i) |  | Number of options |  | Weighted-average remaining contractual term (years)
Balance as of January 1, 2024 | $ | 14.50 |  |  | 2,103,201 |  |  | 1.84
Cancellation, forfeiture and expiry of options | 19.05 |  |  | (1,381,696) |  |  |
Balance as of June 30, 2024 | $ | 5.78 |  |  | 721,505 |  |  | 4.13
Exercisable as of June 30, 2024 | $ | 6.59 |  |  | 520,820 |  |  | 3.58
| Weighted-average exercise price (C$) (i) |  | Number of options |  | Weighted-average remaining contractual term (years)
Balance as of January 1, 2023 | $ | 10.57 |  |  | 5,350,600 |  |  | 0.73
Issuance of options | 2.96 |  |  | 188,317 |  |  |
Cancellation, forfeiture and expiry of options | 7.75 |  |  | (3,435,716) |  |  |
Balance as of June 30, 2023 | $ | 14.50 |  |  | 2,103,201 |  |  | 2.34
Exercisable as of June 30, 2023 | $ | 18.72 |  |  | 1,426,612 |  |  | 1.00
(i)The weighted-average exercise price reflects the conversion of foreign currency-denominated stock options translated into C$ using the average foreign exchange rate as of the date of issuance. The following table summarizes stock options outstanding:
| As of June 30, 2024 |  | As of December 31, 2023
2020 Omnibus Plan | 702,264 |  |  | 702,264 |
2018 Stock Option Plan | 19,241 |  |  | 1,400,937 |
Total stock options outstanding | 721,505 |  |  | 2,103,201 |
Restricted share units The following is a summary of the changes in RSUs for the six months ended June 30, 2024 and 2023:
| Weighted-average grant date fair value (C$)(ii) |  | Number of RSUs
Balance as of January 1, 2024 | $ | 3.77 |  |  | 7,381,541 |
Granted(i) | 2.95 |  |  | 2,503,835 |
Vested and issued | 3.53 |  |  | (1,343,425) |
Cancellation and forfeitures | 2.98 |  |  | (91,726) |
Balance as of June 30, 2024 | $ | 3.57 |  |  | 8,450,225 |
| Weighted-average grant date fair value (C$)(ii) |  | Number of RSUs
Balance as of January 1, 2023 | $ | 4.63 |  |  | 5,725,470 |
Granted(i) | 2.66 |  |  | 2,819,174 |
Vested and issued | 5.04 |  |  | (735,523) |
Cancellation and forfeitures | 3.93 |  |  | (254,382) |
Balance as of June 30, 2023 | $ | 3.87 |  |  | 7,554,739 |
(i)RSUs granted in the period vest annually in equal installments over a three-year period from either the grant date or after a three or five year “cliff-period.” All RSUs are subject to such holder’s continued employment through each vesting date. The vesting of such RSUs is not subject to the achievement of any performance criteria. (ii)The weighted-average grant date fair value reflects the conversion of foreign currency-denominated RSUs translated into C$ using the foreign exchange rate as of the date of issuance. (d)Deferred share units The following is a summary of the changes in DSUs for the six months ended June 30, 2024 and 2023:
| Financial liability |  | Number of DSUs
Balance as of January 1, 2024 | $ | 1,092 |  |  | 521,679 |
DSU liabilities settled | (359) |  |  | (155,383) |
Loss on revaluation | 122 |  |  | — |
Balance as of June 30, 2024 | $ | 855 |  |  | 366,296 |
| Financial liability |  | Number of DSUs
Balance as of January 1, 2023 | $ | 674 |  |  | 265,732 |
Gain on revaluation | (150) |  |  | — |
Balance as of June 30, 2023 | $ | 524 |  |  | 265,732 |

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