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Shareholders’ equity | 9 Months Ended
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Sep. 30, 2025
Stockholders' Equity Note [Abstract] |
Shareholders’ equity | Shareholders’ equity Authorized share capital The Company’s authorized share capital consists of an unlimited number of common shares and preferred shares, without par value, and 1,164,000 Series A participating convertible preferred shares, without par value. Open Market Sale Agreement Effective March 26, 2025, the Company terminated its Open Market Sale Agreement with Jefferies LLC (Jefferies) dated December 20, 2018, as amended (the Sale Agreement), under which the Company could offer and sell common shares, from time to time. Prior to the termination of the Sale Agreement, the Company did not issue any common shares pursuant to the Sale Agreement during the nine months ended September 30, 2025. The Company did not issue any common shares pursuant to the Sale Agreement during the three months ended September 30, 2024. During the nine months ended September 30, 2024, the Company issued 16,499,999 common shares pursuant to the Sale Agreement, resulting in net proceeds of $44.1 million. Stock-based compensation The table below summarizes information about the Company’s stock-based compensation for the three and nine months ended September 30, 2025 and 2024 and the expense recognized in the condensed consolidated statements of operations:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
| (in thousands, except share and per share data)
Stock options |  |  |  |  |  |  |
Options granted during period | 557,600 |  |  | — |  |  | 5,263,722 |  |  | 4,163,000 |
Weighted average exercise price | $ | 3.39 |  |  | $ | — |  |  | $ | 3.33 |  |  | $ | 2.49 |
Restricted stock units (RSUs) |  |  |  |  |  |  |
Restricted stock units granted during period | 1,066,609 |  |  | — |  |  | 1,968,509 |  |  | 1,316,200 |
Grant date fair value | $ | 3.82 |  |  | $ | — |  |  | $ | 3.58 |  |  | $ | 2.40 |
Stock compensation expense |  |  |  |  |  |  |
Research and development | $ | 566 |  |  | $ | 847 |  |  | $ | 1,495 |  |  | $ | 3,007 |
General and administrative | 636 |  |  | 1,313 |  |  | 1,764 |  |  | 4,347 |
Total stock compensation expense | $ | 1,202 |  |  | $ | 2,160 |  |  | $ | 3,259 |  |  | $ | 7,354 |

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