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Note 12 - Share-based Compensation | 6 Months Ended
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Jun. 30, 2026
Notes to Financial Statements |
Share-Based Payment Arrangement [Text Block] |
12. | Share-Based Compensation
Amended and Restated 2019 Omnibus Incentive Plan (2019 Plan) The 2019 Plan permits the Board, or a committee or subcommittee thereof, to grant to the Company’s eligible employees, non-employee directors and certain consultants non-statutory and incentive stock options, stock appreciation rights, restricted stock awards, restricted stock units (RSUs), deferred stock units (DSUs), performance awards, non-employee director awards and other share-based awards. We grant options to purchase common shares under the 2019 Plan at no less than the fair market value of the underlying common shares as of the date of grant. Options granted to employees and non-employee directors have a maximum term of ten years and generally vest over one to four years. Options granted to non-employees have a maximum term of five years and generally vest over one year. Subject to adjustment as provided in the 2019 Plan, the maximum number of the Company’s common shares authorized for issuance under the 2019 Plan is 10,500,000 shares. As of June 30, 2026, options to purchase an aggregate of 6,660,585 common shares were outstanding, 181,040 common shares were reserved for issuance upon settlement of DSUs and 1,677 shares were reserved for issuance upon the vesting and settlement of RSUs and 2,989,251 shares remained available for issuance. 2021 Employment Inducement Incentive Plan (2021 Inducement Plan) The 2021 Inducement Plan permits the Board, or a committee or subcommittee thereof, to grant non-statutory options, stock appreciation rights, restricted stock awards, restricted stock units, performance awards and other share-based awards, to new employees who satisfy the standards for inducement grants under Nasdaq Listing Rule 5635(c)(4) or 5635(c)(3), as applicable. The Inducement Plan has a term of 10 years. The share reserve under the Inducement Plan may be increased at the discretion of and approval by the Board and on July 31, 2025, the Board increased the number of common shares reserved for issuance under the plan to 2,000,000. As of June 30, 2026, options to purchase an aggregate of 1,225,000 common shares were outstanding under the Inducement Plan and 528,125 shares remained available for issuance. Prior stock option plan The Company ceased granting awards under its Amended and Restated Stock Option Plan in conjunction with shareholder approval of the 2019 Plan. Awards outstanding under the prior plan remain outstanding in accordance with and pursuant to the terms thereof. Options granted under the prior plan have terms similar to those used under the 2019 Plan. As of June 30, 2026, options to purchase an aggregate of 294,910 common shares were outstanding. Prior deferred stock unit plan The Company ceased granting awards under its Deferred Share Unit Plan in conjunction with shareholder approval of the 2019 Plan. Awards outstanding under that plan remain outstanding in accordance with and pursuant to the terms thereof. As of June 30, 2026, there were 9,745 common shares reserved for issuance upon settlement of DSUs outstanding. Share-based compensation expense for each of the periods presented is as follows (in thousands):
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
|  | 2026 |  |  | 2025 |  |  | 2026 |  |  | 2025 |
General and administrative |  | $ | 606 |  |  | $ | 538 |  |  | $ | 1,125 |  |  | $ | 1,216 |
Research and development |  |  | 512 |  |  |  | 233 |  |  |  | 815 |  |  |  | 422 |
Total share-based compensation |  | $ | 1,118 |  |  | $ | 771 |  |  | $ | 1,940 |  |  | $ | 1,638 |
We recognize share-based compensation for options awards based on the fair value of each award as estimated using the Black-Scholes option valuation model. Ultimately, the actual expense recognized over the vesting period will only be for those options that actually vest. A summary of option activity is as follows (in thousands except share and per share amounts):
|  | Shares Underlying Options |  |  | Weighted Average Exercise Price Per Share |  |  | Aggregate Intrinsic Value |
Balances at December 31, 2025 |  |  | 6,864,854 |  |  | $ | 4.11 |  |  | $ | 26,479 |
Granted |  |  | 2,029,249 |  |  |  | 6.03 |  |  |  |  |
Forfeitures |  |  | (464,459 | ) |  |  | 4.25 |  |  |  |  |
Exercised |  |  | (181,649 | ) |  |  | 3.06 |  |  |  |  |
Expired |  |  | (67,500 | ) |  |  | 2.11 |  |  |  |  |
Balances at June 30, 2026 |  |  | 8,180,495 |  |  | $ | 4.61 |  |  | $ | 20,260 |
Information about stock options outstanding, vested and expected to vest as of June 30, 2026, is as follows:
|  |  |  | Outstanding, Vested and Expected to Vest |  |  | Options Vested and Exercisable |
Per Share Exercise Price |  | Shares |  |  | Weighted Average Remaining Contractual Life (Years) |  |  | Weighted Average Exercise Price |  |  | Options Exercisable |  |  | Weighted Average Remaining Contractual Life (Years) |
$1.00 | - | $1.99 |  |  | 51,443 |  |  |  | 6.6 |  |  | $ | 1.64 |  |  |  | 48,318 |  |  |  | 6.6 |
$2.00 | - | $2.99 |  |  | 2,016,923 |  |  |  | 6.4 |  |  |  | 2.75 |  |  |  | 1,537,218 |  |  |  | 6.4 |
$3.00 | - | $3.99 |  |  | 223,107 |  |  |  | 3.5 |  |  |  | 3.67 |  |  |  | 206,233 |  |  |  | 3.1 |
$4.00 | - | $4.99 |  |  | 2,764,219 |  |  |  | 7.1 |  |  |  | 4.33 |  |  |  | 1,229,019 |  |  |  | 5.4 |
$5.00 | - | $5.99 |  |  | 2,168,536 |  |  |  | 8.3 |  |  |  | 5.72 |  |  |  | 272,101 |  |  |  | 5.5 |
$6.00 | - | $10.00 |  |  | 956,267 |  |  |  | 8.4 |  |  |  | 7.24 |  |  |  | 143,792 |  |  |  | 3.1 |
|  |  |  |  | 8,180,495 |  |  |  | 7.3 |  |  | $ | 4.61 |  |  |  | 3,436,681 |  |  |  | 5.6 |

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