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Common Shares | 12 Months Ended
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Dec. 31, 2024
Common Shares |
Common Shares | 7. Common Shares ​ Equity Financing ​ Vista is party to an at-the-market offering agreement (the “ATM Agreement”) with H. C. Wainwright & Co., LLC (“Wainwright”), under which the Company has the right, but is not obligated, to issue and sell Common Shares through Wainwright (the “ATM Program”). The ATM Agreement was refreshed in November 2024 to allow for aggregate sales proceeds of up to $8,000. No securities can be offered in Canada under the ATM Agreement. As of December 31, 2024, $7,783 remained available under the ATM Program. ​ During the year ended December 31, 2024 the Company sold 1,722,966 Common Shares for net proceeds of $1,108 under the ATM Program. During the year ended December 31, 2023 the Company sold 1,710,068 Common Shares for net proceeds of $1,013 under the ATM Program. Each sale under the ATM Agreement was made pursuant to an “at the market offering” as defined in Rule 415 under the United States Securities Act of 1933, as amended. ​ Other Share Issuances ​ During the years ended December 31, 2024 and 2023, we issued 445,551 and 412,548 Common Shares, respectively, in connection with vesting of restricted share units (“RSUs”). During the years ended December 31, 2024 and 2023, we issued 295,000 and 485,000 Common Shares, respectively, in exchange for deferred share units (“DSUs”) held by directors of the Company whose service on the board of directors ended in those years. ​ Warrants ​ Warrant activity is summarized in the following table.
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Weighted | ​ | Weighted | ​
​ | ​ | ​ | ​ | Average | ​ | Average | ​
​ | ​ | Warrants | ​ | Exercise Price | ​ | Remaining Life | ​
​ |  | Outstanding |  | Per Share |  | (Years) |
As of December 31, 2022 | ​ | 7,408,101 | ​ | $ | 1.25 | ​ | 1.5 | ​
As of December 31, 2023 | ​ | 7,408,101 | ​ | $ | 1.25 | ​ | 0.5 | ​
Expired | ​ | (7,408,101) | ​ | $ | 1.25 | ​ | ​ | ​
As of December 31, 2024 | ​ | — | ​ | ​ | ​ | ​ | ​ | ​
​ All warrants expired on July 12, 2024. ​ Stock-Based Compensation ​ The Company’s stock-based compensation plans include: RSUs currently outstanding under the Company’s long-term equity incentive plan (“LTIP”), DSUs issuable pursuant to the Company’s deferred share unit plan (“DSU Plan”) and stock options (“Stock Options”) issuable under the Company’s stock option plan. Stock-based compensation may be issued to our directors, officers, employees and consultants. The maximum number of Common Shares that may be reserved for issuance under the combined stock-based compensation plans is a variable number equal to 10% of the issued and outstanding Common Shares on a non-diluted basis at any one time. Stock-based compensation may be granted from time to time at the discretion of the Board of Directors of the Company (the “Board of Directors”), with vesting provisions as determined by the Board of Directors. ​ Stock-based compensation expense for the years ended December 31, 2024 and 2023 was: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31, | ​
​ |  | 2024 |  | 2023 |
RSUs | ​ | $ | 391 | ​ | $ | 392 | ​
DSUs | ​ | ​ | 293 | ​ | ​ | 244 | ​
​ | ​ | $ | 684 | ​ | $ | 636 | ​
​ As of December 31, 2024, unrecognized compensation expense for RSUs was $288, which is expected to be recognized over a weighted average period of 1.2 years. ​ Restricted Share Units ​ The following table summarizes RSU activity:
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Weighted Average | ​
​ | ​ | Number | ​ | Grant-Date Fair | ​
​ |  | of RSUs |  | Value Per RSU | ​
Unvested - December 31, 2022 | ​ | 1,472,008 |  | $ | 0.60 |
Granted | ​ | 1,163,000 | ​ | ​ | 0.37 | ​
Cancelled/forfeited | ​ | (335,786) | ​ | ​ | 0.58 | ​
Vested, net of shares withheld | ​ | (412,548) | ​ | ​ | 0.60 | ​
Unvested - December 31, 2023 | ​ | 1,886,674 |  | $ | 0.46 |
Granted | ​ | 1,736,000 | ​ | ​ | 0.25 | ​
Cancelled/forfeited | ​ | (409,450) | ​ | ​ | 0.50 | ​
Vested, net of shares withheld | ​ | (445,551) | ​ | ​ | 0.59 | ​
Unvested - December 31, 2024 | ​ | 2,767,673 | ​ | $ | 0.30 | ​
​ During the years ended December 31, 2024 and 2023, the Company withheld shares equivalent to the value of employee withholding tax obligations which resulted from RSUs vesting in the period. Shares withheld are considered cancelled/forfeited. ​ Under the LTIP, a portion of the RSU awards vest on a fixed future date providing the recipient continues to be affiliated with Vista on that date. Other RSU awards vest subject to achievement of certain performance and market criteria, including the accomplishment of certain corporate objectives and the Company’s share price performance. Of the unvested RSUs, approximately 31% will vest based on fixed future dates, and approximately 69% will vest on share-price criteria. The minimum vesting period for RSUs is one year. ​ Deferred Share Units ​ The DSU Plan provides for granting of DSUs to non-employee directors. DSUs vest immediately; however, the Company will issue one Common Share for each DSU only after the non-employee director ceases to be a director of the Company. During the year ended December 31, 2024, the Board of Directors granted 767,000 DSUs and the Company recognized $293 of DSU expense. During the year ended December 31, 2023, the Board of Directors granted 420,000 DSUs and the Company recognized $244 of DSU expense. ​ The following table summarizes DSU activity:
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Weighted Average | ​
​ | ​ | Number of | ​ | ​ | Grant-Date Fair | ​
​ |  | DSUs |  | ​ | Value per DSU |
Outstanding - December 31, 2022 | ​ | 1,254,000 | ​ | $ | 0.72 | ​
Granted | ​ | 420,000 | ​ | ​ | 0.58 | ​
Shares issued to participants | ​ | (485,000) | ​ | ​ | 0.69 | ​
Outstanding - December 31, 2023 | ​ | 1,189,000 | ​ | $ | 0.68 | ​
Granted | ​ | 767,000 | ​ | ​ | 0.38 | ​
Shares issued to participants | ​ | (295,000) | ​ | ​ | 0.68 | ​
Outstanding - December 31, 2024 | ​ | 1,661,000 | ​ | $ | 0.54 | ​
​ Stock Options ​ The following table summarizes option activity: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | Weighted Average | ​ | ​ | ​
​ | ​ | ​ | ​ | Weighted Average | ​ | Remaining | ​ | Aggregate | ​
​ | ​ | Number of | ​ | Exercise Price | ​ | Contractual Term | ​ | Intrinsic | ​
​ |  | Options |  | Per Option |  | (Years) |  | Value |
Outstanding - December 31, 2022 | ​ | 1,367,000 |  | $ | 0.71 | ​ | 0.64 | ​ | $ | — | ​
Expired | ​ | (967,000) | ​ | ​ | 0.71 | ​ | ​ | ​ | ​ | ​ | ​
Outstanding - December 31, 2023 | ​ | 400,000 |  | $ | 0.70 | ​ | 0.47 | ​ | $ | — | ​
Expired | ​ | (350,000) | ​ | ​ | 0.73 | ​ | ​ | ​ | ​ | ​ | ​
Outstanding - December 31, 2024 | ​ | 50,000 | ​ | $ | 0.51 | ​ | 0.25 | ​ | $ | 2 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Exercisable - December 31, 2024 | ​ | 50,000 | ​ | $ | 0.51 | ​ | 0.25 | ​ | $ | 2 | ​
​ Weighted Average Common Shares ​
​ | ​ | ​ | ​ | ​
​ | At December 31, | ​
​ | 2024 |  | 2023 | ​
Basic Common Shares | 122,198,006 | ​ | 120,471,317 | ​
Effect of dilutive stock-based awards | 3,413,294 | ​ | — | ​
Diluted Common Shares | 125,611,300 | ​ | 120,471,317 | ​
​ Unvested RSUs representing 108,668 Common Shares, Stock Options to purchase 350,000 Common Shares, and warrants to purchase 7,408,101 Common Shares were outstanding during part of the year ended December 31, 2024 but were not included in the computation of diluted weighted average Common Shares outstanding because their effect would have been anti-dilutive. ​ As the Company was in a net loss position for the year ended December 31, 2023, all potentially dilutive Common Shares were considered antidilutive.

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