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Share-based payments | 6 Months Ended
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Jun. 30, 2025
Share-based payments |
Share-based payments |
10 | Share-based payments
Share options Effective May 20, 2020, the Company adopted amendments to the share option plan (the Share Option Plan). The maximum number of common shares reserved for issuance under the share option plan and the long-term incentive plan is 3,905,175 common shares or such other number as may be approved by the holders of the voting shares of the Company. As at June 30, 2025, 2,147,568 (December 31, 2024 – 2,291,152) options are outstanding. Each share option granted allows the holder to purchase one common share, at an exercise price not less than the lesser of the closing trading price of the common shares on the TSX (or other exchange where the common shares are listed), on the date a share option is granted and the volume-weighted average price of the common shares for the five trading days immediately preceding the date the share option is granted. Share options granted under the Share Option Plan generally have a maximum term of ten years and vest over a period of up to four years. A summary of the share option activity during the period presented and the total number of share options outstanding as at those dates are set forth below: ​
​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Weighted average
​ | ​ | Number | ​ | exercise price
​ |  | of options |  | C$
Balance - December 31, 2024 |  | 2,291,152 |  | 14.13
Granted |  | 54,100 |  | 6.87
Forfeited/expired |  | (197,684) |  | 17.77
Balance - June 30, 2025 |  | 2,147,568 |  | 13.61
Exercisable - June 30, 2025 |  | 1,187,803 |  | 15.77
Expected to vest - June 30, 2025 |  | 2,147,568 |  | 13.61
​ The Company estimated the fair value of the share options granted during the period using the Black-Scholes option pricing model with the weighted average assumptions below. The Company estimated the expected future stock price volatility for its common stock by using its historical volatility based on daily price observations for the most recent historical period equal to the length of the instrument’s expected life of options. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | March 19, | ​ | May 20, | ​ | June 13, | ​
Grant date |  | 2025 | ​ | 2025 | ​ | 2025 |
Exercise price |  | C$9.87 | ​ | C$6.28 | ​ | C$8.78 | ​
Expected volatility |  | 68 | % | 68 | % | 69 | %
Expected life of options |  | 6 years | ​ | 6 years | ​ | 6 years | ​
Risk-free interest rate |  | 2.85 | % | 2.98 | % | 3.06 | %
Dividend yield |  | — | ​ | — | ​ | — | ​
​ ​ The weighted average grant date fair values of share options granted for the three and six months ended June 30, 2025 were C$4.59 and C$4.82, respectively (three and six months ended June 30, 2024 - C$7.01 and C$7.01). Long-term incentive plan Effective May 17, 2023, the Company adopted the amended long term incentive plan (the LTIP). The LTIP is an incentive-based equity compensation plan that provides for the grant of restricted share units (the RSUs) and deferred share units (the DSUs, together with the RSUs, the Units). The maximum number of units which may be reserved for issuance under this LTIP in respect of grants of RSUs and DSUs shall not exceed 4.9% of the issued and outstanding common shares on a non-diluted basis, provided that, the maximum number of shares which may be reserved for issuance pursuant to all of the Company’s security-based compensation arrangements shall not in the aggregate exceed 13% of the issued and outstanding common shares on a non-diluted basis. The Company may grant Units to officers, directors or employees of the Company. Each Unit represents the right to receive one common share in accordance with the terms of the LTIP. The number of Units granted at any particular time will be calculated by dividing the dollar amount of such grant by the market value of a common share on the applicable grant date, which is equal to the volume weighted average trading price of all common shares traded on the TSX (or other exchange where the Common Shares are listed) for the five trading days immediately preceding such date. RSUs and DSUs granted under the LTIP vest over a period of up to three years. The following table summarizes RSUs activities: ​
​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Weighted
​ | ​ | ​ | ​ | average grant
​ | ​ | ​ | ​ | date fair value
​ | ​ | Number of | ​ | per share
​ |  | RSUs |  | C$
Balance - December 31, 2024 |  | 324,621 |  | 11.18
Granted |  | 801,000 | ​ | 9.26
Vested |  | (13,333) | ​ | 11.27
Forfeited |  | (36,834) | ​ | 9.83
Balance - June 30, 2025 |  | 1,075,454 | ​ | 9.80
​ A summary of the DSUs changes during the period are set forth below: ​
​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Weighted
​ | ​ | ​ | ​ | average grant
​ | ​ | ​ | ​ | date fair value
​ | ​ | Number of | ​ | per share
​ |  | DSUs |  | C$
Balance - December 31, 2024 |  | 91,670 |  | 10.40
Granted |  | 60,485 | ​ | 8.49
Balance - June 30, 2025 |  | 152,155 | ​ | 9.64
​ Share-based compensation expense The following table presents the components and classification of share-based compensation recognized for share options, RSUs, and DSUs for the three and six months ended June 30, 2025 and 2024: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended June 30, | ​ | Six Months Ended June 30,
​ | ​ | 2025 | ​ | 2024 | ​ | 2025 | ​ | 2024
​ |  | $ |  | $ |  | $ |  | $
Share options |  | 125 | ​ | 129 | ​ | 758 |  | 298
RSUs |  | 627 | ​ | 528 | ​ | 869 |  | 1,017
DSUs |  | 699 | ​ | 111 | ​ | 813 |  | 220
Share-based compensation |  | 1,451 | ​ | 768 | ​ | 2,440 |  | 1,535
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cost of sales |  | 7 | ​ | 15 | ​ | 10 |  | 30
Research and development |  | 315 | ​ | 156 | ​ | 588 |  | 323
Selling, general and administrative |  | 1,129 | ​ | 597 | ​ | 1,842 |  | 1,182
Share-based compensation |  | 1,451 | ​ | 768 | ​ | 2,440 |  | 1,535
​

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