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Share-Based Payments | 12 Months Ended
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Feb. 28, 2025
Share-Based Payments |
Share-Based Payments | 19. Share-Based Payments Stock Options The following tables summarizes the continuity of the Company’s stock options during the years ended February 28, 2025 and February 29, 2024:
|  | 2025 |  |  | 2024 |
|  | Number of stock options |  |  | Weighted average exercise price |  |  | Number of stock options |  |  | Weighted average exercise price |
Outstanding, beginning of year |  |  | 2,772,000 |  |  | $ | 5.10 |  |  |  | 2,542,000 |  |  | $ | 5.27 |
Granted |  |  | 199,216 |  |  |  | 2.89 |  |  |  | 240,000 |  |  |  | 3.11 |
Exercised |  |  | - |  |  |  | - |  |  |  | (10,000 | ) |  |  | 0.80 |
Forfeited |  |  | (200,000 | ) |  |  | 0.80 |  |  |  | - |  |  |  | - |
Expired |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Outstanding, end of year |  |  | 2,771,216 |  |  | $ | 5.25 |  |  |  | 2,772,000 |  |  | $ | 5.10 |
Exercisable, end of year |  |  | 2,040,000 |  |  | $ | 6.12 |  |  |  | 1,810,000 |  |  | $ | 6.53 |
|  |  | 2025 |  |  | 2024 |
Exercise price |  |  | Number of stock options outstanding |  |  | Weighted average remaining life (years) |  |  | Number of stock options outstanding |  |  | Weighted average remaining life (years) |
$ | 0.80 |  |  |  | 280,000 |  |  |  | 0.75 |  |  |  | 480,000 |  |  |  | 1.75 |
$ | 2.68 |  |  |  | 972,000 |  |  |  | 7.75 |  |  |  | 972,000 |  |  |  | 8.75 |
$ | 2.89 |  |  |  | 199,216 |  |  |  | 9.02 |  |  |  | - |  |  |  | - |
$ | 3.11 |  |  |  | 240,000 |  |  |  | 8.08 |  |  |  | 240,000 |  |  |  | 9.08 |
$ | 5.25 |  |  |  | 380,000 |  |  |  | 2.49 |  |  |  | 380,000 |  |  |  | 3.50 |
$ | 12.00 |  |  |  | 700,000 |  |  |  | 2.54 |  |  |  | 700,000 |  |  |  | 3.54 |
Outstanding, end of year |  |  |  | 2,771,216 |  |  |  | 5.13 |  |  |  | 2,772,000 |  |  |  | 5.53 |
Exercisable, end of year |  |  |  | 2,040,000 |  |  |  | 4.04 |  |  |  | 1,810,000 |  |  |  | 4.55 |
The Company applies the fair value method of accounting for stock-based compensation awards granted. Fair value is calculated based on a Black-Scholes option pricing model. The principal components of the pricing model for the stock options granted in the years ended February 28, 2025 and February 29, 2024 were as follows:
|  | 2025 |  |  | 2024 |
Exercise price |  | $ | 2.89 |  |  | $ | 3.11 |
Risk-free interest rate |  |  | 4.09 | % |  |  | 3.61 | %
Expected dividend yield |  |  | 0 | % |  |  | 0 | %
Expected volatility |  |  | 73 | % |  |  | 73 | %
Expected life |  | 7 years |  |  | 6.5 years |
During the year ended February 28, 2025, stock-based compensation expense attributable to stock options amounted to $555 (2024 – $644). Restricted Stock Units The following table summarizes the continuity of the restricted stock units (“RSUs”) during the years February 28, 2025 and February 29, 2024:
|  | 2025 |  |  | 2024 |
|  | Number of units |  |  | Weighted average fair value price |  |  | Number of units |  |  | Weighted average fair value price |
Outstanding, beginning of year |  |  | 4,368,897 |  |  | $ | 6.53 |  |  |  | 3,888,618 |  |  | $ | 7.09 |
Granted |  |  | 213,046 |  |  |  | 2.10 |  |  |  | 585,364 |  |  |  | 2.93 |
Settled |  |  | (91,355 | ) |  |  | 6.74 |  |  |  | (51,963 | ) |  |  | 8.66 |
Forfeited |  |  | (23,630 | ) |  |  | 4.88 |  |  |  | (53,122 | ) |  |  | 5.56 |
Outstanding, end of year |  |  | 4,466,958 |  |  | $ | 6.32 |  |  |  | 4,368,897 |  |  | $ | 6.53 |
Outstanding vested, end of year |  |  | 1,761,421 |  |  | $ | 5.86 |  |  |  | 1,635,241 |  |  | $ | 6.22 |
The Company applies the fair value method of accounting for awards granted through the issuance of restricted stock units. Fair value is calculated based on the intrinsic value at grant date multiplied by the number of restricted stock unit awards granted. During the year ended February 28, 2025, stock-based compensation attributable to RSUs amounted to $797 (2024 - $778). Stock-Based Compensation Expense During the year ended February 28, 2025, stock-based compensation included in research and development expenses amounted to $471 (2024 – $542), and in general and administrative expenses amounted to $881 (2024 – $880).

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