XML 40 R27.htm IDEA: XBRL DOCUMENT

Share-Based Payments

12 Months Ended

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).