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SHARE-BASED COMPENSATION | 6 Months Ended
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Jun. 30, 2025
SHARE-BASED COMPENSATION |
SHARE-BASED COMPENSATION |
8. | SHARE-BASED COMPENSATION
2025 Stock Option Plan At its June 2025 Annual Meeting of Shareholders, the Company’s 2025 Stock Option and Incentive Plan (“2025 Option Plan”) was approved by the shareholders. The 2025 Option Plan replaces the 2015 Stock Option Plan (“2015 Option Plan”), originally referred to as the 2007 Option Plan. No new awards can be issued under the 2015 Option Plan. The Company reserved 2,946,719 Common Shares for issuance under the 2025 Option Plan at the time of adoption. As of June 30, 2025 and December 31, 2024, the Company had 2,776,979 and 2,963,385 options available for grant under the 2025 Option Plan and 2015 Option Plan, respectively. The Common Shares underlying any awards under the 2025 Option Plan and 2015 Option Plan that are forfeited, canceled, or otherwise terminated (other than by exercise) are added back to the shares available for issuance under the 2025 Option Plan. Share options are granted in either US$ or C$. Upon the change in the Company’s functional currency, effective July 1, 2023, C$ share options previously classified as equity were reclassified as liabilities. All grants following the Company’s change in functional currency are in US$. Canadian Dollar Share Options ​ The following table summarizes the C$ share options outstanding under the 2025 Option Plan and 2015 Option Plan for the six months ended June 30, 2025. All amounts are denominated in C$, except year and share amounts: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ |  | ​ | ​ |  | Weighted |  | ​ | ​
​ |  | ​ |  | Weighted |  | Average |  | ​ | ​
​ |  | ​ |  | Average |  | Remaining |  | ​ | ​
​ | ​ | Number of |  | Exercise |  | Contractual | ​ | Aggregate
​ | ​ | Share |  | Price Per |  | Term | ​ | Intrinsic
​ | ​ | Options | ​ | Share |  | (years) | ​ | Value
Outstanding as of January 1, 2024 |  | 898,262 | ​ | $ | 7.58 |  | 6.5 | ​ | $ | —
Expired |  | (79,769) | ​ |  | 9.16 |  | ​ | ​ |  | ​
Outstanding as of December 31, 2024 |  | 818,493 | ​ | ​ | 7.36 |  | 6.6 | ​ | ​ | —
Outstanding as of June 30, 2025 |  | 818,493 | ​ |  | 7.33 |  | 6.4 | ​ | ​ | —
Vested and exercisable as of June 30, 2025 |  | 789,869 | ​ | $ | 7.46 |  | 6.4 | ​ | $ | —
​ The aggregate intrinsic value of options outstanding and vested and exercisable is calculated as the difference between the exercise price of the underlying options, and the fair value of the Company’s Common Shares when the exercise price is below fair value. There were no C$ options exercised, granted, or expired during the six months ended June 30, 2025. Upon the change in the Company’s functional currency effective July 1, 2023 C$ share options previously classified as equity were reclassified as liabilities. The C$ options were re-measured as of December 31, 2023 and had a fair value of $422,002. A summary of share-based compensation liability activity, measured using level 3 fair value inputs, for the period ended June 30, 2025 is as follows: ​
​ | ​ | ​ | ​
​ |  | June 30,
​ | ​ | 2025
Fair value at December 31, 2024 | ​ | $ | 199,263
Increase in additional paid-in-capital due to decrease in fair value of share-based compensation liability | ​ | ​ | (136,868)
Fair value at June 30, 2025 | ​ | $ | 62,395
​ A summary of share-based compensation liability activity, measured using level 3 fair value inputs, for the year ended December 31, 2024 is as follows: ​
​ | ​ | ​ | ​
​ |  | December 31,
​ | ​ | 2024
Fair value at December 31, 2023 | ​ | $ | 422,002
Increase in additional paid-in-capital due to decrease in fair value of share-based compensation liability | ​ | ​ | (222,739)
Fair value at December 31, 2024 | ​ | $ | 199,263
​ The following table summarizes the weighted average of significant assumptions used to calculate the fair value of C$ share options outstanding and exercisable as of June 30, 2025 and December 31, 2024: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Period Ended
​ | ​ | June 30, | ​ | December 31, | ​
​ |  | 2025 |  | 2024 | ​
Weighted average fair value of C$ Options | ​ | C$ | 0.08 | ​ | C$ | 0.26 | ​
Expected volatility |  | ​ | 96.0 | % | ​ | 99.7 | %
Risk-free interest rate |  | ​ | 3.95 | % | ​ | 4.40 | %
Expected dividend yield |  | ​ | — | % | ​ | — | %
Expected term (years) |  | ​ | 6.4 |  | ​ | 6.6 | ​
​ Expected volatility is based on historical volatility of the Company’s Common Shares over the expected life of the option, as the Company’s options are not readily tradable. US Dollar Share Options The Company began making share option grants denominated in US$ following the Company’s change in functional currency in July 2023. The following table summarizes the US$ share options outstanding under the 2025 Option Plan for the six months ended June 30, 2025. All amounts are denominated in US$, except year and share amounts: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ |  | ​ | ​ |  | Weighted |  | ​ | ​
​ |  | ​ |  | Weighted |  | Average |  | ​ | ​
​ |  | ​ |  | Average |  | Remaining |  | ​ | ​
​ | ​ | Number of |  | Exercise |  | Contractual | ​ | Aggregate
​ | ​ | Share |  | Price Per |  | Term | ​ | Intrinsic
​ | ​ | Options | ​ | Share |  | (years) | ​ | Value
Outstanding as of January 1, 2024 |  | 69,000 | ​ | $ | 1.87 |  | ​ | ​ | $ | —
Granted |  | 2,686,960 | ​ |  | 1.11 |  | ​ | ​ |  | ​
Outstanding as of December 31, 2024 |  | 2,755,960 | ​ | ​ | 1.13 |  | ​ | ​ | ​ | —
Granted |  | 195,000 | ​ |  | 0.61 |  |  | ​ |  | —
Forfeited |  | (8,594) | ​ |  | 1.87 |  | ​ | ​ |  | ​
Outstanding as of June 30, 2025 |  | 2,942,366 | ​ |  | 1.09 |  | 9.3 | ​ | ​ | —
Vested and exercisable as of June 30, 2025 |  | 817,774 | ​ | $ | 1.17 |  | 9.1 | ​ | $ | —
​ During the six months ended June 30, 2025, the Company granted 195,000 US$ share options with a grant date fair value of $118,400. The fair value of the US$ share options granted was estimated using Black Scholes with the following assumptions: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Period Ended
​ | ​ | June 30, | ​ | June 30, | ​
​ | ​ | 2025 | ​ | 2024 | ​
Weighted average fair value of US$ Options | ​ | $ | 0.48 | ​ | $ | 0.91 | ​
Expected volatility | ​ | ​ | 100.8 | % | ​ | 98.6 | %
Risk-free interest rate | ​ | ​ | 3.86 | % | ​ | 3.90 | %
Expected dividend yield | ​ | ​ | — | % | ​ | — | %
Expected term (years) | ​ | ​ | 5.7 |  | ​ | 5.8 |
​ DSU Plan The Company has a Deferred Share Unit plan (“DSU Plan”) for senior officers. Under the DSU Plan, rights to the Company’s Common Shares may be awarded on a deferred payment basis up to a maximum of 16,666 common share units. Each common share unit will fully vest upon cessation of employment with the Company and then can be redeemed for one common share of the Company by the unitholder. The Company has 1,061 units outstanding as of June 30, 2025. Share-based Payment Expense The following table summarizes total share-based compensation included in the Company’s accompanying unaudited condensed consolidated statements of operations and comprehensive loss: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended | ​ | Six Months Ended | ​
​ | ​ | June 30, | ​ | June 30, | ​
​ |  | 2025 |  | 2024 |  | 2025 |  | 2024 | ​
Research and development | ​ | $ | 37,883 | ​ | $ | 3,813 | ​ | $ | 75,557 | ​ | $ | 7,625 | ​
General and administrative | ​ |  | 174,132 | ​ |  | 14,186 | ​ |  | 381,753 | ​ |  | 73,958 | ​
Total share-based compensation | ​ | $ | 212,015 | ​ | $ | 17,999 | ​ | $ | 457,310 | ​ | $ | 81,583 | ​
​ As of June 30, 2025, there was $6,617 of unrecognized share-based compensation liability related to C$ options outstanding but unvested, which is expected to be recognized over weighted-average remaining service period of 0.8 years. There was $1,217,324 of unrecognized share-based compensation expense related to US$ options outstanding but unvested, which is expected to be recognized over the remaining service period of 2.4 years. ​ .

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