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SHAREHOLDERS EQUITY | 3 Months Ended
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Dec. 31, 2024
SHAREHOLDERS' EQUITY |
SHAREHOLDERS' EQUITY | 8. SHAREHOLDERS’ EQUITY Authorized Unlimited common shares, without par value. Unlimited preferred shares, without par value. Omnibus Incentive Plan On February 25, 2021, the Company adopted an omnibus incentive plan (“Omnibus Plan”), as subsequently amended, consistent with the policies and rules of Nasdaq. Pursuant to the Omnibus Plan, the Company may issue stock options, share appreciation rights, restricted shares, restricted share units and other share-based awards. As of December 31, 2024, the Company has not issued any instruments other than stock options under the Omnibus Plan. ​ Prior to the adoption of the Omnibus Plan, the Company issued equity compensation pursuant to the Company’s amended and restated stock option plan (the “Legacy Option Plan”), Amended and Restated Restricted Share Unit Plan (the “RSU Plan”) and Employee Share Purchase Plan. Since the adoption of the Omnibus Plan, no further grants have been made under the Legacy Option Plan or RSU Plan, though existing grants under the Legacy Option Plan will continue in effect in accordance with their terms. As of December 31, 2024, the Omnibus Plan has a maximum of 10,810,907 common shares which may be reserved for issuance. Employee Share Purchase Plan The Company has adopted an Employee Share Purchase Plan (“ESPP”) under which qualifying employees may be granted purchase rights (“Purchase Rights”) to the Company’s common shares at not less of 85% of the market price at the lesser of the date the Purchase Right is granted or exercisable. The Company currently holds offerings consisting of six month periods commencing on January 1 and July 1 of each calendar year, with a single purchase date at the end of the purchase period on June 30 and December 31 of each calendar year. As of December 31, 2024, the ESPP has a maximum of 192,142 (September 30, 2024 - 192,142) common shares reserved for issuance. Eligible employees are able to contribute up to 15% of their gross base earnings for purchases under the ESPP through regular payroll deductions. Purchase of shares under the ESPP are limited for each employee at $25,000 worth of the Company’s common shares (determined using the lesser of (i) the market price of a common share on the first day of an applicable purchase period and (ii) the market price of a common share on the purchase date) for each calendar year in which a purchase right is outstanding. During the three months ended December 31, 2024, the Company issued nil shares (2023 –14,476) upon the exercise of Purchase Rights. The Company recognizes compensation expense for purchase rights on a straight-line basis over the service period with recoveries recognized as realized. During the three months ended December 31, 2024, all participants withdrew from the Purchase Rights window and forfeit their participation. ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the three months ended
​ | ​ | December 31,
​ |  | 2024 |  | ​ | 2023
​ | ​ | ​ | ​ | ​ | ​ | ​
Research and development expense (recovery) | ​ | $ | (5,029) |  | $ | 2,411
General and administrative | ​ |  | (691) |  | ​ | 6,496
​ | ​ | $ | (5,720) | ​ | $ | 8,907
​ The Company measures the purchase rights based on their estimated grant date fair value using the Black-Scholes option pricing model and the estimated number of shares that can be purchased. The following weighted average assumptions were used for the valuation of purchase rights:
​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the three months ended
​ | ​ | December 31,
​ | ​ | 2024 |  | 2023 |
​ | ​ | ​ | ​ | ​ | ​
Risk-free interest rate |  | 4.62 | % | 5.18 | %
Expected life of share purchase rights |  | 6 months |  | 6 months |
Expected annualized volatility |  | 86.88 | % | 63.10 | %
Dividend yield |  | — |  | — |
​ Stock Options Pursuant to the Legacy Option Plan and Omnibus Plan, options were previously or may be granted, respectively, with expiry terms of up to 10 years, and vesting criteria and periods are approved by the Board at its discretion. The options issued under the Legacy Option Plan and Omnibus Plan are accounted for as equity-settled share-based payments. Stock option transactions are summarized as follows: ​
​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ |  | Weighted
​ | ​ | Number | ​ | Average
​ | ​ | of Options | ​ | Exercise Price*
​ | ​ | ​ | ​ |  | ​
Balance, September 30, 2024 |  | 9,212,274 | ​ | $ | 5.48
Options expired/forfeited |  | (9,250) | ​ |  | 4.79
​ | ​ | ​ | ​ | ​ | ​
Balance outstanding, December 31, 2024 |  | 9,203,024 | ​ | $ | 5.48
Balance exercisable, December 31, 2024 |  | 7,157,118 | ​ | $ | 4.73
* | Options exercisable in Canadian dollars as of December 31, 2024 are translated at current rates to reflect the current weighted average exercise price in U.S. dollars for all outstanding options.
At December 31, 2024, options were outstanding enabling holders to acquire common shares as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ |  | Weighted average remaining | ​
​ | Exercise price | ​ | Number of options | ​ | contractual life (years) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
$ | 2.39 - 3.23 | ​ | 3,588,900 | ​ | 4.89 | ​
$ | 3.59 - 3.75 | ​ | 936,667 | ​ | 7.29 | ​
$ | 3.81 - 4.67 | ​ | 922,311 | ​ | 3.72 | ​
$ | 5.99 - 7.00 | ​ | 1,644,896 | ​ | 6.11 | ​
$ | 8.47 - 9.76 | ​ | 1,750,000 | ​ | 8.80 | ​
$ | 13.96 | ​ | 190,000 | ​ | 6.03 | ​
$ | 31.62 | ​ | 50,000 | ​ | 6.42 | ​
C$ | 4.90 | ​ | 105,250 | ​ | 2.63 | ​
C$ | 5.06 | ​ | 15,000 | ​ | 4.11 | ​
​ | ​ | ​ | 9,203,024 |  | 6.02 | ​
​ Share-based Compensation During the three months ended December 31, 2023, the Company granted a total of 78,750 stock options with a weighted average fair value of $3.90 per option. The Company recognized share-based payments expense for options granted and vesting, net of recoveries on cancellations of unvested options, during the period ended December 31, 2024 and 2023 with allocations to its functional expense as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the three months ended
​ | ​ | December 31,
​ | ​ | 2024 |  | ​ | 2023
​ | ​ | ​ | ​ | ​ | ​ | ​
Research and development expense | ​ | $ | 734,809 |  | $ | 523,830
General and administrative | ​ |  | 1,972,842 |  | ​ | 270,681
​ | ​ | $ | 2,707,651 |  | $ | 794,511
​ The following weighted average assumptions were used for the Black-Scholes option-pricing model valuation of stock options granted: ​
​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 2024 |  | 2023 | ​
​ | ​ | ​ | ​ | ​ | ​
Risk-free interest rate |  | — | % | 4.49 | %
Expected life of options |  | — | years | 10.0 | years
Expected annualized volatility |  | — | % | 234.00 | %
Dividend yield |  | — |  | — | ​
​ Warrants In the year ended September 30, 2024, the Company amended the terms of the outstanding warrants to remove the expiry date. At September 30, 2024 and December 31, 2024, warrants were outstanding enabling holders to acquire common shares as follows: ​
​ | ​ | ​ | ​ | ​
Number |  | ​ | ​ | ​
of Warrants | ​ | ​ | Exercise Price
​ | ​ | ​ | ​ | ​
2,920,000 | ​ | ​ | $ | 0.0001
2,920,000 |  | ​ | ​ |
​

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