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SHAREHOLDERS EQUITY (Tables)

3 Months Ended

Dec. 31, 2024

SHAREHOLDERS' EQUITY

Summary of Warrants Outstanding

​

​	​	​	​	​
Number		​	​	​
of Warrants	​	​	Exercise Price
​	​	​	​	​
2,920,000	​	​	$	0.0001
2,920,000		​	​

​

Employee Share Purchase Plan

SHAREHOLDERS' EQUITY

Schedule of Share Based Compensation Expense

​

​	​	​	​	​	​	​
​	​	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

Weighted Average Assumptions for the Valuation of Stock Options

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 Plan

SHAREHOLDERS' EQUITY

Schedule of Share Based Compensation Expense

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

Weighted Average Assumptions for the Valuation of Stock Options

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		—		—	​

​

Summary of Stock Option Activity

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.

Summary of Stock Option Outstanding

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	​

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