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Stockholders' Equity
 9 Months Ended
Sep. 30, 2025
Stockholders' Equity  
Stockholders' Equity

4.  Stockholders’ Equity

Authorized Capital Stock

The Company’s authorized capital stock consists of an unlimited number of common shares, no par value per share.

Warrants to Purchase Common Stock

During the three and nine months ended September 30, 2025, and 2024, there were 39 warrants exercised and no warrants were issued. Outstanding warrants have a weighted average life of 1.93 years on September 30, 2025. The following tables detail the Company’s warrant activity for the three and nine months ended September 30, 2025, and 2024, respectively:

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Common Shares

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​

​

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Issuable Upon Exercise

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​

​

​

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of Outstanding

​

​

Weighted-Average

Investor Warrants

​

Warrants

​

​

Exercise Price $USD

Outstanding December 31, 2024

 

150

​

$

7.79

Issued

 

—

​

 

—

Outstanding March 31, 2025

 

150

​

 

7.79

Issued

​

—

​

​

—

Outstanding June 30, 2025

​

150

​

​

7.79

Exercised1

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(39)

​

​

6.90

Outstanding September 30, 2025

​

111

​

$

8.00

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1.On July 17, 2025 Bridge Bank opted for a cashless exercise of 39 warrants. Net shares of 9 were issued.

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Equity Incentive Plan

The Company maintains the 2020 Equity Incentive Plan (the “2020 Plan” or the “Plan”), which is administered by the Compensation Committee of the Board of Directors. The 2020 Plan provides for the issuance of stock options, restricted share units (“RSUs”), and other equity-based awards to employees, directors, officers, and consultants of the Company. The Compensation Committee is responsible for determining eligible participants and approving individual award grants under the 2020 Plan.

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On April 24, 2025, the Company’s Board of Directors approved an amendment to the Plan to: (i) increase the number of common shares available for issuance under the Plan (excluding common shares issued prior to the date of the meeting pursuant to the exercise of options and vesting of RSUs) to 8,500 common shares, representing approximately 30.8% of the total issued and outstanding common shares as of the date of the circular; and (ii) include provisions for an employee stock purchase program. The amendment was subsequently approved by the Company’s shareholders on June 3, 2025.

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Prior to this amendment, the maximum number of equity instruments issuable under the Plan, together with the Company’s prior stock option plan, was limited to 25% of the Company’s issued and outstanding common shares. Based on the then-current outstanding share count, this equated to a maximum of 6,825 common shares available for issuance.

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All stock options granted under the Plan have an exercise price equal to the fair value of the Company’s common shares on the date of grant. Options generally vest over a period of up to three years and are exercisable for a period of up to ten years from the grant date. Awards under the Plan may be denominated in either U.S. or Canadian dollars.

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The Company recognizes stock-based compensation expense for all share-based awards granted to employees and non-employees based on the fair value of the awards on the grant date. The following table summarizes stock-based compensation expense related to equity awards:

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Three Months Ended

​

Nine Months Ended

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September 30, 

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September 30, 

​

September 30, 

​

September 30, 

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2025

​

2024

    

2025

​

2024

Stock-based expense recognized

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$

2,219

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$

1,821

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$

4,511

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$

3,937

Total option expense recognized

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$

2,219

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$

1,821

​

$

4,511

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$

3,937

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Stock Option Activity

The following is a summary of option activity for the three and nine months ended September 30, 2025.

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Number of 

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Weighted-Average

Options

​

Options (thousands)

    

Exercise Price $USD

Outstanding at December 31, 2024

​

5,855

​

$

6.22

Granted

​

180

​

 

6.50

Exercised

​

(55)

​

 

5.00

Forfeited

​

(123)

​

​

6.94

Outstanding at March 31, 2025

​

5,857

​

$

6.22

Granted

​

318

​

​

7.41

Exercised

​

(52)

​

​

5.08

Forfeited

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(45)

​

​

4.23

Outstanding at June 30, 2025

​

6,078

​

$

6.31

Granted

​

125

​

​

9.11

Exercised

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(257)

​

​

5.51

Forfeited

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(31)

​

​

6.94

Outstanding at September 30, 2025

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5,915

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$

6.38

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Of the 5,915 options granted and outstanding at September 30, 2025, 4,493 are fully vested and exercisable.  

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The value of options issued was estimated using the Black-Scholes option pricing model using the assumptions in the table below. The expected volatility was determined using historical volatility of our stock based on the expected term of the award.

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Valuation

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Assumptions

Black-Scholes Model Assumptions

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September 30, 2025

Expected dividend

 

0.00%

Risk free rate

 

3.93- 4.19%

Expected volatility

​

71.04 - 161.67%

Expected life

​

1.5 - 6.0 years

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Performance-Based Units

In May and August 2025, the Board of Directors approved PSU grants whereby vesting depends on certain revenue performance milestones during the year ending December 31, 2025. The Company estimates the likelihood of achievement of performance milestones for all PSU awards at the end of each reporting period. To the extent those awards or portions thereof are considered probable of being achieved, such awards or portions thereof are expensed over the performance period. As of September 30, 2025, the Company deems the achievement of the performance milestones to be probable.

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The following table summarizes PSU activity under the 2020 Plan during the three and nine months ended September 30, 2025:

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Weighted-Average

​

​

Number of

​

Grant Date Fair Value

 

​

Stock Units

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Per Share

Unvested balance at January 1, 2025

​

—

$

—

Granted

​

100

​

6.62

Vested

​

—

​

—

Forfeited

​

—

​

—

Unvested balance at June 30, 2025

​

100

$

6.62

Granted

​

150

​

8.20

Vested

​

—

​

—

Forfeited

​

(6)

​

6.55

Unvested balance at September 30, 2025

​

244

$

7.57

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Restricted Share Units Activity

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The Plan allows for the issuance of restricted share units (“RSUs”). The following is a summary of RSU activity for the three and nine months ended September 30, 2025. During the three and nine months ended September 30, 2025, there were 66 and 181 RSUs released from restriction, respectively. Standard vesting of  RSUs is over three years with 1/3 vesting on the first anniversary date of the grant and then 1/24 on the last day of each subsequent month. The Compensation Committee may also award RSUs with alternative vesting.

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Number of 

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Restricted Share

RSUs Current Year

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Units (thousands)

Outstanding at December 31, 2024

 

324

Awarded

 

283

Released

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(13)

Forfeited

​

(5)

Outstanding at March 31, 2025

​

589

Awarded

​

—

Released

​

(102)

Forfeited

​

(2)

Outstanding at June 30, 2025

​

485

Awarded

​

—

Released

​

(66)

Forfeited

​

—

Outstanding at September 30, 2025

​

419

​

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The value of RSUs issued was estimated using the share price on the date of the award multiplied by the number of common shares granted.