ShareBased Payments	6 Months Ended
Aug. 31, 2022
ShareBased Payments
16. Share-based Payments	16. Share-based Payments Stock Options During the three-month period ended August 31, 2022, the Company granted no stock options (2021 – nil), no stock options were forfeited (2021 – nil) or exercised (2021 – nil), and no stock options expired (2021 – nil). During the six-month period ended August 31, 2022, the Company granted no stock options (2021 – nil), no stock options were forfeited (2021 – nil) or exercised (2021 – nil), and no stock options expired (2021 – nil). 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. There were no new issuances of stock options for the three- and six-month periods ended August 31, 2022 and 2021. The total number of stock options outstanding as at August 31, 2022 was 1,570,000 (2021 – 1,587,081) with a weighted average exercise price of $6.87 (2021 - $6.81), of which 1,361,667 were exercisable (2021 – 1,278,748) with a weighted average exercise price of $7.73 (2021 – $7.30). During the three-month periods ended August 31, 2022 and 2021, stock-based compensation expense attributable to stock options amounted to $312,460 and $343,653, respectively, and is included in operating expenses. During the six-month periods ended August 31, 2022 and 2021, stock-based compensation expense attributable to stock options amounted to $629,600 and $892,971, respectively, and is included in operating expenses. Restricted Stock Units During the three-month period ended August 31, 2022, the Company granted 66,744 restricted stock units (“RSUs”) (2021 – 33,184) with a weighted average fair value of $4.05 (2021 – $13.05), settled no RSUs (2021 – 12,031, weighted average fair value of $8.48), and 28,801 RSUs were forfeited (2021 – nil) with a weighted average fair value of $8.68 (2021 – nil). During the six-month period ended August 31, 2022, the Company granted 151,605 restricted stock units (“RSUs”) (2021 – 286,942) with a weighted average fair value of $5.14 (2021 – $9.41), settled 12,653 RSUs (2021 – 31,660) with a weighted average fair value of $13.04 (2021 – $8.82), and 28,801 RSUs were forfeited (2021 – 295,524) with a weighted average fair value of $8.68 (2021 – $7.93). 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 closing share price at grant date multiplied by the number of restricted stock unit awards granted. The total number of RSUs outstanding as at August 31, 2022 was 4,128,718 (2021 – 4,170,278), of which 1,563,497 were vested (2021 – 725,313). During the three-month periods ended August 31, 2022 and 2021, stock-based compensation attributable to RSUs amounted to $316,220 and $379,165, respectively, and is included in expenses. During the six-month periods ended August 31, 2022 and 2021, stock-based compensation attributable to RSUs amounted to $8,465,388 and ($173,238), respectively, and is included in operating expenses. During the six-month period ended August 31, 2022, the Company recorded a stock-based compensation expense of $7,740,000 related to the achievement of a performance milestone for 1,000,000 RSUs granted to the Company’s CEO (Note 12). The net reversal in expenses attributable to RSUs in the six-month period ended August 31, 2021 is due to forfeitures recorded in the period for a total of $935,837. Stock-Based Compensation Expenses During the three-month periods ended August 31, 2022 and 2021, stock-based compensation included in research and development expenses amounted to $319,046 and $394,527, respectively, and in general and administrative expenses amounted to $309,633 and $313,282, respectively. During the six-month periods ended August 31, 2022 and 2021, stock-based compensation included in research and development expenses amounted to $715,541 and $790,072, respectively, and in general and administrative expenses amounted to $8,379,448 and ($70,338), respectively. The amount recorded in general and administrative expenses for the six-month period ended August 31, 2022 includes $7,740,000 related to the achievement of a performance milestone for 1,000,000 RSUs granted to the Company’s CEO (Note 12). The net reversal in stock-based compensation included in general and administrative expenses in the six-month period ended August 31, 2021 is due to forfeitures recorded in the period for a total of $935,837.

ShareBased Payments

6 Months Ended

Aug. 31, 2022

16. Share-based Payments

Stock Options

During the three-month period ended August 31, 2022, the Company granted no stock options (2021 – nil), no stock options were forfeited (2021 – nil) or exercised (2021 – nil), and no stock options expired (2021 – nil). During the six-month period ended August 31, 2022, the Company granted no stock options (2021 – nil), no stock options were forfeited (2021 – nil) or exercised (2021 – nil), and no stock options expired (2021 – nil).

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. There were no new issuances of stock options for the three- and six-month periods ended August 31, 2022 and 2021.

The total number of stock options outstanding as at August 31, 2022 was 1,570,000 (2021 – 1,587,081) with a weighted average exercise price of $6.87 (2021 - $6.81), of which 1,361,667 were exercisable (2021 – 1,278,748) with a weighted average exercise price of $7.73 (2021 – $7.30).

During the three-month periods ended August 31, 2022 and 2021, stock-based compensation expense attributable to stock options amounted to $312,460 and $343,653, respectively, and is included in operating expenses. During the six-month periods ended August 31, 2022 and 2021, stock-based compensation expense attributable to stock options amounted to $629,600 and $892,971, respectively, and is included in operating expenses.

Restricted Stock Units

During the three-month period ended August 31, 2022, the Company granted 66,744 restricted stock units (“RSUs”) (2021 – 33,184) with a weighted average fair value of $4.05 (2021 – $13.05), settled no RSUs (2021 – 12,031, weighted average fair value of $8.48), and 28,801 RSUs were forfeited (2021 – nil) with a weighted average fair value of $8.68 (2021 – nil).

During the six-month period ended August 31, 2022, the Company granted 151,605 restricted stock units (“RSUs”) (2021 – 286,942) with a weighted average fair value of $5.14 (2021 – $9.41), settled 12,653 RSUs (2021 – 31,660) with a weighted average fair value of $13.04 (2021 – $8.82), and 28,801 RSUs were forfeited (2021 – 295,524) with a weighted average fair value of $8.68 (2021 – $7.93).

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 closing share price at grant date multiplied by the number of restricted stock unit awards granted.

The total number of RSUs outstanding as at August 31, 2022 was 4,128,718 (2021 – 4,170,278), of which 1,563,497 were vested (2021 – 725,313).

During the three-month periods ended August 31, 2022 and 2021, stock-based compensation attributable to RSUs amounted to $316,220 and $379,165, respectively, and is included in expenses.

During the six-month periods ended August 31, 2022 and 2021, stock-based compensation attributable to RSUs amounted to $8,465,388 and ($173,238), respectively, and is included in operating expenses. During the six-month period ended August 31, 2022, the Company recorded a stock-based compensation expense of $7,740,000 related to the achievement of a performance milestone for 1,000,000 RSUs granted to the Company’s CEO (Note 12). The net reversal in expenses attributable to RSUs in the six-month period ended August 31, 2021 is due to forfeitures recorded in the period for a total of $935,837.

Stock-Based Compensation Expenses

During the three-month periods ended August 31, 2022 and 2021, stock-based compensation included in research and development expenses amounted to $319,046 and $394,527, respectively, and in general and administrative expenses amounted to $309,633 and $313,282, respectively.

During the six-month periods ended August 31, 2022 and 2021, stock-based compensation included in research and development expenses amounted to $715,541 and $790,072, respectively, and in general and administrative expenses amounted to $8,379,448 and ($70,338), respectively. The amount recorded in general and administrative expenses for the six-month period ended August 31, 2022 includes $7,740,000 related to the achievement of a performance milestone for 1,000,000 RSUs granted to the Company’s CEO (Note 12). The net reversal in stock-based compensation included in general and administrative expenses in the six-month period ended August 31, 2021 is due to forfeitures recorded in the period for a total of $935,837.