Shareholders’ Equity |
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| Shareholders’ Equity | Shareholders’ Equity Under the Company’s Amended and Restated Memorandum of Association and Articles of Association, or Articles, in effect as of March 31, 2025 and December 31, 2024, the Company has authorized an unlimited number of common shares with no par value. As of March 31, 2025 and December 31, 2024, 29,316,407 and 29,195,439 common shares, respectively, were issued and 28,908,337 and 28,787,369 common shares, respectively, were outstanding. During the three months ended March 31, 2025, the Company granted stock options and RSUs to employees and contractors (see Note 10). On November 7, 2024, the Company entered into a securities purchase agreement with a limited number of purchasers in connection with a registered direct offering of 765,696 common shares of the Company at a purchase price of $45.71 per share and pre-funded warrants to purchase up to 328,154 common shares at a price of $45.709 per share. The Company also agreed to issue up to 76,569 additional common shares and additional pre-funded warrants to purchase up to 32,814 common shares. These additional securities will be issuable for no additional consideration if the average closing price of the Company’s common shares on The Nasdaq Capital Market during the period from January 1, 2025 to August 31, 2025 does not exceed $45.71, which is the price per common share sold in the offering. Net proceeds to the Company from the offering, after deducting offering expenses, were approximately $49.7 million. On January 9, 2024, the Company entered into a securities purchase agreement with select institutional accredited investors pursuant to which it agreed to sell to the investors in a private placement 1,101,565 common shares at a price of $25.00 per share and pre-funded warrants to purchase up to 898,435 common shares at a price of $24.999 per share. The pre-funded warrants may be exercised immediately at a price of $0.001 per share until exercised in full. Net proceeds to the Company from the offering, after deducting offering expenses, were approximately $49.7 million. The Company had reserved common shares for future issuances as follows:
In January 2024, the Company issued pre-funded warrants for the purchase of 898,435 common shares to select institutional accredited investors at a fixed exercise price of $0.001 per share. In November 2024, the Company issued pre-funded warrants for the purchase of up to 360,968 common shares to a limited number of purchasers at a fixed exercise price of $0.001 per share. During the three months ended March 31, 2025, zero warrants were exercised. As of March 31, 2025 and December 31, 2024, warrants to purchase 626,589 common shares were outstanding and exercisable, as set forth in the table below.
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