Share-Based Compensation (Tables)
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6 Months Ended |
Apr. 30, 2025 |
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| Share-Based Payment Arrangement [Abstract] |
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| Schedule of Shares Reserved for Future Issuance Under the Plan |
As of April 30, 2025, and October 31, 2024, the Company has reserved the following Common Shares for the exercise of Common Share warrants, share options, and remaining shares reserved for future issuance under the 2023 Plan and options granted outside of the 2023 Plan as part of the inducement grants:
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April 30, |
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October 31, |
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2025 |
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2024 |
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Warrants to purchase common shares |
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8,511,968 |
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8,511,968 |
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Incentive options to purchase common shares |
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6,898,880 |
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4,391,512 |
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Inducement grant stock options |
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2,147,950 |
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1,643,000 |
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Remaining shares reserved for future issuance under
the equity plans |
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2,700,179 |
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2,752,889 |
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Total |
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20,258,977 |
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17,299,369 |
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| Schedule of Assumptions Used to Determine Grant-Date Fair Value of Stock Options |
The assumptions that the Company used to determine the grant-date fair value of stock options during the three and six months ended April 30, 2025 and 2024 are summarized below:
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Three months ended April 30, |
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Six months ended April 30, |
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2025 |
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2024 |
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2025 |
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2024 |
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Expected term (in years) |
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6.08 |
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5.75 - 6.08 |
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6.02-6.08 |
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5.75 - 6.08 |
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Expected volatility |
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82.39% |
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78.30 - 78.92% |
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81.24-82.39% |
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78.24 - 78.92% |
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Risk-free interest rate |
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4.01% |
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4.27 - 4.66% |
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4.01-4.49% |
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4.27 - 4.66% |
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Expected dividend yield |
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— |
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— |
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— |
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— |
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Fair value of common shares and exercise price of options (USD) |
$ |
4.44 |
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$ |
14.80 - 17.80 |
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$ |
4.44-7.39 |
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$ |
7.66 - 17.80 |
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| Summary of Stock Option Activity |
The following table summarizes the Company’s stock option activity:
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Number of
Shares |
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Weighted-
Average
Exercise
Price (USD) |
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Weighted-
Average
Remaining
Contractual
Term (in years) |
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Aggregate
Intrinsic
Value |
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Outstanding as of October 31, 2024 |
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6,034,512 |
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$ |
6.88 |
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7.4 |
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$ |
17,809 |
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Granted |
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3,252,275 |
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7.23 |
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Exercised |
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(94,175 |
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2.11 |
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Forfeited or expired |
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(145,782 |
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15.39 |
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Outstanding as of April 30, 2025 |
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9,046,830 |
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$ |
6.97 |
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8.5 |
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$ |
4,473 |
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Options vested and exercisable as of April 30, 2025 |
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2,968,001 |
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$ |
4.10 |
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6.4 |
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$ |
4,473 |
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Options unvested as of April 30, 2025 |
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6,078,829 |
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$ |
8.38 |
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$ |
9.5 |
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$ |
— |
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| Summary of Share-based Compensation Expense |
Share-based compensation expense included in the Company’s consolidated statements of operations and comprehensive loss was as follows:
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Three Months Ended April 30, |
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Six Months Ended April 30, |
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2025 |
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2024 |
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2025 |
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2024 |
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Research and development |
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$ |
888 |
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$ |
337 |
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$ |
1,513 |
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$ |
530 |
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General and administrative |
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1,762 |
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1,580 |
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2,946 |
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1,678 |
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Total share-based compensation expense |
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$ |
2,650 |
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$ |
1,917 |
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$ |
4,459 |
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$ |
2,208 |
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