v3.25.2
STOCK-BASED COMPENSATION (Tables)
 6 Months Ended
Jun. 30, 2025
Share-Based Compensation Arrangement by Share-Based Payment Award [Abstract]  
Components and Classification of Stock-Based Compensation Expense
The following table presents the components and classification of stock-based compensation expense recognized for stock options, cash-settled stock-based payments rights (“SPPs”), restricted stock units (“RSUs”) and shares of Common Stock issued to employees, directors and consultants:
 
                 
  Three months ended June 30, Six months ended June 30,
(in thousands)
  2025
  $ 		    2024
   $ 		    2025
   $ 		    2024
   $ 		 
Equity-settled stock-based payments (including stock options and RSUs)
 1,541   1,695   3,244   3,194 
Cash-settled stock-based payments (SPP rights)
 44   (558)   (98)   226 
Total stock-based compensation expense
 1,585   1,137   3,146   3,420 
Classification of stock-based compensation expense
               
Cost of products sold
 12   1   13   2 
Research and development expense
 928   (38)   1,543   819 
Selling, general and administrative expense
 645   1,174   1,590   2,599 
Total stock-based compensation
 1,585   1,137   3,146   3,420 
Director Stock Options [Member]  
Share-Based Compensation Arrangement by Share-Based Payment Award [Abstract]  
Weighted Average Inputs
The following table provides the fair value of the stock-based payments options granted to directors during the periods indicated and the inputs used in the Black-Scholes model.
 
                 
  Three months ended June 30, Six months ended June 30,
    2025     2024     2025     2024  
Quantity issued during the period
  -    475,000    -    475,000 
Weighted average fair value per option at grant date
  -     $4.87     -    $4.87  
Assumptions used:
               
   Share price at grant date
  -     $12.62     -    $12.62  
Exercise price
  -    $ 15.29     -     $15.29  
Expected volatility range
  -     52.5% - 60.0%     -     52.5% - 60.0%  
Expected life range
  -     3 - 4 years     -     3 - 4 years  
Expected dividends
  -     Nil     -     Nil  
Risk-free interest rate range
  -     4.07% - 4.08%     -     4.07% - 4.08%  
Employee Options [Member]  
Share-Based Compensation Arrangement by Share-Based Payment Award [Abstract]  
Weighted Average Inputs
The following table provides the weighted average fair value of options granted to employees during the periods indicated and the related weighted average inputs (based on number of options granted) used in the Black-Scholes model.
 
                 
  Three months ended June 30, Six months ended June 30,
    2025     2024     2025     2024  
Quantity issued during the period
  -    140,000    -    158,500 
Weighted average fair value per option at grant date
  -    $7.88     -     $7.66  
Assumptions used:
               
Share price at grant date range
  -     $15.23 - $15.39     -     $11.47 - $15.39  
Exercise price range
  -     $12.45 - $13.02     -     $10.87 - $13.02  
Expected volatility range
  -     57.5% - 65.0%     -     57.5% - 65.0%  
Expected life range
  -     3 - 4 years     -     3 - 4 years  
Expected dividends
  -     Nil     -     Nil  
Risk-free interest rate range
  -     3.68% - 3.73%     -     3.63% - 3.87%  
Share Price Performance Rights [Member]  
Share-Based Compensation Arrangement by Share-Based Payment Award [Abstract]  
Weighted Average Inputs
The inputs used in the measurement of the fair values at reporting date of the SPP rights were as follows:
 
Service based SPP
  June 30, 2025     December 31, 2024  
Weighted average fair value per right
 $0.06     $0.12  
Share price at measurement date
  $3.79     $5.58  
Base price
  $15.28     $15.28  
Expected volatility (weighted average)
 75.0%  51.3%
Expected life (weighted average)
  0.7 years     1.2 years  
Risk-free interest rate (based on government bonds)
 4.15%  4.21%
 
Service and performance based SPP
  June 30, 2025     December 31, 2024  
Weighted average fair value per right
  $0.26     $0.71  
Share price at measurement date
  $3.79     $5.58  
Base price
  $15.28     $15.28  
Expected volatility (weighted average)
 65.0%  57.5%
Expected life (weighted average)
  2.2 years     2.7 years  
Risk-free interest rate (based on government bonds)
 3.71%  4.27%