SHAREHOLDERS EQUITY (Tables)
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9 Months Ended |
Jun. 30, 2025 |
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| SHAREHOLDERS' EQUITY |
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| Summary of Warrants Outstanding |
| | | | | Number | | | | | of Warrants | | | Exercise Price | | | | | | 2,920,000 | | | $ | 0.0001 | 2,920,000 | | | | |
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| Employee Share Purchase Plan |
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| SHAREHOLDERS' EQUITY |
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| Schedule of Share Based Compensation Expense |
| | | | | | | | | | | | | | | For the three months ended | | For the nine months ended | | | June 30, | | June 30, | | | 2025 | | | 2024 | | 2025 | | | 2024 | | | | | | | | | | | | | | Research and development expense (recovery) | | $ | — | | $ | 15,897 | | $ | (5,029) | | $ | 21,546 | General and administrative | | | — | | | 8,592 | | | (691) | | | 16,838 | | | $ | — | | $ | 24,489 | | $ | (5,720) | | $ | 38,384 |
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| Weighted Average Assumptions for the Valuation of Stock Options |
The Company measures the purchase rights based on their estimated grant date fair value using the Black-Scholes option pricing model and the estimated number of shares that can be purchased. The following weighted average assumptions were used for the valuation of purchase rights: | | | | | | | | 2025 | | 2024 | | | | | | | | Risk-free interest rate | | — | % | 5.12 | % | Expected life of share purchase rights | | — | | 6 months | | Expected annualized volatility | | — | % | 69.20 | % | Dividend yield | | — | | — | |
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| Stock Options Plan |
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| SHAREHOLDERS' EQUITY |
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| Summary of Stock Option Activity |
Stock option transactions are summarized as follows: | | | | | | | | | | Weighted | | | Number | | Average | | | of Options | | Exercise Price* | | | | | | | Balance, September 30, 2024 | | 9,212,274 | | $ | 5.48 | Options expired/forfeited | | (514,396) | | | 7.95 | | | | | | | Balance outstanding, June 30, 2025 | | 8,697,878 | | $ | 5.33 | Balance exercisable, June 30, 2025 | | 7,959,471 | | $ | 5.10 |
| * | Options exercisable in Canadian dollars as of June 30, 2025 are translated at current rates to reflect the current weighted average exercise price in U.S. dollars for all outstanding options. |
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| Summary of Stock Option Outstanding |
At June 30, 2025, options were outstanding enabling holders to acquire common shares as follows: | | | | | | | | | | | | Weighted average remaining | | | Exercise price | | Number of options | | contractual life (years) | | | | | | | | | $ | 2.39 - 3.23 | | 3,550,536 | | 4.36 | | $ | 3.59 - 3.75 | | 888,323 | | 6.80 | | $ | 3.81 - 4.67 | | 911,897 | | 3.17 | | $ | 5.99 - 7.00 | | 1,644,896 | | 5.61 | | $ | 8.47 - 9.76 | | 1,343,018 | | 8.26 | | $ | 13.96 | | 190,000 | | 5.54 | | $ | 31.62 | | 48,958 | | 5.92 | | C$ | 4.90 | | 105,250 | | 2.21 | | C$ | 5.06 | | 15,000 | | 3.61 | | | | | 8,697,878 | | 5.36 | |
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| Schedule of Share Based Compensation Expense |
The Company recognized share-based payments expense for options granted and vesting, net of recoveries on cancellations of unvested options, during the period ended June 30, 2025 and 2024 with allocations to its functional expense as follows: | | | | | | | | | | | | | | | For the three months ended | | For the nine months ended | | | June 30, | | June 30, | | | 2025 | | | 2024 | | 2025 | | | 2024 | | | | | | | | | | | | | | Research and development expense | | $ | (1,140,170) | | $ | 836,074 | | $ | 146,072 | | $ | 1,815,807 | General and administrative | | | 506,237 | | | 1,739,635 | | | 3,099,755 | | | 2,682,026 | | | $ | (633,933) | | $ | 2,575,709 | | $ | 3,245,827 | | $ | 4,497,833 |
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| Weighted Average Assumptions for the Valuation of Stock Options |
The following weighted average assumptions were used for the Black-Scholes option-pricing model valuation of stock options granted: | | | | | | | | 2025 | | 2024 | | | | | | | | Risk-free interest rate | | — | % | 4.20 | % | Expected life of options | | — | years | 10.0 | years | Expected annualized volatility | | — | % | 228.62 | % | Dividend yield | | — | | — | |
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