Share-Based Compensation (Tables)
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9 Months Ended |
Jul. 31, 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 July 31, 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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July 31, |
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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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6,751,247 |
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4,391,512 |
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Inducement grant stock options |
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2,657,400 |
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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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2,812,856 |
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2,752,889 |
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Remaining shares reserved for future issuance under ESSP |
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2,000,000 |
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— |
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Total |
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22,733,471 |
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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 nine months ended July 31, 2025 and 2024 are summarized below:
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Three months ended July 31, |
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Nine months ended July 31, |
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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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5.5-6.08 |
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5.51 - 6.08 |
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5.5-6.08 |
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5.51 - 6.08 |
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Expected volatility |
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79.13-83.53 |
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% |
81.64 - 82.33 |
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% |
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79.13-83.53 |
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% |
78.24 - 82.33 |
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Risk-free interest rate |
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4.06 - 4.14 |
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% |
4.16 - 4.22 |
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% |
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4.0-4.49 |
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% |
4.16 - 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) |
$ |
3.31-3.83 |
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$ |
8.65 - 9.00 |
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$ |
3.31-7.39 |
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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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4,268,925 |
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6.35 |
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Exercised |
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(129,131 |
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1.78 |
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Forfeited or expired |
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(765,659 |
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10.19 |
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Outstanding as of July 31, 2025 |
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9,408,647 |
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$ |
6.49 |
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7.9 |
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$ |
4,130 |
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Options vested and exercisable as of July 31, 2025 |
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3,516,834 |
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$ |
4.81 |
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5.4 |
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$ |
3,876 |
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Options unvested as of July 31, 2025 |
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5,891,813 |
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$ |
7.49 |
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$ |
9.3 |
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$ |
254 |
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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 July 31, |
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Nine Months Ended July 31, |
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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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$ |
854 |
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$ |
776 |
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$ |
2,367 |
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$ |
1,306 |
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General and administrative |
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1,727 |
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684 |
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4,673 |
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2,362 |
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Total share-based compensation expense |
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$ |
2,581 |
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$ |
1,460 |
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$ |
7,040 |
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$ |
3,668 |
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