Option Plan Details

On March 24, 2017, and as amended on November 20, 2020, the Company’s shareholders approved: (i) the adoption of a new stock option plan (the “Plan”) pursuant to which the Company’s Board of Directors may, from time to time, in its discretion and in accordance with applicable regulatory requirements, grant to directors, officers, employees and consultants of the Company, non-transferable options to purchase Common Shares, provided that the number of Common Shares reserved for issuance will not exceed twenty percent (20%) of the issued and outstanding Common Shares at the date the options are granted (on a non-diluted and rolling basis); and (ii) the application of the Plan to all outstanding stock options of the Company that were granted prior to March 24, 2017 under the terms of the Company’s previous stock option plan. On December 8, 2025 and December 18, 2024, the Company’s Board of Directors approved the reservation of an additional 300,000 and 60,000Common Shares under the Plan, respectively.

As of December 31, 2025 and June 30, 2025, there were 206,127 and 41,278 stock options immediately available for future allocation pursuant to applicable regulatory requirements. The maximum number of options issuable under the terms of the Plan equates to 20% of the then issued and outstanding shares. The option price under each option shall not be less than the closing price on the day prior to the date of grant. All options vest upon terms as set by the Board of Directors, either over time, up to 36 months, or upon the achievement of certain corporate milestones.

The following is a summary of changes in outstanding options from July 1, 2025 to December 31, 2025:

Total expenses arising from share-based payment transactions recognized during the three months ended December 31, 2025 and 2024 were $25,564 and $23,159, respectively, of which $16,829 and $13,974, respectively, was allocated to general and administrative expenses, $8,139 and $9,035, respectively, was allocated to research and development expenses, and $296 and $150, respectively, was allocated to Cost of Goods Sold.

Total expenses arising from share-based payment transactions recognized during the six months ended December 31, 2025 and 2024 were $45,469 and $52,123, respectively, of which $29,418 and $31,539, respectively, was allocated to general and administrative expenses, $15,464 and $20,215, respectively, was allocated to research and development expenses, and $586 and $369, respectively, was allocated to Cost of Goods Sold.

Unrecognized compensation cost at December 31, 2025 related to unvested options was $161,372 which will be recognized over a weighted-average vesting period of approximately 1.4 years.