14.Income taxes A reconciliation of income taxes at statutory rates with the reported taxes is as follows: | | | | | | | | For the year ended | | December 31, 2025 | | December 31, 2024 | | Loss before income taxes | | $ | (24,701) | | $ | (20,634) | | Tax rate | | | 26.5 | % | | 26.5 | % | Income tax recovery at statutory rate | | | (6,546) | | | (5,468) | | Permanent differences | | | 543 | | | 1,269 | | Impact of foreign exchange, foreign tax rates, and changes to tax rates | | | (1,235) | | | (56) | | Share issuance costs and other timing differences | | | 5 | | | (782) | | Adjustment to prior years provision versus statutory tax returns | | | (750) | | | — | | Income tax benefit not recognized | | | 8,155 | | | 5,037 | | Tax expense/(recovery) | | | 172 | | | — | |
The following temporary differences have not been recognized: | | | | | | | As at | | December 31, 2025 | | December 31, 2024 | Non-capital loss carry forwards | | $ | 77,909 | | $ | 59,710 | Share issuance costs and other | | | 4,183 | | | 5,194 | Intangible assets | | | 4,314 | | | 4,160 | Research and development costs | | | 9,343 | | | — | Non-refundable R&D tax credits | | | 1,382 | | | 846 | | | | 97,131 | | | 69,910 |
Non-capital loss carry forward expiration by country: | | | | | | Canada | | $ | 77,062 | | 2026-2045 | Australia | | | 847 | | do not expire | | | | 77,909 | | |
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