v3.26.1
Consolidated Statements of Cash Flows
$ in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
OPERATING ACTIVITIES    
Net loss for the year $ (24,873) $ (20,634)
Items not affecting cash:    
Depreciation of property and equipment 4 15
Stock-based compensation 3,235 1,641
Impairment of intangible assets   2,905
Loss on derivative financial instruments   3
Non-cash finance income   (358)
Unrealized foreign exchange gain (484) (1,071)
Sales tax, interest and other receivables 65 (32)
Prepaid expenses and deposits (2,044) (1,733)
Accounts payable and accrued liabilities 501 1,012
CASH AND CASH EQUIVALENTS PROVIDED BY (USED IN) OPERATING ACTIVITIES (23,596) (18,252)
FINANCING ACTIVITIES    
Proceeds from exercise of warrants 2,094 600
Proceeds from exercise of stock options 147  
Proceeds from Common Shares issuance, net of costs   30,057
Proceeds from Pre-Funded Warrants issuance, net of costs   6,917
CASH AND CASH EQUIVALENTS PROVIDED BY (USED IN) FINANCING ACTIVITIES 2,241 37,574
INVESTING ACTIVITIES    
Purchases of short-term investments (23,369) (27,416)
Maturities of short-term investments 13,958 32,076
Purchase of property and equipment (6) (4)
CASH AND CASH EQUIVALENTS PROVIDED BY (USED IN) INVESTING ACTIVITIES (9,417) 4,656
Effect of foreign currency exchange rates on cash and cash equivalents 503 (586)
INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS (30,269) 23,392
CASH AND CASH EQUIVALENTS - Beginning of year 40,073 16,681
CASH AND CASH EQUIVALENTS - End of year 9,804 40,073
Cash interest received included in operating activities $ 1,160 $ 573