5.Recent Accounting Pronouncements Issued and Adopted

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In December 2023, the Financial Accounting Standards Board (“FASB”) issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which enhances the transparency and decision usefulness of income tax disclosures, including modifications to the rate reconciliation and income taxes paid disclosures. The guidance is effective for public business entities for annual periods beginning after December 15, 2024. The Company adopted ASU 2023-09 in 2025 on a prospective basis, as permitted by the standard (Note 24). The adoption affected the presentation of income tax disclosures but did not impact the Company’s consolidated balance sheet, consolidated statement of loss and comprehensive loss and consolidated statement of cash flows.