v3.26.1
Stock-Based Compensation (Tables)
 3 Months Ended
Mar. 31, 2026
Share-Based Payment Arrangement [Abstract]  
Schedule of Stock-Based Compensation Expense
Our stock-based compensation expense was as follows:
Three Months Ended March 31,
20262025
Stock-based compensation expense:
Pursuant to Equity Incentive Plans and Inducement Equity Awards$2,299 $845 
Pursuant to consulting service agreements730 — 
$3,029 $845 
Stock-based compensation expense in operating expenses:
Research and development$1,978 $619 
General and administrative1,051 226 
$3,029 $845 
Schedule of Stock Options
Our stock option activity for the three months ended March 31, 2026 was as follows:
Stock options subject only to a service condition
Number
Outstanding 		Weighted-
Average
Exercise
Price (i) 		Aggregate
Intrinsic
Value 		Weighted-
Average
Remaining
Contractual
Life
(in years)
Outstanding at December 31, 202517,216,957 $1.11 $1,576 3.8
Granted (ii)800,000 $0.97 
Forfeited(390,834)$1.01 
Expired(942,500)$2.69 
Outstanding at March 31, 2026 (iii)16,683,623 $1.04 1,012 3.8
Vested and exercisable at March 31, 20264,393,183 $1.42 $68 2.2
i.The weighted-average exercise prices reflect the conversion of Canadian dollar denominated stock options translated into U.S. dollars using the applicable foreign exchange rate as of the date of grant.
ii.800,000 Inducement Stock Options.
iii.Includes 4,400,000 Inducement Stock Options.

Stock options subject to a performance condition
Number
Outstanding 		Weighted-
Average
Exercise
Price (i) 		Aggregate
Intrinsic
Value 		Weighted-
Average
Remaining
Contractual
Life
(in years)
Outstanding at December 31, 20251,900,000$0.42 $868 4.4
Outstanding at March 31, 2026 (ii)1,900,000$0.42 $820 4.2
Vested and exercisable at March 31, 2026—$— $— — 
i.The weighted-average exercise prices reflect the conversion of Canadian dollar denominated stock options translated into U.S. dollars using the applicable foreign exchange rate as of the date of grant.
ii.Includes 1,900,000 Inducement Stock Options.



Our stock option activity for the three months ended March 31, 2025 was as follows:
Stock options subject only to a service condition
Number
Outstanding 		Weighted-
Average
Exercise
Price (i) 		Aggregate
Intrinsic
Value 		Weighted-
Average
Remaining
Contractual
Life
(in years)
Outstanding at December 31, 20246,876,345$1.61 $205 2.8
Expired(75,000)$2.48 
Outstanding at March 31, 20256,801,345$1.60 $— 2.6
Vested and exercisable at March 31, 20255,030,543$1.80 $— 2.2
i.The weighted-average exercise prices reflect the conversion of Canadian dollar denominated stock options translated into U.S. dollars using the applicable foreign exchange rate as of the date of grant.

Schedule of Stock Options, Outstanding and Exercisable
Information about our stock options outstanding and exercisable, including both stock options subject to a service condition and stock options subject to a performance condition at March 31, 2026, was as follows:

Outstanding Exercisable
Range of Exercise Prices Number
Outstanding 		Weighted
Average
Exercise
Price (i) 		Weighted
Average
Remaining
Contractual
Life
(in years) 		Number
Exercisable 		Weighted Average
Exercise
Price (i)
$0.42 - $0.75
5,500,000 $0.53 4.2— $— 
$0.76 - $0.99
5,016,866 $0.92 4.21,330,322 $0.80 
$1.00 - $1.49
6,531,796 $1.15 3.91,540,400 $1.39 
$1.50 - $1.99
576,006 $1.71 0.7576,006 $1.71 
$2.00 - $4.24
958,955 $2.14 1.9946,455 $2.14 
18,583,623 $0.98 3.94,393,183 $1.42 
i.The weighted-average exercise prices reflect the conversion of Canadian dollar denominated stock options translated into U.S. dollars using the applicable foreign exchange rate as of the date of grant.
Schedule of Stock Option, Valuation Assumptions
The fair value of options granted during the three months ended March 31 was determined using the following weighted average assumptions:
2026
Risk-free interest rate3.8 %
Expected life (years)5.0
Expected volatility72.2 %
Expected dividend yield— %
Weighted-average grant date fair value $0.60 
The fair value of the liability-classified options as of March 31, 2026 and January 1, 2026 was determined using the following weighted-average assumptions:
March 31, 2026January 1, 2026
Risk-free interest rate3.6 %3.6 %
Expected life (years)3.73.9
Expected volatility81.0 %77.4 %
Expected dividend yield— %— %
Weighted-average fair value$0.55 $0.57 
Number of liability-classified stock options outstanding7,483,6357,671,135
Schedule of Deferred Compensation Liability
A summary of the stock option liability for the three months ended March 31, 2026 was as follows:
Stock option
liability
Balance at December 31, 2025$— 
Reclassification of liability from equity1,189 
Stock-based compensation expense1,481 
Adjustment to liability(54)
Balance at March 31, 2026$2,616 
Schedule of Restricted Stock Units
Our RSU activity for the three months ended March 31, 2026 was as follows:
Number
of RSUs 		Weighted-
Average
Grant Date
Fair Value (i) 		Intrinsic
Value
Outstanding at December 31, 2025
497,842 $0.95 $435 
Vested and released(10,317)$1.09 $9 
Outstanding at March 31, 2026
487,525 $0.95 $414 
i.The weighted-average grant date fair value prices reflect the conversion of Canadian dollar denominated RSUs translated into U.S. dollars using the applicable foreign exchange rate as of the date of grant.

Our RSU activity for the three months ended March 31, 2025 was as follows:
Number
of RSUs 		Weighted-
Average
Grant Date
Fair Value (i) 		Intrinsic
Value
Outstanding at December 31, 20241,118,510 $1.00 $1,018 
Granted677,922 $0.68 
Vested and released(1,098,511)$0.87 $831 
Outstanding at March 31, 2025697,921 $0.91 $384 
i.The weighted-average grant date fair value prices reflect the conversion of Canadian dollar denominated RSUs translated into U.S. dollars using the applicable foreign exchange rate as of the date of grant.