v3.26.1
Note 19 - Share-Based Payments
 12 Months Ended
Feb. 28, 2026
Notes to Financial Statements  
Share-Based Payment Arrangement [Text Block]

19. Share-Based Payments

 

Stock Options

The following tables summarizes the continuity of the Company’s stock options during the years ended February 28, 2026 and February 28, 2025:

 

  

2026

  

2025

 
  

Number of

  

Weighted average

  

Number of

  

Weighted average

 
  

stock options

  

exercise price

  

stock options

  

exercise price

 

Outstanding, beginning of year

  2,771,216  $5.25   2,772,000  $5.10 

Granted

  3,931,922   1.14   199,216   2.89 

Exercised

  (80,000)  0.80   -   - 

Forfeited

  (180,000)  2.03   (200,000)  0.80 

Expired

  (200,000)  0.80   -   - 

Outstanding, end of year

  6,243,138  $2.96   2,771,216  $5.25 

Exercisable, end of year

  2,781,727  $5.00   2,040,000  $6.12 

 

  

2026

  

2025

 
  

Number of

  

Weighted average

  

Number of stock

  

Weighted average

 
  

stock options

  

remaining

  

options

  

remaining

 

Exercise price

 

outstanding

  

life (years)

  

outstanding

  

life (years)

 

$0.80

  -   -   280,000   0.75 

$1.02

  1,000,000   6.85   -   - 

$1.16

  2,701,922   6.10   -   - 

$1.72

  130,000   6.63   -   - 

$2.68

  972,000   6.75   972,000   7.75 

$2.89

  199,216   8.02   199,216   9.02 

$3.11

  160,000   7.08   240,000   8.08 

$5.25

  380,000   1.49   380,000   2.49 

$12.00

  700,000   1.54   700,000   2.54 

Outstanding, end of year

  6,243,138   5.63   2,771,216   5.13 

Exercisable, end of year

  2,781,727   4.65   2,040,000   4.04 

 

The Company applies the fair value method of accounting for stock-based compensation awards granted. Fair value is calculated based on a Black-Scholes option pricing model. The principal components of the pricing model for the stock options granted in the years ended February 28, 2026 and February 28, 2025 were as follows:

 

  

2026

  

2025

 

Exercise price

 $1.14  $2.89 

Risk-free interest rate

  3.56% - 4.11%   4.09%

Expected dividend yield

  0%  0%

Expected volatility

  81%-86%   73%

Expected life (years)

  3.5 - 5.5 years   7 

 

During the year ended February 28, 2026, stock-based compensation expense attributable to stock options amounted to $1,159 (2025 – $555).

 

Restricted Stock Units

 

The following table summarizes the continuity of the restricted stock units (“RSUs”) during the years February 28, 2026 and February 28, 2025:

 

  

2026

  

2025

 
  

Number of

  

Weighted average

  

Number of

  

Weighted average

 
  

units

  

fair value price

  

units

  

fair value price

 

Outstanding, beginning of year

  4,466,958  $6.32   4,368,897  $6.53 

Granted

  328,081   1.33   213,046   2.10 

Settled

  (126,857)  2.90   (91,355)  6.74 

Forfeited

  (406,670)  2.97   (23,630)  4.88 

Outstanding, end of year

  4,261,512  $6.36   4,466,958  $6.32 

Outstanding vested, end of year

  1,846,828  $5.72   1,761,421  $5.86 

 

The Company applies the fair value method of accounting for awards granted through the issuance of restricted stock units. Fair value is calculated based on the intrinsic value at grant date multiplied by the number of restricted stock unit awards granted.

 

During the year ended February 28, 2026, stock-based compensation attributable to RSUs amounted to $294 (2025 - $797).

 

Stock-Based Compensation Expense

 

During the year ended February 28, 2026, stock-based compensation included in research and development expenses amounted to $490 (2025 – $471), and in general and administrative expenses amounted to $963 (2025 – $881).