v3.26.1
SHARE CAPITAL (Tables)
 12 Months Ended
Mar. 31, 2026
Disclosure of classes of share capital [abstract]  
Summary of share capital
Helus US Class B Shares
Number of Class B Shares
Balance as at March 31, 202436,084.7 
Balance as at March 31, 202536,084.7 
Cancelled(36,084.7)
Balance as at March 31, 2026— 
Summary of warrants
The continuity of the outstanding Pre-Funded Warrants for the years ended March 31, 2026, is as follows:

Number of Warrants
Weighted average exercise price1
$
Pre-Funded Warrants
As at March 31, 2025— — 
Issued4,605,500 0.00001 
Exercised(1,565,250)0.00001 
Outstanding as at March 31, 2026
3,040,250 0.00001 
Exercisable as at March 31, 2026
3,040,250 0.00001 
The continuity of the outstanding warrants for the years ended March 31, 2026 and 2025, are as follows:

Number of Warrants
Weighted average exercise price1
$
Common Share Purchase Warrants
As at March 31, 2024 and 20252,796,197 16.72
Issued9,409,138 8.14
Exercised— — 
Expired— — 
Outstanding as at March 31, 202612,205,335 10.11
Exercisable as at March 31, 202612,205,335 10.11
1Certain warrants were issued in CAD, the weighted average exercise price is calculated using the closing exchange rate in effect as at the respective dates.
The following summarizes information about warrants outstanding as at March 31, 2026:

Date of Expiry
Warrants outstanding
Warrants exercisable
Weighted average of exercisable price
Estimated fair value
$
Weighted average remaining contractual life
Years
June 30, 20271
9,409,138 9,409,138 $8.14 19,011 1.25
August 4, 2028635,887 635,887 $15.20 3,184 2.35
May 14, 20291,754,386 1,754,386 $19.38 12,419 3.12
June 15, 2030336,843 336,843 C$9.50 2,707 4.21
August 20, 203038,818 38,818 C$24.32 651 4.39
November 15, 203030,263 30,263 C$9.50 233 4.63
12,205,335 12,205,335 38,2051.67
1 The warrants expire on the earlier of: (i) June 30, 2027; (ii) thirty days following the publication by press release of topline data for the APPROACH trial of HLP003 (previously referred to as CYB003) in major depressive disorder; and (iii) thirty days following the date a press release is issued by the Company announcing exercise of its acceleration right, which right can only be exercised if the closing price of the Common Share is equal to or exceeds $19.53 per Common Share for any five consecutive trading days.
Summary of significant unobservable inputs used, equity The aggregate estimated grant date fair value was determined to be $19,011, calculated using the Black-Scholes option pricing model with the following assumptions:
Risk-free interest rate2.40 %
Expected annual volatility, based on comparable companies67.53 %
Expected life (in years)1.66
Expected dividend yield0.00%
Share price$7.26
Exercise price$8.14
Summary of number and weighted average exercise prices of share options
The changes in options for the years ended March 31, 2026 and 2025 are as follows:
Number of Options
Weighted average exercise price
C$
As at March 31, 20241,742,139 35.17
Granted3,484,626 13.84
Forfeited/Expired(1,270,081)38.76 
As at March 31, 20253,956,684 15.23
Granted410,470 9.31
Exercised(7,894)9.50
Forfeited/Expired(380,978)20.39
Outstanding as at March 31, 20263,978,282 14.14
Exercisable as at March 31, 20263,671,060 14.52
The following summarizes information about stock options outstanding on March 31, 2026:

Date of Expiry
Number of options outstanding
Number of options exercisable
Exercise Price
 C$
Estimated fair value
Weighted average remaining life
Years
June 4, 2026658 658 13.115 0.19
June 4, 20263,816 3,816 16.7235 0.19
June 4, 20261,974 1,974 21.2821 0.19
June 10, 20262,436 2,436 14.3721 0.19
June 25, 20262,375 2,375 14.3720 0.24
June 28, 20262,501 2,501 110.20138 0.24
September 26, 202625,657 25,657 30.02306 0.49
November 15, 202613,158 13,158 27.17110 0.63
December 31, 20261,842 1,842 13.1115 0.75
December 31, 20263,947 3,947 16.7237 0.75
December 31, 20261,974 1,974 21.2821 0.75
December 31, 202632,896 32,896 57.00940 0.75
March 4, 2027526 526 42.9411 0.93
March 8, 202710,526 10,526 38.76205 0.94
June 30, 2028248,607 248,607 16.722,308 2.25
September 26, 20282,632 2,632 30.0241 2.49
March 20, 2029526 526 21.286 2.97
April 5, 2029226,977 226,977 21.282,366 3.01
June 30, 20327,895 7,895 34.20124 6.25
August 15, 20342,886,389 2,879,763 13.1122,836 8.38
November 27, 203464,500 48,717 14.37516 8.66
March 7, 203535,000 35,000 10.45214 8.93
August 15, 203548,800 18,294 10.00195 9.37
August 15, 203580,000 30,000 11.00319 9.37
August 29, 203515,000 5,625 11.0063 9.41
October 1, 2035200,000 50,000 8.39551 9.50
November 14, 203544,240 11,060 8.39109 9.62
December 31, 203513,430 1,678 11.6530 9.75
3,978,282 3,671,060 31,563 7.60
Summary of measurement of stock option fair value assumptions The aggregate estimated grant date fair value was determined to be $472, calculated using the Black-Scholes option pricing model with the following assumptions:
Risk-free interest rate3.46%
Expected annual volatility, based on historical share price of the Company82.77%
Expected life (in years)10
Expected dividend yield0.00%
Unvested forfeiture rate
0% - 2.9%
CAD/USD exchange rate on date of grant
0.7243
Share priceC$9.81
Exercise priceC$11.00
The aggregate estimated grant date fair value was determined to be $321, calculated using the Black-Scholes option pricing model with the following assumptions:
Risk-free interest rate3.46%
Expected annual volatility, based on historical share price of the Company82.77%
Expected life (in years)10
Expected dividend yield0.00%
Unvested forfeiture rate
0% - 3.0%
CAD/USD exchange rate on date of grant0.7243
Share priceC$9.81
Exercise priceC$10.00
The aggregate estimated grant date fair value was determined to be $94 calculated using the Black-Scholes option pricing model with the following assumptions:
Risk-free interest rate3.38%
Expected annual volatility, based on historical share price of the Company82.54%
Expected life (in years)10
Expected dividend yield0.00%
Unvested forfeiture rate
0% - 2.9%
CAD/USD exchange rate on date of grant0.7277
Share priceC$10.32
Exercise priceC$11.00
The aggregate estimated grant date fair value was determined to be $1,008 calculated using the Black-Scholes option pricing model with the following assumptions:
Risk-free interest rate3.19%
Expected annual volatility, based on historical share price of the Company82.62%
Expected life (in years)10
Expected dividend yield0.00%
Unvested forfeiture rate
0% - 2.9%
CAD/USD exchange rate on date of grant0.7174
Share priceC$8.39
Exercise priceC$8.39
The aggregate estimated grant date fair value was determined to be $123 calculated using the Black-Scholes option pricing model with the following assumptions:
Risk-free interest rate3.22%
Expected annual volatility, based on historical share price of the Company82.38%
Expected life (in years)10
Expected dividend yield0.00%
Unvested forfeiture rate
0% - 2.9%
CAD/USD exchange rate on date of grant0.7130
Share priceC$8.25
Exercise priceC$8.39
The aggregate estimated grant date fair value was determined to be $114 calculated using the Black-Scholes option pricing model with the following assumptions:
Risk-free interest rate3.22%
Expected annual volatility, based on historical share price of the Company82.38%
Expected life (in years)10
Expected dividend yield0.00%
Unvested forfeiture rate
0% - 3.0%
CAD/USD exchange rate on date of grant0.7130
Share priceC$8.25
Exercise priceC$8.39
The aggregate estimated grant date fair value was determined to be $91 calculated using the Black-Scholes option pricing model with the following assumptions:
Risk-free interest rate3.42%
Expected annual volatility, based on historical share price of the Company81.91%
Expected life (in years)10
Expected dividend yield0.00%
Unvested forfeiture rate
0% - 3.0%
CAD/USD exchange rate on date of grant0.7296
Share priceC$11.11
Exercise priceC$11.65
The aggregate estimated grant date fair value was determined to be $3,397 calculated using the Black-Scholes option pricing model with the following assumptions:
Risk-free interest rate3.62%
Expected annual volatility, based on historical share price of the Company88.13%
Expected life (in years)5.00
Expected dividend yield0.00%
Unvested forfeiture rate
0% - 3.4%
Share priceC$21.28
Exercise priceC$21.28
The aggregate estimated grant date fair value was determined to be $25,389 calculated using the Black-Scholes option pricing model with the following assumptions:
Risk-free interest rate3.07%
Expected annual volatility, based on historical share price of the Company86.69%
Expected life (in years)10.00
Expected dividend yield0.00%
Unvested forfeiture rate
0% - 3.4%
Share priceC$13.30
Exercise priceC$13.11
The aggregate estimated grant date fair value was determined to be $700 calculated using the Black-Scholes option pricing model with the following assumptions:
Risk-free interest rate3.23%
Expected annual volatility, based on historical share price of the Company86.06%
Expected life (in years)10.00
Expected dividend yield0.00%
Unvested forfeiture rate
0% - 3.4%
Share priceC$14.37
Exercise priceC$14.37
The aggregate estimated grant date fair value was determined to be $214 calculated using the Black-Scholes option pricing model with the following assumptions:
Risk-free interest rate3.03%
Expected annual volatility, based on historical share price of the Company83.43%
Expected life (in years)10.00
Expected dividend yield0.00%
Unvested forfeiture rate2.0 %
Share priceC$10.45
Exercise priceC$10.45
The changes in RSUs and PSUs for the years ended March 31, 2026 and 2025, and the weighted average fair value at grant date per unit (“WAFV”) are as follows:

Number of RSUs
WAFV (S)
Number of PSUs
WAFV (S)
Outstanding as at March 31, 2024 and 2025— — — — 
Granted5,199,440 6.58 325,000 1.77 
Deemed granted250,438 5.09 — — 
Vested
(183,328)5.98 — — 
Forfeited/Expired— — — — 
Outstanding as at March 31, 20265,266,550 6.53 325,000 1.77