v3.26.1
Share Capital
 6 Months Ended
Jun. 30, 2026
Stockholders' Equity Note [Abstract]  
Share Capital
8.
Share capital:
(a)
Financing:

In August 2020, the Company entered into an “at-the-market” equity offering sales agreement, amended as of March 2022, with Jefferies LLC and Stifel, Nicolaus & Company, Incorporated, pursuant to which the Company may sell common shares from time to time (the “ATM Program”). During the period from January 1, 2026 to February 26, 2026, the Company sold an aggregate of 3,134,119 common shares under the ATM Program for proceeds of $129,975, net of commissions and transaction expenses. On February 27, 2026, the Company refreshed the ATM Program by filing a new prospectus supplement, pursuant to which the Company may sell common shares having gross proceeds of up to $400,000, from time to time.

In March 2026, the Company entered into an underwriting agreement with J.P. Morgan Securities LLC, Jefferies LLC, TD Securities (USA) LLC, Stifel, Nicolaus & Company, Incorporated, RBC Capital Markets, LLC, and William Blair & Company, L.L.C., relating to an underwritten public offering of 12,236,843 common shares, including 1,710,526 shares sold upon the full exercise of the underwriters' over-allotment option, at a public offering price of $57.00 per common share and pre-funded warrants to purchase 877,194 common shares at $56.9999 per pre-funded warrant (note 8b), with each pre-funded warrant having an exercise price of $0.0001. The public offering was completed in March 2026, and the Company received proceeds of $707,551, net of underwriting discounts, commissions, and offering expenses.

(b)
Pre-funded warrants:

The following table presents pre-funded warrants activity:

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Outstanding, beginning of period

 

 

2,931,293

 

 

 

2,173,081

 

 

 

2,173,081

 

 

 

2,173,081

 

Issued

 

 

—

 

 

 

—

 

 

 

877,194

 

 

 

—

 

Exercised(1)

 

 

—

 

 

 

—

 

 

 

(118,982

)

 

 

—

 

Outstanding, end of period

 

 

2,931,293

 

 

 

2,173,081

 

 

 

2,931,293

 

 

 

2,173,081

 
(1)
During the six months ended June 30, 2026, the Company issued 118,980 common shares upon the exercise of 118,982 pre-funded warrants pursuant to a net exercise mechanism under the warrants.

Each pre-funded warrant is exercisable for the purchase of a common share at the holder’s discretion at an exercise price of $0.0001, subject to certain post-exercise beneficial ownership limitations as provided under the terms of the pre-funded warrant.

Since the pre-funded warrants meet the condition for equity classification, net proceeds from issuances of the pre-funded warrants are recorded in additional paid-in capital. Upon exercise of the pre-funded warrants, the historical costs recorded in additional paid-in capital along with the exercise price collected from holder will be recorded in common shares. Pre-funded warrants to purchase 2,931,293 (2025 – 2,173,081) common shares are not included in the number of issued and outstanding common shares as of June 30, 2026.

(c)
Amended and Restated 2025 Inducement Equity Incentive Plan:

In November 2025, the board of directors of the Company adopted Amended and Restated 2025 Inducement Equity Incentive Plan. Pursuant to the terms of the Amended and Restated 2025 Inducement Plan, the Company may grant nonstatutory stock options, stock appreciation rights, restricted share units (“RSUs”), restricted stock, and performance share units (“PSUs”) as an inducement material to individuals being hired, or rehired following a bona fide period of interruption of employment, as an employee of the Company or any of its subsidiaries, and its terms are substantially similar to the Company’s Amended and Restated 2014 Equity Incentive Plan, including with respect to treatment of equity awards in the event of a “merger” or “change of control” as defined under the 2025 Inducement Plan, but with such other terms and conditions intended to comply with the Nasdaq inducement award exception or to comply with the Nasdaq acquisition and merger exception. The Company has reserved 900,000 common shares for issuance under the Amended and Restated 2025 Inducement Plan. In accordance with Nasdaq Listing Rule 5635(c)(4), the Company did not seek approval of the Amended and Restated 2025 Inducement Plan by its shareholders. On April 7, 2026, the Company amended and restated the Amended and Restated 2025 Inducement Equity Incentive Plan to increase the aggregate number of common shares reserved for issuance from 900,000 shares to 1,175,000 shares.

(d)
2026 Equity Incentive Plan:

On June 2, 2026, the shareholders of the Company approved the 2026 Equity Incentive Plan (the “2026 Plan”), which replaced the Amended and Restated 2014 Equity Incentive Plan (the “Amended and Restated 2014 Plan”), and no further awards will be granted under the Amended and Restated 2014 Plan. Pursuant to the terms of the 2026 Plan, the Company may grant nonstatutory stock options, stock appreciation rights, RSUs, restricted stock, PSUs and other stock-based awards to employees, officers and directors, consultants, and advisors of the Company. The aggregate number of common shares authorized for issuance under the 2026 Plan consists of: (i) 4,400,000 common shares and (ii) the sum of the number of common shares that remained available for issuance under the Amended and Restated 2014 Plan as of June 1, 2026 and the number of common shares subject to awards granted under the Amended and Restated 2014 Plan that were outstanding as of June 1, 2026, and which awards expire, terminate, or are otherwise surrendered, cancelled, forfeited, or repurchased by the Company at their original issuance price pursuant to a contractual repurchase right, and any common shares subject to awards under the Amended and Restated 2014 Plan that would otherwise have been returned to, and become available for the grant of new awards under the Amended and Restated 2014 Plan. The aggregate number of common shares included in clause (ii) is limited to 14,720,800 common shares.

(e)
Stock-based compensation:

The following table presents the components of stock-based compensation expense:

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Stock-based compensation expense by award type:

 

 

 

 

 

 

 

 

 

 

 

 

Stock options

 

$

14,750

 

 

$

13,144

 

 

$

29,472

 

 

$

24,810

 

RSUs

 

 

1,982

 

 

 

699

 

 

 

3,793

 

 

 

846

 

PSUs

 

 

—

 

 

 

(130

)

 

 

361

 

 

 

231

 

Total

 

$

16,732

 

 

$

13,713

 

 

$

33,626

 

 

$

25,887

 

Stock Options

The following table presents stock option activity:

 

 

 

Six Months Ended June 30,

 

 

2026

 

Weighted-Average
Exercise Price ($)

 

 

2025

 

Weighted-Average
Exercise Price ($)

 

 

Outstanding, beginning of period

 

 

11,074,720

 

 

32.40

 

 

 

10,709,289

 

 

29.90

 

 

Granted

 

 

2,501,919

 

 

42.77

 

 

 

2,362,179

 

 

34.87

 

 

Exercised(1)

 

 

(1,616,126

)

 

23.08

 

 

 

(1,001,995

)

 

17.01

 

 

Forfeited, cancelled or expired

 

 

(149,981

)

 

39.29

 

 

 

(394,337

)

 

38.48

 

 

Outstanding, end of period

 

 

11,810,532

 

 

35.79

 

 

 

11,675,136

 

 

31.72

 

 

Exercisable, end of period

 

 

6,064,553

 

 

31.55

 

 

 

6,292,504

 

 

26.77

 

 

 

(1)
During the six months ended June 30, 2026, 513,500 (2025 – 85,230) stock options were exercised for the same number of common shares in exchange for cash. In the same period, the Company issued 568,841 (2025 – 438,495) common shares for the cashless exercise of 1,102,626 (2025 – 916,765) stock options.

The fair value of each stock option granted is estimated using the Black-Scholes option-pricing model with the following weighted-average assumptions:

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Average risk-free interest rate

 

 

4.18

%

 

 

4.01

%

 

 

3.81

%

 

 

4.08

%

Expected volatility

 

 

58

%

 

 

61

%

 

 

58

%

 

 

61

%

Average expected term (in years)

 

 

5.98

 

 

 

6.12

 

 

 

5.76

 

 

 

5.78

 

Expected dividend yield

 

 

0

%

 

 

0

%

 

 

0

%

 

 

0

%

Weighted-average fair value of stock options granted

 

$

31.42

 

 

$

19.25

 

 

$

24.08

 

 

$

20.48

 

As of June 30, 2026, the unrecognized stock-based compensation expense related to unvested stock options was $124,939, which is expected to be recognized over 2.73 years.

RSUs

The following table presents RSU activity:

 

 

 

Six Months Ended June 30,

 

 

2026

 

Weighted-Average
Grant Date
Fair Value ($)

 

 

2025

 

Weighted-Average
Grant Date
Fair Value ($)

 

 

Outstanding, beginning of period

 

 

348,994

 

 

35.91

 

 

 

—

 

 

—

 

 

Granted

 

 

444,681

 

 

43.45

 

 

 

321,932

 

 

35.21

 

 

Vested

 

 

(91,643

)

 

34.52

 

 

 

—

 

 

—

 

 

Forfeited

 

 

(5,801

)

 

38.46

 

 

 

(4,975

)

 

35.48

 

 

Outstanding, end of period

 

 

696,231

 

 

40.89

 

 

 

316,957

 

 

35.20

 

 

 

RSUs generally vest annually over a one-year period for directors and a four-year period for employees and officers, subject to continued service on each vesting date. As of June 30, 2026, the unrecognized stock-based compensation expense related to unvested RSUs was $25,319, which is expected to be recognized over 3.25 years.

PSUs

The following table presents PSU activity:

 

 

 

Six Months Ended June 30,

 

 

2026

 

Weighted-Average
Grant Date
Fair Value ($)

 

 

2025

 

Weighted-Average
Grant Date
Fair Value ($)

 

 

Outstanding, beginning of period

 

 

257,450

 

 

40.61

 

 

 

210,000

 

 

43.90

 

 

Granted

 

 

—

 

 

—

 

 

 

96,550

 

 

35.28

 

 

Vested

 

 

(81,000

)

 

43.76

 

 

 

—

 

 

—

 

 

Forfeited

 

 

(1,000

)

 

44.37

 

 

 

(31,000

)

 

44.37

 

 

Outstanding, end of period

 

 

175,450

 

 

39.14

 

 

 

275,550

 

 

40.83

 

 

PSUs vest upon the achievement of certain predefined company-specific performance-based criteria, subject to continued employment to each performance objective achievement date.

As of June 30, 2026, there was no unrecognized stock-based compensation expense related to unvested PSUs that is probable to be achieved. There is $6,867 of unrecognized stock-compensation expense related to PSUs that is not considered probable to be achieved. The recognition of these expenses is subject to the achievement of the performance-based criteria, which are reassessed at each reporting date.