Share Capital (Tables)
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6 Months Ended |
Jun. 30, 2026 |
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| Share-Based Payment Arrangement [Abstract] |
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| Schedule of Pre-Funded Warrants Activity |
The following table presents pre-funded warrants activity:
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Three Months Ended June 30, |
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Six Months Ended June 30, |
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2026 |
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2025 |
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2026 |
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2025 |
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Outstanding, beginning of period |
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2,931,293 |
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2,173,081 |
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2,173,081 |
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2,173,081 |
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Issued |
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— |
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— |
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877,194 |
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— |
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Exercised(1) |
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— |
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— |
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(118,982 |
) |
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— |
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Outstanding, end of period |
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2,931,293 |
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2,173,081 |
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2,931,293 |
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2,173,081 |
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(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.
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| Stock Based Compensation Expenses |
The following table presents the components of stock-based compensation expense:
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Three Months Ended June 30, |
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Six Months Ended June 30, |
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2026 |
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2025 |
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2026 |
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2025 |
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Stock-based compensation expense by award type: |
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Stock options |
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$ |
14,750 |
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$ |
13,144 |
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$ |
29,472 |
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$ |
24,810 |
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RSUs |
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1,982 |
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699 |
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3,793 |
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846 |
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PSUs |
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— |
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(130 |
) |
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361 |
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231 |
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Total |
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$ |
16,732 |
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$ |
13,713 |
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$ |
33,626 |
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$ |
25,887 |
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| Stock Option Activity |
The following table presents stock option activity:
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Six Months Ended June 30, |
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2026 |
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Weighted-Average
Exercise Price ($) |
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2025 |
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Weighted-Average
Exercise Price ($) |
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Outstanding, beginning of period |
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11,074,720 |
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32.40 |
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10,709,289 |
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29.90 |
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Granted |
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2,501,919 |
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42.77 |
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2,362,179 |
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34.87 |
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Exercised(1) |
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(1,616,126 |
) |
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23.08 |
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(1,001,995 |
) |
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17.01 |
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Forfeited, cancelled or expired |
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(149,981 |
) |
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39.29 |
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(394,337 |
) |
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38.48 |
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Outstanding, end of period |
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11,810,532 |
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35.79 |
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11,675,136 |
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31.72 |
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Exercisable, end of period |
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6,064,553 |
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31.55 |
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6,292,504 |
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26.77 |
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(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.
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| Fair Value Assumptions for 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:
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Three Months Ended June 30, |
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Six Months Ended June 30, |
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2026 |
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2025 |
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2026 |
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2025 |
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Average risk-free interest rate |
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4.18 |
% |
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4.01 |
% |
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3.81 |
% |
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4.08 |
% |
Expected volatility |
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58 |
% |
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61 |
% |
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58 |
% |
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61 |
% |
Average expected term (in years) |
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5.98 |
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6.12 |
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5.76 |
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5.78 |
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Expected dividend yield |
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0 |
% |
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0 |
% |
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0 |
% |
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0 |
% |
Weighted-average fair value of stock options granted |
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$ |
31.42 |
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$ |
19.25 |
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$ |
24.08 |
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$ |
20.48 |
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| Schedule of PSU activity |
The following table presents PSU activity:
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Six Months Ended June 30, |
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2026 |
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Weighted-Average
Grant Date
Fair Value ($) |
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2025 |
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Weighted-Average
Grant Date
Fair Value ($) |
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Outstanding, beginning of period |
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257,450 |
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40.61 |
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210,000 |
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43.90 |
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Granted |
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— |
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— |
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96,550 |
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35.28 |
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Vested |
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(81,000 |
) |
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43.76 |
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— |
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— |
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Forfeited |
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(1,000 |
) |
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44.37 |
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(31,000 |
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44.37 |
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Outstanding, end of period |
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175,450 |
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39.14 |
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275,550 |
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40.83 |
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| Schedule of RSU activity |
The following table presents RSU activity:
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Six Months Ended June 30, |
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2026 |
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Weighted-Average
Grant Date
Fair Value ($) |
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2025 |
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Weighted-Average
Grant Date
Fair Value ($) |
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Outstanding, beginning of period |
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348,994 |
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35.91 |
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— |
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— |
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Granted |
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444,681 |
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43.45 |
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321,932 |
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35.21 |
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Vested |
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(91,643 |
) |
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34.52 |
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— |
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— |
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Forfeited |
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(5,801 |
) |
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38.46 |
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(4,975 |
) |
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35.48 |
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Outstanding, end of period |
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696,231 |
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40.89 |
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316,957 |
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35.20 |
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