Note 15 – Share-based compensation

In connection with the Merger completed on April 24, 2025, the Company adopted and continues to maintain the Legal Acquirer’s Amended and Restated 2019 Incentive Award Plan (the “Amended 2019 Plan”), which provides for the grant of equity-based awards, including stock options, restricted stock units (“RSUs”), restricted stock awards, and other stock-based awards, to employees, directors and consultants. As of June 30, 2026, an aggregate of 2,203,800 shares of the Company’s common stock were authorized for issuance under the Amended 2019 Plan, of which 2,146,202 shares remained available for future grants.

Awards are measured at grant date fair value in accordance with ASC 718, and compensation expense is recognized over the requisite service period using the graded attribution method.

During the three and nine months ended June 30, 2026, the Company recognized zero and $1.0 million, respectively, of share-based compensation expense related to awards granted under the Amended 2019 Plan.

The fair value of RSUs granted is based on the market price of the Company’s common stock on the grant date. The following table summarizes the activity of the Company’s RSUs as of June 30, 2026:

 Schedule of restricted stock units

Stock options

The fair value of stock options granted is estimated on the grant date using the Black-Scholes option pricing model. The determination of fair value using the Black-Scholes model is affected by the Company’s stock price as well as assumptions regarding a number of complex and subjective variables, including expected stock price volatility, expected term, risk-free interest rates and expected dividends.

The following table summarizes the activity related to the Company’s stock options as of June 30, 2026:

Schedule of stock options

Shares issued to related parties

For the three months ended December 31, 2025, the Company issued an aggregate of 45,395 shares of restricted common stock to certain directors, officers, employees, and former employees of the Company as performance or service-based compensation. No shares of restricted common stock were issued during the three months ended June 30, 2026.

On October 1, 2025, the Company issued 5,208 shares of restricted common stock to certain directors at a weighted average grant price of $19.20 per share. These awards were immediately vested.

On November 10, 2025, the Company issued 7,937 shares of restricted common stock to certain directors at a weighted average grant price of $12.60 per share. These awards were immediately vested.

On December 3, 2025, the Company issued 32,250 shares of restricted common stock to certain directors, officers, and employees as performance bonus compensation. The restricted stock awards were immediately vested, with a weighted average grant price of $23.40 per share.

Additionally, between October and December 2025, the Company issued 128 shares of common stock pursuant to the retraction of shareholders’ exchangeable shares, which converted into shares of common stock. These shareholders were former employees and shareholders of SRx Canada that initially received exchangeable shares in connection with the Merger.

The fair value of these awards was determined at the grant date and recognized as compensation expense in the condensed consolidated statement of operations in accordance with ASC 718.