Share-Based Compensation (Tables)
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9 Months Ended |
Jul. 31, 2026 |
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| Share-Based Payment Arrangement [Abstract] |
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| Schedule of Shares Reserved for Future Issuance Under the Plan |
As of July 31, 2026, and October 31, 2025, the Company has reserved the following Common Shares for the exercise of Common Share warrants, share options, restricted share units, and remaining shares reserved for future issuance under the 2023 Plan and options granted outside of the 2023 Plan as part of the inducement grants:
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July 31, |
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October 31, |
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2026 |
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2025 |
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Warrants to purchase common shares |
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8,552,818 |
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8,511,968 |
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Incentive options to purchase common shares awarded pursuant to the 2023 Plan * |
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9,750,523 |
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5,717,948 |
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Inducement grant stock options awarded outside of the 2023 Plan |
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2,795,139 |
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3,315,350 |
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Restricted share units awarded pursuant to the 2023 Plan * |
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366,400 |
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— |
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Pre-funded warrants to purchase common shares |
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2,735,295 |
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— |
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Remaining shares reserved for future issuance under the 2023 Plan |
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1,741,100 |
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2,933,304 |
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Remaining shares reserved for future issuance under ESSP |
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2,000,000 |
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2,000,000 |
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Total |
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27,941,275 |
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22,478,570 |
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*Includes performance options and awards
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| Schedule of Assumptions Used to Determine Grant-Date Fair Value of Stock Options |
The assumptions that the Company used to determine the grant-date fair value of stock options during the three and nine months ended July 31, 2026 and 2025 are summarized below:
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Three months ended July 31, |
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Nine months ended July 31, |
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2026 |
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2025 |
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2026 |
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2025 |
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Expected term (in years) |
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5.27-6.28 |
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5.5-6.08 |
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5.27-6.28 |
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5.5-6.08 |
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Expected volatility |
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107.88-112.23% |
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79.13-83.53% |
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82.39-112.23% |
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79.13-83.53% |
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Risk-free interest rate |
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4.18-4.24% |
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4.06-4.14% |
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3.9-4.24% |
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4.0-4.49% |
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Expected dividend yield |
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— |
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— |
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— |
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— |
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Fair value of common shares and exercise price of options (USD) |
$ |
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1.75 |
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$ |
3.31-3.83 |
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$ |
1.75-9.53 |
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$ |
3.31-7.39 |
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| Summary of Stock Option Activity |
The following table summarizes the Company’s stock option activity:
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Number of
Shares |
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Weighted-
Average
Exercise
Price |
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Weighted-
Average
Remaining
Contractual
Term (in years) |
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Aggregate
Intrinsic
Value |
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Outstanding as of October 31, 2025 |
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9,033,298 |
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$ |
6.93 |
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8.5 |
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$ |
10,979 |
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Granted |
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3,837,940 |
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8.14 |
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Granted - performance-based retention options (June 2026) |
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1,696,625 |
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1.75 |
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Exercised |
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(142,469 |
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2.12 |
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Forfeited or expired |
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(1,879,732 |
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8.00 |
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Outstanding as of July 31, 2026 |
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12,545,662 |
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$ |
6.47 |
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7.1 |
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$ |
624 |
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Options vested and exercisable as of July 31, 2026 |
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5,525,626 |
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$ |
6.99 |
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4.7 |
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$ |
532 |
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Options unvested as of July 31, 2026 |
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7,020,036 |
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$ |
6.07 |
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9.1 |
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$ |
92 |
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| Summary of Restricted Share Unit Activity |
The following table summarizes the restricted share unit activity under the 2023 Plan:
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Number of
Shares |
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Weighted-
Average
Grant Date Fair Value |
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Outstanding as of October 31, 2025 |
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- |
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$ |
— |
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Granted |
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272,925 |
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9.53 |
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Granted - performance-based retention share units (June 2026) |
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197,475 |
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1.75 |
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Exercised |
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- |
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- |
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Forfeited or expired |
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(104,000 |
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8.56 |
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Outstanding as of July 31, 2026 |
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366,400 |
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$ |
5.61 |
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| Summary of Share-based Compensation Expense |
Share-based compensation expense included in the Company’s consolidated statements of operations and comprehensive loss was as follows:
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Three Months Ended July 31, |
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Nine Months Ended July 31, |
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2026 |
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2025 |
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2026 |
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2025 |
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Research and development |
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$ |
2,112 |
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$ |
854 |
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$ |
4,743 |
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$ |
2,367 |
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General and administrative |
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5,698 |
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1,727 |
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10,015 |
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4,673 |
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Total share-based compensation expense |
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$ |
7,810 |
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$ |
2,581 |
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$ |
14,758 |
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$ |
7,040 |
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