Share-based compensation plan (Tables)
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6 Months Ended |
12 Months Ended |
Jun. 30, 2026 |
Dec. 31, 2025 |
| Share-based compensation plan |
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| Summary of changes in level 3 share-based liabilities measured at fair value |
| | | | | | | | | | Amount | December 31, 2024 | | $ | 6,889 | Share-based compensation | | | 3,235 | Exercise of stock options | | | (2) | Change in fair value of share-based compensation | | | 5,056 | Foreign currency translation adjustment | | | 367 | December 31, 2025 | | | 15,545 | Share-based compensation | | | 2,801 | Exercise of stock options | | | (10) | Change in fair value of share-based compensation | | | 4,810 | Foreign currency translation adjustment | | | (669) | June 30, 2026 | | $ | 22,477 |
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| | | | | | | | | | Amount | January 1, 2024 | | $ | 4,244 | Share-based compensation | | | 3,258 | Exercise of stock options | | | — | Change in fair value of share-based compensation | | | (178) | Foreign currency translation adjustment | | | (435) | December 31, 2024 | | | 6,889 | Share-based compensation | | | 3,235 | Exercise of stock options | | | (2) | Change in fair value of share-based compensation | | | 5,056 | Foreign currency translation adjustment | | | 367 | December 31, 2025 | | $ | 15,545 |
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| Equity classified stock options |
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| Share-based compensation plan |
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| Summary of stock option activity under the Company's Option Plan |
| | | | | | | | | | | | | | | | Weighted average | | | Number of options | | exercise price | December 31, 2024 | | 1,323,045 | | $ | 7.24 | Stock options granted | | 4,127,700 | | | 0.20 | Stock options exercised | | (5,063) | | | 3.58 | Stock options forfeited and cancelled | | (97,301) | | | 6.38 | Stock options expired | | (4,750) | | | 3.58 | Stock options modification | | — | | | (1.61) | December 31, 2025 | | 5,343,631 | | | 0.25 | Stock options granted | | 2,800,000 | | | 1.53 | Stock options exercised | | (30,406) | | | 0.36 | Stock options forfeited and cancelled | | (593,834) | | | 0.16 | Stock options expired | | (5,500) | | | 0.93 | June 30, 2026 | | 7,513,891 | | $ | 0.73 | Exercisable as of June 30, 2026 | | 2,698,059 | | $ | 0.36 |
| (1) | The number of stock options and exercise prices as of December 31, 2024 and transactions prior to the August 2025 Rights Offering during the year ended December 31, 2025 have been retrospectively adjusted to reflect the ten-for-one (10:1) reverse share split. See note 14 for details |
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| | | | | | | | | | | | | | Number of | | Weighted average | | | options | | exercise price | January 1, 2024 | | 1,480,514 | | $ | 7.44 | Stock options granted | | 94,500 | | | 9.30 | Stock options exercised | | (24,900) | | | 3.69 | Stock options forfeited and cancelled | | (227,069) | | | 8.13 | December 31, 2024 | | 1,323,045 | | | 7.24 | Stock options granted | | 4,127,700 | | | 0.20 | Stock options exercised | | (5,063) | | | 3.58 | Stock options forfeited and cancelled | | (97,301) | | | 6.38 | Stock option expired | | (4,750) | | | 3.58 | Stock option modification | | — | | | (1.61) | December 31, 2025 | | 5,343,631 | | $ | 0.25 | Exercisable as of December 31, 2025 | | 2,705,028 | | $ | 0.36 |
| (1) | The number of stock options and exercise prices for the prior period and transactions prior to the Rights Offering in the current period have been retrospectively adjusted to reflect the ten-for-one (10:1) reverse share split effective August 2025. See note 12 for details |
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| Summary of information about the stock options outstanding and exercisable |
The following table summarizes information about the Company’s equity-classified stock options outstanding and exercisable as of June 30, 2026. | | | | | | | | | | | | | | | | | | | | Number of | | Weighted | | Number of | | Weighted | | | options | | average years to | | options | | average years to | Exercise prices | | outstanding | | expiry | | exercisable | | expiry | $0.01 - $0.49 | | 4,049,839 | | 8.12 | | 2,096,050 | | 7.21 | $0.50 - $0.99 | | 340,737 | | 5.09 | | 278,694 | | 4.44 | $1.00 - $1.60 | | 3,123,315 | | 9.22 | | 323,315 | | 3.20 | Total | | 7,513,891 | | 8.44 | | 2,698,059 | | 6.44 |
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The following table summarizes information about the Company’s equity-classified stock options outstanding and exercisable at December 31, 2025. | | | | | | | | | | | | | | | | | | | | Number of | | Weighted | | Number of | | Weighted | | | options | | average | | options | | average | Exercise prices | | outstanding | | years to expiry | | exercisable | | years to expiry | $0.01 – $0.49 | | 4,624,079 | | 8.70 | | 2,126,456 | | 7.60 | $0.50 – $0.99 | | 393,237 | | 6.09 | | 268,194 | | 4.78 | $1.00 – $1.60 | | 326,315 | | 3.71 | | 310,378 | | 3.57 | Total | | 5,343,631 | | 8.20 | | 2,705,028 | | 6.86 |
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| Summary of weighted average assumptions used to estimate the fair value of stock options granted |
| | | | | | | | | | | | Six months ended | | | | June 30, 2026 | | Fair value of common shares | | $ | 1.53 | | Weighted average expected term | | | 7.0 years | | Weighted average expected volatility | | | 110 | % | Weighted average risk-free interest rate | | | 3.26 | % | Expected dividend | | $ | nil | |
| (1) | The weighted average common share fair value for the year ended December 31, 2025 reflects the ten-for-one (10:1) retrospective adjustment for any options granted prior to the August 2025 Rights Offering. See note 14 for details |
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| | | | | | | | | | | | | | | | | | Year ended December 31 | | | | 2025 | | 2024 | | Fair value of common shares | | $ | 0.20 | | $ | 9.30 | | Weighted average expected term | | | 6.3 years | | | 4.1 years | | Weighted average expected volatility | | | 139 | % | | 93 | % | Weighted average risk-free interest rate | | | 3.10 | % | | 1.65 | % | Expected dividend | | $ | nil | | $ | nil | |
| (1) | Prior year common share fair value has been retrospectively adjusted to reflect the ten-for-one (10:1) reverse share split effective August 2025. See Note 12 for details. |
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| Liability classified stock options |
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| Share-based compensation plan |
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| Summary of stock option activity under the Company's Option Plan |
| | | | | | | | | | | | | | Number of options | | Weighted average | | | outstanding | | exercise price | December 31, 2024 | | 1,829,531 | | $ | 11.62 | Stock options granted | | 22,203,841 | | | 0.10 | Stock options exercised | | (9,517) | | | 0.09 | Stock options forfeited and cancelled | | (279,437) | | | 5.62 | Stock options modification | | — | | | (0.75) | December 31, 2025 | | 23,744,418 | | | 0.17 | Stock options granted | | 11,496,500 | | | 1.53 | Stock options exercised | | (10,016) | | | 0.13 | Stock options forfeited and cancelled | | (53,691) | | | 0.21 | June 30, 2026 | | 35,177,211 | | $ | 0.62 | Exercisable as of June 30, 2026 | | 11,372,261 | | $ | 0.22 |
| (1) | The number of stock options and exercise prices as of December 31, 2024 and transactions prior to the August 2025 Rights Offering during the year ended December 31, 2025 have been retrospectively adjusted to reflect the ten-for-one (10:1) reverse share split. See note 14 for details |
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| | | | | | | | | | | | | | Number of options | | Weighted average | | | outstanding | | exercise | January 1, 2024 | | 1,527,750 | | $ | 12.10 | Stock options granted | | 312,250 | | | 9.30 | Stock options exercised | | (16) | | | 15.50 | Stock options forfeited and cancelled | | (10,453) | | | 12.57 | December 31, 2024 | | 1,829,531 | | | 11.62 | Stock options granted | | 22,203,841 | | | 0.10 | Stock options exercised | | (9,517) | | | 0.09 | Stock options forfeited and cancelled | | (279,437) | | | 5.62 | Stock option modification | | — | | | (0.75) | December 31, 2025 | | 23,744,418 | | $ | 0.17 | Exercisable as of December 31, 2025 | | 11,231,053 | | $ | 0.21 |
| (1) | The number of stock options and exercise prices for the prior period and transactions prior to the Rights Offering in the current period have been retrospectively adjusted to reflect the ten-for-one (10:1) reverse share split effective August 2025. See note 12 for details |
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| Summary of information about the stock options outstanding and exercisable |
16. | Share-based compensation plan: (continued) |
The following table summarizes information about the Company’s liability classified stock options outstanding and exercisable as of June 30, 2026: | | | | | | | | | | | | | | | | | | | | Number of | | Weighted | | Number of | | Weighted | | | options | | average years | | options | | average years | Exercise prices | | outstanding | | to expiry | | exercisable | | to expiry | $0.01 - $0.49 | | 21,806,274 | | 9.10 | | 10,029,017 | | 9.10 | $0.50 - $0.99 | | 993,187 | | 7.81 | | 487,624 | | 7.34 | $1.00 - $1.66 | | 12,377,750 | | 9.60 | | 855,620 | | 5.52 | Total | | 35,177,211 | | 9.24 | | 11,372,261 | | 8.76 |
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The following table summarizes information about the Company’s liability classified stock options outstanding and exercisable at December 31, 2025: | | | | | | | | | | | | | | | | | | | | Number of | | Weighted | | Number of | | Weighted | | | options | | average | | options | | average | Exercise prices | | outstanding | | years to expiry | | exercisable | | years to expiry | $0.01 – $0.49 | | 21,862,168 | | 9.60 | | 10,046,691 | | 9.60 | $0,50 – $0.99 | | 1,000,000 | | 8.34 | | 390,264 | | 7.82 | $1.00 – $1.66 | | 882,250 | | 6.10 | | 794,098 | | 6.04 | Total | | 23,744,418 | | 9.42 | | 11,231,053 | | 9.29 |
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| Summary of weighted average assumptions used to estimate the fair value of stock options granted |
| | | | | | | | | | | | | | | | | | June 30, 2026 | | December 31, 2025 | | Fair value of common shares | | $ | 1.65 | | $ | 1.28 | | Weighted average expected term | | | 5.7 years | | | 5.6 years | | Weighted average expected volatility | | | 110 | % | | 138 | % | Weighted average risk-free interest rate | | | 3.13 | % | | 2.93 | % | Expected dividend | | $ | nil | | $ | nil | |
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| | | | | | | | | | | | | | | | | | December 31, 2025 | | 2025 Grant Date | | Fair value of common shares | | $ | 1.28 | | $ | 0.10 | | Weighted average expected term | | | 5.6 years | | | 6.2 years | | Weighted average expected volatility | | | 138 | % | | 139 | % | Weighted average risk-free interest rate | | | 2.93 | % | | 3.10 | % | Expected dividend | | $ | nil | | $ | nil | |
| | | | | | | | | | | | | | | | | | December 31, 2024 | | 2024 Grant Date | | Fair value of common shares | | $ | 9.30 | | $ | 9.30 | | Weighted average expected term | | | 5.0 years | | | 6.7 years | | Weighted average expected volatility | | | 122 | % | | 123 | % | Weighted average risk-free interest rate | | | 2.96 | % | | 3.08 | % | Expected dividend | | $ | nil | | $ | nil | |
| (1) | Prior year common share fair value has been retrospectively adjusted to reflect the ten-for- one (10:1) reverse share split effective August 2025. See Note 12 for details. |
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