v3.26.1
Interim Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Current assets:    
Cash and cash equivalents (note 4) $ 31,975 $ 49,125
Restricted cash (note 4) 305 667
Other receivables 277 315
Prepaid expenses and other (note 9, 13) 28,959 908
Total current assets 61,516 51,015
Property and equipment (note 6) 5,036 6,424
Right-of-use assets (note 8) 2,706 2,918
Other assets 37 37
Total assets 69,295 60,394
Current liabilities:    
Accounts payable and accrued liabilities (note 7) 4,907 5,133
Lease liabilities (note 8) 390 454
SIF contribution liability (note 10) 87,417 28,369
PIPE subscription obligation (note 13) 21,976  
Warrant liability   1,067
Total current liabilities 170,843 78,296
Lease liabilities (note 8) 3,875 4,233
Share-based compensation (note 16) 22,477 15,545
SAFE Warrants (note 12) 15,467 13,171
Total liabilities 212,662 111,245
Redeemable convertible preferred shares:    
Redeemable shares [1]   122,953
Shareholders' deficiency:    
Common shares, unlimited voting and non-voting shares authorized without par value, 13,324,608 shares issued and outstanding (2025 - 13,290,803) (note 15) 146,609 146,525 [1]
Additional paid-in capital 18,586 18,327
Accumulated other comprehensive loss (3,365) (6,704)
Accumulated deficit (454,456) (331,952)
Total shareholders' deficiency (292,626) (173,804)
Total liabilities, redeemable convertible preferred shares and shareholders' deficiency 69,295 60,394
Nonredeemable Preferred Stock    
Redeemable convertible preferred shares:    
Redeemable shares 122,953 122,953
Class B common shares    
Redeemable convertible preferred shares:    
Redeemable shares 26,306  
Related party    
Current liabilities:    
SAFE liabilities (note 11) 4,436 3,503
Non-related party    
Current liabilities:    
SAFE liabilities (note 11) $ 51,717 $ 40,837
[1] Share amounts have been retrospectively adjusted to reflect the ten-for-one (10:1) reverse share split effective August 2025. See note 12 for details.