as at

  ​ ​ ​

December 31, 2025

​

​

As Previously

​

Restatement

​

​

​

  ​ ​ ​

Stated

  ​ ​ ​

Adjustments

  ​ ​ ​

As Restated

Liabilities

​

  ​

​

  ​

​

  ​

Current liabilities

  ​

  ​

  ​

Accounts payable and accrued liabilities (Note 14, 15)

4,657,448

—

4,657,448

Warrant derivative (Note 16)

15,066,898

(2,419,384)

12,647,514

Current portion of lease liability (Note 12)

8,369

—

8,369

​

19,732,715

(2,419,384)

17,313,331

Non-current liabilities

  ​

  ​

  ​

Lease liability (Note 12)

—

—

—

​

—

—

—

​

19,732,715

(2,419,384)

17,313,331

​

​

​

​

​

​

​

Shareholders’ Equity

  ​

  ​

  ​

Common shares (Note 17)

102,998,992

3,906,854

106,905,846

Reserves (Note 18)

47,241,452

(6,085,681)

41,155,771

Deficit

(146,763,518)

4,598,211

(142,165,307)

​

3,476,926

2,419,384

5,896,310

​

23,209,641

—

23,209,641

as at

  ​ ​ ​

December 31, 2024

​

​

As Previously

​

Restatement

​

​

​

  ​ ​ ​

Stated

  ​ ​ ​

Adjustments

  ​ ​ ​

As Restated

Liabilities

​

  ​

​

  ​

​

  ​

Current liabilities

  ​

  ​

  ​

Accounts payable and accrued liabilities (Note 14, 15)

4,941,326

—

4,941,326

Warrant derivative (Note 16)

11,862,687

(3,692,790)

8,169,897

Current portion of lease liability (Note 12)

97,234

—

97,234

​

16,901,247

(3,692,790)

13,208,457

Non-current liabilities

  ​

  ​

  ​

Lease liability (Note 12)

8,369

—

8,369

​

8,369

—

8,369

​

16,909,616

(3,692,790)

13,216,826

​

​

​

​

​

​

​

Shareholders’ Equity

  ​

  ​

  ​

Common shares (Note 17)

81,194,288

2,721,823

83,916,111

Reserves (Note 18)

24,028,532

(3,724,272)

20,304,260

Deficit

(102,646,213)

4,695,239

(97,950,974)

​

2,576,607

3,692,790

6,269,397

​

19,486,223

—

19,486,223

as at

  ​ ​ ​

January 1, 2024

​

​

As Previously

​

Restatement 

​

​

​

  ​ ​ ​

Stated

  ​ ​ ​

Adjustments

  ​ ​ ​

As Restated

Liabilities

​

​

​

​

​

​

Current liabilities

  ​

  ​

  ​

Accounts payable and accrued liabilities (Note 14, 15)

3,321,208

—

3,321,208

Warrant derivative (Note 16)

11,726,728

(4,617,185)

7,109,543

Current portion of lease liability (Note 12)

91,586

—

91,586

​

15,139,522

(4,617,185)

10,522,337

Non-current liabilities

  ​

  ​

  ​

Lease liability (Note 12)

105,604

—

105,604

​

105,604

—

105,604

​

15,245,126

(4,617,185)

10,627,941

​

​

​

​

​

​

​

Shareholders’ Equity

  ​

  ​

  ​

Common shares (Note 17)

59,026,143

2,826,582

61,852,725

Reserves (Note 18)

17,360,916

(2,319,298)

15,041,618

Deficit

(78,396,164)

4,109,901

(74,286,263)

​

(2,009,105)

4,617,185

2,608,080

​

13,236,021

—

13,236,021

for the year ended

  ​ ​ ​

December 31, 2025

​

​

As Previously

​

Restatement

​

​

​

  ​ ​ ​

 Stated

  ​ ​ ​

 Adjustments

  ​ ​ ​

As Restated

Operating expenses

​

​

​

​

​

​

Research and development (Note 20)

13,907,206

(440,972)

13,466,234

General and administrative (Note 20)

11,172,046

(1,350,322)

9,821,724

Total operating expenses

25,079,252

(1,791,294)

23,287,958

Interest income

(333,415)

—

(333,415)

Unrealized loss on warrant derivative (Note 16)

18,962,059

1,888,322

20,850,381

Foreign exchange loss (gain)

409,409

—

409,409

Net loss and comprehensive loss

(44,117,305)

(97,028)

(44,214,333)

Basic and diluted net loss per share

(0.61)

—

(0.61)

Weighted average Common Shares outstanding (Note 17)

72,330,908

—

72,330,908

for the year ended

  ​ ​ ​

December 31, 2024

​

​

As Previously

​

Restatement 

​

​

​

  ​ ​ ​

 Stated

  ​ ​ ​

Adjustments

  ​ ​ ​

As Restated

Operating expenses

​

  ​

​

  ​

​

  ​

Research and development (Note 20)

15,811,020

(305,674)

15,505,346

General and administrative (Note 20)

9,365,129

(1,204,059)

8,161,070

Total operating expenses

25,176,149

(1,509,733)

23,666,416

Interest income

(812,617)

—

(812,617)

Unrealized loss on warrant derivative (Note 16)

135,958

924,395

1,060,353

Foreign exchange loss (gain)

(249,441)

—

(249,441)

Net loss and comprehensive loss

(24,250,049)

585,338

(23,664,711)

Basic and diluted net loss per share

(0.36)

0.01

(0.35)

Weighted average Common Shares outstanding (Note 17)

67,321,698

—

67,321,698

for the year ended

​

December 31, 2025

​

  ​ ​ ​

As Previously

  ​ ​ ​

Restatement

  ​ ​ ​

  ​ ​ ​

​

​

Stated

​

Adjustments

​

As Restated

Operating Activities

​

​

​

​

​

​

Net loss for the period

(44,117,305)

(97,028)

(44,214,333)

Stock-based compensation (Note 15, 18)

5,394,914

(1,791,294)

3,603,619

Change in fair value of warrant derivative (Note 16)

18,962,059

1,888,322

20,850,381

Other items not involving cash and changes in non-cash working capital

261,121

—

261,122

Net cash used in operating activities

(19,499,211)

—

(19,499,211)

for the year ended

​

December 31, 2024

​

  ​ ​ ​

As Previously

  ​ ​ ​

Restatement

  ​ ​ ​

  ​ ​ ​

​

​

Stated

​

Adjustments

​

As Restated

Operating Activities

​

​

​

​

​

​

Net loss for the period

(24,250,049)

585,338

(23,664,711)

Stock-based compensation (Note 15, 18)

6,039,724

(1,509,733)

4,529,991

Change in fair value of warrant derivative (Note 16)

135,959

924,395

1,060,353

Other items not involving cash and changes in non-cash working capital

1,233,332

—

1,233,333

Net cash used in operating activities

(16,841,034)

—

(16,841,034)

for the year ended

​

December 31, 2025

​

  ​ ​ ​

As Previously

  ​ ​ ​

Restatement

  ​ ​ ​

​

​

  ​ ​ ​

 Stated

  ​ ​ ​

 Adjustments

  ​ ​ ​

As Restated

Total Shareholders’ Equity

​

​

​

​

​

​

Balance December 31, 2024

​

2,576,607

​

3,692,790

​

6,269,397

Common share financings, net (Note 17)

​

9,681,548

​

1,972,110

​

11,653,658

Warrant exercises (Note 18)

​

3,392,617

​

—

​

3,392,617

Warrant amendment (Note 16)

​

22,068,176

​

(1,357,194)

​

20,710,982

Option exercises (Note 18)

​

4,480,370

​

—

​

4,480,370

Stock-based compensation (Note 18)

​

5,394,914

​

(1,791,295)

​

3,603,619

Loss and comprehensive loss

​

(44,117,305)

​

(97,028)

​

(44,214,333)

Balance December 31, 2025

​

3,476,926

​

2,419,384

​

5,896,310

for the year ended

​

December 31, 2024

​

  ​ ​ ​

As Previously

  ​ ​ ​

Restatement

  ​ ​ ​

  ​ ​ ​

​

​

Stated

​

Adjustments

​

As Restated

Total Shareholders’ Equity

  ​

  ​

  ​

Balance December 31, 2023

(2,009,105)

4,617,185

2,608,080

Common share financings, net (Note 17)

21,381,446

—

21,381,446

Warrant exercise (Note 18)

139,250

—

139,250

Option exercises (Note 18)

1,275,341

—

1,275,341

Stock-based compensation (Note 18)

6,039,724

(1,509,733)

4,529,991

Loss and comprehensive loss

(24,250,049)

585,338

(23,664,711)

Balance December 31, 2024

2,576,607

3,692,790

6,269,397