SHARE-BASED COMPENSATION (Tables)
|
12 Months Ended |
Dec. 31, 2024 |
|---|
| SHARE-BASED COMPENSATION |
|
| Summary of the activity of share options |
|
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Weighted |
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|
|
|
|
Weighted |
|
Average |
|
|
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|
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Average |
|
Remaining |
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|
|
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|
Number of |
|
Exercise |
|
Contractual |
|
Aggregate |
|
|
Share |
|
Price Per |
|
Term |
|
Intrinsic |
|
|
Options |
|
Share |
|
(years) |
|
Value |
Outstanding as of January 1, 2023 |
|
1,043,025 |
|
$ |
5.60 |
|
6.1 |
|
$ |
1,183,860 |
Granted |
|
— |
|
|
|
|
|
|
|
|
Forfeited |
|
(143,230) |
|
|
7.10 |
|
|
|
|
|
Expired |
|
(1,533) |
|
|
15.76 |
|
|
|
|
|
Outstanding as of December 31, 2023 |
|
898,262 |
|
$ |
7.58 |
|
6.5 |
|
$ |
— |
Expired |
|
(79,769) |
|
|
9.16 |
|
|
|
|
|
Outstanding as of December 31, 2024 |
|
818,493 |
|
|
7.36 |
|
6.6 |
|
|
— |
Vested and exercisable as of December 31, 2024 |
|
768,319 |
|
$ |
7.59 |
|
6.6 |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
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|
|
|
|
|
|
|
Weighted |
|
|
|
|
|
|
|
Weighted |
|
Average |
|
|
|
|
|
|
|
Average |
|
Remaining |
|
|
|
|
|
Number of |
|
Exercise |
|
Contractual |
|
Aggregate |
|
|
Share |
|
Price Per |
|
Term |
|
Intrinsic |
|
|
Options |
|
Share |
|
(years) |
|
Value |
Outstanding as of January 1, 2023 |
|
— |
|
$ |
— |
|
|
|
$ |
— |
Granted |
|
69,000 |
|
|
1.87 |
|
|
|
|
|
Outstanding as of December 31, 2023 |
|
69,000 |
|
$ |
1.87 |
|
|
|
$ |
— |
Granted |
|
2,686,960 |
|
|
1.11 |
|
|
|
|
— |
Outstanding as of December 31, 2024 |
|
2,755,960 |
|
|
1.13 |
|
9.7 |
|
|
— |
Vested and exercisable as of December 31, 2024 |
|
631,607 |
|
$ |
1.17 |
|
9.5 |
|
$ |
— |
|
| Summary of share-based compensation liability activity |
|
|
|
|
|
|
December 31, |
|
|
2024 |
Fair value at December 31, 2023 |
|
$ |
422,002 |
Increase in additional paid-in-capital due to decrease in fair value of share-based compensation liability |
|
|
(222,739) |
Fair value at December 31, 2024 |
|
$ |
199,263 |
|
|
|
|
|
|
December 31, |
|
|
2023 |
Fair value at December 31, 2022 |
|
$ |
— |
Share-based compensation liability of C$ options at reclassification on change in functional currency |
|
|
1,768,515 |
Reduction in share-based compensation expense due to decrease in fair value of share-based compensation liability |
|
|
(332,603) |
Increase in additional paid-in-capital due to decrease in fair value of share-based compensation liability |
|
|
(1,013,910) |
Fair value at December 31, 2023 |
|
$ |
422,002 |
|
| Summary of fair value of share options granted estimated using Black Scholes with the assumptions |
|
|
|
|
|
|
|
|
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|
|
|
|
Period Ended |
|
|
|
December 31, |
|
December 31, |
|
July 1, |
|
|
|
2024 |
|
2023 |
|
2023 |
|
Weighted average fair value of C$ Options |
|
C$ |
0.26 |
|
C$ |
1.30 |
|
C$ |
2.54 |
|
Expected volatility |
|
|
99.7 |
% |
|
116.3 |
% |
|
83.3 |
% |
Risk-free interest rate |
|
|
4.40 |
% |
|
4.04 |
% |
|
4.30 |
% |
Expected dividend yield |
|
|
— |
% |
|
— |
% |
|
— |
% |
Expected term (years) |
|
|
6.6 |
|
|
6.5 |
|
|
6.8 |
|
|
|
|
|
|
|
|
|
|
|
Period Ended |
|
|
December 31, |
|
December 31, |
|
|
|
2024 |
|
2023 |
|
Weighted average fair value of US$ Options |
|
$ |
0.88 |
|
$ |
1.53 |
|
Expected volatility |
|
|
101.7 |
% |
|
101.9 |
% |
Risk-free interest rate |
|
|
3.95 |
% |
|
4.77 |
% |
Expected dividend yield |
|
|
— |
% |
|
— |
% |
Expected term (years) |
|
|
5.7 |
|
|
6.1 |
|
|
| Summary of total share-based compensation |
|
|
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|
Year Ended December 31, |
|
|
2024 |
|
2023 |
Research and development |
|
$ |
49,405 |
|
$ |
80,825 |
General and administrative |
|
|
776,403 |
|
|
190,717 |
Total share-based compensation |
|
$ |
825,808 |
|
$ |
271,542 |
|