At March 31, 2024, the Company had in place a stock option plan for directors, officers, employees, and consultants of the Company (“Stock Option Plan”). As of March 31, 2024, there were 738,725 awards available under the plan for issuance.

The Stock Option Plan provides for the granting of options to purchase Common Shares. Under the terms of the Stock Option Plan, the exercise price of the stock options granted under the Stock Option Plan may not be lower than the closing price of the Company’s Common Shares on the Nasdaq Capital Market at the close of such market the day preceding the grant. The maximum number of Common Shares that may be issued upon exercise of options granted under the amended Stock Option Plan shall not exceed 20% of the aggregate number of issued and outstanding shares of the Company as of July 28, 2022. The terms and conditions for acquiring and exercising options are set by the Company’s Board of Directors, subject to, among others, the following limitations: the term of the options cannot exceed ten years and (i) all options granted to a director will be vested evenly on a monthly basis over a period of at least twelve (12) months, and (ii) all options granted to an employee will be vested evenly on a quarterly basis over a period of at least thirty-six (36) months.

The total number of options issued to any one consultant within any twelve-month period cannot exceed 2% of the Company’s total issued and outstanding Common Shares (on a non-diluted basis). The total number of options issued within any twelve-month period to all directors, employees and/or consultants of the Company (or any subsidiary of the Company) conducting investor relations services, cannot exceed in the aggregate 2% of the Company’s issued and outstanding Common Shares (on a non-diluted basis), calculated at the date an option is granted to any such person.

The following table summarizes information about activities within the Stock Option Plan for the year ended March 31, 2024:


	Number of options			Weighted average exercise price		Remaining Contractual Term (years)		Aggregate Intrinsic Value (in thousands)
				$				$
Outstanding, March 31, 2023		740,957			13.60		8.19		8,121
Granted		607,670			2.50
Exercised		(12,500	)		1.27
Forfeited/Cancelled		(614,334	)		12.89
Outstanding, March 31, 2024		721,793			3.68		9.08		527
Exercisable, March 31, 2024		312,924			4.65		8.84		188

Forfeited and cancelled options were as a result of the Company's restructuring that occurred during the year ended March 31, 2024. On July 14, 2023, the Company's Board of Directors approved the grant of options to purchase 446,502 Common Shares at an exercise price of $2.64 per Common Share under the Company's Stock Option Plan. On December 19, 2023, the Company's Board of Directors approved the grant of options to purchase 161,168 Common Shares at an exercise price of $2.125 per Common Share under the Company's Stock Option Plan.

The weighted-average grant date fair value of awards for options granted during the years ended March 31, 2024 and 2023 was $2.13 and $4.32, respectively. The fair value of options granted was estimated using the Black-Scholes option pricing model, resulting in the following weighted-average assumptions for the options granted:


	March 31, 2024			March 31, 2023
	Weighted-average			Weighted-average
Exercise price	$	2.50		$	5.10
Share price	$	2.50		$	5.10
Dividend		—			—
Risk-free interest		3.95	%		3.28	%
Estimated life (years)		5.62			5.73
Expected volatility		117.94	%		117.56	%

Stock-based compensation expense recognized under ASC 718 related to the stock option plan is summarized as follows:


	March 31, 2024		March 31, 2023
	$		$
Research and development expenses		198		591
General and administrative expenses		697		1,123
Sales and marketing expenses		18		97
		913		1,811

As of March 31, 2024, there was $467 of total unrecognized compensation cost, related to non-vested stock options, which is expected to be recognized over a remaining weighted-average vesting period of 1.24 years.

The Company established an equity incentive plan (the “Equity Incentive Plan”) for employees, directors, and consultants. The Equity Incentive Plan provides for the issuance of 1,483,140 restricted share units, performance share units, restricted shares, deferred share units and other stock-based awards, subject to restricted conditions as may be determined by the Board of Directors. There were no such awards outstanding as of March 31, 2024, and no stock-based compensation was recognized for the year ended March 31, 2024.