Share Capital (Tables)

9 Months Ended

Sep. 30, 2023

Share-Based Payment Arrangement [Abstract]

Schedule Of Pre-Funded Warrants Activity

The following table summarizes the pre-funded warrants activity for the nine months ended September 30, 2023 and 2022:

	Date of issuance
	March 2021			October 2021			June 2022		Total
Outstanding, December 31, 2021		1,081,081			1,694,915			—		2,775,996
Issued		—			—			327,868		327,868
Exercised		—			—			—		—
Outstanding, September 30, 2022		1,081,081			1,694,915			327,868		3,103,864
Outstanding, December 31, 2022		1,081,081			1,694,915			327,868		3,103,864
Exercised		(1,081,081	)		(193,929	)		—		(1,275,010	)
Outstanding, September 30, 2023		—			1,500,986			327,868		1,828,854

Stock Option Activity

The following table presents stock option activity for the three and nine months ended September 30, 2023 and 2022:

	Three Months Ended September 30,						Nine Months Ended September 30,
	2023			2022			2023			2022
Outstanding, beginning of period		8,681,808			7,234,460			7,117,782			5,638,232
Granted		363,200			102,000			2,457,173			2,079,845
Exercised(1)		(6,351	)		(369,334	)		(398,097	)		(718,472	)
Forfeited, cancelled or expired		(32,416	)		(21,357	)		(170,617	)		(53,836	)
Outstanding, end of period		9,006,241			6,945,769			9,006,241			6,945,769
Exercisable, end of period		4,618,002			3,391,011			4,618,002			3,391,011

(1)During the nine months ended September 30, 2023, no stock options were exercised for cash (2022 – 65,844). In the same period, the Company issued 283,863 (2022 – 468,598) common shares for the cashless exercise of 398,097 (2022 – 652,628) stock options.

Fair Value Assumptions for Stock Options

The fair value of each stock option granted is estimated using the Black-Scholes option-pricing model with the following weighted-average assumptions:

	Three Months Ended September 30,						Nine Months Ended September 30,
	2023			2022			2023			2022
Average risk-free interest rate		4.26	%		3.20	%		3.91	%		2.19	%
Expected volatility		68	%		70	%		69	%		70	%
Average expected term (in years)		5.13			4.92			5.99			6.15
Expected dividend yield		0	%		0	%		0	%		0	%
Weighted average fair value of stock options granted	$	22.85		$	21.63		$	22.59		$	19.40