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Warrants
 12 Months Ended
Dec. 31, 2024
Equity [Abstract]  
Warrants Shareholders’ Equity
Under the Company’s Amended and Restated Memorandum of Association and Articles of Association, or Articles, the Company has authorized an unlimited number of common shares with no par value.
As of December 31, 2024 and 2023, 29,195,439 and 26,495,250 common shares, respectively, were issued and 28,787,369 and 26,087,180 common shares, respectively, were outstanding.
During the year ended December 31, 2024, the Company granted stock options and restricted stock to employees and contractors (see Note 10).
On November 7, 2024, the Company entered into a securities purchase agreement with a limited number of purchasers in connection with a registered direct offering of 765,696 common shares of the Company at a purchase price of $45.71 per share and pre-funded warrants to purchase up to 328,154 common shares at a price of $45.709 per share. The Company also agreed to issue up to 76,569 additional common shares and additional pre-funded warrants to purchase up to 32,814 common shares. These additional securities will be issuable for no additional consideration if the average closing price of the Company’s common shares on The Nasdaq Capital Market during the period from January 1, 2025 to August 31, 2025 does not exceed $45.71, which is the price per common share sold in the offering. Net proceeds to the Company from the offering, after deducting offering expenses, were approximately $49.7 million.
On January 9, 2024, the Company entered into a securities purchase agreement with select institutional accredited investors pursuant to which it agreed to sell to the investors in a private placement 1,101,565 common shares at a price of $25.00 per share and pre-funded warrants to purchase up to 898,435 common shares at a price of $24.999 per share. The pre-funded warrants may be exercised immediately at a price of $0.001 per share until exercised in full. Net proceeds to the Company from the offering, after deducting offering expenses, were approximately $49.7 million.
On April 27, 2023, the Company issued 1,100,000 common shares in an underwritten public offering, at a price to the public of $71.50 per share. The underwriters purchased the shares from the Company at a price of $67.21 per share and exercised the option to purchase additional 165,000 common shares, at the public offering price per share. Net proceeds to the Company after deducting underwriting discounts and offering expenses were approximately $84.6 million.
The Company had reserved common shares for future issuances at December 31:
20242023
Warrants to purchase common shares626,589 — 
Options to purchase common shares1,413,948 1,487,387 
Remaining shares available under the 2018 Equity Incentive Plan2,068,033 2,953,884 
Shares issuable on vesting of grants of RSUs295,705 196,177 
Remaining shares available under the 2018 ESPP1,222,000 1,035,000 
Total common shares reserved for future issuances
5,626,275 5,672,448 
Warrants
In January 2024, the Company issued pre-funded warrants for the purchase of up to 898,435 common shares to select institutional accredited investors at a fixed exercise price of $0.001 per share. In November 2024, the Company issued pre-funded warrants for the purchase of up to 360,968 common shares to a limited number of purchasers at a fixed exercise price of $0.001 per share.
During the year ended December 31, 2024, warrants to purchase net 600,000 shares were exercised to obtain 599,991 shares. During the year ended December 31, 2023, zero warrants were exercised.
As of December 31, 2024, warrants to purchase up to 626,589 common shares were outstanding and exercisable, as set forth in the table below. As of December 31, 2023, no warrants were outstanding and exercisable.
Warrant HolderIssue DateSharesExercise PriceExpiration Date
RTW Master Fund, Ltd.1/9/2024164,367$0.001 *
RTW Innovation Master Fund, Ltd.1/9/2024134,068$0.001 *
RTW Master Fund, Ltd.11/7/2024164,077$0.001 *
RTW Innovation Master Fund, Ltd.11/7/2024134,543$0.001 *
RTW Biotech Opportunities Operating Ltd.
11/7/202429,534$0.001 *
* The warrants are exercisable immediately and until exercised in full.