Stockholders' Equity (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Equity [Abstract] |
|
Schedule of RSU Activity |
The following table summarizes the Company’s RSU activity under the New Plan since December 31, 2023: | | | | | | | | | | | | | Number of RSUs | | Weighted- average grant date fair value ($) | Outstanding, December 31, 2023 | 771,413 | | | 8.63 | | Granted | 957,750 | | | 10.56 | | Vested and settled | (224,104) | | | 8.65 | | Forfeited | (137,220) | | | 11.10 | | Outstanding, June 30, 2024 | 1,367,839 | | | 9.73 | |
|
Schedule of Stock Options Granted |
The following table summarizes the Company’s stock options granted in Canadian dollars under the Original Plan and the New Plan: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Number of Options | | Weighted- Average Exercise Price (C$) | | Weighted- Average Exercise Price ($) | | Weighted- Average Contractual Term (years) | | Aggregate intrinsic value (C$) | | Aggregate intrinsic value ($) | Outstanding, December 31, 2023 | 1,489,478 | | | 19.59 | | | 14.39 | | | 5.50 | | 2,987 | | | 2,255 | | Granted | — | | | — | | | — | | | | | | | | Exercised | (136,946) | | | 10.97 | | | 8.12 | | | | | | | | Forfeited | (93,744) | | | 23.89 | | | 17.56 | | | | | | | | Outstanding, June 30, 2024 | 1,258,788 | | | 20.21 | | | 14.84 | | | 5.07 | | 1,288 | | | 942 | |
The following table summarizes the Company’s stock options granted in U.S. dollars under the New Plan and the Inducement Plan: | | | | | | | | | | | | | | | | | | | | | | | | | Number of Options | | Weighted- Average Exercise Price ($) | | Weighted- Average Contractual Term (years) | | Aggregate intrinsic value ($) | Outstanding, December 31, 2023 | 6,069,242 | | | 12.97 | | | 7.67 | | 9,213 | | Granted | 2,174,800 | | | 10.48 | | | | | | Exercised | (221,011) | | | 7.61 | | | | | | Forfeited | (405,426) | | | 11.70 | | | | | | Outstanding, June 30, 2024 | 7,617,605 | | | 12.49 | | | 7.81 | | 2,637 | |
|
Schedule of Stock-Based Compensation Expense for Equity Classified Instruments |
Stock-based compensation expense for equity classified instruments, RSUs, as well as the financial statement impact of the amortization and periodic revaluation of liability classified instruments, are recorded in research and development expense and general and administration expense as follows: | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | 2024 | | 2023 | | 2024 | | 2023 | | | | | | | | | Research and development expense | $ | 2,381 | | | $ | (1,085) | | | $ | 4,306 | | | $ | (640) | | General and administrative expense | 2,107 | | | 1,411 | | | 3,641 | | | 3,143 | |
|
Schedule of Estimated Fair Value of Stock Options Granted and Weighted-Average Option Pricing Assumptions |
The estimated fair value of stock options granted under the New Plan was determined using the Black-Scholes option pricing model with the following weighted-average assumptions: | | | | | | | | | | | | | Six Months Ended June 30, | | 2024 | | 2023 | Dividend yield | 0 | % | | 0 | % | Expected volatility | 64.9 | % | | 67.7 | % | Risk-free interest rate | 4.08 | % | | 3.80 | % | Expected average life of options | 6.04 years | | 6.05 years |
The weighted-average Black-Scholes option pricing assumptions for liability classified stock options outstanding at June 30, 2024 and 2023 are as follows: | | | | | | | | | | | | | June 30, 2024 | | June 30, 2023 | Dividend yield | 0 | % | | 0 | % | Expected volatility | 43.4 | % | | 79.3 | % | Risk-free interest rate | 3.90 | % | | 4.50 | % | Expected average option term | 0.61 years | | 1.68 years | Number of liability classified stock options outstanding | 353,694 | | 512,155 |
|