| SHARE-BASED COMPENSATION |
9.SHARE-BASED COMPENSATION
The Company’s share-based compensation plans includes stock options and Restricted Share Units (“RSU”). The Company has reserved up to 15% of the issued and outstanding Common Shares for the granting of stock options and RSUs to eligible Employees, Officers, Directors and external consultants.
|
Common shares outstanding, September 30, 2022
|
111,890,707 |
|
|
| Common shares reserved for issuance: 15% |
16,783,606 |
|
|
Stock options outstanding, September 30, 2022
|
|
(7,426,665 |
)
|
|
RSU outstanding, September 30, 2022
|
|
(5,499,663 |
)
|
|
Common shares reserved for future grants
|
3,857,278 |
|
(a) Stock Options
The Company granted stock options to acquire common stock through our stock option plan of which the following are outstanding as September 30:
|
|
2022
|
2021
|
|
|
Stock
Options
|
Weighted
Average
Exercise
Price
|
Stock
Options
|
Weighted
Average
Exercise
Price
|
|
|
|
$
|
|
$
|
|
Balance, January 1
|
5,257,089 |
|
1.73 |
2,923,770 |
|
1.76 |
|
Granted
|
4,755,758 |
|
0.57 |
3,316,195 |
|
1.99 |
|
Forfeited
|
(2,242,337 |
)
|
1.82 |
(19,568 |
)
|
0.73 |
|
Expired
|
(343,845 |
)
|
1.59 |
(84,974 |
)
|
3.58 |
|
Exercised
|
--
|
|
--
|
(352,133 |
)
|
1.71 |
|
Balance, September 30
|
7,426,665 |
|
0.94 |
5,783,290 |
|
1.87 |
(b)Restricted Share Units
The Company granted RSUs to Officers and Directors through our incentive share award plan. Grants of RSUs to Directors vest either immediately or on the date of the next Annual General Meeting. Grants of RSUs to employees vest over a four-year period. The following RSUs are outstanding at September 30:
|
|
2022
|
|
2021
|
|
|
Balance at Jan 1
|
1,581,607 |
|
--
|
|
|
Granted
|
4,758,389 |
|
2,253,040 |
|
|
Exercised
|
(702,000 |
)
|
--
|
|
|
Cancelled
|
(132,083 |
)
|
--
|
|
|
Expired
|
(6,250 |
)
|
|
|
|
Balance, September 30
|
5,499,663 |
|
2,253,040 |
|
(c)Stock-Based Compensation
The following table shows the stock-based compensation expense.
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
|
|
|
Sept 30, 2022
|
|
Sept 30, 2021
|
|
Sept 30, 2022
|
|
Sept 30, 2021
|
|
|
|
|
$
|
|
$
|
|
$
|
|
$
|
|
|
Stock options
|
|
278 |
|
706 |
|
233 |
|
1,661 |
|
|
RSUs
|
|
637 |
|
595 |
|
1,226 |
|
1,591 |
|
|
Total G&A - Stock options & RSUs
|
|
915 |
|
1,301 |
|
1,459 |
|
3,252 |
|
|
Stock options
|
|
243 |
|
121 |
|
587 |
|
368 |
|
|
RSUs
|
|
88 |
|
-
|
|
88 |
|
-
|
|
|
Total R&D - Stock options & RSUs
|
|
331 |
|
121 |
|
675 |
|
368 |
|
|
Share-based compensation expense
|
|
1,246 |
|
1,422 |
|
2,134 |
|
3,620 |
|
|