| Warrants |
A summary of the issue-date fair value, which was estimated using the Black-Scholes pricing model, and which was recorded as additional paid-in capital, of share purchase warrants issued during the year ended December 31, 2024 is as follows:
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January 2024 Investor Warrants |
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Hanmi Warrants |
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Newbridge Warrants |
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Series A Warrants |
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Series B Warrants |
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HCW Warrants |
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November 2024 Investor Warrants |
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AGP Warrants |
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Issue-date Aptose share price |
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$ |
59.70 |
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$ |
60.00 |
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$ |
59.70 |
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$ |
28.98 |
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$ |
28.98 |
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$ |
28.98 |
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$ |
5.53 |
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$ |
5.53 |
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Exercise price |
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$ |
51.30 |
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$ |
51.30 |
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$ |
64.13 |
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$ |
34.50 |
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$ |
34.50 |
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$ |
43.13 |
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$ |
6.00 |
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$ |
8.25 |
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Risk-free interest rate |
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3.87 |
% |
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4.0 |
% |
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4.0 |
% |
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4.42 |
% |
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4.98 |
% |
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4.42 |
% |
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4.17 |
% |
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4.17 |
% |
Expected dividend yield |
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— |
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— |
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— |
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— |
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— |
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— |
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— |
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— |
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Expected volatility |
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83.00 |
% |
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83.00 |
% |
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83.00 |
% |
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83.31 |
% |
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80.02 |
% |
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83.31 |
% |
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85.02 |
% |
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85.02 |
% |
Expected life (years) |
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5.0 |
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5.0 |
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5.0 |
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5.0 |
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1.5 |
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5.0 |
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5.0 |
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5.0 |
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Issue date fair value (per equivalent share) |
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$ |
42.19 |
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$ |
42.40 |
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$ |
39.97 |
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$ |
19.48 |
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$ |
10.20 |
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$ |
17.87 |
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$ |
3.45 |
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$ |
3.36 |
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A summary of warrant activity during the year ended December 31, 2024 is as follows:
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Common Shares
Issuable upon
Exercise |
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Weighted average exercise price |
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Weighted average remaining contractual life (years) |
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Outstanding as of December 31, 2023 |
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- |
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$ |
- |
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- |
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Issued |
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1,336,085 |
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21.25 |
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Exercised |
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(68,500 |
) |
* |
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0.03 |
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Outstanding as of December 31, 2024 |
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1,267,585 |
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$ |
22.40 |
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4.4 |
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Exercisable as of December 31, 2024 |
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1,267,585 |
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$ |
22.40 |
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4.4 |
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* Pre-Funded Warrants |
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The following table shows the number of outstanding warrants by exercise price and date of expiration as of December 31, 2024:
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Shares Issuable Upon Exercise |
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Exercise Price |
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Expiration Date |
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128,500 |
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$ |
34.50 |
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March 5, 2026 |
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18,084 |
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$ |
64.13 |
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January 30, 2029 |
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188,174 |
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$ |
51.30 |
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January 30, 2029 |
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77,972 |
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$ |
51.30 |
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January 31, 2029 |
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6,423 |
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$ |
43.13 |
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June 3, 2029 |
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128,500 |
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$ |
34.50 |
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September 5, 2029 |
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666,599 |
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$ |
6.00 |
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November 25, 2029 |
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53,333 |
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$ |
8.25 |
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November 25, 2029 |
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1,267,585 |
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Upon full exercise of all of the warrants exercisable as of December 31, 2024, the Company would issue an additional 1,267,585 of its Common Shares, which could have a dilutive effect on existing shareholders.
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