Financial Performance - The net loss for the nine months ended September 30, 2024, was $8,880,935, compared to a loss of $3,936,284 for the same period in 2023, indicating a 126% increase in losses[7]. - For the three months ended September 30, 2024, the net loss attributable to shareholders was $2,959,216, compared to a net loss of $2,963,692 for the same period in 2023[60]. - The basic and diluted net loss per share attributable to shareholders for the three months ended September 30, 2024, was $(0.31), while it was $(1.47) for the same period in 2023[60]. Assets and Equity - Total assets increased to $5,720,909 as of September 30, 2024, compared to $1,893,057 as of December 31, 2023, representing a growth of 201%[3]. - Shareholders' equity increased to $3,492,104 as of September 30, 2024, from $1,111,448 at the end of 2023, representing a growth of 214%[3]. - Cash and cash equivalents rose to $5,306,159 from $1,719,338, marking an increase of 208%[3]. Expenses - Operating expenses for the nine months ended September 30, 2024, totaled $8,830,197, up from $885,040 in the same period of 2023, reflecting a significant increase of 895%[7]. - Research and development expenses for the nine months ended September 30, 2024, were $2,162,680, compared to $159,083 in 2023, an increase of 1,613%[7]. - General and administrative expenses for the three months ended September 30, 2024, totaled $2,201,911, a significant increase from $186,418 in 2023[61]. Share Capital and Issuance - The company issued 1,461,250 common shares, raising $5,470,000 during the period[10]. - The company issued 1,461,250 common shares on June 28, 2024, as part of a private placement, raising total proceeds of $5,845,000 at $4.00 per share[51]. - As of September 30, 2024, the total number of common shares outstanding increased to 10,846,721, with a total share capital of $30,516,801[50]. - The company's share capital increased to $30,516,801 as of September 30, 2024, from $19,835,839 as of December 31, 2023[69]. Debt and Obligations - The company issued convertible notes amounting to $5,172,500 on May 3, 2024, with a 10% annual interest rate and a maturity date of December 31, 2025[43]. - On June 28, 2024, all convertible note holders converted their notes into 1,308,798 common shares, including $40,563 in cash interest and $38,462 in accrued interest[45]. - The lease obligations increased to $348,971 as of September 30, 2024, with additions of $356,784 and interest accretion of $27,227[40]. - The total undiscounted lease payments payable as of September 30, 2024, amounted to $398,181, with a present value impact of $49,210[42]. Other Financial Information - The company recognized share-based compensation of $580,629 for the nine months ended September 30, 2024, compared to $nil in the previous year[55]. - The company has 887,500 share options outstanding as of September 30, 2024, with a weighted average exercise price of C$1.63[55]. - The company has an obligation to pay an annual license maintenance fee of $5,000 until sales from products under the license occur, with no sales made as of September 30, 2024[63]. - The company recognized $7,720 and $39,689 in annual maintenance and patent legal expenses related to the license agreement during the three and nine months ended September 30, 2024[63]. - The company incurred a listing expense of $2,550,665 related to the reverse takeover transaction completed on September 29, 2023[17]. Cash Flow - The company reported a net change in cash of $3,586,821 during the nine months ended September 30, 2024, compared to $4,840,293 in the same period of 2023[13]. Accounting Standards - The company has not adopted any new accounting standards that would significantly impact its financial statements as of January 1, 2024[33]. Initial Public Offering - On November 15, 2024, the company closed its initial public offering in the United States of 970,000 units at a price of $4.125 per unit[73]. Finance Income and Expense - Finance expense (income), net for the three months ended September 30, 2024, was $(46,531), compared to $186,214 in 2023[62].