12.  Income taxes

The Company recorded income tax expense for the year ended December 31, 2025 totaling $208 (2024 – $256; 2023 – $25) and did not recognize any deferred income tax expense for the year ended December 31, 2025 (2024 – nil; 2023 - nil).

As at December 31, 2025 and 2024, deferred tax assets have not been recognized with respect to the following timing differences. The scientific research and experimental development deferred tax assets expire between 2026 and 2028.

The reconciliation of the Canadian statutory rate to the income tax rate applied to the net profit (loss) for the years ended December 31, 2025, 2024 and 2023 to the income tax expense is as follows:

The foreign tax rate differential is the difference between the Canadian federal and provincial statutory income tax rate and the tax rates in Barbados (9%), Ireland (12.50%) and the United States (21.00% - 23.50%) that is applicable to income or losses incurred by the Company’s subsidiaries.

At December 31, 2025, the Company has the following Canadian losses available for application in future years:

At December 31, 2025, the Company has the following Barbados losses available for application in future years:

As at December 31, 2025, the Company has $90 (2024 - $95) included as income taxes payable on its consolidated statements of financial position.