Company Formation and Structure - COSCIENS Biopharma Inc. was formed following the all-stock merger of Aeterna Zentaris Inc. and Ceapro Inc. on June 3, 2024, with the name change effective August 6, 2024[232][249]. - The Company’s common shares are traded on Nasdaq and TSX under the symbol "CSCI" following the merger[233][250]. - Following the merger, former shareholders of Ceapro and Aeterna each own approximately 50% of the common shares on a fully diluted basis[246]. Financial Performance - Total revenue for Q4 2024 was $3.3 million, a 174% increase from $1.2 million in Q4 2023, primarily driven by a $1.2 million increase in sales of Avenanthramides, Beta Glucan, and Oat Oil[268]. - For the twelve-month period ended December 31, 2024, total revenue reached $9.6 million, up 34% from $7.1 million in 2023, with a significant contribution from Macrilen revenue due to the acquisition of Aeterna[270]. - Total revenue for the twelve-month period ended December 31, 2023, was $7.1 million, a decrease of $7.4 million or 51% compared to $14.5 million in 2022[272]. - Consolidated net loss for the three-month period ended December 31, 2024, was $6.7 million, compared to a net loss of $1.6 million in the same period in 2023, representing an increase of $5.1 million[290]. - The company reported a consolidated net loss of $15.3 million for the twelve-month period ended December 31, 2024, compared to a net loss of $3.5 million in 2023, an increase of $11.8 million[290]. Research and Development - The Phase 3 DETECT-trial for macimorelin failed to meet its primary endpoints, leading to a strategic review and discontinuation of investment in related pre-clinical programs[244]. - The Company has initiated a strategic review of its pipeline and is exploring alternatives for macimorelin, including potential divestment[244]. - Research and development expenses for Q4 2024 were $2.9 million, significantly higher than $0.5 million in Q4 2023, reflecting increased investment in product development[268]. - Total research and development expenses for the twelve-month period ended December 31, 2024, were $8.3 million, an increase of $6.3 million or 307% compared to $2.0 million in 2023[274]. - Avenanthramides are being developed for nutraceutical applications to treat inflammation-based conditions, with a Phase 1-2a study currently underway[266]. Strategic Initiatives - The company is currently engaged in a search for a new President and CEO to lead future growth and integration efforts[251]. - The company is targeting the launch of a chewable oat beta glucan product for cholesterol reduction in the first half of 2025, leveraging approved claims in multiple regions[256]. - The company has established a collaboration with NATEX to scale up PGX Technology, with completion expected in Q2 2025 in Austria[254]. - The company discontinued its AIM Biological and ALS programs in Q3 2024 due to challenging timelines and costs[263]. Financial Position and Cash Flow - Cash and cash equivalents at the end of the period were $16,393,000, up from $6,678,000 at the end of December 2023[295]. - Total assets increased to $35,070,000 as of December 31, 2024, compared to $23,745,000 as of December 31, 2023[295]. - The company reported a net cash used in operating activities of $(14,568,000) for the twelve months ended December 31, 2024, compared to $(2,582,000) for the same period in 2023[298]. - Cash provided by investing activities totaled $25,083,000 for the twelve months ended December 31, 2024, compared to cash used of $(730,000) in the same period in 2023[301]. - The company plans to finance future operations primarily through product sales and existing cash on hand, which is expected to be sufficient for at least the next 12 months[306]. Risks and Uncertainties - The Company has highlighted various risks that may materially affect its business, including credit risk, liquidity risk, and market risk[318]. - The Company is exposed to foreign exchange risk due to investments in foreign operations with a functional currency of the Canadian Dollar[588]. - As of December 31, 2024, the Company reported $16,393 in cash and cash equivalents, indicating a material uncertainty regarding its ability to continue as a going concern[587]. - One counterparty comprised 75% of total receivables as of December 31, 2024, up from 40% in 2023, with no amounts past due[582].
Cosciens Biopharma Inc(CSCI) - 2024 Q4 - Annual Report