Aeterna Zentaris(AEZS) - 2023 Q2 - Quarterly Report

Financial Performance - Revenues for the six months ended June 30, 2023, increased to $4,374,000 compared to $1,295,000 for the same period in 2022, marking a significant growth of 237.5%[7] - The net loss for the six months ended June 30, 2023, was $6,772,000, slightly lower than the net loss of $6,856,000 for the same period in 2022[7] - For the three months ended June 30, 2023, the Company reported total revenue of $2,246, compared to a loss of $222 in the same period of 2022, marking a significant increase[19] - License fees for the six months ended June 30, 2023, reached $1,554, a substantial increase from $226 in the same period of 2022[19] - The net loss for the three months ended June 30, 2023, was $2,518, compared to a net loss of $4,216 in the same period of 2022[34] Assets and Liabilities - As of June 30, 2023, total assets decreased to $46,483,000 from $56,026,000 as of December 31, 2022, representing a decline of approximately 17.0%[3] - Current assets decreased to $45,893,000, down 17.3% from $55,488,000 at the end of 2022, primarily due to a reduction in cash and cash equivalents[3] - Total liabilities decreased to $17,404,000 as of June 30, 2023, down 14.4% from $20,250,000 at the end of 2022[3] - Shareholders' equity decreased to $29,079,000 from $35,776,000, reflecting a decline of approximately 18.7%[3] - Cash and cash equivalents at the end of the period were $42,186,000, down from $50,611,000 at the beginning of the year, a decrease of 16.7%[9] Research and Development - Research and development expenses for the six months ended June 30, 2023, increased to $6,941,000, up 45.0% from $4,788,000 in the same period of 2022[7] Shareholder Information - The basic and diluted loss per share for the six months ended June 30, 2023, was $1.39, compared to $1.41 for the same period in 2022[7] - The basic and diluted loss per share for the six months ended June 30, 2023, was $1.39, slightly improved from $1.41 in the same period of 2022[34] - The Company’s share capital remained unchanged at 4,855,876 common shares as of June 30, 2023, with a total amount of $293,410[26] Commitments and Obligations - The Company’s employee future benefit obligations increased to $22,246 as of June 30, 2023, from $21,750 at the end of 2022[24] - As of June 30, 2023, the total significant expenditure contracted but not recognized as liabilities amounts to $7,774,000[37] - The company has commitments of $7,586,000 due within less than 1 year[37] - The company may have to pay up to $38,887,000 upon achieving certain sales volumes or regulatory milestones related to specific products[37] - Commitments for 1-3 years are recorded at $151,000[37] - Commitments for 4-5 years are recorded at $37,000[37] Business Development - The company is actively pursuing business development opportunities for the commercialization of its lead product, Macrilen, in various international markets[11] Stock Options - The Company granted 14,000 stock options on January 17, 2023, with a fair value at grant date of $2.99 per option[27] Deferred Revenue - Deferred revenue as of June 30, 2023, totaled $1,782, a decrease from $4,633 as of December 31, 2022[23] Revenue Recognition - The Company recognized revenue of $2,197 for services transferred over time for the three months ended June 30, 2023, compared to a loss of $283 in 2022[19] - The total units expected to be supplied to Pharmanovia under the licensing agreement is based on current projections and anticipated market demand, with a transaction price of $1,658 allocated to unsatisfied performance obligations[20]