Aeterna Zentaris(AEZS) - 2023 Q3 - Quarterly Report

Financial Performance - Revenues for the nine months ended September 30, 2023, increased to $4,377,000 from $3,155,000 for the same period in 2022, marking an increase of approximately 38.7%[6] - For the three months ended September 30, 2023, the Company recorded total revenue of $3, a significant decrease from $1,860 in the same period of 2022, representing a decline of 99.84%[17] - For the nine months ended September 30, 2023, total revenue was $4,377, compared to $3,155 for the same period in 2022, indicating an increase of 38.67%[17] - The Company recognized $1,658 (€1,540) in transaction price allocated to unsatisfied performance obligations related to the licensing agreement with Pharmanovia[18] Net Loss and Earnings Per Share - Net loss for the nine months ended September 30, 2023, was $10,917,000 compared to a net loss of $10,276,000 for the same period in 2022, indicating a loss increase of about 6.3%[6] - For the three months ended September 30, 2023, the net loss was $4,145,000, compared to a net loss of $3,420,000 for the same period in 2022, representing an increase of 21.2%[33] - The basic and diluted loss per share for the three months ended September 30, 2023, was $(0.85), compared to $(0.70) for the same period in 2022, reflecting a 21.4% increase[33] - For the nine months ended September 30, 2023, the net loss was $10,917,000, compared to $10,276,000 for the same period in 2022, an increase of 6.2%[33] - The basic and diluted loss per share for the nine months ended September 30, 2023, was $(2.25), compared to $(2.12) for the same period in 2022, indicating a 6.1% increase[33] Assets and Liabilities - As of September 30, 2023, total assets decreased to $42,486,000 from $56,026,000 as of December 31, 2022, representing a decline of approximately 24.2%[2] - Cash and cash equivalents decreased to $38,756,000 from $50,611,000, a reduction of about 23.5%[2] - Total current liabilities decreased to $4,228,000 from $7,044,000, a decrease of approximately 40.5%[2] - Shareholders' equity as of September 30, 2023, was $26,278,000, down from $35,776,000 as of December 31, 2022, reflecting a decrease of about 26.6%[2] - As of September 30, 2023, the total deferred revenue was $1,737, a decrease from $4,633 as of December 31, 2022, reflecting a reduction of 62.5%[21] - The Company’s employee future benefit obligations decreased from $21,750 at the beginning of the period to $20,343 by September 30, 2023, a reduction of 6.5%[24] - The Company’s net liability of the unfunded employee future benefit plans was $10,105 as of September 30, 2023, compared to $11,159 at the end of 2022, a decrease of 9.45%[24] Research and Development - Research and development expenses for the nine months ended September 30, 2023, increased to $9,692,000 from $8,081,000, an increase of approximately 20%[6] - The company has established a pre-clinical pipeline to address unmet medical needs across several indications, focusing on rare or orphan diseases[10] Business Development - The company is actively pursuing business development opportunities for the commercialization of its lead product, Macrilen, in various regions including North America and Asia[9] - The Company expects to supply a total of licensed product units to Pharmanovia based on current projections and anticipated market demand, which will significantly influence revenue recognition[18] Stock Options and Compensation - The compensation expense for stock options for the nine months ended September 30, 2023, was $66, down from $101 in the same period of 2022, a decrease of 34.65%[29] - The Company granted 14,000 stock options in 2023, compared to 2,000 in 2022, indicating a significant increase in stock options granted[27] Contractual Obligations - As of September 30, 2023, the company has significant expenditures contracted but not recognized as liabilities totaling $7,024,000, with $6,857,000 due within one year[36] - The company may have to pay up to $38,127,000 upon achieving certain sales volumes, regulatory, or other milestones related to specific products[36] Operating Segment - The company operates in a single operating segment, which is the biopharmaceutical segment[34]