Core Viewpoint - COSCIENS Biopharma Inc. announced a potential delay in filing its annual financial statements and related documents due to complexities arising from its merger with Ceapro Inc. and identified material weaknesses in financial controls [1][2][7]. Group 1: Financial Filing Delays - The company may delay the filing of its annual financial statements for the years ended December 31, 2024, 2023, and 2022, along with related management discussions and analysis, beyond the March 31, 2025 deadline [1][2]. - The delay is attributed to the complexities of the first audit of the combined entity post-merger, requiring additional time to review Ceapro's internal controls [2][3]. Group 2: Internal Control Issues - Management identified material weaknesses in the company's financial controls as of December 31, 2024, based on the COSO framework, including deficiencies in control environment, control activities, information and communication, and monitoring components [2][3]. - The auditors are also reviewing the impact of prospective U.S. tariffs, adding another layer of complexity to the audit process [2]. Group 3: Regulatory Actions - As a precaution, the company has applied for a management cease trade order (MCTO) from the Ontario Securities Commission, which may be imposed if the filing deadline is not met [4][5]. - If granted, the MCTO will not generally affect non-management individuals' ability to trade in the company's securities [5][6]. Group 4: Current Status and Future Plans - The company is actively working with its auditors to complete the required filings as soon as possible and will issue a news release once completed [3][7]. - The potential delay in filing does not currently affect the listing of the company's common stock on the Nasdaq Capital Market [7].
COSCIENS Biopharma Inc. Announces Possible Delay in Filing Year-End Reporting Documents