COSCIENS Biopharma Inc. Reports Fourth Quarter and Full Year 2024 Financial Results and Provides a Corporate Update

Core Insights - COSCIENS Biopharma has repositioned itself as a pure-play natural-based product company following a strategic review and pipeline prioritization [1][3] - The company reported a revenue increase of 35.2% year-over-year, with total revenues of $9.6 million for the year ended December 31, 2024, compared to$7.1 million in 2023 [1][16] - The company ended the quarter with $16.4 million in cash and cash equivalents [1][11] Financial Performance - For Q4 2024, COSCIENS reported a consolidated net loss of$6.7 million, or $2.15 loss per share, compared to a net loss of$1.6 million, or $0.85 loss per share in Q4 2023 [12] - Total revenue for Q4 2024 was$3.3 million, an increase from $1.2 million in Q4 2023, primarily driven by increased sales of Avenanthramides and Beta Glucan [13] - Total operating expenses for Q4 2024 were$8.4 million, up from $2.2 million in Q4 2023, due to higher research and development costs and impairment expenses [14] Yearly Overview - For the full year 2024, the consolidated net loss was$15.3 million, or $5.93 loss per share, compared to a net loss of$3.5 million, or $1.89 loss per share in 2023 [15] - Total revenue for the year was$9.6 million, an increase of $2.4 million from$7.1 million in 2023, attributed to higher sales of Avenanthramides and Beta Glucan [16] - Total operating expenses for the year were $23.0 million, significantly higher than$7.5 million in 2023, driven by increased research and development and impairment expenses [18] Development Projects - The company has launched a new website for its JuventeDC product line, enhancing its online presence [5] - Avenanthramides Tablets are in clinical development, with successful Phase 1 results and a Phase 2a clinical efficacy study launched [7] - The Oat Beta Glucan Chewable Bar is set for commercial launch in H2 2025, while the Yeast Beta Glucan Powder is being finalized for commercialization as an immune booster [8] Strategic Direction - Following the negative results of the Phase 3 DETECT-Trial for macimorelin, the company has ceased investment in related pre-clinical programs and is exploring strategic options for this asset [3] - The company aims to reduce the cash burn rate while advancing promising programs from its legacy organizations [2] - COSCIENS is focused on leveraging its proprietary extraction technology to develop active ingredients from renewable plant resources for its product portfolio [23]