Core Viewpoint - COSCIENS Biopharma Inc. has approved a plan to voluntarily delist from Nasdaq while maintaining its listing on the Toronto Stock Exchange (TSX) to focus resources on core business needs and enhance operational efficiency [1][8]. Financial Highlights - For Q2 2025, total revenue was $2.7 million, a 17% increase compared to $2.3 million in Q2 2024 [17]. - Gross profit for Q2 2025 increased by 19% compared to the same period in 2024 [7]. - Operating expenses decreased by 28% compared to Q2 2024, totaling $3.3 million [18]. Strategic and Operational Updates - The company underwent a leadership change with a new CEO and a reconstituted Board of Directors, focusing on operational discipline and cost control [4][3]. - A zero-based budgeting initiative was launched, resulting in a 27% reduction in headcount to align costs with strategic priorities [6]. - The company is focusing on optimizing its revenue-generating base business and exploring new business development opportunities [5]. Nasdaq Delisting - The decision to delist from Nasdaq was driven by increasing costs associated with maintaining dual listings and a deteriorating cost-benefit ratio [8]. - The company plans to file a Form 25 with the SEC around August 25, 2025, with the delisting expected to be effective on or about September 5, 2025 [9][10]. Product and Market Development - The company is exploring new category expansion opportunities for its active ingredients, including beta glucan and avenanthramides [14]. - Despite challenges in the Macrilen product line, the company is assessing future development options and has ongoing clinical studies for its inflammation-related program [14]. Cash Position - As of June 30, 2025, the company had $9.3 million in cash and cash equivalents [15]. Overall Performance - For the six-month period ended June 30, 2025, the company reported a consolidated net loss of $6.0 million, compared to a loss of $2.8 million for the same period in 2024 [19]. - Total revenue for the six-month period was $4.2 million, a slight decrease from $4.4 million in the prior year [20].