Core Insights - COSCIENS Biopharma Inc. has voluntarily delisted from Nasdaq while retaining its listing on the TSX, marking a strategic shift to reduce public reporting obligations in the U.S. [4][5] - The company has successfully implemented a zero-based budgeting initiative, resulting in a 59% reduction in operating expenses compared to Q3 2024, leading to significantly lower cash outflows [3][15] - The gross margins improved by 700 basis points in Q3 2025 due to cost-cutting measures and operational improvements [2][3] Financial Performance - For Q3 2025, COSCIENS reported a consolidated net loss of $1.8 million, a decrease from a net loss of $5.8 million in Q3 2024, reflecting a $4.0 million improvement [15][18] - Total revenue for Q3 2025 was $1.5 million, down from $1.9 million in the same period in 2024, primarily due to decreased sales in key product lines [16][19] - Operating expenses for Q3 2025 were $2.9 million, significantly lower than $7.3 million in Q3 2024, driven by reductions in research and development costs and other expenses [17][20] Strategic Developments - The company has suspended its Juvente cosmeceuticals line due to limited success in e-commerce channels, focusing instead on core business areas [8] - COSCIENS is evaluating its pharmaceutical products, including Macrilen, which did not meet primary endpoints in a recent trial but still provides insights for future development [12] - The company is exploring new market opportunities for its active ingredients and has completed construction of its PGX technology units in Edmonton and Austria [10][11] Corporate Actions - Following the Nasdaq delisting, COSCIENS has applied for quotation on the OTCQB Venture Market, although approval is not guaranteed [4] - The company plans to file a Form 15-F with the SEC to terminate its U.S. reporting obligations, which would take effect 90 days after filing [4][5] - Management is focused on enhancing operational efficiency and reducing costs to maintain competitiveness in the current economic environment [5]

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].

Core Viewpoint - COSCIENS Biopharma Inc. has repositioned itself as a pure-play natural-based product company following a strategic review and pipeline prioritization, while continuing efforts to streamline operations and cut costs [1] Financial Overview - The company reported a consolidated net loss of $3.7 million, or $1.16 loss per common share, for the first quarter of 2025, compared to a net loss of $1.4 million, or $0.76 loss per common share, for the same period in 2024 [6] - Total revenue for the first quarter of 2025 was $1.5 million, down from $2.1 million in the same period in 2024, primarily due to a $0.7 million decrease in sales of Avenanthramides, Beta Glucan, and Oat Oil [7] - Operating expenses increased to $4.0 million from $2.7 million in the same period in 2024, mainly due to higher selling, general, and administrative costs following a merger [13] Cash Position - As of March 31, 2025, the company had $13.8 million in cash and cash equivalents [5] Clinical Development - The company is advancing its Phase 2 clinical trial for Avenanthramide tablets, having successfully completed Phase 1 with no significant adverse events observed [4] - The Phase 2a clinical efficacy study commenced on March 15, 2025, with the first cohort of 10 patients completing their treatment, and the Data and Safety Monitoring Board recommended continuation with a second cohort [4] Product Development - COSCIENS is working on a new portfolio of nutraceuticals, including an Oat Beta Glucan Chewable Bar for cholesterol reduction and a Yeast Beta Glucan Powder as an immune booster [4] - The company has completed the scale-up project for Pressurized Gas eXpanded Technology (PGX) at its Edmonton facility, ready to produce Yeast Beta Glucan at a small-scale commercial level [4]