COSCIENS Biopharma Inc. Reports Third Quarter 2025 Financial Results and Provides Strategic Initiatives Update

Executive Summary

• COSCIENS voluntarily delisted from Nasdaq while remaining listed on the TSX and applied to trade on the OTCQB® Venture Market.
• Q3 2025 operating expenses fell 59% versus Q3 2024, driving a net loss of $1.8 M (‑$0.57 per share) versus a $5.8 M loss a year earlier.
• Gross margin improved by 700 bps; cash on hand stands at $8.5 M.

Key Details

• Delisting & Trading: Effective Sept 5 2025 the company’s Nasdaq listing was terminated; FINRA assigned ticker “CSCIF” for OTC trading as of Sept 4 2025. Application filed Nov 3 2025 to list on OTCQB® Venture Market (approval pending).
• Regulatory Plan: Company intends to file a Form 15‑F with the SEC to deregister and terminate U.S. reporting obligations; deregistration would become effective 90 days after filing.
• Financial Results – Q3 2025:
• Cash & cash equivalents: $8.5 M (Sept 30 2025).
• Revenue: $1.5 M, down $0.4 M YoY (declines in Avenanthramides, Beta Glucan, Oat Oil and timing of Macrilen shipments).
• Operating expenses: $2.9 M, down $4.4 M YoY (R&D ‑$2.3 M; SG&A ‑$0.9 M; impairment ↓ $1.2 M).
• Net loss: $1.8 M ($0.57 per share), improvement of $4.0 M versus Q3 2024.
• Financial Results – Nine‑Month (Jan–Sept 2025):
• Revenue: $5.7 M, down $0.5 M YoY.
• Operating expenses: $10.3 M, down $4.2 M YoY.
• Net loss: $8.2 M ($2.59 per share), modest improvement vs. $8.6 M a year earlier.
• Cost‑Structure Reset: Zero‑based budgeting (ZBB) launched Q2 2025; headcount reductions and tighter procurement drove the 59% expense reduction.
• Portfolio Assessment – Active Ingredients: Ongoing sales of beta glucan, avenanthramides, oat oil continue; exploring new food, beverage, dermatology, and pharma markets; decision made not to enter consumer‑product market due to high entry costs.
• Cosmeceutical Line (JuventeDC): Operations suspended and wind‑down initiated because of limited e‑commerce success.
• Pharmaceutical Program – Macrilen: Phase 3 DETECT trial failed primary endpoints; FDA declined proposed alternative diagnostic analysis for pediatric CGHD indication. Company evaluating sub‑group submission, EMA scientific advice, licensing or partnership options.
• AvenActive (Inflammation) Program: Phase 1 completed without safety concerns; Phase 2a enrolled 20 patients and concluded Q3 2025 – full results pending.
• PGX Technology: Pressurized Gas eXpanded (PGX) units built in Edmonton (Q4 2024) and Austria (2025); technical validation ongoing through Q3 2025; company seeking industrial partners for commercialization of specialty biocomposites.

Notable Quotes

“Our focus in Q3 was to ensure the zero‑based budgeting and restructuring plans we designed were executed successfully to establish our go‑forward cost structure,” – Anna Biehn, CEO

All amounts are presented in U.S. dollars unless otherwise noted.