COSCIENS Biopharma Inc. Announces Q2 2024 Financial Results

COSCIENS Biopharma Inc., a specialty biopharmaceutical company listed on NASDAQ and TSX under the ticker CSCI, has announced its financial results for the quarter ending June 30, 2024, alongside a corporate update. The company reported a cash reserve of $27.8 million and shared optimistic expectations for forthcoming data from the DETECT-Trial evaluating macimorelin, anticipated in the third quarter of 2024.

Gilles Gagnon, President and CEO of COSCIENS, expressed satisfaction with the post-merger integration process following the company's acquisition, underscoring the identification of potential synergies and cost reductions. The company aims to concentrate resources on programs and products most likely to propel its growth as a diversified biopharmaceutical entity. 

In the financial highlights for the second quarter of 2024, COSCIENS reported a net loss of $1.4 million, equating to $0.64 per common share. This is an increase from the $0.9 million net loss, or $0.47 per common share, recorded in the same period in 2023. The increase in net loss was attributed to elevated research and development costs, which rose by $0.8 million, and selling, general, and administrative expenses, which increased by $1.8 million. These were partially offset by a rise in other income by $1.9 million and an income tax recovery increase of $0.2 million.

Revenue for the three-month period rose by $0.9 million to total $2.3 million, up from $1.4 million in the comparable quarter of the previous year. This uptick was driven by increased sales of Avenanthramides, Oat Beta Glucan, and Oat Oil.

Operating expenses during the second quarter saw a significant rise to $4.5 million from $1.9 million in the same period in 2023. This $2.6 million increase was predominantly due to heightened research and development expenditures tied to the Avenanthramides and DETECT clinical trials, as well as increased selling, general, and administrative costs following the merger with Ceapro.

For the six-month period ending June 30, 2024, COSCIENS reported a consolidated net loss of $2.8 million or $1.39 per common share, compared to a $1.1 million loss or $0.62 per common share during the same period in 2023. The rise in net loss was primarily driven by increased research and development costs by $1.5 million and selling, general, and administrative expenses by $2.4 million. These were somewhat counterbalanced by a $1.9 million increase in other income and a $0.3 million decrease in gross margin.

Total revenue for the first half of 2024 reached $4.4 million, up from $4.0 million in the same timeframe the previous year. This $0.4 million increase was again due to higher sales of Avenanthramides, Oat Beta Glucan, and Oat Oil. Correspondingly, operating expenses for this period rose to $7.4 million from $3.5 million, marking a $3.9 million increase due to the same factors affecting the quarterly results.

The company's consolidated financial statements and Management's Discussion and Analysis of Financial Condition and Results of Operations for the second quarter of 2024 will be accessible on COSCIENS' website and through their profiles on SEDAR+ and EDGAR.

COSCIENS Biopharma Inc. specializes in developing and commercializing a range of pharmaceutical, cosmeceutical, and nutraceutical products. Among its key offerings is macimorelin, an FDA and European Commission-approved oral test for diagnosing adult growth hormone deficiency. The company is also involved in producing active ingredients from renewable plant resources used in leading skincare brands and developing potential nutraceuticals or pharmaceuticals.

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