Cover
Cover | 3 Months Ended |
Mar. 31, 2024 | |
Cover [Abstract] | |
Document Type | 6-K |
Amendment Flag | false |
Document Period End Date | Mar. 31, 2024 |
Document Fiscal Period Focus | Q1 |
Document Fiscal Year Focus | 2024 |
Current Fiscal Year End Date | --12-31 |
Entity File Number | 001-38064 |
Entity Registrant Name | Aeterna Zentaris Inc. |
Entity Central Index Key | 0001113423 |
Entity Address, Address Line One | c/o Norton Rose Fulbright Canada, LLP |
Entity Address, Address Line Two | 222 Bay Street |
Entity Address, Address Line Three | Suite 3000, PO Box 53 |
Entity Address, City or Town | Toronto ON |
Entity Address, Postal Zip Code | M5K 1E7 |
Condensed Interim Consolidated
Condensed Interim Consolidated Statements of Financial Position (Unaudited) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Current assets | ||
Cash and cash equivalents | $ 29,545 | $ 34,016 |
Trade and other receivables | 190 | 222 |
Inventory | 64 | 66 |
Income taxes receivable | 118 | 121 |
Prepaid expenses and other current assets | 1,278 | 1,942 |
Total current assets | 31,195 | 36,367 |
Non-current assets | ||
Restricted cash equivalents | 326 | 332 |
Property and equipment | 271 | 317 |
Total non-current assets | 597 | 649 |
Total assets | 31,792 | 37,016 |
Current liabilities | ||
Payables and accrued liabilities (note 4) | 4,315 | 3,622 |
Provisions | 422 | 429 |
Income taxes payable | 109 | 111 |
Deferred revenues (note 3) | 252 | 218 |
Lease liabilities | 154 | 160 |
Total current liabilities | 5,252 | 4,540 |
Non-current liabilities | ||
Deferred revenues (note 3) | 1,471 | 1,544 |
Lease liabilities | 80 | 119 |
Employee future benefits (note 5) | 12,019 | 12,617 |
Total non-current liabilities | 13,570 | 14,280 |
Total liabilities | 18,822 | 18,820 |
Shareholders’ equity | ||
Share capital (note 6) | 293,410 | 293,410 |
Warrants | 5,085 | 5,085 |
Contributed surplus | 90,718 | 90,710 |
Deficit | (375,264) | (369,831) |
Accumulated other comprehensive loss | (979) | (1,178) |
Total Shareholders’ equity | 12,970 | 18,196 |
Total liabilities and shareholders’ equity | $ 31,792 | $ 37,016 |
Condensed Interim Consolidate_2
Condensed Interim Consolidated Statements of Changes in Shareholders' Equity (Unaudited) - USD ($) $ in Thousands | Issued capital [member] | Warrants [member] | Contributed Surplus [member] | Retained earnings [member] | Accumulated other comprehensive income [member] | Total |
Balance at Dec. 31, 2022 | $ 293,410 | $ 5,085 | $ 90,332 | $ (352,084) | $ (967) | $ 35,776 |
IfrsStatementLineItems [Line Items] | ||||||
Net loss | (4,255) | (4,255) | ||||
Foreign currency translation adjustments | (168) | (168) | ||||
Actuarial loss on defined benefit plans | (162) | (162) | ||||
Comprehensive income | (4,417) | (168) | (4,585) | |||
Share-based compensation costs | 17 | 17 | ||||
Balance at Mar. 31, 2023 | 293,410 | 5,085 | 90,349 | (356,501) | (1,135) | 31,208 |
Balance at Dec. 31, 2023 | 293,410 | 5,085 | 90,710 | (369,831) | (1,178) | 18,196 |
IfrsStatementLineItems [Line Items] | ||||||
Net loss | (5,752) | (5,752) | ||||
Foreign currency translation adjustments | 199 | 199 | ||||
Actuarial loss on defined benefit plans | 319 | 319 | ||||
Comprehensive income | (5,433) | 199 | (5,234) | |||
Share-based compensation costs | 8 | 8 | ||||
Balance at Mar. 31, 2024 | $ 293,410 | $ 5,085 | $ 90,718 | $ (375,264) | $ (979) | $ 12,970 |
Condensed Interim Consolidate_3
Condensed Interim Consolidated Statements of Loss and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | ||
Profit or loss [abstract] | |||
Revenues (note 3) | $ 4 | $ 2,128 | |
Expenses | |||
Cost of sales | 16 | 17 | |
Research and development | 2,584 | 4,012 | |
Selling, general and administrative (note 10) | 3,514 | 2,306 | |
Total expenses | 6,114 | 6,335 | |
Loss from operations | (6,110) | (4,207) | |
Gain (loss) due to changes in foreign currency exchange rates | 77 | (59) | |
Interest income | 285 | 13 | |
Other finance costs | (4) | (2) | |
Net finance income (costs) | 358 | (48) | |
Loss before income taxes | (5,752) | (4,255) | |
Income tax recovery | |||
Net loss | (5,752) | (4,255) | |
Items that may be reclassified subsequently to profit or loss: | |||
Foreign currency translation adjustments | 199 | (168) | |
Items that will not be reclassified to profit or loss: | |||
Actuarial gain (loss) on defined benefit plans (note 5) | 319 | (162) | |
Comprehensive loss | $ (5,234) | $ (4,585) | |
Basic loss per share | $ (4.74) | $ (3.51) | |
Diluted loss per share | $ (4.74) | $ (3.51) | |
Weighted average number of shares outstanding, basic | [1] | 1,213,969 | 1,213,969 |
Weighted average number of shares outstanding, diluted | [1] | 1,213,969 | 1,213,969 |
[1]On May [3], 2024, the Company’s shares were consolidated on a 1-for-4 reverse stock split, which has been reflected retrospectively in the financial statements and further discussed in note 6. |
Condensed Interim Consolidate_4
Condensed Interim Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Cash flows from operating activities | ||
Net loss for the period | $ (5,752) | $ (4,255) |
Items not affecting cash and cash equivalents: | ||
Depreciation and amortization | 44 | 40 |
Share-based compensation costs | 8 | 17 |
Employee future benefits | 130 | 135 |
Net foreign exchange differences | (6) | 8 |
Amortization of deferred revenues | (760) | |
Provisions | (8) | |
Other non-cash items | 5 | 1 |
Changes in operating assets and liabilities (note 7) | 1,281 | 761 |
Net cash used in operating activities | (4,290) | (4,061) |
Cash flows from financing activities | ||
Payments on lease liabilities | (42) | (38) |
Net cash used in financing activities | (42) | (38) |
Cash flows from investing activities | ||
Purchase of property and equipment | (5) | (2) |
Net cash used in investing activities | (5) | (2) |
Effect of exchange rate changes on cash and cash equivalents | (134) | 50 |
Net change in cash and cash equivalents | (4,471) | (4,051) |
Cash and cash equivalents – Beginning of period | 34,016 | 50,611 |
Cash and cash equivalents – End of period | $ 29,545 | $ 46,560 |
Business overview
Business overview | 3 Months Ended |
Mar. 31, 2024 | |
Notes and other explanatory information [abstract] | |
Business overview | 1. Business overview Summary of business Aeterna Zentaris is a specialty biopharmaceutical company commercializing and developing therapeutics and diagnostic tests. The Company’s lead product, Macrilen ® The Company is also dedicated to the development of therapeutic assets and has taken steps to establish a pre-clinical pipeline to potentially address unmet medical needs across several indications with a focus on rare or orphan indications. These unaudited condensed interim consolidated financial statements were approved by the Board of Directors (the “Board”) on May 14, 2024. |
Basis of presentation
Basis of presentation | 3 Months Ended |
Mar. 31, 2024 | |
Notes and other explanatory information [abstract] | |
Basis of presentation | 2. Basis of presentation These unaudited condensed interim consolidated financial statements have been prepared in accordance with IAS 34, Interim Financial Reporting The unaudited condensed interim consolidated financial statements do not include all the notes normally included in annual consolidated financial statements. Accordingly, these unaudited condensed interim consolidated financial statements should be read in conjunction with the Company’s annual consolidated financial statements as of and for the year ended December 31, 2023. The accounting policies used in these condensed interim consolidated financial statements are consistent with those presented in the Company’s annual consolidated financial statements. New standards and amendments Several amendments apply for the first time in 2024, but do not have an impact on the interim condensed consolidated financial statements of the Company. The Company has not early adopted any standard, interpretation or amendment that has been issued but is not yet effective. Aeterna Zentaris Inc. Notes to the Condensed Interim Consolidated Financial Statements As of March 31, 2024, and for the three months ended March 31, 2024, and 2023 (In thousands of US dollars, except share and per share data and as otherwise noted) (Unaudited) Critical accounting estimates and judgements The preparation of condensed interim consolidated financial statements in accordance with IFRS requires management to make judgements, estimates and assumptions that affect the reported amounts of the Company’s assets, liabilities, revenues, expenses and related disclosures. Judgements, estimates and assumptions are based on historical experience, expectations, current trends and other factors that management believes to be relevant at the time at which the Company’s condensed interim consolidated financial statements are prepared. Management reviews, on a regular basis, the Company’s accounting policies, assumptions, estimates and judgements in order to ensure that the condensed interim consolidated financial statements are presented fairly and in accordance with IFRS applicable to interim financial statements. Critical accounting estimates and assumptions, as well as critical judgements used in applying accounting policies in the preparation of the Company’s condensed interim consolidated financial statements, were the same as those applied to the Company’s annual consolidated financial statements as of and for the year ended December 31, 2023. |
Revenue
Revenue | 3 Months Ended |
Mar. 31, 2024 | |
Notes and other explanatory information [abstract] | |
Revenue | 3. Revenue The Company derives revenue from the transfer of goods and services over time and at a point in time in the following categories: Summary of revenue from transfer of goods and services 2024 2023 Three months ended March 31, 2024 2023 $ $ Royalties 4 18 License fees - 760 Development services - 1,339 Supply chain - 11 Total 4 2,128 The Company recorded revenue for the transfer of services overtime for the three months ended March 31, 2024, $ nil 2,110 4 18 Aeterna Zentaris Inc. Notes to the Condensed Interim Consolidated Financial Statements As of March 31, 2024, and for the three months ended March 31, 2024, and 2023 (In thousands of US dollars, except share and per share data and as otherwise noted) (Unaudited) Liabilities related to contracts with customers The following table provides a summary of deferred revenue balances: Summary of deferred revenue Current Non-current Total March 31, 2024 Current Non-current Total $ $ $ Pharmanovia 244 1,350 1,594 NK Meditech 8 121 129 Contract liabilities 252 1,471 1,723 Current Non-current Total December 31, 2023 Current Non-current Total $ $ $ Pharmanovia 209 1,420 1,629 NK Meditech 9 124 133 Contract liabilities 218 1,544 1,762 |
Payables and accrued liabilitie
Payables and accrued liabilities | 3 Months Ended |
Mar. 31, 2024 | |
Notes and other explanatory information [abstract] | |
Payables and accrued liabilities | 4. Payables and accrued liabilities Summary of detailed information about payables and accrued liabilities 2024 2023 Three months ended March 31, 2024 2023 $ $ Trade accounts payable 2,402 1,866 Accrued research and development costs 438 804 Accrued employee benefits 411 343 Payroll tax and other statutory liabilities 60 78 Other accrued liabilities 1,004 531 Payables and accrued liabilities 4,315 3,622 Aeterna Zentaris Inc. Notes to the Condensed Interim Consolidated Financial Statements As of March 31, 2024, and for the three months ended March 31, 2024, and 2023 (In thousands of US dollars, except share and per share data and as otherwise noted) (Unaudited) |
Employee future benefits
Employee future benefits | 3 Months Ended |
Mar. 31, 2024 | |
Notes and other explanatory information [abstract] | |
Employee future benefits | 5. Employee future benefits The change in the Company’s employee future benefit obligations is summarized as follows: Summary of net defined benefit liability asset Three months ended March 31, 2024 Year ended December 31, 2023 Pension Other benefit plans benefit plans Total Total $ $ $ $ Change in plan liabilities Balances – Beginning of the year 23,622 98 23,720 21,750 Current service cost (residual value) 32 3 35 120 Interest cost 185 - 185 807 Actuarial loss (gain) arising from changes in financial assumptions (319 ) - (319 ) 1,213 Benefits paid (183 ) - (183 ) (815 ) Impact of foreign exchange rate changes (524 ) (3 ) (527 ) 645 Balances – End of the period 22,813 98 22,911 23,720 Change in plan assets Balances – Beginning of the year 11,103 - 11,103 10,591 Interest income from plan assets 88 - 88 396 Employer contributions 9 - 9 36 Employee contributions 3 - 3 13 Benefits paid (63 ) - (63 ) (266 ) Remeasurement of plan assets - - - 15 Impact of foreign exchange rate changes (248 ) - (248 ) 318 Balances – End of the year 10,892 - 10,892 11,103 Net liability of the unfunded plans 11,184 98 11,282 11,682 Net liability of the funded plans 737 - 737 935 Net amount recognized as Employee future benefits 11,921 98 12,019 12,617 Amounts recognized: In net loss 126 4 130 520 Actuarial gain (loss) on defined benefit plans in other comprehensive (gain) loss 319 - 319 (1,195 ) The calculation of the employee future benefit obligation is sensitive to the discount rate assumption and other assumptions such as the rate of the pension benefit increase. Discount rates were 3.40 3.30 Aeterna Zentaris Inc. Notes to the Condensed Interim Consolidated Financial Statements As of March 31, 2024, and for the three months ended March 31, 2024, and 2023 (In thousands of US dollars, except share and per share data and as otherwise noted) (Unaudited) |
Shareholders_ equity
Shareholders’ equity | 3 Months Ended |
Mar. 31, 2024 | |
Notes and other explanatory information [abstract] | |
Shareholders’ equity | 6. Shareholders’ equity Share capital The Company has authorized an unlimited number of common shares (being voting and participating shares) with no par value, as well as an unlimited number of preferred, first and second ranking shares, issuable in series, with rights and privileges specific to each class, with no par value. 1-for-4 Summary of share capital Common shares Amount # $ Balance – December 31, 2023 1,213,969 293,410 - - Balance – March 31, 2024 1,213,969 293,410 Share-based compensation During the three months ended March 31, 2024, the Company granted nil 3,500 nil nil 8 17 Summary of number and weighted average exercise prices of share options Stock options Weighted average exercise price # $ Balance – December 31, 2023 13,350 50.04 Forfeited (167 ) 42.04 Granted - - Balance – March 31, 2024 13,183 50.14 Stock options Weighted average exercise price # $ Balance – December 31, 2022 10,508 80.20 Granted 3,500 15.00 Balance – March 31, 2023 14,008 63.91 Aeterna Zentaris Inc. Notes to the Condensed Interim Consolidated Financial Statements As of March 31, 2024, and for the three months ended March 31, 2024, and 2023 (In thousands of US dollars, except share and per share data and as otherwise noted) (Unaudited) |
Supplemental disclosure of cash
Supplemental disclosure of cash flow information | 3 Months Ended |
Mar. 31, 2024 | |
Notes and other explanatory information [abstract] | |
Supplemental disclosure of cash flow information | 7. Supplemental disclosure of cash flow information Summary of changes in operating assets and liabilities 2024 2023 Three months ended March 31, 2024 2023 $ $ Changes in operating assets and liabilities: Trade and other receivables 74 203 Inventory - 5 Prepaid expenses and other current assets 625 626 Payables and accrued liabilities 711 235 Deferred revenues - (154 ) Provision for restructuring and other costs - (9 ) Employee future benefits (129 ) (145 ) Increase (decrease) in operating assets and liabilities 1,281 761 |
Net loss per share
Net loss per share | 3 Months Ended |
Mar. 31, 2024 | |
Notes and other explanatory information [abstract] | |
Net loss per share | 8. Net loss per share The following table sets forth pertinent data relating to the computation of basic and diluted net loss per share attributable to common shareholders. Summary of pertinent data relating to computation of basic and diluted net loss per share 2024 2023 Three months ended March 31, 2024 2023 $ $ Net loss (5,752 ) (4,255 ) Basic and diluted weighted-average shares outstanding 1,213,969 1,213,969 Basic and diluted loss per share (4.74 ) (3.51 ) Items excluded from the calculation of diluted net loss per share due to their anti-dilutive effect: Stock options and DSUs 62,413 38,238 Warrants 114,405 114,405 |
Segment information
Segment information | 3 Months Ended |
Mar. 31, 2024 | |
Notes and other explanatory information [abstract] | |
Segment information | 9. Segment information The Company operates in a single |
Related party transactions
Related party transactions | 3 Months Ended |
Mar. 31, 2024 | |
Notes and other explanatory information [abstract] | |
Related party transactions | 10. Related party transactions During the three months ended March 31, 2024, the Company recorded a termination benefit payment of $ 324 300 Aeterna Zentaris Inc. Notes to the Condensed Interim Consolidated Financial Statements As of March 31, 2024, and for the three months ended March 31, 2024, and 2023 (In thousands of US dollars, except share and per share data and as otherwise noted) (Unaudited) |
Commitments
Commitments | 3 Months Ended |
Mar. 31, 2024 | |
Notes and other explanatory information [abstract] | |
Commitments | 11. Commitments Significant expenditure contracted for at the end of the reporting period but not recognized as liabilities is as follows: Schedule of expected future minimum lease payments TOTAL $ Less than 1 year 4,335 1 - 5 years 75 Total 4,410 In 2021, the Company executed various agreements including in-licensing and similar arrangements with development partners. Such agreements may require the Company to make payments on achievement of stages of development, launch or revenue milestones, although the Company generally has the right to terminate these agreements at no penalty. The Company may have to pay up to $ 38,756 |
Subsequent event
Subsequent event | 3 Months Ended |
Mar. 31, 2024 | |
Notes and other explanatory information [abstract] | |
Subsequent event | 12. Subsequent event On December 14, 2023, the Company and Ceapro Inc. (“Ceapro”) jointly announced the signing of a definitive agreement to combine their operations in an all-stock merger of equals. Pursuant to the agreement, the transaction will be effected by way of a plan of arrangement under the Canada Business Corporations Act pursuant to which, following the 1-for-4 0.02360 0.47698 0.01 Following the closing of the Transaction, the former shareholders of Ceapro will own 50% of Aeterna and the pre-transaction securityholders of Aeterna will own the remaining 50%, assuming the exercise of all Transaction Warrants. |
Basis of presentation (Policies
Basis of presentation (Policies) | 3 Months Ended |
Mar. 31, 2024 | |
Notes and other explanatory information [abstract] | |
New standards and amendments | New standards and amendments Several amendments apply for the first time in 2024, but do not have an impact on the interim condensed consolidated financial statements of the Company. The Company has not early adopted any standard, interpretation or amendment that has been issued but is not yet effective. Aeterna Zentaris Inc. Notes to the Condensed Interim Consolidated Financial Statements As of March 31, 2024, and for the three months ended March 31, 2024, and 2023 (In thousands of US dollars, except share and per share data and as otherwise noted) (Unaudited) |
Critical accounting estimates and judgements | Critical accounting estimates and judgements The preparation of condensed interim consolidated financial statements in accordance with IFRS requires management to make judgements, estimates and assumptions that affect the reported amounts of the Company’s assets, liabilities, revenues, expenses and related disclosures. Judgements, estimates and assumptions are based on historical experience, expectations, current trends and other factors that management believes to be relevant at the time at which the Company’s condensed interim consolidated financial statements are prepared. Management reviews, on a regular basis, the Company’s accounting policies, assumptions, estimates and judgements in order to ensure that the condensed interim consolidated financial statements are presented fairly and in accordance with IFRS applicable to interim financial statements. Critical accounting estimates and assumptions, as well as critical judgements used in applying accounting policies in the preparation of the Company’s condensed interim consolidated financial statements, were the same as those applied to the Company’s annual consolidated financial statements as of and for the year ended December 31, 2023. |
Revenue (Tables)
Revenue (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes and other explanatory information [abstract] | |
Summary of revenue from transfer of goods and services | The Company derives revenue from the transfer of goods and services over time and at a point in time in the following categories: Summary of revenue from transfer of goods and services 2024 2023 Three months ended March 31, 2024 2023 $ $ Royalties 4 18 License fees - 760 Development services - 1,339 Supply chain - 11 Total 4 2,128 |
Summary of deferred revenue | The following table provides a summary of deferred revenue balances: Summary of deferred revenue Current Non-current Total March 31, 2024 Current Non-current Total $ $ $ Pharmanovia 244 1,350 1,594 NK Meditech 8 121 129 Contract liabilities 252 1,471 1,723 Current Non-current Total December 31, 2023 Current Non-current Total $ $ $ Pharmanovia 209 1,420 1,629 NK Meditech 9 124 133 Contract liabilities 218 1,544 1,762 |
Payables and accrued liabilit_2
Payables and accrued liabilities (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes and other explanatory information [abstract] | |
Summary of detailed information about payables and accrued liabilities | Summary of detailed information about payables and accrued liabilities 2024 2023 Three months ended March 31, 2024 2023 $ $ Trade accounts payable 2,402 1,866 Accrued research and development costs 438 804 Accrued employee benefits 411 343 Payroll tax and other statutory liabilities 60 78 Other accrued liabilities 1,004 531 Payables and accrued liabilities 4,315 3,622 |
Employee future benefits (Table
Employee future benefits (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes and other explanatory information [abstract] | |
Summary of net defined benefit liability asset | The change in the Company’s employee future benefit obligations is summarized as follows: Summary of net defined benefit liability asset Three months ended March 31, 2024 Year ended December 31, 2023 Pension Other benefit plans benefit plans Total Total $ $ $ $ Change in plan liabilities Balances – Beginning of the year 23,622 98 23,720 21,750 Current service cost (residual value) 32 3 35 120 Interest cost 185 - 185 807 Actuarial loss (gain) arising from changes in financial assumptions (319 ) - (319 ) 1,213 Benefits paid (183 ) - (183 ) (815 ) Impact of foreign exchange rate changes (524 ) (3 ) (527 ) 645 Balances – End of the period 22,813 98 22,911 23,720 Change in plan assets Balances – Beginning of the year 11,103 - 11,103 10,591 Interest income from plan assets 88 - 88 396 Employer contributions 9 - 9 36 Employee contributions 3 - 3 13 Benefits paid (63 ) - (63 ) (266 ) Remeasurement of plan assets - - - 15 Impact of foreign exchange rate changes (248 ) - (248 ) 318 Balances – End of the year 10,892 - 10,892 11,103 Net liability of the unfunded plans 11,184 98 11,282 11,682 Net liability of the funded plans 737 - 737 935 Net amount recognized as Employee future benefits 11,921 98 12,019 12,617 Amounts recognized: In net loss 126 4 130 520 Actuarial gain (loss) on defined benefit plans in other comprehensive (gain) loss 319 - 319 (1,195 ) |
Shareholders_ equity (Tables)
Shareholders’ equity (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes and other explanatory information [abstract] | |
Summary of share capital | Summary of share capital Common shares Amount # $ Balance – December 31, 2023 1,213,969 293,410 - - Balance – March 31, 2024 1,213,969 293,410 |
Summary of number and weighted average exercise prices of share options | Summary of number and weighted average exercise prices of share options Stock options Weighted average exercise price # $ Balance – December 31, 2023 13,350 50.04 Forfeited (167 ) 42.04 Granted - - Balance – March 31, 2024 13,183 50.14 Stock options Weighted average exercise price # $ Balance – December 31, 2022 10,508 80.20 Granted 3,500 15.00 Balance – March 31, 2023 14,008 63.91 |
Supplemental disclosure of ca_2
Supplemental disclosure of cash flow information (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes and other explanatory information [abstract] | |
Summary of changes in operating assets and liabilities | Summary of changes in operating assets and liabilities 2024 2023 Three months ended March 31, 2024 2023 $ $ Changes in operating assets and liabilities: Trade and other receivables 74 203 Inventory - 5 Prepaid expenses and other current assets 625 626 Payables and accrued liabilities 711 235 Deferred revenues - (154 ) Provision for restructuring and other costs - (9 ) Employee future benefits (129 ) (145 ) Increase (decrease) in operating assets and liabilities 1,281 761 |
Net loss per share (Tables)
Net loss per share (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes and other explanatory information [abstract] | |
Summary of pertinent data relating to computation of basic and diluted net loss per share | The following table sets forth pertinent data relating to the computation of basic and diluted net loss per share attributable to common shareholders. Summary of pertinent data relating to computation of basic and diluted net loss per share 2024 2023 Three months ended March 31, 2024 2023 $ $ Net loss (5,752 ) (4,255 ) Basic and diluted weighted-average shares outstanding 1,213,969 1,213,969 Basic and diluted loss per share (4.74 ) (3.51 ) Items excluded from the calculation of diluted net loss per share due to their anti-dilutive effect: Stock options and DSUs 62,413 38,238 Warrants 114,405 114,405 |
Commitments (Tables)
Commitments (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes and other explanatory information [abstract] | |
Schedule of expected future minimum lease payments | Significant expenditure contracted for at the end of the reporting period but not recognized as liabilities is as follows: Schedule of expected future minimum lease payments TOTAL $ Less than 1 year 4,335 1 - 5 years 75 Total 4,410 |
Summary of revenue from transfe
Summary of revenue from transfer of goods and services (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Notes and other explanatory information [abstract] | ||
Royalties | $ 4 | $ 18 |
License fees | 760 | |
Development services | 1,339 | |
Supply chain | 11 | |
Total | $ 4 | $ 2,128 |
Summary of deferred revenue (De
Summary of deferred revenue (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
IfrsStatementLineItems [Line Items] | ||
Current contract liabilities | $ 252 | $ 218 |
Non-current contract liabilities | 1,471 | 1,544 |
Contract liabilities | 1,723 | 1,762 |
Pharmanovia [member] | ||
IfrsStatementLineItems [Line Items] | ||
Current contract liabilities | 244 | 209 |
Non-current contract liabilities | 1,350 | 1,420 |
Contract liabilities | 1,594 | 1,629 |
NK meditech limited [member] | ||
IfrsStatementLineItems [Line Items] | ||
Current contract liabilities | 8 | 9 |
Non-current contract liabilities | 121 | 124 |
Contract liabilities | $ 129 | $ 133 |
Summary of detailed information
Summary of detailed information about payables and accrued liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 |
Notes and other explanatory information [abstract] | |||
Trade accounts payable | $ 2,402 | $ 1,866 | |
Accrued research and development costs | 438 | 804 | |
Accrued employee benefits | 411 | 343 | |
Payroll tax and other statutory liabilities | 60 | 78 | |
Other accrued liabilities | 1,004 | 531 | |
Payables and accrued liabilities | $ 4,315 | $ 3,622 | $ 3,622 |
Summary of net defined benefit
Summary of net defined benefit liability asset (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Change in plan liabilities | ||
Balances – Beginning of the year | $ 23,720 | $ 21,750 |
Current service cost (residual value) | 35 | 120 |
Interest cost | 185 | 807 |
Actuarial loss (gain) arising from changes in financial assumptions | 319 | (1,213) |
Benefits paid | (183) | (815) |
Impact of foreign exchange rate changes | (527) | 645 |
Balances – End of the period | 22,911 | 23,720 |
Change in plan assets | ||
Balances – Beginning of the year | 11,103 | 10,591 |
Interest income from plan assets | 88 | 396 |
Employer contributions | 9 | 36 |
Employee contributions | 3 | 13 |
Benefits paid | (63) | (266) |
Remeasurement of plan assets | 15 | |
Impact of foreign exchange rate changes | (248) | 318 |
Balances – End of the year | 10,892 | 11,103 |
Net liability of the unfunded plans | 11,282 | 11,682 |
Net liability of the funded plans | 737 | 935 |
Net amount recognized as Employee future benefits | 12,019 | 12,617 |
Amounts recognized: | ||
In net loss | 130 | 520 |
Actuarial gain (loss) on defined benefit plans in other comprehensive (gain) loss | 319 | (1,195) |
Pension defined benefit plans [member] | ||
Change in plan liabilities | ||
Balances – Beginning of the year | 23,622 | |
Current service cost (residual value) | 32 | |
Interest cost | 185 | |
Actuarial loss (gain) arising from changes in financial assumptions | 319 | |
Benefits paid | (183) | |
Impact of foreign exchange rate changes | (524) | |
Balances – End of the period | 22,813 | 23,622 |
Change in plan assets | ||
Balances – Beginning of the year | 11,103 | |
Interest income from plan assets | 88 | |
Employer contributions | 9 | |
Employee contributions | 3 | |
Benefits paid | (63) | |
Remeasurement of plan assets | ||
Impact of foreign exchange rate changes | (248) | |
Balances – End of the year | 10,892 | 11,103 |
Net liability of the unfunded plans | 11,184 | |
Net liability of the funded plans | 737 | |
Net amount recognized as Employee future benefits | 11,921 | |
Amounts recognized: | ||
In net loss | 126 | |
Actuarial gain (loss) on defined benefit plans in other comprehensive (gain) loss | 319 | |
Other benefit plans [member] | ||
Change in plan liabilities | ||
Balances – Beginning of the year | 98 | |
Current service cost (residual value) | 3 | |
Interest cost | ||
Actuarial loss (gain) arising from changes in financial assumptions | ||
Benefits paid | ||
Impact of foreign exchange rate changes | (3) | |
Balances – End of the period | 98 | 98 |
Change in plan assets | ||
Balances – Beginning of the year | ||
Interest income from plan assets | ||
Employer contributions | ||
Employee contributions | ||
Benefits paid | ||
Remeasurement of plan assets | ||
Impact of foreign exchange rate changes | ||
Balances – End of the year | ||
Net liability of the unfunded plans | 98 | |
Net liability of the funded plans | ||
Net amount recognized as Employee future benefits | 98 | |
Amounts recognized: | ||
In net loss | 4 | |
Actuarial gain (loss) on defined benefit plans in other comprehensive (gain) loss |
Revenue (Details Narrative)
Revenue (Details Narrative) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
IfrsStatementLineItems [Line Items] | ||
Revenues | $ 4 | $ 2,128 |
Goods or services transferred over time [member] | ||
IfrsStatementLineItems [Line Items] | ||
Revenues | 2,110 | |
Goods or services transferred at point in time [member] | ||
IfrsStatementLineItems [Line Items] | ||
Revenues | $ 4 | $ 18 |
Employee future benefits (Detai
Employee future benefits (Details Narrative) | Mar. 31, 2024 | Dec. 31, 2023 |
Notes and other explanatory information [abstract] | ||
Discount rate | 3.40% | 3.30% |
Summary of share capital (Detai
Summary of share capital (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2024 USD ($) shares | |
IfrsStatementLineItems [Line Items] | |
Balance | $ 18,196 |
Balance | $ 12,970 |
Issued capital [member] | |
IfrsStatementLineItems [Line Items] | |
Beginning balance, shares | shares | 1,213,969 |
Balance | $ 293,410 |
Issuance of common shares, net of transaction costs, shares | shares | |
Issuance of common shares, net of transaction costs, amount | |
Ending balance, shares | shares | 1,213,969 |
Balance | $ 293,410 |
Summary of number and weighted
Summary of number and weighted average exercise prices of share options (Details) | 3 Months Ended | |
Mar. 31, 2024 shares $ / shares | Mar. 31, 2023 shares $ / shares | |
Notes and other explanatory information [abstract] | ||
Number of options, beginning | shares | 13,350 | 10,508 |
Weighted average exercise price, beginning | $ / shares | $ 50.04 | $ 80.20 |
Number of options, beginning | shares | (167) | |
Weighted average exercise price, beginning | $ / shares | $ 42.04 | |
Number of options, beginning | shares | 3,500 | |
Weighted average exercise price, beginning | $ / shares | $ 15 | |
Number of options, beginning | shares | 13,183 | 14,008 |
Weighted average exercise price, beginning | $ / shares | $ 50.14 | $ 63.91 |
Summary of changes in operating
Summary of changes in operating assets and liabilities (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Notes and other explanatory information [abstract] | ||
Trade and other receivables | $ 74 | $ 203 |
Inventory | 5 | |
Prepaid expenses and other current assets | 625 | 626 |
Payables and accrued liabilities | 711 | 235 |
Deferred revenues | (154) | |
Provision for restructuring and other costs | (9) | |
Employee future benefits | (129) | (145) |
Increase (decrease) in operating assets and liabilities | $ 1,281 | $ 761 |
Summary of pertinent data relat
Summary of pertinent data relating to computation of basic and diluted net loss per share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | ||
IfrsStatementLineItems [Line Items] | |||
Net loss | $ (5,752) | $ (4,255) | |
Basic weighted-average number of shares outstanding | [1] | 1,213,969 | 1,213,969 |
Diluted weighted-average number of shares outstanding | [1] | 1,213,969 | 1,213,969 |
Basic loss per share | $ (4.74) | $ (3.51) | |
Diluted loss per share | $ (4.74) | $ (3.51) | |
Employee stock option and deferred stock units [member] | |||
Items excluded from the calculation of diluted net loss per share due to their anti-dilutive effect: | |||
Warrants | 62,413 | 38,238 | |
Warrants [member] | |||
Items excluded from the calculation of diluted net loss per share due to their anti-dilutive effect: | |||
Warrants | 114,405 | 114,405 | |
[1]On May [3], 2024, the Company’s shares were consolidated on a 1-for-4 reverse stock split, which has been reflected retrospectively in the financial statements and further discussed in note 6. |
Shareholders_ equity (Details N
Shareholders’ equity (Details Narrative) $ in Thousands | 3 Months Ended | |||
May 03, 2024 | May 01, 2024 | Mar. 31, 2024 USD ($) shares | Mar. 31, 2023 USD ($) shares | |
IfrsStatementLineItems [Line Items] | ||||
Number of options, granted | 3,500 | |||
Compensation expenses | $ | $ 8 | $ 17 | ||
Long term incentive plan [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Number of options, granted | ||||
Nonadjusting event [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Reverse stock split | 1-for-4 | |||
Nonadjusting event [member] | Board of directors [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Reverse stock split | 1-for-4 |
Segment information (Details Na
Segment information (Details Narrative) | 3 Months Ended |
Mar. 31, 2024 Integer | |
Notes and other explanatory information [abstract] | |
Number of operating segments | 1 |
Schedule of expected future min
Schedule of expected future minimum lease payments (Details) $ in Thousands | Mar. 31, 2024 USD ($) |
IfrsStatementLineItems [Line Items] | |
Total | $ 4,410 |
Not later than one year [member] | |
IfrsStatementLineItems [Line Items] | |
Total | 4,335 |
Later than one year and not later than five years [member] | |
IfrsStatementLineItems [Line Items] | |
Total | $ 75 |
Related party transactions (Det
Related party transactions (Details Narrative) - 3 months ended Mar. 31, 2024 | USD ($) | EUR (€) |
Notes and other explanatory information [abstract] | ||
Termination benefits expense | $ 324 | € 300 |
Commitments (Details Narrative)
Commitments (Details Narrative) $ in Thousands | Mar. 31, 2024 USD ($) |
IfrsStatementLineItems [Line Items] | |
Minimum lease payments net | $ 4,410 |
Top of range [member] | |
IfrsStatementLineItems [Line Items] | |
Minimum lease payments net | $ 38,756 |
Subsequent event (Details Narra
Subsequent event (Details Narrative) - $ / shares | May 03, 2024 | Dec. 14, 2023 |
Definitive agreement [member] | Ordinary shares [member] | ||
IfrsStatementLineItems [Line Items] | ||
Share purchase warrants price per share | $ 0.47698 | |
Nominal exercise price | $ 0.01 | |
Description of transaction warrants | Following the closing of the Transaction, the former shareholders of Ceapro will own 50% of Aeterna and the pre-transaction securityholders of Aeterna will own the remaining 50%, assuming the exercise of all Transaction Warrants. | |
Definitive agreement [member] | Ceapro Inc. [member] | ||
IfrsStatementLineItems [Line Items] | ||
Common share exchanged price per share | $ 0.02360 | |
Nonadjusting event [member] | ||
IfrsStatementLineItems [Line Items] | ||
Reverse stock split | 1-for-4 |