COSCIENS Biopharma (CSCI) 6-K 12 Nov 24 Management’s Discussion and Analysis of Financial Condition and Results of Operations Financial data

Cover

Cover	9 Months Ended
	Sep. 30, 2024
Cover [Abstract]
Document Type	6-K
Amendment Flag	false
Document Period End Date	Sep. 30, 2024
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2024
Current Fiscal Year End Date	--12-31
Entity File Number	001-38064
Entity Registrant Name	COSCIENS Biopharma 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
Entity Address, State or Province	ON
Entity Address, Postal Zip Code	M5K 1E7

Condensed Interim Consolidated

Condensed Interim Consolidated Statements of Financial Position (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Current assets
Cash and cash equivalents	$ 19,998	$ 6,678
Trade and other receivables	1,892	290
Inventories (note 5)	3,306	4,009
Income taxes receivable	123
Prepaid expenses and other assets (note 6)	2,902	290
Total current assets	28,221	11,267
Non-current assets
Restricted cash and cash equivalents	126	8
Investment tax credit receivable	729	743
Property and equipment (note 7)	11,807	11,645
Intangible assets (note 8)	1,807	7
Deferred tax assets	1,079	75
Total non-current assets	15,548	12,478
Total assets	43,769	23,745
Current liabilities
Payables and accrued liabilities (note 9)	4,817	1,012
Provisions	504
Income taxes payable	113
Current portion of deferred revenues (note 4)	46
Current portion of lease liabilities	405	299
Warrant liability (note 11)	2,143
DSU liability (note 12)	139
Total current liabilities	8,167	1,311
Non-current liabilities
Deferred revenues (note 4)	1,924
Lease liabilities	1,211	1,399
Employee future benefits (note 10)	12,453
Total non-current liabilities	15,588	1,399
Total liabilities	23,755	2,710
Shareholders’ equity
Share capital (note 13)	22,388	13,517
Contributed surplus	4,337	3,874
Retained earnings	(5,158)	4,356
Accumulated other comprehensive loss	(1,553)	(712)
Total Shareholders’ equity	20,014	21,035
Total liabilities and shareholders’ equity	$ 43,769	$ 23,745

Condensed Interim Consolidate_2

Condensed Interim Consolidated Statements of Changes in Shareholders' Equity (Unaudited) - USD ($) $ in Thousands	Issued capital [member]	Contributed Surplus [Member]	Retained earnings [member]	Accumulated other comprehensive income [member]	Total
Balance at Dec. 31, 2022	$ 13,496	$ 3,690	$ 7,841	$ (1,204)	$ 23,823
IfrsStatementLineItems [Line Items]
Net loss			(1,921)		(1,921)
Foreign currency translation adjustments				(22)	(22)
Actuarial loss on defined benefit plan (note 10)
Comprehensive income			(1,921)	(22)	(1,943)
Share-based compensation costs		176			176
Exercise of options	21	(8)			13
Balance at Sep. 30, 2023	13,517	3,858	5,920	(1,226)	22,069
Balance at Dec. 31, 2023	13,517	3,874	4,356	(712)	21,035
IfrsStatementLineItems [Line Items]
Net loss			(8,578)		(8,578)
Foreign currency translation adjustments				(841)	(841)
Actuarial loss on defined benefit plan (note 10)			(936)		(936)
Comprehensive income			(9,514)	(841)	(10,355)
Acquisition of Aeterna Zentaris Inc. (note 3)	8,485	9			8,494
Share-based compensation costs		454			454
Exercise of warrants (note 11)	386				386
Balance at Sep. 30, 2024	$ 22,388	$ 4,337	$ (5,158)	$ (1,553)	$ 20,014

Condensed Interim Consolidate_3

Condensed Interim Consolidated Statements of Loss and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Profit or loss [abstract]
Revenues (note 4)	$ 1,871	$ 1,952	$ 6,265	$ 5,929
Cost of sales	(914)	(1,147)	(3,585)	(3,139)
Gross profit	957	805	2,680	2,790
Research and development	2,799	436	5,391	1,551
Selling, general and administrative	2,992	1,480	7,702	3,832
Impairment of intangible assets (note 8)	1,459		1,459
Loss from operations	(6,293)	(1,111)	(11,872)	(2,593)
Gain due to changes in foreign currency	(55)		(13)
Finance costs	(22)	(23)	(106)	(113)
Other income	231	146	389	260
Change in fair value of warrant and DSU liabilities	272		2,026
Other income	426	123	2,296	147
Loss before income taxes	(5,867)	(988)	(9,576)	(2,446)
Income tax recovery	112	212	998	525
Net loss	(5,755)	(776)	(8,578)	(1,921)
Items that may be reclassified subsequently to profit or loss:
Foreign currency translation adjustments	(334)	(568)	(841)	(22)
Items that will not be reclassified subsequently to profit or loss:
Actuarial loss on defined benefit plans	(936)		(936)
Comprehensive loss	$ (7,025)	$ (1,344)	$ (10,355)	$ (1,943)
Basic loss per share	$ (1.85)	$ (0.42)	$ (3.58)	$ (1.04)
Diluted loss per share	$ (1.85)	$ (0.42)	$ (3.58)	$ (1.04)
Weighted average number of shares outstanding (basic)	3,106,503	1,847,678	2,394,927	1,847,068
Weighted average number of shares outstanding (diluted)	3,106,503	1,847,678	2,394,927	1,847,068

Condensed Interim Consolidate_4

Condensed Interim Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Cash flows from operating activities
Net loss for the period	$ (5,755)	$ (776)	$ (8,578)	$ (1,921)
Items not affecting cash and cash equivalents:
Depreciation and amortization	479	363	1,215	1,084
Share-based compensation costs	427	33	454	176
Impairment of intangible assets (note 8)	1,459		1,459
Employee future benefits	135		178
Amortization of deferred revenues	(39)		(39)
Change in fair value of warrant and DSU liabilities	(271)		(2,026)
Other non-cash items	23		34
Income tax recovery	(112)	(212)	(998)	(525)
Changes in operating assets and liabilities (note 15)	(4,125)	736	(3,268)	(311)
Net cash used in operating activities	(7,779)	144	(11,569)	(1,497)
Cash flows from financing activities
Exercise of stock options		12		13
Payments on exercise of DSUs	(74)		(74)
Payments on lease liabilities	(114)	(71)	(312)	(205)
Net cash used in financing activities	(188)	(59)	(386)	(192)
Cash flows from investing activities
Acquisition of Aeterna Zentaris Inc. (note 3)			26,037
Purchase of property and equipment	(131)	(50)	(852)	(135)
Changes in restricted cash equivalents	214		214
Net cash provided by (used) in investing activities	83	(50)	25,399	(135)
Effect of exchange rate changes on cash and cash equivalents	78	(209)	(124)	(2)
Net change in cash and cash equivalents	(7,806)	(174)	13,320	(1,826)
Cash and cash equivalents – Beginning of period	27,804	8,538	6,678	10,190
Cash and cash equivalents – End of period	$ 19,998	$ 8,364	$ 19,998	$ 8,364

Business overview

Business overview	9 Months Ended
	Sep. 30, 2024
Notes and other explanatory information [abstract]
Business overview	1. Business overview Summary of business COSCIENS Biopharma Inc. (“the Company”) is a specialty biopharmaceutical company developing and commercializing a diversified portfolio of products for the cosmeceutical, nutraceutical and pharmaceutical markets. Such products being produced using the Company’s proprietary technologies. The Company’s patented technologies include the Pressurized Gas eXpanded (PGX) technology, which is a technology that generates high-value yields of active ingredients from natural plant resources for use in novel cosmeceutical, nutraceutical and therapeutics products. The Company's two value-driving products, oat beta glucan and avenanthramides, are found in many household name cosmetic and personal care brands. These products are manufactured from the Company’s proprietary oat extraction manufacturing technology and are known for their well-documented health benefits. In addition to our portfolio of nutraceutical and cosmeceutical products and programs, the Company is also conducting a Phase 1/2a clinical trial with the goal of developing our avenanthramides product as an anti-inflammatory. The Company’s lead commercial pharmaceutical product, macimorelin (Macrilen®; Ghryvelin®), is the first and only U.S. FDA and European Commission approved oral test indicated for the diagnosis of adult growth hormone deficiency (AGHD). During the three-month period ended September 30, 2024 These unaudited condensed interim consolidated financial statements were approved by the Board of Directors (the “Board”) on November 11, 2024. Transaction On December 14, 2023, Aeterna Zentaris Inc. (“Aeterna”) and Ceapro Inc. (“Ceapro”) entered into a binding arrangement agreement pursuant to which Aeterna would acquire all of the issued and outstanding common shares of Ceapro (the “Transaction”) by way of a plan of arrangement pursuant to which, at closing, each outstanding Ceapro common share would be exchanged for 0.02360 0.47698 In conjunction with the transaction, at the annual general meeting on July 16, 2024, the shareholders approved a special resolution authorizing the Board to change the company name from “Aeterna Zentaris Inc.” to “COSCIENS Biopharma Inc.” On August 6, 2024, the company filed articles of amendment pursuant to the Canada Business Corporations Act to effect this name change. Following the closing of the Transaction, former shareholders of Ceapro owned approximately 50% of the Aeterna common shares on a fully diluted basis and former shareholders of Aeterna owned approximately 50% of the Aeterna common shares on a fully diluted basis. COSCIENS Biopharma Inc. Notes to the Condensed Interim Consolidated Financial Statements As of September 30, 2024, and for the three and nine months ended September 30, 2024, and 2023 (In thousands of US dollars, except share and per share data and as otherwise noted) (Unaudited) The accompanying consolidated financial statements include the accounts of COSCIENS Biopharma Inc., an entity incorporated under the Canada Business Corporations Act DC The registered office of the Company is located at 222 Bay Street, Suite 3000, P.O. Box 53, Toronto, Ontario M5K 1E7, Canada. The Company’s common shares are listed on both the Toronto Stock Exchange under the symbol CSCI (previously AEZS) and on the NASDAQ Capital Market under the symbol CSCI (previously AEZS).

Basis of presentation

Basis of presentation	9 Months Ended
	Sep. 30, 2024
Disclosure of changes in accounting estimates [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. The unaudited condensed interim consolidated financial statements reflect all normal and reoccurring adjustments that are, in the opinion of management, necessary for a fair presentation of the results for the interim periods presented. Accordingly, these unaudited condensed interim consolidated financial statements should be read in conjunction with the Ceapro’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 Ceapro’s annual consolidated financial statements, except for the accounting policies as described below: Business combinations Business combinations are accounted for using the acquisition method as at the acquisition date when control is transferred. The consideration transferred for the acquisition of a business is the fair value of the assets transferred, and any liability and equity interests issued by the Company to the former owners of the acquired business on the acquisition date. Identifiable assets acquired and liabilities assumed in a business combination are generally measured initially at their fair values at the acquisition date. Acquisition-related costs other than those associated with the issue of debt or equity securities, and other direct costs of a business combination are not considered part of the business acquisition transaction and are expensed as incurred. Foreign currency Effective June 3, 2024, Ceapro has changed its reporting currency from Canadian dollars to U.S. dollars. This change in reporting currency has been applied retrospectively such that all amounts in the consolidated financial statements of the Company and the accompanying notes thereto are expressed in U.S. dollars. References to “$” are to U.S. dollars and references to “CA $” are to Canadian dollars. For comparative purposes, historical consolidated financial statements of Ceapro were recast in U.S. dollars by translating assets and liabilities at the closing exchange rate in effect at the end of the respective period, revenues, expenses and cash flows at the average exchange rate in effect for the respective period and equity transactions at historical exchange rates. Translation gains and losses are included in the cumulative foreign currency translation adjustment, which is reported as a component of shareholders’ equity under accumulated other comprehensive loss. COSCIENS Biopharma Inc. Notes to the Condensed Interim Consolidated Financial Statements As of September 30, 2024, and for the three and nine months ended September 30, 2024, and 2023 (In thousands of US dollars, except share and per share data and as otherwise noted) (Unaudited) Post-employment benefits The Company has partially funded and unfunded defined benefit multi-employer pension plans, namely the DUPK pension plan and the RUK 1990 and 2006 pension plans, (the “Pension Benefit Plans”) and unfunded post-employment benefit plans in Germany. Provisions for pension obligations are established for benefits payable in the form of retirement, disability and surviving dependent pensions. The Company also provides defined contribution plans to some of its employees. For defined benefit pension plans and other post-employment benefits, net periodic pension expense is actuarially determined on a quarterly basis using the projected unit credit method. The cost of pension and other benefits earned by employees is determined by applying certain assumptions, including discount rates, rate of pension benefit increases, the projected age of employees upon retirement and the expected rate of future compensation. The employee future benefits liability is recognized at its present value, which is determined by discounting the estimated future cash outflows using interest rates of high-quality corporate bonds that are denominated in the currency in which the benefits will be paid and that have terms to maturity approximating the terms of the related future benefit liability. Actuarial gains and losses that arise in calculating the present value of the defined benefit obligation are recognized in other comprehensive loss, net of tax, and simultaneously reclassified in the deficit in the consolidated statement of financial position in the year in which the actuarial gains and losses arise and without recycling to the consolidated statement of loss and comprehensive loss in subsequent periods. Revenue The Company generates revenue from supply agreements and licensing agreements with customers for the sale of certain finished goods, semi-finished goods and active pharmaceutical ingredients. The license is generally combined with other promises to supply goods to the customer, and revenue from the combined performance obligation is satisfied at a point in time, which occurs upon shipment. The transaction price for the combined performance obligation includes the license non-refundable non-creditable upfront payment, regulatory milestones, royalties and the selling price of each good supplied. Milestone payments, which are oftentimes payable upon the successful achievement of development or regulatory events, and royalties are included in the transaction price using the most likely amount method only if the milestones are considered probable of being reached and the Company concludes it is highly probable that a significant revenue reversal will not occur. Milestone payments and royalties that are not within the control of the Company or the licensee, such as regulatory approvals, are generally not considered probable of being achieved until those approvals or subsequent sales are received. The Company allocates the transaction price to the projected units that the Company expects to supply pursuant to the contract, estimated based on current projections and anticipated market demand. Intangible assets Intangible assets, consisting of patents, that are acquired by the Company and have finite useful lives are measured at cost less accumulated amortization and any accumulated impairment losses. Patents are amortized on their respective remaining patent life and are expiring between 2027 and 2041 COSCIENS Biopharma Inc. Notes to the Condensed Interim Consolidated Financial Statements As of September 30, 2024, and for the three and nine months ended September 30, 2024, and 2023 (In thousands of US dollars, except share and per share data and as otherwise noted) (Unaudited) Warrant liabilities Warrant liabilities are derivative financial instruments. They are initially measured at fair value. Subsequent to initial recognition, they are measured at fair value, and changes therein are recognized in profit or loss. Reclassifications Certain prior period amounts have been reclassified to conform to current period presentation. In the consolidated statement of financial position, trade receivables of $ 126 164 3,807 1,471 25 9 New standards and amendments Several amendments apply for the first time for reporting periods beginning after January 1, 2024, but do not have an impact on the interim condensed consolidated financial statements of the Company. The IASB has published several new, but not yet effective, standards, amendments to existing standards, and interpretations. None of these standards, amendments to existing standards, or interpretations have been early adopted by the Company, and management anticipates that all relevant pronouncements will be adopted for the first period beginning on or after the effective date of the pronouncement. No pronouncements have been disclosed as they are not expected to have a material impact on the Company’s condensed interim consolidated financial statements. 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 about the future 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. Revisions to estimates are recognized prospectively. Critical accounting estimates and assumptions are those that have a significant risk of causing material adjustment and are often applied to matters or outcomes that are inherently uncertain and subject to change. As such, management cautions that future events often vary from forecasts and expectations and that estimates routinely require adjustment. COSCIENS Biopharma Inc. Notes to the Condensed Interim Consolidated Financial Statements As of September 30, 2024, and for the three and nine months ended September 30, 2024, and 2023 (In thousands of US dollars, except share and per share data and as otherwise noted) (Unaudited) 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 Ceapro’s annual consolidated financial statements as of and for the year ended December 31, 2023, except for as described below: ● Measurement of defined benefit obligations: key actuarial assumptions (note 10); and ● Business acquisition: identification of the acquirer, determination of the fair value of the consideration transferred and fair value of some of the assets acquired and liabilities assumed (note 3); and ● Impairment of intangible assets: recoverable value of the intangible assets was based on a fair value less costs of disposal (note 8).

Acquisition of Aeterna Zentaris

Acquisition of Aeterna Zentaris Inc.	9 Months Ended
	Sep. 30, 2024
Disclosure of detailed information about business combination [abstract]
Acquisition of Aeterna Zentaris Inc.	3. Acquisition of Aeterna Zentaris Inc. As discussed in Note 1, Business Overview, as a result of the Transaction, Ceapro acquired control of Aeterna Zentaris Inc. on June 3, 2024. Aeterna is a specialty biopharmaceutical company commercializing and developing therapeutics and diagnostic tests. Aeterna’s lead product, Macrilen® (macimorelin), is the first and only U.S. FDA and EMA approved oral test indicated for the diagnosis of patients with adult growth hormone deficiency (“AGHD”). Macimorelin is currently marketed under the tradename Ghryvelin™ in the European Economic Area and the United Kingdom through an exclusive licensing agreement with Pharmanovia. Aeterna is actively pursuing business development opportunities for the commercialization of macimorelin in North America, Asia and the rest of the world. Aeterna 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. COSCIENS Biopharma Inc. Notes to the Condensed Interim Consolidated Financial Statements As of September 30, 2024, and for the three and nine months ended September 30, 2024, and 2023 (In thousands of US dollars, except share and per share data and as otherwise noted) (Unaudited) The Transaction was accounted for as a reverse acquisition under the acquisition method of accounting for business combinations. Ceapro was considered to be the accounting acquirer, and Aeterna was considered the legal acquirer. The amounts recorded for certain assets and liabilities are preliminary in nature and are subject to adjustment as additional information is obtained about the facts and circumstances that existed as of the acquisition date. The final determination of the fair values of certain assets and liabilities will be completed within the measurement period of up to one year from the acquisition date. Under the acquisition method of accounting, total consideration exchanged and allocation of the purchase price to the fair values of assets acquired and liabilities assumed in the Transaction were as follows: Schedule of purchase price to the fair values of assets acquired and liabilities assumed Preliminary Purchase Price Allocation Number Amount # $ Purchase price Shares deemed issued to Aeterna shareholders (1) 1,213,967 8,485 Warrants issued to Aeterna shareholders (2) 633,543 4,422 Replacement share-based payment awards: Equity-settled options (3) 12,949 9 Cash-settled DSUs (3) 49,230 344 Warrants deemed issued (4) 114,405 2 2,024,094 13,262 Recognized amounts of identifiable assets acquired and liabilities assumed Cash and cash equivalents 26,037 Trade and other receivables 142 Inventories 64 Income tax receivables 119 Prepaid expenses and deposits 971 Restricted cash equivalents 328 Property and equipment 235 Intangible assets (5) 3,352 Accounts payable and accrued liabilities (4,357 ) Provisions (424 ) Income tax payable (109 ) Deferred revenues (1,731 ) Lease liabilities (201 ) Employee future benefits (11,164 ) Total provisional identifiable net assets (liabilities) 13,262 (1) The fair value of the 1,213,967 6.99 0.225 0.02360 (2) The fair value of the 633,543 6.99 0.225 0.02360 (3) In accordance with the terms of the Plan of Arrangement, Aeterna’s share-based payment awards held by employees of Aeterna continued with no modifications and are deemed to be replacement awards issued. (4) The fair value of the 114,405 (5) The identifiable intangible assets consist of patents expiring between 2027 and 2041 COSCIENS Biopharma Inc. Notes to the Condensed Interim Consolidated Financial Statements As of September 30, 2024, and for the three and nine months ended September 30, 2024, and 2023 (In thousands of US dollars, except share and per share data and as otherwise noted) (Unaudited) The fair value of the replacement awards is $ 356 9 344 3 The fair value at acquisition date was estimated using a Black-Scholes option pricing model, considering the terms and conditions upon which the options were granted, using the following assumptions: Schedule of fair value at acquisition date was estimated using a Black-Scholes option Options Expected dividend yield $ 0.0 Weighted average expected volatility 65 % Weighted average risk-free rate 4.01 % Weighted average expected life (years) 2.87 Share price $ 6.99 Weighted average exercise price $ 50.15 Weighted average fair value $ 0.90 The expected volatility of these options was determined using historical volatility rates and the expected life was determined using the weighted average life of past options issued. The fair value of the replacement DSUs of $ 6.99 0.225 0.02360 (4) The fair value of the 114,405 Schedule of fair value at acquisition date was estimated using a Black-Scholes option Warrants Expected dividend yield $ 0.00 Weighted average expected volatility 65 % Weighted average risk-free rate 4.47 % Weighted average expected life (years) 1.19 Share price $ 6.99 Weighted average exercise price $ 87.04 Weighted average fair value $ 0.02 (5) The identifiable intangible assets consist of patents expiring between 2027 and 2041 For the period subsequent to the Transaction, Aeterna contributed revenue of $ 167 3,632 If the acquisition had occurred on January 1, 2024, management estimates that revenue would have been $6,271 and consolidated net loss for the year would have been $16,689. In determining these amounts, management has assumed that the fair value adjustments that arose on the date of acquisition would have been the same if the acquisition had occurred on January 1, 2024. COSCIENS Biopharma Inc. Notes to the Condensed Interim Consolidated Financial Statements As of September 30, 2024, and for the three and nine months ended September 30, 2024, and 2023 (In thousands of US dollars, except share and per share data and as otherwise noted) (Unaudited) The Company incurred acquisition-related costs of $ 4,081

Revenue

Revenue	9 Months Ended
	Sep. 30, 2024
Revenue [abstract]
Revenue	4. Revenue The Company derives revenue from the transfer of goods at a point in time in the following categories: Summary of revenue from transfer of goods and services 2024 2023 2024 2023 Three months ended Nine months ended September 30, September 30, 2024 2023 2024 2023 $ $ $ $ Active ingredients 1,707 1,952 6,098 5,929 Pharmaceutical 164 - 167 - Total 1,871 1,952 6,265 5,929 Deferred revenue The deferred revenue balance primarily relates to the advance consideration received in the form of non-refundable non-creditable upfront payment and milestone payments relating to list price approvals of Ghryvelin™ in the United Kingdom, Spain and Germany as per an exclusive licensing agreement for the commercialization of macimorelin (the “Licensed Product”) in the European Economic Area and the United Kingdom and an exclusive supply agreement for a period of ten years, subject to renewal, to supply such Licensed Product. Revenue for this contract will be recognized based on units of Licensed Product supplied. The total units that the Company expects to supply pursuant to the Pharmanovia Agreement is an estimate, based on current projections and anticipated market demand, and therefore will be a significant judgment that will be relied upon when using the outputs method to recognize revenue. The Company expects to recognize the balance of the deferred revenue over the remaining period of eight years, subject to extension based on the outcome of the ongoing clinical development related to the Pediatric Indication and related patent application initiatives. For the three months and nine months ended September 30, 2024, the Company recognized $ 39 39 Liabilities related to contracts with customers The following table provides a summary of deferred revenue balances: Summary of deferred revenue Current Non-current Total September 30, 2024 Current Non-current Total $ $ $ Pharmanovia 38 1,798 1,836 NK Meditech 8 126 134 Contract liabilities 46 1,924 1,970 COSCIENS Biopharma Inc. Notes to the Condensed Interim Consolidated Financial Statements As of September 30, 2024, and for the three and nine months ended September 30, 2024, and 2023 (In thousands of US dollars, except share and per share data and as otherwise noted) (Unaudited)

Inventories

Inventories	9 Months Ended
	Sep. 30, 2024
Classes of current inventories [abstract]
Inventories	5. Inventories The Company had the following inventories at the end of each reporting period: Schedule of inventories September 30, December 31, 2024 2023 $ $ Raw materials 898 889 Work in progress 2,096 2,576 Finished goods 312 544 Inventories 3,306 4,009 Inventories expensed to cost of goods sold during the three-month period ended September 30, 2024, are $ 887 1,147 3,354 3,139

Prepaid expenses and other asse

Prepaid expenses and other assets	9 Months Ended
	Sep. 30, 2024
Prepaid Expenses And Other Assets
Prepaid expenses and other assets	6. Prepaid expenses and other assets The Company had the following prepaid expenses at the end of each reporting period: Summary of prepaid expenses and other current assets September 30, December 31, 2024 2023 $ $ Prepaid insurance 1,945 81 Prepaid research and development 569 97 Other 388 112 Total 2,902 290 COSCIENS Biopharma Inc. Notes to the Condensed Interim Consolidated Financial Statements As of September 30, 2024, and for the three and nine months ended September 30, 2024, and 2023 (In thousands of US dollars, except share and per share data and as otherwise noted) (Unaudited)

Property and equipment

Property and equipment	9 Months Ended
	Sep. 30, 2024
Disclosure of detailed information about property, plant and equipment [abstract]
Property and equipment	7. Property and equipment Components of the Company’s property and equipment are summarized below. Schedule of property and equipment Equipment Equipment Office and Buildings Leasehold Total Cost Equipment Equipment Office and Buildings Leasehold Total $ $ $ $ $ $ At January 1, 2023 1,462 9,223 681 2,730 6,442 20,538 Additions 683 68 20 - 86 857 Acquisition of Aeterna (note 3) Amortization Disposals - (438 ) - - - (438 ) Impact of foreign exchange rate changes 54 206 16 64 152 492 At December 31, 2023 2,199 9,059 717 2,794 6,680 21,449 Property plant and equipment 2,199 9,059 717 2,794 6,680 21,449 Acquisition of Aeterna (note 3) - 124 23 88 - 235 Additions 1,155 69 12 3 12 1,251 Disposals - - (6 ) - - (6 ) Impact of foreign exchange rate changes (21 ) (159 ) (16 ) (28 ) (127 ) (351 ) At September 30, 2024 3,333 9,093 730 2,857 6,565 22,578 Property plant and equipment 3,333 9,093 730 2,857 6,565 22,578 Accumulated Depreciation Equipment Equipment Office and Buildings Leasehold Total $ $ $ $ $ $ At January 1, 2023 - 4,842 565 997 2,180 8,584 Amortization - 630 34 287 490 1,441 Disposals - (438 ) - - - (438 ) Impact of foreign exchange rate changes - 114 14 29 60 217 At December 31, 2023 - 5,148 613 1,313 2,730 9,804 Property plant and equipment - 5,148 613 1,313 2,730 9,804 Amortization - 473 25 250 373 1,121 Disposals - - (6 ) - - (6 ) Impact of foreign exchange rate changes - (84 ) (15 ) - (49 ) (148 ) At September 30, 2024 - 5,537 617 1,563 3,054 10,771 Property plant and equipment - 5,537 617 1,563 3,054 10,771 Carrying amount Equipment Equipment Office and Buildings Leasehold Total $ $ $ $ $ $ At December 31, 2023 2,199 3,911 104 1,481 3,950 11,645 Property plant and equipment, Beginning 2,199 3,911 104 1,481 3,950 11,645 At September 30, 2024 3,333 3,556 113 1,294 3,511 11,807 Property plant and equipment, Ending 3,333 3,556 113 1,294 3,511 11,807 COSCIENS Biopharma Inc. Notes to the Condensed Interim Consolidated Financial Statements As of September 30, 2024, and for the three and nine months ended September 30, 2024, and 2023 (In thousands of US dollars, except share and per share data and as otherwise noted) (Unaudited) Depreciation expense is allocated to the following expense categories: Schedule of depreciation expenses Cost of Selling, Research and development Total $ $ $ $ Nine Months Ended September 30, 2023 868 216 - 1,084 Nine Months Ended September 30, 2024 796 282 43 1,121 Included right-of-use in the net carrying amount of property and equipment at September 30, 2024, are assets relating to buildings, in the amount of $ 1,294 1,481 Included in the carrying amount of leasehold improvements is $ 785 800 3,333 2,199 The Company has entered into a purchase commitment with a European specialized engineering firm for the supply of engineering, services and equipment related to the construction of a PGX-100 pilot plant for $ 1,134 1,015 491 438

Intangible assets

Intangible assets	9 Months Ended
	Sep. 30, 2024
Intangible assets and goodwill [abstract]
Intangible assets	8. Intangible assets Changes in the carrying value of the Company’s identifiable intangible assets are summarized below. Schedule of Intangible Assets Cost Accumulated amortization Carrying value As at September 30, 2024 Cost Accumulated amortization Carrying value $ $ At January 1, 2024 34 (27 ) 7 Acquisition of Aeterna (note 3) 3,352 - 3,352 Amortization - (94 ) (94 ) Impairment of intangible assets (1,459 ) - (1,459 ) Impact of foreign exchange rate changes 1 - 1 At September 30, 2024 1,928 (121 ) 1,807 As at December 31, 2023 Cost Accumulated Carrying value $ $ At January 1, 2023 33 (24 ) 9 Acquisition of Aeterna (note 3) - - - Amortization - (2 ) (2 ) Impact of foreign exchange rate changes 1 (1 ) - At December 31, 2023 34 (27 ) 7 COSCIENS Biopharma Inc. Notes to the Condensed Interim Consolidated Financial Statements As of September 30, 2024, and for the three and nine months ended September 30, 2024, and 2023 (In thousands of US dollars, except share and per share data and as otherwise noted) (Unaudited) During the three-month period ended September 30, 2024, the Company concluded an indicator of impairment existed related to its macimorelin patent intangible assets due to the primary efficacy endpoint for the pediatric clinical trial not being met according to the definitions in the study protocol and thus requiring further analysis of the study results. These results require further clarification and some reanalysis with the aim to consider the trial outcome and the strategy moving forward. As a result, the Company performed an impairment test. The recoverable value of the macimorelin patent intangible assets was based on a fair value less costs of disposal determined using the royalty relief method using discounted cash flow models. Management developed assumptions related to revenue, royalty rates, discount rates and probability of possible scenarios. The royalty rate and the range of discount rates used of 21.7% 25.8% 1,807 1,459 The recoverable value is sensitive to a change in the probability of possible scenarios and an increase or decrease in those assumptions by 10% would result in a change in the impairment recorded by $ 375

Accounts payable

Accounts payable	9 Months Ended
	Sep. 30, 2024
Items for presentation of regulatory deferral accounts [abstract]
Accounts payable	9. Accounts payable The Company had the following accounts payable and accrued expenses at the end of each reporting period: Summary of detailed information about accounts payable and accrued expenses September 30, December 31, 2024 2023 $ $ Trade accounts payable 2,396 281 Accrued research and development costs 1,046 - Accrued employee benefits 432 130 Payroll tax and other statutory liabilities 60 - Other accrued liabilities 883 601 Accounts Payables and accrued liabilities 4,817 1,012 COSCIENS Biopharma Inc. Notes to the Condensed Interim Consolidated Financial Statements As of September 30, 2024, and for the three and nine months ended September 30, 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	9 Months Ended
	Sep. 30, 2024
Classes of employee benefits expense [abstract]
Employee future benefits	10. Employee future benefits The change in the Company’s employee future benefit obligations is summarized as follows: Summary of net employee future benefit liability asset $ $ $ Nine months ended September 30, 2024 Pension Other benefit plans benefit plans Total $ $ $ Change in plan liabilities Balances – Beginning of the period - - - Acquisition of Aeterna (note 3) 22,036 100 22,136 Current service cost 42 4 46 Interest cost 271 1 272 Actuarial loss from changes in financial assumptions 936 1 937 Benefits paid (251 ) - (251 ) Impact of foreign exchange rate changes 696 1 697 Balances – End of the period 23,730 107 23,837 Change in plan assets Balances – Beginning of the period - - - Acquisition of Aeterna Zentaris Inc. (note 3) 10,972 - 10,972 Interest income from plan assets 136 - 136 Employer contributions 13 - 13 Employee contributions 4 - 4 Benefits paid (87 ) - (87 ) Impact of foreign exchange rate changes 346 - 346 Balances – End of the period 11,384 - 11,384 Net liability of the unfunded plans 11,584 107 11,691 Net liability of the funded plans 762 - 762 Net amount recognized as Employee future benefits 12,346 107 12,453 Amounts recognized: In net loss 173 6 179 Actuarial loss on defined benefit plans in other comprehensive loss (936 ) - (936 ) 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% 3.70% COSCIENS Biopharma Inc. Notes to the Condensed Interim Consolidated Financial Statements As of September 30, 2024, and for the three and nine months ended September 30, 2024, and 2023 (In thousands of US dollars, except share and per share data and as otherwise noted) (Unaudited)

Warrants

Warrants	9 Months Ended
	Sep. 30, 2024
Warrants
Warrants	11. Warrants Warrant activity for the nine months ended September 30, 2024, was as follows: Summary of warrants activity reclassified equity Warrants Weighted Amount # $ $ Balance – December 31, 2023 - - - Warrants either issued or assumed as part of the acquisition of Aeterna (note 3) 747,948 13.32 4,424 Exercised (60,167 ) 0.01 (386 ) Expired (13,249 ) 165.00 - Change in fair value of warrants - - (1,895 ) Balance – September 30, 2024 674,532 11.53 2,143 The method and inputs used in estimating the fair value of warrants on the acquisition date are described in Note 3. The fair values of warrants as at September 30, 2024 are estimated using the Black-Scholes option pricing model. The weighted average assumptions used in the Black-Scholes valuation model for the period presented were as follows: Summary of fair values of warrants assumptions September 30, 2024 Expected dividend yield $ 0.00 Expected volatility 65.00 % Risk-free annual interest rate 4.47 % Expected life (years) 2.67 Weighted average share price $ 3.75 Weighted average exercise price $ 11.53 At September 30, 2024, the following warrants were outstanding: Schedule of warrants outstanding Issuance date Number Weighted Weighted # years $ February 2020 11,129 1.35 129.12 July 2020 56,210 0.89 45.00 August 2020 17,310 0.89 47.00 February 2021 16,507 1.39 181.25 June 2024 573,376 0.76 0.01 Balance – September 30, 2024 674,532 2.67 11.53 COSCIENS Biopharma Inc. Notes to the Condensed Interim Consolidated Financial Statements As of September 30, 2024, and for the three and nine months ended September 30, 2024, and 2023 (In thousands of US dollars, except share and per share data and as otherwise noted) (Unaudited)

Deferred share units

Deferred share units	9 Months Ended
	Sep. 30, 2024
Deferred Share Units
Deferred share units	12. Deferred share units The Company grants deferred share units (“DSUs”) to members of its Board of Directors and DSUs cannot be redeemed until the holder is no longer a director of the Company. Under the terms of the Long-Term Incentive Plan (“LTIP”), DSUs vest immediately and can either be settled via equity issuance or a cash payment, which is determined by the Board of Directors on the date of issuance for each grant. Each DSU settled by the issuance of one common share of the Company, net of applicable withholding taxes, is classified as equity-settled, while the DSUs settled by cash payment are classified as cash-settled. Cash-settled deferred share units The compensation expense for the nine months ended September 30, 2024, was a gain of $ 131 nil Summary of number and weighted average exercise prices of cash settled deferred shares units Units Amount # $ Balance – January 1, 2024 - - Granted – Replacement awards (note 3) 49,230 344 Exercised (12,250 ) (74 ) Change in fair value of cash-settled DSUs - (131 ) Balance – September 30, 2024 36,980 139 The method and inputs used in estimating the fair value of DSUs on the acquisition date are described in Note 3. The fair value of the liability, classified as DSU liability, is subsequently remeasured at each reporting date and at settlement date, with changes in fair value recognized in profit or loss. Equity-settled deferred share units The compensation expense for the nine months ended September 30, 2024, was $ 411 nil Summary of number and weighted average exercise prices of equity settled deferred shares units 2024 Amount # $ Balance – January 1, 2024 - - Granted 65,000 411 Balance – September 30, 2024 65,000 411 COSCIENS Biopharma Inc. Notes to the Condensed Interim Consolidated Financial Statements As of September 30, 2024, and for the three and nine months ended September 30, 2024, and 2023 (In thousands of US dollars, except share and per share data and as otherwise noted) (Unaudited)

Shareholders_ equity

Shareholders’ equity	9 Months Ended
	Sep. 30, 2024
Shareholders’ equity
Shareholders’ equity	13. 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. Summary of share capital Common shares Amount # $ Balance – December 31, 2023 1,847,593 13,517 Deemed issuance of shares to Aeterna shareholders (note 3) 1,213,967 8,485 Granted 60,167 386 Balance – September 30, 2024 3,121,727 22,388 As discussed in Note 1, Business Overview, on June 3, 2024, each outstanding Ceapro common share was exchanged for 0.02360 Accordingly, all common shares, stock options and per share amounts in these interim condensed consolidated financial statements have been retroactively adjusted for all periods presented to give effect to the share exchange. Share-based compensation The Company grants stock options to eligible employees, directors, officers, and consultants under stock option plans. In accordance with the terms of the Plan of Arrangement, the 12,949 nil 21,004 Summary of assumptions to determine share-based compensation options granted September 30, 2023 Expected dividend yield $ 0.00 Expected volatility 65.00 % Risk-free annual interest rate 3.23 % Expected life (years) 5.0 Share price $ 19.06 Exercise price $ 19.06 Grant date fair value $ 11.00 The expected volatility of these stock options was determined using historical volatility rates and the expected life was determined using the weighted average life of past options issued. COSCIENS Biopharma Inc. Notes to the Condensed Interim Consolidated Financial Statements As of September 30, 2024, and for the three and nine months ended September 30, 2024, and 2023 (In thousands of US dollars, except share and per share data and as otherwise noted) (Unaudited) The compensation expense for the three months ended September 30, 2024, was $ 29 43 43 142 Summary of number and weighted average exercise prices of deferred shares units Stock options Weighted # $ Balance – January 1, 2024 74,371 20.74 Granted - Replacement options (note 3) 12,949 50.65 Exercised (1,416 ) 2.93 Cancelled / Forfeited (7,258 ) 34.90 Balance – September 30, 2024 80,062 12.50 Stock options Weighted # $ Balance – January 1, 2023 64,735 20.53 Granted 21,712 19.06 Exercised (1,416 ) 2.93 Cancelled / Forfeited (5,939 ) 19.06 Balance – September 30, 2023 79,091 20.53 Concurrent with the Transaction described in Note 1, Business Overview, on June 3, 2024, each outstanding stock option was reissued to reflect the exchange rate of the Company’s common shares and to convert the exercise price into U.S. dollar. Accordingly, all quantities and prices in these interim condensed consolidated financial statements have been retroactively adjusted for all periods presented to give effect to the share exchange and related adjustments.

Fair value of financial instrum

Fair value of financial instruments	9 Months Ended
	Sep. 30, 2024
Disclosure of fair value measurement of equity [abstract]
Fair value of financial instruments	14. Fair value of financial instruments The following presents financial assets and liabilities measured at fair value in the statement of financial position in accordance with the fair value hierarchy. In establishing fair value, the Company uses a fair value hierarchy based on levels as defined below: ● Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities at the reporting date; ● Level 2: inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and ● Level 3: inputs that are based on little or no observable market data, therefore requiring entities to develop their own assumptions. The Company has determined that, excluding the derivative, the carrying amounts of its current financial assets and financial liabilities approximate their fair value given the short-term nature of these instruments. As at September 30, 2024 and December 31, 2023, the New Warrants and DSUs are the only financial instruments measured at fair value in the condensed interim consolidated statement of financial position. The New Warrants having an exercise price of $ 0.01 and DSUs of $ nil are classified in level 2 and their fair value has been estimated by reference to the quoted price of the underlying shares at the reporting date. The fair value of warrants deemed issued to Aeterna warrant holders is measured at fair value are classified in level 3. COSCIENS Biopharma Inc. Notes to the Condensed Interim Consolidated Financial Statements As of September 30, 2024, and for the three and nine months ended September 30, 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	9 Months Ended
	Sep. 30, 2024
Disclosure of information for cash-generating units [abstract]
Supplemental disclosure of cash flow information	15. Supplemental disclosure of cash flow information Summary of changes in operating assets and liabilities 2024 2023 2024 2023 Three months ended Nine months ended September 30, September 30, 2024 2023 2024 2023 $ $ $ $ Changes in operating assets and liabilities: Trade and other receivables (978 ) 429 (1,662 ) 1,356 Inventory (206 ) (169 ) 688 (1,203 ) Prepaid expenses and other current assets 266 (82 ) (1,627 ) (56 ) Payables and accrued liabilities (3,566 ) 558 (983 ) (408 ) Deferred revenues 217 - 217 - Provision for restructuring and other costs 273 - 274 - Employee future benefits (131 ) - (175 ) - Increase (decrease) in operating assets and liabilities (4,125 ) 736 (3,268 ) (311 ) Additions of property and equipment of $ 0.5 million for the nine-months ended September 30, 2024 (2023 - nil ) were acquired on deferred payment terms, the settlement of which are still outstanding at period end.

Net loss per share

Net loss per share	9 Months Ended
	Sep. 30, 2024
Earnings per share [abstract]
Net loss per share	16. 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 2024 2023 Three months ended Nine months ended September 30, September 30, 2024 2023 2024 2023 $ $ $ $ Net loss (5,755 ) (776 ) (8,578 ) (1,921 ) Basic and diluted weighted-average shares outstanding 3,106,503 1,847,678 2,394,927 1,847,068 Basic and diluted loss per share (1.85 ) (0.42 ) (3.58 ) (1.04 ) Items excluded from the calculation of diluted net loss per share due to their anti-dilutive effect: Stock options and DSUs 182,042 79,091 182,042 79,091 Warrants 674,532 - 674,532 - COSCIENS Biopharma Inc. Notes to the Condensed Interim Consolidated Financial Statements As of September 30, 2024, and for the three and nine months ended September 30, 2024, and 2023 (In thousands of US dollars, except share and per share data and as otherwise noted) (Unaudited)

Segment information

Segment information	9 Months Ended
	Sep. 30, 2024
Disclosure of operating segments [abstract]
Segment information	17. Segment information As of September 30, 2024 and a result of the transaction, the Company has two reportable and operating segments: Active ingredient and Biopharmaceutical. The Company’s chief operating decision maker assesses the performance of the reportable segments based on revenues and operating loss before selling, general & administrative expenses, other income and tax by segment. Selling, general and administrative expenses are expenses and salaries related to centralized functions, such as corporate finance, legal, human resources and technology teams, which are not allocated to segments. Accounting policies applied for the Active ingredient and the Biopharmaceutical segments are identical to those used for the purposes of the consolidated financial statements as described in Note 2. Active ingredient The Active ingredient segment involves the development of proprietary extraction technologies and the application of these technologies to the production and development and commercialization of active ingredients derived from oats and other renewable plant resources for healthcare and cosmetic industries. Active ingredients produced include oat beta glucan, oat oil and avenanthramides. These and similar manufactured products are sold primarily through distribution networks. Biopharmaceutical The Biopharmaceutical segment includes the results of Aeterna Zentaris from its acquisition on June 3, 2024 (Note 3). The segment involves the commercializing and developing pharmaceutical therapeutics and diagnostic tests, including the Company’s lead product, Macrilen ® COSCIENS Biopharma Inc. Notes to the Condensed Interim Consolidated Financial Statements As of September 30, 2024, and for the three and nine months ended September 30, 2024, and 2023 (In thousands of US dollars, except share and per share data and as otherwise noted) (Unaudited) The table below summarizes the relevant financial information by operating segment: Summary relevant financial information by operating segment Active ingredient Biopharmaceutical Total Three months ended September 30, 2024 Active ingredient Biopharmaceutical Total $ $ $ Revenue 1,707 164 1,871 Cost of sales (839 ) (75 ) (914 ) Gross margin 868 89 957 Research and development (599 ) (2,200 ) (2,799 ) Impairment of intangible assets - (1,459 ) (1,459 ) Loss from operations before SG&A and other income (expenses) 269 (3,570 ) (3,301 ) Selling, general & administrative (2,992 ) Loss from operations (6,293 ) Net other income 426 Loss before income taxes (5,867 ) Active ingredient Biopharmaceutical Total Three months ended September 30, 2023 Active ingredient Biopharmaceutical Total $ $ $ Revenue 1,952 - 1,952 Cost of sales (1,147 ) - (1,147 ) Gross margin 805 - 805 Research and development (436 ) - (436 ) Income from operations before SG&A and other income (expenses) 369 - 369 Selling, general & administrative 1,480 Loss from operations (1,111 ) Net other income (123 ) Loss before income taxes (988 ) COSCIENS Biopharma Inc. Notes to the Condensed Interim Consolidated Financial Statements As of September 30, 2024, and for the three and nine months ended September 30, 2024, and 2023 (In thousands of US dollars, except share and per share data and as otherwise noted) (Unaudited) Active ingredient Biopharmaceutical Total Nine months ended September 30, 2024 Active ingredient Biopharmaceutical Total $ $ $ Revenue 6,098 167 6,265 Cost of sales (3,506 ) (79 ) (3,585 ) Gross margin 2,592 88 2,680 Research and development (2,443 ) (2,948 ) (5,391 ) Impairment of intangible assets - (1,459 ) (1,459 ) Loss from operations before SG&A and other income (expenses) 149 (4,319 ) (4,170 ) Selling, general & administrative (7,702 ) Loss from operations (11,872 ) Net other income 2,296 Loss before income taxes (9,576 ) Active ingredient Biopharmaceutical Total Nine months ended September 30, 2023 Active ingredient Biopharmaceutical Total $ $ $ Revenue 5,929 - 5,929 Cost of sales (3,139 ) - (3,139 ) Gross margin 2,790 - 2,790 Research and development 1,551 - (1,551 ) Income from operations before SG&A and other income (expenses) 1,239 - 1,239 Income (Loss) from operations before SG&A and other income (expenses) 1,239 - 1,239 Selling, general & administrative (3,832 ) Loss from operations (2,593 ) Net other income 147 Loss before income taxes (2,446 ) Major Customer During the three months ended September 30, 2024, the Company had export sales to one major distributor of the Company’s products representing 72% 93% 85% 90% 69% 80% COSCIENS Biopharma Inc. Notes to the Condensed Interim Consolidated Financial Statements As of September 30, 2024, and for the three and nine months ended September 30, 2024, and 2023 (In thousands of US dollars, except share and per share data and as otherwise noted) (Unaudited)

Commitments

Commitments	9 Months Ended
	Sep. 30, 2024
Capital commitments [abstract]
Commitments	18. Commitments Significant expenditure under contracted supply agreements 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 2,715 1 - 3 years 56 4 - 5 years - More than 5 years - Minimum lease payments, net 2,771 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 $ 30,016 In addition, the Company previously entered into license agreements with Agriculture Canada (AG) for a technology to increase the concentration of avenanthramides in selected oat and with University of Alberta for a Pressurized Gaz expanded Technology (PGX) for the processing of various polymers. Royalties percentage rate would be 2 1.0 3.5 The Company has entered into a purchase commitment with a European specialized engineering firm for the supply of engineering, services and equipment related to the construction of a PGX-100 pilot plant (note 7). As of September 30, 2024 the remaining purchase commitment is $ 491 438

Basis of presentation (Policies

Basis of presentation (Policies)	9 Months Ended
	Sep. 30, 2024
Disclosure of changes in accounting estimates [abstract]
Business combinations	Business combinations Business combinations are accounted for using the acquisition method as at the acquisition date when control is transferred. The consideration transferred for the acquisition of a business is the fair value of the assets transferred, and any liability and equity interests issued by the Company to the former owners of the acquired business on the acquisition date. Identifiable assets acquired and liabilities assumed in a business combination are generally measured initially at their fair values at the acquisition date. Acquisition-related costs other than those associated with the issue of debt or equity securities, and other direct costs of a business combination are not considered part of the business acquisition transaction and are expensed as incurred.
Foreign currency	Foreign currency Effective June 3, 2024, Ceapro has changed its reporting currency from Canadian dollars to U.S. dollars. This change in reporting currency has been applied retrospectively such that all amounts in the consolidated financial statements of the Company and the accompanying notes thereto are expressed in U.S. dollars. References to “$” are to U.S. dollars and references to “CA $” are to Canadian dollars. For comparative purposes, historical consolidated financial statements of Ceapro were recast in U.S. dollars by translating assets and liabilities at the closing exchange rate in effect at the end of the respective period, revenues, expenses and cash flows at the average exchange rate in effect for the respective period and equity transactions at historical exchange rates. Translation gains and losses are included in the cumulative foreign currency translation adjustment, which is reported as a component of shareholders’ equity under accumulated other comprehensive loss. COSCIENS Biopharma Inc. Notes to the Condensed Interim Consolidated Financial Statements As of September 30, 2024, and for the three and nine months ended September 30, 2024, and 2023 (In thousands of US dollars, except share and per share data and as otherwise noted) (Unaudited)
Post-employment benefits	Post-employment benefits The Company has partially funded and unfunded defined benefit multi-employer pension plans, namely the DUPK pension plan and the RUK 1990 and 2006 pension plans, (the “Pension Benefit Plans”) and unfunded post-employment benefit plans in Germany. Provisions for pension obligations are established for benefits payable in the form of retirement, disability and surviving dependent pensions. The Company also provides defined contribution plans to some of its employees. For defined benefit pension plans and other post-employment benefits, net periodic pension expense is actuarially determined on a quarterly basis using the projected unit credit method. The cost of pension and other benefits earned by employees is determined by applying certain assumptions, including discount rates, rate of pension benefit increases, the projected age of employees upon retirement and the expected rate of future compensation. The employee future benefits liability is recognized at its present value, which is determined by discounting the estimated future cash outflows using interest rates of high-quality corporate bonds that are denominated in the currency in which the benefits will be paid and that have terms to maturity approximating the terms of the related future benefit liability. Actuarial gains and losses that arise in calculating the present value of the defined benefit obligation are recognized in other comprehensive loss, net of tax, and simultaneously reclassified in the deficit in the consolidated statement of financial position in the year in which the actuarial gains and losses arise and without recycling to the consolidated statement of loss and comprehensive loss in subsequent periods.
Revenue	Revenue The Company generates revenue from supply agreements and licensing agreements with customers for the sale of certain finished goods, semi-finished goods and active pharmaceutical ingredients. The license is generally combined with other promises to supply goods to the customer, and revenue from the combined performance obligation is satisfied at a point in time, which occurs upon shipment. The transaction price for the combined performance obligation includes the license non-refundable non-creditable upfront payment, regulatory milestones, royalties and the selling price of each good supplied. Milestone payments, which are oftentimes payable upon the successful achievement of development or regulatory events, and royalties are included in the transaction price using the most likely amount method only if the milestones are considered probable of being reached and the Company concludes it is highly probable that a significant revenue reversal will not occur. Milestone payments and royalties that are not within the control of the Company or the licensee, such as regulatory approvals, are generally not considered probable of being achieved until those approvals or subsequent sales are received. The Company allocates the transaction price to the projected units that the Company expects to supply pursuant to the contract, estimated based on current projections and anticipated market demand.
Intangible assets	Intangible assets Intangible assets, consisting of patents, that are acquired by the Company and have finite useful lives are measured at cost less accumulated amortization and any accumulated impairment losses. Patents are amortized on their respective remaining patent life and are expiring between 2027 and 2041 COSCIENS Biopharma Inc. Notes to the Condensed Interim Consolidated Financial Statements As of September 30, 2024, and for the three and nine months ended September 30, 2024, and 2023 (In thousands of US dollars, except share and per share data and as otherwise noted) (Unaudited)
Warrant liabilities	Warrant liabilities Warrant liabilities are derivative financial instruments. They are initially measured at fair value. Subsequent to initial recognition, they are measured at fair value, and changes therein are recognized in profit or loss.
Reclassifications	Reclassifications Certain prior period amounts have been reclassified to conform to current period presentation. In the consolidated statement of financial position, trade receivables of $ 126 164 3,807 1,471 25 9
New standards and amendments	New standards and amendments Several amendments apply for the first time for reporting periods beginning after January 1, 2024, but do not have an impact on the interim condensed consolidated financial statements of the Company. The IASB has published several new, but not yet effective, standards, amendments to existing standards, and interpretations. None of these standards, amendments to existing standards, or interpretations have been early adopted by the Company, and management anticipates that all relevant pronouncements will be adopted for the first period beginning on or after the effective date of the pronouncement. No pronouncements have been disclosed as they are not expected to have a material impact on the Company’s condensed interim consolidated financial statements.
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 about the future 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. Revisions to estimates are recognized prospectively. Critical accounting estimates and assumptions are those that have a significant risk of causing material adjustment and are often applied to matters or outcomes that are inherently uncertain and subject to change. As such, management cautions that future events often vary from forecasts and expectations and that estimates routinely require adjustment. COSCIENS Biopharma Inc. Notes to the Condensed Interim Consolidated Financial Statements As of September 30, 2024, and for the three and nine months ended September 30, 2024, and 2023 (In thousands of US dollars, except share and per share data and as otherwise noted) (Unaudited) 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 Ceapro’s annual consolidated financial statements as of and for the year ended December 31, 2023, except for as described below: ● Measurement of defined benefit obligations: key actuarial assumptions (note 10); and ● Business acquisition: identification of the acquirer, determination of the fair value of the consideration transferred and fair value of some of the assets acquired and liabilities assumed (note 3); and ● Impairment of intangible assets: recoverable value of the intangible assets was based on a fair value less costs of disposal (note 8).

Acquisition of Aeterna Zentar_2

Acquisition of Aeterna Zentaris Inc. (Tables)	9 Months Ended
	Sep. 30, 2024
IfrsStatementLineItems [Line Items]
Schedule of purchase price to the fair values of assets acquired and liabilities assumed	Schedule of purchase price to the fair values of assets acquired and liabilities assumed Preliminary Purchase Price Allocation Number Amount # $ Purchase price Shares deemed issued to Aeterna shareholders (1) 1,213,967 8,485 Warrants issued to Aeterna shareholders (2) 633,543 4,422 Replacement share-based payment awards: Equity-settled options (3) 12,949 9 Cash-settled DSUs (3) 49,230 344 Warrants deemed issued (4) 114,405 2 2,024,094 13,262 Recognized amounts of identifiable assets acquired and liabilities assumed Cash and cash equivalents 26,037 Trade and other receivables 142 Inventories 64 Income tax receivables 119 Prepaid expenses and deposits 971 Restricted cash equivalents 328 Property and equipment 235 Intangible assets (5) 3,352 Accounts payable and accrued liabilities (4,357 ) Provisions (424 ) Income tax payable (109 ) Deferred revenues (1,731 ) Lease liabilities (201 ) Employee future benefits (11,164 ) Total provisional identifiable net assets (liabilities) 13,262 (1) The fair value of the 1,213,967 6.99 0.225 0.02360 (2) The fair value of the 633,543 6.99 0.225 0.02360 (3) In accordance with the terms of the Plan of Arrangement, Aeterna’s share-based payment awards held by employees of Aeterna continued with no modifications and are deemed to be replacement awards issued. (4) The fair value of the 114,405 (5) The identifiable intangible assets consist of patents expiring between 2027 and 2041 (4) The fair value of the 114,405 (5) The identifiable intangible assets consist of patents expiring between 2027 and 2041
Share options [member]
IfrsStatementLineItems [Line Items]
Schedule of fair value at acquisition date was estimated using a Black-Scholes option	The fair value at acquisition date was estimated using a Black-Scholes option pricing model, considering the terms and conditions upon which the options were granted, using the following assumptions: Schedule of fair value at acquisition date was estimated using a Black-Scholes option Options Expected dividend yield $ 0.0 Weighted average expected volatility 65 % Weighted average risk-free rate 4.01 % Weighted average expected life (years) 2.87 Share price $ 6.99 Weighted average exercise price $ 50.15 Weighted average fair value $ 0.90
Warrants [member]
IfrsStatementLineItems [Line Items]
Schedule of fair value at acquisition date was estimated using a Black-Scholes option	Schedule of fair value at acquisition date was estimated using a Black-Scholes option Warrants Expected dividend yield $ 0.00 Weighted average expected volatility 65 % Weighted average risk-free rate 4.47 % Weighted average expected life (years) 1.19 Share price $ 6.99 Weighted average exercise price $ 87.04 Weighted average fair value $ 0.02

Revenue (Tables)

Revenue (Tables)	9 Months Ended
	Sep. 30, 2024
Revenue [abstract]
Summary of revenue from transfer of goods and services	The Company derives revenue from the transfer of goods at a point in time in the following categories: Summary of revenue from transfer of goods and services 2024 2023 2024 2023 Three months ended Nine months ended September 30, September 30, 2024 2023 2024 2023 $ $ $ $ Active ingredients 1,707 1,952 6,098 5,929 Pharmaceutical 164 - 167 - Total 1,871 1,952 6,265 5,929
Summary of deferred revenue	The following table provides a summary of deferred revenue balances: Summary of deferred revenue Current Non-current Total September 30, 2024 Current Non-current Total $ $ $ Pharmanovia 38 1,798 1,836 NK Meditech 8 126 134 Contract liabilities 46 1,924 1,970

Inventories (Tables)

Inventories (Tables)	9 Months Ended
	Sep. 30, 2024
Classes of current inventories [abstract]
Schedule of inventories	The Company had the following inventories at the end of each reporting period: Schedule of inventories September 30, December 31, 2024 2023 $ $ Raw materials 898 889 Work in progress 2,096 2,576 Finished goods 312 544 Inventories 3,306 4,009

Prepaid expenses and other as_2

Prepaid expenses and other assets (Tables)	9 Months Ended
	Sep. 30, 2024
Prepaid Expenses And Other Assets
Summary of prepaid expenses and other current assets	The Company had the following prepaid expenses at the end of each reporting period: Summary of prepaid expenses and other current assets September 30, December 31, 2024 2023 $ $ Prepaid insurance 1,945 81 Prepaid research and development 569 97 Other 388 112 Total 2,902 290

Property and equipment (Tables)

Property and equipment (Tables)	9 Months Ended
	Sep. 30, 2024
Disclosure of detailed information about property, plant and equipment [abstract]
Schedule of property and equipment	Components of the Company’s property and equipment are summarized below. Schedule of property and equipment Equipment Equipment Office and Buildings Leasehold Total Cost Equipment Equipment Office and Buildings Leasehold Total $ $ $ $ $ $ At January 1, 2023 1,462 9,223 681 2,730 6,442 20,538 Additions 683 68 20 - 86 857 Acquisition of Aeterna (note 3) Amortization Disposals - (438 ) - - - (438 ) Impact of foreign exchange rate changes 54 206 16 64 152 492 At December 31, 2023 2,199 9,059 717 2,794 6,680 21,449 Property plant and equipment 2,199 9,059 717 2,794 6,680 21,449 Acquisition of Aeterna (note 3) - 124 23 88 - 235 Additions 1,155 69 12 3 12 1,251 Disposals - - (6 ) - - (6 ) Impact of foreign exchange rate changes (21 ) (159 ) (16 ) (28 ) (127 ) (351 ) At September 30, 2024 3,333 9,093 730 2,857 6,565 22,578 Property plant and equipment 3,333 9,093 730 2,857 6,565 22,578 Accumulated Depreciation Equipment Equipment Office and Buildings Leasehold Total $ $ $ $ $ $ At January 1, 2023 - 4,842 565 997 2,180 8,584 Amortization - 630 34 287 490 1,441 Disposals - (438 ) - - - (438 ) Impact of foreign exchange rate changes - 114 14 29 60 217 At December 31, 2023 - 5,148 613 1,313 2,730 9,804 Property plant and equipment - 5,148 613 1,313 2,730 9,804 Amortization - 473 25 250 373 1,121 Disposals - - (6 ) - - (6 ) Impact of foreign exchange rate changes - (84 ) (15 ) - (49 ) (148 ) At September 30, 2024 - 5,537 617 1,563 3,054 10,771 Property plant and equipment - 5,537 617 1,563 3,054 10,771 Carrying amount Equipment Equipment Office and Buildings Leasehold Total $ $ $ $ $ $ At December 31, 2023 2,199 3,911 104 1,481 3,950 11,645 Property plant and equipment, Beginning 2,199 3,911 104 1,481 3,950 11,645 At September 30, 2024 3,333 3,556 113 1,294 3,511 11,807 Property plant and equipment, Ending 3,333 3,556 113 1,294 3,511 11,807
Schedule of depreciation expenses	Depreciation expense is allocated to the following expense categories: Schedule of depreciation expenses Cost of Selling, Research and development Total $ $ $ $ Nine Months Ended September 30, 2023 868 216 - 1,084 Nine Months Ended September 30, 2024 796 282 43 1,121

Intangible assets (Tables)

Intangible assets (Tables)	9 Months Ended
	Sep. 30, 2024
Intangible assets and goodwill [abstract]
Schedule of Intangible Assets	Changes in the carrying value of the Company’s identifiable intangible assets are summarized below. Schedule of Intangible Assets Cost Accumulated amortization Carrying value As at September 30, 2024 Cost Accumulated amortization Carrying value $ $ At January 1, 2024 34 (27 ) 7 Acquisition of Aeterna (note 3) 3,352 - 3,352 Amortization - (94 ) (94 ) Impairment of intangible assets (1,459 ) - (1,459 ) Impact of foreign exchange rate changes 1 - 1 At September 30, 2024 1,928 (121 ) 1,807 As at December 31, 2023 Cost Accumulated Carrying value $ $ At January 1, 2023 33 (24 ) 9 Acquisition of Aeterna (note 3) - - - Amortization - (2 ) (2 ) Impact of foreign exchange rate changes 1 (1 ) - At December 31, 2023 34 (27 ) 7

Accounts payable (Tables)

Accounts payable (Tables)	9 Months Ended
	Sep. 30, 2024
Items for presentation of regulatory deferral accounts [abstract]
Summary of detailed information about accounts payable and accrued expenses	The Company had the following accounts payable and accrued expenses at the end of each reporting period: Summary of detailed information about accounts payable and accrued expenses September 30, December 31, 2024 2023 $ $ Trade accounts payable 2,396 281 Accrued research and development costs 1,046 - Accrued employee benefits 432 130 Payroll tax and other statutory liabilities 60 - Other accrued liabilities 883 601 Accounts Payables and accrued liabilities 4,817 1,012

Employee future benefits (Table

Employee future benefits (Tables)	9 Months Ended
	Sep. 30, 2024
Classes of employee benefits expense [abstract]
Summary of net employee future benefit liability asset	The change in the Company’s employee future benefit obligations is summarized as follows: Summary of net employee future benefit liability asset $ $ $ Nine months ended September 30, 2024 Pension Other benefit plans benefit plans Total $ $ $ Change in plan liabilities Balances – Beginning of the period - - - Acquisition of Aeterna (note 3) 22,036 100 22,136 Current service cost 42 4 46 Interest cost 271 1 272 Actuarial loss from changes in financial assumptions 936 1 937 Benefits paid (251 ) - (251 ) Impact of foreign exchange rate changes 696 1 697 Balances – End of the period 23,730 107 23,837 Change in plan assets Balances – Beginning of the period - - - Acquisition of Aeterna Zentaris Inc. (note 3) 10,972 - 10,972 Interest income from plan assets 136 - 136 Employer contributions 13 - 13 Employee contributions 4 - 4 Benefits paid (87 ) - (87 ) Impact of foreign exchange rate changes 346 - 346 Balances – End of the period 11,384 - 11,384 Net liability of the unfunded plans 11,584 107 11,691 Net liability of the funded plans 762 - 762 Net amount recognized as Employee future benefits 12,346 107 12,453 Amounts recognized: In net loss 173 6 179 Actuarial loss on defined benefit plans in other comprehensive loss (936 ) - (936 )

Warrants (Tables)

Warrants (Tables)	9 Months Ended
	Sep. 30, 2024
Warrants
Summary of warrants activity reclassified equity	Warrant activity for the nine months ended September 30, 2024, was as follows: Summary of warrants activity reclassified equity Warrants Weighted Amount # $ $ Balance – December 31, 2023 - - - Warrants either issued or assumed as part of the acquisition of Aeterna (note 3) 747,948 13.32 4,424 Exercised (60,167 ) 0.01 (386 ) Expired (13,249 ) 165.00 - Change in fair value of warrants - - (1,895 ) Balance – September 30, 2024 674,532 11.53 2,143
Summary of fair values of warrants assumptions	Summary of fair values of warrants assumptions September 30, 2024 Expected dividend yield $ 0.00 Expected volatility 65.00 % Risk-free annual interest rate 4.47 % Expected life (years) 2.67 Weighted average share price $ 3.75 Weighted average exercise price $ 11.53
Schedule of warrants outstanding	At September 30, 2024, the following warrants were outstanding: Schedule of warrants outstanding Issuance date Number Weighted Weighted # years $ February 2020 11,129 1.35 129.12 July 2020 56,210 0.89 45.00 August 2020 17,310 0.89 47.00 February 2021 16,507 1.39 181.25 June 2024 573,376 0.76 0.01 Balance – September 30, 2024 674,532 2.67 11.53 COSCIENS Biopharma Inc. Notes to the Condensed Interim Consolidated Financial Statements As of September 30, 2024, and for the three and nine months ended September 30, 2024, and 2023 (In thousands of US dollars, except share and per share data and as otherwise noted) (Unaudited)

Deferred share units (Tables)

Deferred share units (Tables)	9 Months Ended
	Sep. 30, 2024
Deferred Share Units
Summary of number and weighted average exercise prices of cash settled deferred shares units	Summary of number and weighted average exercise prices of cash settled deferred shares units Units Amount # $ Balance – January 1, 2024 - - Granted – Replacement awards (note 3) 49,230 344 Exercised (12,250 ) (74 ) Change in fair value of cash-settled DSUs - (131 ) Balance – September 30, 2024 36,980 139
Summary of number and weighted average exercise prices of equity settled deferred shares units	Summary of number and weighted average exercise prices of equity settled deferred shares units 2024 Amount # $ Balance – January 1, 2024 - - Granted 65,000 411 Balance – September 30, 2024 65,000 411

Shareholders_ equity (Tables)

Shareholders’ equity (Tables)	9 Months Ended
	Sep. 30, 2024
Shareholders’ equity
Summary of share capital	Summary of share capital Common shares Amount # $ Balance – December 31, 2023 1,847,593 13,517 Deemed issuance of shares to Aeterna shareholders (note 3) 1,213,967 8,485 Granted 60,167 386 Balance – September 30, 2024 3,121,727 22,388
Summary of assumptions to determine share-based compensation options granted	Summary of assumptions to determine share-based compensation options granted September 30, 2023 Expected dividend yield $ 0.00 Expected volatility 65.00 % Risk-free annual interest rate 3.23 % Expected life (years) 5.0 Share price $ 19.06 Exercise price $ 19.06 Grant date fair value $ 11.00
Summary of number and weighted average exercise prices of deferred shares units	Summary of number and weighted average exercise prices of deferred shares units Stock options Weighted # $ Balance – January 1, 2024 74,371 20.74 Granted - Replacement options (note 3) 12,949 50.65 Exercised (1,416 ) 2.93 Cancelled / Forfeited (7,258 ) 34.90 Balance – September 30, 2024 80,062 12.50 Stock options Weighted # $ Balance – January 1, 2023 64,735 20.53 Granted 21,712 19.06 Exercised (1,416 ) 2.93 Cancelled / Forfeited (5,939 ) 19.06 Balance – September 30, 2023 79,091 20.53

Supplemental disclosure of ca_2

Supplemental disclosure of cash flow information (Tables)	9 Months Ended
	Sep. 30, 2024
Disclosure of information for cash-generating units [abstract]
Summary of changes in operating assets and liabilities	Summary of changes in operating assets and liabilities 2024 2023 2024 2023 Three months ended Nine months ended September 30, September 30, 2024 2023 2024 2023 $ $ $ $ Changes in operating assets and liabilities: Trade and other receivables (978 ) 429 (1,662 ) 1,356 Inventory (206 ) (169 ) 688 (1,203 ) Prepaid expenses and other current assets 266 (82 ) (1,627 ) (56 ) Payables and accrued liabilities (3,566 ) 558 (983 ) (408 ) Deferred revenues 217 - 217 - Provision for restructuring and other costs 273 - 274 - Employee future benefits (131 ) - (175 ) - Increase (decrease) in operating assets and liabilities (4,125 ) 736 (3,268 ) (311 )

Net loss per share (Tables)

Net loss per share (Tables)	9 Months Ended
	Sep. 30, 2024
Earnings per share [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 2024 2023 Three months ended Nine months ended September 30, September 30, 2024 2023 2024 2023 $ $ $ $ Net loss (5,755 ) (776 ) (8,578 ) (1,921 ) Basic and diluted weighted-average shares outstanding 3,106,503 1,847,678 2,394,927 1,847,068 Basic and diluted loss per share (1.85 ) (0.42 ) (3.58 ) (1.04 ) Items excluded from the calculation of diluted net loss per share due to their anti-dilutive effect: Stock options and DSUs 182,042 79,091 182,042 79,091 Warrants 674,532 - 674,532 -

Segment information (Tables)

Segment information (Tables)	9 Months Ended
	Sep. 30, 2024
Disclosure of operating segments [abstract]
Summary relevant financial information by operating segment	The table below summarizes the relevant financial information by operating segment: Summary relevant financial information by operating segment Active ingredient Biopharmaceutical Total Three months ended September 30, 2024 Active ingredient Biopharmaceutical Total $ $ $ Revenue 1,707 164 1,871 Cost of sales (839 ) (75 ) (914 ) Gross margin 868 89 957 Research and development (599 ) (2,200 ) (2,799 ) Impairment of intangible assets - (1,459 ) (1,459 ) Loss from operations before SG&A and other income (expenses) 269 (3,570 ) (3,301 ) Selling, general & administrative (2,992 ) Loss from operations (6,293 ) Net other income 426 Loss before income taxes (5,867 ) Active ingredient Biopharmaceutical Total Three months ended September 30, 2023 Active ingredient Biopharmaceutical Total $ $ $ Revenue 1,952 - 1,952 Cost of sales (1,147 ) - (1,147 ) Gross margin 805 - 805 Research and development (436 ) - (436 ) Income from operations before SG&A and other income (expenses) 369 - 369 Selling, general & administrative 1,480 Loss from operations (1,111 ) Net other income (123 ) Loss before income taxes (988 ) COSCIENS Biopharma Inc. Notes to the Condensed Interim Consolidated Financial Statements As of September 30, 2024, and for the three and nine months ended September 30, 2024, and 2023 (In thousands of US dollars, except share and per share data and as otherwise noted) (Unaudited) Active ingredient Biopharmaceutical Total Nine months ended September 30, 2024 Active ingredient Biopharmaceutical Total $ $ $ Revenue 6,098 167 6,265 Cost of sales (3,506 ) (79 ) (3,585 ) Gross margin 2,592 88 2,680 Research and development (2,443 ) (2,948 ) (5,391 ) Impairment of intangible assets - (1,459 ) (1,459 ) Loss from operations before SG&A and other income (expenses) 149 (4,319 ) (4,170 ) Selling, general & administrative (7,702 ) Loss from operations (11,872 ) Net other income 2,296 Loss before income taxes (9,576 ) Active ingredient Biopharmaceutical Total Nine months ended September 30, 2023 Active ingredient Biopharmaceutical Total $ $ $ Revenue 5,929 - 5,929 Cost of sales (3,139 ) - (3,139 ) Gross margin 2,790 - 2,790 Research and development 1,551 - (1,551 ) Income from operations before SG&A and other income (expenses) 1,239 - 1,239 Income (Loss) from operations before SG&A and other income (expenses) 1,239 - 1,239 Selling, general & administrative (3,832 ) Loss from operations (2,593 ) Net other income 147 Loss before income taxes (2,446 )

Commitments (Tables)

Commitments (Tables)	9 Months Ended
	Sep. 30, 2024
Capital commitments [abstract]
Schedule of expected future minimum lease payments	Significant expenditure under contracted supply agreements 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 2,715 1 - 3 years 56 4 - 5 years - More than 5 years - Minimum lease payments, net 2,771

Business overview (Details Narr

Business overview (Details Narrative) - Binding arrangement agreement [member]	Dec. 14, 2023 $ / shares
IfrsStatementLineItems [Line Items]
Description of shares owned	Following the closing of the Transaction, former shareholders of Ceapro owned approximately 50% of the Aeterna common shares on a fully diluted basis and former shareholders of Aeterna owned approximately 50% of the Aeterna common shares on a fully diluted basis.
Ordinary shares [member]
IfrsStatementLineItems [Line Items]
Share purchase warrants price per share	$ 0.47698
Ceapro Inc [member]
IfrsStatementLineItems [Line Items]
Common share exchanged price per share	$ 0.02360

Basis of presentation (Details

Basis of presentation (Details Narrative) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
IfrsStatementLineItems [Line Items]
Trade receivables				$ 126
Other receivable				$ 164
General and administration expenses	$ 1,471		$ 3,807
Sales and marketing expenses	$ 9		$ 25
Patents [member]
IfrsStatementLineItems [Line Items]
Useful life intangible assets description		expiring between 2027 and 2041

Schedule of purchase price to t

Schedule of purchase price to the fair values of assets acquired and liabilities assumed (Details) - USD ($) $ in Thousands		Sep. 30, 2024	Jun. 30, 2024	Jun. 03, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Dec. 31, 2022
IfrsStatementLineItems [Line Items]
Purchase price, amount				$ 4,081
Cash and cash equivalents		$ 19,998	$ 27,804		$ 6,678	$ 8,364	$ 8,538	$ 10,190
Prepaid expenses and deposits		$ 1,945			$ 81
Aeterna zentaris inc [member]
IfrsStatementLineItems [Line Items]
Shares deemed issued to Aeterna shareholders, shares	[1]			1,213,967
Shares deemed issued to Aeterna shareholders, amount	[1]			$ 8,485
Warrants issued to Aeterna shareholders, shares	[2]			633,543
Warrants issued to Aeterna shareholders, amount	[2]			$ 4,422
Equity-settled options, shares	[3]			12,949
Equity-settled options, amount	[3]			$ 9
Cash-settled DSUs, shares	[3]			49,230
Cash-settled DSUs, amount	[3]			$ 344
Warrants deemed issued, shares	[4]			114,405
Warrants deemed issued, amount	[4]			$ 2
Purchase price				2,024,094
Purchase price, amount				$ 13,262
Cash and cash equivalents				26,037
Trade and other receivables				142
Inventories				64
Income tax receivables				119
Prepaid expenses and deposits				971
Restricted cash equivalents				328
Property and equipment				235
Intangible assets	[5]			3,352
Accounts payable and accrued liabilities				(4,357)
Provisions				(424)
Income tax payable				(109)
Deferred revenues				(1,731)
Lease liabilities				(201)
Employee future benefits				(11,164)
Total provisional identifiable net assets (liabilities)				$ 13,262
[1]The fair value of the 1,213,967 6.99 0.225 0.02360 633,543 6.99 0.225 0.02360 114,405 expiring between 2027 and 2041

Schedule of purchase price to_2

Schedule of purchase price to the fair values of assets acquired and liabilities assumed (Details) (Paranthetical)			9 Months Ended
		Jun. 03, 2024 $ / shares shares	Sep. 30, 2024	Jun. 03, 2024 $ / shares shares
Patents [member]
IfrsStatementLineItems [Line Items]
Useful life intangible assets description			expiring between 2027 and 2041
Aeterna zentaris inc [member]
IfrsStatementLineItems [Line Items]
Shares deemed issued	[1]	1,213,967		1,213,967
Share price | (per share)		$ 6.99		$ 0.225
Exchanged price per share | $ / shares		$ 0.02360
Warrants issued	[2]	633,543		633,543
Warrants deemed issued	[3]	114,405		114,405
Aeterna zentaris inc [member] | Patents [member]
IfrsStatementLineItems [Line Items]
Useful life intangible assets description		expiring between 2027 and 2041
Aeterna zentaris inc [member] | Warrants [member]
IfrsStatementLineItems [Line Items]
Share price | (per share)		$ 6.99		$ 0.225
Exchanged price per share | $ / shares		$ 0.02360
Warrants issued		633,543		633,543
[1]The fair value of the 1,213,967 6.99 0.225 0.02360 633,543 6.99 0.225 0.02360 114,405

Schedule of fair value at acqui

Schedule of fair value at acquisition date was estimated using a Black-Scholes option (Details) - USD ($)		9 Months Ended
	Jun. 03, 2024	Sep. 30, 2024	Sep. 30, 2023
IfrsStatementLineItems [Line Items]
Weighted average expected volatility			65%
Weighted average risk-free rate			3.23%
Share price			$ 19.06
Warrants [member]
IfrsStatementLineItems [Line Items]
Weighted average expected volatility		65%
Weighted average risk-free rate		4.47%
Share price		$ 3.75
Aeterna zentaris inc [member] | Share options [member]
IfrsStatementLineItems [Line Items]
Expected dividend yield	$ 0
Weighted average expected volatility	65%
Weighted average risk-free rate	4.01%
Weighted average expected life (years)	2 years 10 months 13 days
Share price	$ 6.99
Weighted average exercise price	50.15
Weighted average fair value	$ 0.90
Aeterna zentaris inc [member] | Warrants [member]
IfrsStatementLineItems [Line Items]
Expected dividend yield	$ 0
Weighted average expected volatility	65%
Weighted average risk-free rate	4.47%
Weighted average expected life (years)	1 year 2 months 8 days
Share price	$ 6.99
Weighted average exercise price	87.04
Weighted average fair value	$ 0.02

Acquisition of Aeterna Zentar_3

Acquisition of Aeterna Zentaris Inc. (Details Narrative) $ / shares in Units, $ in Thousands			3 Months Ended		9 Months Ended
		Jun. 03, 2024 USD ($) $ / shares	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Jun. 03, 2024 $ / shares
IfrsStatementLineItems [Line Items]
Revenue			$ 1,871	$ 1,952	$ 6,265	$ 5,929
Net loss			$ (5,755)	$ (776)	$ (8,578)	$ (1,921)
Acquisition-related costs		$ 4,081
Aeterna zentaris inc [member]
IfrsStatementLineItems [Line Items]
Fair value of the replacement awards		356
Equity-settled options, amount	[1]	9
Cash-settled DSUs, amount	[1]	344
Post-acquisition compensation cost		$ 3
Fair value of the replacement DSUs | $ / shares		$ 6.99
Share price | (per share)		6.99					$ 0.225
Exchanged price per share | $ / shares		$ 0.02360
Revenue		$ 167
Net loss		$ 3,632
Description of acquisition		If the acquisition had occurred on January 1, 2024, management estimates that revenue would have been $6,271 and consolidated net loss for the year would have been $16,689. In determining these amounts, management has assumed that the fair value adjustments that arose on the date of acquisition would have been the same if the acquisition had occurred on January 1, 2024.
Acquisition-related costs		$ 13,262
[1]In accordance with the terms of the Plan of Arrangement, Aeterna’s share-based payment awards held by employees of Aeterna continued with no modifications and are deemed to be replacement awards issued.

Summary of revenue from transfe

Summary of revenue from transfer of goods and services (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenue [abstract]
Active ingredients	$ 1,707	$ 1,952	$ 6,098	$ 5,929
Pharmaceutical	164		167
Total	$ 1,871	$ 1,952	$ 6,265	$ 5,929

Summary of deferred revenue (De

Summary of deferred revenue (Details) $ in Thousands	Sep. 30, 2024 USD ($)
IfrsStatementLineItems [Line Items]
Current	$ 46
Non-current	1,924
Total	1,970
Pharmanovia [member]
IfrsStatementLineItems [Line Items]
Current	38
Non-current	1,798
Total	1,836
NK Meditech Limited [member]
IfrsStatementLineItems [Line Items]
Current	8
Non-current	126
Total	$ 134

Revenue (Details Narrative)

Revenue (Details Narrative) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2024
Revenue [abstract]
Revenue from the deferred revenue	$ 39	$ 39

Schedule of inventories (Detail

Schedule of inventories (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Classes of current inventories [abstract]
Raw materials	$ 898	$ 889
Work in progress	2,096	2,576
Finished goods	312	544
Inventories	$ 3,306	$ 4,009

Inventories (Details Narrative)

Inventories (Details Narrative) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Classes of current inventories [abstract]
Inventories expensed to cost of goods sold	$ 887	$ 1,147	$ 3,354	$ 3,139

Summary of prepaid expenses and

Summary of prepaid expenses and other current assets (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Prepaid Expenses And Other Assets
Prepaid insurance	$ 1,945	$ 81
Prepaid research and development	569	97
Other	388	112
Total	$ 2,902	$ 290

Schedule of property and equipm

Schedule of property and equipment (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
IfrsStatementLineItems [Line Items]
Property plant and equipment, Beginning	$ 11,645
Property plant and equipment, Ending	11,807	$ 11,645
Equipment not available for use [member]
IfrsStatementLineItems [Line Items]
Property plant and equipment, Beginning	2,199
Property plant and equipment, Ending	3,333	2,199
Equipments [Member]
IfrsStatementLineItems [Line Items]
Property plant and equipment, Beginning	3,911
Property plant and equipment, Ending	3,556	3,911
Office equipment [member]
IfrsStatementLineItems [Line Items]
Property plant and equipment, Beginning	104
Property plant and equipment, Ending	113	104
Buildings [member]
IfrsStatementLineItems [Line Items]
Property plant and equipment, Beginning	1,481
Property plant and equipment, Ending	1,294	1,481
Leasehold improvements [member]
IfrsStatementLineItems [Line Items]
Property plant and equipment, Beginning	3,950
Property plant and equipment, Ending	3,511	3,950
Gross carrying amount [member]
IfrsStatementLineItems [Line Items]
Property plant and equipment, Beginning	21,449	20,538
Additions	1,251	857
Acquisition of Aeterna (note 3)	235
Disposals	(6)	(438)
Impact of foreign exchange rate changes	(351)	492
Property plant and equipment, Ending	22,578	21,449
Gross carrying amount [member] | Equipment not available for use [member]
IfrsStatementLineItems [Line Items]
Property plant and equipment, Beginning	2,199	1,462
Additions	1,155	683
Acquisition of Aeterna (note 3)
Disposals
Impact of foreign exchange rate changes	(21)	54
Property plant and equipment, Ending	3,333	2,199
Gross carrying amount [member] | Equipments [Member]
IfrsStatementLineItems [Line Items]
Property plant and equipment, Beginning	9,059	9,223
Additions	69	68
Acquisition of Aeterna (note 3)	124
Disposals		(438)
Impact of foreign exchange rate changes	(159)	206
Property plant and equipment, Ending	9,093	9,059
Gross carrying amount [member] | Office equipment [member]
IfrsStatementLineItems [Line Items]
Property plant and equipment, Beginning	717	681
Additions	12	20
Acquisition of Aeterna (note 3)	23
Disposals	(6)
Impact of foreign exchange rate changes	(16)	16
Property plant and equipment, Ending	730	717
Gross carrying amount [member] | Buildings [member]
IfrsStatementLineItems [Line Items]
Property plant and equipment, Beginning	2,794	2,730
Additions	3
Acquisition of Aeterna (note 3)	88
Disposals
Impact of foreign exchange rate changes	(28)	64
Property plant and equipment, Ending	2,857	2,794
Gross carrying amount [member] | Leasehold improvements [member]
IfrsStatementLineItems [Line Items]
Property plant and equipment, Beginning	6,680	6,442
Additions	12	86
Acquisition of Aeterna (note 3)
Disposals
Impact of foreign exchange rate changes	(127)	152
Property plant and equipment, Ending	6,565	6,680
Accumulated depreciation [member]
IfrsStatementLineItems [Line Items]
Property plant and equipment, Beginning	9,804	8,584
Amortization	1,121	1,441
Disposals	(6)	(438)
Impact of foreign exchange rate changes	(148)	217
Property plant and equipment, Ending	10,771	9,804
Accumulated depreciation [member] | Equipment not available for use [member]
IfrsStatementLineItems [Line Items]
Property plant and equipment, Beginning
Amortization
Disposals
Impact of foreign exchange rate changes
Property plant and equipment, Ending
Accumulated depreciation [member] | Equipments [Member]
IfrsStatementLineItems [Line Items]
Property plant and equipment, Beginning	5,148	4,842
Amortization	473	630
Disposals		(438)
Impact of foreign exchange rate changes	(84)	114
Property plant and equipment, Ending	5,537	5,148
Accumulated depreciation [member] | Office equipment [member]
IfrsStatementLineItems [Line Items]
Property plant and equipment, Beginning	613	565
Amortization	25	34
Disposals	(6)
Impact of foreign exchange rate changes	(15)	14
Property plant and equipment, Ending	617	613
Accumulated depreciation [member] | Buildings [member]
IfrsStatementLineItems [Line Items]
Property plant and equipment, Beginning	1,313	997
Amortization	250	287
Disposals
Impact of foreign exchange rate changes		29
Property plant and equipment, Ending	1,563	1,313
Accumulated depreciation [member] | Leasehold improvements [member]
IfrsStatementLineItems [Line Items]
Property plant and equipment, Beginning	2,730	2,180
Amortization	373	490
Disposals
Impact of foreign exchange rate changes	(49)	60
Property plant and equipment, Ending	$ 3,054	$ 2,730

Schedule of depreciation expens

Schedule of depreciation expenses (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
IfrsStatementLineItems [Line Items]
Nine Months Ended September 30, 2024	$ 1,121	$ 1,084
Cost of sales [member]
IfrsStatementLineItems [Line Items]
Nine Months Ended September 30, 2024	796	868
Selling, general and administrative expense [member]
IfrsStatementLineItems [Line Items]
Nine Months Ended September 30, 2024	282	216
Research and development [member]
IfrsStatementLineItems [Line Items]
Nine Months Ended September 30, 2024	$ 43

Property and equipment (Details

Property and equipment (Details Narrative) € in Thousands, $ in Thousands	9 Months Ended		12 Months Ended
	Sep. 30, 2024 USD ($)	Sep. 30, 2024 EUR (€)	Dec. 31, 2023 USD ($)	Sep. 30, 2024 EUR (€)
IfrsStatementLineItems [Line Items]
Right-of-use, net carrying amount of property and equipment	$ 1,294		$ 1,481
Payments of purchase carrying amount of equipment	1,134	€ 1,015
Remaining purchase commitment	491			€ 438
Leasehold improvements [member]
IfrsStatementLineItems [Line Items]
Depreciation, carrying amount of equipment not available for use	785		800
Equipment not available for use [member]
IfrsStatementLineItems [Line Items]
Depreciation, carrying amount of equipment not available for use	$ 3,333		$ 2,199

Schedule of Intangible Assets (

Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Sep. 30, 2024	Dec. 31, 2023
Intangible assets and goodwill [abstract]
Intangible assets other than goodwill, cost beginning		$ 34	$ 33
Intangible assets other than goodwill, accumulated amortization, beginning		(27)	(24)
Intangible assets other than goodwill, beginning		7	9
Acquisition of Aeterna (note 3), cost		3,352
Acquisition of Aeterna (note 3), accumulated amortization
Acquisition of Aeterna (note 3)		3,352
Amortization cost
Accumulated amortization		(94)	(2)
Amortization		(94)	(2)
Impairment of intangible assets cost		(1,459)
Impact of foregin exchange rate changes accumulated amortization
Impairment of intangible assets	$ (1,459)	(1,459)
Impact of foregin exchange rate changes cost		1	1
Impact of foregin exchange rate changes accumulated amortization			(1)
Impact of foregin exchange rate changes		1
Intangible assets other than goodwill, cost ending	1,928	1,928	34
Intangible assets other than goodwill, accumulated amortization,ending	(121)	(121)	(27)
Intangible assets other than goodwill, ending	$ 1,807	$ 1,807	$ 7

Intangible assets (Details Narr

Intangible assets (Details Narrative) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2024 USD ($)	Sep. 30, 2024 USD ($)
IfrsStatementLineItems [Line Items]
Recoverable amount	$ 1,807	$ 1,807
Impairment loss	$ 1,459
Explanation of main events and circumstances of impairment losses		The recoverable value is sensitive to a change in the probability of possible scenarios and an increase or decrease in those assumptions by 10% would result in a change in the impairment recorded by $375.
Change in impairment		$ 375
Bottom of range [member]
IfrsStatementLineItems [Line Items]
Discount rates	21.70%	21.70%
Top of range [member]
IfrsStatementLineItems [Line Items]
Discount rates	25.80%	25.80%

Summary of detailed information

Summary of detailed information about accounts payable and accrued expenses (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Items for presentation of regulatory deferral accounts [abstract]
Trade accounts payable	$ 2,396	$ 281
Accrued research and development costs	1,046
Accrued employee benefits	432	130
Payroll tax and other statutory liabilities	60
Other accrued liabilities	883	601
Accounts Payables and accrued liabilities	$ 4,817	$ 1,012

Summary of net employee future

Summary of net employee future benefit liability asset (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($)
Change in plan liabilities
Balances – Beginning of the period
Acquisition of Aeterna (note 3)	22,136
Current service cost	46
Interest cost	272
Actuarial loss from changes in financial assumptions	937
Benefits paid	(251)
Impact of foreign exchange rate changes	697
Balances – End of the period	23,837
Change in plan assets
Balances – Beginning of the period
Acquisition of Aeterna Zentaris Inc. (note 3)	10,972
Interest income from plan assets	136
Employer contributions	13
Employee contributions	4
Benefits paid	(87)
Impact of foreign exchange rate changes	346
Balances – End of the period	11,384
Net liability of the unfunded plans	11,691
Net liability of the funded plans	762
Net amount recognized as Employee future benefits	12,453
Amounts recognized:
In net loss	179
Actuarial loss on defined benefit plans in other comprehensive loss	(936)
Pension defined benefit plans [member]
Change in plan liabilities
Balances – Beginning of the period
Acquisition of Aeterna (note 3)	22,036
Current service cost	42
Interest cost	271
Actuarial loss from changes in financial assumptions	936
Benefits paid	(251)
Impact of foreign exchange rate changes	696
Balances – End of the period	23,730
Change in plan assets
Balances – Beginning of the period
Acquisition of Aeterna Zentaris Inc. (note 3)	10,972
Interest income from plan assets	136
Employer contributions	13
Employee contributions	4
Benefits paid	(87)
Impact of foreign exchange rate changes	346
Balances – End of the period	11,384
Net liability of the unfunded plans	11,584
Net liability of the funded plans	762
Net amount recognized as Employee future benefits	12,346
Amounts recognized:
In net loss	173
Actuarial loss on defined benefit plans in other comprehensive loss	(936)
Other benefit plans [member]
Change in plan liabilities
Balances – Beginning of the period
Acquisition of Aeterna (note 3)	100
Current service cost	4
Interest cost	1
Actuarial loss from changes in financial assumptions	1
Benefits paid
Impact of foreign exchange rate changes	1
Balances – End of the period	107
Change in plan assets
Balances – Beginning of the period
Acquisition of Aeterna Zentaris Inc. (note 3)
Interest income from plan assets
Employer contributions
Employee contributions
Benefits paid
Impact of foreign exchange rate changes
Balances – End of the period
Net liability of the unfunded plans	107
Net liability of the funded plans
Net amount recognized as Employee future benefits	107
Amounts recognized:
In net loss	6
Actuarial loss on defined benefit plans in other comprehensive loss

Employee future benefits (Detai

Employee future benefits (Details Narrative)	Sep. 30, 2024	Jun. 03, 2024
Classes of employee benefits expense [abstract]
Discount rate	3.40%	3.70%

Summary of warrants activity re

Summary of warrants activity reclassified equity (Details) $ / shares in Units, $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($) $ / shares shares
Warrants
Warrants outstanding, Beginning of year | shares
Weighted average exercise price, beginning of year | $ / shares
Warrants outstanding, beginning of year, value | $
Warrants either issued or assumed as part of the acquisition of Aeterna | shares	747,948
Weighted average exercise price, Warrants either issued or assumed as part of the acquisition of Aeterna | $ / shares	$ 13.32
Warrants either issued or assumed as part of the acquisition of Aeterna, value | $	$ 4,424
Warrants, Exercised | shares	(60,167)
Weighted average exercise price, exercised | $ / shares	$ 0.01
Warrants outstanding, exercised, value | $	$ (386)
Warrants, Expired | shares	(13,249)
Weighted average exercise price,expired | $ / shares	$ 165
Warrants outstanding, expired, value | $
Change in fair value of warrants | shares
Weighted average exercise price, Change in fair value of warrants | $ / shares
Change in fair value of warrants, value | $	$ (1,895)
Warrants Outstanding, Ending of year | shares	674,532
Weighted average exercise price, ending of year | $ / shares	$ 11.53
Warrants outstanding, ending of year, value | $	$ 2,143

Summary of fair values of warra

Summary of fair values of warrants assumptions (Details) - $ / shares	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
IfrsStatementLineItems [Line Items]
Expected dividend yield		0%
Expected volatility		65%
Risk-free annual interest rate		3.23%
Expected life (years)		5 years
Weighted average share price		$ 19.06
Weighted average exercise price		$ 19.06
Warrants [member]
IfrsStatementLineItems [Line Items]
Expected dividend yield	0%
Expected volatility	65%
Risk-free annual interest rate	4.47%
Expected life (years)	2 years 8 months 1 day
Weighted average share price	$ 3.75
Weighted average exercise price	$ 11.53

Schedule of warrants outstandin

Schedule of warrants outstanding (Details)	9 Months Ended
	Sep. 30, 2024 $ / shares shares
IfrsStatementLineItems [Line Items]
Options outstanding, Number (in shares) | shares	674,532
Options outstanding, Weighted average remaining contractual life (years)	2 years 8 months 1 day
Options outstanding, Weighted average exercise price | $ / shares	$ 11.53
Warrants [member] | February 2020 [member]
IfrsStatementLineItems [Line Items]
Options outstanding, Number (in shares) | shares	11,129
Options outstanding, Weighted average remaining contractual life (years)	1 year 4 months 6 days
Options outstanding, Weighted average exercise price | $ / shares	$ 129.12
Warrants [member] | July 2020 [member]
IfrsStatementLineItems [Line Items]
Options outstanding, Number (in shares) | shares	56,210
Options outstanding, Weighted average remaining contractual life (years)	10 months 20 days
Options outstanding, Weighted average exercise price | $ / shares	$ 45
Warrants [member] | August 2020 [member]
IfrsStatementLineItems [Line Items]
Options outstanding, Number (in shares) | shares	17,310
Options outstanding, Weighted average remaining contractual life (years)	10 months 20 days
Options outstanding, Weighted average exercise price | $ / shares	$ 47
Warrants [member] | February 2021 [member]
IfrsStatementLineItems [Line Items]
Options outstanding, Number (in shares) | shares	16,507
Options outstanding, Weighted average remaining contractual life (years)	1 year 4 months 20 days
Options outstanding, Weighted average exercise price | $ / shares	$ 181.25
Warrants [member] | June 2024 [member]
IfrsStatementLineItems [Line Items]
Options outstanding, Number (in shares) | shares	573,376
Options outstanding, Weighted average remaining contractual life (years)	9 months 3 days
Options outstanding, Weighted average exercise price | $ / shares	$ 0.01

Summary of number and weighted

Summary of number and weighted average exercise prices of cash settled deferred shares units (Details) - shares	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
IfrsStatementLineItems [Line Items]
Number of Options, Beginning	74,371	64,735
Number of Options, Granted - Replacement awards	12,949	21,712
Number of Options, Exercised		(1,416)
Number of Options, Ending	80,062	79,091
Cash Settled Deferred Share Units [Member]
IfrsStatementLineItems [Line Items]
Number of Options, Beginning
Beginning value
Number of Options, Granted - Replacement awards	49,230
Granted - Replacement awards, value	344
Number of Options, Exercised	(12,250)
Exercised, value	(74)
Number of Options, Change in fair value of DSUs
Change in fair value of DSUs, value	(131)
Number of Options, Ending	36,980
Ending, value	139

Summary of number and weighte_2

Summary of number and weighted average exercise prices of equity settled deferred shares units (Details) - shares	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
IfrsStatementLineItems [Line Items]
Number of Options, Beginning	74,371	64,735
Number of Options, Granted	12,949	21,712
Number of Options, Ending	80,062	79,091
Equity Settled Deferred Share Units [Member]
IfrsStatementLineItems [Line Items]
Number of Options, Beginning
Beginning value
Number of Options, Granted	65,000
Granted, value	411
Number of Options, Ending	65,000
Ending, value	411

Deferred share units (Details N

Deferred share units (Details Narrative) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
IfrsStatementLineItems [Line Items]
Compensation expenses	$ 29	$ 43	$ 43	$ 142
Deferred share unit [member]
IfrsStatementLineItems [Line Items]
Compensation expenses			131
Equity Settled Deferred Share Units [Member]
IfrsStatementLineItems [Line Items]
Compensation expenses			$ 411

Summary of share capital (Detai

Summary of share capital (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($) shares
IfrsStatementLineItems [Line Items]
Balance	$ 21,035
Balance	$ 20,014
Issued capital [member]
IfrsStatementLineItems [Line Items]
Balance, shares | shares	1,847,593
Balance	$ 13,517
Issuance of common shares, net of transaction costs, shares | shares	1,213,967
Issuance of common shares, net of transaction costs, Amount	$ 8,485
Granted | shares	60,167
Granted, Amount	$ 386
Balance, shares | shares	3,121,727
Balance	$ 22,388

Summary of assumptions to deter

Summary of assumptions to determine share-based compensation options granted (Details)	9 Months Ended
	Sep. 30, 2023 $ / shares
Shareholders’ equity
Expected dividend yield	0%
Expected volatility	65%
Risk-free annual interest rate	3.23%
Expected life (years)	5 years
Weighted average share price	$ 19.06
Weighted average exercise price	19.06
Weighted average grant date fair value	$ 11

Summary of number and weighte_3

Summary of number and weighted average exercise prices of deferred shares units (Details)	9 Months Ended
	Sep. 30, 2024 shares $ / shares	Sep. 30, 2023 shares $ / shares
Shareholders’ equity
Number of Options, Beginning | shares	74,371	64,735
Weighted average exercise price, beginning | $ / shares	$ 20.74	$ 20.53
Number of Options, Granted - Replacement options | shares	12,949	21,712
Weighted average exercise price, granted - Replacement options | $ / shares	$ 50.65	$ 19.06
Number of Options, Exercised | shares		(1,416)
Weighted average exercise price, exercised | $ / shares		$ 2.93
Number of Options, Canceled/Forfeited | shares	(7,258)	(5,939)
Weighted average exercise price, canceled/forfeited | $ / shares	$ 34.90	$ 19.06
Number of Options, Ending | shares	80,062	79,091
Weighted average exercise price, ending | $ / shares	$ 12.50	$ 20.53

Shareholders_ equity (Details N

Shareholders’ equity (Details Narrative) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) shares	Sep. 30, 2023 USD ($) shares	Jun. 03, 2024 shares $ / shares
IfrsStatementLineItems [Line Items]
Exchange rate | $ / shares					0.02360
Stock options granted				21,004
Compensation expenses | $	$ 29	$ 43	$ 43	$ 142
Aeterna [member]
IfrsStatementLineItems [Line Items]
Number of share options held in share-based payment arrangement					12,949

Fair value of financial instr_2

Fair value of financial instruments (Details Narrative) - Level 2 of fair value hierarchy [member]	9 Months Ended
	Sep. 30, 2024 USD ($) $ / shares
IfrsStatementLineItems [Line Items]
Fair value | $
Warrants [member]
IfrsStatementLineItems [Line Items]
Exercise price | $ / shares	$ 0.01

Summary of changes in operating

Summary of changes in operating assets and liabilities (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Disclosure of information for cash-generating units [abstract]
Trade and other receivables	$ (978)	$ 429	$ (1,662)	$ 1,356
Inventory	(206)	(169)	688	(1,203)
Prepaid expenses and other current assets	266	(82)	(1,627)	(56)
Payables and accrued liabilities	(3,566)	558	(983)	(408)
Deferred revenues	217		217
Provision for restructuring and other costs	273		274
Employee future benefits	(131)		(175)
Increase (decrease) in operating assets and liabilities	$ (4,125)	$ 736	$ (3,268)	$ (311)

Supplemental disclosure of ca_3

Supplemental disclosure of cash flow information (Details Narrative) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Property, plant and equipment [member]
IfrsStatementLineItems [Line Items]
Acquired on deferred payment terms	$ 0.5

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		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
IfrsStatementLineItems [Line Items]
Net loss	$ (5,755)	$ (776)	$ (8,578)	$ (1,921)
Basic weighted-average number of shares outstanding	3,106,503	1,847,678	2,394,927	1,847,068
Diluted weighted-average number of shares outstanding	3,106,503	1,847,678	2,394,927	1,847,068
Basic loss per share	$ (1.85)	$ (0.42)	$ (3.58)	$ (1.04)
Diluted loss per share	$ (1.85)	$ (0.42)	$ (3.58)	$ (1.04)
Employee stock option [member]
Items excluded from the calculation of diluted net loss per share due to their anti-dilutive effect:
Warrants	182,042	79,091	182,042	79,091
Warrants [member]
Items excluded from the calculation of diluted net loss per share due to their anti-dilutive effect:
Warrants	674,532		674,532

Summary relevant financial info

Summary relevant financial information by operating segment (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
IfrsStatementLineItems [Line Items]
Revenue	$ 1,871	$ 1,952	$ 6,265	$ 5,929
Cost of sales	(914)	(1,147)	(3,585)	(3,139)
Gross profit	957	805	2,680	2,790
Research and development	(2,799)	(436)	(5,391)	(1,551)
Impairment of intangible assets	(1,459)		(1,459)
Income (Loss) from operations before SG&A and other income (expenses)	(3,301)	369	(4,170)	1,239
Selling, general & administrative	(2,992)	(1,480)	(7,702)	(3,832)
Loss from operations	(6,293)	(1,111)	(11,872)	(2,593)
Net other income	426	123	2,296	147
Loss before income taxes	(5,867)	(988)	(9,576)	(2,446)
Selling, general & administrative	2,992	1,480	7,702	3,832
Net other income	(426)	(123)	(2,296)	(147)
Active ingredient [member]
IfrsStatementLineItems [Line Items]
Revenue	1,707	1,952	6,098	5,929
Cost of sales	(839)	(1,147)	(3,506)	(3,139)
Gross profit	868	805	2,592	2,790
Research and development	(599)	(436)	(2,443)	1,551
Impairment of intangible assets
Income (Loss) from operations before SG&A and other income (expenses)	269	369	149	1,239
Biopharmaceutical [member]
IfrsStatementLineItems [Line Items]
Revenue	164		167
Cost of sales	(75)		(79)
Gross profit	89		88
Research and development	(2,200)		(2,948)
Impairment of intangible assets	(1,459)		(1,459)
Income (Loss) from operations before SG&A and other income (expenses)	$ (3,570)		$ (4,319)

Segment information (Details Na

Segment information (Details Narrative) - Distributor [member]	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
IfrsStatementLineItems [Line Items]
Revenue percentage	72%	93%	85%	90%
Accounts receivable and other receivables percentage			69%	80%

Schedule of expected future min

Schedule of expected future minimum lease payments (Details) $ in Thousands	Sep. 30, 2024 USD ($)
IfrsStatementLineItems [Line Items]
Minimum lease payments, net	$ 2,771
Not later than one year [member]
IfrsStatementLineItems [Line Items]
Minimum lease payments, net	2,715
1 - 3 years [member]
IfrsStatementLineItems [Line Items]
Minimum lease payments, net	56
4 - 5 years [member]
IfrsStatementLineItems [Line Items]
Minimum lease payments, net
Later than five years [member]
IfrsStatementLineItems [Line Items]
Minimum lease payments, net

Commitments (Details Narrative)

Commitments (Details Narrative) - 9 months ended Sep. 30, 2024 € in Thousands, $ in Thousands	USD ($)	EUR (€)
IfrsStatementLineItems [Line Items]
Minimum lease payments net	$ 2,771
Annual royalty percentage	2%
Purchase commitment	$ 491	€ 438
Top of range [member]
IfrsStatementLineItems [Line Items]
Minimum lease payments net	$ 30,016
Annual royalty percentage	3.50%
Bottom of range [member]
IfrsStatementLineItems [Line Items]
Annual royalty percentage	1%