COSCIENS Voluntarily Delists from Nasdaq, Retains Listing on TSX; Restructuring Yields 59% Reduction in Operating Expenses vs. Q3 2024
TORONTO, ONTARIO, Nov. 11, 2025 (GLOBE NEWSWIRE) — COSCIENS Biopharma Inc. (FINRA: CSCIF) (TSX: CSCI) (“COSCIENS” or the “Company”), a life science company focused on natural ingredients and pharmaceutical solutions, today reported its financial and operating results for the third quarter ended September 30, 2025, and provided a corporate update on operational and strategic developments during the quarter.
CEO Commentary
“Our focus in Q3 was to ensure the zero-based budgeting and restructuring plans we designed were executed successfully to establish our go-forward cost structure,” said Anna Biehn, Chief Executive Officer of COSCIENS. “Management and the Board are encouraged with the early results and have made significant progress in assessing existing projects, business development efforts, and future growth opportunities.”
Focus on Revenue-Generating Core Business
Stabilizing the core business continues to be a strong priority. Management implemented measures to drive discipline in base business management, forecasting, and conducted an end-to-end procurement to manufacturing review. As a result, Q3 gross margins improved by 700 basis points over the previous quarter, driven by both cost reductions and operational improvements.
Cost Structure Reset and Zero-Based Budgeting
The Company launched a zero-based budgeting (ZBB) initiative in Q2 to improve organizational efficiency. The initiative included headcount reductions and was implemented to better align costs with strategic priorities. The cost reset and restructuring initiative began showing results in Q3, with overall operating expenses down 59% versus Q3 2024, resulting in significantly lower cash outflow for the quarter. The Company will continue pursuing lower operating costs as cost discipline remains a priority.
Nasdaq Delisting and OTCQB® Venture Market Application
As previously announced, the Company voluntarily delisted from Nasdaq effective September 5, 2025, while maintaining its listing on the Toronto Stock Exchange (TSX). Following the delisting, FINRA’s Department of Market Operations assigned the trading symbol “CSCIF” to the Company’s common shares for quoting and trading on the informal OTC market in the United States as of September 4, 2025.
On November 3, 2025, COSCIENS applied to OTC Markets Group Inc. for its common shares to be quoted on the OTCQB® Venture Market. However, there is no guarantee that the application will be approved, nor the timing thereof, or that any broker will maintain or initiate a market for the Company’s shares on the OTC market.
This voluntary delisting represents the first step in COSCIENS’ broader strategy to seek deregistration from U.S. public reporting obligations. The Company plans to file Form 15-F with the U.S. Securities and Exchange Commission (SEC) in the future to deregister under the Exchange Act and terminate reporting obligations, including annual Form 20-F and periodic Form 6-K submissions. Upon filing Form 15-F, all U.S. reporting obligations will be immediately suspended, and deregistration will become effective 90 days later.
Strategic Business and Portfolio Update
Active Ingredients
- Sales of beta glucan, avenanthramides, and oat oil continue across cosmeceutical, personal care, and veterinary health markets.
- The Company is exploring category expansion opportunities in food and beverage, dermatology, and pharmaceutical markets.
- After evaluating nutraceutical business plans, COSCIENS decided against entering the consumer products market due to high entry costs, intense competition, marketing demands, and lack of direct-to-consumer distribution.
- Instead, the Company is discussing active ingredient sales with potential customers to generate revenue within the existing portfolio.
Suspension of Juvente Cosmeceuticals Line
The Company has decided to suspend and wind down operations of its cosmeceutical line, JuventeDC, due to limited success in direct-to-consumer e-commerce channels.
Pharmaceuticals
- Macrilen: Although the Phase 3 DETECT trial evaluating Macrilen for diagnosing Childhood Onset Growth Hormone Deficiency (CGHD) did not meet its primary endpoints, the data provide valuable insights for future development.
- COSCIENS proposed modifying ground truth determination to assess Macrilen’s diagnostic performance; however, the FDA stated redefining diagnostic thresholds is outside its remit, making full pediatric approval in the U.S. unlikely at this time.
- The Company is evaluating options including submitting data for a pediatric subgroup, seeking EMA Scientific Advice, and considering licensing, sale, or partnerships for the adult indication.
- AvenActive Program: The inflammation-related program completed Phase 1 without significant safety concerns. The Phase 2a study with 20 patients concluded in Q3, with full results expected in the coming months.
Technology
COSCIENS holds a license for Pressurized Gas eXpanded (PGX) Technology, a patented method with advantages over conventional drying and purification for processing biopolymers into high-value biocomposites.
Construction of PGX units in Edmonton (completed Q4 2024) and Austria (completed 2025) is finalized, with ongoing technical validation through Q3 2025. The Company intends to pursue industry partnerships to commercialize specialty materials such as yeast beta glucan or integrate the technology into partners’ operations.
Third Quarter 2025 Financial Highlights (All amounts in U.S. dollars)
Cash Position
As of September 30, 2025, COSCIENS held $8.5 million in cash and cash equivalents.
Three-Month Period Ended September 30, 2025
- Net Loss: $1.8 million, or $0.57 per share, improved from a net loss of $5.8 million, or $1.85 per share, in Q3 2024. The $4.0 million decrease reflects lower impairment expenses and operating costs.
- Revenue: $1.5 million, down $0.4 million from $1.9 million in Q3 2024, primarily due to decreased sales of active ingredients and Macrilen related to shipment timing.
- Operating Expenses: $2.9 million, down $4.4 million from $7.3 million in Q3 2024, driven by a $2.3 million reduction in R&D costs, $0.9 million lower SG&A expenses, and $1.2 million decrease in impairment charges.
Nine-Month Period Ended September 30, 2025
- Net Loss: $8.2 million, or $2.59 per share, compared to $8.6 million, or $3.58 per share, in the same period of 2024. The improvement was mainly due to the absence of merger-related professional fees and cost-cutting measures.
- Revenue: $5.7 million, down $0.5 million from $6.2 million in 2024. This decrease reflects lower sales of active ingredients, partially offset by increased Macrilen sales as 2024 only included four months of revenue due to merger timing.
- Operating Expenses: $10.3 million, down $4.2 million from $14.5 million in 2024, mainly due to $3.0 million lower R&D costs and $1.2 million decreased impairment expenses.
Additional Information
The Management’s Discussion and Analysis of Financial Condition and Results of Operations for Q3 2025, as well as the Company’s consolidated financial statements as of September 30, 2025, will be available on COSCIENS’ website in the Investors section at www.cosciensbio.com. They will also be accessible via SEDAR+ at www.sedarplus.ca and the SEC EDGAR database at www.sec.gov.
About COSCIENS Biopharma Inc.
COSCIENS is a life science company with a diverse portfolio focused on developing natural, plant-based active ingredients and commercializing pharmaceutical and diagnostic products. Its natural active ingredient business leverages proprietary manufacturing and extraction technologies to develop avenanthramides and beta glucan ingredients used in leading skincare brands worldwide.
The Company’s lead pharmaceutical product, Macimorelin (Macrilen; Ghryvelin), is the first and only FDA and EMA-approved oral test for diagnosing adult growth hormone deficiency (AGHD).
COSCIENS’ common shares are listed on the Toronto Stock Exchange (TSX) under the symbol “CSCI.” In the U.S., the shares trade on the OTC market under the symbol “CSCIF.” For more information, visit www.cosciensbio.com.
Forward-Looking Statements
This news release contains forward-looking statements within the meaning of applicable securities laws. These statements are based on current expectations and assumptions, involving risks and uncertainties that could cause actual results to differ materially. Forward-looking statements include, but are not limited to, references to operational plans, cost reductions, trading on OTCQB®, deregistration from U.S. reporting, portfolio expansion, clinical trial results, commercialization strategies, and financial outlook.
Readers should carefully consider risk factors described in COSCIENS’ public filings, including its Annual Report on Form 20-F, available through SEDAR+ and the SEC. The Company undertakes no obligation to update forward-looking statements except as required by law.
Contact Information
Issuer:
Anna Biehn
Chief Executive Officer
Email: [email protected]
Investor Contact:
Email: [email protected]
