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Interim Consolidated Financial Statements
of March 31, 2024, and for the three months ended March 31, 2024, and 2023
thousands of US dollars)
| Condensed Interim Consolidated Statements of Financial Position | 2 |
| Condensed Interim Consolidated Statements of Changes in Shareholders' Equity | 3 |
| Condensed Interim Consolidated Statements of Loss and Comprehensive Loss | 4 |
| Condensed Interim Consolidated Statements of Cash Flows | 5 |
| Notes to the Condensed Interim Consolidated Financial Statements | 6 |
Interim Consolidated Statements of Financial Position
thousands of US dollars)
| As of March 31, 2024 | As of December 31, 2023 | |||||||
| $ | $ | |||||||
| ASSETS | ||||||||
| Current assets | ||||||||
| Cash and cash equivalents | 29,545 | 34,016 | ||||||
| Trade and other receivables | 190 | 222 | ||||||
| Inventory | 64 | 66 | ||||||
| Income taxes receivable | 118 | 121 | ||||||
| Prepaid expenses and other current assets | 1,278 | 1,942 | ||||||
| Total current assets | 31,195 | 36,367 | ||||||
| Non-current assets | ||||||||
| Restricted cash equivalents | 326 | 332 | ||||||
| Property and equipment | 271 | 317 | ||||||
| Total non-current assets | 597 | 649 | ||||||
| Total assets | 31,792 | 37,016 | ||||||
| LIABILITIES | ||||||||
| Current liabilities | ||||||||
| Payables and accrued liabilities (note 4) | 4,315 | 3,622 | ||||||
| Provisions | 422 | 429 | ||||||
| Income taxes payable | 109 | 111 | ||||||
| Deferred revenues (note 3) | 252 | 218 | ||||||
| Lease liabilities | 154 | 160 | ||||||
| Total current liabilities | 5,252 | 4,540 | ||||||
| Non-current liabilities | ||||||||
| Deferred revenues (note 3) | 1,471 | 1,544 | ||||||
| Lease liabilities | 80 | 119 | ||||||
| Employee future benefits (note 5) | 12,019 | 12,617 | ||||||
| Total non-current liabilities | 13,570 | 14,280 | ||||||
| Total liabilities | 18,822 | 18,820 | ||||||
| Shareholders' equity | ||||||||
| Share capital (note 6) | 293,410 | 293,410 | ||||||
| Warrants | 5,085 | 5,085 | ||||||
| Contributed surplus | 90,718 | 90,710 | ||||||
| Deficit | ( 375,264 | ) | ( 369,831 | ) | ||||
| Accumulated other comprehensive loss | ( 979 | ) | ( 1,178 | ) | ||||
| Total Shareholders' equity | 12,970 | 18,196 | ||||||
| Total liabilities and shareholders' equity | 31,792 | 37,016 |
accompanying notes are an integral part of these condensed interim consolidated financial statements.
by the Board of Directors
| /s/ Carolyn Egbert | /s/ Dennis Turpin | |
| Carolyn Egbert, Chair of the Board | Dennis Turpin, Director |
Interim Consolidated Statements of Changes in Shareholders' Equity
the three months ended March 31, 2024, and 2023
thousands of US dollars)
| Share capital | Warrants | Contributed surplus | Deficit | Accumulated other comprehensive loss | Total | |||||||||||||||||||
| $ | $ | $ | $ | $ | $ | |||||||||||||||||||
| Balance - December 31, 2023 | 293,410 | 5,085 | 90,710 | ( 369,831 | ) | ( 1,178 | ) | 18,196 | ||||||||||||||||
| Net loss | - | - | - | ( 5,752 | ) | - | ( 5,752 | ) | ||||||||||||||||
| Other comprehensive loss: | ||||||||||||||||||||||||
| Foreign currency translation adjustments | - | - | - | - | 199 | 199 | ||||||||||||||||||
| Actuarial gain on defined benefit plans (note 5) | - | - | - | 319 | - | 319 | ||||||||||||||||||
| Comprehensive loss | ( 5,433 | ) | 199 | ( 5,234 | ) | |||||||||||||||||||
| Share-based compensation costs | - | - | 8 | - | - | 8 | ||||||||||||||||||
| Balance - March 31, 2024 | 293,410 | 5,085 | 90,718 | ( 375,264 | ) | ( 979 | ) | 12,970 |
| Share capital | Warrants | Contributed surplus | Deficit | Accumulated other comprehensive loss | Total | |||||||||||||||||||
| $ | $ | $ | $ | $ | $ | |||||||||||||||||||
| Balance - December 31, 2022 | 293,410 | 5,085 | 90,332 | ( 352,084 | ) | ( 967 | ) | 35,776 | ||||||||||||||||
| Balance | 293,410 | 5,085 | 90,332 | ( 352,084 | ) | ( 967 | ) | 35,776 | ||||||||||||||||
| Net loss | - | - | - | ( 4,255 | ) | - | ( 4,255 | ) | ||||||||||||||||
| Other comprehensive loss: | ||||||||||||||||||||||||
| Foreign currency translation adjustments | - | - | - | - | ( 168 | ) | ( 168 | ) | ||||||||||||||||
| Actuarial loss on defined benefit plans | - | - | - | ( 162 | ) | - | ( 162 | ) | ||||||||||||||||
| Comprehensive income | ( 4,417 | ) | ( 168 | ) | ( 4,585 | ) | ||||||||||||||||||
| Share-based compensation costs | - | - | 17 | - | - | 17 | ||||||||||||||||||
| Balance - March 31, 2023 | 293,410 | 5,085 | 90,349 | ( 356,501 | ) | ( 1,135 | ) | 31,208 | ||||||||||||||||
| Balance | 293,410 | 5,085 | 90,349 | ( 356,501 | ) | ( 1,135 | ) | 31,208 |
accompanying notes are an integral part of these condensed interim consolidated financial statements.
Interim Consolidated Statements of Loss and Comprehensive Loss
the three months ended March 31, 2024, and 2023
thousands of US dollars, except share and per share data)
| 2024 | 2023 | |||||||
| Three months ended | ||||||||
| March 31, | ||||||||
| 2024 | 2023 | |||||||
| $ | $ | |||||||
| Revenues (note 3) | 4 | 2,128 | ||||||
| Expenses | ||||||||
| Cost of sales | 16 | 17 | ||||||
| Research and development | 2,584 | 4,012 | ||||||
| Selling, general and administrative (note 10) | 3,514 | 2,306 | ||||||
| Total expenses | 6,114 | 6,335 | ||||||
| Loss from operations | ( 6,110 | ) | ( 4,207 | ) | ||||
| Gain (loss) due to changes in foreign currency exchange rates | 77 | ( 59 | ) | |||||
| Interest income | 285 | 13 | ||||||
| Other finance costs | ( 4 | ) | ( 2 | ) | ||||
| Net finance income (costs) | 358 | ( 48 | ) | |||||
| Loss before income taxes | ( 5,752 | ) | ( 4,255 | ) | ||||
| Income tax recovery | - | - | ||||||
| Net loss | ( 5,752 | ) | ( 4,255 | ) | ||||
| Other comprehensive loss: | ||||||||
| Items that may be reclassified subsequently to profit or loss: | ||||||||
| Foreign currency translation adjustments | 199 | ( 168 | ) | |||||
| Items that will not be reclassified to profit or loss: | ||||||||
| Actuarial gain (loss) on defined benefit plans (note 5) | 319 | ( 162 | ) | |||||
| Comprehensive loss | ( 5,234 | ) | ( 4,585 | ) | ||||
| Basic and diluted loss per share (note 8) | ( 4.74 | ) | ( 3.51 | ) | ||||
| Weighted average number of shares outstanding (basic and diluted) 1 | 1,213,969 | 1,213,969 |
accompanying notes are an integral part of these condensed interim consolidated financial statements.
Interim Consolidated Statements of Cash Flows
the three months ended March 31, 2024, and 2023
thousands of US dollars)
| 2024 | 2023 | |||||||
| Three months ended | ||||||||
| March 31, | ||||||||
| 2024 | 2023 | |||||||
| $ | $ | |||||||
| Cash flows from operating activities | ||||||||
| Net loss for the period | ( 5,752 | ) | ( 4,255 | ) | ||||
| Items not affecting cash and cash equivalents: | ||||||||
| Depreciation and amortization | 44 | 40 | ||||||
| Share-based compensation costs | 8 | 17 | ||||||
| Employee future benefits | 130 | 135 | ||||||
| Net foreign exchange differences | ( 6 | ) | 8 | |||||
| Amortization of deferred revenues | - | ( 760 | ) | |||||
| Provisions | - | ( 8 | ) | |||||
| Other non-cash items | 5 | 1 | ||||||
| Changes in operating assets and liabilities (note 7) | 1,281 | 761 | ||||||
| Net cash used in operating activities | ( 4,290 | ) | ( 4,061 | ) | ||||
| Cash flows from financing activities | ||||||||
| Payments on lease liabilities | ( 42 | ) | ( 38 | ) | ||||
| Net cash used in financing activities | ( 42 | ) | ( 38 | ) | ||||
| Cash flows from investing activities | ||||||||
| Purchase of property and equipment | ( 5 | ) | ( 2 | ) | ||||
| Net cash used in investing activities | ( 5 | ) | ( 2 | ) | ||||
| Effect of exchange rate changes on cash and cash equivalents | ( 134 | ) | 50 | |||||
| Net change in cash and cash equivalents | ( 4,471 | ) | ( 4,051 | ) | ||||
| Cash and cash equivalents - Beginning of period | 34,016 | 50,611 | ||||||
| Cash and cash equivalents - End of period | 29,545 | 46,560 |
accompanying notes are an integral part of these condensed interim consolidated financial statements.
to the Condensed Interim Consolidated Financial Statements
of March 31, 2024, and for the three months ended March 31, 2024, and 2023
thousands of US dollars, except share and per share data and as otherwise noted)
1. Business overview
Zentaris is a specialty biopharmaceutical company commercializing and developing therapeutics and diagnostic tests. The Company's
lead product, Macrilen (macimorelin), is the first and only U.S. Food and Drug Administration ("FDA") and
European Medicines Agency ("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. The Company's several other license and commercialization partners
are also seeking approval for commercialization of macimorelin in Israel and the Palestinian Authority, the Republic of Korea, Turkey
and several non-European Union Balkan countries. The Company is actively pursuing business development opportunities for the commercialization
of macimorelin in North America, Asia and the rest of the world.