Aeterna Zentaris Reports First Quarter 2023 Financial Results - Ended the quarter with $46.6 million in cash, expected to fund operations into 2025 - Continued efforts to accelerate recruitment for DETECT trial - Activel

Zentaris Reports First Quarter 2023 Financial Results

ONTARIO, May 9, 2023 - Aeterna Zentaris Inc. (NASDAQ: AEZS) (TSX: AEZS) ("Aeterna" or the "Company"),

a specialty biopharmaceutical company developing and commercializing a diversified portfolio of pharmaceutical and diagnostic products,

today reported its financial and operating results for the quarter ended March 31, 2023.

team remains focused on driving enrollment for our ongoing DETECT trial in addition to discussions with alternate development and commercialization

partners for macimorelin in the U.S. and other territories not currently partnered," commented Dr. Klaus Paulini, Chief Executive

Officer of Aeterna. "We have made solid progress with our development programs and are approaching additional pre-established

go/no-go milestones related to the advancement of our pipeline and, importantly, have a strong cash position to fund these efforts. We

continue to set the stage for opportunities that we believe will drive value for shareholders throughout this year."

of First Quarter 2023 Financial Results

amounts are in U.S. dollars

and cash equivalents

Company had $46.6 million in cash and cash equivalents at March 31, 2023.

of operations for the three-month period ended March 31, 2023

the three-month period ended March 31, 2023, we reported a consolidated net loss of $4.3 million, or $0.88 loss per common share (basic),

as compared with a consolidated net loss of $2.6 million, or $0.54 loss per common share (basic) for the three-month period ended March

31, 2022. The $1.7 million increase in net loss is primarily from a $1.6 million increase in research and development expenses, a $0.4

million increase in selling, general and administrative expenses, and a $0.3 million decrease in gain (loss) due to changes in foreign

currency offset by a $0.6 million increase in revenues.

Financial Statements and Management's Discussion and Analysis

reference, the Management's Discussion and Analysis of Financial Condition and Results of Operations for the first quarter 2023,

as well as the Company's unaudited interim condensed consolidated financial statements as of March 31, 2023, will be available

on the Company's website (www.zentaris.com) in the Investors section or at the Company's profile at www.sedar.com and

Aeterna Zentaris Inc.

Zentaris is a specialty biopharmaceutical company developing and commercializing a diversified portfolio of pharmaceutical and diagnostic

products focused on areas of significant unmet medical need. The Company's lead 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). The Company is leveraging the clinical success and compelling safety profile of macimorelin to develop it for the diagnosis of

childhood-onset growth hormone deficiency (CGHD), an area of significant unmet need.

Zentaris is dedicated to the development of its therapeutic asset and has established a pre-clinical development pipeline to potentially

address unmet medical needs across a number of indications, including neuromyelitis optica spectrum disorder (NMOSD), Parkinson's

disease (PD), hypoparathyroidism and amyotrophic lateral sclerosis (ALS; Lou Gehrig's disease).

more information, please visit www.zentaris.com and connect with the Company on Twitter, LinkedIn and Facebook.

Forward-Looking Statements

press release contains statements that may constitute forward-looking statements within the meaning of U.S. and Canadian securities legislation

and regulations, and such statements are made pursuant to the safe-harbor provision of the U.S. Securities Litigation Reform Act of 1995.

Forward-looking statements are frequently, but not always, identified by words such as "expects," "aiming", "anticipates,"

"believes," "intends," "potential," "possible," and similar expressions. Such statements,

based as they are on current expectations of management, inherently involve numerous risks, uncertainty and assumptions, known and unknown,

many of which are beyond our control.

statements in this press release include, but are not limited to, those relating to Aeterna's expectations regarding: its ability

to fund its future operations; recruitment efforts with respect to the DETECT trial; and commercialization efforts regarding macimorelin.

statements involve known and unknown risks and uncertainties, and other factors which may cause the actual results, performance or achievements

stated herein to be materially different from any future results, performance or achievements expressed or implied by the forward-looking

information. Such risks and uncertainties include, among others: we may not be successful in finding a commercialization partner for

Macrilen in North America or other territories not currently partnered; we may not be able to re-launch sales of Macrilen

in the United States; our reliance on the success of the DETECT-trial in CGHD; results from our ongoing or planned pre-clinical

studies and our DETECT-trial may not be successful or may not support advancing the product further in pre-clinical studies, to human

clinical trials or regulatory approval; our ability to raise capital and obtain financing to continue our currently planned operations;

our now heavy dependence on the success of macimorelin (Macrilen ; GHRYVELIN ) and related out-licensing arrangements

and the continued availability of funds and resources to successfully commercialize the product; the global instability due to the global

pandemic of COVID-19 and the war in the Ukraine, and their unknown potential effect on our planned operations; our ability to enter into

out-licensing, development, manufacturing, marketing and distribution agreements with other pharmaceutical companies and keep such agreements

in effect; and our ability to continue to list our common shares on the NASDAQ. Investors should consult our quarterly and annual filings

with the Canadian and U.S. securities commissions for additional information on risks and uncertainties, including those risks discussed

in our Annual Report on Form 20-F and annual information form, under the caption "Risk Factors". Given the uncertainties

and risk factors, readers are cautioned not to place undue reliance on these forward-looking statements. We disclaim any obligation to

update any such factors or to publicly announce any revisions to any of the forward-looking statements contained herein to reflect future

results, events or developments, unless required to do so by a governmental authority or applicable law.

securities regulatory authority has either approved or disapproved of the contents of this news release. The Toronto Stock Exchange accepts

no responsibility for the adequacy or accuracy of this release.

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