Full Press Release Details
Biopharma Inc. Reports Q1 2026 Results
ONTARIO, May 12, 2026 - COSCIENS Biopharma Inc. (TSX: CSCI) (OTCQB: CSCIF) ("COSCIENS" or the "Company")
today reported its financial and operating results for the first quarter ended March 31, 2026. All amounts in this press release are
2026 Financial Highlights
and Corporate Highlights
Subsidiary Insolvency and Deconsolidation
previously announced, during Q1 the Company made the decision to cease funding its German subsidiaries, Aeterna Zentaris GmbH and Zentaris
IVF GmbH. On March 23, 2026, the subsidiaries filed for insolvency in Germany, and on March 27, 2026, following the appointment of a
preliminary insolvency administrator, the Company ceased to exercise control over the entities. Accordingly, the Company derecognized
the assets and liabilities of these entities from its consolidated balance sheet which resulted in total income from discontinued operations
of $10.9 million for the three months ending March 31, 2026. The results of operations and cash flows from the German subsidiaries were
consolidated into the Company's financial statements up to March 27, 2026, and thereafter classified as discontinued operations.
to Suspend SEC Reporting Obligations
previously announced, on April 20, 2026, the Company filed a Schedule 13E-3 with the U.S. Securities and Exchange Commission in connection
with a proposed share reorganization (involving a share consolidation and subsequent share split) that could, if approved by regulators
and Company shareholders, enable the Company to suspend its public reporting obligations under the Exchange Act. The Company has now
set June 17, 2026 as the date for its annual general and special meeting, at which, among other things, Company shareholders will be
asked to consider, and if appropriate, approve the transaction. The Company expects to mail shareholders a management proxy circular
later this month and a copy of the circular, along with related documentation, will be available on the Company's profile on SEDAR+
at www.sedarplus.com and on EDGAR at www.sec.gov/edgar.
Phase 2a study evaluating avenanthramides, for potential applications in managing conditions related to inflammation ("AvenActive"),
concluded in Q3 2025, and the complete study results were received in late March 2026. While exploratory analyses showed some biomarker
changes at higher doses, results were not statistically significant and are considered hypothesis generating only. Based on the data
and development costs, the Company has decided not to advance the AvenActive program at this time.
have taken deliberate steps to improve our cost structure and sharpen our focus. The decision to cease funding the German subsidiaries
and the plan to suspend SEC reporting obligations bring material cost savings benefits, thus putting the Company in a stronger position.
We look forward to turning our attention to growth opportunities going forward." said Peter Puccetti Interim CEO and Chairman of
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 of 2026,
as well as the Company's consolidated financial statements as of March 31, 2026, will be available on the Company's website
(www.cosciensbio.com) in the Investors section or at the Company's SEDAR+ and EDGAR profiles at http://www.sedarplus.ca and www.sec.gov,
COSCIENS Biopharma Inc.
COSCIENS Biopharma Inc. is a holding company, operating through its subsidiaries (collectively, the
"Company"). COSCIENS's principal operating subsidiary, Ceapro Inc. ("Ceapro") is focused on the development
and commercialization of natural, plant-based active ingredients derived from oats and other renewable plant resources, using proprietary
manufacturing and extraction technologies. Ceapro's primary active ingredient business activities relate to the development and
commercialization of natural products for the personal care, cosmetic, human and animal health industries using proprietary technology,
natural, renewable resources and developing innovative products, technologies and delivery systems.
Company's common shares are listed on the TSX under the symbol "CSCI" and are listed and posted for trading on the
OTCQB Venture Market under the symbol "CSCIF". For more information, please visit COSCIENS' website at www.cosciensbio.com.
Certain statements in this news release, referred to herein as "forward-looking statements", constitute
"forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995, as
amended, and "forward-looking information" under the provisions of Canadian securities laws. All statements, other than statements
of historical fact, that address circumstances, events, activities, or developments that could or may or will occur are forward-looking
statements. When used in this news release, words such as "anticipate", "assume", "believe", "could",
"expect", "forecast", "future", "goal", "guidance", "intend",
"likely", "may", "would" or the negative or comparable terminology as well as terms usually used
in the future and the conditional are generally intended to identify forward-looking statements, although not all forward-looking statements
include such words. Specific forward-looking statements in this document include, but is not limited to, statements relating to: the
Company's plans to seek to suspend its reporting obligations under applicable U.S. securities laws; the timing of the Company's
upcoming shareholder meeting, and the plans, objectives, future outlook and financial position of the Company in general. All forward-looking
statements are given pursuant to the "safe harbour" provisions of applicable securities legislation.
forecasts and projections that make up the forward-looking statements contained herein are based on the Company's current expectations
and assumptions, including factors or assumptions that were applied in drawing a conclusion or making a forecast or projection, and including,
but not limited to assumptions based on historical trends, current conditions, and expected future developments, and assumptions regarding:
the ability of the Company to execute on its strategic plans and find new customers and partners in connection therewith; the development
of technologies and value-driving products; the extraction, production and commercialization of active ingredients from natural sources
and our ability to successfully market related products; the successful development and marketing of our pipeline products as well as
such products' capability to address unmet needs within new markets; the Company's business strategy; the Company's
positioning in its target markets; the impact of tariffs and other trade barriers, on our costs and revenues, as well as on the macroeconomic
framework in which we operate; the Company's plans for its PGX Technology; the adequacy of our financial resources to finance operations
and expenditure requirements; and the plans, objectives, future outlook and financial position of the Company in general.
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
statement. Such risk factors are included under "Risk Factors" in our Annual Report on Form 20-F and in other documents furnished
to the SEC and in our other public disclosure filed under our profile on SEDAR+ at www.sedarplus.ca. Although the Company has
attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking
statements, there may be other factors that cause results not to be as anticipated, estimated or intended. Many of these factors are
beyond our control, and it is not possible for the Company to predict all of these factors, or to assess in advance the impact of each
such factor on the Company's business or the extent to which any factor, or combination of factors, may cause actual results to
differ materially from those contained in any forward-looking statement. Accordingly, readers should not place undue reliance on forward-looking
statements. The Company does not undertake to update any forward-looking statements contained herein, except as required by applicable
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 news release.
and Chairman of the Board