Company: CSCIF
Filing Date: 2025-04-09
Form Type: 20-F
Source: 0001641172-25-003456
Chunk: 248

Company: COSCIENS Biopharma Inc.
Filing Date: 2025-04-09
Form: 20-F
Item: Item 18
Chunk 248
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Warrants either issued or assumed as part of the acquisition of Aeterna (note 5)         747,948                                   13.32            4,424     
Exercised                                                                                (66,561   )                                0.01            (405     )
Expired                                                                                  (13,249   )                              165.00            -         
Change in fair value of warrants                                                         -                                             -            (2,456   )
Balance at December 31, 2024                                                             668,138                                    2.35            1,563     
 
The method and inputs used in estimating the fair value of warrants on the acquisition date are described in Note 5. The fair values of warrants as at December 31, 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
 
                                   December 31, 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                 $2.35    
 
The expected volatility of these warrants was determined using historical volatility rates and the expected life was determined based on time to expiry from the issuance date.
 
At December 31, 2024, the following warrants were outstanding:
 
Schedule of warrants outstanding
 
      Warrant issuance            Number       Weighted average remaining contractual life     Weighted average exercise price    
----------------------------------------------------------------------------------------------------------------------------------
                              #                                                       years                                      $
February 2020                        11,129                                            0.64                              129.12   
July 2020                            56,210                                            0.51                               45.00   
August 2020                          17,310                                            1.10                               47.00   
February 2021                        16,507                                            1.14                              181.25   
June 2024                           566,982                                            2.42                                0.01   
Balance – December 31, 2024         668,138                                            2.17                                2.35   

F-33
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COSCIENS Biopharma Inc.
 Notes to Consolidated Financial Statements As of December 31, 2024 and 2023 and for the years ended