Company: CSCIF
Filing Date: 2025-04-09
Form Type: 20-F
Source: 0001641172-25-003456
Chunk: 30

Company: COSCIENS Biopharma Inc.
Filing Date: 2025-04-09
Form: 20-F
Item: Item 3
Chunk 30
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 the preparation of our 2024 annual financial statements, we have identified material weaknesses in our internal control over financial reporting. If we are unable to develop and maintain an effective system of internal control over financial reporting, we may not be able to accurately report our financial results in a timely manner, which may adversely affect investor confidence in us and materially and adversely affect our business and operating results.
 
As of December 31, 2024, our management assessed the effectiveness of our internal control over financial reporting. We concluded that there were material weaknesses in our internal control over financial reporting. A material weakness is a deficiency, or combination of deficiencies, in internal controls over financial reporting, such that there is a reasonable possibility that a material misstatement of the consolidated financial statements will not be prevented or detected on a timely basis. We identified the following material weaknesses in our internal control over financial reporting: 
 

●                                      the Company did not maintain an effective control environment                                   
    based on the criteria established in the COSO framework and did not have sufficient competent personnel with the appropriate levels
                    of knowledge, experience, and training in accounting and internal control over financial reporting;                
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●   the Company did not maintain effective control activities based                                                                    
    on the criteria established in the COSO framework;                                                                                 

●                                     the Company had ineffective information and communication, which                                 
     rendered management unable to generate or provide adequate quality supporting information and communication based on the criteria 
                                                   established in the COSO framework; and                                              
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●   the Company did not maintain effective monitoring activities based                                                                 
    on the criteria established in the COSO framework and did not have in place adequate processes for oversight, accountability for   
    performance of internal control over financial reporting responsibilities, and timely implementation of corrective activities, and 
    therefore could not perform sufficient ongoing evaluations to ascertain whether the components of internal control were present and
    functioning.                                                                                                                       

24
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Notwithstanding the identified material weaknesses, our management has concluded that the consolidated financial statements included in this Report present fairly, in all material respects, our financial position, results of operations and cash flows for the periods disclosed in conformity with GAAP. See “Item 15- Controls and Procedures” for further information.
 
We have taken steps to address these pervasive material weaknesses and are in the process of developing and implementing a remediation plan to address them and to improve our internal control over financial reporting, which we believe will address their underlying causes. These steps include the following:
 

●                                             We