Company: CSCIF
Filing Date: 2025-04-09
Form Type: 20-F
Source: 0001641172-25-003456
Chunk: 200

Company: COSCIENS Biopharma Inc.
Filing Date: 2025-04-09
Form: 20-F
Item: Item 15
Chunk 200
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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 are evaluating our long-term resource needs and                                                                                      
  we have also committed to providing the Company’s personnel                                                                             
  we will formalize the documentation of internal control over financial                                                                  
  we are implementing a formal monitoring program over our internal                                                                       
  we will implement additional system capabilities and enhancing                                                                          

These remediation measures may be time consuming,
costly, and might place significant demands on our financial and operational resources. Although we have made and are making enhancements
to our control procedures in this area, the material weaknesses will not be remediated until the necessary controls have been implemented
and are operating effectively. Moreover, significant operating cost reductions may materially adversely impact our accounting and finance
function, and make it more difficult to remediate existing significant deficiencies and material weaknesses. We do not know the specific
time frame needed to fully remediate the material weaknesses identified.

We cannot assure you that these measures will significantly
improve or remediate the material weaknesses described above. The implementation of these remediation measures is in the early stages
and will require validation and testing of the design and operating effectiveness of our internal controls over a sustained period of
financial reporting cycles and, as a result, the timing of when we will be able to fully remediate the material weaknesses is uncertain.
If the steps we take do not remediate the material weaknesses in a timely manner, there could be a reasonable possibility that these
control deficiencies or others may result in a material misstatement of our annual or interim financial statements that would not be
prevented or detected on a timely basis. This, in turn, could jeopardize our ability to comply with our reporting obligations, limit
our ability to access the capital markets and adversely impact our stock price.

Implementing any appropriate changes to our internal controls may distract
our officers and employees, entail substantial costs to modify our existing processes and take significant time to complete. These changes
may not, however, be effective in maintaining the adequacy of our internal controls, and any failure to maintain that adequacy, or consequent
inability to produce accurate financial statements on a timely basis, could increase our operating costs and harm our business. Even
if we are successful in strengthening