Company: CSCIF
Filing Date: 2025-04-09
Form Type: 20-F
Source: 0001641172-25-003456
Chunk: 31

Company: COSCIENS Biopharma Inc.
Filing Date: 2025-04-09
Form: 20-F
Item: Item 3
Chunk 31
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 are evaluating our long-term resource needs and                                          
       requirements to ensure we have adequate resources with the necessary technical knowledge, oversight and accountability to ensure   
    there is adequate segregation of duties and to satisfy the Company’s internal control over financial reporting needs and requirements;
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●   we have also committed to providing the Company’s personnel                                                                           
    with the necessary guidance and on-the-job training to effectively perform their responsibilities related to internal control over    
    financial reporting;                                                                                                                  
●   we will formalize the documentation of internal control over financial                                                                
    reporting at the Company to assist in assessing, implementing and maintaining an effective control environment, including: scoping    
    and risk assessment; business process flows; risk control matrices; and the evaluation of the design and operating effectiveness      
    of controls;                                                                                                                          
●   we are implementing a formal monitoring program over our internal                                                                     
    control framework that will more effectively identify, evaluate and remediate deficiencies than the current year and regularly report 
    on progress of internal control remediation efforts to the audit committee during 2025; and                                           
●   we will implement additional system capabilities and enhancing                                                                        
    existing controls that support management’s assertions with respect to the completeness, accuracy and validity of complex accounting  
    transactions on a timely basis.                                                                                                       
 
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,