Company: CSCIF
Filing Date: 2025-04-09
Form Type: 20-F
Source: 0001641172-25-003456
Chunk: 63

Company: COSCIENS Biopharma Inc.
Filing Date: 2025-04-09
Form: 20-F
Item: Item 5
Chunk 63
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. Edmonton, AB T6E 6W2        Occupied for management, manufacturing, R& D, business development and administration               8,272      Leasehold         
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We believe that our current facilities are adequate
to meet our ongoing needs.

  43  

  Item 4A      Unresolved Staff Comments  
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Not required.

  Item 5.      Operating and Financial Review and Prospects  
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Key Developments

A. Operating Results

Introduction

This
Management’s Discussion and Analysis (“ MD& A”) provides a review of the results of operations, financial condition
and cash flows of COSCIENS Biopharma Inc. (formerly Aeterna Zentaris Inc.) for the year ended December 31, 2024. In this MD& A, “ COSCIENS”,
the “ Company”, “we”, “us” and “our” mean COSCIENS Biopharma Inc. and its subsidiaries.
This discussion should be read in conjunction with the information contained in the Company’s audited consolidated financial statements
and the notes thereto as of December 31, 2024 and 2023, and for the years ended December 31, 2024, 2023 and 2022. Our audited consolidated
financial statements have been prepared in accordance with IFRS Accounting Standards as issued by the International Accounting Standards
Board.

On
June 3, 2024, Aeterna Zentaris Inc. and Ceapro Inc. closed their all-stock merger of equals transaction and on August 6, 2024, the Company
changed its name to COSCIENS Biopharma Inc. For further details on these transactions and the basis for presentation of this MD& A,
see “ Plan of Arrangement” and “ Name Change”, below, as well as Note 5 to the audited consolidated financial statements.

The
Company’s common shares are listed on both The Nasdaq Capital Market (“ Nasdaq”) and on the Toronto Stock Exchange (“ TSX”)
under the symbol “ CSCI”.

All
amounts in this MD& A are presented in thousands of United States (“ U. S.”) dollars, except for share and per share data,
or as otherwise noted. This MD& A was approved by the Company’s Board