Company: CSCIF
Filing Date: 2025-04-09
Form Type: 20-F
Source: 0001641172-25-003456
Chunk: 217

Company: COSCIENS Biopharma Inc.
Filing Date: 2025-04-09
Form: 20-F
Item: Item 18
Chunk 217
---
 statements, raise substantial doubt about the Company’s ability to continue as a going concern. Management’s assessment of the Company’s ability to continue as a going concern involved significant judgment based on detailed financial forecasts, including future sales, operating costs, research and development expenses and capital expenditures.
 
Auditing management’s evaluation of whether their plans would alleviate substantial doubt regarding the Company’s ability to continue as a going concern is complex and involves subjective auditor judgment when assessing (i) the reasonableness of the financial forecasts and the impact of macroeconomic conditions on those forecasts, including the potential direct and indirect impacts of tariffs, retaliatory tariffs or other trade protectionist measures to its business, (ii) whether it was probable that management’s plans would be effectively implemented and alleviate substantial doubt and (iii) the adequacy of the financial statements disclosures related to going concern. This resulted in an increased extent of audit effort.
 
How the Critical Audit Matter Was Addressed in the Audit
 
Our audit procedures related to the evaluation of going concern included the following, among others:
 

●                            Evaluated management’s assessment of the Company’s ability to continue as a going concern                          
    by analyzing the specific facts and circumstances and considering audit evidence obtained during the audit to determine whether it supported
                                               or contradicted the conclusion reached by management.                                            
------------------------------------------------------------------------------------------------------------------------------------------------
●   Evaluated the financial forecasts by:                                                                                                       

○                 Assessing the key assumptions underlying management’s forecasted operating cash flows by inquiring             
    of senior management to gain an understanding of the Company’s operations, strategy, and research and development activities;
---------------------------------------------------------------------------------------------------------------------------------
○   Comparing forecasted sales, operating costs, research and development expenses and capital expenditures                      
    to recent historical financial information; and                                                                              
○   Assessing and evaluating the probability that management will effectively implement its mitigating actions                   
    and achieve the financial forecasts in light of the macroeconomic conditions and potential impact from tariffs.              

●   Evaluated whether the disclosures were consistent with management’s assessment of the Company’s
                                ability to continue as a going concern.                            
---------------------------------------------------------------------------------------------------

         /s/ Deloitte LLP         
----------------------------------
Chartered Professional Accountants
Montreal, Canada                  
April 9, 2025                     

We have served as the Company’s auditor since 2024.
 

F-4
---
Report of Independent Registered Public Accounting Firm
 
Board of Directors and Shareholders
 COSCIENS Biopharma Inc.
 
Opinion on the financial statements
 
We have audited the accompanying consolidated statement