Company: CSCIF
Filing Date: 2025-04-09
Form Type: 20-F
Source: 0001641172-25-003456
Chunk: 239

Company: COSCIENS Biopharma Inc.
Filing Date: 2025-04-09
Form: 20-F
Item: Item 18
Chunk 239
---
                       the warrants were issued, using the following assumptions:                
-------------------------------------------------------------------------------------------------

(5)                                                The                                              
       identifiable intangible assets consist of patents expiring between 2027 and 2041 which will  
        be amortized on their respective remaining patent life. To estimate the fair value of the   
      intangible assets, management uses the royalty relief method to value patents using discounted
         cash flow models. Management developed assumptions related to revenue, royalty rates and   
                                             discount rates.                                        
----------------------------------------------------------------------------------------------------
 
The fair value of the replacement awards is $356, after taking into account an estimated forfeiture rate of nil. The consideration for the business combination includes $9 for equity-settled options and $344 for cash-settled DSUs transferred to employees of Aeterna when the acquiree’s awards were substituted by the replacement awards, which relates to past service. The balance of $3 will be recognized as post-acquisition compensation cost.
 
The fair value at acquisition date was estimated using a Black-Scholes option pricing model, considering the terms and conditions upon which the options were granted, using the following assumptions:
  Schedule of fair value at acquisition date was estimated using a Black-Scholes option
 
                                          Options     
------------------------------------------------------
Expected dividend yield                       $0.0    
Weighted average expected volatility            65   %
Weighted average risk-free rate               4.01   %
Weighted average expected life (years)        2.87    
Share price                                  $6.99    
Weighted average exercise price             $50.15    
Weighted average fair value                  $0.90    
 
The expected volatility of these options was determined using historical volatility rates and the expected life was determined using the weighted average life of past options issued.
 
The fair value of the replacement DSUs of $6.99 per DSU was based on the listed share price of Ceapro as at June 3, 2024 (CA$0.225), after giving effect to the exchange of each outstanding Ceapro common share for 0.02360 of a Aeterna common share and the foreign currency exchange rate.
 

(4)                                               The                                            
       fair value of the 114,405 warrants deemed issued to Aeterna warrant holders was estimated 
      using a Black-Scholes option pricing model, considering the terms and conditions upon which
                       the warrants were issued, using the following assumptions:                
-------------------------------------------------------------------------------------------------

 Schedule of fair value at acquisition date was estimated using a Black-Scholes option
 
                                           Warrants