Company: CSCIF
Filing Date: 2025-04-09
Form Type: 20-F
Source: 0001641172-25-003456
Chunk: 213

Company: COSCIENS Biopharma Inc.
Filing Date: 2025-04-09
Form: 20-F
Item: Item 18
Chunk 213
---

Item   Financial 
18.    Statements
-----------------
 
The financial statements and related notes required by this Item 18 are included in this Annual Report beginning on page F-1.
 

111
---
COSCIENS Biopharma Inc.
 
Consolidated Financial Statements
 
As of December 31, 2024 and 2023 and for the years ended December 31, 2024, 2023 and 2022
 

                                   Report                                      F-2 
      of Independent Registered Public Accounting Firm (PCAOB ID:1208)             
-----------------------------------------------------------------------------------
Report                                                                         F-5 
of Predecessor Independent Registered Public Accounting Firm (PCAOB ID:1263)       
Consolidated                                                                   F-7 
Statements of Financial Position                                                   
Consolidated                                                                   F-8 
Statements of Changes in Shareholders’ Equity                                      
Consolidated                                                                   F-9 
Statements of (Loss) Income and Comprehensive (Loss) Income                        
Consolidated                                                                   F-10
Statements of Cash Flows                                                           
Notes                                                                          F-11
to Consolidated Financial Statements                                               

F-1
---
Report of Independent Registered Public Accounting Firm
 
To the Shareholders and the Board of Directors of COSCIENS Biopharma Inc.
 
Opinion on the Financial Statements
 
We have audited the accompanying consolidated statement of financial position of COSCIENS Biopharma Inc. and subsidiaries (the “Company”) as of December 31, 2024, the related consolidated statements of loss and comprehensive loss, changes in shareholders’ equity, and cash flows, for the year ended December 31, 2024, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2024, and its financial performance and its cash flows for the year ended December 31, 2024, in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board (IASB).
Going Concern
 
The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note 1 to the financial statements, the Company incurred a net loss of $15.309 million and had negative cash flows from operating activities of $14.706 million during the year ended December 31, 2024 and, as of that date, the Company had an accumulated deficit of $12.110 million. These conditions, along