Company: CSCIF
Filing Date: 2025-04-09
Form Type: 20-F
Source: 0001641172-25-003456
Chunk: 37

Company: COSCIENS Biopharma Inc.
Filing Date: 2025-04-09
Form: 20-F
Item: Item 3
Chunk 37
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apro to comply with any such legislation prior to the Plan of Arrangement could result in severe criminal or civil sanctions, and may subject us to other liabilities, including fines, prosecution and reputational damage, all of which could have a material adverse effect on the business, consolidated results of operations and consolidated financial condition. The compliance mechanisms and monitoring programs adopted and implemented by either of Aeterna Zentaris or Ceapro prior to the Plan of Arrangement may not adequately prevent or detect possible violations of such applicable Laws. Investigations by governmental authorities could also have a material adverse effect on our business, consolidated results of operations and consolidated financial condition.
 
Risks Relating to our Common Shares
 
Our share price is volatile, which may result from factors outside of our control.
 
Our valuation and share price since the beginning of trading after our initial listings, first in Canada and then in the U.S., have had no meaningful relationship to current or historical financial results, asset values, book value or many other criteria based on conventional measures of the value of shares.

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Between January 1, 2024 and December 31, 2024, the closing price of our Common Shares ranged from $2.50 to $10.25 per share on the NASDAQ and from C$3.72 to C$13.90 per share on the TSX. As of April 8, 2025, the price of our Common Shares on the NASDAQ was $2.45 and C$3.51 on the TSX. Our share price may be affected by developments directly affecting our business and by developments out of our control or unrelated to us. The stock market generally, and the biopharmaceutical sector in particular, are vulnerable to abrupt changes in investor sentiment. Prices of shares and trading volume of companies in the biopharmaceutical industry can swing dramatically in ways unrelated to, or that bear a disproportionate relationship to, operating performance. Our share price and trading volume may fluctuate based on a number of factors including, but not limited to, the following:
 

●              developments regarding current or future third-party suppliers and licensee(s);            
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●   clinical trial and regulatory developments regarding avenanthramides and Macrilen™ (macimorelin);     
●   delays in our anticipated clinical trial development or commercialization timelines;                  
●   announcements by us regarding technological, regulatory or other matters;                             
●   arrivals or departures of key personnel;                                                              
●   governmental or regulatory action affecting our product candidates and