Company: CSCIF
Filing Date: 2025-04-09
Form Type: 20-F
Source: 0001641172-25-003456
Chunk: 84

Company: COSCIENS Biopharma Inc.
Filing Date: 2025-04-09
Form: 20-F
Item: Item 5
Chunk 84
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 for the years ended December 31, 2024, 2023 and 2022.

  61  

Financial
Risk Factors and Other Financial Instruments

The
nature and extent of our exposure to risks arising from financial instruments, including credit risk, liquidity risk and market risk
and how we manage those risks are described in note 23 to our audited consolidated financial statements as of December 31, 2024, and
2023 and for the years ended December 31, 2024, 2023 and 2022.

Related
Party Transactions

During
the year ended December 31, 2024, the Company made payments for research and development expenditures to Angiogenesis Foundation for
which a Director of the Company is the CEO of the Foundation of $50 (2023 - $201 and 2022 - $105). Other than employment agreements and
indemnification agreements with our management, there are no further related party transactions.

Off-Balance
Sheet Arrangements

As
of December 31, 2024, we did not have any interests in special purpose entities or any other off-balance sheet arrangements.

Risk
Factors and Uncertainties

An
investment in our securities involves a high degree of risk. In addition to the other information included in this MD& A and in the
related consolidated financial statements, investors are urged to carefully consider the risks described under the heading “ Risk
Factors”

  Liquidity, Cash Flows and Resources  
 ───────────────────────────────────────

Please see Item 5. A “ Operating Results”
for information regarding the Company’s liquidity and capital resources for the year ended December 31, 2024.

  Research and development, patents and licenses, etc.  
 ────────────────────────────────────────────────────────

For a description of our R& D policies for the
last three years, see “ Item 4. B. Business Overview” and “ Key Developments” at the beginning of this Item 5. Over
the past four years, our research and development activities have encompassed:

  the 2021 initiation of the DETECT-trial which Novo funded all costs                                                                   
  up to $9.6 million (€9 million), and any additional costs incurred over $9.6 million (€9 million) up to $10.5 million (€9.8           
  million) was shared equally between Novo and the Company until May 2023;