Company: CSCIF
Filing Date: 2025-04-09
Form Type: 20-F
Source: 0001641172-25-003456
Chunk: 82

Company: COSCIENS Biopharma Inc.
Filing Date: 2025-04-09
Form: 20-F
Item: Item 5
Chunk 82
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3. This $0.2 million increase in cash flows used in financing activities is primarily related to the payment of DSU’s
of $0.2 million.

Cash
used in financing activities totaled $0.4 million for the year ended December 31, 2023, as compared to $0.3 million for the year ended
December 31, 2022. This $0.1 million increase in cash flows used in financing activities is primarily related to a decrease in the exercise
of stock options.

Capital
Stock

As
of April 8, 2025, we had 3,146,225 common shares issued and outstanding, as well as, 51,527 stock options, 64,750 deferred share
units and 662,534 warrants outstanding. Each stock option, deferred share unit and warrant is exercisable for one common
share.

Adequacy
of financial resources

As
of December 31, 2024, the Company had an accumulated deficit of $12.1 million and a net loss of $15.3 million resulting in negative cash flows
from operations of $14.7 million for the twelve-month period ended December 31, 2024. We believe that our existing cash on hand will
be sufficient to fund our anticipated operating and capital expenditure requirements for at least the next 12 months. We plan to finance
our future operations and capital expenditures primarily through products sales and cash on hand. We also believe that our existing cash
on hand will be sufficient to fund our anticipated operating and capital expenditure requirements beyond the next 12 months and through
to 2026. We have based this estimate on assumptions that may prove to be wrong, and we could exhaust our capital resources sooner than
we expect. We may also require additional capital to pursue in-licenses or acquisitions of other product candidates.

  60  

Our
forecast of the period through which our financial resources will be adequate to support our operations is a forward-looking statement
that involves risks and uncertainties, and actual results could vary materially as a result of a number of factors. Our future capital
requirements are difficult to forecast and will depend on many factors, including:

  the                                                                                                                                   
  terms and timing of any other collaboration, licensing, and other arrangements that we may establish;                                 
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  the initiation,                                                                                                                       
  our alignment with the FDA on regulatory