Company: CSCIF
Filing Date: 2025-04-09
Form Type: 20-F
Source: 0001641172-25-003456
Chunk: 67

Company: COSCIENS Biopharma Inc.
Filing Date: 2025-04-09
Form: 20-F
Item: Item 5
Chunk 67
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eterna Zentaris Inc. (“ Aeterna”) and Ceapro Inc. (“ Ceapro”) closed their all-stock merger of equals
transaction (the “ Transaction”). The Transaction was completed by way of court approved plan of arrangement pursuant to the
terms of an arrangement agreement entered into by Aeterna and Ceapro on December 14, 2023. As a result of the Transaction, each outstanding
Ceapro common share was exchanged for 0.02360 of an Aeterna common share. Additionally, as part of the Transaction, Aeterna issued to
its shareholders immediately prior to the closing of the Transaction, 0.47698 of a share purchase warrant (a “ New Warrant”)
for each Aeterna common share or warrant held. Prior to and in anticipation of the Transaction, Aeterna effected a 4:1 share consolidation
of its then existing shares. The underlying share and warrants of Aeterna that survived the Transaction have been retrospectively adjusted
to reflect such consolidation.

Following
the closing of the Transaction, former shareholders of Ceapro owned approximately 50% of the Aeterna common shares on a fully diluted
basis and former shareholders of Aeterna owned approximately 50% of the Aeterna common shares on a fully diluted basis. For financial
reporting and accounting purposes, Ceapro was the acquirer of Aeterna in the Transaction. The consolidated financial statements of COSCIENS
Biopharma Inc. as of December 31, 2024 and 2023 and for the years ended December 31, 2024, 2023 and 2022 reflect the results of operations
and financial position of Ceapro for the periods presented and includes the results of operations of Aeterna for the 211 days subsequent
to the Transaction, which was completed on June 3, 2024, for the year ended December 31, 2024.

  46  

The
accompanying consolidated financial statements include the accounts of COSCIENS Biopharma Inc., an entity incorporated under the Canada
Business Corporations Act DC

Effective
June 30, 2024, Ceapro has changed its reporting currency from Canadian dollars to U. S. dollars. This change in reporting currency has
been applied retrospectively such that all amounts in the consolidated financial statements of the Company and the accompanying notes
thereto are expressed in U. S. dollars. References to “$” are U. S. dollars and references