Cosciens Biopharma (CSCI) Q2 2025 earnings summary

Executive summary

• Revenue grew 17% year-over-year in Q2 2025, with gross profit up 19% and operating expenses down 28% compared to Q2 2024.

• Strategic initiatives included a reconstituted Board, new CEO, and a 27% workforce reduction to streamline operations.

• Announced voluntary delisting from Nasdaq to focus on TSX listing and reduce costs, with delisting expected to be effective September 5, 2025.

• Progress made on business optimization, cost realignment, and portfolio growth evaluation.

Financial highlights

• Q2 2025 revenue was $2.7 million, up from $2.3 million in Q2 2024, mainly due to increased sales and merger-related Macrilen revenue.

• Q2 2025 net loss was $2.4 million ($0.75/share) versus $1.4 million ($0.64/share) in Q2 2024, with the increase mainly due to merger timing.

• Six-month 2025 revenue was $4.2 million, down from $4.4 million in 2024, reflecting lower sales of core products offset by Macrilen revenue.

• Six-month net loss was $6.0 million ($1.90/share) compared to $2.8 million ($1.39/share) in 2024, mainly due to merger effects and changes in warrant/DSU liabilities.

• Cash and cash equivalents stood at $9.3 million as of June 30, 2025.

Outlook and guidance

• Full run-rate savings from restructuring and zero-based budgeting expected to materialize in early 2026.

• Plans to file Form 15-F to terminate U.S. SEC reporting obligations after Nasdaq delisting.

• Ongoing focus on cost control, operational discipline, and product portfolio optimization for long-term growth.