Cosciens Biopharma (CSCI) Q3 2025 earnings summary

Executive summary

• Voluntary delisting from Nasdaq completed, with continued listing on TSX and application for OTCQB® Venture Market trading.

• Strategic restructuring and zero-based budgeting led to a 59% reduction in operating expenses year-over-year for Q3 2025.

• Focus remains on stabilizing core revenue-generating business and improving operational efficiency.

Financial highlights

• Q3 2025 net loss was $1.8 million ($0.57 per share), down from $5.8 million ($1.85 per share) in Q3 2024.

• Q3 2025 revenue was $1.5 million, a decrease from $1.9 million in Q3 2024, mainly due to lower sales of Avenanthramides, Beta Glucan, Oat Oil, and Macrilen.

• Operating expenses for Q3 2025 were $2.9 million, down from $7.3 million in Q3 2024, driven by lower R&D, SG&A, and impairment expenses.

• Nine-month 2025 net loss was $8.2 million ($2.59 per share), compared to $8.6 million ($3.58 per share) in the same period of 2024.

• Cash and cash equivalents stood at $8.5 million as of September 30, 2025.

Outlook and guidance

• Management expects continued cost discipline and operational efficiency from restructuring and zero-based budgeting.

• Strategic focus on core business, new category expansion, and potential new markets in food, beverage, dermatology, and pharmaceuticals.

• Ongoing evaluation of Macrilen's pediatric indication in the US and Europe, with possible regulatory submissions and partnership opportunities.