- Revenue growth of 35.2% year-over-year to $9.6 million.
- Cash reserve of $16.4 million as of December 31, 2024.
- Net loss increased to $15.3 million from $3.5 million in 2023.
COSCIENS Biopharma Inc. (CSCI, Financial) has announced its fourth-quarter and full-year 2024 financial results, showing significant gains in revenue but also reporting higher losses. The company posted a revenue of $9.6 million for 2024, marking a 35.2% increase from $7.1 million in 2023.
As of the end of 2024, COSCIENS holds a cash position of $16.4 million. However, the company reported an annual net loss of $15.3 million, translating to $5.93 per share, compared to a $3.5 million loss the previous year. This increase in net loss is attributed to operating expenses that rose to $23.0 million, surging from $7.5 million in 2023.
On the development front, COSCIENS achieved successful Phase 1 trial results for its Avenanthramides Tablets, which have now moved into Phase 2a clinical efficacy studies. Meanwhile, the company has suspended further investments in pre-clinical programs and halted macimorelin development following negative results from the Phase 3 DETECT-Trial.
Looking forward, COSCIENS plans to launch new products in the second half of 2025, including OBG chewable bars for cholesterol reduction and YBG immune booster products. These forthcoming launches align with the company's strategic shift to focusing on natural-based product commercialization.
The company's strategic repositioning includes a focus on advancing its cosmeceuticals and nutraceuticals, with the successful installation of PGX Technology facilities in Edmonton and Austria paving the way for increased manufacturing capabilities. Despite recent challenges, COSCIENS is poised to take advantage of wellness trends, with three product launches slated for the second half of 2025.
