05:30 PM EDT, 04/09/2025 (MT Newswires) -- Cosciens Biopharma ( CSCI ) , a life science company, on Wednesday reported a wider loss for the fourth quarter on higher expenses, despite higher revenues, while noting it was now "fully repositioned as a pure-play natural-based product company" following a strategic review and pipeline prioritization, after its merger with Ceapro Inc.

For the three-month period ended December 31 the company reported a consolidated net loss of US$6.7 million, or $2.15 loss per share, compared with a consolidated net loss of $1.6 million, or $0.85, in the year -prior quarter. It said the wider loss was primarily due to increases in both research and development costs of $2.4 million and selling, general and administrative costs of $1.0 million, impairment expense of $2.8 million, and a decrease of $1.4 million in income tax recoveries offset by an increase in gross margin of $1.9 million and an increase of $0.6 million of other income.

Revenue was $3.3 million, up from $1.2 million for the same period in 2023. It said the increase was came on a $1.2 million increase in sales of Avenanthramides and Beta Glucan from prior period, as well as a $0.9 million in Macrilen revenue.

Its total operating expenses were $8.4 million as compared with $2.2 million for the same period in 2023, due to higher research and development costs associated with the Avenanthramides and DETECT clinical trials, as well as other pharmaceutical projects of $2.4 million, selling, general and administrative costs of $1.0 million due primarily to the acquisition transaction recently completed between Aeterna and Ceapro, and $2.8 million of impairment expense.

But the company also said ongoing streamlined efficiencies and cost cutting measures were taken to refine operations and a development pathway forward. The company ended the quarter with US$16.4 million in cash.

"2024 was a transformative year for COSCIENS Biopharma ( CSCI ). Since the completion of the merger, we have developed a strategic roadmap, established a prioritized pipeline and consolidated financials. All of these efforts align with our strategic imperatives of reducing the expected combined cash burn rate of our two pre-merger businesses while retaining and advancing the most promising programs or products from the legacy organizations.

"Following this extensive work and considering the negative topline results of the Phase 3 DETECT-Trial for macimorelin, the company has stopped investing in pre-clinical programs and into any development program with macimorelin for which we are exploring and validating various strategic options including the potential divestment of this asset. Looking ahead, COSCIENS is emerging as a pure-play natural-based products life science company and we believe the stage is set to propel the company to the next phase of growth," said Gilles Gagnon, President and CEO of COSCIENS.

CSCI was at last look down 5% in US after trade, having gained 18.5% in regular U.S. trade. Its shares jumped 17% on the TSX