$CSCIF

AETERNA LABORATORIES INC

CIK:0001113423|SEC Filings

Consolidated Statements of Loss and Comprehensive Loss - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Profit or loss [abstract]
Revenues (note 6)	$ 7,498	$ 9,587	$ 7,143
Cost of sales	(4,851)	(4,858)	(4,205)
Gross profit	2,647	4,729	2,938
Research and development	(2,950)	(8,304)	(2,040)
Selling, general and administrative	(10,062)	(10,448)	(5,527)
Impairment of property and equipment (note 12)	(240)	(1,061)
Write-down of inventory (note 9)	(76)
Impairment of intangible assets (note 13)		(3,196)
Total expenses	(13,328)	(23,009)	(7,567)
Loss from operations	(10,681)	(18,280)	(4,629)
Foreign exchange gain (loss)	(196)	48	(24)
Finance costs	(168)	(129)	(136)
Interest income	283	441	59
Other income	35	98	360
Change in fair value of warrant and DSU liabilities	379	2,597
Other income	333	3,055	259
Loss before income taxes	(10,348)	(15,225)	(4,370)
Income tax recovery (expense) (note 22)	(10)	(84)	885
Net loss	(10,358)	(15,309)	(3,485)
Items that may be reclassified subsequently to profit or loss:
Foreign currency translation adjustments	(961)	(771)	492
Items that will not be reclassified to profit or loss:
Actuarial gain (loss) on defined benefit plans (note 16)	1,960	(1,157)
Comprehensive loss	$ (9,359)	$ (17,237)	$ (2,993)
Loss per share - Basic	$ (3.27)	$ (5.93)	$ (1.89)
Loss per share - Diluted	$ (3.27)	$ (5.93)	$ (1.89)

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Cash flows from operating activities
Net loss	$ (10,358)	$ (15,309)	$ (3,485)
Items not affecting cash and cash equivalents:
Depreciation and amortization	1,188	1,607	1,443
Share-based compensation costs	(12)	464	192
Impairment of intangible assets (note 13)		3,196
Impairment of property and equipment (note 12)	240	1,061
Write-down of inventory	76
Employee future benefits	436	288
Amortization of deferred revenues	(113)	(856)
Change in fair value of warrant and DSU liabilities	(391)	(2,590)
Other non-cash items	159	6	95
Income tax (recovery) expense	10	79	(885)
Changes in operating assets and liabilities (note 21)	292	(2,514)	58
Net cash used in operating activities	(8,473)	(14,568)	(2,582)
Cash flows from financing activities
Exercise of stock options			13
Payments on exercise of DSUs	(42)	(167)
Payments on lease liabilities	(365)	(421)	(370)
Net cash used in financing activities	(407)	(588)	(357)
Cash flows from investing activities
Cash acquired on acquisition of Aeterna Zentaris Inc. (note 5)		26,037
Purchase of property and equipment	(706)	(1,161)	(722)
Proceeds on disposal of property and equipment	244
Changes in restricted cash equivalents	4	207	(8)
Net cash provided by (used in) investing activities	(458)	25,083	(730)
Effect of exchange rate changes on cash and cash equivalents	252	(212)	157
Net change in cash and cash equivalents	(9,086)	9,715	(3,512)
Cash and cash equivalents – beginning of year	16,393	6,678	10,190
Cash and cash equivalents – end of year	$ 7,307	$ 16,393	$ 6,678

Consolidated Statements of Financial Position - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Current assets
Cash and cash equivalents (note 7)	$ 7,307	$ 16,393
Trade and other receivables (note 8)	1,261	2,357
Inventories (note 9)	1,307	2,691
Income taxes receivable		114
Prepaid expenses and other assets (note 10)	1,588	2,426
Assets held for sale (note 11)	37
Total current assets	11,500	23,981
Non-current assets
Restricted cash and cash equivalents (note 7)	125	123
Property and equipment (note 12)	9,806	10,966
Total non-current assets	9,931	11,089
Total assets	21,431	35,070
Current liabilities
Payables and accrued liabilities (note 14)	1,883	4,730
Provisions	269	385
Income taxes payable	122	105
Current portion of deferred revenues (note 6)		120
Current portion of lease liabilities (note 15)	215	271
Warrant liability (note 17)	1,124	1,563
DSU liability (note 18)		48
Total current liabilities	3,613	7,222
Non-current liabilities
Deferred revenues (note 6)	1,058	914
Lease liabilities (note 15)	1,934	2,039
Employee future benefits (note 16)	10,984	11,734
Total non-current liabilities	13,976	14,687
Total liabilities	17,589	21,909
Shareholders’ equity
Share capital (note 19)	22,624	22,486
Contributed surplus (note 19)	4,170	4,268
Retained earnings (accumulated deficit)	(20,508)	(12,110)
Accumulated other comprehensive loss	(2,444)	(1,483)
Total shareholders’ equity	3,842	13,161
Total liabilities and shareholders’ equity	$ 21,431	$ 35,070