Cost cuts and German exit shape COSCIENS (TSX: CSCI) 2025 results

Rhea-AI Filing Summary

COSCIENS Biopharma Inc. reported a smaller loss for 2025 while making significant strategic changes. Full-year revenue was $7.5 million, down from $9.6 million, but the net loss narrowed to $10.4 million from $15.3 million as operating expenses fell to $13.3 million from $23.0 million.

In Q4 2025, revenue declined to $1.8 million from $3.3 million, yet the quarterly net loss improved to $2.2 million from $6.7 million, driven mainly by lower R&D and impairment charges. Cash and cash equivalents were $7.3 million at December 31, 2025.

The company decided to stop funding its German subsidiaries that house its biopharmaceutical business, including Macrilen, and an insolvency application was filed in Germany. COSCIENS expects about $1.9 million in annualized cost savings and for the German subsidiaries’ liabilities, including $11.0 million of unfunded pension obligations, to drop from its future financial statements. It also plans to seek termination or suspension of its U.S. Exchange Act reporting while maintaining Canadian reporting and TSX/OTCQB listings.

Insights

Equity research analyst

COSCIENS cuts losses via restructuring and exits its German pharma arm.

COSCIENS Biopharma shows a clear pivot toward a leaner, less capital-intensive model. Revenue fell to $7.5 million in 2025 from $9.6 million, but net loss narrowed to $10.4 million as R&D and impairment expenses dropped sharply.

The decision to cease funding German subsidiaries and trigger insolvency proceedings removes its biopharmaceutical business, including Macrilen, from the consolidated perimeter. Management expects about $1.9 million in annualized cost savings and the removal of $11.0 million in unfunded pension liabilities as of December 31, 2025.

Planned termination or suspension of U.S. Exchange Act reporting would reduce administrative costs while the company remains a reporting issuer in Canada and keeps TSX and OTCQB listings. Future disclosures in annual meetings and filings will clarify how cost savings translate into progress toward profitability in 2026 and beyond.

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of March, 2026

Commission File Number: 001-38064

COSCIENS Biopharma Inc.

(Translation of registrant’s name into English)

c/o Borden Ladner Gervais, LLP

22 Adelaide St. West, Suite 3400

Bay Adelaide Centre, East Tower

Toronto ON M5H 4E3

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F ☒ Form 40-F ☐

On March 25, 2026, COSCIENS Biopharma Inc. (the “Company”) issued a press release announcing its fourth quarter and full year 2025 financial results and providing a corporate update. A copy of the press release is attached to this Form 6-K as Exhibit 99.1 and is incorporated by reference herein. The press release contains forward-looking statements and includes cautionary statements identifying important factors that could cause actual results to differ materially from those in the forward-looking statements.

Forward-Looking Statements

The information in this Report on Form 6-K and the exhibit attached hereto and incorporated herein by reference include forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, specifically Section 27A of the U.S. Securities Act of 1933, as amended, Section 21E of the U.S. Securities Exchange Act of 1934, as amended, and under the provisions of Canadian securities laws. These forward-looking statements involve a number of known and unknown risks, uncertainties and other factors that could cause actual results and outcomes to be materially different from historical results or from any future results expressed or implied by such forward-looking statements.

Forward-looking statements include, but are not limited to, those relating to the Company’s expectations regarding the anticipated benefits and synergies as well as the assets, cost structure, financial position, cash flows and growth prospects of the combined company.

Risks and factors that could cause actual results or outcomes to differ materially from expectations include, among others, the following:

●	the results of the insolvency proceedings in respect of the Company’s German subsidiaries;
●	the final legal and accounting implications of the insolvency;
●	the Company’s patented technologies and value-driving products, and development thereof;
●	the extraction, production and commercialization of active ingredients from natural sources and our ability to successfully market related products;
●	the successful development and marketing of our oat-based pipeline products, including oat-beta glucan, avenanthramides and beta glucan from yeast, as well as such products’ capability to address unmet needs within the nutraceuticals markets;
●	the Company’s business strategy;
●	the potential use and effects of tariffs to address the current presidential administration’s policy goals, could materially impact our costs and revenues, as well as the macroeconomic framework in which we operate;
●	the Company’s positioning in its target markets;
●	the Company’s ability to commercialize its PGX Technology;
●	management’s assumptions, estimates and judgements;
●	liquidity and capital resources;
●	adequacy of our financial resources to finance operations and expenditure requirements;
●	limitations on internal controls over financial reporting; and
●	the plans, objectives, future outlook and financial position of the Company in general.

Additional risk factors that could cause actual results to differ materially include those risks identified in Item 3. “Key Information – Risk Factors” contained in the Company’s most recent Annual Report on Form 20-F filed with the SEC and its other filings and submissions from time to time, including those containing its quarterly and annual results, with the SEC, which are available on the Company’s website located at www.cosciensbio.com.

Many of these risks and factors are beyond the Company’s control. The Company cautions you not to place undue reliance on these forward-looking statements. All written and oral forward-looking statements attributable to the Company or persons acting on their behalf, are qualified in their entirety by these cautionary statements. Moreover, unless required by law to update these statements, the Company will not necessarily update any of these statements after the date hereof, either to conform them to actual results or to changes in their expectation.

DOCUMENTS INDEX

Exhibit		Description
99.1		COSCIENS Biopharma Inc. Reports Fourth Quarter and Full Year 2025 Financial Results and Provides Corporate Update

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	COSCIENS Biopharma Inc.
Date: March 25, 2026	By:	/s/ Giuliano La Fratta
	Name:	Giuliano La Fratta
	Title:	Chief Financial Officer

Exhibit 99.1

COSCIENS Biopharma Inc. Reports Fourth Quarter and Full Year 2025 Financial Results and Provides Corporate Update

TORONTO, ONTARIO, March 25, 2026 – COSCIENS Biopharma Inc. (TSX: CSCI) (OTCQB: CSCIF) (“COSCIENS” or the “Company”), a life science company focused on the development of natural, plant-based active ingredients, today reported its financial and operating results for the fourth quarter and full year ended December 31, 2025. All amounts in this press release are in U.S. dollars.

Corporate Update

Following the reconstitution of the Company’s board of directors (the “Board”) on May 30, 2025, the Company has undertaken a series of initiatives designed to follow through on the commitment of the reconstituted Board to actively review COSCIENS’ prospects and opportunities, and to take the actions necessary to best position COSCIENS to create value for shareholders. Notably, during the second half of 2025, the Company executed a comprehensive restructuring plan designed to streamline operations and enhance efficiency. Through this restructuring, combined with disciplined cost management and targeted cost reduction initiatives, the Company has meaningfully reduced its burn rate and right sized the organization to better align with current market conditions and growth opportunities.

More recently, on March 5, 2026, the Company announced that it had made the strategic decision to cease funding its German subsidiaries, through which it has historically pursued the development of its pharmaceutical therapeutic assets, including its main pharmaceutical asset, Macrilen® (macimorelin), (collectively, the “Biopharmaceutical Business”). As a result of the Company’s decision, on March 23, 2026, an application was filed in a German court to open insolvency proceedings in respect of the German subsidiaries. The Company anticipates these developments will generate approximately $1.9 million in annualized cost savings by eliminating ongoing operating losses at the subsidiary level and reducing administrative costs at the corporate level. It is also expected that the German subsidiaries will cease to be consolidated entities in the Company’s financial statements, and that their liabilities, (including the liability for employee future benefits resulting from unfunded pension liabilities, which were $11.0 million at December 31, 2025) will cease to be reflected on the Company’s future financial statements.

The Company also continues to advance its efforts to further reduce administrative costs by terminating or suspending its public reporting obligations under the Securities Exchange Act of 1934 (“Exchange Act”) and expects to submit a related proposal to shareholders at the annual shareholder meeting to be held this June. Further information will be provided in due course, but for greater certainty, the Company intends to continue to meet its public reporting obligations as a “reporting issuer” under applicable Canadian securities laws, and for its Common Shares to remain listed on the TSX and traded on the OTC market.

“We have taken a number of critical steps over the past year to strengthen our foundation and better position the Company financially. Looking ahead to the remainder of 2026, we remain committed to pursuing additional cost-savings, to achieving profitability, and to evaluating opportunities to enhance shareholder value through both organic growth initiatives and strategic transactions,” said Peter Puccetti, Interim CEO and Chairman of the Board.

Financial Summary

	●	$7.3 million in cash and cash equivalents at December 31, 2025.
	●	Consolidated net loss for Q4 2025 of $2.2 million, or $0.69 loss per common share, as compared with $6.7 million and $2.15, respectively, for Q4 2024. The $4.5 million decrease in net loss is primarily due to decreases in impairment expenses (of $2.8 million), in R&D costs (of $2.3 million), in income tax expense (of $1.0 million), and in SG&A expenses (of $0.3 million); which factors were partially offset by decreases in gross margin (of $1.4 million) and in other income (of $0.5 million).
	●	Consolidated net loss for FY 2025 of $10.4 million, or $3.27 loss per common share, as compared with $15.3 million and $5.93, respectively, for FY 2024. The $4.9 million decrease in net loss is primarily due to a decrease in impairment expense of $4.0 million, a decrease in R&D costs of $5.4 million, and a decrease in SG&A expenses of $0.4 million; offset by a decrease in other income of $2.7 million, a decrease in gross margin of $2.1 million, and a write-down of inventory of $0.1 million.
	●	Total revenue for Q4 2025 was $1.8 million as compared to $3.3 million for Q4 2024, a decrease of $1.5 million. This decrease was primarily due to decreases in pharmaceutical revenue (of $0.9 million, primarily as a result of $0.7 million in recognized breakage revenue in Q4 2024, following the unexpected results of the pediatric trial) and in sales of active ingredients (of $0.6 million due largely to the timing of shipments).

	●	Total revenue for FY 2025 was $7.5 million as compared to $9.6 million for FY 2024, a decrease of $2.1 million. This decrease was primarily due to a decrease of $1.5 million in sales of active ingredients, as well as a decrease in pharmaceutical revenue (of $0.6 million, primarily as a result of $0.7 million in recognized breakage revenue in 2024, following the unexpected results of the pediatric trial).
	●	Total operating expenses for Q4 2025, were $3.0 million as compared with $8.4 million in Q4 2024. This decrease of $5.4 million was primarily due to decreases in impairment expenses (of $2.8 million), in R&D costs (of $2.3 million) and in SG&A expenses (of $0.3 million).
	●	Total operating expenses for FY 2025, were $13.3 million as compared with $23.0 million for FY 2024, a decrease of $9.7 million. This decrease was primarily due decreases in R&D costs (of $5.4 million), in impairment expenses (of $4.0 million), and in SG&A expenses (of $0.4 million); offset by a write-down of inventory of $0.1 million.

Annual Filings

For reference, the Company’s consolidated financial statements as of December 31, 2025 and for the years ended December 31, 2025, 2024 and 2023 and the related management’s discussion and analysis (collectively, the “Financial Statements”) will be available on the Company’s website (www.cosciensbio.com) in the Investors section and on the Company’s SEDAR+ and EDGAR profiles at www.sedarplus.ca and www.sec.gov, respectively. In addition, the Company has also filed the CEO and CFO certificates relating to the Financial Statements, as well as its annual information form (in the form of an annual report on Form 20-F) (collectively with the Financial Statements, the “Annual Filings”) on the Company’s SEDAR+ and EDGAR profiles.

About COSCIENS Biopharma Inc.

COSCIENS is a life science company focused on the development of natural, plant-based active ingredients, leveraging the Company’s proprietary manufacturing and extraction technologies to develop Avenanthramides and Beta Glucan active ingredients currently used in leading skincare brands worldwide.

The Company’s common shares are listed on the TSX under the symbol “CSCI” and are listed and posted for trading on the OTCQB® Venture Market under the symbol “CSCIF”. For more information, please visit COSCIENS’ website at www.cosciensbio.com.

Forward-Looking Statements

Certain statements in this news release, referred to herein as “forward-looking statements”, constitute “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995, as amended, and “forward-looking information” under the provisions of Canadian securities laws. All statements, other than statements of historical fact, that address circumstances, events, activities, or developments that could or may or will occur are forward-looking statements. When used in this news release, words such as “anticipate”, “assume”, “believe”, “could”, “expect”, “forecast”, “future”, “goal”, “guidance”, “intend”, “likely”, “may”, “would” or the negative or comparable terminology as well as terms usually used in the future and the conditional are generally intended to identify forward-looking statements, although not all forward-looking statements include such words. Specific forward-looking statements in this document include, but is not limited to, statements relating to: the expected implications of the decision to cease funding the Company’s German subsidiaries, the related insolvency filings, and the expected cost savings as a result thereof, including any potential cost savings and accounting implications; the Company’s plans to seek to terminate or suspend its reporting obligations under applicable U.S. securities laws; the timing of the Company’s annual shareholder meeting, the Company’s commitment to pursue additional cost-savings, to achieving profitability, and to evaluating opportunities to enhance shareholder value; and the plans, objectives, future outlook and financial position of the Company in general. All forward-looking statements are given pursuant to the “safe harbour” provisions of applicable securities legislation.

The forecasts and projections that make up the forward-looking statements contained herein are based on the Company’s current expectations and assumptions, including factors or assumptions that were applied in drawing a conclusion or making a forecast or projection, and including, but not limited to assumptions based on historical trends, current conditions, and expected future developments, and assumptions regarding: the ability of the Company’s to execute on its strategic plans and find new customers and partners in connection therewith; the development of technologies and value-driving products; the extraction, production and commercialization of active ingredients from natural sources and our ability to successfully market related products; the successful development and marketing of our pipeline products as well as such products’ capability to address unmet needs within new markets; the Company’s business strategy; the Company’s positioning in its target markets; the impact of tariffs and other trade barriers, on our costs and revenues, as well as on the macroeconomic framework in which we operate; the Company’s plans for its PGX Technology; the adequacy of our financial resources to finance operations and expenditure requirements; and the plans, objectives, future outlook and financial position of the Company in general.

Forward-looking statements involve known and unknown risks and uncertainties, and other factors which may cause the actual results, performance or achievements stated herein to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statement. Such risk factors are included under “Risk Factors” in our Annual Report on Form 20-F and in other documents furnished to the SEC and in our other public disclosure filed under our profile on SEDAR+ at www.sedarplus.ca. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. Many of these factors are beyond our control, and it is not possible for the Company to predict all of these factors, or to assess in advance the impact of each such factor on the Company’s business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statement. Accordingly, readers should not place undue reliance on forward-looking statements. The Company does not undertake to update any forward-looking statements contained herein, except as required by applicable securities laws.

No securities regulatory authority has either approved or disapproved of the contents of this news release. The Toronto Stock Exchange accepts no responsibility for the adequacy or accuracy of this news release.

Issuer Contact:

Peter H. Puccetti

Interim CEO and Chairman of the Board

pp@cosciensbio.com

Giuliano La Fratta

Chief Financial Officer

glafratta@cosciensbio.com

Investor Contact:

IR@cosciensbio.com

FAQ

How did COSCIENS Biopharma (CSCI) perform financially in 2025?

COSCIENS narrowed its loss in 2025 despite lower revenue. Revenue was $7.5 million versus $9.6 million in 2024, while net loss improved to $10.4 million from $15.3 million as R&D, impairment and SG&A expenses declined significantly through restructuring and cost controls.

What changes did COSCIENS Biopharma make to its German subsidiaries?

COSCIENS stopped funding its German biopharmaceutical subsidiaries in March 2026. An insolvency application was filed in a German court. The company expects about $1.9 million in annualized cost savings and for the subsidiaries’ liabilities, including $11.0 million in unfunded pensions, to be removed from future financial statements.

How did COSCIENS Biopharma’s Q4 2025 results compare to Q4 2024?

Q4 2025 showed lower revenue but a much smaller loss. Revenue fell to $1.8 million from $3.3 million, yet net loss improved to $2.2 million from $6.7 million, mainly due to reduced impairment expenses, R&D spending, income tax expense and SG&A costs.

What cost reductions did COSCIENS Biopharma achieve in 2025?

COSCIENS significantly cut operating expenses in 2025. Total operating expenses dropped to $13.3 million from $23.0 million, driven by a $5.4 million reduction in R&D costs, a $4.0 million cut in impairment expenses, and lower SG&A, partially offset by a small inventory write-down.

What is COSCIENS Biopharma’s cash position at year-end 2025?

COSCIENS ended 2025 with a modest cash buffer. Cash and cash equivalents were $7.3 million at December 31, 2025. This balance supports ongoing operations as the company pursues further cost savings and focuses on its plant-based active ingredients and related growth opportunities.

Does COSCIENS Biopharma plan to remain listed on the TSX?

Yes, COSCIENS intends to keep its TSX and OTCQB listings. While it plans to seek termination or suspension of its U.S. Exchange Act reporting obligations, it will continue reporting under Canadian securities laws and expects its common shares to remain listed on the TSX and traded on OTCQB.

Where can investors find COSCIENS Biopharma’s full 2025 financial statements?

The full 2025 financial statements are available online. Consolidated financial statements and related MD&A, along with the annual Form 20-F and certifications, are accessible on COSCIENS’ website and on its SEDAR+ and EDGAR profiles for detailed financial and risk information.

Filing Exhibits & Attachments

2 documents

Press Releases

• EX-99.1 EX-99.1 33.4 KB
• EX-99 GRAPHIC 28.8 KB