Aeterna Zentaris Reports First Quarter 2024 Financial Results

• Company ended the quarter with $29.5 million in cash
  
  
• DETECT-trial recruitment completed; Company continues to expect the completion of the trial in the second quarter and top-line data in the third quarter of 2024
  
  
• All-stock merger of equals transaction with Ceapro Inc. expected to close in the second quarter of 2024
  

TORONTO, ONTARIO, May 14, 2024 (GLOBE NEWSWIRE) -- Aeterna Zentaris Inc. (NASDAQ: AEZS) (TSX: AEZS) (“Aeterna” or the “Company”), a specialty biopharmaceutical company developing and commercializing a diversified portfolio of pharmaceutical and diagnostic products, today reported its financial and operating results for the quarter ended March 31, 2024.

Mr. Giuliano La Fratta, Chief Financial Officer of Aeterna commented, “This year remains exciting for Aeterna. Our cash position remains strong and we continue to be on track to complete both the DETECT-trial and the previously announced merger with Ceapro Inc. (“Ceapro”) in the second quarter.”

Summary of First Quarter 2024 Financial Results

All amounts are in U.S. dollars.

Cash and cash equivalents

The Company had $29.5 million in cash and cash equivalents at March 31, 2024.

Results of operations for the three-month period ended March 31, 2024

For the three-month period ended March 31, 2024, we reported a net loss of $5.8 million, or $4.74 loss per common share, as compared with a net loss of $4.3 million, or $3.51 loss per common share (basic) for the three-month period ended March 31, 2023. The $1.5 million increase in net loss is primarily due to a $2.1 million decrease in revenue combined with a $1.2 million increase in selling, general and administrative expenses, mostly due to non-recurring expenses incurred for the anticipated merger. This was offset by a $1.4 million decrease in research and development expenses and a $0.4 million increase in net finance income.

Revenues

• Our total revenue for the three-month period ended March 31, 2024, decreased by $2.1 million. The decrease was due to the termination of the Company’s amended agreement with Novo Nordisk Healthcare in May 2023 and as a result, no license fee or development services revenue was recognized in Q1, 2024.
  

Operating Expenses

• Our total operating expenses for the three-month period ended March 31, 2024, was $6.1 million as compared with $6.3 million for the same period in 2023, representing a decrease of $0.2 million. This decrease was primarily from a $1.4 million decrease in research and development expenses offset by a $1.2 million increase in the selling, general and administrative expenses.