MeritValue

COSCIENS Biopharma Inc.

CSCIDdata completeness 88%11 fiscal years on file

Data notes: no data for concept 'totalDebt'; no data for concept 'interestExpense'

The thesis, from the filings

COSCIENS Biopharma Inc. earns about -14% on invested capital, and has bought back 97% of its shares over 5 years. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$5.26M1$14.6M2$7.14M3$9.59M3$7.5M3
Net income−$8.37M4$3.45M5−$3.49M6−$15.3M6−$10.4M6
Operating cash flow−$8.58M7$5.23M8−$2.58M9−$14.6M9−$8.47M9
Capital expenditure$30,00010$304,00011$722,00012$1.16M12$706,00012
Free cash flow (derived)−$8.61M7$4.93M8−$3.3M9−$15.7M9−$9.18M9
Total debt—————
Cash & equivalents$6.16M13$10.2M14$6.68M14$16.4M14$7.31M14
Diluted shares121.4M4.9M4.9M3.1M3.2M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$12.07
your share of equity
Profit it earned you last year
−$32.54
Free cash flow it threw off
−$28.83
Debt you’d be carrying
—

10 shares is a claim on $12.07 of net worth that earned you −$32.54 and generated −$28.83 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-14% avg · 5y
FY21 -42%FY22 25%FY23 -24%FY24 —FY25 —

It earned an average -14% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
−97% shares · 5y

Share count is down 97% over 5 years — management has been buying back stock, quietly handing owners a bigger slice.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth —

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 20-F/A · period ending 2021-12-31 · accession 0001493152-24-028055 (Revenue)
  2. 20-F · period ending 2022-12-31 · accession 0001641172-25-003456 (Revenue)
  3. 20-F · period ending 2023-12-31 · accession 0001493152-26-012703 (Revenue)
  4. 20-F/A · period ending 2021-12-31 · accession 0001493152-24-028055 (ProfitLoss)
  5. 20-F · period ending 2022-12-31 · accession 0001641172-25-003456 (ProfitLoss)
  6. 20-F · period ending 2023-12-31 · accession 0001493152-26-012703 (ProfitLoss)
  7. 20-F/A · period ending 2021-12-31 · accession 0001493152-24-028055 (CashFlowsFromUsedInOperatingActivities)
  8. 20-F · period ending 2022-12-31 · accession 0001641172-25-003456 (CashFlowsFromUsedInOperatingActivities)
  9. 20-F · period ending 2023-12-31 · accession 0001493152-26-012703 (CashFlowsFromUsedInOperatingActivities)
  10. 20-F/A · period ending 2021-12-31 · accession 0001493152-24-028055 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  11. 20-F · period ending 2022-12-31 · accession 0001641172-25-003456 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  12. 20-F · period ending 2023-12-31 · accession 0001493152-26-012703 (PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities)
  13. 20-F · period ending 2021-12-31 · accession 0001641172-25-003456 (CashAndCashEquivalents)
  14. 20-F · period ending 2022-12-31 · accession 0001493152-26-012703 (CashAndCashEquivalents)