09:25:07 EDT Thu 30 May 2024
Enter Symbol
or Name
USA
CA



Login ID:
Password:
Save
Aeterna Zentaris Inc (4)
Symbol AEZS
Shares Issued 4,855,880
Close 2023-03-22 C$ 3.65
Market Cap C$ 17,723,962
Recent Sedar Documents

Aeterna Zentaris loses $22.7-million (U.S.) in 2022

2023-03-23 12:40 ET - News Release

Dr. Klaus Paulini reports

AETERNA ZENTARIS REPORTS FOURTH QUARTER AND FULL YEAR 2022 FINANCIAL RESULTS

Aeterna Zentaris Inc. has released its financial and operating results for the year ended Dec. 31, 2022.

"Over the course of 2022, we made important pipeline progress and timely decisions through our pre-established go/no-go milestones related to the advancement of our development programs. Through this disciplined process, we have further prioritized our pipeline which enables us to focus our resources accordingly. Our active development programs continue to progress and we remain focused on driving enrolment in our ongoing Detect trial and aim to continue exploring all strategic options for our Macrilen asset," commented Dr. Klaus Paulini, chief executive officer of Aeterna.

Summary of fourth quarter and full-year 2022 financial results

All amounts are in U.S. dollars.

Cash and cash equivalents

The company had $50.6-million in cash and cash equivalents at Dec. 31, 2022.

Results of operations for the three-month period ended Dec. 31, 2022

For the three-month period ended Dec. 31, 2022, Aeterna reported a consolidated net loss of $12.5-million, or $2.56 loss per common share (basic and diluted), as compared with a consolidated net loss of $2.9-million, or 63-cent loss per common share (basic and diluted) for the three-month period ended Dec. 31, 2021. The $9.6-million increase in net loss is primarily from a $2.5-million increase in total research and development expenses, a $8.3-million charge for the impairment of goodwill (non-cash), intangible assets and other assets, a $400,000 decrease in net finance income, offset by a $1.5-million increase in revenues and a $100,000 decrease in cost of sales and selling, office and general administration expenses.

Revenues

Aeterna's total revenue for the three-month period ended Dec. 31, 2022, was $2.5-million as compared with $1-million for the same period in 2021, representing an increase of $1.5-million, primarily due to $500,000 increase in licence fees and $1-million increase in development services relating to Aeterna's Detect trial.

Operating expenses

Aeterna's total operating expenses for the three-month period ended Dec. 31, 2022, were $14.8-million as compared with $4.1-million for the same period in 2021, representing an increase of $10.7-million. This increase arises primarily from a $2.5-million increase in research and development expenses, a $8.3-million charge for the impairment of goodwill (non-cash), intangible assets and other assets, offset by a $100,000 reduction in cost of sales and selling, general and administrative expenses.

Net finance income

For the three-month period ended Dec. 31, 2022, Aeterna's net finance cost was $100,000 as compared with $200,000 net finance income for the three-month period ended Dec. 31, 2021.

Results of operations for the year ended Dec. 31, 2022

For the 12-month period ended Dec. 31, 2022, Aeterna reported a consolidated net loss of $22.7-million, or $4.68 loss per common share (basic and diluted), as compared with a consolidated net loss of $8.4-million, or $1.82 loss per common share (basic and diluted), for the year ended Dec. 31, 2021. The $14.3-million increase in net loss is primarily from a $15.3-million increase in operating expenses offset by an increase of $300,000 in total revenues and a $700,000 increase in net finance income.

Revenues

Aeterna's total revenue for the 12-month period ended Dec. 31, 2022, was $5.6-million as compared with $5.3-million for the same period in 2021, representing an increase of $300,000, primarily due to $300,000 increase in development services relating to Aeterna's Detect trial.

Operating expenses

Aeterna total operating expenses for the 12-month period ended Dec. 31, 2022, was $29.2-million as compared with $13.9-million for the same period in 2021, representing an increase of $15.3-million. This increase arises primarily from a $5.9-million increase in research and development expenses, a $8.3-million charge for the impairment of goodwill (non-cash), intangible assets and other assets, a $0.9-million increase in selling general and administration expenses and a $0.1-million increase in cost of sales.

Net Finance Income

Aeterna net finance income for the twelve-month period ended Dec. 31, 2022, were $900,000 as compared with $200,000 for the same period in 2021, representing a increase of $700,000. This is primarily due to a $700,000 increase in gains due to foreign currency exchange rates.

Consolidated financial statements and management's discussion and analysis

For reference, the management's discussion and analysis of financial condition and results of operations for the fourth quarter and full-year 2022, as well as the company's consolidated financial statements as of Dec. 31, 2022, will be available on the company's website in the investors section or at the company's profile on SEDAR and EDGAR.

About Aeterna Zentaris Inc.

Aeterna Zentaris is a specialty biopharmaceutical company developing and commercializing a diversified portfolio of pharmaceutical and diagnostic products focused on areas of significant unmet medical need. The company's lead product, macimorelin (Macrilen; Ghryvelin), is the first and only U.S. Food and Drug Administration- and European Commission-approved oral test indicated for the diagnosis of adult growth hormone deficiency (AGHD). The company is leveraging the clinical success and compelling safety profile of macimorelin to develop it for the diagnosis of childhood-onset growth hormone deficiency (CGHD), an area of significant unmet need, in collaboration with Novo Nordisk.

Aeterna Zentaris is dedicated to the development of therapeutic assets and has recently taken steps to establish a growing preclinical pipeline to potentially address unmet medical needs across a number of indications, including neuromyelitis optica spectrum disorder (NMOSD), Parkinson's disease (PD), hypoparathyroidism and amyotrophic lateral sclerosis (ALS; Lou Gehrig's disease).

We seek Safe Harbor.

© 2024 Canjex Publishing Ltd. All rights reserved.