On November 3, 2022 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, reported its financial and operating results for the third quarter ended September 30, 2022 (Press release, AEterna Zentaris, NOV 3, 2022, View Source;id=245519&p=2247083&I=1206939-c7Z3G6f3m8 [SID1234623125]).

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"Our priorities remain advancing our preclinical and clinical studies and aiming to explore all options for our Macrilen asset," commented Dr. Klaus Paulini, Chief Executive Officer of Aeterna.

Recent Highlights

Announced the Company will regain full rights to Macrilen for the U.S. and Canada, following Novo’s termination of the development and commercialization license agreement, which termination will become effective May 23, 2023. Until then, Novo is expected to continue to commercialize Macrilen and fund the cost for the ongoing pivotal pediatric Phase 3 DETECT-trial. The Company is actively engaged in exploring all options for Macrilen; and
Entered into a sponsored research agreement with Massachusetts General Hospital to further evaluate the Company’s targeted, highly specific immunosuppressive therapeutic proteins (AIM Biologicals) in preclinical research for the potential treatment of neuromyelitis optica spectrum disorder.
Results of operations for the three-month period ended September 30, 2022

All amounts in this press release are in U.S. dollars unless otherwise noted.

For the three-month period ended September 30, 2022, Aeterna reported a consolidated net loss of $3.4 million, or $0.70 loss per common share (basic), compared to a consolidated net loss of $1.9 million, or $0.40 loss per common share (basic) for the three-month period ended September 30, 2021. The $1.5 million increase in net loss is primarily the result of $0.8 million higher revenues, offset partially by an increase in operating expenses of $2.5 million primarily due to a $1.8 increase in research and development, a $0.9 million increase in general and administrative expenses, offset by a $0.2 million decrease in selling expenses, and an increase of $0.2 million in Net Finance income.

Revenues

Total revenue for the three-month period ended September 30, 2022 was $1.9 million, an increase of $0.8 million from $1.1 million in the same period in 2021. Quarterly revenue was comprised of $0.6 million in licensing revenue (2021 – $0.3 million), $1.2 million in development revenue (2021 – $0.7), $0.04 million in supply chain revenue (2021 – $0.06 million), $0.01 million in royalty income (2021 – $0.02 million).
Operating expenses

Total operating expenses for the three-month period ended September 30, 2022 was $5.6 million compared with $3.1 million for the same period in 2021, representing an increase of $2.5 million. This increase was primarily due to a $1.8 increase in research and development, $0.9 million increase in general and administrative expenses, offset by a $0.2 million decrease in selling expenses.
Net finance income (cost)

Net finance income (costs) for the three-month period ended September 30, 2022 was $0.3 million compared with net finance income (costs) of $0.1 million for the same period in 2021, representing an increase in net finance income of $0.2 million.
The Company had $53.8 million cash and cash equivalents at September 30, 2022 (December 31, 2021 – $65.3 million).

Consolidated Financial Statements and Management’s Discussion and Analysis

Management’s Discussion and Analysis of Financial Condition and Results of Operations for the second quarter, as well as the Company’s unaudited consolidated interim financial statements as of September 30, 2022, will be available on the Company’s website (www.zentaris.com) in the Investors section or at the Company’s profile at www.sedar.com and www.sec.gov.