--- title: "COSCIENS Biopharma, delisted from Nasdaq in September" url: "https://aibio.space/news/cosciens-biopharma-delisted-nasdaq-september-applies-otcqb-quotation/" publisher: "aibio.space (Biotech Investor Relations News)" date: "2025-11-12" section: "Listings" tickers: "TSX:CSCI" source: "https://www.sec.gov/Archives/edgar/data/1113423/000149315225021770/ex99-1.htm" summary: "COSCIENS plans to file a Form 15-F to end its U.S. reporting and has applied for OTCQB quotation. It had $8.5 million of cash on September 30, 2025, and it" --- By the aibio.space news desk. Sources - [COSCIENS Biopharma Inc. 6-K (2025-11-12)](https://www.sec.gov/Archives/edgar/data/1113423/000149315225021770/ex99-1.htm) - [COSCIENS Biopharma Inc. 20-F (2025-04-09): business](https://www.sec.gov/Archives/edgar/data/1113423/000164117225003456/form20-f.htm) [CSCI](https://aibio.space/companies/cosciens-biopharma/) 2025-11-12 # COSCIENS Biopharma, delisted from Nasdaq in September, applies for OTCQB quotation Tickers [CSCI](https://aibio.space/companies/cosciens-biopharma/) COSCIENS plans to file a Form 15-F to end its U.S. reporting and has applied for OTCQB quotation. It had $8.5 million of cash on September 30, 2025, and its net loss narrowed to $1.8 million in the quarter. ## Key facts - **Company**: COSCIENS Biopharma Inc. (TSX: CSCI) - **News type**: Listings - **Primary source**: [COSCIENS Biopharma Inc. 6-K (2025-11-12)](https://www.sec.gov/Archives/edgar/data/1113423/000149315225021770/ex99-1.htm) *Rows of law reports on a shelf. CC0, via rawpixel. The picture shows the field, not the companies named.* ## The delisting COSCIENS Biopharma Inc. (TSX: [CSCI](https://aibio.space/companies/cosciens-biopharma/)) voluntarily delisted its common shares from Nasdaq effective September 5, 2025, while keeping its Toronto Stock Exchange listing. The news is in its third-quarter results, furnished on Form 6-K on November 12, 2025 with a release dated November 11. FINRA assigned the symbol CSCIF for quotation on the informal over-the-counter market in the United States as of September 4, 2025. On November 3, 2025 the company applied to OTC Markets Group Inc. for its shares to be quoted on the OTCQB Venture Market. The release says there is no assurance the application will be approved, or when, and no assurance that any broker will make or keep a market in the shares in the United States. The Nasdaq delisting is described as the first step in a broader plan to end the company's public reporting in the U.S. The company intends to file a Form 15-F with the SEC once the SEC's rules allow, to deregister and end its reporting obligations under the Exchange Act. Filing the Form 15-F would suspend U.S. reporting immediately, and deregistration would take effect 90 days later. ## Cash and losses The company had $8.5 million in cash and cash equivalents on September 30, 2025. In the third quarter it reported a net loss of $1.8 million, or $0.57 a share, against $5.8 million, or $1.85 a share, a year earlier. For the nine months, the net loss was $8.2 million, or $2.59 a share, against $8.6 million, or $3.58 a share, in 2024. Third-quarter revenue was $1.5 million, down from $1.9 million. The release attributes $0.2 million of the decline to lower sales of avenanthramides, beta glucan and oat oil, and another $0.2 million to Macrilen shipment timing. Nine-month revenue fell to $5.7 million from $6.2 million. Operating expenses in the quarter were $2.9 million, against $7.3 million a year earlier. The release says the drop came mainly from lower research and development costs, lower selling, general and administrative expenses and smaller impairment charges. It credits a zero-based budgeting program started in the second quarter, which included headcount reductions. ## Portfolio decisions The company is winding down the Juvente DC cosmeceutical line after limited success in direct-to-consumer e-commerce. It also decided not to enter the consumer products market with its nutraceutical concepts, citing the high cost of entry, cost competitiveness, the need for strong brand marketing and the lack of a direct-to-consumer route to market. On Macrilen, the company says the FDA declined to accept an alternative analysis of the failed Phase 3 DETECT trial for childhood-onset growth hormone deficiency. The release says full pediatric approval under the current analytical proposal is unlikely at this time in the U.S. The company is weighing a submission covering a subgroup of the pediatric population and a request for EMA scientific advice. The inflammation program, AvenActive, completed a Phase 1 study without significant safety concerns. Twenty patients were enrolled in the Phase 2a portion, which concluded in the third quarter of 2025. The study was designed to gather information on safety, pharmacokinetics and early signs of activity, and the release gives no efficacy results. Complete results are expected in the coming months. ## What the release leaves out The release does not say when the OTCQB decision might come, or how much of the $8.5 million cash balance will go to the wind-down or to the Macrilen options. It also gives no date for any change to the TSX listing. ## What comes next The next steps are the OTCQB application decision, the Form 15-F filing when the SEC rules permit, the full AvenActive results and the company's decisions on Macrilen. The release gives no timetable for any of them. [Report an error](https://aibio.space/reputation/#correction) ## Companies in this story CSCI COSCIENS Biopharma Inc. TSX ยท Canada Open the starter desk ## More in Listings Listings ### [Propanc Biopharma faces Nasdaq delisting on bid price, plans to appeal](https://aibio.space/news/propanc-biopharma-faces-nasdaq-delisting-bid-price-plans-appeal/) Oct 29, 2026 Listings ### [Reviva asks stockholders to approve reverse split of up to 1-for-100](https://aibio.space/news/reviva-asks-stockholders-approve-reverse-split-up-1-100/) Oct 29, 2026 Listings ### [Nasdaq to delist Glucotrack shares after bid price exception ends](https://aibio.space/news/nasdaq-delist-glucotrack-shares-after-bid-price-exception-ends/) Oct 28, 2026 --- Source page: https://aibio.space/news/cosciens-biopharma-delisted-nasdaq-september-applies-otcqb-quotation/. Facts in aibio.space stories are checked against company filings and releases; opinion is labelled. Cite as: aibio.space, "COSCIENS Biopharma, delisted from Nasdaq in September", 2025-11-12, https://aibio.space/news/cosciens-biopharma-delisted-nasdaq-september-applies-otcqb-quotation/