COSCIENS Biopharma Inc.
CSCIF Healthcare Biotechnology
COSCIENS Biopharma Inc.’s revenue for fiscal 2025 (year ended December 2025) was $7.5 million, down 21.8% from fiscal 2024. In the quarter to June 2026, revenue grew 30.0%, EPS grew 92.6% and free cash flow grew 113.3%, each against the same quarter a year earlier.
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COSCIENS Biopharma Inc. (CSCIF) Altman Z-score
COSCIENS Biopharma Inc.'s Altman Z-score for fiscal 2025 is −2.08, in the distress zone (below 1.81).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | −2.08 | (0.89) |
| FY2024 | −1.19 | (2.62) |
| FY2023 | 1.43 | 9.84 |
| FY2022 | −8.41 | (3.52) |
| FY2021 | −4.89 | 6.84 |
| FY2020 | −11.73 | 11.68 |
| FY2019 | −23.41 | (9.37) |
| FY2018 | −14.04 | 8.69 |
| FY2017 | −22.73 | (7.50) |
| FY2016 | −15.23 | (6.54) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.37 | — | 0.44 | |
| Retained earnings / total assets | (0.96) | — | −1.34 | |
| EBIT / total assets | (0.49) | — | −1.61 | |
| Market value of equity / total liabilities | 0.12 | — | 0.07 | |
| Sales / total assets | 0.35 | — | 0.35 | |
| Altman Z-score | Distress zone | −2.08 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −3.75 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| CSCIF COSCIENS Biopharma Inc. | −2.1× |
| NKGN NKGen Biotech, Inc. compare | −10.2× |
| BOLT Bolt Biotherapeutics, Inc. compare | −12.7× |
| SNTI Senti Biosciences, Inc. compare | −13.7× |
| JAGX Jaguar Animal Health, Inc. compare | −18.9× |
| QNRX Quoin Pharmaceuticals, Ltd. Sponsored ADR compare | — |
| MTVA MetaVia Inc. compare | — |
| IMRN IMMURON compare | — |
| ADIL Adial Pharmaceuticals, Inc. compare | — |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets