CSCIFPerfumes, Cosmetics & Other Toilet PreparationsIFRS · EUR

COSCIENS Biopharma Inc.

COSCIENS Biopharma Inc. is a U.S.-listed life science company focused on natural, plant-based active ingredients. It develops and manufactures specialty cosmetic ingredients, including Avenanthramides and Beta Glucan, for use in skincare formulations worldwide.

Revenue7.5m EUR
−21.8 %y/y
Operating profit (EBIT)-10.7m EUR
+41.6 %y/y
EBIT margin-142.5%
+48.2 ppy/y
Net income-10.4m EUR
+32.3 %y/y
Free cash flow-9.2m EUR
+41.6 %y/y

Fiscal year 2025 · change from previous year

Development 2020–2025

-30-20-10010m EUR2020: 3.7 m EUR2020: EBIT -5.7 m EUR20202021: 5.3 m EUR2021: EBIT -8.7 m EUR20212022: 5.6 m EUR2022: EBIT -24 m EUR20222023: 4.5 m EUR2023: EBIT -18 m EUR20232024: 9.6 m EUR2024: EBIT -18 m EUR20242025: 7.5 m EUR2025: EBIT -11 m EUR20257.5-11
RevenueOperating profit (EBIT)

Business

Share of revenue
Active ingredients100 %

Specialty plant-derived ingredients sold for use in skincare and personal care formulations.

Avenanthramides50 %

Oat-derived active compounds used in cosmetic and skin-soothing applications.

Beta Glucan35 %

Biologically derived ingredient used in moisturizers, barrier-care and skin-health products.

Extraction and manufacturing know-how15 %

Proprietary processes used to isolate, purify and commercialize active ingredients.

Customers

The company sells ingredient inputs rather than finished consumer products, so its customers are primarily skincare and personal-care formulators. Its ingredient portfolio is aimed at brands and manufacturers that want natural, scientifically positioned actives for topical applications. The customer base is therefore concentrated in cosmetic and skincare supply chains rather than retail consumers.

Skincare brands

Buy active ingredients for creams, serums and topical formulations that emphasize efficacy and natural origin.

Personal-care manufacturers

Purchase ingredient inputs for mass-market and premium cosmetic product lines.

Contract formulators

Source specialty actives to incorporate into third-party skincare formulations.

Global beauty companies

Use branded or unbranded actives in larger multinational skincare portfolios.

Strategy

COSCIENS’ strategy is centered on commercializing proprietary natural-ingredient technologies into skincare applications. The company’s competitive position depends on maintaining differentiated extraction know-how, expanding ingredient adoption in global beauty brands, and supporting repeat formulation demand.

Grow adoption of Avenanthramides and Beta GlucanMedium term

These ingredients are the core revenue drivers and define the company’s market positioning.

Leverage proprietary manufacturing technologyMedium term

Process know-how can support product quality, consistency and differentiation.

Broaden global skincare customer relationshipsLong term

A wider customer base reduces dependence on a few formulators or brands.

Geography

COSCIENS is headquartered in the United States but operates with a Canadian market presence, including trading and corporate references to Toronto. The business is global in customer reach because its active ingredients are used in skincare brands worldwide. Geography matters because ingredient customers, supply chains and regulatory expectations differ across North American and international cosmetic markets.

Risks

COSCIENS faces typical specialty-ingredient risks tied to customer concentration, qualification cycles and demand from the personal-care industry. As a plant-based ingredient business, it is also exposed to supply, manufacturing and regulatory risks that can affect consistency, customer adoption and commercialization.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Customer concentration1Commercial adoption risk2Manufacturing and extraction risk3Regulatory and formulation risk4
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Customer concentrationImpact: HighLikelihood: Medium

    Ingredient businesses often rely on a limited number of brands and formulators for meaningful demand.

    Exposure: Skincare and personal-care customers

  2. Commercial adoption riskImpact: HighLikelihood: Medium

    Customers must qualify and reformulate around specialty actives before volume scales.

    Exposure: Avenanthramides and Beta Glucan

  3. Manufacturing and extraction riskImpact: MediumLikelihood: Medium

    Proprietary plant-based production depends on stable yields, quality and throughput.

    Exposure: Extraction and purification processes

  4. Regulatory and formulation riskImpact: MediumLikelihood: Medium

    Cosmetic ingredients must meet customer, safety and market-specific requirements.

    Exposure: Global skincare markets

Accounting

Judgemental items
Point-in-time revenue recognition

Ingredient sales are recognized when control transfers, making timing of shipment and acceptance important.

Impact: Can create quarter-to-quarter revenue volatility

Deferred revenue

Advance billings or customer prepayments may be recognized later as performance obligations are met.

Impact: Affects revenue timing and balance sheet liabilities

Subsidiary control judgments

Management must assess whether it has lost control over a subsidiary, which can change consolidation treatment.

Impact: Can materially affect assets, liabilities and income

IFRS estimation uncertainty

The company notes that estimates and assumptions may require revision as facts change.

Impact: Can affect reported earnings and balance sheet values

Publicly listed companies with a comparable business focus.

Last updated: 28/09/2026