Management's Discussion & Analysis — Year ended December 31, 2023

This MD&A is dated March 30, 2024 and should be read in conjunction with the audited annual financial statements for the year ended December 31, 2023.

Certain statements in this document constitute forward-looking information within the meaning of applicable Canadian securities laws. Forward-looking information reflects current expectations regarding future events and operating performance and speaks only as of the date of this document. Actual results may differ materially. Material factors and assumptions used to develop the forward-looking information and the material risk factors that could cause actual results to differ are described in the Company's most recent Annual Information Form and MD&A. The Company undertakes no obligation to update forward-looking information except as required by applicable securities laws.

Revenue for the year was $18.0 million, including $4.0 million of milestone payments from Merevix recognized in full upon receipt during Q3 2023.

The Company believes CSB-204 is positioned for a 2025 BLA submission with US commercial launch targeted for 2026.

As at December 31, 2023, the Company held cash and short-term investments of $151.2 million. Management believes that current resources are sufficient to fund operations into 2026.

Milestone payments under the Merevix agreement are recognized as revenue at the point in time control of the associated intellectual property transfers to the counterparty, which management has determined to be upon receipt of the milestone payment.