Management's Discussion & Analysis — Year ended December 31, 2024

This MD&A is dated March 28, 2025 and should be read in conjunction with the audited annual financial statements for the year ended December 31, 2024, including Note 22 — Restatement.

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 $14.2 million, a decrease of $3.8 million from the prior year, primarily due to the deferred recognition of milestone payments under the Merevix licensing arrangement.

Management anticipates that the CSB-204 Phase II readout will support a 2026 BLA submission and US commercial launch in 2027.

The Company has identified a control deficiency in the timing of milestone revenue recognition. Remediation is underway and is expected to be complete by Q2 2025.

On February 4, 2025, the Company reported positive interim data from the ongoing CSB-204 Phase II study.