RE:cash into 2025?As they already stated, if the merger goes through, they will consolidate shares of the new company on the basis of 1 for 3 (or 4) to assure NASDAQ eligibility for min. share price requirements. So the 15M shares of the new company would become say 4 - 5 M shares. Then they could raised $50M by offering 10M shares at say $5/share. That's another 100% dilution. The last share offering of AEZS at $1.45 in 2021 became a 96% loss after a 1 for 25 share consolidation as the share price just continued to drop.
https://www.globenewswire.com/en/news-release/2022/07/18/2481404/0/en/Aeterna-Zentaris-Announces-Effective-Date-of-Share-Consolidation.html And BTW, what a convenience to change the company's name after the merger. It shows that there is no brand or goodwill with the AEZS name and it will makes it harder to tie the new company to the horrific track record the old AEZS has.