I agree that all shares are by way of SPINCO and private placements post-SPINCO are the same.

However, the latest Zenith MD&A states the following: "As at July 31, 2022, we hold all 75,202,620 royalty preferred shares of Resverlogix." as already stated by RVXOT.

The MD&A also states that as of September 28, 2022, the number of common shares stands at 138,583,448. 

If they are all RPS why is it that the totals above are not the same?

Just asking  ...  Koo