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Forward-looking Statements
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This press release contains forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Certain information in this news release constitutes forward-looking statements and forward-looking information (collectively, “forward-looking information”) within the meaning of applicable securities laws. In some cases, but not necessarily in all cases, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “pleased to”, “look forward to”, “potential to”, “targets”, “expects” or “does not expect”, “is expected”, “excited about”, “an opportunity exists”, “is positioned”, “estimates”, “intends”, “assumes”, “anticipates” or “does not anticipate” or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might”, “will” or “will be taken”, “occur” or “be achieved”. In addition, any statements that refer to expectations, projections or other characterizations of future events or circumstances contain forward-looking information. Specifically, this news release contains forward-looking information relating to the Company’s Phase 1b study in AD patients, including planned timing for completion and anticipated data read out of interim results in the second half of 2026, interim analysis in the third quarter of 2026 and topline results by the early 2027, statements relating to the Company’s progress, including enrollment and dosing for its Phase 1b clinical trial, the potential for such studies to provide the first proof-of-concept data for PMN310, the potential that PMN310 has the potential to positively benefit patients with AD, the targeting of toxic misfolded proteins in neurodegenerative diseases that the Company believes may directly address fundamental AD pathology (including the belief and understanding that toxic oligomers of Aβ are a major driver of AD) and have greater therapeutic potential due to reduction of off-target activity, management’s belief that its patented platform technology has created an antibody candidate specific to toxic misfolded oligomers known to be present in AD, therapeutic activity and preferential targeting of toxic soluble aggregates by Aß-directed antibodies and the potential implications thereof, the Company’s pipeline, including its platform, including the capabilities thereof and the application of its platform to other diseases, statements regarding trial design and approach to develop a subcutaneous formulation for potential future self-administration with an auto-injector, statements regarding discovery candidates, timing of IND-enabling studies, preclinical data, use of capital expenses, future accumulated deficit and other financial results in the future, statements relating to use of proceeds from financing and cash runway through 2027, and ability to fund operations and the ability to maintain enough liquidity to execute its business plan. Statements containing forward-looking information are not historical facts but instead represent management’s current expectations, estimates and projections regarding the future of our business, future plans, strategies, projections, anticipated events and trends, the economy and other future conditions. Forward-looking information is necessarily based on a number of opinions, assumptions and estimates that, while considered reasonable by the Company as of the date of this news release, are subject to known and unknown risks, uncertainties and assumptions and other factors that may cause the actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information, including, but not limited to, the risk that preclinical results or early results may not be indicative of future results, its accumulated deficit and the expectation for continued losses and future financial results. Important factors that could cause actual results to differ materially from those indicated in the forward-looking information include, among others, the factors discussed throughout the “Risk Factors” section of the Company’s most recently filed Annual Report on Form 10-K for the year ended December 31, 2025 and in its subsequent filings filed with the United States Securities and Exchange Commission. Except as required by applicable securities laws, the Company undertakes no obligation to publicly update any forward-looking information, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.
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For further information:
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Visit us at www.promisneurosciences.com
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Please submit media inquiries to [email protected]
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For Investor Relations, please contact:
Carie Pierce [email protected]
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PROMIS NEUROSCIENCES INC.
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Consolidated Balance Sheets
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(expressed in U.S. dollars, except share amounts)
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(unaudited)
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| December 31, | ||||||
| 2025 | 2024 | |||||
| Assets | ||||||
| Current assets: | ||||||
| Cash | $ | 6,116,556 | $ | 13,291,167 | ||
| Short-term investments | 33,753 | 33,051 | ||||
| Prepaid expenses and other current assets | 3,032,112 | 5,587,238 | ||||
| Total current assets | 9,182,421 | 18,911,456 | ||||
| Total assets | $ | 9,182,421 | $ | 18,911,456 | ||
| Liabilities and Shareholders’ (Deficit) Equity | ||||||
| Current liabilities: | ||||||
| Accounts payable | $ | 2,543,415 | $ | 1,737,463 | ||
| Accrued liabilities | 7,868,416 | 480,962 | ||||
| Total current liabilities | 10,411,831 | 2,218,425 | ||||
| Share-based compensation liability | 29,182 | 199,263 | ||||
| Warrant liability | — | 5,592 | ||||
| Total liabilities | 10,441,013 | 2,423,280 | ||||
| Commitments and contingencies | ||||||
| Shareholders’ (deficit) equity: | ||||||
| Common Shares, no par value, unlimited shares authorized, 2,152,397 and 1,307,520 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively | — | — | ||||
| Additional paid-in capital | 129,518,812 | 107,546,433 | ||||
| Accumulated other comprehensive loss | (371,184) | (371,184) | ||||
| Accumulated deficit | (130,406,220) | (90,687,073) | ||||
| Total shareholders’ (deficit) equity | (1,258,592) | 16,488,176 | ||||
| Total liabilities and shareholders’ (deficit) equity | $ | 9,182,421 | $ | 18,911,456 | ||
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Consolidated Statements of Operations
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(expressed in U.S. dollars, except share amounts)
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(unaudited)
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| Years Ended December 31, | ||||||
| 2025 | 2024 | |||||
| Operating expenses: | ||||||
| Research and development | $ | 33,379,321 | $ | 10,637,976 | ||
| General and administrative | 6,787,987 | 6,189,502 | ||||
| Total operating expenses | 40,167,308 | 16,827,478 | ||||
| Loss from operations | (40,167,308) | (16,827,478) | ||||
| Other income (expense): | ||||||
| Change in fair value of financial instruments | 5,592 | 22,581,477 | ||||
| Interest expense | — | (76,775) | ||||
| Other income | 442,569 | 626,184 | ||||
| Loss on issuance of Common Shares, warrants, and pre-funded warrants in July 2024 PIPE | — | (3,524,535) | ||||
| Total other income, net | 448,161 | 19,606,351 | ||||
| Net (loss) income | $ | (39,719,147) | $ | 2,778,873 | ||
| Net (loss) income per share, basic | $ | (22.61) | $ | 2.68 | ||
| Net (loss) income per share, diluted | $ | (22.61) | $ | 2.63 | ||
| Weighted-average outstanding Common Shares, basic | 1,756,844 | 1,036,799 | ||||
| Weighted-average outstanding Common Shares, diluted | 1,756,844 | 1,058,469 | ||||
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English (US)