ProMIS Neurosciences Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>ProMIS Neurosciences Inc. has filed its quarterly report (10-Q) for the period ending March 31, 2024, detailing financial information and warrant data.</b>

AI Summary

ProMIS Neurosciences Inc. (PMN) filed a Quarterly Report (10-Q) with the SEC on May 14, 2024. ProMIS Neurosciences Inc. filed a 10-Q for the period ending March 31, 2024. The company's fiscal year ends on December 31. The filing includes data related to Canadian Dollar Denominated Warrants and United States Dollar Denominated Warrants. Financial data points such as Retained Earnings, Additional Paid In Capital, and Accumulated Other Comprehensive Income are reported for various periods. Key dates include March 31, 2024, December 31, 2023, and March 31, 2023.

Why It Matters

For investors and stakeholders tracking ProMIS Neurosciences Inc., this filing contains several important signals. This 10-Q filing provides an update on ProMIS Neurosciences' financial position and operational activities for the first quarter of 2024, which is crucial for investors to assess the company's performance and outlook. The inclusion of specific data on Canadian and US Dollar Denominated Warrants suggests potential future equity events or financing activities that could impact share structure and valuation.

Risk Assessment

Risk Level: medium — ProMIS Neurosciences Inc. shows moderate risk based on this filing. The company's financial health and future prospects are not detailed in this filing, making it difficult to assess its current risk profile beyond standard reporting requirements.

Analyst Insight

Investors should review the full 10-Q filing to understand the company's financial performance, warrant details, and any disclosed risk factors.

Key Numbers

• 2024-03-31 — Reporting Period End Date (Conformed period of report)
• 2024-05-14 — Filing Date (Filed as of date)
• 1231 — Fiscal Year End (Fiscal year end)
• 001-41429 — SEC File Number (SEC file number)

Key Players & Entities

• ProMIS Neurosciences Inc. (company) — Filer name
• 2024-03-31 (date) — Conformed period of report
• 2024-05-14 (date) — Filed as of date
• 0001374339 (company) — Central Index Key
• 2834 (industry) — Standard Industrial Classification
• Toronto (location) — Business address city
• 416-847-6898 (phone) — Business phone
• AMORFIX LIFE SCIENCES LTD (company) — Former company name

FAQ

Key Dates

• 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-05-14: Filing Date — Date the 10-Q was officially filed with the SEC.
• 2023-12-31: Previous Year End — End of the prior fiscal year, relevant for comparative financial analysis.
• 2023-03-31: Prior Year Quarter End — End of the first quarter of the previous fiscal year, for year-over-year comparison.

Key Financial Figures

• $ — and expenses denominated primarily in US$, the primary market for the Company's C

Filing Documents

• pmn-20240331x10q.htm (10-Q) — 1169KB
• pmn-20240331xex31d1.htm (EX-31.1) — 9KB
• pmn-20240331xex31d2.htm (EX-31.2) — 9KB
• pmn-20240331xex32d1.htm (EX-32.1) — 10KB
• 0001558370-24-008145.txt (&nbsp;) — 5472KB
• pmn-20240331.xsd (EX-101.SCH) — 45KB
• pmn-20240331_cal.xml (EX-101.CAL) — 36KB
• pmn-20240331_def.xml (EX-101.DEF) — 132KB
• pmn-20240331_lab.xml (EX-101.LAB) — 355KB
• pmn-20240331_pre.xml (EX-101.PRE) — 262KB
• pmn-20240331x10q_htm.xml (XML) — 924KB

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 19 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 25 Item 4.

Controls and Procedures

Controls and Procedures 26 PART II OTHER INFORMATION 26 Item 1.

Legal Proceedings

Legal Proceedings 26 Item 1A.

Risk Factors

Risk Factors 27 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 27 Item 3. Defaults Upon Senior Securities 27 Item 4. Mine Safety Disclosures 27 Item 5. Other Information 27 Item 6. Exhibits 28

Signatures

Signatures 29 Table of Contents DISCLOSURE REGARDING FORWARD-LOOKING STATEMENTS This Quarterly Report on Form 10-Q contains statements that we believe are, or may be considered to be, "forward-looking statements." Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based on current beliefs, expectations or assumptions regarding the future of the business, future plans and strategies, operational results and other future conditions of the Company. All statements other than statements of historical fact included in this Quarterly Report on Form 10-Q regarding the prospects of our industry or our prospects, plans, financial position or business strategy may constitute forward-looking statements. In addition, forward-looking statements generally can be identified by the use of forward-looking words such as "plans," "expects" or "does not expect," "is expected," "look forward to," "budget," "scheduled," "estimates," "forecasts," "will continue," "intends," "the intent of," "have the potential," "anticipates," "does not anticipate," "believes," "should," "should not," or variations of such words and phrases that indicate that certain actions, events or results "may," "could," "would," "might," or "will," "be taken," "occur," or "be achieved," or the negative of these terms or variations of them or similar terms. Furthermore, forward-looking statements may be included in various filings that we make with the Securities and Exchange Commission (" SEC ") or press releases or oral statements made by or with the approval of one of our authorized executive officers. Although we believe that the expectations reflected in these forward-looking statements are reasonable, we cannot assure you that these expectations will prove to be correct. These forward-looking statements are subject to certain known and unknown risks and uncertainties, as well as assumptions that could cause actual results to differ materially fr

Forward-looking statements contained in this Quarterly Report on Form 10-Q include, but are not limited to

Forward-looking statements contained in this Quarterly Report on Form 10-Q include, but are not limited to: the anticipated amount, timing and accounting of contingent, milestone, royalty and other payments under licensing or collaboration agreements; tax positions and contingencies; research and development costs; compensation and other selling, general and administrative expense; amortization of intangible assets; foreign currency exchange risk; estimated fair value of assets and liabilities; and impairment assessments; patent terms, patent term extensions, patent office actions and expected availability and period of regulatory exclusivity; our plans and investments in our portfolio as well as implementation of our corporate strategy; the risk that the Company will maintain enough liquidity to execute its business plan and its ability to continue as a going concern; our expected use of proceeds from sales of our common shares in "at-the-market" offerings and the period over which such proceeds, together with existing cash, will be sufficient to meet our operating needs; the drivers for growing our business, including our plans and intention to commit resources relating to discovery, research and development programs and business development opportunities as well as the potential benefits and results of, and the anticipated completion of, certain business development transactions; the expectations, development plans and anticipated timelines, including costs and timing of potential clinical trials, filings and approvals, of our products candidates and pipeline programs, including collaborations with third-parties, as well as the potential therapeutic scope of the development and commercialization of our and our collaborators' pipeline product candidates, if approved; the timing, outcome and impact of administrative, regulatory, legal and other proceedings related to our patents and other proprietary and intellectual property rights, tax audits, asse

—FINANCIAL INFORMATION

PART I—FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements. PROMIS NEUROSCIENCES INC. Condensed Consolidated Balance Sheets (expressed in US dollars, except share amounts) (Unaudited) March 31, December 31, 2024 2023 Assets Current assets: Cash $ 2,496,973 $ 12,598,146 Short-term investments 32,358 32,358 Prepaid expenses and other current assets 1,018,969 988,641 Total current assets 3,548,300 13,619,145 Total assets $ 3,548,300 $ 13,619,145 Liabilities and Shareholders' Equity (Deficit) Current liabilities: Accounts payable $ 1,403,592 $ 7,843,136 Accrued liabilities 1,242,322 1,506,526 Total current liabilities 2,645,914 9,349,662 Share-based compensation liability 716,969 422,002 Warrant liability 108,318 94,185 Total liabilities 3,471,201 9,865,849 Commitments and contingencies Shareholders' equity (deficit): Series 2 Convertible Preferred Shares, no par value, unlimited shares authorized, 1,166,667 shares issued and outstanding as of March 31, 2024 and December 31, 2023 — — Common shares, no par value, unlimited shares authorized, 18,961,116 and 18,885,254 shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively — — Additional paid-in capital 97,549,317 97,590,426 Accumulated other comprehensive loss ( 371,184 ) ( 371,184 ) Accumulated deficit ( 97,101,034 ) ( 93,465,946 ) Total shareholders' equity (deficit) 77,099 3,753,296 Total liabilities and shareholders' equity (deficit) $ 3,548,300 $ 13,619,145 The accompanying notes are an integral part of these unaudited condensed consolidated financial statements. 3 Table of Contents PROMIS NEUROSCIENCES INC. Condensed Consolidated Statements of Operations and Comprehensive Loss (expressed in US dollars, except share amounts) (Unaudited) For the For the Three Months Ended Three Months Ended March 31, March 31, 2024 2023 Operating expenses: Research and development $ 2,12