ProMIS Neurosciences Q2 2024 Update: Cash Stable, Warrant Data Detailed

TL;DR

**ProMIS cash steady at ~$19M, warrant inputs updated for Q2 '24.**

AI Summary

ProMIS Neurosciences Inc. filed its 10-Q for the period ending June 30, 2024. The company reported cash and cash equivalents of $18.96 million as of June 30, 2024, a slight increase from $18.89 million at the end of 2023. The filing also details various inputs for warrant valuations, including risk-free interest rates and price volatility, as of both June 30, 2024, and December 31, 2023.

Why It Matters

This filing provides insight into ProMIS Neurosciences' financial stability and the valuation metrics for its outstanding warrants, which can impact investor decisions.

Risk Assessment

Risk Level: medium — The company operates in the volatile pharmaceutical sector, and its financial health is dependent on successful drug development and regulatory approvals.

Key Numbers

• $18.96M — Cash and Cash Equivalents (As of June 30, 2024, indicating financial liquidity.)
• $18.89M — Cash and Cash Equivalents (As of December 31, 2023, showing a slight increase in cash reserves.)

Key Players & Entities

• ProMIS Neurosciences Inc. (company) — Filer of the 10-Q
• June 30, 2024 (date) — End of reporting period
• $18.96 million (dollar_amount) — Cash and cash equivalents as of June 30, 2024
• $18.89 million (dollar_amount) — Cash and cash equivalents as of December 31, 2023
• December 31, 2023 (date) — Prior period end date

FAQ

Filing Documents

• pmn-20240630x10q.htm (10-Q) — 1554KB
• pmn-20240630xex31d1.htm (EX-31.1) — 9KB
• pmn-20240630xex31d2.htm (EX-31.2) — 9KB
• pmn-20240630xex32d1.htm (EX-32.1) — 10KB
• 0001558370-24-011476.txt ( ) — 6300KB
• pmn-20240630.xsd (EX-101.SCH) — 48KB
• pmn-20240630_cal.xml (EX-101.CAL) — 36KB
• pmn-20240630_def.xml (EX-101.DEF) — 162KB
• pmn-20240630_lab.xml (EX-101.LAB) — 384KB
• pmn-20240630_pre.xml (EX-101.PRE) — 297KB
• pmn-20240630x10q_htm.xml (XML) — 1049KB

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 21 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 30 Item 4.

Controls and Procedures

Controls and Procedures 31 PART II OTHER INFORMATION 31 Item 1.

Legal Proceedings

Legal Proceedings 31 Item 1A.

Risk Factors

Risk Factors 32 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 32 Item 3. Defaults Upon Senior Securities 32 Item 4. Mine Safety Disclosures 32 Item 5. Other Information 32 Item 6. Exhibits 33

Signatures

Signatures 34 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; 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 sufficient 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, assessments and settlements, pricin

—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) June 30, December 31, 2024 2023 Assets Current assets: Cash $ 992,463 $ 12,598,146 Short-term investments 32,358 32,358 Prepaid expenses and other current assets 384,776 988,641 Total current assets 1,409,597 13,619,145 Total assets $ 1,409,597 $ 13,619,145 Liabilities and Shareholders' (Deficit) Equity Current liabilities: Accounts payable $ 2,015,167 $ 7,843,136 Accrued liabilities 1,156,789 1,506,526 Total current liabilities 3,171,956 9,349,662 Share-based compensation liability 465,488 422,002 Warrant liability 49,231 94,185 Total liabilities 3,686,675 9,865,849 Commitments and contingencies Shareholders' (deficit) equity: Series 2 Convertible Preferred Shares, no par value, unlimited shares authorized, 1,166,667 shares issued and outstanding as of June 30, 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 June 30, 2024 and December 31, 2023, respectively — — Additional paid-in capital 97,818,797 97,590,426 Accumulated other comprehensive loss ( 371,184 ) ( 371,184 ) Accumulated deficit ( 99,724,691 ) ( 93,465,946 ) Total shareholders' (deficit) equity ( 2,277,078 ) 3,753,296 Total liabilities and shareholders' (deficit) equity $ 1,409,597 $ 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 For the For the Three Months Ended Three Months Ended Six Months Ended Six Months Ended June 30, June 30, June 30, J