ProMIS Neurosciences Q3 2024 Financials Revealed

Ticker: PMN · Form: 10-Q · Filed: 2024-11-14T00:00:00.000Z

Sentiment: neutral

Topics: financials, 10-Q, warrants

TL;DR

ProMIS Neurosciences Q3 2024: Assets $32.7M, Liabilities $18.9M, Equity $13.8M. Warrant details disclosed.

AI Summary

ProMIS Neurosciences Inc. filed its 10-Q for the period ending September 30, 2024. The company reported total assets of $32,689,190 and total liabilities of $18,885,254, resulting in total equity of $13,803,936. The filing also details various inputs for warrant valuations, including share prices, risk-free interest rates, price volatility, and expected terms for both Tranche A and B Warrants and Canadian Dollar Denominated Warrants.

Why It Matters

This filing provides a snapshot of ProMIS Neurosciences' financial health and the valuation parameters for its outstanding warrants, which are crucial for understanding potential future dilution and the company's financial obligations.

Risk Assessment

Risk Level: medium — The company's financial position and the details surrounding its warrants indicate potential financial risks and complexities that could impact investors.

Key Numbers

Key Players & Entities

FAQ

What were ProMIS Neurosciences' total assets as of September 30, 2024?

Total assets were $32,689,190 as of September 30, 2024.

What were ProMIS Neurosciences' total liabilities as of September 30, 2024?

Total liabilities were $18,885,254 as of September 30, 2024.

What was the company's total equity at the end of the third quarter of 2024?

Total equity was $13,803,936 as of September 30, 2024.

What types of warrant valuation inputs are detailed in the filing?

The filing details inputs such as share price, risk-free interest rate, price volatility, and expected term for Tranche A and B Warrants, and Canadian Dollar Denominated Warrants.

What is the fiscal year end for ProMIS Neurosciences?

The fiscal year end for ProMIS Neurosciences is December 31.

Filing Stats: 4,326 words · 17 min read · ~14 pages · Grade level 20 · Accepted 2024-11-14 09:30:02

Filing Documents

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 23 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 31 Item 4.

Controls and Procedures

Controls and Procedures 32 PART II OTHER INFORMATION 33 Item 1.

Legal Proceedings

Legal Proceedings 33 Item 1A.

Risk Factors

Risk Factors 33 Item 2. Unregistered Sales of Equity Securities, Use of Proceeds and Issuer Purchases of Equity Securities 34 Item 3. Defaults Upon Senior Securities 34 Item 4. Mine Safety Disclosures 34 Item 5. Other Information 34 Item 6. Exhibits 35

Signatures

Signatures 36 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 we will maintain sufficient liquidity to execute our business plan and our ability to continue as a going concern; our expected use of proceeds from private or public offerings of our common shares or other common share equivalents, 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 announcement of clinical data results, 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

—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) September 30, December 31, 2024 2023 Assets Current assets: Cash $ 21,536,898 $ 12,598,146 Short-term investments 32,358 32,358 Prepaid expenses and other current assets 2,941,279 988,641 Total current assets 24,510,535 13,619,145 Total assets $ 24,510,535 $ 13,619,145 Liabilities and Shareholders' Equity Current liabilities: Accounts payable $ 1,575,235 $ 7,843,136 Accrued liabilities 1,059,852 1,506,526 Total current liabilities 2,635,087 9,349,662 Share-based compensation liability 340,090 422,002 Warrant liability 14,262,138 94,185 Total liabilities 17,237,315 9,865,849 Commitments and contingencies Shareholders' equity: Series 2 Convertible Preferred Shares, no par value, unlimited shares authorized, 0 and 1,166,667 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively — — Common shares, no par value, unlimited shares authorized, 32,689,190 and 18,885,254 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively — — Additional paid-in capital 98,093,270 97,590,426 Accumulated other comprehensive loss ( 371,184 ) ( 371,184 ) Accumulated deficit ( 90,448,866 ) ( 93,465,946 ) Total shareholders' equity 7,273,220 3,753,296 Total liabilities and shareholders' equity $ 24,510,535 $ 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 Income (Loss ) (expressed in US dollars, except share amounts) (Unaudited) For the For the For the For the Three Months Ended Three Months Ended Nine Months Ended Nine Months Ended September 30, S

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