ProMIS Neurosciences Inc., a clinical-stage biotechnology company, reported an operating loss of $40.2 million for the fiscal year ended December 31, 2025, compared to an operating loss of $16.8 million for the previous fiscal year. The increased loss was primarily driven by a significant rise in research and development expenses, which totaled $33.4 million in 2025, up from $10.6 million in 2024, as the company's Phase 1b clinical trial of PMN310 progressed. General and administrative expenses also saw a modest increase, reaching $6.8 million in 2025 from $6.2 million in 2024. The company's net loss for 2025 was $39.7 million, or $22.61 per share, compared to a net income of $2.8 million, or $2.68 per share, in 2024.
The company's financial position as of December 31, 2025, showed total assets of $9.2 million and total liabilities of $10.4 million, resulting in a shareholders' deficit of $1.3 million. This compares to total assets of $18.9 million and total liabilities of $2.4 million, with shareholders' equity of $16.5 million, as of December 31, 2024. The company's cash balance decreased from $13.3 million at the end of 2024 to $6.1 million at the end of 2025. Net cash used in operating activities was $28.1 million for 2025, compared to $27.2 million in 2024.
Operationally, ProMIS Neurosciences completed enrollment in its PRECISE-AD Phase 1b trial of PMN310 for Alzheimer's disease in December 2025, with 144 subjects enrolled across 21 active sites in the United States. The company expects to complete six-month assessments in the second quarter of 2026, with a blinded interim analysis anticipated in early third quarter 2026. Completion of dosing and all patient visits is expected in the fourth quarter of 2026, with top-line data anticipated in early 2027. The FDA granted Fast Track designation to PMN310 in July 2025.
Looking ahead, ProMIS Neurosciences plans to enhance corporate awareness through strategic investor and industry stakeholder engagement, while also evaluating partnership and business development opportunities. The company aims to strengthen its organizational infrastructure to support potential clinical milestones and position itself for long-term growth. The company anticipates that its existing cash, including proceeds from a January 2026 private placement, will be sufficient to fund operating expenses and capital expenditure requirements through 2027.
About ProMIS Neurosciences Inc.
Promis Neurosciences specializes in developing antibody therapies targeting misfolded proteins involved in neurodegenerative diseases such as Alzheimer's, ALS, Parkinson's, and tauopathies. Utilizing proprietary computational platforms, it identifies disease-specific epitopes to generate highly selective monoclonal antibodies. Its pipeline includes candidates for Alzheimer’s disease, ALS, multiple system atrophy, and synucleinopathies, aiming to inhibit toxic protein propagation, reduce neurodegeneration, and improve patient outcomes through innovative biologic therapeutics.
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