ProMIS Neurosciences Reports $10.1 Million Net Loss in Q2 2025 Amid Rising R&D Expenses

ProMIS Neurosciences Inc. reported significant financial challenges in its latest 10-Q filing for the quarter ending June 30, 2025. The company recorded a net loss of $10.1 million for the three months ended June 30, 2025, compared to a loss of $2.6 million for the same period in 2024. For the six months ended June 30, 2025, the net loss was $17.5 million, up from $6.3 million in the prior year. The increase in losses is attributed primarily to a substantial rise in research and development expenses, which surged to $14.2 million for the first half of 2025, compared to $3.7 million in the same period of 2024.

The company's total operating expenses for the second quarter of 2025 reached $10.2 million, a significant increase from $2.7 million in the previous year. This rise is largely due to the ongoing Phase 1b clinical trial of PMN310, ProMIS's lead product candidate targeting Alzheimer’s disease, which accounted for approximately $8.1 million in expenses during the quarter. The company has not generated any revenue to date and continues to rely on external financing to support its operations.

In terms of liquidity, ProMIS reported cash and short-term investments totaling $4.5 million as of June 30, 2025, a decrease from $13.3 million at the end of 2024. The company’s current liabilities also increased significantly, rising to $9.8 million from $2.2 million at the end of the previous fiscal year. This increase in liabilities is primarily due to a rise in accrued liabilities related to research and development activities. The company has indicated that it will require additional funding to continue its clinical activities and meet its operational needs, raising concerns about its ability to continue as a going concern.

Strategically, ProMIS has made progress in its clinical programs, particularly with PMN310, which received Fast Track Designation from the FDA in July 2025. The company has also engaged in various financing activities, including raising approximately $21.6 million in July 2025 through discounted warrant exercises and private placements. However, the company has terminated its At-the-Market (ATM) offering program, which had previously allowed it to raise funds through the sale of common shares.

Looking ahead, ProMIS anticipates continued net losses as it advances its product candidates through clinical trials. The company is actively seeking additional funding through public and private financings, collaboration agreements, and strategic alliances. Management has expressed uncertainty regarding its ability to secure necessary financing on favorable terms, which could impact its research and development programs and overall business prospects.