ProMIS Neurosciences Reports $7.3 Million Net Loss and Increased Operating Expenses for Q1 2025

ProMIS Neurosciences Inc. reported a net loss of $7.3 million for the three months ended March 31, 2025, compared to a net loss of $3.6 million for the same period in 2024. The company's total operating expenses increased significantly to $7.5 million, up from $3.7 million year-over-year, primarily driven by a 157% rise in research and development expenses, which reached $5.5 million. This increase was largely attributed to the ongoing Phase 1b clinical trial of PMN310, the company's lead product candidate targeting Alzheimer's disease, which commenced in December 2024.

In terms of financial position, ProMIS reported total assets of $13.6 million as of March 31, 2025, a decrease from $18.9 million at the end of 2024. The company's cash reserves fell to $8.4 million, down from $13.3 million at the end of the previous fiscal year. Current liabilities also increased significantly to $4.1 million, compared to $2.2 million at the end of 2024, reflecting a rise in accrued liabilities primarily related to research and development activities. The accumulated deficit stood at $98.0 million as of March 31, 2025.

Strategically, ProMIS has made notable advancements in its clinical programs, particularly with PMN310, which is designed to selectively target toxic amyloid-beta oligomers in Alzheimer's disease. The company is also advancing its other product candidates, PMN267 and PMN442, aimed at treating amyotrophic lateral sclerosis and multiple system atrophy, respectively. The company has engaged in various corporate activities, including participation in industry conferences and the filing of patents to protect its intellectual property.

Operationally, ProMIS has not generated any revenue to date and continues to rely on external financing to support its research and development efforts. The company has indicated that it will require additional funding to continue its operations and advance its clinical programs. As of March 31, 2025, ProMIS had 32,689,190 common shares outstanding and is actively seeking to raise capital through public and private financing, collaborations, and strategic partnerships. The outlook remains cautious, with management expressing substantial doubt about the company's ability to continue as a going concern within the next twelve months without securing additional funding.