Thu, Nov 14, 2:31 PM (247 days ago)
ProMIS Neurosciences Inc. (PMN) reported significant financial updates for the quarter ending September 30, 2024. The company experienced an operating loss of $4.4 million for Q3 2024, compared to $2.5 million in Q3 2023, leading to a total operating loss of $10.8 million for the nine months ended September 30, 2024. The accumulated deficit as of September 30, 2024, stood at $90.4 million. Despite these losses, PMN recorded net income of $9.3 million in Q3 2024, mainly due to a $16.9 million gain from changes in the fair value of financial instruments. Cash flow from operating activities was negative at $18.5 million for the nine-month period, while financing activities provided $27.4 million, bolstered by a July 2024 private placement that raised $30.3 million. The company’s cash position increased to $21.5 million, but management expressed concerns about its ability to sustain operations without additional funding. Looking forward, PMN is advancing its lead candidate, PMN310, through clinical trials, with expectations for increased R&D expenditures. The company remains classified as an emerging growth entity and is actively seeking additional financing to support ongoing operations and development initiatives.