Tue, May 14, 8:32 PM (73 days ago)
ProMIS Neurosciences Inc. reported a net loss of $3.6 million for Q1 2024, an improvement from the $5.0 million loss in Q1 2023. The company’s cash reserves dropped significantly to $2.5 million from $12.6 million at the end of 2023, mainly due to a $5.9 million repayment of deferred accounts payable. Research and development expenses fell by 39% year-over-year to $2.1 million, driven by lower costs related to PMN310, the lead product candidate for Alzheimer's disease. General and administrative expenses increased slightly to $1.6 million. ProMIS highlighted the initiation of a Phase 1a clinical trial for PMN310 and ongoing development of other candidates like PMN267 for ALS and PMN442 for MSA. The company has raised $0.2 million through an At-the-Market Offering but needs substantial additional funding to continue its operations and development activities. Management expresses substantial doubt about the company's ability to continue as a going concern over the next 12 months.