ProMIS Neurosciences (US:PMN)2026-03-25 20:34Financial Performance - For the year ended December 31, 2025, the company reported an operating loss of $40.2 million, compared to a loss of $16.8 million for 2024, representing an increase of $23.3 million[569]. - The total operating expenses for 2025 were $40.2 million, up from $16.8 million in 2024, indicating a significant rise in operational costs[584]. - The company had an accumulated deficit of $130.4 million as of December 31, 2025[569]. - The company continues to incur significant operating losses and will require substantial additional funding to support ongoing operations and growth strategies[574]. - The company incurred an operating loss of $40.2 million for the year ended December 31, 2025, with an accumulated deficit of $130.4 million[600]. - Other income decreased by $19.2 million for the year ended December 31, 2025, primarily due to a decrease in gains from financial instruments[589]. Cash Flow and Financing - Cash used in operating activities was $28.1 million for the year ended December 31, 2025, consisting of a net loss of $39.7 million offset by $0.9 million in non-cash charges[604]. - The company had negative cash flows from operations of $28.1 million for the year ended December 31, 2025[600]. - Cash provided by financing activities was $20.9 million for the year ended December 31, 2025, including proceeds from discounted exercises and private placements[607]. - The company completed a private placement in January 2026 for gross proceeds of $75.5 million, selling 6,815,296 Common Shares and warrants[597]. - In January 2026, the company raised gross proceeds of $75.5 million from the sale of Common Shares and warrants in a private placement[571]. - The company expects existing cash to be sufficient to fund operating expenses through 2027 following the January 2026 Private Placement[601]. - The company will seek additional funding through public and private financings, debt financings, and collaboration agreements to support future clinical activities[602]. Expenses and Investments - Research and development expenses increased by $22.7 million, or 214%, for the year ended December 31, 2025, primarily due to increased spending on the lead program PMN310[585]. - General and administrative expenses increased by $0.6 million, or 10%, for the year ended December 31, 2025, primarily due to increased employee salaries and benefits[588]. Risk Management - The company is exposed to credit risk primarily through cash and short-term investments, managing this risk by placing cash with accredited financial institutions[615]. - Liquidity risk is managed by continuously monitoring actual and projected cash flows, with the Board reviewing the operating budget[616]. - The company does not believe foreign exchange risk had a material effect on its financial condition or results of operations for the years ended December 31, 2025, or 2024[617]. - Inflation has not materially affected the company's business, financial condition, or results of operations during the years ended December 31, 2025, or 2024[618]. - As of December 31, 2025, a hypothetical 10% change in interest rates would not materially impact the company's financial statements[615]. Revenue Generation - The company has not generated any revenue since inception and does not expect to do so in the near future[576]. - The company sold 40,795 Common Shares for net proceeds of $0.7 million during the year ended December 31, 2025[593]. - The company sold 3,034 shares for net proceeds of approximately $0.2 million during the year ended December 31, 2024[591].