Financial Data and Key Metrics Changes - The company has over $500 million in cash and nearly $200 million of available capital from government funding, indicating strong financial health for at least the next three years [49][50][51] - The company has successfully transitioned from early-stage discovery to running early-stage clinical trials, demonstrating strong execution and capability building [16][17] Business Line Data and Key Metrics Changes - The company has shifted focus from a partnership model to developing its own internal pipeline, with two therapeutic antibodies, ABCL635 and ABCL575, recently brought to the clinic [7][11] - The company aims to bring approximately two molecules to the clinic each year, with plans for additional candidates in the pipeline [45][46] Market Data and Key Metrics Changes - The addressable market for non-hormonal options to treat vasomotor symptoms (VMS) in postmenopausal women is estimated at $2 billion, with a significant unmet medical need [27][36] - The company is positioned to capitalize on the market created by competitors like Bayer and Astellas, which are developing similar treatments [27][36] Company Strategy and Development Direction - The company is focusing on developing differentiated therapeutic candidates targeting complex and difficult-to-find antibodies, which sets it apart from competitors [12][30] - The strategy includes a mix of internal development and selective partnerships to manage its portfolio effectively [51][58] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in their ability to execute clinical trials and bring candidates to market, despite initial skepticism from the market [16][17] - The company is optimistic about the potential for its therapeutic candidates to meet significant unmet medical needs and capture market share [27][36] Other Important Information - The company has made significant investments in building integrated capabilities for drug development, including CMC and GMP manufacturing [14][15] - The company has established partnerships with major players like AbbVie and Eli Lilly, which validate its technology and business model [6][58] Q&A Session Summary Question: How has the transition to internal programs affected productivity? - Management highlighted that investments in technology have enabled the discovery of difficult-to-find antibodies, which is expected to enhance productivity [10] Question: What capabilities have been built to support early-stage clinical trials? - Management noted that they have successfully built a clinical and regulatory team to support their internal programs and have submitted two clinical trial applications [15][16] Question: What is the market potential for ABCL635? - The addressable market for non-hormonal treatments for VMS is estimated at $2 billion, with a significant number of women seeking alternatives to hormone replacement therapy [27][36] Question: How does ABCL575 differentiate from competitors? - Management indicated that ABCL575 has a longer half-life compared to competitors, which could lead to less frequent dosing and better patient compliance [42] Question: What is the company's capital allocation strategy moving forward? - The company plans to manage its portfolio on an asset-by-asset basis, focusing on advancing promising candidates while seeking partnerships for others [51][58]

Core Viewpoint - ProMIS Neurosciences Inc. has raised $0.8 million through the issuance of pre-funded warrants to an existing healthcare-focused institutional investor, aimed at advancing its clinical development of therapeutic antibodies for neurodegenerative diseases [1][3]. Group 1: Financial Details - The company issued pre-funded warrants to purchase 984,736 common shares at a price of $0.8124 per share, with a nominal exercise price of $0.0001 per share [2]. - The gross proceeds from this offering are expected to be approximately $0.8 million before deducting offering expenses [3]. - The closing of the offering is anticipated to occur around July 24, 2025, subject to customary closing conditions [2][3]. Group 2: Company Overview - ProMIS Neurosciences is a clinical-stage biotechnology company focused on developing therapeutic antibodies targeting toxic misfolded proteins associated with neurodegenerative diseases such as Alzheimer's disease, ALS, and Parkinson's disease [1][6]. - The company utilizes its proprietary target discovery engine, EpiSelect™, to identify Disease Specific Epitopes (DSEs) on misfolded proteins [6].

Clinical Trial Results (Lirentelimab) - In the ATLAS Phase 2 trial for Atopic Dermatitis (AD), the proportion of EASI-75 responders at week 14 was 18% for lirentelimab vs 23% for placebo[17] - In the ATLAS trial, the LS Mean change in EASI score from baseline to week 14 was -36% for lirentelimab and -26.3% for placebo[19] - In the MAVERICK Phase 2b trial for Chronic Spontaneous Urticaria (CSU), the LS Mean change in UAS7 from baseline to week 12 was approximately -26% for both lirentelimab and placebo[37] - In the MAVERICK trial, 6.3% of subjects achieved UAS7 ≤6 with lirentelimab compared to 11.9% with placebo, and 0% achieved UAS7=0 with lirentelimab compared to 14.1% with placebo[39] - Injection-related reactions (IRRs) were observed in 18.5% of lirentelimab-treated patients in the ATLAS trial and 18.2% in the MAVERICK trial, compared to 6.2% and 8.2% in the respective placebo groups[46] Financial Restructuring - The company will reduce its workforce by almost 50%[48] - Estimated 2024 net cash used in operating activities is projected to be $85 to $90 million, which adjusts to $55 to $60 million excluding lirentelimab closeout, severance, and other costs of $30 million[48] - The company expects the cash runway to extend into the middle of 2026[48] AK006 Development - AK006 targets Siglec-6, a more potent inhibitory receptor than Siglec-8, regulating more cellular processes[50] - Preclinical studies indicate AK006 displays significantly stronger mast cell (MC) inhibition than AK002[57] - A Phase 1 trial of AK006 is underway, with data expected from the CSU patient cohort by year-end 2024[83]

Financial Data and Key Metrics Changes - The company reported a revenue of almost $29 million for the year, a decrease from approximately $38 million in 2023, primarily due to a shift towards internal and co-development programs [37] - Research and development expenses were approximately $167 million, down $8 million from the previous year, reflecting a one-time payment of about $32 million made in 2023 [38] - The net loss for the year was roughly $163 million, compared to a loss of about $146 million the previous year, which included non-cash impairment charges for in-process R&D of approximately $47 million [39] Business Line Data and Key Metrics Changes - The company has a cumulative total of 96 partner-initiated programs with downstream participation, with 14 programs still actively led or co-led by the company [30][33] - The company initiated two new partnerships in the first half of 2024 and expanded one existing collaboration, while also reducing new discovery partnership activities [25][9] Market Data and Key Metrics Changes - The company is focusing on the therapeutic areas of oncology, neurology, and immunology, which reflect the broader industry activity [35] - The total addressable market for the lead program ABCL635 is estimated to be at least $2 billion in annual sales, while the atopic dermatitis market for ABCL575 is already over $10 billion [17][20] Company Strategy and Development Direction - The company is transitioning from a platform and partnership model to a clinical-stage biotech, with a focus on building an internal pipeline and reducing new discovery partnerships [7][61] - The strategic focus includes selecting programs based on unmet needs, commercial opportunities, differentiation, and clear development paths [12][14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's liquidity position, with over $800 million available to execute its strategy [10][43] - The company plans to initiate Phase 1 clinical trials for its lead programs in 2025 and expects to complete its transition to a clinical-stage biotech [27][24] Other Important Information - The company has completed its move to a new headquarters and is on track to bring its clinical manufacturing facility online in 2025 [9] - The company has received commitments for funding from the Government of Canada's Strategic Innovation Fund and the government of British Columbia, which will support its GMP facility and internal pipeline advancements [42] Q&A Session Summary Question: What competencies are needed for clinical trials across multiple disease areas? - Management stated that they are building up translational science and clinical development teams to support their first two programs moving into clinical development [47][48] Question: Is there a finite number of candidates under the AbbVie collaboration? - Management confirmed that they are excited about the collaboration and are working on multiple but a small number of targets [54] Question: What is the attrition rate for partner-initiated programs? - Management indicated that the attrition rate is consistent with expectations, with over half of the programs still progressing after being handed back to partners [60] Question: Why reduce the number of partnerships pursued? - Management explained that the transition to a clinical-stage biotech necessitated a focus on internal programs, while still seeking opportunities in TCE collaborations [62] Question: What preparations are being made for the upcoming CTA filings? - Management confirmed that extensive preparations have been made for both programs, with no noteworthy special considerations at this time [83]