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ProMIS Neurosciences Inc (PMN+1.36%). has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an operating loss of $4.4 million and $10.8 million for the three and nine months ended September 30, 2024, respectively. The company reported a net income of $9.3 million for the quarter, compared to a net loss of $2.4 million in the same quarter the previous year.
Cash and cash equivalents were reported at $21.5 million as of September 30, 2024, with a net increase in cash of $8.9 million during the nine months ended September 30, 2024.
ProMIS highlighted its lead product candidate, PMN310, a monoclonal antibody for Alzheimer's Disease, with a Phase 1b trial expected to initiate in the fourth quarter of 2024.
The company completed a private placement in July 2024, raising $30.3 million in gross proceeds, with additional potential proceeds from warrant exercises.
Research and development expenses increased to $2.6 million for the quarter, driven by PMN310 clinical trial costs.
General and administrative expenses increased to $1.9 million for the quarter, primarily due to a one-time bonus awarded to the CEO following the private placement.
The filing also noted a material weakness in internal control over financial reporting, specifically related to the fair value calculations of certain financial instruments.
ProMIS continues to focus on its pipeline, including PMN267 for ALS and PMN442 for multiple system atrophy, with plans for further development subject to available resources.
The company acknowledges the need for additional funding to continue its operations and advance its clinical programs, with plans to seek additional financing through various means.
ProMIS does not anticipate generating significant revenue until its product candidates are approved and commercialized, and it expects to incur net losses for the foreseeable future.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the ProMIS Neurosciences Inc. quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.