$PMN
ProMIS Neurosciences Inc

2023 Q2 Form 10-Q Financial Statement

#000155837023009954 Filed on May 15, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1 2022 Q1
Revenue $0.00 $0.00 $13.65K
YoY Change -100.0%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $1.894M $1.460M $2.495M
YoY Change 15.85% -41.48% 539.85%
% of Gross Profit
Research & Development $1.006M $3.510M $2.606M
YoY Change -68.86% 34.7% 1271.58%
% of Gross Profit
Depreciation & Amortization $1.240K $322.00 $3.930K
YoY Change -41.18% -91.81% -60.7%
% of Gross Profit
Operating Expenses $2.900M $4.971M $5.101M
YoY Change -40.39% -2.56% 779.55%
Operating Profit -$2.900M -$4.971M -$3.939M
YoY Change -40.39% 26.21%
Interest Expense $637.1K $11.24K $2.008M
YoY Change 374.41% -99.44% -128.61%
% of Operating Profit
Other Income/Expense, Net $587.9K $11.24K $1.844M
YoY Change -72.26% -99.39%
Pretax Income -$2.312M -$4.959M -$3.079M
YoY Change -15.78% 61.05% -59.48%
Income Tax
% Of Pretax Income
Net Earnings -$2.300M -$5.000M -$3.079M
YoY Change -14.81% 62.37% -59.48%
Net Earnings / Revenue -22559.63%
Basic Earnings Per Share -$0.27 -$0.58 -$0.29
Diluted Earnings Per Share -$0.27 -$0.58 -$427.9K
COMMON SHARES
Basic Shares Outstanding 8.579M 8.579M 7.196M
Diluted Shares Outstanding 8.579M 8.579M 7.196M

Balance Sheet

Concept 2023 Q2 2023 Q1 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.254M $3.363M $17.22M
YoY Change -85.96% -80.47% 95.01%
Cash & Equivalents $1.223M $3.332M $17.18M
Short-Term Investments $31.83K $31.13K $42.08K
Other Short-Term Assets $178.5K $1.004M $651.6K
YoY Change -85.43% 54.11% 225.8%
Inventory
Prepaid Expenses
Receivables $125.9K
Other Receivables $0.00
Total Short-Term Assets $1.479M $4.409M $18.00M
YoY Change -85.44% -75.5% 94.35%
LONG-TERM ASSETS
Property, Plant & Equipment $0.00 $0.00 $6.260K
YoY Change -100.0% -100.0% -93.04%
Goodwill
YoY Change
Intangibles $18.84K $19.67K
YoY Change -23.26%
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $18.84K $19.67K $39.54K
YoY Change -31.06% -50.26% -69.58%
TOTAL ASSETS
Total Short-Term Assets $1.479M $4.409M $18.00M
Total Long-Term Assets $18.84K $19.67K $39.54K
Total Assets $1.498M $4.428M $18.04M
YoY Change -85.3% -75.45% 92.08%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $7.963M $6.987M $805.0K
YoY Change 796.73% 768.01% 159.66%
Accrued Expenses $775.9K $1.719M $930.7K
YoY Change -21.32% 84.65% 564.81%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $8.739M $8.706M $1.736M
YoY Change 366.31% 401.56% -22.17%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $5.057M
YoY Change -100.0% 12.37%
Other Long-Term Liabilities $1.287M $1.902M $6.576M
YoY Change -19.79% -71.08% -42.01%
Total Long-Term Liabilities $1.287M $1.902M $11.63M
YoY Change -19.79% -83.65% -26.56%
TOTAL LIABILITIES
Total Short-Term Liabilities $8.739M $8.706M $1.736M
Total Long-Term Liabilities $1.287M $1.902M $11.63M
Total Liabilities $10.03M $10.61M $13.37M
YoY Change 188.19% -20.65% -26.02%
SHAREHOLDERS EQUITY
Retained Earnings -$87.50M -$85.20M
YoY Change 30.6%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$8.528M -$6.179M $3.738M
YoY Change
Total Liabilities & Shareholders Equity $1.498M $4.428M $18.04M
YoY Change -85.3% -75.45% 92.08%

Cashflow Statement

Concept 2023 Q2 2023 Q1 2022 Q1
OPERATING ACTIVITIES
Net Income -$2.300M -$5.000M -$3.079M
YoY Change -14.81% 62.37% -59.48%
Depreciation, Depletion And Amortization $1.240K $322.00 $3.930K
YoY Change -41.18% -91.81% -60.7%
Cash From Operating Activities -$2.147M -$2.562M -$4.264M
YoY Change -52.86% -39.93% 335.14%
INVESTING ACTIVITIES
Capital Expenditures $0.00 -$2.610K
YoY Change -100.0%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities $0.00 -$2.610K
YoY Change -100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000
YoY Change -100.0%
NET CHANGE
Cash From Operating Activities -2.147M -2.562M -4.264M
Cash From Investing Activities 0.000 -2.610K
Cash From Financing Activities 0.000
Net Change In Cash -2.147M -2.544M -4.267M
YoY Change -52.86% -40.38% -154.99%
FREE CASH FLOW
Cash From Operating Activities -$2.147M -$2.562M -$4.264M
Capital Expenditures $0.00 -$2.610K
Free Cash Flow -$2.147M -$4.262M
YoY Change -52.86%

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CY2023Q1 us-gaap Use Of Estimates
UseOfEstimates
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 36pt;">Use of Estimates</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">The preparation of financial statements in conformity with GAAP requires management to make certain estimates, judgements and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the unaudited condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates and assumptions made in the accompanying unaudited condensed consolidated financial statements include, but are not limited to, the accrual for research and development expenses and the valuation of warrant liabilities and embedded derivative liabilities. Actual results could differ from those estimates, and such differences could be material to the unaudited condensed consolidated financial statements.</p>
CY2023Q1 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1
CY2023Q1 pmn Fair Value Assets Liabilities Level1 Transfers Amount
FairValueAssetsLiabilitiesLevel1TransfersAmount
0
CY2022Q4 pmn Fair Value Assets Liabilities Level1 Transfers Amount
FairValueAssetsLiabilitiesLevel1TransfersAmount
0
CY2023Q1 pmn Prepaid Upfront Research Payments Current
PrepaidUpfrontResearchPaymentsCurrent
143785
CY2022Q4 pmn Prepaid Upfront Research Payments Current
PrepaidUpfrontResearchPaymentsCurrent
346015
CY2023Q1 us-gaap Prepaid Taxes
PrepaidTaxes
41521
CY2023Q1 pmn Prepaid License Fee Current
PrepaidLicenseFeeCurrent
35122
CY2022Q4 pmn Prepaid License Fee Current
PrepaidLicenseFeeCurrent
25700
CY2023Q1 us-gaap Deposit Assets
DepositAssets
12946
CY2022Q4 us-gaap Deposit Assets
DepositAssets
12907
CY2023Q1 us-gaap Deferred Costs Current
DeferredCostsCurrent
464470
CY2023Q1 us-gaap Other Prepaid Expense Current
OtherPrepaidExpenseCurrent
5834
CY2022Q4 us-gaap Other Prepaid Expense Current
OtherPrepaidExpenseCurrent
4623
CY2023Q1 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
1045671
CY2022Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
996682
CY2023Q1 pmn Accrued Legal Fees Current
AccruedLegalFeesCurrent
75177
CY2023Q1 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
62394
CY2022Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
73970
CY2023Q1 pmn Accrued Research And Development Current
AccruedResearchAndDevelopmentCurrent
1316393
CY2022Q4 pmn Accrued Research And Development Current
AccruedResearchAndDevelopmentCurrent
3185346
CY2023Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
264609
CY2022Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
178330
CY2023Q1 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
1718573
CY2022Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
3437646
CY2023Q1 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
8579284
CY2022Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
8579284
CY2023Q1 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
70000000
CY2023Q1 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
70000000
CY2022Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
70000000
CY2023Q1 us-gaap Common Stock No Par Value
CommonStockNoParValue
0
CY2022Q4 us-gaap Common Stock No Par Value
CommonStockNoParValue
0
CY2023Q1 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
1873622
CY2022Q4 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
1873622
CY2023Q1 us-gaap Convertible Preferred Stock Shares Reserved For Future Issuance
ConvertiblePreferredStockSharesReservedForFutureIssuance
1166667
CY2022Q4 us-gaap Convertible Preferred Stock Shares Reserved For Future Issuance
ConvertiblePreferredStockSharesReservedForFutureIssuance
1166667
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
1043025
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
1043025
CY2023Q1 pmn Deferred Share Units Outstanding
DeferredShareUnitsOutstanding
1061
CY2022Q4 pmn Deferred Share Units Outstanding
DeferredShareUnitsOutstanding
1061
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
396080
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
396080
CY2023Q1 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
4480455
CY2022Q4 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
4480455
CY2023Q1 pmn Number Of Votes Per Common Share
NumberOfVotesPerCommonShare
1
CY2022Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
70000000
CY2023Q1 us-gaap Preferred Stock Liquidation Preference
PreferredStockLiquidationPreference
6.00
CY2023Q1 pmn Value Divided To Ascertain Shares Convertible
ValueDividedToAscertainSharesConvertible
0.10
CY2023Q1 us-gaap Preferred Stock Convertible Conversion Price
PreferredStockConvertibleConversionPrice
0.10
CY2023Q1 pmn Preferred Stock Convertible Conversion Price After Reverse Stock Split
PreferredStockConvertibleConversionPriceAfterReverseStockSplit
6.00
CY2023Q1 pmn Stockholders Equity Note Reverse Stock Split Conversion Ratio
StockholdersEquityNoteReverseStockSplitConversionRatio
60
CY2023Q1 pmn Mandatory Conversion Preferred Stock Value Outstanding
MandatoryConversionPreferredStockValueOutstanding
30000000
CY2023Q1 pmn Minimum Gross Proceeds From Sale Of Equity Securities
MinimumGrossProceedsFromSaleOfEquitySecurities
7400000
CY2023Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
132510
CY2022Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
124865
CY2023Q1 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
1873622
CY2023Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
0
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
1043025
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
7.53
CY2022 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P6Y1M6D
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
1183860
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
1043025
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
7.53
CY2023Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P5Y10M24D
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
1333278
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableNumber
682537
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageExercisePrice
7.40
CY2023Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageRemainingContractualTerm1
P4Y1M6D
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableAggregateIntrinsicValue
1333278
CY2023Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
2015470
CY2023Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P3Y
CY2016Q2 pmn Related Party Transaction Term Of Agreement
RelatedPartyTransactionTermOfAgreement
P3Y
CY2018Q1 pmn Related Party Transaction Funding Commitment
RelatedPartyTransactionFundingCommitment
892500
CY2018Q3 pmn Related Party Transaction Funding Commitment
RelatedPartyTransactionFundingCommitment
1130000
CY2019Q1 pmn Related Party Transaction Funding Commitment
RelatedPartyTransactionFundingCommitment
2130000
CY2019Q1 pmn Related Party Transaction Additional Term Of Agreement
RelatedPartyTransactionAdditionalTermOfAgreement
P2Y
CY2019Q3 pmn Related Party Transaction Funding Commitment
RelatedPartyTransactionFundingCommitment
2630000
CY2021Q4 pmn Related Party Transaction Additional Grant Commitment
RelatedPartyTransactionAdditionalGrantCommitment
800000
CY2022Q1 pmn Related Party Transaction Additional Grant Commitment
RelatedPartyTransactionAdditionalGrantCommitment
3430000
CY2023Q1 us-gaap Payments To Fund Longterm Loans To Related Parties
PaymentsToFundLongtermLoansToRelatedParties
147828
CY2022Q1 us-gaap Payments To Fund Longterm Loans To Related Parties
PaymentsToFundLongtermLoansToRelatedParties
0
CY2023Q1 us-gaap Related Party Costs
RelatedPartyCosts
147828
CY2022Q1 us-gaap Related Party Costs
RelatedPartyCosts
98690
CY2023Q1 pmn Collaborative Arrangement Accruals For Royalty Payments
CollaborativeArrangementAccrualsForRoyaltyPayments
0
CY2016Q2 pmn Related Party Transaction Term Of Agreement
RelatedPartyTransactionTermOfAgreement
P3Y
CY2022Q1 pmn Annual License Payment
AnnualLicensePayment
25000
CY2023Q1 pmn Annual License Payment
AnnualLicensePayment
25000
CY2023Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-4959431
CY2022Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-2094845
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
8579284
CY2022Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
7195529
CY2023Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.58
CY2022Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.29
CY2023Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
4084375
CY2022Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
3466453

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