$PMN
ProMIS Neurosciences Inc

2023 Q3 Form 10-Q Financial Statement

#000155837023014914 Filed on August 14, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2
Revenue $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $1.380M $1.894M
YoY Change -6.98% 15.85%
% of Gross Profit
Research & Development $1.142M $1.006M
YoY Change -75.01% -68.86%
% of Gross Profit
Depreciation & Amortization $0.00 $1.240K
YoY Change -100.0% -41.18%
% of Gross Profit
Operating Expenses $2.518M $2.900M
YoY Change -58.42% -40.39%
Operating Profit -$2.518M -$2.900M
YoY Change -58.42% -40.39%
Interest Expense $230.0K $637.1K
YoY Change 136.48% 374.41%
% of Operating Profit
Other Income/Expense, Net $156.9K $587.9K
YoY Change 61.31% -72.26%
Pretax Income -$2.360M -$2.312M
YoY Change -60.38% -15.78%
Income Tax
% Of Pretax Income
Net Earnings -$2.400M -$2.300M
YoY Change -60.0% -14.81%
Net Earnings / Revenue
Basic Earnings Per Share -$0.19 -$0.27
Diluted Earnings Per Share -$0.19 -$0.27
COMMON SHARES
Basic Shares Outstanding 8.579M 8.579M
Diluted Shares Outstanding 12.37M 8.579M

Balance Sheet

Concept 2023 Q3 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $16.90M $1.254M
YoY Change 327.71% -85.96%
Cash & Equivalents $16.87M $1.223M
Short-Term Investments $30.00K $31.83K
Other Short-Term Assets $790.0K $178.5K
YoY Change -43.89% -85.43%
Inventory
Prepaid Expenses
Receivables $80.00K
Other Receivables $90.00K
Total Short-Term Assets $17.86M $1.479M
YoY Change 233.22% -85.44%
LONG-TERM ASSETS
Property, Plant & Equipment $0.00 $0.00
YoY Change -100.0% -100.0%
Goodwill
YoY Change
Intangibles $18.02K $18.84K
YoY Change -17.07% -23.26%
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $18.02K $18.84K
YoY Change -19.97% -31.06%
TOTAL ASSETS
Total Short-Term Assets $17.86M $1.479M
Total Long-Term Assets $18.02K $18.84K
Total Assets $17.88M $1.498M
YoY Change 232.16% -85.3%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $8.415M $7.963M
YoY Change 368.83% 796.73%
Accrued Expenses $1.437M $775.9K
YoY Change 10.19% -21.32%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $9.851M $8.739M
YoY Change 217.92% 366.31%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $1.270M $1.287M
YoY Change -18.23% -19.79%
Total Long-Term Liabilities $1.270M $1.287M
YoY Change -18.23% -19.79%
TOTAL LIABILITIES
Total Short-Term Liabilities $9.851M $8.739M
Total Long-Term Liabilities $1.270M $1.287M
Total Liabilities $11.12M $10.03M
YoY Change 139.07% 188.19%
SHAREHOLDERS EQUITY
Retained Earnings -$89.90M -$87.50M
YoY Change 23.15% 30.6%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $6.755M -$8.528M
YoY Change
Total Liabilities & Shareholders Equity $17.88M $1.498M
YoY Change 232.16% -85.3%

Cashflow Statement

Concept 2023 Q3 2023 Q2
OPERATING ACTIVITIES
Net Income -$2.400M -$2.300M
YoY Change -60.0% -14.81%
Depreciation, Depletion And Amortization $0.00 $1.240K
YoY Change -100.0% -41.18%
Cash From Operating Activities -$2.380M -$2.147M
YoY Change -48.66% -52.86%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $0.00
YoY Change -100.0% -100.0%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities $0.00 $0.00
YoY Change -100.0% -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 18.26M
YoY Change
NET CHANGE
Cash From Operating Activities -2.380M -2.147M
Cash From Investing Activities 0.000 0.000
Cash From Financing Activities 18.26M
Net Change In Cash 15.88M -2.147M
YoY Change -442.56% -52.86%
FREE CASH FLOW
Cash From Operating Activities -$2.380M -$2.147M
Capital Expenditures $0.00 $0.00
Free Cash Flow -$2.380M -$2.147M
YoY Change -48.66% -52.86%

Facts In Submission

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PROMIS NEUROSCIENCES INC.
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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-4653136
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-8040129
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
5875796
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
16943905
CY2023Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
1222660
CY2022Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
8903776
pmn Conversion Of Convertible Debt And Derivative Liability To Series1 Convertible Preferred Shares
ConversionOfConvertibleDebtAndDerivativeLiabilityToSeries1ConvertiblePreferredShares
5600000
us-gaap Interest Paid Net
InterestPaidNet
70000
pmn Other Interest Paid
OtherInterestPaid
49182
CY2023Q2 us-gaap Net Income Loss
NetIncomeLoss
-2300000
us-gaap Net Income Loss
NetIncomeLoss
-7300000
CY2023Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-87500000
pmn General And Administration Expenses On Abandoned Offering
GeneralAndAdministrationExpensesOnAbandonedOffering
800000
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>
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1
CY2023Q2 pmn Fair Value Assets Liabilities Level1 Transfers Amount
FairValueAssetsLiabilitiesLevel1TransfersAmount
0
CY2022Q4 pmn Fair Value Assets Liabilities Level1 Transfers Amount
FairValueAssetsLiabilitiesLevel1TransfersAmount
0
CY2023Q2 pmn Prepaid Upfront Research Payments Current
PrepaidUpfrontResearchPaymentsCurrent
70529
CY2022Q4 pmn Prepaid Upfront Research Payments Current
PrepaidUpfrontResearchPaymentsCurrent
346015
CY2023Q2 us-gaap Prepaid Taxes
PrepaidTaxes
46252
CY2022Q4 us-gaap Prepaid Taxes
PrepaidTaxes
71626
CY2023Q2 us-gaap Prepaid Insurance
PrepaidInsurance
4760
CY2022Q4 us-gaap Prepaid Insurance
PrepaidInsurance
471088
CY2023Q2 pmn Prepaid Dues And Subscriptions Current
PrepaidDuesAndSubscriptionsCurrent
43159
CY2022Q4 pmn Prepaid Dues And Subscriptions Current
PrepaidDuesAndSubscriptionsCurrent
7926
CY2023Q2 pmn Prepaid Consultants Current
PrepaidConsultantsCurrent
21182
CY2022Q4 pmn Prepaid Consultants Current
PrepaidConsultantsCurrent
56797
CY2023Q2 pmn Prepaid License Fee Current
PrepaidLicenseFeeCurrent
9534
CY2022Q4 pmn Prepaid License Fee Current
PrepaidLicenseFeeCurrent
25700
CY2023Q2 us-gaap Deposit Assets
DepositAssets
13233
CY2022Q4 us-gaap Deposit Assets
DepositAssets
12907
CY2023Q2 us-gaap Deferred Costs Current
DeferredCostsCurrent
12705
CY2023Q2 us-gaap Other Prepaid Expense Current
OtherPrepaidExpenseCurrent
3385
CY2022Q4 us-gaap Other Prepaid Expense Current
OtherPrepaidExpenseCurrent
4623
CY2023Q2 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
224739
CY2022Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
996682
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
1043025
CY2023Q2 pmn Deferred Share Units Outstanding
DeferredShareUnitsOutstanding
1061
CY2022Q4 pmn Deferred Share Units Outstanding
DeferredShareUnitsOutstanding
1061
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
397613
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
396080
CY2023Q2 pmn Accrued Legal Fees Current
AccruedLegalFeesCurrent
61346
CY2023Q2 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
113923
CY2022Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
73970
CY2023Q2 pmn Accrued Research And Development Current
AccruedResearchAndDevelopmentCurrent
604563
CY2022Q4 pmn Accrued Research And Development Current
AccruedResearchAndDevelopmentCurrent
3185346
CY2023Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
3980
CY2022Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
178330
CY2023Q2 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
775852
CY2022Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
3437646
CY2023Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
70000000
CY2022Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
70000000
CY2023Q2 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
8579284
CY2022Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
8579284
CY2023Q2 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
70000000
CY2022Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
70000000
CY2023Q2 us-gaap Common Stock No Par Value
CommonStockNoParValue
0
CY2022Q4 us-gaap Common Stock No Par Value
CommonStockNoParValue
0
CY2023Q2 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
1773549
CY2022Q4 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
1873622
CY2023Q2 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
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
1041492
CY2023Q2 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
4380382
CY2022Q4 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
4480455
pmn Number Of Votes Per Common Share
NumberOfVotesPerCommonShare
1
CY2022Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
70000000
CY2023Q2 us-gaap Preferred Stock Liquidation Preference
PreferredStockLiquidationPreference
6.00
CY2023Q2 pmn Value Divided To Ascertain Shares Convertible
ValueDividedToAscertainSharesConvertible
0.10
CY2023Q2 us-gaap Preferred Stock Convertible Conversion Price
PreferredStockConvertibleConversionPrice
0.10
pmn Preferred Stock Convertible Conversion Price After Reverse Stock Split
PreferredStockConvertibleConversionPriceAfterReverseStockSplit
6.00
CY2023Q2 pmn Stockholders Equity Note Reverse Stock Split Conversion Ratio
StockholdersEquityNoteReverseStockSplitConversionRatio
60
CY2023Q2 pmn Mandatory Conversion Preferred Stock Value Outstanding
MandatoryConversionPreferredStockValueOutstanding
30000000
pmn Minimum Gross Proceeds From Sale Of Equity Securities
MinimumGrossProceedsFromSaleOfEquitySecurities
7400000
CY2023Q2 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
1773549
us-gaap Payments To Fund Longterm Loans To Related Parties
PaymentsToFundLongtermLoansToRelatedParties
296590
us-gaap Payments To Fund Longterm Loans To Related Parties
PaymentsToFundLongtermLoansToRelatedParties
0
us-gaap Related Party Costs
RelatedPartyCosts
296590
us-gaap Related Party Costs
RelatedPartyCosts
255339
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
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod
1533
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice
11.77
CY2023Q2 pmn Share Based Compensation Arrangement By Share Based Payment Award Options Expired Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpiredIntrinsicValue
2196
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
1041492
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
7.53
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P5Y7M6D
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
781449
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableNumber
696625
CY2023Q2 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
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageRemainingContractualTerm1
P4Y
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableAggregateIntrinsicValue
781449
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
0
CY2023Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
134191
CY2022Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
116943
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
266701
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
240277
CY2023Q2 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
1835060
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P2Y9M18D
CY2023Q2 pmn Collaborative Arrangement Accruals For Royalty Payments
CollaborativeArrangementAccrualsForRoyaltyPayments
0
CY2016Q2 pmn Related Party Transaction Term Of Agreement
RelatedPartyTransactionTermOfAgreement
P3Y
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-7271405
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-4839883
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
8579284
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
7195529
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.85
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.67
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
3982769
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
3466453

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