$PMN
ProMIS Neurosciences Inc

2024 Q2 Form 10-Q Financial Statement

#000155837024008145 Filed on May 14, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1 2023 Q4
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $1.088M $1.553M $1.650M
YoY Change -42.57% 6.33% -22.86%
% of Gross Profit
Research & Development $1.626M $2.124M $2.225M
YoY Change 61.66% -39.5% -65.15%
% of Gross Profit
Depreciation & Amortization $0.00 $0.00 $21.16K
YoY Change -100.0% -100.0% 1265.16%
% of Gross Profit
Operating Expenses $2.714M $3.677M $3.875M
YoY Change -6.42% -26.03% -54.54%
Operating Profit -$2.714M -$3.677M
YoY Change -6.42% -26.03%
Interest Expense $90.05K $76.78K $371.0K
YoY Change -85.87% 583.05% -70.49%
% of Operating Profit
Other Income/Expense, Net $90.05K $41.56K -$76.80K
YoY Change -84.68% 269.78%
Pretax Income -$2.624M -$3.635M -$3.580M
YoY Change 13.48% -26.7% -50.72%
Income Tax
% Of Pretax Income
Net Earnings -$2.600M -$3.600M -$3.580M
YoY Change 13.04% -28.0% -50.72%
Net Earnings / Revenue
Basic Earnings Per Share -$0.13 -$0.19
Diluted Earnings Per Share -$0.13 -$0.19 -$0.18
COMMON SHARES
Basic Shares Outstanding 18.96M 18.96M 18.89M
Diluted Shares Outstanding 19.77M 19.53M

Balance Sheet

Concept 2024 Q2 2024 Q1 2023 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.025M $2.529M $12.63M
YoY Change -18.31% -24.79% 113.83%
Cash & Equivalents $992.5K $2.497M $12.60M
Short-Term Investments $32.36K $32.36K $32.36K
Other Short-Term Assets $384.8K $1.019M $910.0K
YoY Change 115.58% 1.48% -8.7%
Inventory
Prepaid Expenses
Receivables $58.15K
Other Receivables $20.49K
Total Short-Term Assets $1.410M $3.548M $13.62M
YoY Change -4.71% -19.51% 97.28%
LONG-TERM ASSETS
Property, Plant & Equipment $0.00
YoY Change -100.0%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $0.00 $0.00 $0.00
YoY Change -100.0% -100.0% -100.0%
TOTAL ASSETS
Total Short-Term Assets $1.410M $3.548M $13.62M
Total Long-Term Assets $0.00 $0.00 $0.00
Total Assets $1.410M $3.548M $13.62M
YoY Change -5.91% -19.87% 96.68%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.015M $1.404M $7.843M
YoY Change -74.69% -79.91% 163.6%
Accrued Expenses $1.157M $1.242M $1.507M
YoY Change 49.1% -27.71% -56.18%
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 $3.172M $2.646M $9.350M
YoY Change -63.7% -69.61% 45.79%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $514.7K $825.3K $516.2K
YoY Change -60.02% -56.6% -72.24%
Total Long-Term Liabilities $514.7K $825.3K $516.2K
YoY Change -60.02% -56.6% -72.24%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.172M $2.646M $9.350M
Total Long-Term Liabilities $514.7K $825.3K $516.2K
Total Liabilities $3.687M $3.471M $9.866M
YoY Change -63.23% -67.28% 19.26%
SHAREHOLDERS EQUITY
Retained Earnings -$99.70M -$97.10M -$93.47M
YoY Change 13.94% 13.97% 16.46%
Common Stock $0.00 $0.00 $0.00
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$2.277M $77.10K $3.753M
YoY Change
Total Liabilities & Shareholders Equity $1.410M $3.548M $13.62M
YoY Change -5.91% -19.87% 96.68%

Cashflow Statement

Concept 2024 Q2 2024 Q1 2023 Q4
OPERATING ACTIVITIES
Net Income -$2.600M -$3.600M -$3.580M
YoY Change 13.04% -28.0% -50.72%
Depreciation, Depletion And Amortization $0.00 $0.00 $21.16K
YoY Change -100.0% -100.0% 1265.16%
Cash From Operating Activities -$1.505M -$10.29M -$3.754M
YoY Change -29.94% 301.75% -17.57%
INVESTING ACTIVITIES
Capital Expenditures $0.00
YoY Change -100.0%
Acquisitions
YoY Change
Other Investing Activities -$1.350K
YoY Change
Cash From Investing Activities -$1.350K
YoY Change -3475.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 190.3K -511.2K
YoY Change -107.87%
NET CHANGE
Cash From Operating Activities -1.505M -10.29M -3.754M
Cash From Investing Activities -1.350K
Cash From Financing Activities 0.000 190.3K -511.2K
Net Change In Cash -1.505M -10.10M -4.266M
YoY Change -29.94% 297.06% -319.79%
FREE CASH FLOW
Cash From Operating Activities -$1.505M -$10.29M -$3.754M
Capital Expenditures $0.00
Free Cash Flow -$3.754M
YoY Change -17.57%

Facts In Submission

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<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. Actual results could differ from those estimates, and such differences could be material to the unaudited condensed consolidated financial statements.</p>
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CY2023Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
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CY2024Q1 pmn Accrued Legal Fees Current
AccruedLegalFeesCurrent
36068
CY2023Q4 pmn Accrued Legal Fees Current
AccruedLegalFeesCurrent
66254
CY2023Q4 pmn Deferred Financing Costs
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99883
CY2024Q1 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
107749
CY2023Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
101528
CY2024Q1 pmn Accrued Research And Development Current
AccruedResearchAndDevelopmentCurrent
654977
CY2023Q4 pmn Accrued Research And Development Current
AccruedResearchAndDevelopmentCurrent
691908
CY2024Q1 us-gaap Restructuring Reserve Current
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403319
CY2023Q4 us-gaap Restructuring Reserve Current
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518704
CY2024Q1 us-gaap Other Accrued Liabilities Current
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40209
CY2023Q4 us-gaap Other Accrued Liabilities Current
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CY2024Q1 us-gaap Accrued Liabilities Current
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CY2023Q4 us-gaap Accrued Liabilities Current
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1506526
CY2024Q1 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
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CY2023Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
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CY2024Q1 us-gaap Preferred Stock Shares Issued
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CY2023Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
1166667
CY2024Q1 us-gaap Common Stock No Par Value
CommonStockNoParValue
0
CY2023Q4 us-gaap Common Stock No Par Value
CommonStockNoParValue
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CY2024Q1 us-gaap Class Of Warrant Or Right Outstanding
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CY2023Q4 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
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CY2024Q1 us-gaap Convertible Preferred Stock Shares Reserved For Future Issuance
ConvertiblePreferredStockSharesReservedForFutureIssuance
1166667
CY2023Q4 us-gaap Convertible Preferred Stock Shares Reserved For Future Issuance
ConvertiblePreferredStockSharesReservedForFutureIssuance
1166667
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
1152597
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
898262
CY2024Q1 pmn Deferred Share Units Outstanding
DeferredShareUnitsOutstanding
1061
CY2023Q4 pmn Deferred Share Units Outstanding
DeferredShareUnitsOutstanding
1061
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
2639626
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
471843
CY2024Q1 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
18416279
CY2023Q4 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
16133820
CY2024Q1 pmn Number Of Votes Per Common Share
NumberOfVotesPerCommonShare
1
CY2024Q1 us-gaap Preferred Stock Liquidation Preference
PreferredStockLiquidationPreference
6.00
CY2024Q1 pmn Mandatory Conversion Preferred Stock Value Outstanding
MandatoryConversionPreferredStockValueOutstanding
14000000.0
CY2024Q1 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
13456328
CY2024Q1 pmn Warrant Exercises During Period
WarrantExercisesDuringPeriod
0
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
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CY2024Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Expirations In Period Weighted Average Exercise Price
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CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
7.40
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageExercisePrice
7.29
CY2023Q4 pmn Share Based Compensation Arrangement By Share Based Payment Award Options
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptions
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CY2024Q1 pmn Share Based Compensation Arrangement By Share Based Payment Award Options
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptions
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CY2024Q1 us-gaap Increase Decrease In Fair Value Adjustments On Assets And Liabilities Carried At Fair Value Under Fair Value Option
IncreaseDecreaseInFairValueAdjustmentsOnAssetsAndLiabilitiesCarriedAtFairValueUnderFairValueOption
294967
CY2024Q1 pmn Share Based Compensation Arrangement Weighted Average Fair Value Of Options
ShareBasedCompensationArrangementWeightedAverageFairValueOfOptions
0.90
CY2023 pmn Share Based Compensation Arrangement Weighted Average Fair Value Of Options
ShareBasedCompensationArrangementWeightedAverageFairValueOfOptions
0.53
CY2024Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
63584
CY2023Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
132510
CY2024Q1 pmn Cash Payments Related Party
CashPaymentsRelatedParty
149160
CY2023Q1 pmn Cash Payments Related Party
CashPaymentsRelatedParty
147828
CY2023Q3 pmn Collaborative Arrangement Accruals For Royalty Payments
CollaborativeArrangementAccrualsForRoyaltyPayments
0
CY2016Q2 pmn Related Party Transaction Term Of Agreement
RelatedPartyTransactionTermOfAgreement
P3Y
CY2024Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-3635088
CY2023Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-4959431
CY2024Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
19533976
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
8579284
CY2024Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.19
CY2023Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.58
CY2024Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
15181929
CY2023Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
4084375
CY2024Q1 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2024Q1 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q1 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2024Q1 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false

Files In Submission

Name View Source Status
pmn-20240331_cal.xml Edgar Link unprocessable
0001558370-24-008145-index-headers.html Edgar Link pending
0001558370-24-008145-index.html Edgar Link pending
0001558370-24-008145.txt Edgar Link pending
0001558370-24-008145-xbrl.zip Edgar Link pending
Financial_Report.xlsx Edgar Link pending
FilingSummary.xml Edgar Link unprocessable
MetaLinks.json Edgar Link pending
pmn-20240331.xsd Edgar Link pending
pmn-20240331x10q.htm Edgar Link pending
pmn-20240331xex31d1.htm Edgar Link pending
pmn-20240331xex31d2.htm Edgar Link pending
pmn-20240331xex32d1.htm Edgar Link pending
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pmn-20240331_def.xml Edgar Link unprocessable
pmn-20240331_lab.xml Edgar Link unprocessable
pmn-20240331_pre.xml Edgar Link unprocessable
pmn-20240331x10q_htm.xml Edgar Link completed
R49.htm Edgar Link pending
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report.css Edgar Link pending
Show.js Edgar Link pending