The company exhibits a pre-revenue business model characterized by escalating R&D expenditures, which climbed from $2.1 million in 2024Q1 to $7.0 million by 2026Q1.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Mar'14 | Mar'13 | Mar'12 | Mar'11 | Mar'10 | Mar'09 | Mar'08 | Mar'07 | Mar'06 |
|---|
| Sales/Revenue | 0 | 0 | 0 | 0 | 0 | 8.14K | 1.56K | 1.2K | 349 | 7.87K | 2K | 14.37K | 134.18K | 48.67K | 91.09K | 1.23M | 176.16K | 193.63K | 464.02K | 219.92K | 31.31K |
| Revenue Growth % | - | - | - | - | -100% | 420.04% | 30.2% | 244.67% | -95.57% | 293.03% | -86.06% | -89.29% | 175.72% | -46.57% | -92.6% | 598.64% | -9.02% | -58.27% | 110.99% | 602.31% | - |
| Cost of Goods Sold | 0 | 0 | 0 | 10.44M | 0 | 5.85M | 3.18M | 4.74M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| COGS % of Revenue | - | - | - | - | - | 71896.88% | 203396.1% | 393953.16% | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | 0 | 0 | 0 | -10.44M | 0 | -5.84M | -3.18M | -4.73M | 349 | 7.87K | 2K | 14.37K | 134.18K | 48.67K | 91.09K | 1.23M | 176.16K | 193.63K | 464.02K | 219.92K | 31.31K |
| Gross Margin % | - | - | - | - | - | -71796.88% | -203296.1% | -393853.16% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% |
| Gross Profit Growth % | - | - | 100% | - | 100% | -83.66% | 32.79% | -1357575.08% | -95.57% | 293.03% | -86.06% | -89.29% | 175.72% | -46.57% | -92.6% | 598.64% | -9.02% | -58.27% | 110.99% | 602.31% | - |
| Operating Expenses | 41.35M | 40.17M | 16.83M | 8.45M | 23.38M | 8.26M | 2.48M | 7.4M | 7.46M | 4.79M | 2.56M | 1.45M | 2.17M | 2.24M | 2.65M | 4.66M | 4.94M | 4.27M | 7.45M | 3.89M | 1.31M |
| OpEx % of Revenue | - | - | - | - | - | 101521.71% | 158518.08% | 615429.37% | 2140531.37% | 60866.71% | 127899.58% | 10067.67% | 1619.23% | 4610.19% | 2913.9% | 378.43% | 2804.69% | 2205.59% | 1605.39% | 1768.8% | 4168.93% |
| Selling, General & Admin | 6.47M | 6.79M | 6.19M | 6.38M | 7.29M | 3.31M | 2.48M | 2.66M | 2.02M | 1.64M | 1.17M | 682.26K | 898.06K | 476.13K | 536.21K | 1.2M | 1.17M | 824K | 1.22M | 885.47K | 351.62K |
| SG&A % of Revenue | - | - | - | - | - | 40711.26% | 158532.27% | 221476.21% | 580627.08% | 20832.6% | 58575.64% | 4749.45% | 669.29% | 978.37% | 588.66% | 97.25% | 664.07% | 425.55% | 263.64% | 402.63% | 1122.88% |
| Research & Development | 34.89M | 33.38M | 10.64M | 7.88M | 16.09M | 4.95M | 3.18M | 4.74M | 5.44M | 3.15M | 1.39M | 763.96K | 1.27M | 1.77M | 2.04M | 3.25M | 3.62M | 3.27M | 6.06M | 2.95M | 944.2K |
| R&D % of Revenue | - | - | - | - | - | 60810.43% | 203396.1% | 393953.16% | 1559904.28% | 40034.1% | 69323.89% | 5318.21% | 949.94% | 3631.81% | 2241.85% | 263.91% | 2052.95% | 1687.93% | 1306.51% | 1342.96% | 3015.26% |
| Other Operating Expenses | 0 | 0 | 0 | -5.81M | 0 | 0 | -3.18M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 75.96K | 212.41K | 154.43K | 178.36K | 163.5K | 51.04K | 9.64K |
| Operating Income | -41.35M | -40.17M | -16.83M | -18.9M | -23.38M | -8.25M | -5.66M | -12.13M | -7.46M | -4.78M | -2.56M | -1.51M | -2.04M | -2.19M | -2.56M | -3.43M | -4.76M | -4.08M | -6.99M | -3.67M | -1.69M |
| Operating Margin % | - | - | - | - | - | -101363.57% | -361814.19% | -1009282.53% | -2140431.58% | -60766.72% | -127799.59% | -10519.49% | -1519.23% | -4510.18% | -2813.9% | -278.43% | -2704.69% | -2105.59% | -1505.39% | -1668.8% | -5382.95% |
| Operating Income Growth % | - | -138.7% | 10.95% | 19.17% | -183.4% | -45.69% | 53.33% | -62.52% | -56.11% | -86.88% | -69.32% | 25.87% | 7.13% | 14.37% | 25.2% | 28.08% | -16.86% | 41.63% | -90.33% | -117.73% | - |
| EBITDA | -41.02M | -39.72M | 2.86M | -18.87M | -23.37M | -8.2M | -5.65M | -12.12M | -7.46M | -4.78M | -2.55M | -1.51M | -2.02M | -2.15M | -2.49M | -3.21M | -4.61M | -3.9M | -6.82M | -3.62M | -1.68M |
| EBITDA Margin % | - | - | - | - | - | -100800.52% | -360809.2% | -1008570.38% | -2139026.95% | -60699.29% | -127551.65% | -10481.18% | -1508.22% | -4408.57% | -2730.51% | -261.17% | -2617.02% | -2013.48% | -1470.16% | -1645.59% | -5352.15% |
| EBITDA Growth % | -4291.72% | -1490.9% | 115.13% | 19.25% | -184.85% | -45.29% | 53.42% | -62.51% | -56.18% | -87.04% | -69.61% | 25.6% | 5.67% | 13.74% | 22.62% | 30.28% | -18.25% | 42.85% | -88.5% | -115.93% | - |
| D&A (Non-Cash Add-back) | 0 | 0 | 0 | 28.04K | 11.22K | 45.83K | 15.73K | 8.56K | 4.9K | 5.31K | 4.96K | 5.5K | 14.78K | 49.45K | 75.96K | 212.41K | 154.43K | 178.36K | 163.5K | 51.04K | 9.64K |
| EBIT | -41.02M | -39.72M | 2.86M | -17.84M | -17.78M | -9.37M | -5.66M | -7.4M | -7.46M | -4.78M | -2.56M | -1.51M | -2.89M | -2.04M | -2.19M | -2.56M | -3.34M | -4.76M | -4.08M | -6.99M | -3.67M |
| Net Interest Income | 0 | 0 | -76.78K | -201.39K | -282.06K | -411.55K | 0 | 0 | 0 | -5.65K | -15.89K | -23.98K | 0 | 0 | 2.29K | 13.53K | 46.98K | 131.51K | 193.63K | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 4.73K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2.29K | 2.29K | 13.53K | 131.51K | 193.63K | 193.63K | 0 | 0 |
| Interest Expense | 0 | 0 | 76.78K | 201.39K | 282.06K | 416.29K | 0 | 0 | 0 | 5.65K | 15.89K | 23.98K | 0 | 2.29K | 0 | 0 | 131.51K | 193.63K | 0 | 0 | 0 |
| Other Income/Expense | 736.49K | 448.16K | 19.61M | 1.39M | 5.32M | -1.5M | 0 | 4.74M | 0 | -5.65K | -11.82K | -17.28K | -853.75K | 0 | 40.59K | 14 | 3.34M | 0 | 4.08M | 3.32M | 1.98M |
| Pretax Income | -40.62M | -39.72M | 2.78M | -17.51M | -18.06M | -9.24M | -5.66M | -7.4M | -7.46M | -4.79M | -2.57M | -1.53M | -2.04M | -2.19M | -2.55M | -3.43M | -4.76M | -4.08M | -6.99M | -3.67M | -1.69M |
| Pretax Margin % | - | - | - | - | - | -113562.83% | -361814.19% | -615329.37% | -2140431.58% | -60838.5% | -128390% | -10639.79% | -1519.23% | -4505.49% | -2799.05% | -278.43% | -2704.69% | -2105.59% | -1505.39% | -1668.8% | -5388.21% |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 415.02K | 0 | 0 | 0 | 5.65K | 11.82K | 0 | 1 | -2.29K | 2.55M | 3.43M | 4.76M | 4.08M | 6.99M | 3.67M | 1.69M |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | -4.49% | 0% | 0% | 0% | -0.12% | -0.46% | 0% | -0% | 0.1% | -100% | -100% | -100% | -100% | -100% | -100% | -100% |
| Net Income | -40.62M | -39.72M | 2.78M | -17.51M | -18.06M | -9.66M | -5.66M | -7.4M | -7.46M | -4.79M | -2.57M | -1.53M | -2.04M | -2.19M | -2.55M | -3.43M | -4.76M | -4.08M | -6.99M | -3.67M | -1.69M |
| Net Margin % | - | - | - | - | - | -118662.24% | -361814.19% | -615329.37% | -2140431.58% | -60838.5% | -128390% | -10639.79% | -1519.23% | -4505.49% | -2799.05% | -278.43% | -2704.69% | -2105.59% | -1505.39% | -1668.8% | -5388.21% |
| Net Income Growth % | -4248.84% | -1529.33% | 115.87% | 3.08% | -87.03% | -70.56% | 23.44% | 0.92% | -55.93% | -86.24% | -68.18% | 25.02% | 7.03% | 14% | 25.59% | 28.08% | -16.86% | 41.63% | -90.33% | -117.51% | - |
| Net Income (Continuing) | -40.62M | -39.72M | 2.78M | -17.51M | -18.06M | -9.79M | -5.66M | -7.4M | -7.46M | -4.79M | -2.57M | -1.53M | -2.89M | -2.04M | -2.19M | -2.55M | -3.29M | -4.76M | -4.08M | -6.99M | -3.67M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -6.22 | -22.61 | 2.75 | -35.50 | -42.50 | -41.75 | -23.25 | -32.75 | -46.75 | -35.00 | -22.75 | -21.25 | -50.50 | -58.00 | -74.75 | -105.25 | -149.75 | -145.75 | -253.75 | -173.25 | -131.00 |
| EPS Growth % | -2270.85% | -922.18% | 107.75% | 16.47% | -1.8% | -79.57% | 29.01% | 29.95% | -33.57% | -53.85% | -7.06% | 57.92% | 12.93% | 22.41% | 28.98% | 29.72% | -2.74% | 42.56% | -46.46% | -32.25% | - |
| EPS (Basic) | - | -22.61 | 2.75 | -35.50 | -42.50 | -41.75 | -23.25 | -32.75 | -46.75 | -35.00 | -22.75 | -21.25 | -50.50 | -58.00 | -74.75 | -105.25 | -149.75 | -145.75 | -253.75 | -173.25 | -131.00 |
| Diluted Shares Outstanding | 6.53M | 1.76B | 1.06M | 491.71K | 300.1K | 231.43K | 190.4K | 173.2K | 159.46K | 137.19K | 113.26K | 71.98K | 40.44K | 37.83K | 34.16K | 32.53K | 31.81K | 27.99K | 27.53K | 21.17K | 12.87K |
| Basic Shares Outstanding | 6.53M | 1.76B | 1.04M | 491.71K | 300.1K | 231.42K | 190.4K | 173.2K | 159.46K | 137.19K | 113.26K | 71.98K | 40.44K | 37.83K | 34.16K | 32.53K | 31.81K | 27.99K | 27.53K | 21.17K | 12.87K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Imminent liquidity and dilution
As reported in recent financial statements, ProMIS Neurosciences has seen R&D expenses climb from $2.1 million in 2024Q1 to $7.0 million by 2026Q1, reflecting the intensifying capital requirements of advancing the PMN310 program through critical clinical development stages without any offsetting commercial revenue streams.
The company's cost structure is entirely dominated by R&D, which has scaled significantly as the firm transitions into clinical-stage testing. This trend suggests that management is prioritizing pipeline advancement over expense discipline, which is typical for early-stage biotech but places immense pressure on the company's limited cash reserves.
Based on the provided income statement data, the company's operating losses have widened from $3.7 million in 2024Q1 to $8.6 million in 2026Q1, indicating that the firm lacks the operational scale to absorb rising clinical trial costs while maintaining a pre-revenue business model.
The absence of gross profit means that every dollar spent on R&D and SG&A directly expands the operating deficit. Investors should monitor whether future clinical milestones can trigger non-dilutive licensing payments, as the current trajectory of operating losses appears unsustainable without frequent access to capital markets.
Financial filings reveal that net income figures are frequently impacted by non-operating volatility, such as the $9.3 million net income reported in 2024Q3, which contrasts sharply with the consistent operating losses observed throughout the ten-quarter period, suggesting significant accounting noise from derivative or warrant valuations.
The headline net income is a poor proxy for operational performance due to these non-cash fluctuations. Analysts should focus exclusively on the cash burn rate to assess the company's true financial health, as the reported earnings do not reflect the underlying economic reality of the business.
According to the latest reported figures, the company's cash position of approximately $6.1 million against quarterly operating losses exceeding $8 million suggests a precarious financial runway that may necessitate immediate and highly dilutive equity financing to sustain ongoing clinical trial operations through the next fiscal year.
The short-term liquidity profile represents the most significant risk to the investment thesis, as the company is effectively racing against its own cash depletion. Any delay in clinical data readouts could exacerbate this funding gap, leaving shareholders vulnerable to substantial dilution at unfavorable valuation levels.
Quick answers to the most common questions about buying PMN stock.
For fiscal year 2025, ProMIS Neurosciences, Inc. (PMN) reported total revenue of $0.0M. This represents a 100.0% decline compared to $0.0M in 2006.
ProMIS Neurosciences, Inc. (PMN) reported a net loss of $39.7M for the fiscal year ending 2025.