Executive Summary

Q1 2025 was a pivotal execution quarter operationally, with first cohort completed and multiple patients dosed in PRECISE-AD (PMN310), but financials reflected higher clinical spend and a wider net loss, consistent with trial ramp-up .
EPS came in at $(0.21), below S&P Global consensus of $(0.12), driven by higher R&D tied to the Phase 1b study; revenue was not presented (pre-revenue biotech) . S&P Global values used for consensus estimates.
Guidance on PRECISE-AD timelines was maintained: six‑month interim results expected in H1 2026 and topline by end‑2026, a key upcoming catalyst for stock narrative and valuation .
Cash declined to $8.36M from $13.29M at year‑end, reflecting operating spend; management continues to flag liquidity and going‑concern risks as general forward‑looking considerations, making funding cadence a near‑term investor focus .

What Went Well and What Went Wrong

What Went Well

“The pace of enrollment exceeded our expectations,” with first cohort completed and multiple patients dosed in PRECISE‑AD, underscoring investigator enthusiasm for PMN310’s differentiated profile .
Trial design is “powered to detect biomarker changes as early as six months,” offering an earlier read on efficacy/tolerability and ARIA risk reduction potential vs plaque‑binding drugs .
Continued platform progress across vaccine programs (PMN311 for Aβ; PMN440 for synucleinopathies) with preclinical data presented at AD/PD and AAN, strengthening multi‑indication optionality .

What Went Wrong

Net loss widened to $(7.35)M vs $(3.64)M YoY; R&D rose to $5.46M from $2.12M due to Phase 1b execution; G&A also increased, pressuring EPS to $(0.21) vs $(0.19) YoY .
Cash decreased to $8.36M from $13.29M at 12/31/24, highlighting burn through the Phase 1b ramp and elevating near‑term financing sensitivity .
Management’s forward‑looking statements continue to cite risks around funding, liquidity, and ability to continue as a going concern, reinforcing dependence on external capital markets and milestone‑linked inflows .

Financial Results

Income Statement and EPS vs Estimates

Metric	Q2 2024	Q3 2024	Q1 2025	Consensus Q1 2025
EPS ($USD)	$(0.13)	$0.31	$(0.21)	$(0.12)*
Net Income (Loss) ($USD Millions)	$(2.62)	$9.28	$(7.35)	N/A
Revenues ($USD Millions)	Not presented (pre‑revenue)	Not presented (pre‑revenue)	Not presented (pre‑revenue)	$0.00*

Notes: EPS miss relative to consensus in Q1 2025 was driven primarily by higher R&D associated with the Phase 1b trial. Values marked with * retrieved from S&P Global.*

Operating Expense Detail

Metric ($USD Millions)	Q2 2024	Q3 2024	Q1 2025
Research & Development	$1.63	$2.56	$5.46
General & Administrative	$1.09	$1.87	$2.00
Total Operating Expenses	$2.71	$4.43	$7.46

Balance Sheet KPIs

KPI ($USD Millions unless noted)	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Cash & Cash Equivalents	$0.99	$21.54	$13.29	$8.36
Total Current Assets	$1.41	$24.51	$18.91	$13.65
Total Shareholders’ Equity	$(2.28)	$7.27	$16.49	$9.47
Weighted‑Avg Shares (Basic, Millions)	19.77	30.02	25.92 (FY)	34.85

Segment Breakdown

Segment	Q1 2025 Revenue	Notes
Company‑wide (single segment)	Not presented	Pre‑revenue biotech; no segment revenue disclosed

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
PRECISE‑AD interim (six‑month)	H1 2026	Interim results expected H1 2026	Interim results expected H1 2026	Maintained
PRECISE‑AD topline (12‑month)	By end‑2026	Topline by end‑2026	Topline by end‑2026	Maintained
Trial Design	Ongoing	Multiple ascending doses (5/10/20 mg/kg), 22 sites, Stage 3–4 AD, ~100 subjects	Completed first cohort; ~128 patients across 22 sites planned; monthly dosing over 12 months	Expanded clarity/operational progress

Earnings Call Themes & Trends

Note: A Q1 2025 earnings call transcript was not found despite targeted searches; themes reflect management press releases .

Topic	Previous Mentions (Q‑2: Q3 2024)	Previous Mentions (Q‑1: Q4 2024 FY)	Current Period (Q1 2025)	Trend
R&D execution (PMN310)	Phase 1a positive data; Phase 1b initiation by YE 2024	Multiple patients dosed; 22 sites; ~100 subjects	First cohort completed; multiple patients dosed; robust design powered for 6‑month biomarker changes	Strengthening execution
ARIA safety differentiation	Emphasis on non‑plaque binding selectivity	Frequent MRIs; expectation of reduced ARIA risk	Explicit focus on ARIA avoidance as core differentiator	Reinforced
Funding and liquidity	PIPE up to $122.7M; warrant liability fair‑value gain drove Q3 profit	Year‑end cash $13.29M; funding plan reiterated	Cash $8.36M; forward‑looking liquidity/going‑concern risk noted	Burn elevated; funding sensitivity persists
Vaccines (PMN311/PMN440)	Aβ vaccine poster at AAIC	Planned AD/PD and AAN presentations	Presented preclinical data at AD/PD & AAN; identified optimal constructs	Continued progress
ALS program (PMN267)	Publications on SOD1/ALS; supportive preclinical	Planned AD/PD virtual oral presentation	Presented proof‑of‑concept intrabody/antibody selectivity data	Advancing preclinical evidence
IP and portfolio breadth	N/A	Expanded IP: 23 grants/allowances since Jan‑2024	Portfolio messaging maintained; multi‑indication optionality	Stable/positive

Management Commentary

“The pace of enrollment exceeded our expectations, reflecting the growing enthusiasm from investigators for PMN310’s differentiated profile… selective targeting of toxic Aβ oligomers and the potential to avoid ARIA… could set a new standard as a best‑in‑class treatment” — Neil Warma, CEO .
“PRECISE‑AD… is powered to detect biomarker changes as early as six months… an important opportunity to generate early insights into PMN310’s potential to drive both clinical benefit and improved tolerability” — Neil Warma .
“Our strong momentum from 2024 has carried into the first quarter of 2025… designed to generate a robust body of clinical data… With strong enthusiasm from investigators and patients… interim data in 2026… could validate PMN310 as a potential best‑in‑class treatment” — Neil Warma .

Q&A Highlights

No Q1 2025 earnings call transcript was found after targeted searches; management insights are drawn from press releases . Guidance clarifications are reflected in the maintained timelines for interim/topline analyses .

Estimates Context

EPS: Actual $(0.21) vs S&P Global consensus $(0.12)* — bold miss primarily driven by higher R&D due to Phase 1b execution ramp. Values from S&P Global.*
Revenue: Not presented by company for Q1 2025; S&P Global consensus $0.00*, consistent with pre‑revenue stage. Values from S&P Global.*
Implication: Street may need to recalibrate near‑term loss trajectory upward given the clear R&D step‑up and share count increase, while preserving medium‑term optionality around 2026 interim/topline catalysts .

Key Takeaways for Investors

PMN310 execution is tracking well: first cohort completed, robust design with early biomarker read at six months; clinical progress is the primary stock driver near term .
EPS miss vs consensus reflects purposeful R&D investment; expect elevated burn through 2025 ahead of interim data in H1 2026; monitor cash runway and financing cadence closely .
ARIA avoidance narrative remains differentiated versus plaque‑binding therapies; clear competitive positioning if safety advantage is validated in human data .
Cash declined to $8.36M; with ongoing trial execution, liquidity risk disclosures warrant attention; upcoming financing/warrant exercise milestones could be catalysts or overhangs .
Multi‑program pipeline (Aβ and synuclein vaccines; ALS PMN267) broadens optionality, but PMN310 remains the near‑term value inflection point .
Share count increased materially (weighted‑avg basic 34.85M Q1 2025 vs 19.77M Q2 2024), affecting per‑share metrics; position sizing should reflect potential future dilution .
Trading setup: news‑flow is dominated by site activation/enrollment updates and any interim biomarker/safety disclosures; sustained progress without ARIA signals may support multiple expansion ahead of 2026 readouts .

S&P Global disclaimer: Consensus values marked with * were retrieved from S&P Global.

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