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ProMIS Neurosciences Inc. (PMN)·Q4 2024 Earnings Summary
Executive Summary
- Q4 2024 delivered a small net loss of $0.24M, while FY 2024 swung to net income of $2.78M, driven primarily by a non-cash $22.58M gain from the change in fair value of warrant liabilities; underlying operations remained loss-making with $16.83M in operating expenses (+18.0% YoY) .
- The company initiated and rapidly dosed patients in the 100-patient Phase 1b PRECISE-AD trial for PMN310; six-month interim data is expected in 1H 2026 and topline by year-end 2026, a key potential stock catalyst .
- Liquidity strengthened mid-year via a PIPE: $30.3M upfront and up to $92.4M tied to warrants, enabling advancement of PMN310 and the broader pipeline; cash ended FY 2024 at $13.29M (vs. $21.54M at Q3 and $0.99M at Q2) .
- FY 2024 EPS of $0.11 materially beat Wall Street consensus FY EPS estimate of -$0.0549; Q4 EPS was not disclosed separately, limiting quarter-specific beat/miss analysis. Values retrieved from S&P Global* .
What Went Well and What Went Wrong
What Went Well
- Phase 1b PRECISE-AD trial underway with multiple patients dosed; management emphasized design to generate robust biomarker and safety data and potential efficacy signals: “PMN310 is uniquely designed to selectively target toxic oligomers of amyloid-beta… we remain on track to deliver interim data in 2026” (CEO) .
- Financing momentum and IP expansion: “securing up to $122.3 million in funding in 2024” and “23 newly granted or allowed patents since January 2024… seventeen… relate to PMN310” .
- Positive Phase 1a data and differentiation vs plaque-binding drugs: “PMN310 was generally well-tolerated… crossed the blood brain barrier… monthly dosing may provide levels adequate for target engagement” .
What Went Wrong
- Core operations remain negative: FY operating loss was $16.83M; the FY net income was largely due to non-operating fair value gains on warrants ($22.58M), highlighting limited contribution from operations .
- Cash declined from Q3 to year-end ($21.54M to $13.29M), reflecting spend to accelerate clinical programs; Q2 cash had been $0.99M pre-PIPE .
- Revenue remains non-existent and unreported; financial statements focus on operating expenses and other income/expense, constraining traditional margin analysis .
Financial Results
Quarterly Operating Metrics (oldest → newest)
Notes: Q4 values for R&D, G&A, total operating expenses, other income (expense), and net income are derived from FY 2024 and nine-month 2024 figures reported in company press releases .
Full-Year Comparison
Segment Breakdown
- Not applicable; the company does not report revenue by segments and had no reported product revenue in the periods reviewed .
KPIs and Balance Sheet Indicators (oldest → newest)
Guidance Changes
No financial guidance (revenue/margins/OpEx/tax) was provided in these materials .
Earnings Call Themes & Trends
(Transcript unavailable; themes derived from press releases)
Management Commentary
- “2024 was a transformational year… initiation of our 100-patient Phase 1b clinical trial for PMN310… we remain on track to deliver interim data in 2026… which we believe could validate PMN310 as a potential best-in-class treatment for AD.” – Neil Warma, CEO .
- “Results from our Phase 1a study showed that PMN310 was generally well-tolerated and achieved concentrations in the cerebrospinal fluid (CSF) indicating its potential for target engagement in AD patients.” – Neil Warma, CEO .
- “We do not expect to see elevated levels of… ARIA… associated with almost all of the plaque-binding drugs… The apparent selectivity of PMN310 could potentially differentiate it significantly in its efficacy and safety profile.” – Neil Warma, CEO .
Q&A Highlights
- No earnings call transcript was available for Q4 2024; no Q&A content to report [List returned none].
Estimates Context
- FY 2024 EPS: Actual $0.11 vs consensus -$0.0549; significant beat driven by non-cash fair value gains on warrants, not operating profitability . Values retrieved from S&P Global*.
- Q4 2024 EPS: Company did not disclose quarterly EPS; consensus estimate was -$0.1393. Beat/miss cannot be assessed without an actual quarterly EPS. Values retrieved from S&P Global*.
- Revenue: Consensus $0.0 for Q4 and FY; the company did not report product revenue in the periods reviewed. Values retrieved from S&P Global* and supported by statements lacking a revenue line .
Estimates vs Actuals
Values retrieved from S&P Global*.
Key Takeaways for Investors
- The Phase 1b PRECISE-AD trial is the central value driver; interim data timing (1H 2026) and topline by end-2026 are the next major catalysts .
- FY profitability was non-operating in nature; investors should focus on cash runway, trial execution, and data readouts rather than GAAP net income .
- Liquidity improved via the PIPE; while cash fell from Q3 to FY end, the funding framework supports ongoing clinical activities .
- PMN310’s oligomer selectivity and expected safety profile (lower ARIA risk) are potential differentiators versus plaque-binding approaches; upcoming biomarker data is critical to validate this thesis .
- Expanded IP (23 new/allowed patents; PMN310, PMN442, PMN440) broadens strategic optionality across neurodegeneration targets .
- Near-term trading may be driven by patient enrollment pace, site activation news flow, and additional preclinical/clinical presentations (AD/PD, AAN) .
- Medium-term thesis hinges on biomarker efficacy signals, ARIA incidence, and safety profile consistency; any favorable interim signals could prompt re-rating ahead of topline .
Additional notes:
- The quarter’s small net loss (despite FY profitability) underscores reliance on fair value gains; changes in warrant liabilities materially affected reported earnings .
- No segment or product revenue reported; margin analysis is not meaningful at this stage .