ProMIS Neurosciences (PMN) Q2 2026 earnings summary

Executive summary

• Reported positive six-month blinded interim safety and biomarker data from the ongoing phase I-B PRECISE-AD trial of PMN310 for early Alzheimer's disease, showing a favorable safety profile and early biomarker signals consistent with target engagement, with no ARIA-E cases observed, including in high-risk ApoE4 carriers.

• Biomarker analysis showed declines in plasma p-tau217 (~15%) and CSF MTBR-tau243 (~13.3%), supporting the therapeutic approach.

• Pipeline programs for ALS (PMN267) and synucleinopathies (PMN442) are advancing toward IND-enabling studies, with vaccine programs and the EpiSelect discovery platform also progressing.

• No product revenue generated to date; operations funded by equity and warrant issuances.

Financial highlights

• Ended Q2 2026 with $53.4 million in cash and short-term investments, up from $6.1 million at year-end 2025, mainly due to a $70.1 million private placement in January 2026.

• Net loss for Q2 2026 was $11.7 million ($1.28 per share), compared to $10.1 million ($7.26 per share) in Q2 2025; six-month net loss was $20.0 million.

• R&D expenses for Q2 were $9.5 million, up from $8.7 million a year ago; G&A expenses rose to $2.7 million from $1.4 million.

• Operating expenses for Q2 2026 totaled $12.3 million, up from $10.2 million in Q2 2025.

• Cash used in operations was $22.8 million for the six months ended June 30, 2026.

Outlook and guidance

• Cash runway expected to fund operations through 2027, covering the anticipated unblinded 12-month top-line readout from PRECISE-AD in Q1 2027.

• Next steps for PMN310 include planning for a potential single registration study, regulatory engagement, and development of a subcutaneous formulation.

• Pipeline candidates for ALS and synucleinopathies targeted to enter IND-enabling studies within the next year.

• Additional funding will be needed for future clinical activities and growth.