ProMIS Neurosciences (PMN) Q3 2026 earnings summary

Executive summary

• PRECISE-AD patient visits are expected to finish in Q4 2026; unblinded 12-month topline data, including safety, biomarkers and cognitive outcomes, remain on track for Q1 2027.

• Blinded six-month interim findings showed encouraging safety and biomarker observations; PMN310 is designed to selectively target toxic amyloid-beta oligomers.

• September 30 cash of $44.1 million is expected to fund operations and capital requirements through 2027, beyond the anticipated PRECISE-AD readout.

Financial highlights

• Q3 R&D expense was $6.7 million, down 32% YoY, mainly due to lower direct PMN310 trial costs; G&A was $1.9 million versus $2.0 million a year earlier.

• Q3 operating expenses were $8.6 million versus $11.8 million YoY; net loss was $8.2 million, or $0.89 per share, versus $11.6 million, or $5.93 per share.

• 9M 2026 net loss was $28.1 million, or $3.39 per share, versus $29.0 million, or $19.58 per share; operating expenses were $29.5 million versus $29.4 million.

• Q3 other income increased to $0.5 million from $0.2 million, reflecting higher interest income on higher cash balances.

Outlook and guidance

• A post-data FDA meeting is planned after full PRECISE-AD analysis; subject to FDA feedback, a registrational study could begin toward the end of 2027.

• A registration-quality study is under consideration, potentially Phase III or adaptive Phase II/III; design, size, cost and any subcutaneous arm remain under development.

• Management aims to assess safety, clinical outcomes, biomarkers and direct oligomer-level changes; ~15%-20% efficacy at 12 months with substantially improved safety was described as a potential win, with above 20% as upside.

• Significant operating losses are expected to continue; additional funding will be needed for future clinical activity, and R&D and G&A may rise as development advances.