ProMIS Neurosciences Announces Full Year 2024 Financial Results and Recent Highlights
ProMIS Neurosciences (Nasdaq: PMN) reported its 2024 financial results and key developments. The company successfully initiated a 100-patient Phase 1b clinical trial for PMN310, their lead antibody candidate for Alzheimer's disease. The PRECISE-AD trial is currently enrolling and dosing patients across 22 US sites, with interim results expected in 1H 2026 and topline results by end of 2026.
Financial highlights include cash position of $13.3 million as of December 31, 2024, and completion of a PIPE financing providing $30.3 million upfront with potential for additional $92.4 million from warrant exercises. The company reported net income of $2.8 million for 2024, primarily due to a $22.6 million gain from warrant liability changes. R&D expenses increased to $10.6 million, while G&A expenses slightly decreased to $6.2 million.
The company expanded its IP portfolio with 23 newly granted patents, including 17 for PMN310. They also advanced programs in ALS and Parkinson's disease, identifying PMN440 as a lead vaccine candidate for multiple synucleopathies.
ProMIS Neurosciences (Nasdaq: PMN) ha riportato i risultati finanziari e gli sviluppi chiave per il 2024. L'azienda ha avviato con successo uno studio clinico di Fase 1b su 100 pazienti per PMN310, il loro principale candidato anticorpale per la malattia di Alzheimer. Il trial PRECISE-AD sta attualmente reclutando e trattando pazienti in 22 siti negli Stati Uniti, con risultati intermedi attesi nella prima metà del 2026 e risultati finali entro la fine del 2026.
I punti salienti finanziari includono una posizione di cassa di $13,3 milioni al 31 dicembre 2024 e il completamento di un finanziamento PIPE che fornisce $30,3 milioni iniziali con la possibilità di ulteriori $92,4 milioni da esercizi di warrant. L'azienda ha riportato un reddito netto di $2,8 milioni per il 2024, principalmente a causa di un guadagno di $22,6 milioni derivante da cambiamenti nella responsabilità dei warrant. Le spese di R&S sono aumentate a $10,6 milioni, mentre le spese generali e amministrative sono leggermente diminuite a $6,2 milioni.
L'azienda ha ampliato il suo portafoglio di proprietà intellettuale con 23 nuovi brevetti concessi, inclusi 17 per PMN310. Hanno anche fatto progressi nei programmi per l'ALS e il morbo di Parkinson, identificando PMN440 come principale candidato vaccinale per le sinucleopatie multiple.
ProMIS Neurosciences (Nasdaq: PMN) ha publicado sus resultados financieros y desarrollos clave para 2024. La compañía ha iniciado con éxito un ensayo clínico de Fase 1b con 100 pacientes para PMN310, su principal candidato a anticuerpo para la enfermedad de Alzheimer. El ensayo PRECISE-AD está actualmente reclutando y dosificando pacientes en 22 sitios de EE. UU., con resultados interinos esperados para la primera mitad de 2026 y resultados finales para finales de 2026.
Los aspectos financieros destacados incluyen una posición de efectivo de $13.3 millones al 31 de diciembre de 2024 y la finalización de un financiamiento PIPE que proporciona $30.3 millones por adelantado con el potencial de $92.4 millones adicionales de ejercicios de warrants. La compañía reportó un ingreso neto de $2.8 millones para 2024, principalmente debido a una ganancia de $22.6 millones por cambios en la responsabilidad de los warrants. Los gastos de I+D aumentaron a $10.6 millones, mientras que los gastos generales y administrativos disminuyeron ligeramente a $6.2 millones.
La compañía amplió su cartera de propiedad intelectual con 23 nuevas patentes concedidas, incluidas 17 para PMN310. También avanzaron en programas para la ELA y la enfermedad de Parkinson, identificando a PMN440 como el principal candidato a vacuna para múltiples sinucleopatías.
ProMIS Neurosciences (Nasdaq: PMN)는 2024년 재무 결과 및 주요 개발 사항을 발표했습니다. 이 회사는 알츠하이머병을 위한 주요 항체 후보인 PMN310에 대한 100명 환자를 대상으로 하는 1b상 임상 시험을 성공적으로 시작했습니다. PRECISE-AD 시험은 현재 미국 22개 사이트에서 환자를 모집하고 있으며, 중간 결과는 2026년 상반기 중에, 최종 결과는 2026년 말까지 발표될 예정입니다.
재무 하이라이트로는 2024년 12월 31일 기준 현금 보유액이 $13.3 백만이며, $30.3 백만의 초기 자금을 제공하는 PIPE 자금 조달을 완료했습니다. 추가로 $92.4 백만의 워런트 행사 가능성이 있습니다. 회사는 2024년 $2.8 백만의 순이익을 보고했으며, 이는 주로 워런트 책임 변화로 인한 $22.6 백만의 이익 때문입니다. 연구개발(R&D) 비용은 $10.6 백만으로 증가했으며, 일반 및 관리(G&A) 비용은 $6.2 백만으로 약간 감소했습니다.
회사는 PMN310을 포함하여 17개의 특허를 포함한 23개의 신규 특허를 통해 지적 재산(IP) 포트폴리오를 확장했습니다. 또한 ALS 및 파킨슨병 프로그램을 진행하며, PMN440을 다중 시뉴클레오파티에 대한 주요 백신 후보로 식별했습니다.
ProMIS Neurosciences (Nasdaq: PMN) a annoncé ses résultats financiers et ses développements clés pour 2024. L'entreprise a réussi à initier un essai clinique de Phase 1b sur 100 patients pour PMN310, son principal candidat anticorps pour la maladie d'Alzheimer. L'essai PRECISE-AD recrute et administre actuellement des patients dans 22 sites aux États-Unis, avec des résultats intermédiaires attendus au premier semestre 2026 et des résultats finaux d'ici la fin de 2026.
Les points forts financiers incluent une position de liquidités de $13,3 millions au 31 décembre 2024 et l'achèvement d'un financement PIPE fournissant $30,3 millions d'avance, avec un potentiel supplémentaire de $92,4 millions provenant de l'exercice de bons de souscription. L'entreprise a déclaré un revenu net de $2,8 millions pour 2024, principalement en raison d'un gain de $22,6 millions lié aux changements de responsabilité des bons de souscription. Les dépenses de R&D ont augmenté à $10,6 millions, tandis que les dépenses générales et administratives ont légèrement diminué à $6,2 millions.
L'entreprise a élargi son portefeuille de propriété intellectuelle avec 23 nouveaux brevets accordés, dont 17 pour PMN310. Ils ont également avancé des programmes dans la SLA et la maladie de Parkinson, identifiant PMN440 comme principal candidat vaccin pour plusieurs synucléopathies.
ProMIS Neurosciences (Nasdaq: PMN) hat seine finanziellen Ergebnisse und wichtigen Entwicklungen für 2024 veröffentlicht. Das Unternehmen hat erfolgreich eine klinische Studie der Phase 1b mit 100 Patienten für PMN310, seinen führenden Antikandidaten für Alzheimer, initiiert. Die PRECISE-AD-Studie rekrutiert und behandelt derzeit Patienten an 22 Standorten in den USA, mit vorläufigen Ergebnissen, die in der ersten Hälfte von 2026 erwartet werden, und endgültigen Ergebnissen bis Ende 2026.
Zu den finanziellen Highlights gehören eine Liquiditätsposition von $13,3 Millionen zum 31. Dezember 2024 sowie der Abschluss einer PIPE-Finanzierung, die $30,3 Millionen im Voraus bereitstellt, mit dem Potenzial für weitere $92,4 Millionen aus der Ausübung von Warrants. Das Unternehmen berichtete von einem Nettoeinkommen von $2,8 Millionen für 2024, hauptsächlich aufgrund eines Gewinns von $22,6 Millionen aus Änderungen der Warrantsverpflichtungen. Die F&E-Ausgaben stiegen auf $10,6 Millionen, während die allgemeinen und administrativen Ausgaben leicht auf $6,2 Millionen sanken.
Das Unternehmen hat sein IP-Portfolio mit 23 neu erteilten Patenten erweitert, darunter 17 für PMN310. Sie haben auch Programme für ALS und Parkinson vorangetrieben und PMN440 als führenden Impfstoffkandidaten für multiple Synukleopathien identifiziert.
- Secured significant funding through PIPE financing ($30.3M upfront, potential $92.4M from warrants)
- Achieved net income of $2.8M in 2024, compared to $13.2M loss in 2023
- Expanded IP portfolio with 23 new patents, strengthening market position
- Successfully progressed PMN310 to Phase 1b trial with 100 patients
- Maintained strong cash position of $13.3M as of December 2024
- R&D expenses increased 34% to $10.6M from $7.9M in 2023
- Net income primarily driven by non-operational warrant liability changes rather than business performance
Insights
ProMIS Neurosciences' 2024 results reveal significant clinical and financial progress, positioning the company well in the competitive Alzheimer's disease space. The successful dosing of multiple patients in their Phase 1b PRECISE-AD trial demonstrates strong execution following positive Phase 1a results, where PMN310 showed favorable safety and blood-brain barrier penetration.
The company's $13.3 million cash position (up from $12.6 million YoY) understates their financial strength, as they secured $30.3 million in upfront funding with potential for an additional $92.4 million through warrant exercises. This funding runway significantly de-risks their ability to reach meaningful clinical readouts expected in 2026.
PMN310's differentiated mechanism targeting toxic amyloid-beta oligomers specifically (rather than all forms of amyloid) could potentially offer better efficacy with reduced side effects compared to approved therapies like Leqembi and Aduhelm, which have been associated with ARIA safety concerns. The design of their 100-patient Phase 1b study with multiple ascending doses and biomarker assessment is robust and should provide valuable efficacy signals.
The expansion of their IP portfolio with 23 newly granted patents strengthens their competitive positioning, while continued progress in their ALS and synucleinopathies programs demonstrates pipeline diversification beyond their lead asset.
ProMIS' financial position shows marked improvement with several positive indicators. Their reported net income of $2.8 million for 2024 represents a significant turnaround from the $13.2 million loss in 2023, though this primarily stems from a $22.6 million gain on warrant liability valuation rather than operational improvements.
The PIPE financing securing $30.3 million upfront with potential for an additional $92.4 million provides substantial runway through critical development milestones. With current cash of $13.3 million as of December 2024, the company appears well-capitalized to advance its lead program through the ongoing Phase 1b trial.
R&D expenses increased 34% to $10.6 million, reflecting appropriate investment in clinical development as PMN310 advances. Meanwhile, G&A expenses decreased slightly to $6.2 million, demonstrating fiscal discipline in non-research areas.
For a clinical-stage biotech with a $23.9 million market cap, securing over $122 million in potential funding represents a transformative financial achievement that substantially reduces near-term dilution risk. The successful execution of clinical milestones alongside this capital infusion positions ProMIS strongly in the competitive neurodegenerative disease space, where positive clinical data could drive significant valuation upside given the enormous market opportunity in Alzheimer's disease.
Rapid Enrollment and Dosing of First Patients in PRECISE-AD Trial Underscores the Unmet Need for Better Treatment Options for Alzheimer’s Disease
PRECISE-AD Six Month Interim Results Expected in 1H 2026 with Topline Results Anticipated by end of 2026
CAMBRIDGE, Massachusetts, March 31, 2025 (GLOBE NEWSWIRE) -- ProMIS Neurosciences Inc. (Nasdaq: PMN), a clinical-stage biotechnology company focused on the generation and development of antibody therapeutics targeting toxic misfolded proteins in neurodegenerative diseases, such as Alzheimer’s disease (AD), amyotrophic lateral sclerosis (ALS) and multiple system atrophy (MSA), today announced financial results for the fiscal year ended December 31, 2024 and provided a corporate update.
"2024 was a transformational year for ProMIS Neurosciences as we reached a major milestone with the initiation of our 100-patient Phase 1b clinical trial for PMN310, our lead antibody candidate for AD," said Neil Warma, Chief Executive Officer of ProMIS Neurosciences. "Our strong momentum from 2024 has carried into the first quarter of 2025 as we have successfully dosed multiple patients in the Phase 1b study, which was carefully designed to generate a robust body of clinical data, including biomarker insights and evaluation of potential efficacy and safety signals. PMN310 is uniquely designed to selectively target toxic oligomers of amyloid-beta, which we believe is a key differentiator from both approved treatments and those currently in development. With strong enthusiasm from investigators and patients, we are pleased with the study’s momentum and remain on track to deliver interim data in 2026, which we believe could validate PMN310 as a potential best-in-class treatment for AD. This progress was made possible by the successful completion of our Phase 1a trial and securing up to
"In addition to our progress in AD, we continue to advance our programs in ALS and Parkinson’s disease (PD) while also identifying a lead vaccine candidate, PMN440, targeting multiple synucleopathies," Warma continued. "Our commitment to innovation is further reflected in the expansion of our intellectual property (IP) portfolio, with 23 newly granted or allowed patents since January 2024, seventeen of which relate to PMN310. We also received our first patent allowance relating to PMN442 and PMN440, strengthening our position in the alpha-synuclein space. With a well-funded clinical program, a robust pipeline, and a growing IP estate, ProMIS is well-positioned to drive the next wave of innovation in neurodegenerative diseases."
Recent Highlights
Alzheimer’s Disease Program (PMN310)
ProMIS’ lead candidate, PMN310, is a humanized IgG1 antibody directed toward toxic amyloid-beta (Ab) oligomers (AβO) that are believed to be a major driver of AD.
- Based on the encouraging results from the Phase 1a study of PMN310, ProMIS initiated a Phase 1b clinical trial (PRECISE-AD) and has since successfully dosed multiple patients with PMN310. PRECISE-AD (NCT06750432) is a randomized, double-blind, placebo-controlled study to evaluate the safety, tolerability and pharmacokinetics (PK) of multiple ascending doses (5, 10, 20 mg/kg) of intravenous PMN310 in patients with Stage 3 and Stage 4 AD. The study plans to enroll approximately 100 subjects across 22 active sites in the United States. Eligible patients will be dosed monthly at one of the three dose levels or placebo over 12 months with assessment of safety, tolerability, PK, and pharmacodynamic blood- and brain-based markers of treatment effect at baseline and every three months. Frequent MRI scans throughout the study will be conducted to monitor for emergence of ARIA.
- ProMIS expects to report six-month interim results from PRECISE-AD in the first half of 2026, with topline results anticipated by the end of 2026. We anticipate the six-month interim analysis will include impact of biomarkers and safety (incidence of ARIA), with final analysis to include clinical outcome measures.
- PMN310 successfully completed a Phase 1a clinical study (NCT06105528), a double-blind, placebo-controlled, single ascending dose (SAD) study of the safety, tolerability and pharmacokinetics of PMN310 infusions in healthy volunteers. The trial consisted of five SAD cohorts that included 40 subjects across two active sites in the United States.
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- In October 2024, ProMIS presented positive data from all five cohorts in its first-in-human Phase 1a clinical trial of PMN310 in healthy volunteers at the 17th Clinical Trials on Alzheimer’s Disease (CTAD) Conference. The results showed PMN310 was generally well-tolerated in all five SAD cohorts (2.5, 5, 10, 20 and 40 mg/kg) and, importantly, crossed the blood brain barrier in healthy volunteers in a dose dependent manner with PK suggesting that monthly dosing may provide levels of PMN310 adequate for target engagement in AD patients. The complete dataset from all five cohorts reinforces previously reported data from the first four cohorts announced in July 2024.
ProMIS continues to advance its Aβ vaccine program in AD based on its oligomer target epitope(s).
- ProMIS will present preclinical data at the American Alzheimer’s and Parkinson’s Disease (AD/PD) International Conference in Vienna, Austria from April 1-4, 2025 and at the Academy of Neurology (AAN) Annual Meeting in San Diego, CA from April 5-9, 2025. The presentations titled, “Novel approach to optimization of Alzheimer’s vaccine configuration for maximal targeting of toxic amyloid-beta oligomers” and “Rational design of Alzheimer’s vaccine to maximize selective targeting of toxic amyloid-beta oligomers,” will highlight data demonstrating that maximal reactivity was observed with immune IgG against the monovalent vaccine containing epitope 301, the target of PMN310.
Amyotrophic Lateral Sclerosis Disease Program (PMN267)
PMN267 is a humanized IgG1 antibody directed against toxic misfolded TDP-43 as a potential therapeutic target for amyotrophic lateral sclerosis (ALS).
- ProMIS will present a virtual oral presentation of preclinical data at the 2025 AD/PD Conference titled, “Selective targeting of pathogenic TDP-43 with misfolding-specific monoclonal antibodies and intrabodies against a pathogenic loss-of-structure epitope in the N-terminal domain,” providing proof-of-concept evidence that supports selective targeting of misfolded toxic aggregates of TDP-43 as a potentially safe and effective avenue to treat neurodegenerative diseases, which is the target of PMN267.
Multiple Synucleinopathies Disease Vaccine Program (PMN440)
- ProMIS will present preclinical data at the 2025 AD/PD International Conference and at the AAN Annual Meeting titled, “Novel approach to optimization of alpha-synuclein vaccine composition for maximal targeting of toxic alpha-synuclein species” and “Rational design of a vaccine for synucleinopathies using computationally-derived conformational B cell epitopes to selectively target pathogenic alpha-synuclein species.” These data sets will showcase the potential of vaccinations with conformational B cell epitopes to produce high affinity antibodies with the desired selectivity for pathogenic Asyn and supports the development of PMN440 as a treatment for synucleinopathies, such as PD, dementia with Lewey bodies and MSA.
Full Year 2024 Financial Highlights
- Cash and cash equivalents were
$13.3 million as of December 31, 2024, compared to$12.6 million as of December 31, 2023. During the third quarter of 2024, the Company completed a public investment in private equity (PIPE) financing that provided initial upfront funding of$30.3 million and the potential to provide an additional$92.4 million tied to the exercise of warrants.
- Research and development expenses were
$10.6 million for the fiscal year ended December 31, 2024, compared to$7.9 million for the same period in 2023. The increase was primarily attributable to costs related to the execution of the Phase 1a clinical trial and cost related to the initiation of the Phase 1b clinical trial.
- General and administrative expenses decreased to
$6.2 million for the year ended December 31, 2024, compared to$6.4 million for the same period in 2023.
- Net income was
$2.8 million for the full year ended December 31, 2024, compared to a net loss of$13.2 million for the same period in 2023. The net income was primarily attributable to a gain on the change in fair value of our warrant liabilities of$22.6 million .
About ProMIS Neurosciences Inc.
ProMIS Neurosciences Inc. is a clinical stage biotechnology company focused on generating and developing antibody therapeutics selectively targeting toxic misfolded proteins in neurodegenerative diseases such as Alzheimer’s disease (AD), amyotrophic lateral sclerosis (ALS) and multiple system atrophy (MSA). The Company’s proprietary target discovery engine applies a thermodynamic, computational discovery platform - ProMIS™ and Collective Coordinates - to predict novel targets known as Disease Specific Epitopes on the molecular surface of misfolded proteins. PMN310, the Company’s lead product candidate for the treatment of AD, is a differentiated, humanized monoclonal antibody that has been designed to specifically bind toxic Aβ oligomers and to not bind plaque or monomers. Oligomers are known to drive disease progression in AD and PMN310 appears to selectively bind oligomers. PMN 310 has successfully completed a Phase 1a clinical study and is dosing Alzheimer’s disease patients in a Phase 1b clinical trial in AD patients. ProMIS has offices in Cambridge, Massachusetts and Toronto, Ontario.
Forward-looking Statements
Nasdaq has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. Certain information in this news release constitutes forward-looking statements and forward-looking information (collectively, “forward-looking information”) within the meaning of applicable securities laws. In some cases, but not necessarily in all cases, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “targets”, “expects” or “does not expect”, “is expected”, “excited about”, “an opportunity exists”, “is positioned”, “estimates”, “intends”, “assumes”, “anticipates” or “does not anticipate” or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might”, “will” or “will be taken”, “occur” or “be achieved”. In addition, any statements that refer to expectations, projections or other characterizations of future events or circumstances contain forward-looking information. Specifically, this news release contains forward-looking information relating to the initiation of the Company’s Phase 1b study in AD patients and expectations of such study results, including interim results in the first half of 2026 and topline results by the end of 2026, statements relating to the Company's progress, including enrollment and dosing for its Phase 1b clinical trial, the potential for such studies to provide the first proof-of-concept data for PMN310, the potential that PMN310 has the potential to positively benefit patients with AD, the targeting of toxic misfolded proteins in neurodegenerative diseases that the Company believes may directly address fundamental AD pathology (including the belief and understanding that toxic oligomers of Aβ are a major driver of AD) and have greater therapeutic potential due to reduction of off-target activity, a computationally-derived Aβ vaccine for AD and the Company’s PMN310 antibody and vaccine candidate, management’s belief that its patented platform technology has created an antibody candidate specific to toxic misfolded oligomers known to be present in AD, therapeutic activity and preferential targeting of toxic soluble aggregates by Aß-directed antibodies and the potential implications thereof, the Company’s pipeline, including application of its platform to other diseases, statements regarding preclinical data, the ability to continue its growth and realize the anticipated contribution of the members of its board of directors and executives to its operation and progress, use of capital expenses, including the use of proceeds from the PIPE financing, future accumulated deficit and other financial results in the future, ability to fund operations, the ability to maintain enough liquidity to execute its business plan and its ability to continue as a going concern. Statements containing forward-looking information are not historical facts but instead represent management's current expectations, estimates and projections regarding the future of our business, future plans, strategies, projections, anticipated events and trends, the economy and other future conditions. Forward-looking information is necessarily based on a number of opinions, assumptions and estimates that, while considered reasonable by the Company as of the date of this news release, are subject to known and unknown risks, uncertainties and assumptions and other factors that may cause the actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information, including, but not limited to, the risk that preclinical results or early clinical results may not be indicative of future results, the Company’s ability to fund its operations and continue as a going concern, its accumulated deficit and the expectation for continued losses and future financial results. Important factors that could cause actual results to differ materially from those indicated in the forward-looking information include, among others, the factors discussed throughout the “Risk Factors” section of the Company's most recently filed Annual Report on Form 10-K for the year ended December 31, 2024 and in its subsequent filings filed with the United States Securities and Exchange Commission. Except as required by applicable securities laws, the Company undertakes no obligation to publicly update any forward-looking information, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.
For further information:
Visit us at www.promisneurosciences.com
Please submit media inquiries to info@promisneurosciences.com
For Investor Relations, please contact:
Precision AQ (formerly Stern IR)
Anne Marie Fields, Managing Director
annemarie.fields@precisionaq.com
Tel. 212-362-1200
PROMIS NEUROSCIENCES INC.
Consolidated Balance Sheets
(expressed in U.S. dollars, except share amounts)
(unaudited)
December 31, | ||||||
2024 | 2023 | |||||
Assets | ||||||
Current assets: | ||||||
Cash | $ | 13,291,167 | $ | 12,598,146 | ||
Short-term investments | 33,051 | 32,358 | ||||
Prepaid expenses and other current assets | 5,587,238 | 988,641 | ||||
Total current assets | 18,911,456 | 13,619,145 | ||||
Total assets | $ | 18,911,456 | $ | 13,619,145 | ||
Liabilities and Shareholders' Equity | ||||||
Current liabilities: | ||||||
Accounts payable | $ | 1,737,463 | $ | 7,843,136 | ||
Accrued liabilities | 480,962 | 1,506,526 | ||||
Total current liabilities | 2,218,425 | 9,349,662 | ||||
Share-based compensation liability | 199,263 | 422,002 | ||||
Warrant liability | 5,592 | 94,185 | ||||
Total liabilities | 2,423,280 | 9,865,849 | ||||
Commitments and contingencies | ||||||
Shareholders' equity: | ||||||
Series 2 Convertible Preferred Shares, no par value, unlimited shares authorized, 0 and 1,166,667 shares issued and outstanding as of December 31, 2024 and December 31, 2023, respectively | — | — | ||||
Common shares, no par value, unlimited shares authorized, 32,689,190 and 18,885,254 shares issued and outstanding as of December 31, 2024 and December 31, 2023, respectively | — | — | ||||
Additional paid-in capital | 107,546,433 | 97,590,426 | ||||
Accumulated other comprehensive loss | (371,184) | (371,184) | ||||
Accumulated deficit | (90,687,073) | (93,465,946) | ||||
Total shareholders' equity | 16,488,176 | 3,753,296 | ||||
Total liabilities and shareholders' equity | $ | 18,911,456 | $ | 13,619,145 |
PROMIS NEUROSCIENCES INC.
Consolidated Statements of Operations and Comprehensive Income (Loss)
(expressed in U.S. dollars, except share amounts)
(unaudited)
Years Ended December 31, | ||||||
2024 | 2023 | |||||
Operating expenses: | ||||||
Research and development | $ | 10,637,976 | $ | 7,883,165 | ||
General and administrative | 6,189,502 | 6,379,568 | ||||
Total operating expenses | 16,827,478 | 14,262,733 | ||||
Loss from operations | (16,827,478) | (14,262,733) | ||||
Other income (expense): | ||||||
Change in fair value of financial instruments | 22,581,477 | 866,738 | ||||
Interest expense | (76,775) | (201,390) | ||||
Other income | 626,184 | 384,903 | ||||
Loss on issuance of common shares, warrants, and pre-funded warrants in July 2024 PIPE | (3,524,535) | — | ||||
Total other income (expense), net | 19,606,351 | 1,050,251 | ||||
Net income (loss) | 2,778,873 | (13,212,482) | ||||
Net income (loss) per share, basic | $ | 0.11 | $ | (1.07) | ||
Net income (loss) per share, diluted | $ | 0.11 | $ | (1.07) | ||
Weighted-average shares outstanding of common shares, basic | 25,919,965 | 12,292,707 | ||||
Weighted-average shares outstanding of common shares, diluted | 26,461,731 | 12,292,707 |
