Q3 FY2026
Filed Nov 12, 2026ProMIS reports Q3 2026 net loss of $8.2 million, $(0.89) per share, and reaffirms first quarter 2027 PRECISE-AD topline timing
The filing reports no revenue. Quarterly operating expenses and net loss fell year over year, and cash rose to $44,073,222 after a January 2026 private placement. The company states that cash is expected to fund operations through 2027, beyond the anticipated first quarter 2027 topline readout. The result is weighed against a pre-revenue company with a single pivotal readout still ahead.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| Research and development expenses, three months ended September 30, 2026GAAP | $6,710,035 | – | 32% decrease |
| General and administrative expenses, three months ended September 30, 2026GAAP | $1,905,389 | – | – |
| Total operating expenses, three months ended September 30, 2026GAAP | $8,615,424 | – | – |
| Loss from operations, three months ended September 30, 2026GAAP | $(8,615,424) | – | – |
| Other income, three months ended September 30, 2026GAAP | $453,556 | – | – |
| Net loss, three months ended September 30, 2026GAAP | $(8,161,868) | – | – |
| Net loss per basic and diluted share, three months ended September 30, 2026GAAP | $(0.89) | – | – |
| Research and development expenses, nine months ended September 30, 2026GAAP | $23,202,834 | – | – |
| General and administrative expenses, nine months ended September 30, 2026GAAP | $6,323,886 | – | – |
| Total operating expenses, nine months ended September 30, 2026GAAP | $29,526,720 | – | – |
| Loss from operations, nine months ended September 30, 2026GAAP | $(29,526,720) | – | – |
| Other income, nine months ended September 30, 2026GAAP | $1,390,823 | – | – |
| Net loss, nine months ended September 30, 2026GAAP | $(28,135,897) | – | – |
| Net loss per basic and diluted share, nine months ended September 30, 2026GAAP | $(3.39) | – | – |
| Cash, as of September 30, 2026GAAP | $44,073,222 | – | – |
| Total assets, as of September 30, 2026GAAP | $47,160,918 | – | – |
| Total shareholders' equity, as of September 30, 2026GAAP | $41,761,664 | – | – |
Cash runway, through 2027 outlook
- NoteBased on its current operating plan, the Company expects that its existing cash will be sufficient to fund operating expenses and capital expenditure requirements through 2027, well beyond the anticipated first quarter 2027 PRECISE-AD topline data readout.
- NoteUnblinded 12-month topline data from PRECISE-AD anticipated in the first quarter of 2027 (reaffirmed).
- NoteCompletion of all PRECISE-AD patient visits expected in the fourth quarter of 2026.
- NotePlanned FDA meeting to be requested next year, after the full data set has been analyzed.
- NoteRegistrational study for PMN310 subject to FDA feedback, anticipated to initiate toward the end of 2027.
Capital returns
- No share repurchases or dividends are reported in the filing.
- Net proceeds of $70.1 million from the Company's January 2026 private placement are cited as the reason cash rose to $44.1 million as of September 30, 2026, from $6.1 million as of December 31, 2025.
What drove it
- R&D expenses decreased 32% year over year. The Company attributes this primarily to a $3.6 million decrease in direct PMN310 expenses as PRECISE-AD progressed toward completion of patient visits, partially offset by increased activity in the ALS and platform programs.
- G&A expenses were $1.9 million compared with $2.0 million a year earlier. The Company states that lower professional and consulting fees were largely offset by higher employee salaries and benefits from additional headcount.
- Other income rose to $0.5 million from $0.2 million. The Company attributes this to higher interest income on higher cash balances.
- The Company describes PMN310 ARIA results from the blinded six-month interim analysis as ARIA-E of none as of the data cutoff in any APOE genotype and ARIA-H of 4.4%, all mild and asymptomatic. These interim results were reported on July 28, 2026, and are not the topline readout.
- The Company reports a decrease from baseline of approximately 15% in plasma pTau217 and 13.3% in CSF MTBR-tau243 in the pooled, blinded population at the six-month interim analysis.
Concerns
- No revenue line is reported. The filing presents operating expenses and losses only.
- Net loss for the nine months ended September 30, 2026 was $(28,135,897), against $(29,045,059) a year earlier, and the accumulated deficit increased to $(158,542,117).
- The weighted-average outstanding Common Shares, basic and diluted, rose to 9,143,340 for the quarter from 1,953,352 a year earlier, and EPS moved to $(0.89) from $(5.93). The filing does not explain the share count change in the sections reviewed.
- The safety and efficacy findings are blinded interim results. The Company states that early or interim results may not be indicative of final or topline results.
- The Company's own cash runway statement covers operations through 2027. The primary value driver, the unblinded PRECISE-AD topline readout, is not expected until the first quarter of 2027.
What to watch
- PRECISE-AD six-month interim data poster presentation at the 2026 Clinical Trials in Alzheimer's Disease conference, scheduled for November 16 to 19, 2026, in Boston.
- Completion of all PRECISE-AD patient visits, expected in the fourth quarter of 2026.
- Unblinded 12-month topline data from PRECISE-AD, including safety, biomarker and cognitive outcomes, anticipated in the first quarter of 2027.
- ARIA and drug-related adverse event rates against background or placebo, and directional slowing of disease progression on iADRS or CDR-SB versus placebo, as the criteria the Company says it will use.
- Planned FDA meeting in 2027 after the full data set is analyzed, and the subcutaneous PMN310 formulation timing toward a registrational study expected to start toward the end of 2027, subject to FDA feedback.
- Ivana Rubino, Ph.D., appointed Chief Commercial Officer effective October 5, 2026.
Balance sheet and cash flow
- Cash: $44,073,222 as of September 30, 2026, compared with $6,116,556 as of December 31, 2025.
- Total assets: $47,160,918 as of September 30, 2026, compared with $9,182,421 as of December 31, 2025.
- Total liabilities: $5,399,254 as of September 30, 2026, compared with $10,441,013 as of December 31, 2025.
- Total shareholders' equity: $41,761,664 as of September 30, 2026, compared with $(1,258,592) as of December 31, 2025.
- Accumulated deficit: $(158,542,117) as of September 30, 2026, compared with $(130,406,220) as of December 31, 2025.
- Accounts payable: $485,127 as of September 30, 2026, compared with $2,543,415 as of December 31, 2025.
- Accrued liabilities: $4,857,759 as of September 30, 2026, compared with $7,868,416 as of December 31, 2025.
- Net proceeds of $70.1 million from the January 2026 private placement, as stated by the Company.
- Operating cash flow and free cash flow are not reported in the filing.
Analysis
ProMIS reported a third quarter 2026 net loss of $(8,161,868), or $(0.89) per basic and diluted share, compared with $(11,580,126), or $(5.93) per share, for the same quarter of 2025. Total operating expenses were $8,615,424 against $11,750,432. The filing shows no revenue, so the earnings read depends on expense trends and the balance sheet. R&D expenses were $6,710,035 against $9,797,418, a decrease the Company describes as 32%, which it attributes mainly to a $3.6 million decrease in direct PMN310 expenses as PRECISE-AD neared completion of patient visits. G&A expenses were $1,905,389 against $1,953,014, with the Company citing lower professional and consulting fees offset by higher salaries from added headcount. Other income was $453,556 against $170,306, which the Company ties to higher interest income on larger cash balances.
For the nine months ended September 30, 2026, total operating expenses were $29,526,720 against $29,395,189 a year earlier, and the net loss was $(28,135,897) against $(29,045,059). Nine-month R&D was $23,202,834 against $24,011,452, while nine-month G&A was $6,323,886 against $5,383,737. The nine-month EPS of $(3.39) compares with $(19.58) a year earlier. The filing prints weighted-average shares of 9,143,340 for the quarter and 1,953,352 for the prior-year quarter, but it does not explain the change in the share count within the sections reviewed, so the per-share comparison should be read alongside that figure.
The balance sheet changed materially in 2026. Cash was $44,073,222 at September 30, 2026, compared with $6,116,556 at December 31, 2025, and total assets rose to $47,160,918 from $9,182,421. Shareholders' equity moved to $41,761,664 from $(1,258,592). The Company attributes the cash increase to net proceeds of $70.1 million from its January 2026 private placement. Operating cash flow is not reported in the document, so the cash burn rate cannot be read directly from the release. The Company states that existing cash is expected to fund operations and capital expenditure requirements through 2027, beyond the anticipated first quarter 2027 PRECISE-AD topline readout.
The operating narrative is centred on PMN310. The Company reports blinded six-month interim results from PRECISE-AD with no ARIA-E as of the data cutoff, ARIA-H of 4.4% (all mild and asymptomatic), no drug-related discontinuations, and a pooled decrease from baseline of approximately 15% in plasma pTau217 and 13.3% in CSF MTBR-tau243. Management reaffirmed unblinded 12-month topline data in the first quarter of 2027 and said it will evaluate ARIA rates against background or placebo, directional slowing on iADRS or CDR-SB against existing therapies, and biomarker direction. The release contains no financial guidance, no revenue outlook and no margin target. Pipeline and organisational updates include the appointment of Ivana Rubino, Ph.D., as Chief Commercial Officer, and the advancement of PMN267, PMN442 and vaccine programs. The filing does not state a share price reaction or any analyst expectations.
Management, verbatim
With PRECISE-AD closing out its final stage of patient visits, we look forward to reporting topline data in the first quarter of 2027, which will include safety, biomarker and clinical efficacy measures.
Neil Warma, President and Chief Executive Officer, ProMIS Neurosciences
Based on data generated to date, we continue to believe PMN310 offers a differentiated approach by selectively targeting the most toxic and destructive form of amyloid-beta, the oligomers.
Neil Warma, President and Chief Executive Officer, ProMIS Neurosciences
Not in the filing
stated, not guessed- Total revenue and revenue sub-lines: the filing reports no revenue line.
- Gross margin and cost of sales: not reported.
- Prior quarter (Q2 2026) comparatives for any line item: not printed in the release.
- Year-over-year percentage changes for G&A, total operating expenses, loss from operations, other income, net loss and EPS: not printed.
- Year-over-year percentage change for net loss and EPS: not printed as percentages.
- Nine-month year-over-year percentage changes: not printed.
- Operating cash flow, investing cash flow and free cash flow: not reported.
- Total liabilities and equity comparisons for the prior year end are printed on the balance sheet but no prior-year income statement percentages are provided.
- Explanation for the change in weighted-average shares outstanding: not stated in the reviewed sections of the filing.
- Non-GAAP measures: none reported.
- Guidance on financial metrics beyond cash runway: none given.
- Share price reaction, consensus estimates and analyst expectations: not in the document.
- Segment information: not reported.
- Dividends and share repurchases: none reported.
Written by an AI language model from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure is checked against the filing text, and a metric the filing does not print, or whose value, prior period and change do not add up, is dropped from the metrics. The model can still misread a table, in the metrics or in the text, so check a number in the filing before you rely on it. Consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.