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PMN on Nasdaq

ProMIS Neurosciences Inc.

ProMIS Neurosciences Inc. is a pharmaceutical preparations company based in Toronto, listed on Nasdaq (PMN).1

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Last updated Oct 21, 2026.

Overview

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  • TickerPMN on Nasdaq1
  • IndustryPharmaceutical Preparations1
  • HeadquartersToronto, Canada1
  • Incorporated inCanada (Federal Level)2
  • Business addressSuite 200, 1920 Yonge Street, Toronto, A6 M4S 3E22
  • Filer category, Emerging growth company2
  • Legal formCorporation

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ProMIS has in-licensed a patented technology platform with the potential to deliver a portfolio of antibody therapies, therapeutic vaccines, and other therapies derived from antibodies for neurodegenerative diseases and other misfolded protein diseases, which may include Alzheimer’s disease, multiple system atrophy, amyotrophic lateral sclerosis, frontotemporal lobar degeneration, Parkinson’s disease, progressive supranuclear palsy, corticobasal degeneration (respectively, AD, MSA, ALS, FTLD, PD, PSP, CBD) and schizophrenia. A common biologic cause contributes to each of these conditions, in that certain proteins, which normally perform a needed function, when misfolded, can cause neuronal degeneration and death, contributing to morbidity and mortality. ProMIS’ technology platform is an example of the advances in drug discovery enabled by computational power, in silico discovery, and/or …4 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Financial statements

Operating income5678-$40.2M in 2025+384% since 2021
-$60.0M-$40.0M-$20.0M02021: -$8.3M-$8.3M20212022: -$23.4M-$23.4M2022+182%2023: -$14.3M-$14.3M2023−39%2024: -$16.8M-$16.8M2024+18%2025: -$40.2M-$40.2M2025+139%
Net income5678-$39.7M in 2025+306% since 2021
-$40.0M-$20.0M0$20.0M2021: -$9.8M-$9.8M20212022: -$18.1M-$18.1M2022+84%2023: -$13.2M-$13.2M2023−27%2024: $2.8M$2.8M20242025: -$39.7M-$39.7M2025

Every line of the income statement as filed: the last 2 fiscal years, latest first.8

Period ending2025-12-312024-12-31
Research and development$33.4M$10.6M
General and administrative$6.8M$6.2M
Total operating expenses$40.2M$16.8M
Loss from operations-$40.2M-$16.8M
Change in fair value of financial instruments$5.6K$22.6M
Interest expense-$76.8K
Other income$442.6K$626.2K
Loss on issuance of Common Shares, warrants, and pre-funded warrants in July 2024 PIPE-$3.5M
Total other income, net$448.2K$19.6M
Net (loss) income-$39.7M$2.8M
Net (loss) income per share, basic-$22.61$2.68
Net (loss) income per share, diluted-$22.61$2.63
Weighted-average outstanding Common Shares, basic1.8M shares1.0M shares
Weighted-average outstanding Common Shares, diluted1.8M shares1.1M shares

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Corporate structure

ProMIS Neurosciences Inc. sits at the top of its group. 2 entities, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of ProMIS Neurosciences Inc.

  • GREAT POINT PARTNERS LLC Filed SCHEDULE 13G/A on ProMIS Neurosciences Inc., latest Aug 14, 2026 (8 filings since Aug 5, 2024)
  • Wellington Biomedical Innovation Master Investors (Cayman) II L.P. Filed SCHEDULE 13G/A on ProMIS Neurosciences Inc., latest Aug 13, 2026 (2 filings since Mar 18, 2026)
  • Wellington Management Company Filed SCHEDULE 13G/A on ProMIS Neurosciences Inc., latest Aug 13, 2026 (2 filings since May 15, 2026)
  • Michael S. Gordon Filed SCHEDULE 13G/A on ProMIS Neurosciences Inc., latest May 7, 2026 (6 filings since Oct 21, 2022)
  • Janus Henderson Group Ltd. Filed SCHEDULE 13G on ProMIS Neurosciences Inc., latest Apr 7, 2026
  • ARMISTICE CAPITAL, LLC Filed SCHEDULE 13G/A on ProMIS Neurosciences Inc., latest Feb 17, 2026 (5 filings since Nov 14, 2024)
  • Trails Edge Capital Partners, LP Filed SCHEDULE 13G on ProMIS Neurosciences Inc., latest Feb 10, 2026
  • Deep Track Capital, LP Filed SCHEDULE 13G on ProMIS Neurosciences Inc., latest Feb 6, 2026
  • ABG Management Ltd. Filed SCHEDULE 13D/A on ProMIS Neurosciences Inc., latest Feb 5, 2026 (4 filings since Aug 4, 2025)
  • SPHERA FUNDS MANAGEMENT LTD. Filed SCHEDULE 13G/A on ProMIS Neurosciences Inc., latest Feb 5, 2026 (4 filings since Aug 30, 2023)
  • Jeremy M. Sclar Filed SCHEDULE 13G/A on ProMIS Neurosciences Inc., latest Oct 15, 2025 (5 filings since Feb 3, 2023)
  • Shaf QIC LLC Filed SCHEDULE 13G/A on ProMIS Neurosciences Inc., latest Jul 31, 2025 (2 filings since Oct 16, 2024)
  • ProMIS Neurosciences Inc. Toronto, Canada
    • ProMIS Neurosciences (US), Inc. Subsidiary · Delaware, United States

Built from subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What ProMIS Neurosciences Inc. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$6.1M8 Dec 31, 2025$13.3M8 Dec 31, 2024−54.0%
Marketable securities, current$33.8K8 Dec 31, 2025$33.1K8 Dec 31, 2024+2.1%

Properties, in its own words

The Company does not own or lease any material properties.

Item 2 of the 10-K filed Mar 25, 2026.4

Leadership

Who has led ProMIS Neurosciences Inc., and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Eugene Williams2022
  2. Gail M. Farfel2022–2023
  3. Neil K. Warma2024–now

Chair

  1. Eugene Williams2022

Chief financial officer

  1. Daniel E. Geffken2022–2023

Chief operating officer

  1. Gavin T. Malenfant2022–2023
2025
Board members and other officers (15)

Named in SEC Form D filings

People the company listed in its private-offering notices.

  • DirectorMaggie T. Shafmaster named Oct 21, 202230

Subsidiaries and ownership

Subsidiaries (Exhibit 21)

  • ProMIS Neurosciences (US), Inc. Delaware3

The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Former names

  • AMORFIX LIFE SCIENCES LTDAug 29, 2006 to Nov 3, 20142

Timeline

  1. Aug 13, 20268-K Results of operations31
  2. Jul 28, 20268-K Regulation FD disclosure; Other events32
  3. May 20, 20268-K Executive or director change; Shareholder vote33
  4. May 12, 20268-K Results of operations34
  5. Mar 25, 20268-K Results of operations35
  6. Jan 30, 20268-K Entered a material agreement; Unregistered sale of shares; Other events36
  7. Dec 16, 20258-K Other events37
  8. Nov 24, 20258-K Bylaws or fiscal year changed; Other events38
  9. Nov 19, 20258-K Shareholder vote39
  10. Nov 12, 20258-K Results of operations40
  11. Oct 24, 20258-K Executive or director change; Regulation FD disclosure41
  12. Sep 30, 20258-K Executive or director change42
  13. Jan 5, 2024New chief executive Neil K. Warma becomes CEO11
  14. Sep 20, 2022New chief executive Gail M. Farfel becomes CEO13
  15. Jul 7, 2022New chief executive Eugene Williams becomes CEO12

Calendar

Coming up

  1. Nov 11, 2026Reports results for the quarter ending Sep/2026 A year earlier it reported $6 a share, on Nov 12, 2025.43

When it reported results

  1. Aug 13, 2026Reported quarterly or annual results31
  2. May 12, 2026Reported quarterly or annual results34
  3. Mar 25, 2026Reported quarterly or annual results35
  4. Nov 12, 2025Reported quarterly or annual results40
  5. Aug 13, 2025Reported quarterly or annual results44
  6. May 12, 2025Reported quarterly or annual results45
  7. Mar 31, 2025Reported quarterly or annual results46
  8. Nov 14, 2024Reported quarterly or annual results47

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

319 filings to the SEC since October 2021: 5 annual reports, 13 quarterly reports, 61 major events, 105 insider forms, 41 large holders, 1 private raises, 93 other. The latest 20:

  1. Oct 6, 20264 OWNERSHIP DOCUMENT EDGAR
  2. Oct 6, 20263 OWNERSHIP DOCUMENT EDGAR
  3. Aug 14, 2026SCHEDULE 13G/A EDGAR
  4. Aug 13, 2026SCHEDULE 13G/A EDGAR
  5. Aug 13, 20268-K EDGAR
  6. Aug 13, 202610-Q EDGAR
  7. Aug 13, 2026SCHEDULE 13G/A EDGAR
  8. Aug 7, 20264 OWNERSHIP DOCUMENT EDGAR
  9. Jul 28, 20268-K EDGAR
  10. May 29, 2026S-8 EDGAR
  11. May 22, 20264 OWNERSHIP DOCUMENT EDGAR
  12. May 22, 20264 OWNERSHIP DOCUMENT EDGAR
  13. May 22, 20264 OWNERSHIP DOCUMENT EDGAR
  14. May 22, 20264 OWNERSHIP DOCUMENT EDGAR
  15. May 22, 20264 OWNERSHIP DOCUMENT EDGAR
  16. May 22, 20264 OWNERSHIP DOCUMENT EDGAR
  17. May 22, 20264 OWNERSHIP DOCUMENT EDGAR
  18. May 22, 20264 OWNERSHIP DOCUMENT EDGAR
  19. May 22, 20264 OWNERSHIP DOCUMENT EDGAR
  20. May 20, 20268-K EDGAR

The 319 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

31 open-market trades by officers, directors and large owners since October 2021: 30 buys and 1 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Aug 5, 2026Kaplan JohanneChief Development OfficerBuy2,280$13.30$30.3KForm 4
Apr 22, 2026Kirwin Patrick D.DirectorBuy4,000$11.33$45.3KForm 4
Mar 5, 2026Williams EugeneDirectorBuy2,000$24.40$48.8KForm 4
Mar 4, 2026Williams EugeneDirectorBuy2,000$24.00$48.0KForm 4
Mar 3, 2026Williams EugeneDirectorBuy1,000$21.89$21.9KForm 4
Mar 2, 2026Williams EugeneDirectorBuy1,000$22.53$22.5KForm 4
Feb 19, 2026Kaplan JohanneChief Development OfficerBuy1,629$15.35$25.0KForm 4
Feb 3, 2026Yu Fan10% ownerBuy700,741$12.13$8.5MForm 4
Oct 3, 2025Milbury Max A.Principal Accounting OfficerBuy30,392$0.49$14.9KForm 4
Jun 30, 2025GORDON MICHAEL SSale93,223Form 4
Feb 10, 2025Cashman NeilChief Scientific OfficerBuy15,000$0.97$14.6KForm 4
Sep 24, 2024Shafmaster Madge K.DirectorBuy70,000$1.30$91.0KForm 4
Sep 23, 2024Shafmaster Madge K.DirectorBuy70,000$1.28$89.6KForm 4
Sep 20, 2024Shafmaster Madge K.DirectorBuy60,000$1.25$75.0KForm 4
Sep 17, 2024GORDON MICHAEL SBuy16,292$1.40$22.8KForm 4
Sep 16, 2024GORDON MICHAEL SBuy76,931$1.22$93.9KForm 4
Aug 14, 2024Kirwin Patrick D.DirectorBuy10,000$1.25$12.5KForm 4
Jul 31, 2024Title 19 PromisBuy465,116Form 4
Jul 31, 2024GORDON MICHAEL SBuy465,116Form 4
Jul 31, 2024Sclar Jeremy M.10% ownerBuy697,674Form 4

All 31 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2025Neil WarmaCEO$500.0K$830.2K60
2025Johanne KaplanChief Development Officer$386.7K$581.9K60
2025Larry AltstielChief Medical Officer$425.0K$544.2K60
2024Neil WarmaCEO$302.2K$2.3M60

Money raised

Private offerings the company reported to the SEC on Form D.

  1. Oct 11, 2022Raised $7.5 million in a private offering of equity Form D: $10.1 million offered in all Form D

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 27. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Jupiter Topco LLC1,292,757$17.0M0.0%New
Deep Track Capital, LP835,655$11.0M0.2%No change
Wellington Management Group Llp696,378$9.2M0.0%No change
Ally Bridge Group (NY) LLC620,319$8.2M10.5%+206,100
Trails Edge Capital Partners, LP557,103$7.3M1.2%No change
Woodline Partners LP441,911$5.8M0.0%+46,616
Yu Fan329,760$4.3M4.0%No change
Sphera Funds Management Ltd.325,591$4.3M0.6%No change
Squadron Capital Management LLC324,977$4.3M1.5%No change
Ikarian Capital, LLC205,000$2.7M0.4%+150,000
Ameriprise Financial Inc185,700$2.4M0.0%New
Adage Capital Partners Gp, L.l.c.164,275$2.2M0.0%+25,000
683 Capital Management, LLC95,000$1.3M0.1%+2,150
ADAR1 Capital Management, LLC92,850$1.2M0.1%−2,500
Great Point Partners LLC86,150$1.1M0.3%−285,252
Boothbay Fund Management, LLC62,078$816.9K0.0%+46,035
Millennium Management LLC56,045$737.6K0.0%−21,876
Bank Of Montreal /can/11,371$149.6K0.0%New
Seven Fleet Capital Management LP10,600$139.5K0.0%No change
Morgan Stanley7,559$99.5K0.0%New
UBS Group AG691$9.1K0.0%−609
Osaic Holdings, Inc.360$4.7K0.0%No change
Royal Bank Of Canada218$3.0K0.0%−50
Steward Partners Investment Advisory, LLC94$1.2K0.0%−6
Federation des caisses Desjardins du Quebec10$1310.0%No change

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

How ProMIS Neurosciences Inc. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARProMIS Neurosciences Inc.1
  • CIK0001374339
  • Employer ID (EIN)98-06471554
  • Filer statusNon-accelerated filer an emerging growth company; a smaller reporting company; not a shell company4
  • Incorporated inOntario, Canada4
  • Fiscal year endsDecember 311
  • Industry code (SIC)2834 Pharmaceutical Preparations1
  • SEC reviewing officeOffice of Life Sciences, Division of Corporation Finance1
  • Business addressSuite 200, 1920 Yonge Street, Toronto, A6 M4S 3E21
  • Phone416-847-68981
  • Shares outstanding8,967,693 as of Aug 13, 202610
  • Public float$29.7M as of Jun 30, 20254
  • AuditorBaker Tilly US, LLP, Tewksbury, Massachusetts PCAOB ID 23; no auditor attestation of internal control over financial reporting4
  • On EDGAR sinceAug 29, 20061
  • Filings370 in all: 4 (80), 8-K (61), D (27), 3 (23), SCHEDULE 13G/A (17), SUPPL (14), 10-Q (13), 424B3 (12)1
    All 41 form types

    CORRESP (11), UPLOAD (11), EFFECT (10), SC 13G/A (8), ARS (7), S-3 (7), SCHEDULE 13G (7), DEF 14A (6), SC 13G (6), DEFA14A (5), 10-K (4), 424B5 (4), REGDEX (4), D/A (3), PRE 14A (3), S-8 (3), 10-12B/A (2), 4/A (2), POS AM (2), S-1/A (2), S-3/A (2), SCHEDULE 13D/A (2), SEC STAFF LETTER (2), 10-12B (1), 10-K/A (1), 12G3-2B (1), CERT (1), DRS (1), DRS/A (1), DRSLTR (1), S-1 (1), SCHEDULE 13D (1), SEC STAFF ACTION (1)

  • Latest filingsAnnual report (10-K) Mar 25, 2026
    Quarterly report (10-Q) Aug 13, 2026
    Proxy statement (DEF 14A) Apr 9, 2026
    Latest 8-K (8-K) Aug 13, 2026

Securities registered for trading

ClassSymbolExchange
Common Shares, No Par Value per SharePMNNasdaq

From the cover page of the 10-K filed Mar 25, 2026 (Section 12(b) of the Exchange Act).4

Risk factors and legal proceedings

The risks ProMIS Neurosciences Inc. names in Item 1A of its 10-K filed Mar 25, 2026: 71 risks under these headings, as written.4

  • Risks Related to the Development of Our Product Candidates
  • Our product candidates are still in the early stages of development and there is significant uncertainty that any such products will ever be approved .
  • Our business is heavily dependent on the successful development, regulatory approval and commercialization of PMN310 and any future product candidates that we may develop or acquire, including PMN442 and PMN267.
  • Our approach to the potential treatment of AD is based on a novel therapeutic approach, which exposes us to unforeseen risks.
  • We may not successfully expand our pipeline of product candidates, including by pursuing additional indications for PMN310 or by in-licensing or acquiring additional product candidates for other diseases.
  • Nonclinical and clinical drug development involves a lengthy, expensive and uncertain process. The results of nonclinical studies and early clinical trials are not always predictive of future results. PMN310 or any other product candidate that we advance into clinical trials may not achieve favorable results in later clinical trials, if any, or receive marketing approval.
  • Clinical failure can occur at any stage of clinical development and our Company has not completed any pivotal clinical trial or submitted a BLA.
  • We may incur additional costs or experience delays in completing, or ultimately be unable to complete, the development and commercialization of our product candidates.
  • Adverse side effects, properties or other safety risks associated with PMN310, PMN267, PMN442 or any future product candidates could delay or preclude approval, cause us to suspend or discontinue clinical trials, abandon further development, limit the commercial profile of an approved label or result in significant negative consequences following marketing approval, if any.
  • We may experience delays or difficulties in the enrollment and retention of patients in clinical trials, which could delay or prevent our receipt of regulatory approvals.
  • Interim, top-line and preliminary results from our planned clinical trials that we may announce or publish from time to time may change as more data become available and is subject to audit and verification procedures that could result in material changes in the final data.
  • We cannot be certain that PMN310, PMN267, PMN442 or any of our future product candidates will receive regulatory approval, and without regulatory approval we will not be able to market our product candidates.
The other 60 risks
  • Our lead product candidate, PMN310, is being developed for the treatment of AD, a disease that has seen limited success in drug development.
  • We may in the future conduct clinical trials for our product candidates outside the U.S., and the FDA, EMA and other foreign regulatory authorities may not accept data from such trials.
  • If we do not achieve our projected development goals in the time frames we announce and expect, the commercialization of our products may be delayed.
  • We may develop PMN310, PMN442, PMN267 and future product candidates for use in combination with other therapies, which could expose us to additional regulatory risks.
  • Changes in methods of product candidate manufacturing or formulation may result in additional costs or delay.
  • Risks Related to Our Financial Position and Capital Needs
  • We have incurred losses since inception and we anticipate that we will incur continued losses for the foreseeable future. We will require additional financing to achieve our goals, and a failure to obtain this necessary capital when needed on acceptable terms, or at all, could force us to delay, limit, reduce or terminate our development programs, commercialization efforts or other operations.
  • We have no product candidates approved for commercial sale, we have never generated any revenue from sales and we may never be profitable.
  • Risks Related to the Commercialization of Our Product Candidates
  • Successful commercialization of our product candidates, if approved, will depend on a number of factors and we cannot guarantee that we will be able to successfully commercialize our products.
  • The market opportunities for PMN310, PMN267, PMN442 and future product candidates, if approved, may be smaller than we anticipate.
  • Even if our current or future product candidates obtain regulatory approval, they may fail to achieve the broad degree of adoption and use by physicians, patients, hospitals, healthcare payors and others in the medical community necessary for commercial success.
  • Our product candidates have never been manufactured on a commercial scale, and there are risks associated with scaling up manufacturing to commercial scale. In particular, we will need to develop a larger scale manufacturing process to commercialize our potential products, which may not be successful.
  • The successful commercialization of our product candidates will depend in part on the extent to which governmental authorities and health insurers establish adequate coverage, reimbursement levels and pricing policies. Failure to obtain or maintain coverage and adequate reimbursement for our product candidates, if approved, could limit our ability to market those drugs and decrease our ability to generate revenue.
  • We currently have no sales organization. If we are unable to establish sales capabilities on our own or through third parties, we may not be able to market and sell our product candidates effectively in the U.S. and foreign jurisdictions, if approved, or generate product revenue.
  • Risks Related to Our Dependence on Third Parties
  • We will rely on third parties to supply components, research, develop, test, and manufacture our product candidates and market these product candidates, if approved. The loss of any of these third-party relationships or the failure of any of them to meet their obligations to us could affect our ability to develop and obtain approval of our product candidates in a timely manner.
  • We intend to rely on CROs and other third parties to conduct, supervise and monitor a significant portion of our research and nonclinical testing and clinical trials for our product candidates, and if those third parties do not successfully carry out their contractual duties, comply with regulatory requirements or otherwise perform satisfactorily, we may not be able to obtain regulatory approval or commercialize product candidates, or such approval or commercialization may be delayed, and our business may be substantially harmed.
  • If any of our third-party manufacturers encounter difficulties in production of PMN310, PMN267, PMN442 or any future product candidate we develop, or fail to meet rigorously enforced regulatory standards, our ability to provide supply of our product candidates for clinical trials or, if approved, for commercial sale could be delayed or stopped, or we may be unable to maintain a commercially viable cost structure.
  • We will likely seek collaborations with third parties for the development or commercialization of our product candidates. If those collaborations are not successful, we may not be able to capitalize on the market potential of those product candidates, including PMN310, PMN267 and PMN442. Any collaboration arrangements that we may enter into in the future may not be successful, which could adversely affect our ability to develop and commercialize our future products.
  • Risks Related to Our Intellectual Property
  • If we are unable to obtain and maintain sufficient intellectual property protection for our product candidates, and other proprietary technologies we develop, or if the scope of the intellectual property protection obtained is not sufficiently broad, our competitors could develop and commercialize products similar or identical to ours, and our ability to successfully commercialize our product candidates, and other proprietary technologies if approved, may be adversely affected.
  • Patent terms may be inadequate to protect our competitive position on our product candidates for an adequate amount of time.
  • If we do not obtain patent term extension for our product candidates our business may be materially harmed.
  • If we fail to comply with our obligations in the agreements under which we license intellectual property rights from third parties, or otherwise experience disruptions to our business relationships with our licensors, we could lose license rights that are important to our business.
  • Obtaining and maintaining our patent protection depends on compliance with various procedural, document submission, fee payment and other requirements imposed by governmental patent agencies, and our patent protection could be reduced or eliminated for non-compliance with these requirements.
  • Changes in U.S. patent law could diminish the value of patents in general, thereby impairing our ability to protect our product candidates.
  • We may not be able to protect our intellectual property rights throughout the world.
  • We may become subject to claims challenging the inventorship or ownership of our patents and other intellectual property.
  • We may not be successful in obtaining or maintaining necessary rights to product components and processes for our development pipeline through in-licenses.
  • Third-party claims alleging intellectual property infringement may prevent or delay our drug discovery and development efforts.
  • We may be subject to claims that we have wrongfully hired an employee from a competitor or that we or our employees have wrongfully used or disclosed alleged confidential information or trade secrets of their former employers.
  • We may be involved in lawsuits to protect or enforce our patents or the patents of our licensors, which could be expensive, time-consuming, and unsuccessful. Further, our issued patents could be found invalid or unenforceable if challenged in court, and we may incur substantial costs as a result of litigation or other proceedings relating to patent and other intellectual property rights.
  • Because of the expense and uncertainty of litigation, we may not be in a position to enforce our intellectual property rights against third parties.
  • If we are unable to protect the confidentiality of our trade secrets, our business and competitive position would be harmed. Our reliance on third parties requires us to share our trade secrets, which increases the possibility that a competitor will discover them or that our trade secrets will be misappropriated or disclosed.
  • If our trademarks and trade names are not adequately protected, then we may not be able to build name recognition in our markets of interest and our business may be adversely affected.
  • Intellectual property discovered through government funded programs may be subject to federal regulations such as “march-in” rights, certain reporting requirements and a preference for U.S.-based companies. Compliance with such regulations may limit our exclusive rights and limit our ability to contract with non-U.S. manufacturers.
  • Risks Related to Legal and Regulatory Compliance Matters
  • Our relationships with customers, healthcare providers, including physicians, and third-party payors are subject, directly or indirectly, to federal and state healthcare fraud and abuse laws, false claims laws, and other healthcare laws and regulations. If we are unable to comply, or have not fully complied, with such laws, we could face substantial penalties.
  • Existing regulatory policies may change, and additional government regulations may be enacted that could prevent, limit or delay regulatory approval of our product candidates.
  • Even if we obtain regulatory approval for PMN310, PMN442, PMN267 or any future product candidates, they will remain subject to ongoing regulatory oversight, which may result in significant additional expense.
  • Failure to comply with health and data protection laws and regulations could lead to government enforcement actions and civil or criminal penalties, private litigation or adverse publicity and could negatively affect our operating results and business.
  • Artificial intelligence presents risks and challenges that can impact our business including by posing cybersecurity risks to our confidential information, proprietary information, and personal data.
  • Even if we obtain FDA or EMA approval any of our product candidates in the U.S. or European Union, we may never obtain approval for or commercialize any of them in any other jurisdiction, which would limit our ability to realize their full market potential.
  • Healthcare legislative or regulatory reform measures may have a negative impact on our business and results of operations.
  • Our business activities may be subject to the Foreign Corrupt Practices Act of 1977 (FCPA) and similar anti-bribery and anti-corruption laws.
  • Our employees, independent contractors, consultants, commercial partners and vendors may engage in misconduct or other improper activities, including noncompliance with regulatory standards, FCPA and similar anti-bribery and anti-corruption laws, and requirements and insider trading, which could significantly harm our business.
  • Our insurance policies are expensive and only protect us from some business risks, which will leave us exposed to significant uninsured liabilities.
  • Risks Related to Our Business and Industry
  • We face significant competition in an environment of rapid technological and scientific change, and there is a possibility that our competitors may achieve regulatory approval before us or develop therapies that are safer or more effective than ours.
  • If we fail to attract and retain senior management and key scientific personnel, our business may be materially and adversely affected.
  • If product liability lawsuits are brought against us, we may incur substantial liabilities and may be required to limit commercialization of our current or future product candidates.
  • We may explore strategic collaborations that may never materialize or may fail.
  • Risks Related to Ownership of Our Common Shares and Our Status as a U.S. Public Company
  • Our Common Shares are currently listed on Nasdaq. We cannot assure you that we will be able to maintain a listing of our Common Shares on any such trading venue.
  • On January 8, 2025, we received written notice from Nasdaq stating that we were not in compliance with Nasdaq Listing Rule 5550(a)(2) because, for the 30 consecutive business days prior to the date of the deficiency letter, the closing bid price for our Common Shares was trading below the minimum $1.00 per share requirement. We subsequently regained compliance as of December 12, 2025.
  • Investment in the Company’s Common Shares is speculative, involves risk, and there is no guarantee of a return.
  • If equity research analysts do not publish research or reports, or publish unfavorable research or reports, about us, our business or our market, our share price and trading volume could decline.
  • Concentration of ownership of our Common Shares among our existing executive officers, directors and principal shareholders may prevent new investors from influencing significant corporate decisions.
  • Our constating documents permit us to issue an unlimited amount of additional Common Shares or Preferred Shares, which may prevent a third-party takeover or cause our shareholders to experience dilution in the future.
  • Anti-takeover provisions in our governing documents and under Canadian Law could prevent or delay transactions that shareholders may favor.
  • The rights of our shareholders may differ from the rights typically offered to shareholders of a U.S. corporation and these differences may make our Common Shares less attractive to investors.
  • We are an “emerging growth company” and a “smaller reporting company” and, as a result of the reduced disclosure and governance requirements applicable to emerging growth companies and smaller reporting companies, our Common Shares may be less attractive to investors.
  • We have never paid dividends on our capital shares and we do not intend to pay dividends for the foreseeable future. Consequently, any gains from an investment in our Common Shares will likely depend on whether the price of our Common Shares increases.
  • General Risk Factors
  • We incur increased costs and demands upon management as a result of being a public company in the United States.
  • Adverse developments affecting the financial services industry could adversely affect our current and projected business operations and our financial condition and results of operations.
  • Public health crises, such as a pandemic, epidemic or outbreak of other highly infectious or contagious diseases, could seriously harm our research, development and potential future commercialization efforts, increase our costs and expenses and have a material adverse effect on our business, financial condition and results of operations.

Legal proceedings

From time to time, we may become involved in litigation or other legal proceedings arising in the ordinary course of business. We are not currently a party to any litigation or legal proceedings that, in the opinion of our management, are probable to have a material adverse effect on our business. Regardless of outcome, litigation can have an adverse impact on our business, financial condition, results of operations and prospects because of defense and settlement costs, diversion of management resources and other factors.

The opening of Item 3, Legal Proceedings.4

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