PMN

ProMIS is a clinical-stage neurodegeneration play with no product revenue and a value proposition that rests almost entirely on one asset: PMN310, an anti-amyloid-beta oligomer antibody now in a Phase 1b Alzheimer's trial. R&D exploded 214% to $33.4M in FY2025 ($30.2M of it on PMN310 alone per the MD&A), producing a $40.2M operating loss and $28.1M of operating cash burn. The FY2024 'net income' of +$2.78M was an accounting artifact — $19.6M of 'other income' from warrant fair-value changes, not operations — so the headline -1529% net-income swing overstates any deterioration; the underlying business has simply always lost money, with a $130M accumulated deficit since 2004.

The balance sheet at the 12/31/2025 snapshot looks dire — $6.12M cash, negative $1.26M equity, liabilities up 331% — but that picture is already stale. Management discloses a January 2026 private placement raising $75.5M gross (on top of $21.6M from July 2025 warrant exercises), and states existing cash now funds operations through 2027. That removes the near-term solvency cliff, which is the one genuinely positive development in the filing. It comes at a cost: this is a serial issuer of common shares, warrants and pre-funded warrants, the share count already absorbed a steep reverse split (8.97M shares, -72.6%, EPS -$22.61), and the funding model guarantees continued dilution.