Here are 1-3 brief analogies for ProMIS Neurosciences:

• A Genentech for neurodegenerative diseases, developing precision medicines that selectively target toxic proteins like those implicated in Alzheimer's.

• Like a Vertex Pharmaceuticals for neurodegenerative diseases, building highly specific drugs for challenging conditions such as Alzheimer's and ALS.

• A specialized Biogen or Eli Lilly for Alzheimer's disease, focusing on ultra-precise drugs against specific toxic protein forms.

ProMIS Neurosciences (PMN) Major Products

• PMN310: A lead antibody therapeutic candidate in development for Alzheimer's disease, designed to selectively target toxic amyloid-beta oligomers.
• PMN267: An antibody therapeutic candidate in development for Amyotrophic Lateral Sclerosis (ALS), targeting misfolded TDP-43.
• PMN442: An antibody therapeutic candidate in development for Parkinson's disease, targeting toxic forms of alpha-synuclein.

ProMIS Neurosciences (PMN) is a biotechnology company focused on the discovery and development of antibody therapeutics for neurodegenerative diseases such as Alzheimer's and Parkinson's disease. At its current stage of operations, ProMIS Neurosciences is primarily engaged in research and clinical development.

Therefore, ProMIS Neurosciences does not have "major customers" in the traditional sense of selling products or services to other companies or individuals. Biotechnology companies in the discovery and development phase typically generate revenue through research grants, strategic partnerships, licensing agreements with larger pharmaceutical companies, or equity financing, rather than direct product sales to customers.

Should ProMIS Neurosciences successfully develop and commercialize a therapeutic product, its customers would ultimately be healthcare providers, hospitals, and pharmacies, which would purchase the drug for patients.

Neil Warma, Interim Chief Executive Officer

Mr. Warma became interim CEO of ProMIS Neurosciences in January 2024. He is a successful healthcare entrepreneur with over 25 years of experience managing and advising numerous biotechnology and pharmaceutical companies globally. Previously, he served as CEO, Representative Director, and Board Member of Genexine, Inc., a public global biopharmaceutical company, where he led restructuring and commercialization. Mr. Warma was also the US General Manager of I-Mab Biopharma U.S., a publicly traded global biopharmaceutical company, where he was responsible for global operations expansion and a key driver in its U.S. IPO. He was President and CEO of Opexa Therapeutics, Inc., a publicly traded biopharmaceutical company, and CEO of Viron Therapeutics, a private biotechnology company. Mr. Warma spent several years in key management roles at Novartis Pharmaceuticals. He was President and Co-Founder of MedExact, a health-technology company that he later sold.

Daniel Geffken, Chief Financial Officer

Mr. Geffken is a Founding Managing Director of Danforth Advisors, LLC, a consulting firm providing finance, operations, and strategic support to life science companies. He brings over 30 years of experience in the life science industry, working with companies from start-ups to publicly traded entities with over $1 billion market capitalizations. He has previously served as COO or CFO for four publicly traded and several privately held life science companies, in addition to his consulting clients. Mr. Geffken has been Chief Financial Officer of companies including Homology, Inc., Transkaryotic Therapies, Inc., Cidara, Inc., Cabaletta Bio, Inc., Apellis, Inc., and Stealth BioTherapeutics, Inc. He has successfully raised more than $1 billion in equity and debt securities for life science companies.

Eugene Williams, Co-Founder & Chairman

Mr. Williams co-founded ProMIS Neurosciences in 2015 and has served as Chairman since 2022. He is an entrepreneur who founded and directed Adheris, which grew to become the largest company in the patient adherence area. Mr. Williams is a former SVP at Genzyme, holding senior roles that integrated commercialization, drug development, and deal making. He was also previously the CEO of Dart Therapeutics, an Orphan Disease drug development company. Additionally, he was a strategy consultant at Bain and Corporate Decisions Inc. (a Bain spin-off), where he served as co-Head of Healthcare.

Neil Cashman, M.D., Chief Scientific Officer and Co-founder

Dr. Cashman is a physician and scientist with a focus on neurodegenerative diseases. He is a co-founder of ProMIS Neurosciences. From 2005 to 2019, he held the Canada Research Chair in Neurodegeneration and Protein Misfolding Diseases at the University of British Columbia, where he also directed the UBC ALS Centre until 2022. Prior to that, he was the Diener Professor of Neurodegenerative Diseases at the University of Toronto from 1998 to 2005.

Larry Altstiel, M.D., Ph.D., Chief Medical Officer

Dr. Altstiel brings extensive medical expertise in neurodegenerative diseases and a background spanning academia, patient care, and the pharmaceutical industry to ProMIS Neurosciences. He previously served as a Group Leader of Neurodegenerative Diseases at Eli Lilly, where his work focused on both pre-clinical and early phase clinical research for Alzheimer's Disease and Parkinson's Disease. Dr. Altstiel was also an Attending Physician at the Mount Sinai Alzheimer's Disease Research Center.

The key risks to ProMIS Neurosciences (PMN) are primarily centered around the challenging nature of drug development in neurodegenerative diseases, its financial sustainability, and the highly competitive market.

1. Clinical Development and Regulatory Approval Risk: As a clinical-stage biotechnology company, ProMIS Neurosciences' success hinges on the successful development, clinical validation, and subsequent regulatory approval of its product candidates, especially PMN310 for Alzheimer's disease. Developing therapies for neurodegenerative diseases is inherently complex and carries a high risk of failure in clinical trials. The path to regulatory approval is lengthy, costly, and uncertain, with no guarantee of positive outcomes even with promising early-stage data.
2. Financial Sustainability and Need for Future Financing: ProMIS Neurosciences operates as a pre-revenue company, leading to significant ongoing financial strain and reliance on external financing to fund its research and development activities and operations. The company has reported making less than $1 million in revenue and its earnings are forecast to decline. While the company recently announced a private placement financing of up to $175 million to extend its cash runway into 2028, there is a continuous need for substantial capital, which could lead to further shareholder dilution. The company has an accumulated deficit and is expected to continue experiencing losses.
3. Intense Competition: The field of neurodegenerative disease research and treatment is highly competitive, with numerous large pharmaceutical companies and other biotechnology firms actively engaged in developing therapies for conditions like Alzheimer's and Parkinson's disease. This intense competition could impact ProMIS Neurosciences' ability to attract funding, secure talent, and ultimately gain market share if its drug candidates are approved.

The establishment of broad amyloid-beta plaque-reducing antibodies (such as Leqembi by Eisai/Biogen and Donanemab by Eli Lilly) as a foundational standard of care for early Alzheimer's disease.

These recently approved and late-stage drugs are defining the initial therapeutic approach and expected clinical outcomes for amyloid-targeting therapies in Alzheimer's. While ProMIS Neurosciences' lead candidate, PMN310, is designed for highly selective targeting of toxic amyloid-beta oligomers (a differentiated approach compared to broader plaque reduction), the market's adoption of plaque-reducing drugs could create a higher barrier for PMN310. This includes shaping regulatory expectations for endpoints, influencing reimbursement policies, and potentially requiring ProMIS to demonstrate a significantly superior efficacy and/or safety profile to differentiate itself in an increasingly competitive and established amyloid-targeting landscape.

ProMIS Neurosciences (symbol: PMN) is a clinical-stage biotechnology company focused on developing antibody therapies and vaccines for neurodegenerative diseases caused by misfolded proteins. The company's main product candidates target several significant addressable markets:

• Alzheimer's Disease (AD): ProMIS Neurosciences' lead product candidate, PMN310, and a vaccine candidate, PMN311, are designed to treat Alzheimer's disease. The global Alzheimer's disease market is projected to reach approximately $32.8 billion by 2033. For the 7 Major Markets (7MM), which include the United States, EU4 (Germany, France, Italy, and Spain), the United Kingdom, and Japan, the market size for Alzheimer's disease was approximately USD 5.048 billion in 2025 and is anticipated to grow to USD 34.335 billion by 2034, exhibiting a Compound Annual Growth Rate (CAGR) of 23.7%. The United States alone accounted for about 54% of the total Alzheimer's disease market in the 7MM in 2023.
• Parkinson's Disease (PD): The company is developing PMN442, an antibody targeting alpha-synuclein oligomers for Parkinson's disease, and a vaccine candidate, PMN440. The global Parkinson's disease drugs market was valued at USD 7.75 billion in 2025 and is projected to reach USD 15.77 billion by 2034, growing at a CAGR of 8.22% from 2026 to 2034. North America held the largest share of this market, at 35.31%, in 2025.
• Amyotrophic Lateral Sclerosis (ALS), Frontotemporal Dementia (FTD), and Limbic-predominant age-related TDP-43 encephalopathy (LATE): PMN267 is a product candidate targeting TDP-43 for these conditions. The global market for Amyotrophic Lateral Sclerosis (ALS) therapeutics was valued at approximately USD 0.8 billion in 2022 and is projected to reach around USD 1.6 billion by 2032, with a CAGR of 7.2% during the forecast period. The global Frontotemporal Dementia (FTD) therapeutics market size was approximately USD 0.61 billion in 2023 and is expected to reach USD 1.77 billion by 2033, growing at a CAGR of 11.23% during the forecast period of 2024 to 2033. Information regarding the addressable market size specifically for Limbic-predominant age-related TDP-43 encephalopathy (LATE) was not readily available.
• Multiple System Atrophy (MSA) and Dementia with Lewy Bodies (DLB): PMN442 also targets Multiple System Atrophy (MSA) and Dementia with Lewy Bodies (DLB). The global Multiple System Atrophy (MSA) treatment market was valued at approximately USD 336.1 million in 2022 and is expected to reach USD 530.1 million by 2030, with a CAGR of 5.9% from 2023 to 2030. The global Dementia with Lewy Bodies (DLB) treatment market was valued at approximately USD 3.6 billion in 2022 and is projected to reach USD 6.5 billion by 2032, with a CAGR of 6.2%.

ProMIS Neurosciences (symbol: PMN) is a clinical-stage biotechnology company focused on developing antibody therapeutics for neurodegenerative diseases. While currently unprofitable and not generating significant product revenue, the following are expected drivers of future revenue growth over the next 2-3 years, primarily through the advancement of its pipeline and potential strategic collaborations:

1. Advancement and Potential Commercialization of PMN310 for Alzheimer's Disease: The company's lead product candidate, PMN310, is in Phase 1b clinical trials (PRECISE-AD study) for Alzheimer's disease. Successful completion of these trials, demonstrating a favorable safety and efficacy profile, is a critical driver. The company expects 6-month interim data in mid-2026 and 12-month top-line data towards the end of 2026. While direct product revenue from PMN310 is unlikely within the immediate 2-3 years, positive clinical milestones will significantly increase the drug's value and potential for future commercialization.
2. Differentiation of PMN310 with a Favorable Safety Profile: PMN310 is designed to selectively target toxic amyloid-beta oligomers, a key contributor to Alzheimer's disease progression, with a potentially improved safety profile compared to existing anti-amyloid therapies, particularly regarding amyloid-related imaging abnormalities (ARIA). This differentiated profile, if maintained through clinical development, could offer a significant competitive advantage and drive market adoption upon potential approval, thereby contributing to future revenue.
3. Expansion and Advancement of Pipeline for Other Neurodegenerative Diseases: ProMIS Neurosciences is also developing antibody candidates for other neurodegenerative diseases such as amyotrophic lateral sclerosis (ALS) and multiple system atrophy (MSA). Progress in the preclinical and early clinical development of these additional pipeline assets would broaden the company's therapeutic portfolio, creating multiple future opportunities for revenue generation through subsequent development and commercialization.
4. Strategic Partnerships and Licensing Agreements: As a clinical-stage company with a proprietary computational modeling platform for identifying disease-specific targets, successful clinical progress of PMN310 and other pipeline candidates could attract strategic partnerships or licensing agreements with larger pharmaceutical companies. Such collaborations typically involve upfront payments, milestone payments tied to development and regulatory achievements, and future royalties on sales, which would be significant sources of revenue for ProMIS Neurosciences.

Share Issuance

• ProMIS Neurosciences announced a private placement (PIPE) financing in January 2026, expected to raise up to $175 million through the issuance of common shares, pre-funded warrants, and common share warrants, with approximately $75 million in upfront gross proceeds. This financing included the issuance of 6,815,296 common shares.
• In July 2025, the company completed a private placement of warrants, resulting in approximately $2.4 million in gross proceeds, and a total of approximately $9.2 million including the exercise of existing warrants.
• An upsized public offering in August 2021 generated gross proceeds of US$20,125,000, with the issuance of 125,781,250 units, each comprising one common share and one-quarter of a common share purchase warrant.

Inbound Investments

• The January 2026 PIPE financing of up to $175 million was co-led by Janus Henderson and Ally Bridge Group, and saw participation from other institutional investors such as Deep Track Capital, Great Point Partners, Trails Edge Capital Partners, Wellington Management, and Woodline Partners LP.
• Company CEO and members of the management team and Board of Directors also participated in the January 2026 PIPE financing.
• The August 2021 public offering attracted investments from notable individuals and entities including Mike Gordon of Fenway Sports Group, the Kraft Group, Henry McCance (co-founder of Cure Alzheimer's Fund), David Adelman of Darco Capital, Michael Rubin of Fanatics, and Aspire Capital Fund.

Capital Expenditures

• Increased operating losses in Q3 2025 were primarily attributed to expenditures on the PRECISE-AD Phase 1b clinical trial for PMN310.
• Proceeds from the January 2026 PIPE financing are designated to fund the completion of the Phase 1b Alzheimer's study and support the development of a subcutaneous formulation for PMN310, aiming to extend the company's cash runway into 2028.
• The July 2025 PIPE financing proceeds were intended to advance the clinical development of PMN310, as well as to cover working capital and other general corporate expenses.