The firm's financial stability appears fragile, evidenced by a current ratio of 0.88 as of 2025Q4 and a negative equity position of -$1.3 million in the same period.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Mar'14 | Mar'13 | Mar'12 | Mar'11 | Mar'10 | Mar'09 | Mar'08 | Mar'07 | Mar'06 |
|---|
| Total Current Assets | 65.61M | 9.18M | 18.91M | 13.62M | 9.35M | 22.4M | 1.24M | 2.03M | 2.91M | 2.11M | 897.63K | 1.07M | 205.99K | 206.44K | 210.04K | 1.13K | 4.99M | 4M | 9.15M | 12.57M | 4.69M |
| Cash & Short-Term Investments | 63.85M | 6.15M | 13.32M | 12.63M | 8.01M | 21.48M | 1.11M | 1.7M | 2.43M | 1.73M | 753.25K | 944.21K | 25.01K | 35.63K | 36.26K | 909 | 4.32M | 3.74M | 8.43M | 12.01M | 4.6M |
| Cash Only | 63.81M | 6.12M | 13.29M | 12.6M | 7.96M | 21.43M | 1.03M | 1.66M | 2.39M | 1.69M | 712.04K | 903.21K | 25.01K | 35.63K | 36.26K | 816 | 234.41K | 447.11K | 2.15M | 1.44M | 97.61K |
| Short-Term Investments | 33.75K | 33.75K | 33.05K | 32.36K | 59.46K | 50.69K | 76.72K | 41.83K | 41.62K | 41.41K | 41.2K | 41K | 0 | 0 | 0 | 94 | 4.08M | 3.3M | 6.28M | 10.57M | 4.51M |
| Accounts Receivable | 0 | 36.52K | 78.03K | 78.64K | 0 | 0 | 0 | 0 | 1.16K | 2.17K | 6.92K | 9.16K | 646 | 318.92K | 3.67K | 46 | 242.5K | 208.87K | 208.87K | 581.08K | 444.88K |
| Days Sales Outstanding | - | - | - | - | - | - | - | - | 1.22K | 100.59 | 1.26K | 232.69 | 1.76 | 2.39K | 14.7 | 0.01 | 502.45 | 393.73 | 164.3 | 964.41 | 5.19K |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -40.14K | -36.69K | -34.44K | -53.48K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Current Assets | 1.76M | 70.48K | 47.28K | 228.85K | 571.72K | 768.78K | 78.75K | 74.22K | 53.5K | 43.97K | 39.36K | 65.06K | 128.54K | 56.69K | 112.43K | 0 | 133K | 51.45K | 132.96K | 114.69K | 13.9K |
| Total Non-Current Assets | 1.8M | 0 | 0 | 0 | 28.65K | 40.83K | 144.23K | 48.29K | 56.85K | 63.52K | 70.2K | 76.87K | 88.55K | 109.85K | 111.77K | 161 | 311.24K | 366.76K | 558.68K | 204.23K | 72.99K |
| Property, Plant & Equipment | 0 | 0 | 0 | 0 | 435 | 5.91K | 99.61K | 0 | 1.89K | 1.89K | 1.89K | 1.89K | 6.9K | 18.12K | 18.44K | 61 | 311.24K | 366.76K | 558.68K | 177.47K | 72.99K |
| Fixed Asset Turnover | - | - | - | - | - | 1.38x | 0.02x | - | 0.18x | 4.17x | 1.06x | 7.61x | 19.44x | 2.69x | 4.94x | 20239.06x | 0.57x | 0.53x | 0.83x | 1.24x | 0.43x |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1.6K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 28.21K | 34.92K | 41.62K | 48.29K | 54.96K | 61.64K | 68.31K | 74.98K | 81.65K | 93.33K | 93.33K | 100 | 0 | 0 | 0 | 26.76K | 0 |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 3K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 1.8M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -161 | 0 | 0 | 0 | 0 | 0 |
| Total Assets | 67.41M | 9.18M | 18.91M | 13.62M | 9.38M | 22.44M | 1.38M | 2.07M | 2.97M | 2.17M | 967.82K | 1.15M | 294.54K | 316.29K | 321.81K | 1.29K | 5.31M | 4.37M | 9.71M | 12.77M | 4.76M |
| Asset Turnover | 0.00x | - | - | - | - | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.00x | 0.01x | 0.46x | 0.15x | 0.28x | 951.17x | 0.03x | 0.04x | 0.05x | 0.02x | 0.01x |
| Asset Growth % | 904.7% | -51.45% | 38.86% | 45.26% | -58.22% | 1520.47% | -33.22% | -30.09% | 36.63% | 124.3% | -15.9% | 290.69% | -6.88% | -1.72% | 24770.88% | -99.98% | 21.43% | -54.98% | -24.01% | 168.42% | - |
| Total Current Liabilities | 6.61M | 10.41M | 2.22M | 9.35M | 8.68M | 1.17M | 2.4M | 1.68M | 1.81M | 637.45K | 898.39K | 550.76K | 492.77K | 528.83K | 538.06K | 485 | 634.39K | 472.01K | 1.26M | 575.14K | 212.62K |
| Accounts Payable | 1.72M | 2.54M | 1.74M | 7.84M | 4.03M | 517.17K | 557.84K | 465.02K | 523K | 207.48K | 478.08K | 311.65K | 492.77K | 427.38K | 487.72K | 485.11K | 0 | 0 | 473.72K | 1.26M | 575.14K |
| Days Payables Outstanding | - | - | - | 274.08 | - | 32.26 | 63.97 | 35.84 | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Short-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 89.92K | 118.28K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 4.9M | 79.75K | 38.33K | 518.7K | 0 | 0 | 0 | 0 | 628.79K | 0 | 165.88K | 17.04K | -26.51K | 101.44K | 0 | 0 | 634.39K | 472.01K | 0 | -683.32K | -362.52K |
| Current Ratio | 9.92x | 0.88x | 8.52x | 1.46x | 1.08x | 19.07x | 0.52x | 1.21x | 1.61x | 3.31x | 1.00x | 1.95x | 0.42x | 0.39x | 0.39x | 2.34x | 7.87x | 8.48x | 7.27x | 21.85x | 22.04x |
| Quick Ratio | 9.92x | 0.88x | 8.52x | 1.46x | 1.08x | 19.07x | 0.52x | 1.21x | 1.63x | 3.36x | 1.04x | 2.05x | 0.42x | 0.39x | 0.39x | 2.34x | 7.87x | 8.48x | 7.27x | 21.85x | 22.04x |
| Cash Conversion Cycle | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 79.38K | 29.18K | 204.85K | 516.19K | 2.52M | 14.11M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 528.83K | 0 | 0 | 0 | 0 | 1.26M | 575.14K | 212.62K |
| Long-Term Debt | 0 | 0 | 0 | 0 | 0 | 4.94M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 79.38K | 29.18K | 204.85K | 516.19K | 2.52M | 9.17M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | 6.69M | 10.44M | 2.42M | 9.87M | 11.2M | 15.28M | 2.4M | 1.68M | 1.81M | 637.45K | 898.39K | 550.76K | 492.77K | 528.83K | 538.06K | 485 | 634.39K | 472.01K | 1.26M | 575.14K | 212.62K |
| Total Debt | 0 | 0 | 0 | 0 | 0 | 4.94M | 0 | 0 | 0 | 0 | 120.86K | 118.28K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Debt | -63.81M | -6.12M | -13.29M | -12.6M | -7.96M | -16.49M | -1.03M | -1.66M | -2.39M | -1.69M | -591.18K | -784.93K | -25.01K | -35.63K | -36.26K | -816 | -234.41K | -447.11K | -2.15M | -1.44M | -97.61K |
| Debt / Equity | 0.00x | - | - | - | - | 0.69x | - | - | - | - | 1.74x | 0.20x | - | - | - | - | - | - | - | - | - |
| Debt / EBITDA | -0.00x | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Net Debt / EBITDA | 1.56x | - | -4.65x | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Interest Coverage | - | - | 37.20x | -88.57x | -63.04x | -22.52x | - | - | - | -846.52x | -161.04x | -63.01x | - | -891.70x | - | - | -25.40x | -24.61x | - | - | - |
| Total Equity | 60.72M | -1.26M | 16.49M | 3.75M | -1.82M | 7.16M | -1.02M | 398.12K | 1.16M | 1.53M | 69.43K | 599.98K | -198.23K | -212.54K | -216.25K | 809 | 4.67M | 3.9M | 8.45M | 12.2M | 4.55M |
| Equity Growth % | 542.92% | -107.63% | 339.3% | 305.68% | -125.5% | 804.51% | -355.18% | -65.57% | -24.59% | 2108.4% | -88.43% | 402.67% | 6.73% | 1.72% | -26827.77% | -99.98% | 19.86% | -53.86% | -30.74% | 168.32% | - |
| Book Value per Share | 9.30 | -0.00 | 15.58 | 7.63 | -6.08 | 30.93 | -5.34 | 2.30 | 7.25 | 11.18 | 0.61 | 8.34 | -4.90 | -5.62 | -6.33 | 0.02 | 146.87 | 139.24 | 306.82 | 576.11 | 353.18 |
| Total Shareholders' Equity | 60.72M | -1.26M | 16.49M | 3.75M | -1.82M | 7.16M | -1.02M | 398.12K | 1.16M | 1.53M | 69.43K | 599.98K | -198.23K | -212.54K | -216.25K | 809 | 4.67M | 3.9M | 8.45M | 12.2M | 4.55M |
| Common Stock | 0 | 0 | 0 | 0 | 0 | 0 | 52.74M | 49.03M | 45.22M | 37.47M | 32.71M | 30.47M | 28.07M | 25.15M | 25.58M | 24.55K | 0 | 0 | 0 | 0 | 0 |
| Retained Earnings | -138.65M | -130.41M | -90.69M | -93.47M | -108.66M | -78.64M | -71.25M | -65.59M | -58.19M | -48.02M | -42M | -38.55M | -36.43M | -31.48M | -32.03M | -29.8K | -23.31M | -14.86M | -13.12M | -5.52M | -1.83M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -371.18K | -371.18K | -371.18K | -371.18K | -264.52K | -237.63K | 9.14M | 8.88M | 6.13M | 4.15M | 1.48M | 1.39M | 2.88M | 0 | 1.38M | 0 | 17.02K | 14.73K | 2.74M | 2.08M | 633.79K |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Imminent liquidity and dilution
As reported in financial statements, ProMIS Neurosciences has experienced significant volatility in its total asset base, which plummeted from $24.5 million in 2024Q3 to $9.2 million by 2025Q4, highlighting a precarious trajectory that underscores the company's reliance on external funding to maintain its research operations.
The rapid contraction in total assets suggests that the company is consuming its capital base at an unsustainable rate to fund clinical development. Investors should monitor whether this downward trend in asset accumulation reflects a strategic pivot or simply the exhaustion of available resources without a corresponding milestone achievement.
Based on the company's reported figures, the cash position dropped to $6.1 million in 2025Q4, resulting in a current ratio of 0.88, which indicates that the firm's immediate liquid assets are insufficient to cover its short-term liabilities as it advances its clinical trial programs.
A current ratio below 1.0 is a significant red flag for a pre-revenue entity, as it suggests that the company may struggle to meet its near-term obligations without immediate capital intervention. This liquidity constraint likely forces management into a position where they must prioritize survival over long-term value creation.
According to recent SEC filings, the company's equity position has fluctuated significantly, turning negative in 2025Q4 at -$1.3 million, a development that reflects the persistent accumulation of losses and the absence of a sustainable revenue-generating business model to bolster the balance sheet.
The transition into negative equity territory suggests that the company's accumulated deficit has fully offset its paid-in capital, which may complicate future financing efforts. This trend warrants further investigation into the potential for future share dilution as the only viable path to recapitalize the business.
As indicated by the provided financial data, the absence of long-term debt is overshadowed by the volatility in equity and working capital, suggesting that the company's primary risk is not leverage-related but rather the structural inability to maintain a positive net worth without constant equity issuance.
While the lack of debt might appear favorable, it masks the reality that the company is effectively operating on a 'pay-as-you-go' basis funded by shareholders. This reliance on equity markets makes the company highly sensitive to sector-specific funding droughts, which could abruptly halt clinical progress.
Quick answers to the most common questions about buying PMN stock.
As of 2025, ProMIS Neurosciences, Inc. (PMN) had total assets of $9.2M including $9.2M in current assets.
ProMIS Neurosciences, Inc. (PMN) carries total debt of $0.0M, offset by $6.2M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
ProMIS Neurosciences, Inc. (PMN) has total shareholders' equity (book value) of $-1.3M ($-0.00 book value per share). Book value represents the net worth of the company belonging to common stock holders.
ProMIS Neurosciences, Inc. (PMN) reported a current ratio of 0.88x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.