ProMIS Neurosciences Announces Third Quarter 2020 Results - Seite 2

Results of Operations – Three months ended September 30, 2020 and 2019

The Company’s net loss for the three months ended September 30, 2020 was $1,562,228, compared to a net loss of $1,637,714 for the three months ended September 30, 2019. Included in the net loss for the three months ended September 30, 2020 were non-cash expenses of $53,844, representing share-based compensation and amortization of an intangible asset, compared to $134,634 for the three months ended September 30, 2019. The decrease in the net loss for the three months ended September 30, 2020 reflects decreased consulting and professional fees, share-based compensation and foreign exchange losses offset by increased contract research organizations for internal programs and increased patent expenses.

Research and development expenses for the three months ended September 30, 2020 were $1,048,726, as compared to $1,053,123 in the three months ended September 30, 2019. The decrease in research and development expense for the three months ended September 30, 2020 is primarily attributed to decreased consulting and professional fees and share-based compensation, offset by increased contract research organizations for internal programs and increased patent expenses.

General and administrative expenses for the three months ended September 30, 2020 were $510,264, as compared to $584,602 in the three months ended September 30, 2019. The decrease in general and administrative expenses for the three months ended September 30, 2020 is primarily attributable to a decrease in foreign exchange losses and share-based compensation, offset by an increase in consulting and professional fees.

Results of Operations – Nine months ended September 30, 2020 and 2019

The Company’s net loss for the nine months ended September 30, 2020 was $4,974,365, compared to a net loss of $5,942,821 for the nine months ended September 30, 2019. Included in the net loss for the nine months ended September 30, 2020 were non-cash expenses of $343,892, representing share-based compensation, warrant modification and amortization of an intangible asset, compared to $551,968 for the nine months ended September 30, 2019. The decrease in the net loss for the nine months ended September 30, 2020 reflects decreased costs associated with contract research organizations for internal programs, decreased consultant costs, decreased professional fees, decreased share-based compensation and decreased foreign exchange losses, offset by increased patent expenses.