MeritValue

ProMIS Neurosciences Inc.

PMNdata completeness 63%5 fiscal years on file

Data notes: no data for concept 'revenue'; no data for concept 'pretaxIncome'

The thesis, from the filings

ProMIS Neurosciences Inc. earns about -169% on equity, and has bought back 70% of its shares over 5 years. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue—————
Net income−$9.79M1−$18.1M2−$13.2M3$2.78M4−$39.7M4
Operating cash flow−$9.31M5−$17M6−$10.8M7−$27.2M8−$28.1M8
Capital expenditure$6,0449$1,98110———
Free cash flow (derived)−$9.31M5−$17M6———
Total debt$3.91M11—$012——
Cash & equivalents$16.9M13$5.88M14$12.6M15$13.3M16$6.12M16
Diluted shares5.8M7.5M12.3M1.1M1.8M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
−$7.16
your share of equity
Profit it earned you last year
−$226.08
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on −$7.16 of net worth that earned you −$226.08 last year.

iii. Is this a good business?
Moat signal · return on equity
-169% avg · 5y
FY21 -173%FY22 —FY23 -352%FY24 17%FY25 —

It earned an average -169% on equity over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
−70% shares · 5y

Share count is down 70% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has fallen 100% — deleveraging.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
only 2 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 2 years of FCF (need ≥3) — model not applicable
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001558370-23-003167 (NetIncomeLoss)
  2. 10-K · period ending 2022-12-31 · accession 0001558370-24-004532 (NetIncomeLoss)
  3. 10-K · period ending 2023-12-31 · accession 0001558370-25-004068 (NetIncomeLoss)
  4. 10-K · period ending 2024-12-31 · accession 0001104659-26-034554 (NetIncomeLoss)
  5. 10-K · period ending 2021-12-31 · accession 0001558370-23-003167 (NetCashProvidedByUsedInOperatingActivities)
  6. 10-K · period ending 2022-12-31 · accession 0001558370-24-004532 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K · period ending 2023-12-31 · accession 0001558370-25-004068 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2024-12-31 · accession 0001104659-26-034554 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2021-12-31 · accession 0001558370-23-003167 (PaymentsToAcquirePropertyPlantAndEquipment)
  10. 10-K · period ending 2022-12-31 · accession 0001558370-24-004532 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2021-12-31 · accession 0001558370-23-003167 (LongTermDebt)
  12. 10-K · period ending 2023-12-31 · accession 0001558370-24-004532 (LongTermDebt)
  13. 10-K · period ending 2021-12-31 · accession 0001558370-23-003167 (CashAndCashEquivalentsAtCarryingValue)
  14. 10-K · period ending 2022-12-31 · accession 0001558370-24-004532 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2023-12-31 · accession 0001558370-25-004068 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2024-12-31 · accession 0001104659-26-034554 (CashAndCashEquivalentsAtCarryingValue)