ProMIS Neurosciences gets second 180-day period to meet Nasdaq bid price rule

ProMIS Neurosciences Inc. (Nasdaq: PMN) disclosed in a Form 8-K for July 3, 2025, signed July 7, 2025, that Nasdaq has given it an additional 180 calendar days, until December 29, 2025, to regain compliance with the exchange's minimum bid price rule. The Toronto company was still not in compliance when its first period ended.

How the deficiency arose

On January 8, 2025, ProMIS received a deficiency letter from The Nasdaq Stock Market LLC. It said that for the last 30 consecutive business days the closing bid price of the company's common shares, no par value, had not been maintained at the minimum of $1.00 per share required for continued listing on the Nasdaq Capital Market under Nasdaq Listing Rule 5550(a)(2), the Bid Price Rule. The letter did not cause immediate delisting, and the shares kept trading under the symbol PMN. ProMIS received an initial 180 calendar days, until July 2, 2025, to regain compliance. It did not do so.

Why Nasdaq granted more time

Nasdaq told the company in writing that, although it was not in compliance, it was eligible for a second 180 calendar day period. The determination rested on ProMIS meeting the continued listing requirement for stockholder's equity and all other initial listing standards for the Nasdaq Capital Market except the Bid Price Rule. It also rested on the company's written notice that it would cure the deficiency during the extra period, including by effecting a reverse stock split, if necessary.

ProMIS said it intends to monitor the closing bid price and will consider available options, including seeking a reverse stock split. It also said there can be no assurance that it will regain compliance by December 29, 2025, meet other Nasdaq listing criteria or keep its listing. If it misses the date, Nasdaq will notify it that the shares are subject to delisting, and the company may appeal to a Nasdaq hearings panel. ProMIS added that an appeal might not succeed. It said the new date does not affect its business, operations or reporting requirements with the SEC.

The business behind the listing

ProMIS says it has in-licensed a patented technology platform that could deliver antibody therapies, therapeutic vaccines and other therapies for neurodegenerative diseases and other misfolded protein diseases, which may include Alzheimer's disease, multiple system atrophy, amyotrophic lateral sclerosis, frontotemporal lobar degeneration, progressive supranuclear palsy, corticobasal degeneration and schizophrenia. The annual report filed March 31, 2025 calls the platform an example of drug discovery enabled by computational power, in silico discovery, or artificial intelligence.

It first licensed exclusive rights to ProMIS target epitope identification technology from the University of British Columbia, then acquired a worldwide license from the university to "Collective Coordinates", a computational algorithm that, the company says, supersedes the earlier tool. The platform seeks conformational epitopes that are exposed on toxic, misfolded forms of a protein but absent from the properly folded form. Cyclic peptides containing those epitopes are used to immunize mice or rabbits and generate monoclonal antibodies, which are then humanized by inserting the critical binding regions into a human antibody framework.

The company says it believes the approach has the potential to produce more effective and safer antibodies than traditional immunization with whole proteins, peptides or aggregates. Those are statements of belief and potential, not trial results.

What the company says comes next

ProMIS lists three objectives for 2025. The first is advancing clinical development, driving patient enrollment and clinical progress in the PRECISE-AD Phase 1b trial in Alzheimer's disease. The second is raising corporate visibility through investor and industry engagement while evaluating partnership and business development opportunities. The third is strengthening its organizational infrastructure to support potential clinical milestones.

The annual report describes Alzheimer's disease as the most common type of dementia, accounting for approximately 60 to 80% of all dementia cases. It cites estimates that 6.9 million Americans 65 and older were living with the disease during 2024, a number projected to rise to 12.7 million by 2050. A large patient population is not evidence that the company's candidates will work.

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