Thank you for standing by. My name is Jordan, and I'll be your conference operator today. At this time, I'd like to welcome everyone to the ProMIS Neurosciences Inc. annual meeting. I would now like to turn the call over to Neil Warma, CEO of ProMIS Inc. Please go ahead.
Thank you, Jordan. Good morning, everyone. My name is Neil Warma. I'm the President and Chief Executive Officer of ProMIS Neurosciences Inc., and I will be acting as the chair of this meeting. I would now like to appoint Kristen McCarthy, attorney for the corporation and associate of Goodwin Procter LLP, to act as our recording secretary of the meeting. Estella Richard of Broadridge Financial Solutions is also in attendance today, and I'd like to appoint her to act as Scrutineer for the meeting. On the agenda for today, after presentation of the annual financial statements, we will consider and then vote on the following resolutions. The election of seven directors to the corporation's board of directors, the appointment of the auditor of the corporation for the fiscal year ending December 31st, 2026, and the approval of an amendment to the ProMIS Neurosciences Inc. 2025 Stock Option and Incentive Plan.
We will also transact such other business that may properly come before this meeting. If a shareholder in attendance has any question or any other matter a shareholder may wish to raise, please submit your matter in question through the Q&A portal provided. We will address any matters submitted through the Q&A portal, which are considered relevant after the formal meeting is concluded. I would now like to ask the recording secretary of the meeting to confirm we have a quorum. To remind you, a quorum is two shareholders or two proxy holders representing shareholders or any combination thereof, holding not less than 33.3% of the issued and outstanding shares entitled to be voted at the meeting.
Yes, we have a quorum. There are two persons present at this virtual meeting who are either a shareholder entitled to vote at the meeting or a duly appointed proxy holder for an absent shareholder entitled to vote at the meeting and who together represent by proxy 4,762,024 common shares. Management has received 283,669 proxies representing 4,762,024 common shares, which is 53.1% of the outstanding common shares, which exceeds the minimum required for a meeting quorum.
Thank you, Kristen. I now table the proxy statement mailed to all shareholders concerning this meeting and the affidavit of the mailing. The proxy statement was sent to all shareholders of record as of March 23rd, 2026, which was the record date. A quorum being present and proper notice of this meeting having been given, I now declare this meeting to be regularly called and duly constituted for the transaction of business. The rules of conduct for the meeting are available on the virtual meeting site, and the meeting will be conducted in accordance with such rules. I'd like to move to the business of the meeting. Directors are elected by plurality of votes cast. This means that seven director nominees receiving the highest number of for votes will be elected as directors.
A simple majority of affirmative votes cast by holders of common shares represented at the meeting in person or by proxy is required to pass the other two resolutions presented today. If voting is required at this meeting in accordance with the bylaws, we will conduct all voting through virtual meeting voting portal available through registered attending shareholders and registered attendee proxy holders. If you have previously turned in your proxy and do not intend to change your vote, it is not necessary that you complete another proxy or ballot. I would like to thank all shareholders who have submitted their proxy vote in advance. Your vote will be counted. If you are eligible to vote and you have not submitted your proxy, or if you want to change your vote, you may do so by clicking on the link provided through the virtual meeting platform.
In order to allow shareholders to vote through the virtual meeting platform at any time during this meeting, I now declare the polls open for voting. It is now 10:34 Eastern on May 20th, 2026. I'd like to now table the financial statements and report of the auditor, Baker Tilly US, LLP, concerning the financial year ended December 31st, 2025. Copies of the audited financial statements were sent to all registered shareholders and to all beneficial shareholders requesting a copy. Copies of the financials are also available for review under the company's profile at www.sedar.com or sec.gov/edgar. Are there any questions concerning the auditor's report for the financial statements?
As I see none, I'd like to thank you, and I declare the financial statements and the auditor's report thereon for the corporation's financial year ended December 31st, 2025, together with the related management's discussion and analysis, were submitted to the shareholders and were accepted as presented. Moving to the election of directors. Pursuant to the bylaws of the corporation, there were no nominations received by the board for election for director or for persons other than the nominees named in the proxy statement prepared. No further nominations for election as director will be accepted today. Accordingly, the following persons are nominated for election to the position of director for the year following this meeting: Neil Cashman, Slanix Alex, Josh Mandel-Brehm, Maggie Shafmaster, Neil Warma, Eugene Williams, William Wyman. Information on each of the directors' nominees is included in the proxy statement for the meeting.
Each of the director nominees has consented to stand for election as director at this meeting. The next item, motion to approve the appointment of the auditor. I'd like to then speak to the appointment of the corporation's auditor for the ensuing year, Baker Tilly US, LLP of Tewksbury, Massachusetts, is currently the auditor of the corporation until the end of this meeting. I now move to appoint Baker Tilly US, LLP as auditor of the corporation for the ensuing year until the close of the next annual meeting of shareholders, and to authorize the board of directors to fix the auditor's remuneration. The next item of business is to consider for approval an ordinary resolution to approve the amendment to the ProMIS Neurosciences, Inc. 2025 Stock Option and Incentive Plan. I now move to approve the amendment to the 2025 Stock Option and Incentive Plan.
It is now 10:37 A.M. Eastern Time on May 20th, 2026. The polls for the foregoing matters are now closed. No additional ballots, proxies or votes, and no changes or revocations will be accepted. I will now ask the scrutineer to tabulate the votes of shareholders and proxy holders and prepare a report on the voting results. I would like to now ask the recording secretary to report on the voting results.
Thank you, Neil. The results of voting show that each director has received the required number of votes, that the ordinary resolution to appoint Baker Tilly US, LLP as auditor of the corporation for the ensuing year has received the required votes of common shareholders for appointment. The ordinary resolution to approve the amendment to the ProMIS Neurosciences, Inc. 2025 Stock Option and Incentive Plan has received the requisite votes for approval.
Thank you, Kristen. As the minimum required voting percentage in favor of each of the motions presented in the meeting has been achieved, I now declare the following. With respect to election of directors, I declare that Neil Cashman, Slanix Paul Alex, Josh Mandel-Brehm, Maggie Shafmaster, Neil Warma, Eugene Williams, William Wyman have each been elected as director to hold their position as director for the ensuing year or until their successor is duly elected or appointed. I also declare the motion carried and Baker Tilly US, LLP is appointed as the corporation's auditor, and the board is authorized to fix the auditor's remuneration. I also declare the motion carried and the resolution passed on the amendment to the ProMIS Neurosciences, Inc. 2025 Stock Option and Incentive Plan. Before we terminate, that's the formal process of the shareholder meeting. I would like to thank you all for joining today.
Before we close, I'd like to just take a few minutes to share where ProMIS stands as we approach what we believe could be a defining year for the company, and more importantly, a defining year for patients and caregivers with Alzheimer's disease who are deeply affected by this condition. At our annual meeting last year, I shared that the team's focus was on the execution of our phase Ib clinical trial of PMN310, our novel oligomer selective anti-amyloid antibody in patients with early Alzheimer's disease. 12 months on, I am pleased to report that we've delivered on that commitment and in several respects, exceeded it.
In December 2025, we announced that PRECISE-AD, which is our phase Ib multiple ascending dose study in Alzheimer's patients, was fully enrolled. It exceeded our original enrollment target with 144 participants randomized across three dosing cohorts at 22 sites across the U.S. As a reminder, PRECISE-AD is the first clinical study to examine the effects of a monoclonal antibody designed solely to target toxic Abeta oligomers. The trial will evaluate biomarkers, safety, and clinical endpoints over 12 monthly doses in patients with mild cognitive impairment due to Alzheimer's disease or mild Alzheimer's disease. The pace at which enrollment was completed reflects the enthusiasm of investigators and patients for PMN310's differentiated profile, and we are deeply grateful to the participating sites, the principal investigators, and most of all to the patients and families who have placed their trust in this program.
With enrollment behind us, our focus has shifted to trial execution and to the near-term data milestones ahead. The most significant of these is the blinded six-month interim analysis of the trial, which we continue to anticipate in early Q3 2026. In a matter of months. As we have communicated publicly, this analysis is expected to include a qualitative assessment of aggregated safety data, which will include ARIA incidence together with key biomarker trends across all study participants at the six-month time point. Because the analysis pools active and placebo groups under the blind, it is not designed to assess clinical efficacy, and individual treatment assignments will not be disclosed. However, even modest directional changes in biomarkers could provide an early indication of target engagement while preserving the integrity of the study. 12 months dosing is expected to be completed by year-end, with unblinded top-line results anticipated in early 2027.
We do believe these readouts have the potential to position PMN310 as a best-in-class treatment for early Alzheimer's disease, combining meaningful clinical benefit with a substantially improved tolerability profile relative to currently marketed plaque-directed therapies, particularly with respect to ARIA. ARIA, as you know, bleeding or swelling of the brain, remains a central safety concern in this class and continues to factor heavily into real-world treatment decisions for patients and physicians. The scientific rationale for selectivity targeting toxic soluble oligomers while sparing plaque has only strengthened over the past year, reinforced by peer-reviewed publications we and others announced in late 2025. Beyond PMN310 IV dosing, we have advanced the broader pipeline with discipline and intent.
Importantly, we are pursuing the development of a subcutaneous formulation of PMN310, and we have established a dedicated development plan reflecting our conviction in the potential of this approach to enhance patient convenience and further strengthen the asset's long-term competitive profile. On the corporate side, the most significant development of the past year was the completion in early February 2026, of what we believe is the transformational financing, a private placement with up to $175 million in gross proceeds, including the potential exercise of warrants. The financing brought to ProMIS a deep group of long-term global healthcare investors and reflects the institutional conviction that has been built around the PMN310 program. The upfront proceeds, combined with our existing resources, excuse me, are expected to fund the company through 2027, including the completion of the clinical trial. I'm losing my voice. Excuse me. Sorry. Emotional.
In closing, I want to express my appreciation. Sorry. My appreciation to our shareholders, many of whom are joining us today virtually. Thank you for your continued support and for your confidence in our ability to execute. To the physicians, the site staff, and the CROs working alongside us on the trial, thank you also for your dedication to the patients in the trial. To the patients and their families, thank you for your belief in what PMN310 may offer. To the entire ProMIS team, thank you for the focus, rigor, and ambition that have brought us to this moment. It is emotional, but it's my cough that's getting to me. I'd like to thank you all for attending today and thank you for your support and enthusiasm and encouragement over the past year.
If there are any questions, if any of the shareholders have any questions or any other matter that you wish to raise, just please send a question through the portal and we will address it. It doesn't look like there are any, so maybe we've addressed your questions in the update. Again, I thank you very much. Sorry about the voice. As the business for this meeting is completed, I'd like to now declare the meeting concluded. Thanks again for attending.
This concludes today's meeting. You may now disconnect.