Processa Pharmaceuticals, Inc. (Processa), a clinical-stage biopharmaceutical company, reported its financial performance for the quarter ended September 30, 2024. The company's financials showed a net loss of $3.4 million for the quarter, compared to a net loss of $2.1 million for the same period in 2023. Research and development expenses increased to $2.3 million, up from $1.2 million in the previous year, primarily due to the ongoing Phase 1B trial and initiation of the Phase 2 trial for NGC-Cap, a next-generation chemotherapy drug. General and administrative expenses also rose to $1.1 million from $1.0 million year-on-year. The company's cash and cash equivalents stood at $2.9 million as of September 30, 2024. Processa has been financing its operations through public equity issuances, including a recent offering that raised...Show More

Processa Pharmaceuticals, Inc. (Processa), a clinical-stage biopharmaceutical company, reported its financial performance for the quarter ended September 30, 2024. The company's financials showed a net loss of $3.4 million for the quarter, compared to a net loss of $2.1 million for the same period in 2023. Research and development expenses increased to $2.3 million, up from $1.2 million in the previous year, primarily due to the ongoing Phase 1B trial and initiation of the Phase 2 trial for NGC-Cap, a next-generation chemotherapy drug. General and administrative expenses also rose to $1.1 million from $1.0 million year-on-year. The company's cash and cash equivalents stood at $2.9 million as of September 30, 2024. Processa has been financing its operations through public equity issuances, including a recent offering that raised net proceeds of $6.3 million. The company also received $931,000 from an 'at the market offering' under a sales agreement. Processa is currently conducting a Phase 2 trial for NGC-Cap in breast cancer patients and is in discussions to extend deadlines for other drug development milestones with its licensors. The company's future plans include continuing the Phase 2 trial for NGC-Cap and evaluating other next-generation chemotherapy drugs in its portfolio. Processa's ability to continue operations is dependent on obtaining additional funding, and there is substantial doubt about its ability to continue as a going concern without such funding.