Summary by Moomoo AI
Processa Pharmaceuticals, Inc., a clinical-stage biopharmaceutical company, reported its annual financial performance for the fiscal year ended December 31, 2023. The company, which focuses on developing Next Generation Chemotherapy (NGC) oncology drug products, has not generated any revenue and continues to incur losses, with an accumulated deficit of approximately $75.4 million. During the fiscal year, Processa Pharmaceuticals recorded a net loss of $11.1 million, a decrease from the previous year's net loss of $27.4 million. The reduction in net loss is attributed to decreased research and development expenses, which fell by $5.7 million to $5.8 million, and a decrease in general and administrative expenses by $3.1 million to $5.7 million. The company did not recognize any income tax benefit for the year. Processa Pharmaceuticals' financial position includes...Show More