Summary by Moomoo AI
Processa Pharmaceuticals reported a net loss of $3.01 million ($1.01 per share) for Q2 2024, compared to $2.61 million ($1.94 per share) in Q2 2023. Revenue remained at zero while research and development expenses increased slightly to $1.73 million from $1.69 million year-over-year. The company ended the quarter with $5.57 million in cash and cash equivalents.The company made significant progress with its NGC-Cap program, receiving IND clearance from FDA on July 24, 2024 for a Phase 2 trial in advanced and metastatic breast cancer. The global multicenter trial will compare two doses of NGC-Cap to standard capecitabine in 60-90 patients. Management expects to dose the first patient before the end of Q3 2024, ahead of required milestones.In January 2024, Processa raised $6.3 million in net proceeds through a public offering and implemented a 1-for-20 reverse stock split. The company appointed Russell Skibsted as CFO in July 2024. Management believes current cash will fund operations into late 2024 but notes substantial doubt exists about continuing as a going concern beyond one year without additional funding.
