Summary by Moomoo AI
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
