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Processa Pharmaceuticals Inc. (PCSA-0.40%) has filed its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing details the company's financial performance, showing a net loss of $11.9 million for the year, compared to a net loss of $11.1 million in the previous year. The company attributes the increase in net loss to higher research and development expenses.
Research and development expenses rose to $7.3 million from $5.8 million in 2023, primarily due to increased costs associated with ongoing clinical trials and regulatory filings for NGC-Cap.
General and administrative expenses decreased to $4.8 million from $5.7 million in 2023, largely due to reduced professional fees and stock-based compensation.
The company reported cash and cash equivalents of $1.2 million as of December 31, 2024. In January 2025, Processa raised an additional $4.5 million in net proceeds from a public offering to support its ongoing operations.
Processa Pharmaceuticals is focused on developing a pipeline of Next Generation Cancer therapy small molecules, with two candidates in Phase 2 trials and one in pre-clinical development.
The company's strategy involves modifying existing cancer therapies to improve safety and efficacy, using a proprietary Regulatory Science Approach to increase the likelihood of regulatory approval.
Processa plans to continue its clinical trials and research activities, requiring additional funding to support its operations beyond mid-2025.
The filing also discusses potential risks, including the need for additional capital, reliance on third-party manufacturers, and competition from other pharmaceutical companies.
Processa is currently involved in litigation with Elion Oncology, Inc. regarding a license agreement, which the company intends to defend vigorously.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Processa Pharmaceuticals Inc. annual 10-K report dated March 20, 2025. To report an error, please email earnings@qz.com.