Summary by Futu AI
Processa Pharmaceuticals, Inc. (Processa), a clinical-stage biopharmaceutical company, reported its financial results for the quarter ended June 30, 2024. The company's cash and cash equivalents increased to $5,571,120 from $4,706,197 at the end of the previous year. Total assets rose to $7,600,976, up from $5,786,643. Research and development expenses for the quarter were $1,730,444, slightly up from $1,688,164 in the same period last year, while general and administrative expenses increased to $1,351,580 from $1,026,301. The company reported a net loss of $3,010,326 for the quarter, compared to a net loss of $2,612,565 in the previous year. The net loss per common share was $1.01, compared to $1.94 in the same quarter of the previous year. Processa continues to focus on the development of its Next Generation Chemotherapy (NGC) drugs, with a Phase 2 trial for NGC-Cap in breast cancer expected to begin shortly. The company's future plans include advancing its pipeline of NGC proprietary small molecule oncology drugs and exploring options to monetize non-core drug assets through out-licensing or partnerships.