Processa Pharmaceuticals reported a net loss of $9.1 million for the nine months ended September 30, 2024, compared to $8.7 million in the same period of 2023. Research and development expenses increased to $5.6 million from $4.5 million, primarily due to costs associated with the NGC-Cap clinical trials. The company ended the quarter with $2.9 million in cash and cash equivalents.The company achieved significant milestones in its NGC-Cap program, receiving IND clearance in July 2024 and dosing the first patient in its Phase 2 breast cancer trial on October 2, 2024. During the period, Processa strengthened its financial position by raising $6.3 million through a public offering in January and an additional $931,000 through an ATM offering in July 2024.Management acknowledges the need for additional funding to continue operations beyond the next twelve months. The company is exploring various financing options, including equity offerings, debt financing, and strategic partnerships to support its clinical development programs, particularly the ongoing Phase 2 trial of NGC-Cap and advancement of other pipeline candidates NGC-Gem and NGC-Iri.

Processa Pharmaceuticals reported a net loss of $9.1 million for the nine months ended September 30, 2024, compared to $8.7 million in the same period of 2023. Research and development expenses increased to $5.6 million from $4.5 million, primarily due to costs associated with the NGC-Cap clinical trials. The company ended the quarter with $2.9 million in cash and cash equivalents.The company achieved significant milestones in its NGC-Cap program, receiving IND clearance in July 2024 and dosing the first patient in its Phase 2 breast cancer trial on October 2, 2024. During the period, Processa strengthened its financial position by raising $6.3 million through a public offering in January and an additional $931,000 through an ATM offering in July 2024.Management acknowledges the need for additional funding to continue operations beyond the next twelve months. The company is exploring various financing options, including equity offerings, debt financing, and strategic partnerships to support its clinical development programs, particularly the ongoing Phase 2 trial of NGC-Cap and advancement of other pipeline candidates NGC-Gem and NGC-Iri.