Processa Pharmaceuticals, Inc., a clinical-stage biopharmaceutical company, reported its annual financial performance for the fiscal year ended December 31, 2023. The company, which focuses on developing Next Generation Chemotherapy (NGC) oncology drug products, has not generated any revenue and continues to incur losses, with an accumulated deficit of approximately $75.4 million. During the fiscal year, Processa Pharmaceuticals recorded a net loss of $11.1 million, a decrease from the previous year's net loss of $27.4 million. The reduction in net loss is attributed to decreased research and development expenses, which fell by $5.7 million to $5.8 million, and a decrease in general and administrative expenses by $3.1 million to $5.7 million. The company did not recognize any income tax benefit for the year. Processa Pharmaceuticals' financial position includes...Show More

Processa Pharmaceuticals, Inc., a clinical-stage biopharmaceutical company, reported its annual financial performance for the fiscal year ended December 31, 2023. The company, which focuses on developing Next Generation Chemotherapy (NGC) oncology drug products, has not generated any revenue and continues to incur losses, with an accumulated deficit of approximately $75.4 million. During the fiscal year, Processa Pharmaceuticals recorded a net loss of $11.1 million, a decrease from the previous year's net loss of $27.4 million. The reduction in net loss is attributed to decreased research and development expenses, which fell by $5.7 million to $5.8 million, and a decrease in general and administrative expenses by $3.1 million to $5.7 million. The company did not recognize any income tax benefit for the year. Processa Pharmaceuticals' financial position includes $4.7 million in cash and cash equivalents as of December 31, 2023. The company raised additional net proceeds of $6.3 million in January 2024 through a public offering. Management has expressed substantial doubt about the company's ability to continue as a going concern, acknowledging the need for additional financing to support ongoing operations and future clinical trials. The company's future success is contingent upon the outcome of its clinical trials and research and development activities.