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Processa Pharmaceuticals | 10-K: FY2024 Annual Report

SEC ·  Mar 20 20:32

Summary by Moomoo AI

Processa Pharmaceuticals reported financial results for 2024, with a net loss of $11.9 million compared to $11.1 million in 2023. Research and development expenses increased to $7.3 million from $5.8 million, primarily due to ongoing Phase 1B and Phase 2 trials for NGC-Cap. General and administrative expenses decreased to $4.8 million from $5.7 million.The company made significant progress with its Next Generation Cancer therapy pipeline, particularly NGC-Cap. The Phase 1B trial was completed in July 2024, showing improved safety profile and efficacy signals. A Phase 2 trial in breast cancer was initiated in October 2024, with an interim analysis planned after 20 patients. The company also advanced development plans for NGC-Gem and NGC-Iri.In January 2025, Processa raised $4.5 million in net proceeds through a public offering to support ongoing clinical development. With current cash resources and recent financing, the company believes it has sufficient funding into mid-2025. Management continues to explore additional financing options to advance its pipeline development programs.
Processa Pharmaceuticals reported financial results for 2024, with a net loss of $11.9 million compared to $11.1 million in 2023. Research and development expenses increased to $7.3 million from $5.8 million, primarily due to ongoing Phase 1B and Phase 2 trials for NGC-Cap. General and administrative expenses decreased to $4.8 million from $5.7 million.The company made significant progress with its Next Generation Cancer therapy pipeline, particularly NGC-Cap. The Phase 1B trial was completed in July 2024, showing improved safety profile and efficacy signals. A Phase 2 trial in breast cancer was initiated in October 2024, with an interim analysis planned after 20 patients. The company also advanced development plans for NGC-Gem and NGC-Iri.In January 2025, Processa raised $4.5 million in net proceeds through a public offering to support ongoing clinical development. With current cash resources and recent financing, the company believes it has sufficient funding into mid-2025. Management continues to explore additional financing options to advance its pipeline development programs.
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