10-Q Filing

Processa Pharmaceuticals, Inc. CIK: 1533743 Q1 2021

Filing Information

Form Type	10-Q
Accession Number	`0001493152-21-011311`
Period End Date	20210331
Filing Date	20210513
Fiscal Year	2021
Fiscal Period	Q1
XBRL Instance	pcsa-20210331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 70 Income Statement 20 Cash Flow Statement 46 Stockholders Equity 15

Balance Sheet 70 line items

Line Item	Tag	Value	Unit	Period
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	30.00M	shares	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	30.00M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	15.52M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$15.42M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$23.05M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	14.19M	shares	Point-in-time
Due from related party	`DueFromRelatedPartiesCurrent`	$154.73K	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	15.52M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	14.19M	shares	Point-in-time
Due from related party	`DueFromRelatedPartiesCurrent`	$3.57K	USD	Point-in-time
Due from tax agencies	`DueFromTaxAgencies`	$70.27K	USD	Point-in-time
Due from tax agencies	`DueFromTaxAgencies`	$77.02K	USD	Point-in-time
Prepaid expenses and other	`PrepaidExpenseAndOtherAssetsCurrent`	$554.71K	USD	Point-in-time
Prepaid expenses and other	`PrepaidExpenseAndOtherAssetsCurrent`	$1.42M	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$24.55M	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$16.20M	USD	Point-in-time
Property and Equipment, net	`PropertyPlantAndEquipmentNet`	$484.00	USD	Point-in-time
Property and Equipment, net	`PropertyPlantAndEquipmentNet`	-	USD	Point-in-time
Operating lease right-of-use assets, net of accumulated amortization	`OperatingLeaseRightOfUseAsset`	$138.11K	USD	Point-in-time
Operating lease right-of-use assets, net of accumulated amortization	`OperatingLeaseRightOfUseAsset`	$158.56K	USD	Point-in-time
Intangible assets, net of accumulated amortization	`IntangibleAssetsNetExcludingGoodwill`	$8.85M	USD	Point-in-time
Intangible assets, net of accumulated amortization	`IntangibleAssetsNetExcludingGoodwill`	$8.65M	USD	Point-in-time
Security deposit	`SecurityDeposit`	$5.54K	USD	Point-in-time
Security deposit	`SecurityDeposit`	$5.54K	USD	Point-in-time
Total Other Assets	`OtherAssetsNoncurrent`	$9.01M	USD	Point-in-time
Total Other Assets	`OtherAssetsNoncurrent`	$8.79M	USD	Point-in-time
Total Assets	`Assets`	$33.34M	USD	Point-in-time
Total Assets	`Assets`	$25.21M	USD	Point-in-time
Note payable - Paycheck Protection Program, current portion	`NotesPayableCurrent`	$144.89K	USD	Point-in-time
Note payable - Paycheck Protection Program, current portion	`NotesPayableCurrent`	$117.57K	USD	Point-in-time
Current maturities of operating lease liability	`OperatingLeaseLiabilityCurrent`	$87.20K	USD	Point-in-time
Current maturities of operating lease liability	`OperatingLeaseLiabilityCurrent`	$97.27K	USD	Point-in-time
Accrued interest	`InterestPayableCurrent`	$1.31K	USD	Point-in-time
Accrued interest	`InterestPayableCurrent`	$950.00	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$320.69K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$177.02K	USD	Point-in-time
Due to licensor	`DueToLicensor`	$400.00K	USD	Point-in-time
Due to licensor	`DueToLicensor`	$400.00K	USD	Point-in-time
Due to related parties	`DueToRelatedPartiesCurrent`	$41.26K	USD	Point-in-time
Due to related parties	`DueToRelatedPartiesCurrent`	$69.86K	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$233.90K	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$224.68K	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$1.22M	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$1.10M	USD	Point-in-time
Note payable - Paycheck Protection Program	`NotesPayable`	$17.57K	USD	Point-in-time
Note payable - Paycheck Protection Program	`NotesPayable`	$44.88K	USD	Point-in-time
Non-current operating lease liability	`OperatingLeaseLiabilityNoncurrent`	$78.46K	USD	Point-in-time
Non-current operating lease liability	`OperatingLeaseLiabilityNoncurrent`	$47.44K	USD	Point-in-time
Non-current due to licensor	`NoncurrentDueToLicensor`	$400.00K	USD	Point-in-time
Non-current due to licensor	`NoncurrentDueToLicensor`	$400.00K	USD	Point-in-time
Net deferred tax liability	`DeferredIncomeTaxLiabilitiesNet`	$530.61K	USD	Point-in-time
Net deferred tax liability	`DeferredIncomeTaxLiabilitiesNet`	$441.36K	USD	Point-in-time
Total Liabilities	`Liabilities`	$2.27M	USD	Point-in-time
Total Liabilities	`Liabilities`	$2.00M	USD	Point-in-time
Commitments and Contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and Contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Common stock, par value $0.0001, 30,000,000 shares authorized: and 14,187,984 issued and outstanding at March 31, 2021 and December 31, 2020, respectively	`CommonStockValue`	$1.42K	USD	Point-in-time
Common stock, par value $0.0001, 30,000,000 shares authorized: and 14,187,984 issued and outstanding at March 31, 2021 and December 31, 2020, respectively	`CommonStockValue`	$1.55K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$58.83M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$48.33M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-27.50M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-25.40M	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$7.23M	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$31.34M	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$22.94M	USD	Point-in-time
Total Stockholders' Equity	`StockholdersEquity`	$8.01M	USD	Point-in-time
Total Liabilities and Stockholders' Equity	`LiabilitiesAndStockholdersEquity`	$33.34M	USD	Point-in-time
Total Liabilities and Stockholders' Equity	`LiabilitiesAndStockholdersEquity`	$25.21M	USD	Point-in-time

Income Statement 20 line items

Line Item	Tag	Value	Unit	Period
Research and development expenses	`ResearchAndDevelopmentExpense`	$1.48M	USD	1 Quarter
Research and development expenses	`ResearchAndDevelopmentExpense`	$501.77K	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$717.15K	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$484.35K	USD	1 Quarter
Operating Loss	`OperatingIncomeLoss`	$-986.12K	USD	1 Quarter
Operating Loss	`OperatingIncomeLoss`	$-2.19M	USD	1 Quarter
Interest expense	`InterestExpense`	$362.00	USD	1 Quarter
Interest expense	`InterestExpense`	$17.17K	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$829.00	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$4.94K	USD	1 Quarter
Net Operating Loss Before Income Tax Benefit	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-2.19M	USD	1 Quarter
Net Operating Loss Before Income Tax Benefit	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-1.00M	USD	1 Quarter
Income Tax Benefit	`IncomeTaxExpenseBenefit`	$-128.13K	USD	1 Quarter
Income Tax Benefit	`IncomeTaxExpenseBenefit`	$-89.25K	USD	1 Quarter
Net Loss	`NetIncomeLoss`	$-874.34K	USD	1 Quarter
Net Loss	`NetIncomeLoss`	$-2.10M	USD	1 Quarter
Net Loss Per Common Share - Basic and Diluted	`EarningsPerShareBasicAndDiluted`	$-0.14	USD	1 Quarter
Net Loss Per Common Share - Basic and Diluted	`EarningsPerShareBasicAndDiluted`	$-0.16	USD	1 Quarter
Weighted Average Common Shares Used to Compute Net Loss Per Common Shares - Basic and Diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	5.52M	shares	1 Quarter
Weighted Average Common Shares Used to Compute Net Loss Per Common Shares - Basic and Diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	14.58M	shares	1 Quarter

Cash Flow Statement 46 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-874.34K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-2.10M	USD	1 Quarter
Depreciation	`Depreciation`	$2.11K	USD	1 Quarter
Depreciation	`Depreciation`	$484.00	USD	1 Quarter
Non-cash lease expense for right-of-use assets	`OperatingLeaseExpense`	$19.55K	USD	1 Quarter
Non-cash lease expense for right-of-use assets	`OperatingLeaseExpense`	$20.45K	USD	1 Quarter
Amortization of debt issuance costs	`AmortizationOfFinancingCostsAndDiscounts`	$1.07K	USD	1 Quarter
Amortization of debt issuance costs	`AmortizationOfFinancingCostsAndDiscounts`	-	USD	1 Quarter
Amortization of intangible asset	`AmortizationOfIntangibleAssets`	$198.83K	USD	1 Quarter
Amortization of intangible asset	`AmortizationOfIntangibleAssets`	$198.83K	USD	1 Quarter
Deferred income tax benefit	`DeferredIncomeTaxExpenseBenefit`	$-89.25K	USD	1 Quarter
Deferred income tax benefit	`DeferredIncomeTaxExpenseBenefit`	$-128.13K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$308.30K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$98.66K	USD	1 Quarter
Prepaid expenses and other	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-129.35K	USD	1 Quarter
Prepaid expenses and other	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$557.14K	USD	1 Quarter
Operating lease liability	`IncreaseDecreaseInOperatingLeaseLiability`	$-20.95K	USD	1 Quarter
Operating lease liability	`IncreaseDecreaseInOperatingLeaseLiability`	$-19.22K	USD	1 Quarter
Accrued interest	`IncreaseDecreaseInInterestPayableNet`	$16.10K	USD	1 Quarter
Accrued interest	`IncreaseDecreaseInInterestPayableNet`	$362.00	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-143.67K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$17.60K	USD	1 Quarter
Due (from) to related parties	`IncreaseDecreaseInDueFromRelatedParties`	$28.31K	USD	1 Quarter
Due (from) to related parties	`IncreaseDecreaseInDueFromRelatedParties`	$-122.56K	USD	1 Quarter
Other receivables	`IncreaseDecreaseInOtherReceivables`	-	USD	1 Quarter
Other receivables	`IncreaseDecreaseInOtherReceivables`	$-6.75K	USD	1 Quarter
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$20.26K	USD	1 Quarter
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$9.22K	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-546.45K	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-2.24M	USD	1 Quarter
Net proceeds from private placement	`ProceedsFromIssuanceOfPrivatePlacement`	-	USD	1 Quarter
Net proceeds from private placement	`ProceedsFromIssuanceOfPrivatePlacement`	$9.88M	USD	1 Quarter
Transaction costs related to fundraising efforts	`PaymentsOfDebtIssuanceCosts`	$2.81K	USD	1 Quarter
Transaction costs related to fundraising efforts	`PaymentsOfDebtIssuanceCosts`	-	USD	1 Quarter
Net cash (used in) provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$9.88M	USD	1 Quarter
Net cash (used in) provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-2.81K	USD	1 Quarter
Net Increase (Decrease) in Cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$7.63M	USD	1 Quarter
Net Increase (Decrease) in Cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-549.26K	USD	1 Quarter
Cash and Cash Equivalents - Beginning of Period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$691.54K	USD	Point-in-time
Cash and Cash Equivalents - Beginning of Period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$142.28K	USD	Point-in-time
Cash and Cash Equivalents - Beginning of Period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$23.05M	USD	Point-in-time
Cash and Cash Equivalents - Beginning of Period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$15.42M	USD	Point-in-time
Cash and Cash Equivalents - End of Period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$691.54K	USD	Point-in-time
Cash and Cash Equivalents - End of Period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$142.28K	USD	Point-in-time
Cash and Cash Equivalents - End of Period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$23.05M	USD	Point-in-time
Cash and Cash Equivalents - End of Period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$15.42M	USD	Point-in-time

Stockholders Equity 15 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$7.23M	USD	Point-in-time
Balance	`StockholdersEquity`	$31.34M	USD	Point-in-time
Balance	`StockholdersEquity`	$22.94M	USD	Point-in-time
Balance	`StockholdersEquity`	$8.01M	USD	Point-in-time
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$98.66K	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$308.30K	USD	1 Quarter
Equity issued to a consultant as a prepayment for services	`AdjustmentsToAdditionalPaidInCapitalOther`	$312.29K	USD	1 Quarter
Transaction costs related to the 2020 underwritten public offering	`AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts`	$2.81K	USD	1 Quarter
Shares issued in private placement, net of transaction costs	`StockIssuedDuringPeriodValueNewIssues`	$9.88M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-874.34K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-2.10M	USD	1 Quarter
Balance	`StockholdersEquity`	$7.23M	USD	Point-in-time
Balance	`StockholdersEquity`	$31.34M	USD	Point-in-time
Balance	`StockholdersEquity`	$22.94M	USD	Point-in-time
Balance	`StockholdersEquity`	$8.01M	USD	Point-in-time

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.