10-Q Filing

Processa Pharmaceuticals, Inc. CIK: 1533743 Q1 2022

Filing Information

Form Type	10-Q
Accession Number	`0001493152-22-013040`
Period End Date	20220331
Filing Date	20220512
Fiscal Year	2022
Fiscal Period	Q1
XBRL Instance	form10-q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 59 Income Statement 20 Cash Flow Statement 48 Stockholders Equity 16

Balance Sheet 59 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`	50.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$16.50M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	15.71M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$14.39M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	15.94M	shares	Point-in-time
Due from tax agencies	`DueFromTaxAgencies`	$70.27K	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	15.84M	shares	Point-in-time
Due from tax agencies	`DueFromTaxAgencies`	-	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	15.71M	shares	Point-in-time
Prepaid expenses and other	`PrepaidExpenseAndOtherAssetsCurrent`	$1.99M	USD	Point-in-time
Treasury stock shares	`TreasuryStockShares`	100,000.00	shares	Point-in-time
Prepaid expenses and other	`PrepaidExpenseAndOtherAssetsCurrent`	$1.76M	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$18.33M	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$16.38M	USD	Point-in-time
Operating lease right-of-use assets, net of accumulated amortization	`OperatingLeaseRightOfUseAsset`	$51.62K	USD	Point-in-time
Operating lease right-of-use assets, net of accumulated amortization	`OperatingLeaseRightOfUseAsset`	$74.18K	USD	Point-in-time
Intangible assets, net of accumulated amortization	`IntangibleAssetsNetExcludingGoodwill`	$8.06M	USD	Point-in-time
Intangible assets, net of accumulated amortization	`IntangibleAssetsNetExcludingGoodwill`	$7.86M	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`	$8.14M	USD	Point-in-time
Total Other Assets	`OtherAssetsNoncurrent`	$7.92M	USD	Point-in-time
Total Assets	`Assets`	$24.30M	USD	Point-in-time
Total Assets	`Assets`	$26.46M	USD	Point-in-time
Current maturities of operating lease liability	`OperatingLeaseLiabilityCurrent`	$71.08K	USD	Point-in-time
Current maturities of operating lease liability	`OperatingLeaseLiabilityCurrent`	$49.12K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$218.91K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$316.09K	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`	-	USD	Point-in-time
Due to related parties	`DueToRelatedPartiesCurrent`	$1.77K	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$279.26K	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$292.57K	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$971.02K	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$1.06M	USD	Point-in-time
Non-current operating lease liability	`OperatingLeaseLiabilityNoncurrent`	$7.38K	USD	Point-in-time
Non-current operating lease liability	`OperatingLeaseLiabilityNoncurrent`	$6.15K	USD	Point-in-time
Total Liabilities	`Liabilities`	$1.06M	USD	Point-in-time
Total Liabilities	`Liabilities`	$978.40K	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, 50,000,000 shares authorized: 15,937,525 issued and 15,837,525 outstanding at March 31, 2022 and 15,710,246 issued and outstanding at December 31, 2021	`CommonStockValue`	$1.59K	USD	Point-in-time
Common stock, par value $0.0001, 50,000,000 shares authorized: 15,937,525 issued and 15,837,525 outstanding at March 31, 2022 and 15,710,246 issued and outstanding at December 31, 2021	`CommonStockValue`	$1.57K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$63.59M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$62.31M	USD	Point-in-time
Treasury stock at cost 100,000 shares at March 31, 2022	`TreasuryStockValue`	$300.00K	USD	Point-in-time
Treasury stock at cost 100,000 shares at March 31, 2022	`TreasuryStockValue`	-	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-40.05M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-36.82M	USD	Point-in-time
Total Stockholders Equity	`StockholdersEquity`	$23.24M	USD	Point-in-time
Total Stockholders Equity	`StockholdersEquity`	$25.49M	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 Liabilities and Stockholders Equity	`LiabilitiesAndStockholdersEquity`	$24.30M	USD	Point-in-time
Total Liabilities and Stockholders Equity	`LiabilitiesAndStockholdersEquity`	$26.46M	USD	Point-in-time

Income Statement 20 line items

Line Item	Tag	Value	Unit	Period
Research and development expenses	`ResearchAndDevelopmentExpense`	$2.04M	USD	1 Quarter
Research and development expenses	`ResearchAndDevelopmentExpense`	$1.48M	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$717.15K	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$1.18M	USD	1 Quarter
Operating Loss	`OperatingIncomeLoss`	$-3.23M	USD	1 Quarter
Operating Loss	`OperatingIncomeLoss`	$-2.19M	USD	1 Quarter
Interest expense	`InterestExpense`	$362.00	USD	1 Quarter
Interest expense	`InterestExpense`	-	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$1.58K	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$4.94K	USD	1 Quarter
Net Operating Loss Before Income Tax Benefit	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-3.23M	USD	1 Quarter
Net Operating Loss Before Income Tax Benefit	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-2.19M	USD	1 Quarter
Income Tax Benefit	`IncomeTaxExpenseBenefit`	$-89.25K	USD	1 Quarter
Income Tax Benefit	`IncomeTaxExpenseBenefit`	-	USD	1 Quarter
Net Loss	`NetIncomeLoss`	$-3.23M	USD	1 Quarter
Net Loss	`NetIncomeLoss`	$-2.10M	USD	1 Quarter
Net Loss Per Common Share - Basic and Diluted	`EarningsPerShareBasic`	$-0.20	USD	1 Quarter
Net Loss Per Common Share - Basic and Diluted	`EarningsPerShareBasic`	$-0.14	USD	1 Quarter
Weighted Average Common Shares Used to Compute Net Loss Per Common Shares - Basic and Diluted	`WeightedAverageNumberOfSharesOutstandingBasic`	15.83M	shares	1 Quarter
Weighted Average Common Shares Used to Compute Net Loss Per Common Shares - Basic and Diluted	`WeightedAverageNumberOfSharesOutstandingBasic`	14.58M	shares	1 Quarter

Cash Flow Statement 48 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-3.23M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-2.10M	USD	1 Quarter
Depreciation	`Depreciation`	$484.00	USD	1 Quarter
Depreciation	`Depreciation`	-	USD	1 Quarter
Non-cash lease expense for right-of-use assets	`OperatingLeaseExpense`	$22.56K	USD	1 Quarter
Non-cash lease expense for right-of-use assets	`OperatingLeaseExpense`	$20.45K	USD	1 Quarter
Amortization of issuance costs	`AmortizationOfFinancingCostsAndDiscounts`	$3.11K	USD	1 Quarter
Amortization of issuance costs	`AmortizationOfFinancingCostsAndDiscounts`	-	USD	1 Quarter
Amortization of intangible asset	`AmortizationOfIntangibleAssets`	$198.83K	USD	1 Quarter
Amortization of intangible asset	`AmortizationOfIntangibleAssets`	$197.12K	USD	1 Quarter
Deferred income tax benefit	`DeferredIncomeTaxExpenseBenefit`	$-89.25K	USD	1 Quarter
Deferred income tax benefit	`DeferredIncomeTaxExpenseBenefit`	-	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$308.30K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$828.90K	USD	1 Quarter
Prepaid expenses and other	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-216.72K	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`	$-23.20K	USD	1 Quarter
Accrued interest	`IncreaseDecreaseInInterestPayableNet`	$362.00	USD	1 Quarter
Accrued interest	`IncreaseDecreaseInInterestPayableNet`	-	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$97.19K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-143.67K	USD	1 Quarter
Due (from) to related parties	`IncreaseDecreaseInDueToRelatedParties`	$122.56K	USD	1 Quarter
Due (from) to related parties	`IncreaseDecreaseInDueToRelatedParties`	$-1.77K	USD	1 Quarter
Other receivables	`IncreaseDecreaseInOtherReceivables`	$-70.27K	USD	1 Quarter
Other receivables	`IncreaseDecreaseInOtherReceivables`	$-6.75K	USD	1 Quarter
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$13.30K	USD	1 Quarter
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$9.22K	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-2.24M	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-1.80M	USD	1 Quarter
Net proceeds from private placement	`ProceedsFromIssuanceOfPrivatePlacement`	-	USD	1 Quarter
Net proceeds from private placement	`ProceedsFromIssuanceOfPrivatePlacement`	$9.88M	USD	1 Quarter
Acquisition of treasury stock	`ProceedsFromRepurchaseOfEquity`	-	USD	1 Quarter
Acquisition of treasury stock	`ProceedsFromRepurchaseOfEquity`	$-300.00K	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`	$-300.00K	USD	1 Quarter
Net Increase (Decrease) in Cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-2.10M	USD	1 Quarter
Net Increase (Decrease) in Cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$7.63M	USD	1 Quarter
Cash and Cash Equivalents Beginning of Period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$23.05M	USD	Point-in-time
Cash and Cash Equivalents Beginning of Period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$16.50M	USD	Point-in-time
Cash and Cash Equivalents Beginning of Period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$14.39M	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`	$23.05M	USD	Point-in-time
Cash and Cash Equivalents End of Period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$16.50M	USD	Point-in-time
Cash and Cash Equivalents End of Period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$14.39M	USD	Point-in-time
Cash and Cash Equivalents End of Period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$15.42M	USD	Point-in-time
Issuance of 123,609 shares of common stock in connection with the Purchase Agreement with Lincoln Park	`StockIssued1`	-	USD	1 Quarter
Issuance of 123,609 shares of common stock in connection with the Purchase Agreement with Lincoln Park	`StockIssued1`	$450.00K	USD	1 Quarter

Stockholders Equity 16 line items

Line Item	Tag	Value	Unit	Period
Beginning balance, value	`StockholdersEquity`	$23.24M	USD	Point-in-time
Beginning balance, value	`StockholdersEquity`	$25.49M	USD	Point-in-time
Beginning balance, value	`StockholdersEquity`	$31.34M	USD	Point-in-time
Beginning balance, value	`StockholdersEquity`	$22.94M	USD	Point-in-time
Stock-based compensation	`StockIssuedDuringPeriodValueShareBasedCompensation`	$308.30K	USD	1 Quarter
Stock-based compensation	`StockIssuedDuringPeriodValueShareBasedCompensation`	$828.90K	USD	1 Quarter
Equity issued to a consultant as a prepayment for services	`StockIssuedDuringPeriodValueIssuedForServices`	$312.29K	USD	1 Quarter
Shares issued in private placement, net of transaction costs	`StockIssuedDuringPeriodValueNewIssues`	$9.88M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-3.23M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-2.10M	USD	1 Quarter
Acquisition of treasury stock	`StockRepurchasedDuringPeriodValue`	$300.00K	USD	1 Quarter
Shares issued in connection with the Purchase Agreement with Lincoln Park	`SharesIssuedInConnectionWithPurchaseAgreementValue`	$450.00K	USD	1 Quarter
Ending balance, value	`StockholdersEquity`	$23.24M	USD	Point-in-time
Ending balance, value	`StockholdersEquity`	$25.49M	USD	Point-in-time
Ending balance, value	`StockholdersEquity`	$31.34M	USD	Point-in-time
Ending balance, value	`StockholdersEquity`	$22.94M	USD	Point-in-time

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