10-K Filing

Processa Pharmaceuticals, Inc. CIK: 1533743 FY 2022

Filing Information

Form Type	10-K
Accession Number	`0001493152-23-009730`
Period End Date	20221231
Filing Date	20230330
Fiscal Year	2022
Fiscal Period	FY
XBRL Instance	form10-k_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 57 Income Statement 24 Cash Flow Statement 69 Stockholders Equity 18

Balance Sheet 57 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`	16.14M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$6.50M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	15.71M	shares	Point-in-time
Due from tax agencies	`DueFromTaxAgencies`	-	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	15.71M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	16.04M	shares	Point-in-time
Due from tax agencies	`DueFromTaxAgencies`	$70.27K	USD	Point-in-time
Prepaid expenses and other	`PrepaidExpenseAndOtherAssetsCurrent`	$1.88M	USD	Point-in-time
Prepaid expenses and other	`PrepaidExpenseAndOtherAssetsCurrent`	$1.76M	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$8.39M	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$18.33M	USD	Point-in-time
Operating lease right-of-use assets, net	`OperatingLeaseRightOfUseAsset`	$227.59K	USD	Point-in-time
Operating lease right-of-use assets, net	`OperatingLeaseRightOfUseAsset`	$74.18K	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$8.06M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	-	USD	Point-in-time
Other	`OtherAssetsNoncurrent`	$5.54K	USD	Point-in-time
Other	`OtherAssetsNoncurrent`	$5.54K	USD	Point-in-time
Total Other Assets	`AssetsNoncurrent`	$8.14M	USD	Point-in-time
Total Other Assets	`AssetsNoncurrent`	$233.12K	USD	Point-in-time
Total Assets	`Assets`	$26.46M	USD	Point-in-time
Total Assets	`Assets`	$8.62M	USD	Point-in-time
Current maturities of operating lease liability	`OperatingLeaseLiabilityCurrent`	$71.08K	USD	Point-in-time
Current maturities of operating lease liability	`OperatingLeaseLiabilityCurrent`	$78.90K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$327.55K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$218.91K	USD	Point-in-time
Due to licensor	`DueToLicensor`	$189.00K	USD	Point-in-time
Due to licensor	`DueToLicensor`	$400.00K	USD	Point-in-time
Due to related parties	`DueToRelatedPartiesCurrent`	$1.77K	USD	Point-in-time
Due to related parties	`DueToRelatedPartiesCurrent`	$51.00	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$279.26K	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$403.06K	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$998.56K	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$971.02K	USD	Point-in-time
Non-current operating lease liability	`OperatingLeaseLiabilityNoncurrent`	$7.38K	USD	Point-in-time
Non-current operating lease liability	`OperatingLeaseLiabilityNoncurrent`	$150.55K	USD	Point-in-time
Total Liabilities	`Liabilities`	$1.15M	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; 16,135,400 issued and 16,035,400 outstanding at December 31, 2022 and 15,710,246 issued and outstanding at December 31, 2021	`CommonStockValue`	$1.61K	USD	Point-in-time
Common stock, par value $0.0001, 50,000,000 shares authorized; 16,135,400 issued and 16,035,400 outstanding at December 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`	$72.02M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$62.31M	USD	Point-in-time
Treasury stock	`TreasuryStockValue`	$300.00K	USD	Point-in-time
Treasury stock	`TreasuryStockValue`	-	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-36.82M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-64.25M	USD	Point-in-time
Total Stockholders Equity	`StockholdersEquity`	$25.49M	USD	Point-in-time
Total Stockholders Equity	`StockholdersEquity`	$22.94M	USD	Point-in-time
Total Stockholders Equity	`StockholdersEquity`	$7.47M	USD	Point-in-time
Total Liabilities and Stockholders Equity	`LiabilitiesAndStockholdersEquity`	$26.46M	USD	Point-in-time
Total Liabilities and Stockholders Equity	`LiabilitiesAndStockholdersEquity`	$8.62M	USD	Point-in-time

Income Statement 24 line items

Line Item	Tag	Value	Unit	Period
Research and development expenses	`ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost`	$11.49M	USD	Annual
Research and development expenses	`ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost`	$6.88M	USD	Annual
Acquisition of in-process research and development	`ResearchAndDevelopmentInProcess`	-	USD	Annual
Acquisition of in-process research and development	`ResearchAndDevelopmentInProcess`	$566.58K	USD	Annual
General and administrative expenses	`GeneralAndAdministrativeExpense`	$4.69M	USD	Annual
General and administrative expenses	`GeneralAndAdministrativeExpense`	$8.76M	USD	Annual
Impairment of intangible asset	`ImpairmentOfIntangibleAssetsIndefinitelivedExcludingGoodwill`	-	USD	Annual
Impairment of intangible asset	`ImpairmentOfIntangibleAssetsIndefinitelivedExcludingGoodwill`	$7.27M	USD	Annual
Operating Loss	`OperatingIncomeLoss`	$-27.53M	USD	Annual
Operating Loss	`OperatingIncomeLoss`	$-12.13M	USD	Annual
Forgiveness of Payroll Protection Program loan and related accrued interest	`ForgivenessOfPayrollProtectionProgramLoanAndRelatedAccruedInterest`	$163.77K	USD	Annual
Forgiveness of Payroll Protection Program loan and related accrued interest	`ForgivenessOfPayrollProtectionProgramLoanAndRelatedAccruedInterest`	-	USD	Annual
Interest income, net	`InvestmentIncomeInterest`	$11.63K	USD	Annual
Interest income, net	`InvestmentIncomeInterest`	$101.20K	USD	Annual
Net Operating Loss Before Income Tax Benefit	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-11.96M	USD	Annual
Net Operating Loss Before Income Tax Benefit	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-27.42M	USD	Annual
Income Tax Benefit	`IncomeTaxExpenseBenefit`	-	USD	Annual
Income Tax Benefit	`IncomeTaxExpenseBenefit`	$-530.61K	USD	Annual
Net Loss	`NetIncomeLoss`	$-27.42M	USD	Annual
Net Loss	`NetIncomeLoss`	$-11.43M	USD	Annual
Net Loss Per Common Share - Basic and Diluted	`EarningsPerShareBasic`	$-1.70	USD	Annual
Net Loss Per Common Share - Basic and Diluted	`EarningsPerShareBasic`	$-0.75	USD	Annual
Weighted Average Common Shares Used to Compute Net Loss Per Common Shares - Basic and Diluted	`WeightedAverageNumberOfSharesOutstandingBasic`	15.32M	shares	Annual
Weighted Average Common Shares Used to Compute Net Loss Per Common Shares - Basic and Diluted	`WeightedAverageNumberOfSharesOutstandingBasic`	16.11M	shares	Annual

Cash Flow Statement 69 line items

Line Item	Tag	Value	Unit	Period
Net Loss	`NetIncomeLoss`	$-27.42M	USD	Annual
Net Loss	`NetIncomeLoss`	$-11.43M	USD	Annual
Depreciation	`Depreciation`	$484.00	USD	Annual
Depreciation	`Depreciation`	-	USD	Annual
Non-cash lease expense for right-of-use assets	`OperatingLeaseExpense`	$84.38K	USD	Annual
Non-cash lease expense for right-of-use assets	`OperatingLeaseExpense`	$85.52K	USD	Annual
Non-cash milestone expense in connection with license agreement	`OtherNoncashIncomeExpense`	$-189.00K	USD	Annual
Non-cash milestone expense in connection with license agreement	`OtherNoncashIncomeExpense`	-	USD	Annual
Non-cash acquisition of in-process research and development	`NonCashAcquisitionOfInprocessResearchAndDevelopment`	$300.00K	USD	Annual
Non-cash acquisition of in-process research and development	`NonCashAcquisitionOfInprocessResearchAndDevelopment`	-	USD	Annual
Amortization of debt issuance costs	`AmortizationOfFinancingCostsAndDiscounts`	$115.61K	USD	Annual
Amortization of debt issuance costs	`AmortizationOfFinancingCostsAndDiscounts`	-	USD	Annual
Amortization of intangible asset	`AmortizationOfIntangibleAssets`	$788.50K	USD	Annual
Amortization of intangible asset	`AmortizationOfIntangibleAssets`	$790.49K	USD	Annual
Impairment of intangible asset	`ImpairmentOfIntangibleAssetsIndefinitelivedExcludingGoodwill`	-	USD	Annual
Impairment of intangible asset	`ImpairmentOfIntangibleAssetsIndefinitelivedExcludingGoodwill`	$7.27M	USD	Annual
Deferred income tax (benefit) expense	`DeferredIncomeTaxExpenseBenefit`	$-530.61K	USD	Annual
Deferred income tax (benefit) expense	`DeferredIncomeTaxExpenseBenefit`	-	USD	Annual
Stock-based compensation	`ShareBasedCompensation`	$3.41M	USD	Annual
Stock-based compensation	`ShareBasedCompensation`	$8.83M	USD	Annual
Forgiveness of Payroll Protection Program loan and related accrued interest	`ForgivenessOfPayrollProtectionProgramLoanAndRelatedAccruedInterest`	$163.77K	USD	Annual
Forgiveness of Payroll Protection Program loan and related accrued interest	`ForgivenessOfPayrollProtectionProgramLoanAndRelatedAccruedInterest`	-	USD	Annual
Prepaid expenses and other	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-210.55K	USD	Annual
Prepaid expenses and other	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$1.02M	USD	Annual
Operating lease liability	`IncreaseDecreaseInOperatingLeaseLiability`	$-87.94K	USD	Annual
Operating lease liability	`IncreaseDecreaseInOperatingLeaseLiability`	$-87.20K	USD	Annual
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-101.79K	USD	Annual
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$108.64K	USD	Annual
Due (from) to related parties	`IncreaseDecreaseInDueToRelatedParties`	$86.64K	USD	Annual
Due (from) to related parties	`IncreaseDecreaseInDueToRelatedParties`	$-1.72K	USD	Annual
Other receivables	`IncreaseDecreaseInOtherReceivables`	$-6.75K	USD	Annual
Other receivables	`IncreaseDecreaseInOtherReceivables`	$-70.27K	USD	Annual
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$-65.05K	USD	Annual
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$243.80K	USD	Annual
Net cash (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-9.61M	USD	Annual
Net cash (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-8.72M	USD	Annual
Net proceeds from common stock sold	`ProceedsFromIssuanceOfPrivatePlacement`	-	USD	Annual
Net proceeds from common stock sold	`ProceedsFromIssuanceOfPrivatePlacement`	$10.05M	USD	Annual
Shares withheld to pay taxes on stock-based compensation	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$88.84K	USD	Annual
Shares withheld to pay taxes on stock-based compensation	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$64.40K	USD	Annual
Acquisition of treasury stock	`PaymentsForRepurchaseOfEquity`	$300.00K	USD	Annual
Acquisition of treasury stock	`PaymentsForRepurchaseOfEquity`	-	USD	Annual
Other	`ProceedsFromPaymentsForOtherFinancingActivities`	-	USD	Annual
Other	`ProceedsFromPaymentsForOtherFinancingActivities`	$-186.49K	USD	Annual
Net cash (used in) provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-388.84K	USD	Annual
Net cash (used in) provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$9.80M	USD	Annual
Net (Decrease) Increase in Cash and Cash Equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-9.99M	USD	Annual
Net (Decrease) Increase in Cash and Cash Equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$1.08M	USD	Annual
Cash and Cash Equivalents - Beginning of Year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$15.42M	USD	Point-in-time
Cash and Cash Equivalents - Beginning of Year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$6.50M	USD	Point-in-time
Cash and Cash Equivalents - Beginning of Year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$16.50M	USD	Point-in-time
Cash and Cash Equivalents - End of Year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$15.42M	USD	Point-in-time
Cash and Cash Equivalents - End of Year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$6.50M	USD	Point-in-time
Cash and Cash Equivalents - End of Year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$16.50M	USD	Point-in-time
Cash paid for interest	`InterestPaidNet`	-	USD	Annual
Cash paid for interest	`InterestPaidNet`	-	USD	Annual
Cash paid for income taxes	`IncomeTaxesPaidNet`	-	USD	Annual
Cash paid for income taxes	`IncomeTaxesPaidNet`	-	USD	Annual
Issuance of 17,572 shares of common stock in satisfaction of accrued director fees	`StockIssuedInSatisfactionOfAccruedExpense`	-	USD	Annual
Issuance of 17,572 shares of common stock in satisfaction of accrued director fees	`StockIssuedInSatisfactionOfAccruedExpense`	$120.00K	USD	Annual
Issuance of 123,609 shares of common stock in connection with the Purchase Agreement with Lincoln Park	`StockIssued1`	$450.00K	USD	Annual
Issuance of 123,609 shares of common stock in connection with the Purchase Agreement with Lincoln Park	`StockIssued1`	-	USD	Annual
Issuance of 100,000 shares of common stock in connection with a licensing agreement which had previously been recorded as a due to licensor	`StockIssuedInConnectionWithLicensingAgreementWhichHadPreviouslyBeenRecordedAsDueToLicensor`	$400.00K	USD	Annual
Issuance of 100,000 shares of common stock in connection with a licensing agreement which had previously been recorded as a due to licensor	`StockIssuedInConnectionWithLicensingAgreementWhichHadPreviouslyBeenRecordedAsDueToLicensor`	$400.00K	USD	Annual
Right-of-use asset obtained in exchange for operating lease liability	`RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability`	$238.92K	USD	Annual
Right-of-use asset obtained in exchange for operating lease liability	`RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability`	-	USD	Annual
Operating lease liability	`OperatingLeaseLiabilities`	$238.92K	USD	Annual
Net	`NonCashleaseLiabilityNet`	-	USD	Annual
Net	`NonCashleaseLiabilityNet`	-	USD	Annual

Stockholders Equity 18 line items

Line Item	Tag	Value	Unit	Period
Beginning balance, value	`StockholdersEquity`	$25.49M	USD	Point-in-time
Beginning balance, value	`StockholdersEquity`	$22.94M	USD	Point-in-time
Beginning balance, value	`StockholdersEquity`	$7.47M	USD	Point-in-time
Stock-based compensation	`StockIssuedDuringPeriodValueShareBasedCompensation`	$3.29M	USD	Annual
Stock-based compensation	`StockIssuedDuringPeriodValueShareBasedCompensation`	$8.95M	USD	Annual
Shares issued in private placement, net of transaction costs	`StockIssuedDuringPeriodValueNewIssues`	$9.88M	USD	Annual
Shares issued in connection with license agreement	`StockIssuedDuringPeriodValueAcquisitions`	$700.00K	USD	Annual
Shares issued in connection with license agreement	`StockIssuedDuringPeriodValueAcquisitions`	$400.00K	USD	Annual
Shares withheld to pay income taxes on stock-based compensation	`SharesWithheldToPayIncomeTaxOnStockbasedCompensation`	$64.40K	USD	Annual
Shares withheld to pay income taxes on stock-based compensation	`SharesWithheldToPayIncomeTaxOnStockbasedCompensation`	$88.84K	USD	Annual
Shares issued in ATM purchase, net of transaction costs	`StockIssuedDuringPeriodValueOther`	$173.99K	USD	Annual
Net loss	`NetIncomeLoss`	$-27.42M	USD	Annual
Net loss	`NetIncomeLoss`	$-11.43M	USD	Annual
Acquisition of treasury stock	`StockRepurchasedDuringPeriodValue`	$300.00K	USD	Annual
Shares issued in connection with the Purchase Agreement with Lincoln Park	`SharesIssuedInConnectionWithPurchaseAgreementValue`	$450.00K	USD	Annual
Ending balance, value	`StockholdersEquity`	$25.49M	USD	Point-in-time
Ending balance, value	`StockholdersEquity`	$22.94M	USD	Point-in-time
Ending balance, value	`StockholdersEquity`	$7.47M	USD	Point-in-time

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