10-Q Filing

Processa Pharmaceuticals, Inc. CIK: 1533743 Q1 2023

Filing Information

Form Type	10-Q
Accession Number	`0001493152-23-017001`
Period End Date	20230331
Filing Date	20230515
Fiscal Year	2023
Fiscal Period	Q1
XBRL Instance	form10-q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 58 Income Statement 18 Cash Flow Statement 44 Stockholders Equity 15

Balance Sheet 58 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`	50.00M	shares	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	50.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$10.74M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	16.14M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	24.63M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$6.50M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	16.04M	shares	Point-in-time
Prepaid expenses and other	`PrepaidExpenseAndOtherAssetsCurrent`	$1.48M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	24.53M	shares	Point-in-time
Prepaid expenses and other	`PrepaidExpenseAndOtherAssetsCurrent`	$1.88M	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$12.22M	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$8.39M	USD	Point-in-time
Treasury stock shares	`TreasuryStockCommonShares`	100,000.00	shares	Point-in-time
Treasury stock shares	`TreasuryStockCommonShares`	100,000.00	shares	Point-in-time
Property and Equipment, net	`PropertyPlantAndEquipmentNet`	-	USD	Point-in-time
Property and Equipment, net	`PropertyPlantAndEquipmentNet`	-	USD	Point-in-time
Operating lease right-of-use assets, net of accumulated amortization	`OperatingLeaseRightOfUseAsset`	$227.59K	USD	Point-in-time
Operating lease right-of-use assets, net of accumulated amortization	`OperatingLeaseRightOfUseAsset`	$207.79K	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`	$213.32K	USD	Point-in-time
Total Other Assets	`OtherAssetsNoncurrent`	$233.12K	USD	Point-in-time
Total Assets	`Assets`	$8.62M	USD	Point-in-time
Total Assets	`Assets`	$12.43M	USD	Point-in-time
Current maturities of operating lease liability	`OperatingLeaseLiabilityCurrent`	$81.17K	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`	$316.71K	USD	Point-in-time
Due to licensor	`DueToLicensor`	$189.00K	USD	Point-in-time
Due to licensor	`DueToLicensor`	$189.00K	USD	Point-in-time
Due to related parties	`OtherLiabilitiesCurrent`	-	USD	Point-in-time
Due to related parties	`OtherLiabilitiesCurrent`	$51.00	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$1.57M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$403.06K	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$2.16M	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$998.56K	USD	Point-in-time
Non-current operating lease liability	`OperatingLeaseLiabilityNoncurrent`	$129.36K	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`	$2.29M	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: 24,631,474 issued and 24,531,474 outstanding at March 31, 2023 and 16,135,400 issued and 16,035,400 outstanding at December 31, 2022	`CommonStockValue`	$1.61K	USD	Point-in-time
Common stock, par value $0.0001, 50,000,000 shares authorized: 24,631,474 issued and 24,531,474 outstanding at March 31, 2023 and 16,135,400 issued and 16,035,400 outstanding at December 31, 2022	`CommonStockValue`	$2.46K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$72.02M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$78.71M	USD	Point-in-time
Treasury stock at cost 100,000 shares at March 31, 2023 and December 31, 2022	`TreasuryStockValue`	$300.00K	USD	Point-in-time
Treasury stock at cost 100,000 shares at March 31, 2023 and December 31, 2022	`TreasuryStockValue`	$300.00K	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-68.27M	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`	$10.14M	USD	Point-in-time
Total Stockholders Equity	`StockholdersEquity`	$7.47M	USD	Point-in-time
Total Stockholders Equity	`StockholdersEquity`	$23.24M	USD	Point-in-time
Total Liabilities and Stockholders Equity	`LiabilitiesAndStockholdersEquity`	$8.62M	USD	Point-in-time
Total Liabilities and Stockholders Equity	`LiabilitiesAndStockholdersEquity`	$12.43M	USD	Point-in-time

Income Statement 18 line items

Line Item	Tag	Value	Unit	Period
Research and development expenses	`ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost`	$2.04M	USD	1 Quarter
Research and development expenses	`ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost`	$1.63M	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$2.48M	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$1.18M	USD	1 Quarter
Operating Loss	`OperatingIncomeLoss`	$-4.11M	USD	1 Quarter
Operating Loss	`OperatingIncomeLoss`	$-3.23M	USD	1 Quarter
Other Income (Expense), net	`OtherNonoperatingIncomeExpense`	$83.46K	USD	1 Quarter
Other Income (Expense), net	`OtherNonoperatingIncomeExpense`	$1.58K	USD	1 Quarter
Net Operating Loss Before Income Tax Benefit	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-3.23M	USD	1 Quarter
Net Operating Loss Before Income Tax Benefit	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-4.02M	USD	1 Quarter
Income Tax Benefit	`IncomeTaxExpenseBenefit`	-	USD	1 Quarter
Income Tax Benefit	`IncomeTaxExpenseBenefit`	-	USD	1 Quarter
Net Loss	`NetIncomeLoss`	$-4.02M	USD	1 Quarter
Net Loss	`NetIncomeLoss`	$-3.23M	USD	1 Quarter
Net Loss Per Common Share - Basic and Diluted	`EarningsPerShareBasic`	$-0.18	USD	1 Quarter
Net Loss Per Common Share - Basic and Diluted	`EarningsPerShareBasic`	$-0.20	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`	22.77M	shares	1 Quarter

Cash Flow Statement 44 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-4.02M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-3.23M	USD	1 Quarter
Non-cash lease expense for right-of-use assets	`OperatingLeaseExpense`	$19.80K	USD	1 Quarter
Non-cash lease expense for right-of-use assets	`OperatingLeaseExpense`	$22.56K	USD	1 Quarter
Amortization of issuance costs	`AmortizationOfFinancingCostsAndDiscounts`	-	USD	1 Quarter
Amortization of issuance costs	`AmortizationOfFinancingCostsAndDiscounts`	$3.11K	USD	1 Quarter
Amortization of intangible asset	`AmortizationOfIntangibleAssets`	-	USD	1 Quarter
Amortization of intangible asset	`AmortizationOfIntangibleAssets`	$197.12K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$341.50K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$828.90K	USD	1 Quarter
Recording of warrant to be issued to purchase 3,160,130 shares of common stock in connection with a consulting agreement	`IssuanceOfStockAndWarrantsForServicesOrClaims`	$1.31M	USD	1 Quarter
Recording of warrant to be issued to purchase 3,160,130 shares of common stock in connection with a consulting agreement	`IssuanceOfStockAndWarrantsForServicesOrClaims`	-	USD	1 Quarter
Prepaid expenses and other	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-216.72K	USD	1 Quarter
Prepaid expenses and other	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-405.62K	USD	1 Quarter
Operating lease liability	`IncreaseDecreaseInOperatingLeaseLiability`	$-18.93K	USD	1 Quarter
Operating lease liability	`IncreaseDecreaseInOperatingLeaseLiability`	$-23.20K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-10.84K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$97.19K	USD	1 Quarter
Due (from) to related parties	`IncreaseDecreaseInDueToRelatedParties`	$-51.00	USD	1 Quarter
Due (from) to related parties	`IncreaseDecreaseInDueToRelatedParties`	$-1.77K	USD	1 Quarter
Other receivables	`IncreaseDecreaseInOtherReceivables`	-	USD	1 Quarter
Other receivables	`IncreaseDecreaseInOtherReceivables`	$-70.27K	USD	1 Quarter
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$-139.97K	USD	1 Quarter
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$13.30K	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-1.80M	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-2.11M	USD	1 Quarter
Net proceeds from common stock issued	`ProceedsFromIssuanceOfCommonStock`	$6.35M	USD	1 Quarter
Net proceeds from common stock issued	`ProceedsFromIssuanceOfCommonStock`	-	USD	1 Quarter
Acquisition of treasury stock	`PaymentsForRepurchaseOfEquity`	-	USD	1 Quarter
Acquisition of treasury stock	`PaymentsForRepurchaseOfEquity`	$300.00K	USD	1 Quarter
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$6.35M	USD	1 Quarter
Net cash provided by (used in) 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`	$4.24M	USD	1 Quarter
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`	$10.74M	USD	Point-in-time
Cash and Cash Equivalents Beginning of Period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$6.50M	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`	$10.74M	USD	Point-in-time
Cash and Cash Equivalents End of Period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$6.50M	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 15 line items

Line Item	Tag	Value	Unit	Period
Beginning balance, value	`StockholdersEquity`	$25.49M	USD	Point-in-time
Beginning balance, value	`StockholdersEquity`	$10.14M	USD	Point-in-time
Beginning balance, value	`StockholdersEquity`	$7.47M	USD	Point-in-time
Beginning balance, value	`StockholdersEquity`	$23.24M	USD	Point-in-time
Stock-based compensation	`StockIssuedDuringPeriodValueShareBasedCompensation`	$828.90K	USD	1 Quarter
Stock-based compensation	`StockIssuedDuringPeriodValueShareBasedCompensation`	$341.50K	USD	1 Quarter
Acquisition of treasury stock	`StockRepurchasedDuringPeriodValue`	$300.00K	USD	1 Quarter
Shares issued in connection with purchase agreement	`SharesIssuedInConnectionWithPurchaseAgreementValue`	$450.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-4.02M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-3.23M	USD	1 Quarter
Shares issued in connection with capital raises, net of transaction costs	`StockIssuedDuringPeriodValueNewIssues`	$6.35M	USD	1 Quarter
Balance	`StockholdersEquity`	$25.49M	USD	Point-in-time
Balance	`StockholdersEquity`	$10.14M	USD	Point-in-time
Balance	`StockholdersEquity`	$7.47M	USD	Point-in-time
Balance	`StockholdersEquity`	$23.24M	USD	Point-in-time

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