10-Q Filing

Processa Pharmaceuticals, Inc. CIK: 1533743 Q2 2023

Filing Information

Form Type	10-Q
Accession Number	`0001493152-23-027551`
Period End Date	20230630
Filing Date	20230810
Fiscal Year	2023
Fiscal Period	Q2
XBRL Instance	form10-q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 60 Income Statement 46 Cash Flow Statement 52 Stockholders Equity 26

Balance Sheet 60 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`	100.00M	shares	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$6.50M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	24.63M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$8.68M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	16.14M	shares	Point-in-time
Prepaid expenses and other	`PrepaidExpenseAndOtherAssetsCurrent`	$1.88M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	24.53M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	16.04M	shares	Point-in-time
Prepaid expenses and other	`PrepaidExpenseAndOtherAssetsCurrent`	$1.22M	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
Total Current Assets	`AssetsCurrent`	$8.39M	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$9.90M	USD	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	`OperatingLeaseRightOfUseAsset`	$187.60K	USD	Point-in-time
Operating lease right-of-use assets, net	`OperatingLeaseRightOfUseAsset`	$227.59K	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`	$233.12K	USD	Point-in-time
Total Other Assets	`OtherAssetsNoncurrent`	$193.14K	USD	Point-in-time
Total Assets	`Assets`	$10.09M	USD	Point-in-time
Total Assets	`Assets`	$8.62M	USD	Point-in-time
Current maturities of operating lease liability	`OperatingLeaseLiabilityCurrent`	$81.89K	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`	$239.02K	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`	$311.50K	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`	$821.41K	USD	Point-in-time
Non-current operating lease liability	`OperatingLeaseLiabilityNoncurrent`	$109.33K	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`	$930.74K	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, 100,000,000 shares authorized: 24,631,474 issued and 24,531,474 outstanding at June 30, 2023, and 16,135,400 issued and 16,035,400 outstanding at December 31, 2022	`CommonStockValue`	$2.46K	USD	Point-in-time
Common stock, par value $0.0001, 100,000,000 shares authorized: 24,631,474 issued and 24,531,474 outstanding at June 30, 2023, and 16,135,400 issued and 16,035,400 outstanding at December 31, 2022	`CommonStockValue`	$1.61K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$80.34M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$72.02M	USD	Point-in-time
Treasury stock at cost 100,000 shares at June 30, 2023 and December 31, 2022	`TreasuryStockValue`	$300.00K	USD	Point-in-time
Treasury stock at cost 100,000 shares at June 30, 2023 and December 31, 2022	`TreasuryStockValue`	$300.00K	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-64.25M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-70.88M	USD	Point-in-time
Total Stockholders Equity	`StockholdersEquity`	$10.14M	USD	Point-in-time
Total Stockholders Equity	`StockholdersEquity`	$20.08M	USD	Point-in-time
Total Stockholders Equity	`StockholdersEquity`	$25.49M	USD	Point-in-time
Total Stockholders Equity	`StockholdersEquity`	$23.24M	USD	Point-in-time
Total Stockholders Equity	`StockholdersEquity`	$9.16M	USD	Point-in-time
Total Stockholders Equity	`StockholdersEquity`	$7.47M	USD	Point-in-time
Total Liabilities and Stockholders Equity	`LiabilitiesAndStockholdersEquity`	$10.09M	USD	Point-in-time
Total Liabilities and Stockholders Equity	`LiabilitiesAndStockholdersEquity`	$8.62M	USD	Point-in-time

Income Statement 46 line items

Line Item	Tag	Value	Unit	Period
Research and development expenses	`ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost`	$3.34M	USD	2 Qtrs
Research and development expenses	`ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost`	$3.14M	USD	1 Quarter
Research and development expenses	`ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost`	$1.69M	USD	1 Quarter
Research and development expenses	`ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost`	$5.18M	USD	2 Qtrs
General and administrative expenses	`GeneralAndAdministrativeExpense`	$1.03M	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$2.03M	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$3.48M	USD	2 Qtrs
General and administrative expenses	`GeneralAndAdministrativeExpense`	$3.22M	USD	2 Qtrs
Operating Loss	`OperatingIncomeLoss`	$-5.17M	USD	1 Quarter
Operating Loss	`OperatingIncomeLoss`	$-8.40M	USD	2 Qtrs
Operating Loss	`OperatingIncomeLoss`	$-2.71M	USD	1 Quarter
Operating Loss	`OperatingIncomeLoss`	$-6.82M	USD	2 Qtrs
Other Income (Expense), net	`OtherNonoperatingIncomeExpense`	$101.90K	USD	1 Quarter
Other Income (Expense), net	`OtherNonoperatingIncomeExpense`	$8.96K	USD	2 Qtrs
Other Income (Expense), net	`OtherNonoperatingIncomeExpense`	$185.36K	USD	2 Qtrs
Other Income (Expense), net	`OtherNonoperatingIncomeExpense`	$7.38K	USD	1 Quarter
Net Operating Loss Before Income Tax Benefit	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-2.61M	USD	1 Quarter
Net Operating Loss Before Income Tax Benefit	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-8.39M	USD	2 Qtrs
Net Operating Loss Before Income Tax Benefit	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-5.16M	USD	1 Quarter
Net Operating Loss Before Income Tax Benefit	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-6.63M	USD	2 Qtrs
Income Tax Benefit	`IncomeTaxExpenseBenefit`	-	USD	1 Quarter
Income Tax Benefit	`IncomeTaxExpenseBenefit`	-	USD	2 Qtrs
Income Tax Benefit	`IncomeTaxExpenseBenefit`	-	USD	1 Quarter
Income Tax Benefit	`IncomeTaxExpenseBenefit`	-	USD	2 Qtrs
Net Loss	`NetIncomeLoss`	$-6.63M	USD	2 Qtrs
Net Loss	`NetIncomeLoss`	$-4.02M	USD	1 Quarter
Net Loss	`NetIncomeLoss`	$-3.23M	USD	1 Quarter
Net Loss	`NetIncomeLoss`	$-8.39M	USD	2 Qtrs
Net Loss	`NetIncomeLoss`	$-2.61M	USD	1 Quarter
Net Loss	`NetIncomeLoss`	$-5.16M	USD	1 Quarter
Net Loss per Common Share - Basic	`EarningsPerShareBasic`	$-0.53	USD	2 Qtrs
Net Loss per Common Share - Basic	`EarningsPerShareBasic`	$-0.27	USD	2 Qtrs
Net Loss per Common Share - Basic	`EarningsPerShareBasic`	$-0.10	USD	1 Quarter
Net Loss per Common Share - Basic	`EarningsPerShareBasic`	$-0.32	USD	1 Quarter
Net Loss per Common Share - Diluted	`EarningsPerShareDiluted`	$-0.53	USD	2 Qtrs
Net Loss per Common Share - Diluted	`EarningsPerShareDiluted`	$-0.27	USD	2 Qtrs
Net Loss per Common Share - Diluted	`EarningsPerShareDiluted`	$-0.10	USD	1 Quarter
Net Loss per Common Share - Diluted	`EarningsPerShareDiluted`	$-0.32	USD	1 Quarter
Weighted Average Common Shares Used to Compute Net Loss Applicable to Common Shares - Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	15.89M	shares	2 Qtrs
Weighted Average Common Shares Used to Compute Net Loss Applicable to Common Shares - Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	15.94M	shares	1 Quarter
Weighted Average Common Shares Used to Compute Net Loss Applicable to Common Shares - Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	26.94M	shares	1 Quarter
Weighted Average Common Shares Used to Compute Net Loss Applicable to Common Shares - Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	24.86M	shares	2 Qtrs
Weighted Average Common Shares Used to Compute Net Loss Applicable to Common Shares - Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	15.89M	shares	2 Qtrs
Weighted Average Common Shares Used to Compute Net Loss Applicable to Common Shares - Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	15.94M	shares	1 Quarter
Weighted Average Common Shares Used to Compute Net Loss Applicable to Common Shares - Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	24.86M	shares	2 Qtrs
Weighted Average Common Shares Used to Compute Net Loss Applicable to Common Shares - Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	26.94M	shares	1 Quarter

Cash Flow Statement 52 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-6.63M	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-4.02M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-3.23M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-8.39M	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-2.61M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-5.16M	USD	1 Quarter
Non-cash lease expense for right-of-use assets	`OperatingLeaseExpense`	$45.29K	USD	2 Qtrs
Non-cash lease expense for right-of-use assets	`OperatingLeaseExpense`	$39.98K	USD	2 Qtrs
Non-cash milestone expense in connection with license agreement	`OtherNoncashIncomeExpense`	$-189.00K	USD	2 Qtrs
Non-cash milestone expense in connection with license agreement	`OtherNoncashIncomeExpense`	-	USD	2 Qtrs
Amortization of issuance costs	`AmortizationOfFinancingCostsAndDiscounts`	-	USD	2 Qtrs
Amortization of issuance costs	`AmortizationOfFinancingCostsAndDiscounts`	$40.61K	USD	2 Qtrs
Amortization of intangible asset	`AmortizationOfIntangibleAssets`	-	USD	2 Qtrs
Amortization of intangible asset	`AmortizationOfIntangibleAssets`	$394.25K	USD	2 Qtrs
Stock-based compensation	`ShareBasedCompensation`	$2.84M	USD	2 Qtrs
Stock-based compensation	`ShareBasedCompensation`	$660.63K	USD	2 Qtrs
Stock-based compensation	`ShareBasedCompensation`	$319.12K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$2.01M	USD	1 Quarter
Warrants issued to purchase 3,160,130 shares of common stock in connection with a consulting agreement	`IssuanceOfStockAndWarrantsForServicesOrClaims`	$1.31M	USD	2 Qtrs
Warrants issued to purchase 3,160,130 shares of common stock in connection with a consulting agreement	`IssuanceOfStockAndWarrantsForServicesOrClaims`	-	USD	2 Qtrs
Prepaid expenses and other	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-662.98K	USD	2 Qtrs
Prepaid expenses and other	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-272.05K	USD	2 Qtrs
Operating lease liability	`IncreaseDecreaseInOperatingLeaseLiability`	$-47.26K	USD	2 Qtrs
Operating lease liability	`IncreaseDecreaseInOperatingLeaseLiability`	$-38.23K	USD	2 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$429.20K	USD	2 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-88.53K	USD	2 Qtrs
Due (from) to related parties	`IncreaseDecreaseInDueToRelatedParties`	$-1.77K	USD	2 Qtrs
Due (from) to related parties	`IncreaseDecreaseInDueToRelatedParties`	$-51.00	USD	2 Qtrs
Other receivables	`IncreaseDecreaseInOtherReceivables`	$-70.27K	USD	2 Qtrs
Other receivables	`IncreaseDecreaseInOtherReceivables`	-	USD	2 Qtrs
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$28.15K	USD	2 Qtrs
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$-91.56K	USD	2 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-4.18M	USD	2 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-4.13M	USD	2 Qtrs
Net proceeds from common stock issued	`ProceedsFromIssuanceOfCommonStock`	-	USD	2 Qtrs
Net proceeds from common stock issued	`ProceedsFromIssuanceOfCommonStock`	$6.35M	USD	2 Qtrs
Acquisition of treasury stock	`PaymentsForRepurchaseOfEquity`	-	USD	2 Qtrs
Acquisition of treasury stock	`PaymentsForRepurchaseOfEquity`	$300.00K	USD	2 Qtrs
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-300.00K	USD	2 Qtrs
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$6.35M	USD	2 Qtrs
Net Increase (Decrease) in Cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-4.43M	USD	2 Qtrs
Net Increase (Decrease) in Cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$2.17M	USD	2 Qtrs
Cash and Cash Equivalents Beginning of Period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$16.50M	USD	Point-in-time
Cash and Cash Equivalents Beginning of Period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$6.50M	USD	Point-in-time
Cash and Cash Equivalents Beginning of Period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$8.68M	USD	Point-in-time
Cash and Cash Equivalents Beginning of Period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$12.06M	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`	$6.50M	USD	Point-in-time
Cash and Cash Equivalents End of Period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$8.68M	USD	Point-in-time
Cash and Cash Equivalents End of Period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$12.06M	USD	Point-in-time
Issuance of 123,609 shares of common stock in connection with the Purchase Agreement with Lincoln Park	`StockIssued1`	-	USD	2 Qtrs
Issuance of 123,609 shares of common stock in connection with the Purchase Agreement with Lincoln Park	`StockIssued1`	$450.00K	USD	2 Qtrs

Stockholders Equity 26 line items

Line Item	Tag	Value	Unit	Period
Beginning balance, value	`StockholdersEquity`	$10.14M	USD	Point-in-time
Beginning balance, value	`StockholdersEquity`	$20.08M	USD	Point-in-time
Beginning balance, value	`StockholdersEquity`	$25.49M	USD	Point-in-time
Beginning balance, value	`StockholdersEquity`	$23.24M	USD	Point-in-time
Beginning balance, value	`StockholdersEquity`	$9.16M	USD	Point-in-time
Beginning balance, value	`StockholdersEquity`	$7.47M	USD	Point-in-time
Stock-based compensation	`StockIssuedDuringPeriodValueShareBasedCompensation`	$828.90K	USD	1 Quarter
Stock-based compensation	`StockIssuedDuringPeriodValueShareBasedCompensation`	$341.50K	USD	1 Quarter
Stock-based compensation	`StockIssuedDuringPeriodValueShareBasedCompensation`	$2.01M	USD	1 Quarter
Stock-based compensation	`StockIssuedDuringPeriodValueShareBasedCompensation`	$319.12K	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
Net loss	`NetIncomeLoss`	$-6.63M	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-4.02M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-3.23M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-8.39M	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-2.61M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-5.16M	USD	1 Quarter
Shares issued in connection with capital raises, net of transaction costs	`StockIssuedDuringPeriodValueNewIssues`	$6.35M	USD	1 Quarter
Warrants issued in connection with consulting agreement	`AdjustmentsToAdditionalPaidInCapitalWarrantIssued`	$1.31M	USD	1 Quarter
Ending balance, value	`StockholdersEquity`	$10.14M	USD	Point-in-time
Ending balance, value	`StockholdersEquity`	$20.08M	USD	Point-in-time
Ending balance, value	`StockholdersEquity`	$25.49M	USD	Point-in-time
Ending balance, value	`StockholdersEquity`	$23.24M	USD	Point-in-time
Ending balance, value	`StockholdersEquity`	$9.16M	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.