10-K Filing

Processa Pharmaceuticals, Inc. CIK: 1533743 FY 2023

Filing Information

Form Type	10-K
Accession Number	`0001493152-24-011976`
Period End Date	20231231
Filing Date	20240329
Fiscal Year	2023
Fiscal Period	FY
XBRL Instance	form10-k_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 56 Income Statement 24 Cash Flow Statement 70 Stockholders Equity 18

Balance Sheet 56 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`	100.00M	shares	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	1.29M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	806,774.00	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$4.71M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$6.50M	USD	Point-in-time
Prepaid expenses and other	`PrepaidExpenseAndOtherAssetsCurrent`	$1.88M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	801,774.00	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	1.29M	shares	Point-in-time
Prepaid expenses and other	`PrepaidExpenseAndOtherAssetsCurrent`	$926.30K	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$5.63M	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$8.39M	USD	Point-in-time
Property and Equipment, net	`PropertyPlantAndEquipmentNet`	$2.55K	USD	Point-in-time
Property and Equipment, net	`PropertyPlantAndEquipmentNet`	-	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`	$146.06K	USD	Point-in-time
Other	`OtherAssetsNoncurrent`	$5.54K	USD	Point-in-time
Other	`OtherAssetsNoncurrent`	$5.54K	USD	Point-in-time
Total Other Assets	`AssetsNoncurrentOtherThanNoncurrentInvestmentsAndPropertyPlantAndEquipment`	$233.12K	USD	Point-in-time
Total Other Assets	`AssetsNoncurrentOtherThanNoncurrentInvestmentsAndPropertyPlantAndEquipment`	$151.59K	USD	Point-in-time
Total Assets	`Assets`	$8.62M	USD	Point-in-time
Total Assets	`Assets`	$5.79M	USD	Point-in-time
Current maturities of operating lease liability	`OperatingLeaseLiabilityCurrent`	$78.90K	USD	Point-in-time
Current maturities of operating lease liability	`OperatingLeaseLiabilityCurrent`	$83.65K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$327.55K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$311.62K	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`	$51.00	USD	Point-in-time
Due to related parties	`OtherLiabilitiesCurrent`	$39.00	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$403.06K	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$146.27K	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$730.58K	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$998.56K	USD	Point-in-time
Non-current operating lease liability	`OperatingLeaseLiabilityNoncurrent`	$66.91K	USD	Point-in-time
Non-current operating lease liability	`OperatingLeaseLiabilityNoncurrent`	$150.55K	USD	Point-in-time
Total Liabilities	`Liabilities`	$797.48K	USD	Point-in-time
Total Liabilities	`Liabilities`	$1.15M	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; 1,291,000 issued and 1,286,000 outstanding at December 31, 2023 and 806,774 issued and 801,774 outstanding at December 31, 2022	`CommonStockValue`	$129.00	USD	Point-in-time
Common stock, par value $0.0001, 100,000,000 shares authorized; 1,291,000 issued and 1,286,000 outstanding at December 31, 2023 and 806,774 issued and 801,774 outstanding at December 31, 2022	`CommonStockValue`	$80.00	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$80.66M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$72.02M	USD	Point-in-time
Treasury stock	`TreasuryStockValue`	$300.00K	USD	Point-in-time
Treasury stock	`TreasuryStockValue`	$300.00K	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-64.25M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-75.37M	USD	Point-in-time
Total Stockholders Equity	`StockholdersEquity`	$4.99M	USD	Point-in-time
Total Stockholders Equity	`StockholdersEquity`	$25.49M	USD	Point-in-time
Total Stockholders Equity	`StockholdersEquity`	$7.47M	USD	Point-in-time
Total Liabilities and Stockholders Equity	`LiabilitiesAndStockholdersEquity`	$8.62M	USD	Point-in-time
Total Liabilities and Stockholders Equity	`LiabilitiesAndStockholdersEquity`	$5.79M	USD	Point-in-time

Income Statement 24 line items

Line Item	Tag	Value	Unit	Period
Research and development expenses	`ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost`	$5.80M	USD	Annual
Research and development expenses	`ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost`	$11.49M	USD	Annual
General and administrative expenses	`GeneralAndAdministrativeExpense`	$8.76M	USD	Annual
General and administrative expenses	`GeneralAndAdministrativeExpense`	$5.66M	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`	$-11.46M	USD	Annual
Interest income, net	`InvestmentIncomeInterest`	$335.54K	USD	Annual
Interest income, net	`InvestmentIncomeInterest`	$101.20K	USD	Annual
Net Operating Loss Before Income Tax Benefit	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-11.12M	USD	Annual
Net Operating Loss Before Income Tax Benefit	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-27.42M	USD	Annual
Income Tax Benefit	`IncomeTaxExpenseBenefit`	-	USD	Annual
Income Tax Benefit	`IncomeTaxExpenseBenefit`	-	USD	Annual
Net Loss	`NetIncomeLoss`	$-27.42M	USD	Annual
Net Loss	`NetIncomeLoss`	$-11.12M	USD	Annual
Net Loss Per Common Share - Basic	`EarningsPerShareBasic`	$-34.05	USD	Annual
Net Loss Per Common Share - Basic	`EarningsPerShareBasic`	$-8.48	USD	Annual
Net Loss Per Common Share - Diluted	`EarningsPerShareDiluted`	$-8.48	USD	Annual
Net Loss Per Common Share - Diluted	`EarningsPerShareDiluted`	$-34.05	USD	Annual
Weighted Average Common Shares Used to Compute Net Loss Per Common Shares - Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	1.31M	shares	Annual
Weighted Average Common Shares Used to Compute Net Loss Per Common Shares - Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	805,477.00	shares	Annual
Weighted Average Common Shares Used to Compute Net Loss Per Common Shares - Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	1.31M	shares	Annual
Weighted Average Common Shares Used to Compute Net Loss Per Common Shares - Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	805,477.00	shares	Annual

Cash Flow Statement 70 line items

Line Item	Tag	Value	Unit	Period
Net Loss	`NetIncomeLoss`	$-27.42M	USD	Annual
Net Loss	`NetIncomeLoss`	$-11.12M	USD	Annual
Depreciation	`Depreciation`	$222.00	USD	Annual
Depreciation	`Depreciation`	-	USD	Annual
Non-cash lease expense for right-of-use assets	`OperatingLeaseExpense`	$81.53K	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`	-	USD	Annual
Non-cash milestone expense in connection with license agreement	`OtherNoncashIncomeExpense`	$-189.00K	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`	-	USD	Annual
Amortization of intangible asset	`AmortizationOfIntangibleAssets`	$788.50K	USD	Annual
Impairment of intangible asset	`ImpairmentOfIntangibleAssetsIndefinitelivedExcludingGoodwill`	-	USD	Annual
Impairment of intangible asset	`ImpairmentOfIntangibleAssetsIndefinitelivedExcludingGoodwill`	$7.27M	USD	Annual
Stock-based compensation	`ShareBasedCompensation`	$8.83M	USD	Annual
Stock-based compensation	`ShareBasedCompensation`	$1.06M	USD	Annual
Warrants issued to purchase 158,007 shares of common stock	`IssuanceOfStockAndWarrantsForServicesOrClaims`	$1.31M	USD	Annual
Warrants issued to purchase 158,007 shares of common stock	`IssuanceOfStockAndWarrantsForServicesOrClaims`	-	USD	Annual
Prepaid expenses and other	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-956.83K	USD	Annual
Prepaid expenses and other	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-210.55K	USD	Annual
Operating lease liability	`IncreaseDecreaseInOperatingLeaseLiability`	$-78.90K	USD	Annual
Operating lease liability	`IncreaseDecreaseInOperatingLeaseLiability`	$-87.94K	USD	Annual
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-15.93K	USD	Annual
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$108.64K	USD	Annual
Due (from) to related parties	`IncreaseDecreaseInDueToRelatedParties`	$-1.72K	USD	Annual
Due (from) to related parties	`IncreaseDecreaseInDueToRelatedParties`	$-12.00	USD	Annual
Other receivables	`IncreaseDecreaseInOtherReceivables`	-	USD	Annual
Other receivables	`IncreaseDecreaseInOtherReceivables`	$-70.27K	USD	Annual
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$-256.79K	USD	Annual
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$243.80K	USD	Annual
Net cash (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-8.06M	USD	Annual
Net cash (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-9.61M	USD	Annual
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$2.78K	USD	Annual
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	-	USD	Annual
Net cash (used in) provided by investing activities	`NetCashProvidedByUsedInInvestingActivities`	-	USD	Annual
Net cash (used in) provided by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-2.78K	USD	Annual
Net proceeds from issuance of stock	`ProceedsFromIssuanceOfCommonStock`	$6.32M	USD	Annual
Net proceeds from issuance of stock	`ProceedsFromIssuanceOfCommonStock`	-	USD	Annual
Shares withheld to pay taxes on stock-based compensation	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	-	USD	Annual
Shares withheld to pay taxes on stock-based compensation	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$88.84K	USD	Annual
Settlement of stock award	`PaymentsForSettlementOfStockAwards`	-	USD	Annual
Settlement of stock award	`PaymentsForSettlementOfStockAwards`	$52.75K	USD	Annual
Acquisition of treasury stock	`PaymentsForRepurchaseOfEquity`	-	USD	Annual
Acquisition of treasury stock	`PaymentsForRepurchaseOfEquity`	$300.00K	USD	Annual
Net cash (used in) provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$6.27M	USD	Annual
Net cash (used in) provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-388.84K	USD	Annual
Net (Decrease) Increase in Cash and Cash Equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-1.80M	USD	Annual
Net (Decrease) Increase in Cash and Cash Equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-9.99M	USD	Annual
Cash and Cash Equivalents - Beginning of Year	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$4.71M	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`	$4.71M	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 880 shares of common stock in satisfaction of accrued director fees	`StockIssuedInSatisfactionOfAccruedExpense`	$120.00K	USD	Annual
Issuance of 880 shares of common stock in satisfaction of accrued director fees	`StockIssuedInSatisfactionOfAccruedExpense`	-	USD	Annual
Issuance of 5,000 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 5,000 shares of common stock in connection with a licensing agreement which had previously been recorded as a due to licensor	`StockIssuedInConnectionWithLicensingAgreementWhichHadPreviouslyBeenRecordedAsDueToLicensor`	-	USD	Annual
Issuance of 6,181 shares of common stock in connection with the Purchase Agreement with Lincoln Park	`StockIssued1`	-	USD	Annual
Issuance of 6,181 shares of common stock in connection with the Purchase Agreement with Lincoln Park	`StockIssued1`	$450.00K	USD	Annual
Right-of-use asset obtained in exchange for operating lease liability	`RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability`	-	USD	Annual
Right-of-use asset obtained in exchange for operating lease liability	`RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability`	$238.92K	USD	Annual
Operating lease liability	`OperatingLeaseLiabilities`	$238.92K	USD	Annual
Operating lease liability	`OperatingLeaseLiabilities`	-	USD	Annual
Net	`NonCashLeaseLiabilityNet`	-	USD	Annual
Net	`NonCashLeaseLiabilityNet`	-	USD	Annual

Stockholders Equity 18 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$4.99M	USD	Point-in-time
Balance	`StockholdersEquity`	$25.49M	USD	Point-in-time
Balance	`StockholdersEquity`	$7.47M	USD	Point-in-time
Acquisition of treasury stock	`StockRepurchasedDuringPeriodValue`	$300.00K	USD	Annual
Stock-based compensation	`StockIssuedDuringPeriodValueShareBasedCompensation`	$1.06M	USD	Annual
Stock-based compensation	`StockIssuedDuringPeriodValueShareBasedCompensation`	$8.95M	USD	Annual
Shares issued in connection with the Purchase Agreement with Lincoln Park	`SharesIssuedInConnectionWithPurchaseAgreementValue`	$450.00K	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`	$88.84K	USD	Annual
Net loss	`NetIncomeLoss`	$-27.42M	USD	Annual
Net loss	`NetIncomeLoss`	$-11.12M	USD	Annual
Shares issued in connection with capital raises, net of transaction costs	`StockIssuedDuringPeriodValueNewIssues`	$6.35M	USD	Annual
Warrant granted in connection with a consulting agreement	`AdjustmentsToAdditionalPaidInCapitalWarrantIssued`	$1.31M	USD	Annual
Settlement of stock award	`AdjustmentsToAdditionalPaidInCapitalSettlementOfStockAwards`	$52.75K	USD	Annual
Other	`StockIssuedDuringPeriodValueOther`	$-30.61K	USD	Annual
Balance	`StockholdersEquity`	$4.99M	USD	Point-in-time
Balance	`StockholdersEquity`	$25.49M	USD	Point-in-time
Balance	`StockholdersEquity`	$7.47M	USD	Point-in-time

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