Summary by Moomoo AI
Processa Pharmaceuticals, Inc. (Processa), a clinical-stage biopharmaceutical company, reported its financial performance and business developments for the quarter ended March 31, 2024. The company's cash and cash equivalents saw a significant increase to $8,920,363 from $4,706,197 in the previous quarter. Research and development expenses decreased slightly to $1,539,070 compared to $1,627,480 in the same period last year, while general and administrative expenses saw a substantial decrease to $1,270,528 from $2,478,055, primarily due to a non-recurring expense related to stock purchase warrants in the previous year. The net loss for the quarter was $2,726,381, with a net loss per common share of $1.11. Processa's business development focused on advancing its pipeline of Next Generation Chemotherapy (NGC) drugs, with ongoing clinical trials for NGC-Cap and plans to...Show More