$PCSA
Processa Pharmaceuticals, Inc.

2024 Q2 Form 10-Q Financial Statement

#000149315224018648 Filed on May 10, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1 2023 Q4
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $1.352M $1.271M $1.149M
YoY Change 31.69% -48.73% -56.25%
% of Gross Profit
Research & Development $1.730M $1.539M $1.321M
YoY Change 2.5% -5.43% -55.64%
% of Gross Profit
Depreciation & Amortization $180.00 $139.00 $220.00
YoY Change -99.89%
% of Gross Profit
Operating Expenses $1.730M $1.539M $2.469M
YoY Change 2.5% -5.43% -57.42%
Operating Profit -$3.082M -$2.810M
YoY Change 13.54% -31.57%
Interest Expense $71.70K $83.22K $64.52K
YoY Change 16.19%
% of Operating Profit
Other Income/Expense, Net $71.70K $83.22K
YoY Change -29.64% -0.29%
Pretax Income -$3.010M -$2.726M -$2.405M
YoY Change 15.22% -32.21% -81.52%
Income Tax
% Of Pretax Income
Net Earnings -$3.010M -$2.700M -$2.405M
YoY Change 15.22% -32.87% -81.52%
Net Earnings / Revenue
Basic Earnings Per Share -$1.01 -$1.11
Diluted Earnings Per Share -$1.01 -$1.11 -$1.71
COMMON SHARES
Basic Shares Outstanding 2.858M shares 2.856M shares 24.63M shares
Diluted Shares Outstanding 2.983M shares 2.467M shares

Balance Sheet

Concept 2024 Q2 2024 Q1 2023 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $5.571M $8.920M $4.706M
YoY Change -35.8% -16.96% -27.64%
Cash & Equivalents $5.600M $8.900M $4.706M
Short-Term Investments
Other Short-Term Assets $1.907M $857.6K $926.3K
YoY Change 56.28% -41.95% -50.81%
Inventory
Prepaid Expenses
Receivables
Other Receivables $22.30K
Total Short-Term Assets $7.478M $9.800M $5.633M
YoY Change -24.44% -19.8% -32.84%
LONG-TERM ASSETS
Property, Plant & Equipment $2.276K $2.415K $148.6K
YoY Change -34.7%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $5.540K $5.540K $5.540K
YoY Change -97.13% -97.4% 0.09%
Total Long-Term Assets $123.0K $144.4K $154.1K
YoY Change -36.31% -32.29% -33.88%
TOTAL ASSETS
Total Short-Term Assets $7.478M $9.800M $5.633M
Total Long-Term Assets $123.0K $144.4K $154.1K
Total Assets $7.601M $9.945M $5.787M
YoY Change -24.67% -20.01% -32.87%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $953.1K $455.4K $311.6K
YoY Change 298.74% 43.78% -4.86%
Accrued Expenses $505.4K $465.6K $229.9K
YoY Change 62.25% -70.42% -42.96%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $5.690K $4.800K
YoY Change
Total Short-Term Liabilities $1.552M $1.011M $730.6K
YoY Change 88.9% -53.23% -26.84%
LONG-TERM LIABILITIES
Long-Term Debt $3.820K $6.110K $0.00
YoY Change
Other Long-Term Liabilities $21.83K $44.59K $66.91K
YoY Change -80.03% -65.53% -55.56%
Total Long-Term Liabilities $25.65K $50.70K $66.91K
YoY Change -76.54% -60.81% -55.56%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.552M $1.011M $730.6K
Total Long-Term Liabilities $25.65K $50.70K $66.91K
Total Liabilities $1.577M $1.061M $797.5K
YoY Change 69.47% -53.66% -30.6%
SHAREHOLDERS EQUITY
Retained Earnings -$81.10M -$78.10M -$75.40M
YoY Change 14.39% 14.35% 17.45%
Common Stock $87.43M $87.28M $80.66M
YoY Change 8.82% 10.88% 12.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $300.0K $300.0K $300.0K
YoY Change 0.0% 0.0% 0.0%
Treasury Stock Shares
Shareholders Equity $6.024M $8.883M $4.989M
YoY Change
Total Liabilities & Shareholders Equity $7.601M $9.945M $5.787M
YoY Change -24.67% -20.01% -32.87%

Cashflow Statement

Concept 2024 Q2 2024 Q1 2023 Q4
OPERATING ACTIVITIES
Net Income -$3.010M -$2.700M -$2.405M
YoY Change 15.22% -32.87% -81.52%
Depreciation, Depletion And Amortization $180.00 $139.00 $220.00
YoY Change -99.89%
Cash From Operating Activities -$3.346M -$2.000M -$2.123M
YoY Change 62.07% -5.4% -14.98%
INVESTING ACTIVITIES
Capital Expenditures $2.780K
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$2.780K
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -3.360K $6.263M -31.28K
YoY Change -1.4% -41.63%
NET CHANGE
Cash From Operating Activities -3.346M -$2.000M -2.123M
Cash From Investing Activities -2.780K
Cash From Financing Activities -3.360K $6.263M -31.28K
Net Change In Cash -3.349M $4.214M -2.157M
YoY Change 62.23% -0.56% -15.43%
FREE CASH FLOW
Cash From Operating Activities -$3.346M -$2.000M -$2.123M
Capital Expenditures $2.780K
Free Cash Flow -$2.126M
YoY Change

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<p id="xdx_843_eus-gaap--UseOfEstimates_zHJlP02XL9Fh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration: underline"><span id="xdx_86B_zFb0Y0JLMvJg">Use of Estimates</span></span></i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In preparing our condensed consolidated financial statements and related disclosures in conformity with U.S. GAAP and pursuant to the rules and regulations of the SEC, we make estimates and judgments that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. Estimates are used for, but not limited to preclinical and clinical trial expenses, stock-based compensation, intangible assets, future milestone payments and income taxes. These estimates and assumptions are continuously evaluated and are based on management’s experience and knowledge of the relevant facts and circumstances. While we believe the estimates to be reasonable, actual results could differ materially from those estimates and could impact future results of operations and cash flows.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2024Q1 us-gaap Concentration Risk Credit Risk
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<p id="xdx_840_eus-gaap--ConcentrationRiskCreditRisk_zMo0ImSCMlNj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><i><span style="text-decoration: underline"><span id="xdx_86A_zt0TpjUcVPC1">Concentration of Credit Risk</span></span></i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial instruments that potentially subject us to significant concentration of credit risk consist primarily of our cash and cash equivalents. We utilize only well-established banks and financial institutions with high credit ratings. Balances on deposit are insured by the Federal Deposit Insurance Corporation (FDIC) up to specified limits. Total cash held by our banks at March 31, 2024, exceeded FDIC limits.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
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StockIssuedDuringPeriodSharesStockWithheldForIncomeTaxes
2373 shares
CY2024Q1 PCSA Stock Issued During Period Shares Stock Withheld For Income Taxes
StockIssuedDuringPeriodSharesStockWithheldForIncomeTaxes
1377 shares
CY2024Q1 us-gaap Share Based Compensation
ShareBasedCompensation
167643 usd
CY2023Q1 us-gaap Share Based Compensation
ShareBasedCompensation
341504 usd
CY2024Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-2726381 usd
CY2023Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-4022073 usd
CY2024Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
2466523 shares
CY2024Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
2466523 shares
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
1138573 shares
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
1138573 shares
CY2024Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-1.11
CY2024Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-1.11
CY2023Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-3.53
CY2023Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-3.53
CY2024Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
2466523 shares
CY2024Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
2466523 shares
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
1138573 shares
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
1138573 shares
CY2024Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1866753 shares
CY2023Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
236496 shares
CY2024Q1 PCSA Operating And Financing Lease Weighted Average Discount Rate
OperatingAndFinancingLeaseWeightedAverageDiscountRate
0.08 pure
CY2024Q1 us-gaap Lease Cost
LeaseCost
22461 usd
CY2023Q1 us-gaap Lease Cost
LeaseCost
22461 usd
CY2024Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.080 pure
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
68247 usd
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
70040 usd
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
138287 usd
CY2024Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
8816 usd
CY2024Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
129471 usd
CY2024Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
84878 usd
CY2024Q1 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
44593 usd
CY2024Q1 us-gaap Finance Lease Liability Payments Remainder Of Fiscal Year
FinanceLeaseLiabilityPaymentsRemainderOfFiscalYear
4849 usd
CY2024Q1 us-gaap Finance Lease Liability Payments Due Next Twelve Months
FinanceLeaseLiabilityPaymentsDueNextTwelveMonths
6820 usd
CY2024Q1 us-gaap Finance Lease Liability Payments Due Year Two
FinanceLeaseLiabilityPaymentsDueYearTwo
488 usd
CY2024Q1 us-gaap Finance Lease Liability Payments Due
FinanceLeaseLiabilityPaymentsDue
12157 usd
CY2024Q1 us-gaap Finance Lease Liability Undiscounted Excess Amount
FinanceLeaseLiabilityUndiscountedExcessAmount
1248 usd
CY2024Q1 us-gaap Finance Lease Liability
FinanceLeaseLiability
10909 usd
CY2024Q1 us-gaap Finance Lease Liability Current
FinanceLeaseLiabilityCurrent
4802 usd
CY2024Q1 us-gaap Finance Lease Liability Noncurrent
FinanceLeaseLiabilityNoncurrent
6107 usd
CY2024Q1 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2024Q1 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2024Q1 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q1 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false

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0001493152-24-018648.txt Edgar Link pending
0001493152-24-018648-xbrl.zip Edgar Link pending
ex31-1.htm Edgar Link pending
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ex32-1.htm Edgar Link pending
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pcsa-20240331.xsd Edgar Link pending
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