The company remains pre-revenue while sustaining consistent quarterly operating losses that have fluctuated between $2.5 million and $4.0 million over the last ten quarters.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 |
|---|
| Sales/Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 5K | 113.42K | 200.2K | 312.48K | 192.15K | 20K | 140K |
| Revenue Growth % | - | - | - | - | - | - | - | - | - | -100% | -95.59% | -43.34% | -35.93% | 62.63% | 860.73% | -85.71% | - |
| Cost of Goods Sold | 301 | 0 | 0 | 0 | 874.01K | 0 | 882.06K | 0 | 0 | 0 | 1.38K | 125.88K | 113.25K | 188K | 133.25K | 525 | 150K |
| COGS % of Revenue | - | - | - | - | - | - | - | - | - | - | 27.62% | 110.98% | 56.57% | 60.16% | 69.35% | 2.63% | 107.14% |
| Gross Profit | -301 | 0 | 0 | 0 | -874.01K | 0 | -882.06K | -877.9K | -630.09K | -1.86K | 3.62K | -12.45K | 86.95K | 124.48K | 58.89K | 20K | -10K |
| Gross Margin % | - | - | - | - | - | - | - | - | - | - | 72.38% | -10.98% | 43.43% | 39.84% | 30.65% | 100% | -7.14% |
| Gross Profit Growth % | - | - | - | 100% | - | 100% | -0.47% | -39.33% | -33685.09% | -151.53% | 129.07% | -114.32% | -30.15% | 111.37% | 194.45% | 300% | - |
| Operating Expenses | 14.47M | 13.99M | 12.05M | 11.46M | 19.38M | 12.13M | 14.25M | 3.94M | 4.52M | 1.8M | 1.93M | 974.71K | 3.03M | 3.09M | 2.33M | 790K | 150K |
| OpEx % of Revenue | - | - | - | - | - | - | - | - | - | - | 38530.4% | 859.34% | 1515.74% | 987.52% | 1213.49% | 3950% | 107.14% |
| Selling, General & Admin | 6.44M | 6.18M | 4.78M | 5.66M | 8.68M | 4.69M | 3.18M | 1.61M | 1.44M | 876.32K | 384.52K | 945.46K | 1.59M | 2.82M | 1.88M | 610K | 40K |
| SG&A % of Revenue | - | - | - | - | - | - | - | - | - | - | 7690.48% | 833.56% | 795.02% | 902.05% | 980.32% | 3050% | 28.57% |
| Research & Development | 8.03M | 7.81M | 7.27M | 5.8M | 10.71M | 6.88M | 11.08M | 2.32M | 3.09M | 926.12K | 6.56K | 29.25K | 189.75K | 267.06K | 448.03K | 170K | 110K |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | 131.16% | 25.78% | 94.78% | 85.47% | 233.17% | 850% | 78.57% |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 566.58K | 0 | 0 | 0 | 0 | 1.85M | 0 | 0 | 0 | 0 | 10K | 0 |
| Operating Income | -14.47M | -13.99M | -12.05M | -11.46M | -20.26M | -12.13M | -15.14M | -3.94M | -4.52M | -1.8M | -1.92M | 2.69M | -4.16M | -2.96M | -2.27M | -770K | -160K |
| Operating Margin % | - | - | - | - | - | - | - | - | - | - | -38430.4% | 2372.57% | -2078.13% | -947.68% | -1182.84% | -3850% | -114.29% |
| Operating Income Growth % | - | -16.08% | -5.19% | 43.44% | -66.95% | 19.84% | -284.63% | 13.03% | -151.05% | 6.2% | -171.4% | 164.68% | -40.49% | -30.3% | -195.17% | -381.25% | - |
| EBITDA | -14.47M | -13.99M | -12.05M | -11.46M | -19.47M | -11.34M | -14.25M | -3.06M | -3.89M | -1.8M | -1.92M | 2.93M | -3.7M | -2.55M | -2.16M | -1.11M | -160K |
| EBITDA Margin % | - | - | - | - | - | - | - | - | - | - | -38402.78% | 2583.12% | -1847.73% | -814.9% | -1126.39% | -5550% | -114.29% |
| EBITDA Growth % | -19.72% | -16.07% | -5.18% | 41.15% | -71.64% | 20.43% | -366.21% | 21.5% | -116.31% | 6.23% | -165.54% | 179.2% | -45.27% | -17.66% | -94.98% | -593.75% | - |
| D&A (Non-Cash Add-back) | 1.2K | 1.2K | 782 | 222 | 788.5K | 790.97K | 882.06K | 877.9K | 630.09K | 1.86K | 1.38K | 238.82K | 461.26K | 414.91K | 108.47K | -340K | 0 |
| EBIT | -14.47M | -13.99M | -12.05M | -11.46M | -20.26M | -11.57M | -15.13M | -3.92M | -4.51M | -1.8M | -91.8K | -2.75M | -3.37M | -2.96M | -2.27M | -768.48K | 0 |
| Net Interest Income | 118.22K | 109.49K | 201.09K | 335.54K | 101.2K | 11.63K | -277.95K | -25.11K | -142.91K | -30.51K | -245.38K | -230.99K | -315.15K | -107.33K | -167.58K | 0 | 0 |
| Interest Income | 118.22K | 109.49K | 201.09K | 335.54K | 101.2K | 11.99K | 3.17K | 11.55K | 18.3K | 5.18K | 0 | 4.65K | 155 | 2.39K | 3.13K | 0 | 0 |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 362 | 281.12K | 36.66K | 161.21K | 35.69K | 245.38K | 235.64K | 315.3K | 109.72K | 170.72K | -170K | 0 |
| Other Income/Expense | 366.12K | 424.67K | 201.09K | 335.54K | -7.17M | 175.4K | -277.95K | -25.11K | -142.91K | -53.88K | 4.45K | -5.67M | 0 | -107.33K | -167.58K | -170K | 0 |
| Pretax Income | -14.11M | -13.56M | -11.85M | -11.12M | -27.42M | -11.96M | -15.41M | -3.96M | -4.67M | -1.86M | -337.18K | -2.98M | -3.69M | -3.07M | -2.44M | -940K | -160K |
| Pretax Margin % | - | - | - | - | - | - | - | - | - | - | -6743.58% | -2629.77% | -1840.9% | -982.03% | -1270.06% | -4700% | -114.29% |
| Income Tax | 0 | 0 | 0 | 0 | 0 | -530.61K | -1M | -602.72K | -902.8K | -18.19K | -1.2K | 100 | 100 | 50 | 181 | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 4.44% | 6.49% | 15.22% | 19.34% | 0.98% | 0.36% | -0% | -0% | -0% | -0.01% | 0% | 0% |
| Net Income | -14.11M | -13.56M | -11.85M | -11.12M | -27.42M | -11.43M | -19.04M | -3.36M | -3.77M | -1.86M | -335.98K | -3.35M | -4.53M | -3.07M | -2.44M | -940K | -160K |
| Net Margin % | - | - | - | - | - | - | - | - | - | - | -6719.64% | -2957.22% | -2260.85% | -982.05% | -1270.15% | -4700% | -114.29% |
| Net Income Growth % | -17.97% | -14.46% | -6.55% | 59.45% | -139.98% | 39.98% | -467.02% | 10.81% | -102.82% | -452.5% | 89.98% | 25.89% | -47.5% | -25.74% | -159.63% | -487.5% | - |
| Net Income (Continuing) | -14.11M | -13.56M | -11.85M | -11.12M | -27.42M | -11.43M | -14.41M | -3.36M | -3.77M | -1.86M | -337.18K | -2.98M | -3.69M | -3.07M | -2.44M | -941.1K | -160K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -371.31K | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -5.38 | -10.36 | -96.75 | -212.00 | -851.19 | -373.00 | -1269.25 | -304.25 | -355.00 | -200.00 | -747.25 | -7460.00 | -16660.00 | -14945.00 | -16917.25 | -510.00 | -85.00 |
| EPS Growth % | 86.14% | 89.29% | 54.36% | 75.09% | -128.2% | 70.61% | -317.17% | 14.3% | -77.5% | 73.24% | 89.98% | 55.22% | -11.48% | 11.66% | -3217.11% | -500% | - |
| EPS (Basic) | - | -10.36 | -96.75 | -212.00 | -851.19 | -373.00 | -1269.25 | -304.25 | -355.00 | -200.00 | -747.25 | -7460.00 | -16660.00 | -14945.00 | -16917.25 | -510.00 | -85.00 |
| Diluted Shares Outstanding | 2.62M | 1.31M | 122.4K | 52.46K | 32.22K | 30.64K | 15K | 11.05K | 10.66K | 9.31K | 1.2K | 0 | 0 | 0 | 402 | 112 | 320 |
| Basic Shares Outstanding | 2.62M | 1.31M | 122.4K | 52.46K | 32.22K | 30.64K | 15K | 11.05K | 10.66K | 9.31K | 1.2K | 0 | 0 | 0 | 402 | 112 | 320 |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Critical liquidity and funding risk
As reported in recent financial filings, Processa Pharmaceuticals maintains a high-fixed cost structure dominated by research and development, with quarterly R&D expenditures fluctuating between $1.3 million and $2.4 million, reflecting the intensive nature of its ongoing clinical trial programs and contract research organization obligations.
The company's cost base is almost entirely comprised of R&D and SG&A, which consistently outpace any minor operational costs. This structure suggests that management lacks the ability to achieve meaningful expense discipline without compromising the clinical development timelines of its primary pipeline assets.
Based on the company's historical income statements, Processa Pharmaceuticals exhibits no operating leverage, as the firm remains pre-revenue while sustaining consistent quarterly operating losses that have ranged from $2.5 million to $4.0 million over the last ten quarters, indicating a persistent reliance on external capital.
The absence of revenue means that every dollar spent on R&D and SG&A directly increases the operating deficit. Investors should monitor whether the company can eventually transition to a commercial model, as the current trajectory suggests that overhead costs will continue to scale alongside clinical trial complexity.
According to the provided financial data, the quality of earnings is severely impacted by consistent net losses and the ongoing issuance of equity, as evidenced by the significant stock-based compensation expenses that reached $431,000 in 2025Q2, further diluting existing shareholders during a period of negative cash flow.
The reliance on stock-based compensation as a component of the cost structure suggests that management is attempting to preserve cash, yet this practice creates a persistent overhang for equity holders. The volatility in EPS figures appears to be a function of both these non-cash charges and the company's inability to generate top-line growth.
As indicated by the reported $5.5 million in cash reserves, Processa Pharmaceuticals faces a precarious financial position that warrants investigation, as the current burn rate suggests the company may struggle to fund its broad, multi-indication pipeline to the next significant clinical data readout without immediate dilution.
Short-sellers would likely focus on the mismatch between the company's ambitious clinical development goals and its limited liquidity. The risk of a 'going concern' qualification appears elevated, as the company has yet to demonstrate a path to self-sustaining operations or a clear milestone-based revenue stream.
Quick answers to the most common questions about buying PCSA stock.
For fiscal year 2025, Processa Pharmaceuticals, Inc. (PCSA) reported total revenue of $0.0M. This represents a 100.0% decline compared to $0.1M in 2010.
Processa Pharmaceuticals, Inc. (PCSA) reported a net loss of $13.6M for the fiscal year ending 2025.