Processa published its annual report on Form 10-K for the fiscal year ended Dec. 31, 2025, reporting no revenue and a net loss of USD 13.56 million. Research and development costs rose 7.44% to USD 7.81 million, driven mainly by higher testing and other expenses tied to the NGC-Cap Phase 1B trial and the IND/initiation of the Phase 2 trial. General and administrative expenses increased 29.2% to USD 6.18 million, largely reflecting higher payroll costs, stock-based compensation, professional fees and franchise taxes. Cash and cash equivalents were USD 5.5 million at year-end, while net cash used in operating activities was USD 11.39 million. The company said it expects to need to raise additional capital in the second quarter of 2026.

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