Processa Pharmaceuticals, Inc. (PCSA) is having quite the Wednesday. The small-cap biotech's shares rocketed over 130%, trading at $6.94 with session volume hitting 2.73 million shares compared to an average of just 389,000.

The catalyst? Some genuinely interesting Phase 2 trial data that suggests Processa might have figured out how to make a common breast cancer treatment work better without making patients feel worse.

What the Data Shows

Processa released a clinical update on its ongoing Phase 2 study of NGC-Cap, which combines their drug PCS6422 with capecitabine for treating advanced or metastatic breast cancer. The preliminary results from the first 16 of 19 enrolled patients look promising.

Here's the breakthrough: NGC-Cap significantly increases exposure to the cancer-killing metabolites of capecitabine without cranking up the severity of side effects compared to standard capecitabine monotherapy alone. In cancer treatment, that's kind of the holy grail—more therapeutic punch, similar tolerance.

Breaking Down the Science

The trial randomized 19 patients to receive either NGC-Cap (150 mg twice daily) or standard-dose capecitabine monotherapy (1,000 mg/m² twice daily). The results reveal something clinically significant.

Yes, more patients on NGC-Cap experienced side effects related to the active cancer-fighting metabolites, and they had more of these effects overall. That's actually expected when you're getting greater exposure to the therapeutic compounds. But here's the important part: the severity of these side effects remained similar between both treatment groups. More activity doesn't necessarily mean worse toxicity.

The Hand-Foot Syndrome Problem

Capecitabine has a particularly unpleasant side effect profile. Beyond forming active cancer-fighting metabolites, it also breaks down into catabolite metabolites, including one called FBAL. This metabolite is associated with hand-foot syndrome, which causes redness, swelling, tingling, pain, blistering, and peeling—basically making everyday activities miserable.

Patients receiving NGC-Cap showed substantially lower exposure to FBAL, up to ten times less than those on standard capecitabine alone. And the clinical impact was clear: while similar numbers of patients in both groups reported hand-foot syndrome, those on NGC-Cap experienced only mild Grade 1 symptoms. Patients on capecitabine monotherapy, meanwhile, dealt with more severe symptoms up to Grade 2.

What Comes Next

Processa expects to complete enrollment of the final patient for the formal 20-patient interim analysis by the end of the first quarter of 2026. That's when we'll get a fuller picture of both safety and efficacy.

For now, the market is clearly excited about the possibility that NGC-Cap could deliver better therapeutic outcomes while reducing some of the quality-of-life issues that plague standard treatment. Whether that translates into actual clinical benefit and eventual FDA approval remains to be seen, but today's data certainly moved the needle for investors.