Processa (PCSA) Amends Insider Filing to Correct Ownership Figures

Rhea-AI Filing Summary

Processa Pharmaceuticals, Inc. (PCSA) amended a prior Form 4 to correct reported insider holdings for reporting person Neal James R, who is identified as a director. The filing shows restricted stock granted with $0 price that vested subject to the earlier of June 28, 2025 or the next annual meeting, and records an acquisition of 31,206 restricted shares. The filing reports 36,275 common shares beneficially owned following the reported transactions. The amendment states it was filed to retract a prior Form 4 that was filed in error and to correct the beneficially owned shares previously reported on a Form 4 filed September 18, 2024. The form was signed by an attorney-in-fact on behalf of the reporting person.

Positive

• Amendment filed to correct prior error, improving accuracy of public disclosures
• Vesting terms disclosed for restricted stock (earlier of June 28, 2025 or next annual meeting)
• Specific share counts provided: 31,206 restricted shares acquired and 36,275 shares beneficially owned after the transaction

Negative

• Prior Form 4 was filed in error, indicating a previous reporting lapse that required retraction

Insights

Corporate Governance Expert

TL;DR: Amendment corrects an earlier filing error and clarifies vesting and ownership; governance controls appear to be followed.

The amended Form 4 documents a correction to previously reported beneficial ownership and explains the vesting condition for restricted shares. Filing an amendment and retracting an erroneous Form 4 is a compliance action that improves the accuracy of public disclosures. The disclosure includes exact share counts (31,206 restricted shares acquired and 36,275 shares beneficially owned after the transaction) and a zero-dollar grant price, consistent with restricted stock awards rather than open-market purchases. This remediation reduces reporting risk but highlights a prior reporting lapse.

Securities Analyst

TL;DR: Transaction is administrative and corrective, not a market-moving trade; limited investor impact.

The filing shows restricted stock vesting terms and an amendment correcting earlier reported ownership. No cash proceeds, no open-market sale or purchase price, and no change in control are disclosed. Because the amendment clarifies historic reporting and the shares were granted at $0 as restricted stock, there is no immediate liquidity event or realized gain shown. The disclosure is relevant for accurate insider ownership metrics but is unlikely to materially affect valuation.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

Neal James R

(Last) (First) (Middle)

C/O PROCESSA PHARMACEUTICALS, INC.

601 21ST STREET SUITE 300

(Street)

VERO BEACH FL 32960

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Processa Pharmaceuticals, Inc. [ PCSA ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
07/24/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)
07/28/2025

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Restricted Stock	$0	09/03/2024		A		31,206		(1)	(1)	Common Stock	31,206	$0	36,275(2)	D

Explanation of Responses:

1. The restricted stock vest on the earlier of June 28, 2025 or the next annual meeting of stockholders, subject to certain distribution requirements.

2. Amending to correct the beneficially owned shares reported on the Form 4 filed September 18, 2024.

Remarks:

Amendment filed to retract the prior Form 4, which was filed in error.

	/s/ James Neal by John J. Wolfel, as Attorney-in-Fact	09/18/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What change did the Form 4/A for PCSA report?

The Form 4/A amends a prior filing to correct beneficial ownership figures and retracts a previously filed Form 4 that was filed in error.

Who is the reporting person on the amended Form 4 for PCSA?

The reporting person is Neal James R, identified in the filing as a director of Processa Pharmaceuticals, Inc.

How many restricted shares were reported as acquired in the amendment?

The filing reports an acquisition of 31,206 restricted shares at a $0 grant price.

How many shares does the reporting person beneficially own after the reported transaction?

The filing reports 36,275 common shares beneficially owned following the reported transactions.

Why did the restricted stock vest and when?

The filing states the restricted stock vests on the earlier of June 28, 2025 or the next annual meeting of stockholders, subject to distribution requirements.