PCSA Form 4/A: Director retracts prior filing, updates ownership to 36,275 shares

Rhea-AI Filing Summary

Processa Pharmaceuticals director Khoso Baluch amended a prior Form 4 to correct reported insider holdings and retract an earlier erroneous filing. The amendment discloses a restricted stock grant of 31,206 shares that vest on the earlier of June 28, 2025 or the next annual meeting of stockholders, and states 36,275 shares as the amount of common stock beneficially owned following the reported transactions. The filing identifies the reporting person as a director and shows an earliest transaction date of 07/24/2025, an amendment date of 07/28/2025, and a signature date of 09/18/2025. The amendment states it was filed to correct the beneficially owned shares reported on a Form 4 filed September 18, 2024, and to retract that prior Form 4 which was filed in error.

Positive

• Amendment corrects prior disclosure, improving transparency by retracting an erroneous Form 4 and updating beneficial ownership figures
• Vesting terms disclosed for restricted stock: 31,206 shares vest on the earlier of June 28, 2025 or the next annual meeting

Negative

• Prior Form 4 was filed in error, indicating a reporting mistake that required amendment
• No price or percent ownership provided in the amendment, limiting immediate assessment of materiality to investors

Insights

Corporate Governance Expert

TL;DR: Director amended filing to correct share counts and retract an erroneous prior Form 4; disclosure clarifies vesting terms for restricted stock.

The report shows a governance housekeeping action: an amended Form 4 from a director correcting previously reported beneficial ownership and retracting an earlier erroneous filing. It discloses 31,206 restricted shares vesting by June 28, 2025 or the next annual meeting, and reports 36,275 shares beneficially owned post-transaction. The amendment improves the accuracy of public insider records, which matters for compliance and investor transparency. No new purchases or sales at cash consideration are shown; the entry reflects vesting of previously granted restricted stock and a correction of reporting error.

Securities Analyst

TL;DR: Amendment corrects insider share counts but shows no cash transaction; impact on valuation or ownership stake appears immaterial from this filing alone.

The filing records a restricted stock vesting of 31,206 shares and indicates 36,275 shares beneficially owned after the transaction. There is no price reported and no sale or purchase proceeds, so this is not a market-moving transaction by itself. The correction of a prior Form 4 enhances data integrity for shareholder registers and models that track insider holdings, but the filing does not provide financial metrics such as percentage ownership or changes in voting control.

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
Estimated average burden
hours per response:			0.5

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^*

Baluch Khoso

(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/ Khoso Baluch 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 Processa Pharmaceuticals (PCSA) report?

The amendment corrects previously reported beneficial ownership, retracts a prior erroneous Form 4, and discloses restricted stock vesting and updated share counts.

How many restricted shares were disclosed as vesting in the amendment?

The filing discloses 31,206 restricted shares that vest on the earlier of June 28, 2025 or the next annual meeting of stockholders.

What is the amount of common stock beneficially owned after the reported transaction?

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

What were the key dates shown on the Form 4/A?

The earliest transaction date is 07/24/2025, the amendment date is 07/28/2025, and the form was signed on 09/18/2025.

What is the reporting persons relationship to Processa Pharmaceuticals (PCSA)?

The reporting person, Khoso Baluch, is identified as a director of Processa Pharmaceuticals.

Why was the amendment filed according to the document?

The amendment states it was filed to correct the beneficially owned shares reported on the Form 4 filed September 18, 2024, and to retract that prior Form 4 which was filed in error.