[Form 4] Processa Pharmaceuticals, Inc. Common Insider Trading Activity

Rhea-AI Filing Summary

Gilead Sciences Inc. (GILD) – Form 144 filing: CEO Daniel O’Day has filed a notice to sell up to 10,000 shares of Gilead common stock through broker Morgan Stanley on or about 28 Jul 2025. The proposed sale has an aggregate market value of $1.14 million, implying a reference price of roughly $113.94 per share. The shares derive from performance stock granted 24 Jan 2023. Gilead reports 1.24 billion shares outstanding, so the planned sale represents less than 0.001% of the float.

Form 144 also discloses that O’Day sold 20,000 shares during the prior three months—10,000 on 30 Jun 2025 for $1.10 million and 10,000 on 30 May 2025 for $1.10 million. All sales are made under Rule 144; O’Day attests he possesses no undisclosed material adverse information about the company.

The filing signals continued but modest insider selling by the CEO; the dollar amounts are immaterial to Gilead’s capitalization yet may inform sentiment on insider confidence.

Positive

• None.

Negative

• Continued insider selling by the CEO may be perceived negatively by some investors, even though the volumes are small.

Insights

Equity Analyst

TL;DR: Small CEO Rule 144 sale; negligible dilution but may dent sentiment.

The 10 k-share sale (<~$1.1 m) is routine relative to Gilead’s 1.24 bn shares outstanding and follows two similar monthly sales. Insider selling by a CEO can raise eyebrows, yet the volume is immaterial (<0.001% of float) and stems from vested performance stock. No earnings or guidance data change. Unless sales accelerate or cluster before significant events, impact on valuation should be minimal. I view the disclosure as neutral.

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^*

Guy Wendy

(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)

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

3. Date of Earliest Transaction (Month/Day/Year)
07/28/2025

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

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 Units	$0	07/24/2025		A		1,366,046(1)		(2)	(2)	Common Stock	1,366,046	$0	1,376,478	D

Explanation of Responses:

1. Restricted stock granted under the Processa Pharmaceuticals, Inc. 2019 Omnibus Incentive Plan ("Omnibus Plan"), of which 1,349,245 shares are subject to stockholder approval of the revised Omnibus Plan.

2. Each Restricted Stock Unit represents a contingent right to receive one share of the Issuer's common stock, following its vesting on of one-third on January 1, 2026, and one-thirty-sixth each month thereafter until fully vested on January 1, 2028.

	/s/ Wendy Guy by Michael B. Kirwan, as Attorney-in-Fact	07/28/2025
	** 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

How many GILD shares is the CEO planning to sell under this Form 144?

Daniel O’Day intends to sell 10,000 Gilead common shares.

What is the estimated value of the planned Gilead stock sale?

The aggregate market value disclosed is $1,139,369.

When is the approximate sale date for the Form 144 shares?

The filing lists an approximate sale date of 28 Jul 2025.

How many GILD shares has the CEO sold in the past three months?

According to the filing, he sold 20,000 shares: 10,000 on 30 Jun 2025 and 10,000 on 30 May 2025.

What percentage of Gilead’s outstanding shares does this sale represent?

The 10,000-share sale equals less than 0.001% of the 1.24 billion shares outstanding.