PCSA: Intracoastal, Kopin & Asher Report 9.99% via Warrant

Rhea-AI Filing Summary

Processa Pharmaceuticals (PCSA) disclosure shows three reporting persons—Mitchell P. Kopin, Daniel B. Asher and Intracoastal Capital LLC—hold economic and voting interests tied to a warrant that is exercisable into 2,907,250 shares of common stock, representing 9.99% of the class on the stated share count basis. The position is recorded as shared voting and shared dispositive power; none of the reporting persons claim sole voting or dispositive power.

The filing notes a blocker provision in the Intracoastal warrant that prevents exercise to the extent it would cause beneficial ownership to exceed 9.99%; the document states that without that blocker the reporting persons may be deemed to beneficially own 5,000,000 shares. The statement includes signed certifications by the reporting persons confirming the disclosure.

Positive

• Material disclosure of stake: Reporting Persons identify a clear, sizable position of 2,907,250 shares (9.99%) tied to the Intracoastal warrant.
• Transparent control reporting: The filing explicitly states voting and dispositive power is shared and discloses the warrant's blocker provision and pro forma ownership (5,000,000 shares) without the blocker.

Negative

• Blocker limits exercise: The Intracoastal warrant contains a provision preventing exercise that would cause ownership to exceed 9.99%, constraining immediate conversion rights.
• No sole control: Each reporting person reports 0 shares of sole voting or dispositive power, indicating limited unilateral influence despite the sizeable position.

Insights

Financial Analyst

TL;DR: Reporting group holds a near-10% economic stake via a warrant with a blocker, recorded as shared voting/dispositive power.

The Schedule 13G/A discloses that the three Reporting Persons collectively have beneficial ownership linked to the Intracoastal Warrant for 2,907,250 shares, equal to 9.99% on the issuer-reported share base. Ownership is documented as shared voting and shared dispositive power, with no sole control. The warrant contains an explicit blocker preventing exercise above 9.99%, and the filing states the pro forma figure without the blocker would be 5,000,000 shares. This is a material ownership disclosure but is presented as a passive position under the certification.

Corporate Governance Expert

TL;DR: Material ownership disclosed but structured to avoid crossing the 10% threshold via a contractual blocker.

The filing documents a significant minority economic interest achieved through a warrant instrument held by Intracoastal Capital LLC, with the reporting individuals recorded as sharing voting and dispositive authority over 2,907,250 shares. The presence of a blocker provision is explicitly noted and is the reason the reported beneficial ownership is capped at 9.99%. The reporting persons certified the passive nature of the holding in the filing. From a governance perspective, the structure limits formal control metrics while creating a sizable potential stake if terms change.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 1)

Processa Pharmaceuticals, Inc.

(Name of Issuer)

Common stock, par value $0.0001 per share

(Title of Class of Securities)

74275C304

(CUSIP Number)

06/30/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 74275C304

1

Names of Reporting Persons

Mitchell P. Kopin

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 2,907,250.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 2,907,250.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,907,250.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

9.99 %

12

Type of Reporting Person (See Instructions)

HC, IN

SCHEDULE 13G

CUSIP No. 74275C304

1

Names of Reporting Persons

Daniel B. Asher

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 2,907,250.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 2,907,250.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,907,250.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

9.99 %

12

Type of Reporting Person (See Instructions)

HC, IN

SCHEDULE 13G

CUSIP No. 74275C304

1

Names of Reporting Persons

Intracoastal Capital LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 2,907,250.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 2,907,250.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,907,250.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

9.99 %

12

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Processa Pharmaceuticals, Inc.
(b)	Address of issuer's principal executive offices: 601 21st Street, Suite 300 Vero Beach, FL 32960
Item 2.
(a)	Name of person filing: This Schedule 13G is being filed on behalf of (i) Mitchell P. Kopin, an individual ("Mr. Kopin"), (ii) Daniel B. Asher, an individual ("Mr. Asher") and (iii) Intracoastal Capital LLC, a Delaware limited liability company ("Intracoastal" and together with Mr. Kopin and Mr. Asher, collectively the "Reporting Persons").
(b)	Address or principal business office or, if none, residence: The principal business office of Mr. Kopin and Intracoastal is 245 Palm Trail, Delray Beach, Florida 33483. The principal business office of Mr. Asher is 1011 Lake Street, Suite 311, Oak Park, Illinois 60301.
(c)	Citizenship: Mr. Kopin is a citizen of the United States of America. Mr. Asher is a citizen of the United States of America. Intracoastal is a Delaware limited liability company.
(d)	Title of class of securities: Common stock, par value $0.0001 per share
(e)	CUSIP No.: 74275C304
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: As of the close of business on June 30, 2025, each of the Reporting Persons may have been deemed to have beneficial ownership of 2,907,250 shares of Common Stock issuable upon exercise of a warrant held by Intracoastal (the "Intracoastal Warrant"), and all such shares of Common Stock represent beneficial ownership of approximately 9.99% of the Common Stock, based on (1) 26,194,356 shares of Common Stock outstanding as of June 18, 2025, as reported to the Reporting Persons by the Issuer, plus (2) 2,907,250 shares of Common Stock issuable upon exercise of the Intracoastal Warrant. The foregoing excludes 2,092,750 shares of Common Stock issuable upon exercise of the Intracoastal Warrant because the Intracoastal Warrant contains a blocker provision under which the holder thereof does not have the right to exercise the Intracoastal Warrant to the extent (but only to the extent) that such exercise would result in beneficial ownership by the holder thereof, together with the holder's affiliates, and any other persons acting as a group together with the holder or any of the holder's affiliates, of more than 9.99% of the Common Stock. Without such blocker provision, each of the Reporting Persons may have been deemed to have beneficial ownership of 5,000,000 shares of Common Stock.
(b)	Percent of class: 9.99%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 0
	(ii) Shared power to vote or to direct the vote: 2,907,250
	(iii) Sole power to dispose or to direct the disposition of: 0
	(iv) Shared power to dispose or to direct the disposition of: 2,907,250
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Mitchell P. Kopin

Signature:	/s/ Mitchell P. Kopin
Name/Title:	Mitchell P. Kopin
Date:	08/12/2025

Daniel B. Asher

Signature:	/s/ Daniel B. Asher
Name/Title:	Daniel B. Asher
Date:	08/12/2025

Intracoastal Capital LLC

Signature:	/s/ Mitchell P. Kopin
Name/Title:	Mitchell P. Kopin, Manager
Date:	08/12/2025

FAQ

How many Processa (PCSA) shares do the reporting persons beneficially own?

The reporting persons beneficially own interests convertible into 2,907,250 shares of common stock, representing 9.99% of the class on the stated basis.

Who are the reporting persons on the Schedule 13G/A for PCSA?

The reporting persons are Mitchell P. Kopin, Daniel B. Asher, and Intracoastal Capital LLC.

What voting and dispositive power do the reporting persons have over PCSA shares?

Each reporting person reports 0 sole voting and dispositive power and 2,907,250 shares of shared voting and shared dispositive power.

Does the Intracoastal warrant include any exercise restrictions?

Yes, the Intracoastal warrant contains a blocker provision that prevents exercise to the extent it would cause beneficial ownership to exceed 9.99%.

What would the ownership be without the warrant blocker?

The filing states that without the blocker provision, the reporting persons may be deemed to beneficially own 5,000,000 shares.