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Pipeline (7 active programs)

Discontinued (1)

• NGC-Cap — Breast Cancer · License agreement with Elion terminated; PCS6422 program returned to Elion; Phase 2 trial in advanced/metastatic breast cancer being closed

Capital (as filed)

Cash

$196K cash and cash equivalents · Jun 30, 2026 (10-Q)

Operating cash flow

−$2.0M quarter Mar 31, 2026 → Jun 30, 2026, year-to-date difference (10-Q)

As stated in coverage

$1.7M cash, runway H2 2029 per the update of Jul 29, 2026 — the company's own words as read there, not the filed figure

Offering documents (1)

• 2026-10-09 S-3 · Shelf registration

Cash, investments and operating cash flow are the company's own XBRL facts as filed with the SEC, each shown with its period end and tag. As-stated figures come from the company's own words as read in Biotech Distilled coverage, dated, and routinely count securities and planned financing that a balance sheet does not. Offering rows are the SEC cover pages as filed. Not investment advice. Figures as of Nov 7, 2026.

Biotech Distilled coverage (4)

• 2026-10-30 UPDATE: Processa Pharmaceuticals (PCSA) - The Adults Take the Wheel 🔒 Paid
• 2026-07-29 UPDATE: Processa Pharmaceuticals (PCSA) - The Shell Gets a Real Drug 🔒 Paid
• 2026-05-08 UPDATE: Processa Pharmaceuticals (PCSA) - The Cash Crash and the Crypto Doubling-Down 🔒 Paid
• 2026-04-11 Processa Pharmaceuticals (PCSA) - Scientific Deep Dive for PCS6422 and Pipeline Products

Articles open on Substack. Some are subscriber-only; those marked ★ Distilled Pro are for Distilled Pro members.

Verdict history (4 calls)

Every verdict Biotech Distilled has published on Processa Pharmaceuticals, oldest first — the full history, never a selection. How calls are scored: the track record.

1. 2026-04-11 Avoid Processa Pharmaceuticals (PCSA) - Scientific Deep Dive for PCS6422 and Pipeline Products Interesting DPD-inhibition chemistry is wrapped in an un-investable corporate vehicle: existential IP litigation over the lead asset, a going-concern warning, and capital diverted into cryptocurrency speculation.
2. 2026-05-08 Avoid UPDATE: Processa Pharmaceuticals (PCSA) - The Cash Crash and the Crypto Doubling-Down Q1 10-Q confirms every red flag: cash collapsed to $1.7M, the company bought more CHZ tokens, the Elion IP suit grinds on, and outside institutional appetite is effectively zero — the dilution bomb is timed to Q2.
3. 2026-07-29 Speculative buy speculative UPDATE: Processa Pharmaceuticals (PCSA) - The Shell Gets a Real Drug A reverse merger with Vidya Therapeutics, a $200M PIPE from Bain/RA Capital/Cormorant, and settlement of the Elion litigation (by returning NGC-Cap) transforms the shell into a funded CNS-penetrant BTKi company — a genuinely investable setup, though legacy holders are diluted to ~0.9% and the PIPE price of $1.22 is the anchor for new money.
4. 2026-10-30 Speculative buy speculative UPDATE: Processa Pharmaceuticals (PCSA) - The Adults Take the Wheel FDA clearance of the CSU Phase 2 IND on schedule and Sheila Gujrathi's promotion to Executive Chair address the two main residual concerns — timing execution and corporate stewardship — keeping the speculative buy thesis intact ahead of the Q4 conversion vote.

• Avoid call · opened Apr 13, 2026 at $2.87 · closed Jul 30, 2026 (flipped bullish) at $2.04 · -28.9% vs XBI +14.7%
• Long call · opened Jul 30, 2026 at $2.04 · -5.4% vs XBI +0.5% (Nov 6, 2026)

Every verdict Biotech Distilled has published on this company, in order, with the post it came from — the full history, never a selection. Position figures are the same ones shown on /track-record, computed by the same method. Editorial opinion, not investment advice.

Filings & releases (20)

SEC filings from EDGAR and press releases captured from the company's investor-relations site, newest first. Releases captured from Jul 29, 2026; filings from March 2026. Summaries come from the BD update that read the document; "BD extracted" counts point at the pipeline table above. All companies →

• Nov 5, 2026DEFA14AProxy soliciting material
• Nov 5, 2026DEFA14AProxy soliciting material
• Nov 5, 20268-KCurrent report: other events · EX-99.1 EXHIBIT 99.1
• Nov 4, 2026ReleaseProcessa Pharmaceuticals Announces Key Leadership AppointmentsSummary on the 8-K
• Nov 4, 20268-KCurrent report: officer / director change, other events · EX-99.1 EXHIBIT 99.1PCSA just hired a full C-suite: a COO with 25+ years of biotech ops experience, the scientist who helped *invent* VT-7208 as Head of Research, a seasoned regulatory/development lead, and a business operations chief — completing the institutional-grade team the $200M PIPE demanded to see.
• Oct 29, 2026ReleaseProcessa Pharmaceuticals Announces Corporate and Pipeline Progress Following Acquisition of Vidya Therapeutics→ BD updateSummary on the 8-K
• Oct 29, 20268-KCurrent report: other events · EX-99.1 EXHIBIT 99.1→ BD updateThe FDA just cleared the IND for VT-7208's Phase 2 CSU trial — the first hard regulatory milestone since the Vidya reverse merger — and Sheila Gujrathi steps up to Executive Chair while a new oral FcRn antagonist collaboration quietly expands the pipeline.
• Oct 22, 2026DEF 14AProxy statement
• Oct 9, 2026S-3Shelf registration
• Oct 5, 20268-K/ACurrent report (amended): other events · EX-99.3 EXHIBIT 99.3BD extracted 2 program updates from this document → PCSA pipeline
• Sep 1, 2026ReleaseProcessa Pharmaceuticals to Participate in Upcoming Investor Conferences
• Aug 14, 202610-QQuarterly reportBD extracted 1 program update from this document → PCSA pipeline
• Aug 4, 20268-KCurrent report: officer / director change, shareholder vote
• Jul 29, 2026ReleasePROCESSA PHARMACEUTICALS, INC. ANNOUNCES ACQUISITION OF VIDYA THERAPEUTICS, INC. AND APPROXIMATELY $200 MILLION CONCURRENT PRIVATE PLACEMENT TO ADVANCE BTK INHIBITOR, VT-7208, IN MULTIPLE DISEASE AREA
• Jul 29, 20268-KCurrent report: material agreement, agreement terminated, acquisition / disposition · EX-99.1
• Jun 18, 2026DEF 14AProxy statement
• May 7, 202610-QQuarterly report
• Apr 30, 20268-KCurrent report: officer / director change
• Apr 30, 202610-K/AAnnual report (amended)
• Mar 18, 202610-KAnnual report