Home / Going-concern warnings / Processa Pharmaceuticals, Inc.
Filed 2026-03-18 路 Form 10-K 路 Accession 0001493152-26-011204 nano
Price before filing: $3.16 (2026-03-17 close, split/dividend-adjusted)
Market cap at flag: $8.3M (2026-03-18) 路 Latest: $4.6M (2026-10-16)
| Window | PCSA | SPY | vs SPY | |
|---|---|---|---|---|
| 30 days | -1.9% | +6.2% | -8.1% | 2026-04-17 |
| 90 days | -33.9% | +12.2% | -46.0% | 2026-06-16 |
| 180 days | -40.5% | +14.0% | -54.5% | 2026-09-14 |
Return from the last close before the filing date to the first close on/after the window end. Pending windows have not fully elapsed. Past performance says nothing certain about the future.
90 days before the flag: no open-market insider sales or purchases reported.
30 days after: 9 insiders bought $73K (15 purchases)
| Date | Insider | Type | Shares | Price | Value | 10b5-1 plan | Source |
|---|---|---|---|---|---|---|---|
| 2026-03-18: red flag filed | |||||||
| 2026-03-31 | Baluch Khoso Director | Purchase | 2,269 | $2.54 | $6K | no | Form 4 |
| 2026-03-31 | Bigora Sian Chief Development Officer | Purchase | 2,107 | $2.54 | $5K | no | Form 4 |
| 2026-03-31 | Guy Wendy Chief Administrative Officer | Purchase | 1,854 | $2.54 | $5K | no | Form 4 |
| 2026-03-31 | Lin Patrick Chief Business - Strategy Off | Purchase | 1,603 | $2.54 | $4K | no | Form 4 |
| 2026-03-31 | Neal James R Director | Purchase | 789 | $2.54 | $2K | no | Form 4 |
| 2026-03-31 | Ng George K Chief Executive Officer, Director | Purchase | 2,136 | $2.54 | $5K | no | Form 4 |
| 2026-03-31 | Pannu Geraldine Director | Purchase | 2,072 | $2.54 | $5K | no | Form 4 |
| 2026-03-31 | SKIBSTED RUSSELL Chief Financial Officer | Purchase | 2,324 | $2.54 | $6K | no | Form 4 |
| 2026-03-31 | Young David Pres. Research & Development, Director | Purchase | 1,810 | $2.54 | $5K | no | Form 4 |
| 2026-04-15 | Bigora Sian Chief Development Officer | Purchase | 1,799 | $2.97 | $5K | no | Form 4 |
| 2026-04-15 | Guy Wendy Chief Administrative Officer | Purchase | 1,583 | $2.97 | $5K | no | Form 4 |
| 2026-04-15 | Lin Patrick Chief Business - Strategy Off | Purchase | 1,369 | $2.97 | $4K | no | Form 4 |
| 2026-04-15 | Ng George K Chief Executive Officer, Director | Purchase | 1,843 | $2.97 | $5K | no | Form 4 |
| 2026-04-15 | SKIBSTED RUSSELL Chief Financial Officer | Purchase | 1,984 | $2.97 | $6K | no | Form 4 |
| 2026-04-15 | Young David Pres. Research & Development, Director | Purchase | 1,545 | $2.97 | $5K | no | Form 4 |
Open-market purchases and sales (Form 4 codes P and S) by officers, directors and 10% owners, by transaction date, from 2025-12-18 to 2026-04-17. Excludes option exercises, grants, gifts and tax withholding. Amended filings replace the originals; joint filings count once. Foreign private issuers do not file Form 4. Many insider sales are pre-scheduled (10b5-1 plans) and are not by themselves a sign of wrongdoing.
"As discussed in Note 1 to the consolidated financial statements, the Company has incurred net losses since its inception which has resulted in a cumulative deficit as of December 31, 2025 that raises substantial doubt about its ability to continue as a going concern."
Quoted from the filing. Source
The filing states that substantial doubt exists about the company's ability to continue as a going concern: it may not have enough cash to last the next 12 months. Expect dilution, debt deals or worse. An auditor's going-concern paragraph is the strongest form of this warning.
Going-concern opinion issued by: Cherry Bekaert LLP
Source: independent auditor report in Form 10-K (period 2025-12-31)
Why this score: in auditor's report
Read the original filing on SEC.gov →
Not investment advice. Automated summary; verify against the filing.
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