What are the investment strengths of Processa Pharmaceuticals Inc (PCSA)?

Trading at 0.98x book with zero debt - if any pipeline asset succeeds, upside is multiples of current 5.7M market cap Negative EV means you're effectively paid to own the cash if pipeline has any option value

What are the investment risks for Processa Pharmaceuticals Inc (PCSA)?

7-month runway guarantees near-term dilution - 2.9M raised TTM already, expect more at distressed terms EPS of -28.75 TTM with 1.9M shares = massive per-share losses that compound with each raise

Processa Pharmaceuticals Inc

PCSA

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Processa Pharmaceuticals Inc AI Insights

Informational only. Not investment advice.

As of 2026-01-30

Snapshot

Zero revenue with 6.3M cash vs 10.7M annual burn (TTM) = ~7 months runway before dilution or shutdown[Cash and Equivalents]
R&D spend of 7.4M TTM is 57% of total opex - clinical-stage focus, but below industry median 38.2M[Research and Development]
Negative enterprise value (-605K) signals market prices in near-term dilution or failure[Enterprise Value]

Watch Triggers

Cash and Equivalents: Falls below 3M or rises above 15M — Below 3M = imminent dilution; above 15M = successful raise extending runway
Research and Development: Quarterly spend drops >30% or rises >50% — Drop signals program termination; spike signals advancing to later-stage trials
Shares Outstanding: Increases >25% in any quarter — Quantifies dilution impact - current 1.9M base means small raises have outsized effect

Bull Case

Trading at 0.98x book with zero debt - if any pipeline asset succeeds, upside is multiples of current 5.7M market cap

P/B RatioTotal DebtMarket Cap

Negative EV means you're effectively paid to own the cash if pipeline has any option value

Enterprise ValueCash and Equivalents

Bear Case

7-month runway guarantees near-term dilution - 2.9M raised TTM already, expect more at distressed terms

Free Cash FlowCash and EquivalentsIssuance of Capital Stock

EPS of -28.75 TTM with 1.9M shares = massive per-share losses that compound with each raise

EPSShares Outstanding

Bull vs Bear Balance

AI-generated sentiment analysis based on fundamental metrics and market conditions.

25%

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Forward Thesis

Binary outcome: either raises capital at severe dilution or achieves clinical milestone within 6-9 months

3-12mhigh

Cash runway under 12 months at current burn
Zero debt provides clean balance sheet for financing
R&D-heavy opex suggests active clinical programs

FCF TTM: -10.7M vs 6.3M cashDebt/Equity: 0%R&D: 57% of operating expense TTM

Valuation Context

Caveats

Public Strategies Rankings

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PCSA Fundamentals

Manufacturing → Chemical Manufacturing

Metric	Value	YoY Growth	Industry Percentile
Market Cap	$4.99M		—
Enterprise Value	$-1.32M		—
P/E Ratio	0.00		—
Total Revenue - TTM	$0		—
Earnings Per Share (diluted) - TTM	$-28.75		—
Operating Margin - TTM	0%	0.0%	—
Net Margin - TTM	0%	0.0%	—
Free Cash Flow - TTM	$-10.73M		—
Return on Common Equity - TTM	-2.7	-59.0%	—
Beta 5Y (Monthly)	unknown		—

PCSA Dividend History

No dividends

PCSA Stock Splits

2 stock splits

12/17/2525:1 split

01/22/2420:1 split

PCSA SEC Filings

Filing Date	Report Date	Report Type	Filing Link
11/06/25	09/30/25	10-Q	0001493152-25-021069
08/07/25	06/30/25	10-Q	0001493152-25-011685
05/08/25	03/31/25	10-Q	0001641172-25-009252
03/20/25	12/31/24	10-K	0001641172-25-000070
10/30/24	09/30/24	10-Q	0001493152-24-043058
08/13/24	06/30/24	10-Q	0001493152-24-031622
05/10/24	03/31/24	10-Q	0001493152-24-018648
03/29/24	12/31/23	10-K	0001493152-24-011976
11/13/23	09/30/23	10-Q	0001493152-23-040472
08/10/23	06/30/23	10-Q	0001493152-23-027551
05/15/23	03/31/23	10-Q	0001493152-23-017001
03/30/23	12/31/22	10-K	0001493152-23-009730
11/08/22	09/30/22	10-Q	0001493152-22-030942
08/11/22	06/30/22	10-Q	0001493152-22-022063
05/12/22	03/31/22	10-Q	0001493152-22-013040
03/30/22	12/31/21	10-K	0001493152-22-008156
11/12/21	09/30/21	10-Q	0001493152-21-027929
08/12/21	06/30/21	10-Q	0001493152-21-019495
05/13/21	03/31/21	10-Q	0001493152-21-011311
03/25/21	12/31/20	10-K	0001493152-21-006807
11/12/20	09/30/20	10-Q	0001493152-20-021083
08/05/20	06/30/20	10-Q	0001493152-20-014712
05/15/20	03/31/20	10-Q	0001493152-20-009002
03/06/20	12/31/19	10-K	0001493152-20-003534
11/14/19	09/30/19	10-Q	0001493152-19-017267
08/14/19	06/30/19	10-Q	0001493152-19-012368
05/14/19	03/31/19	10-Q	0001493152-19-007021
03/28/19	12/31/18	10-K	0001493152-19-004137
11/14/18	09/30/18	10-Q	0001493152-18-015821
08/14/18	06/30/18	10-Q	0001493152-18-011912
05/21/18	03/31/18	10-Q	0001493152-18-007514
04/16/18	12/31/17	10-K	0001493152-18-005248
11/20/17	09/30/17	10-Q	0001393905-17-000369
10/04/17	06/30/17	10-Q	0001393905-17-000302
10/04/17	03/31/17	10-Q	0001393905-17-000299
09/25/17	12/31/16	10-K	0001393905-17-000290
09/08/17	09/30/16	10-Q	0001393905-17-000272
08/30/17	06/30/16	10-Q	0001393905-17-000269
08/07/17	03/31/16	10-Q	0001393905-17-000223
06/19/17	12/31/15	10-K	0001393905-17-000190
12/01/15	09/30/15	10-Q	0001393905-15-000641
08/19/15	06/30/15	10-Q	0001393905-15-000427
05/15/15	03/31/15	10-Q	0001393905-15-000259
04/14/15	12/31/14	10-K	0001393905-15-000193
11/13/14	09/30/14	10-Q	0001393905-14-000606
08/19/14	06/30/14	10-Q	0001393905-14-000488
05/14/14	03/31/14	10-Q	0001393905-14-000288
03/27/14	12/31/13	10-K	0001393905-14-000131
11/08/13	09/30/13	10-Q	0001393905-13-000601
08/08/13	06/30/13	10-Q	0001393905-13-000403
05/15/13	03/31/13	S-1/A	0001282869-13-000003
03/14/13	12/31/12	S-1/A	0001533743-13-000002
11/14/12	09/30/12	S-1	0001533743-12-000006
08/08/13	06/30/12	10-Q	0001393905-13-000403
05/15/13	03/31/12	S-1/A	0001282869-13-000003