Recent Updates — PCSA

Processa Pharmaceuticals announced that Dr. Sheila Gujrathi has been appointed Executive Chair of the Board, effective October 28, 2026, succeeding Justin Yorke who remains a board member. The company also reported U.S. FDA clearance of an Investigational New Drug application for a Phase 2 study of its lead drug candidate VT-7208 in chronic spontaneous urticaria. Additionally, Processa entered into a research collaboration with Generian Pharmaceuticals to expand its pipeline and confirmed that cash resources from a recent $200 million private placement are expected to fund operations through the second half of 2029. Processa is a clinical-stage pharmaceutical company developing therapies for immune-mediated diseases.

Processa Pharmaceuticals completed its acquisition of Vidya Therapeutics, bringing the lead asset VT7208 into its pipeline. In connection with the transaction, Processa raised $200 million in gross proceeds from a private placement of non-voting convertible preferred stock to institutional investors including Bain Capital Life Sciences and Janus Henderson Investors. The company plans to advance VT7208, an oral BTK inhibitor, in Phase 2 trials for food allergy, chronic spontaneous urticaria, and multiple sclerosis. Processa Pharmaceuticals is a clinical-stage biotechnology company focused on developing treatments for autoimmune conditions.

Processa Pharmaceuticals completed its acquisition of Vidya Therapeutics via a stock-for-stock merger, issuing approximately 558,398 shares of common stock and 142,744.1 Series A Preferred Stock to Vidya shareholders. Concurrently, Processa raised approximately $200 million in a private placement by selling 163,774.679 shares of Series A Preferred Stock at an implied conversion price of $1.22119 per share. The transaction results in former Vidya equityholders holding roughly 46% and new investors holding approximately 52.6% of the combined company's fully diluted common stock, while pre-transaction Processa shareholders retain about 0.9%. Additionally, Processa terminated its license agreement for PCS6422 with Elion Oncology in a settlement requiring a $650,000 payment and granting Elion a 7.5% equity stake in any future entity spun out from specific legacy assets. Sheila Gujrathi was appointed to the board as part of the merger integration. Processa Pharmaceuticals is a clinical-stage pharmaceutical company developing innovative drug candidates for immune-mediated diseases.