Forensic Analysis · Healthcare / Pharmaceuticals / Biotech · as of Jul 30, 2026
Processa Pharmaceuticals, Inc. (PCSA)
A forensic read on Processa Pharmaceuticals, Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
D · Weak — demands caution
Forensic grade
Distress
Financial health
-48.6
Altman Z-score
Clean
Earnings quality
3
Forensic signals
-243.2%
ROE
Financial health / Altman Z-score above is based on book value, not market value — this free snapshot doesn't pull live market data. Treat it as a rough read, not the final word.
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Processa Pharmaceuticals, Inc. earns a D (Weak — demands caution) forensic quality grade, and its Altman Z-score is -48.6, placing it in the Distress zone (based on book value, not market value, since this free snapshot doesn't pull live market data — treat this zone as a rough read, not the final word). 3 forensic signals were flagged in its latest SEC filings, led by inventory days.
What the filings flag
1197d
FY2013→FY2014
Inventory days.Days inventory outstanding moved from 443 to 1197 FY2013→FY2014 (against cost of goods sold; inventory -4% vs -64% in cost of sales). Inventory is outrunning what's being sold — a flag for softening demand or obsolescence risk ahead. There's no FY2012 figure on file for inventory, so FY2013 has no opening balance to average against — both figures are measured on period-end balances rather than the beginning-plus-ending average, since averaging only the current year would make the move track balance-sheet growth rather than the business.
OCF ($10M)
FY2022
Shareholder returns.Returned $300,000 to shareholders (buybacks + dividends) in FY2022, while operating cash flow itself was ($10M) — zero or negative. Capex isn't disclosed for FY2022, but free cash flow can't have been positive when operating cash flow already isn't, so the entire return is coming from debt or cash reserves, not cash the business generated.
n/m (stock split)
FY2022–FY2025
Share count (stock split).Diluted share count changed +63% over the last 3 years to FY2025, but that includes a large one-time change around FY2024 consistent with a stock split or reverse split, not gradual buybacks or issuance — a split changes the count with NO effect on any holder's proportional ownership, so the raw +17.6%/yr figure isn't a real buyback/dilution read here.
Key fundamentals
Return on Equity-243.2%
Go deeper — free with an account
The forensic grade and screens above are free — no account needed. An account adds the full interactive deep-dive on Processa Pharmaceuticals, Inc.:
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🔒Calibrated 12-month price forecast, with the math shown