# EDGAR Filing Document

**Accession Number:** 0001533743
**File Stem:** 0001493152-25-014506
**Filing Date:** 2025-9
**Character Count:** 82540
**Document Hash:** b58c5a818e4865a0e56678c1a639ff4a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001493152-25-014506.hdr.sgml**: 20250922

**ACCESSION NUMBER**: 0001493152-25-014506

**CONFORMED SUBMISSION TYPE**: S-8

**PUBLIC DOCUMENT COUNT**: 17

**FILED AS OF DATE**: 20250922

**DATE AS OF CHANGE**: 20250922

**EFFECTIVENESS DATE**: 20250922

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Processa Pharmaceuticals, Inc.
- **CENTRAL INDEX KEY:** 0001533743
- **STANDARD INDUSTRIAL CLASSIFICATION:** PHARMACEUTICAL PREPARATIONS [2834]
- **ORGANIZATION NAME:** 03 Life Sciences
- **EIN:** 451539785
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** S-8
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-290456
- **FILM NUMBER:** 251330909

**BUSINESS ADDRESS:**
- **STREET 1:** 601 21ST STREET, SUITE 300
- **CITY:** VERO BEACH
- **STATE:** FL
- **ZIP:** 32960
- **BUSINESS PHONE:** 443-776-3133

**MAIL ADDRESS:**
- **STREET 1:** 601 21ST STREET, SUITE 300
- **CITY:** VERO BEACH
- **STATE:** FL
- **ZIP:** 32960

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Heatwurx, Inc.
- **DATE OF NAME CHANGE:** 20111028

**As filed with the Securities and Exchange Commission on September 22, 2025**

**Registration No. 333-**

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM S-8**

**REGISTRATION STATEMENT<br> UNDER THE SECURITIES ACT OF 1933**

**Processa Pharmaceuticals, Inc.**

(Exact name of registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| **Delaware** | **601 21<sup>st</sup> Street, Suite 300** | **45-1539785** |
| (State or other jurisdiction of | **Vero Beach, FL 32960** | (I.R.S. Employer |
| incorporation or organization) | (Address of Principal Executive Offices) | Identification No.) |

---

**Processa Pharmaceuticals, Inc. 2019 Omnibus Incentive Plan**

(Full title of the plan)

**George Ng**

**Chief Executive Officer**

**601 21<sup>st</sup> Street, Suite 300**

**Vero Beach, FL 32960**

**772-453-2899**

(Name, address and telephone number of agent for service)

***Copy to:***

**John J. Wolfel, Jr.**

**Foley & Lardner LLP**

**One Independent Drive, Suite 1300**

**Jacksonville, Florida 32202**

**(904) 359-2000**

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☐ Accelerated filer ☐ <br> Non-accelerated filer ☐ Smaller reporting company ☒ <br> Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. ☐

**EXPLANATORY NOTE**

The purpose of this Registration Statement is to register 10,000,000 additional shares of common stock, par value $0.0001 per share, of Processa Pharmaceuticals, Inc. (the "Company") in connection with the Amended and Restated Processa Pharmaceuticals, Inc.'s 2019 Omnibus Incentive Plan (the "Plan").

The Plan is described in the Company's Proxy Statement for a Special Meeting of Stockholders held on September 11, 2025. An amendment to the Plan to add an additional 10,000,000 shares to the Plan was approved by the Company's stockholders at that meeting.

Pursuant to General Instruction E of Form S-8, the contents of the Company's Registration Statements on Form S-8 (Registration No. 333-233264), Form S-8 (Registration No. 333-257557), Form S-8 (Registration No. 333-266912) and Form S-8 (Registration No. 333-280952), including the documents incorporated by reference therein, are incorporated by reference into this Registration Statement, except as set forth below.

**PART II**

**INFORMATION REQUIRED IN THE REGISTRATION STATEMENT**

**Item 3. Incorporation of Documents by Reference.**

The contents of the following documents, which have previously been filed by the Company with the Securities and Exchange Commission (the "Commission"), are hereby incorporated in this Registration Statement by reference:

● Our
 Annual Report on [Form 10-K](https://www.sec.gov/Archives/edgar/data/1533743/000164117225000070/form10-k.htm) for the year ended December 31, 2024, filed with the SEC on March 20, 2025;

● our
 Quarterly Reports on Form 10-Q for the quarters ended [March 31, 2025](https://www.sec.gov/Archives/edgar/data/1533743/000164117225009252/form10-q.htm) and [June 30, 2025](https://www.sec.gov/Archives/edgar/data/1533743/000149315225011685/form10-q.htm) filed on May 8, 2025 and August 7, 2025, respectively;

● our
 Current Reports on Form 8-K, filed with the SEC on [January 30, 2025](https://www.sec.gov/Archives/edgar/data/1533743/000149315225004298/form8-k.htm) , [February 10, 2025](https://www.sec.gov/Archives/edgar/data/1533743/000149315225005633/form8-k.htm) , [June 17, 2025](https://www.sec.gov/Archives/edgar/data/1533743/000164117225015355/form8-k.htm) , [June 18, 2025](https://www.sec.gov/Archives/edgar/data/1533743/000164117225015654/form8-k.htm) , [June 30, 2025](https://www.sec.gov/Archives/edgar/data/1533743/000164117225017185/form8-k.htm) , [July 1, 2025](https://www.sec.gov/Archives/edgar/data/1533743/000164117225017288/form8-k.htm) , [July 15, 2025](https://www.sec.gov/Archives/edgar/data/1533743/000164117225019663/form8-k.htm) , [July 18, 2025](https://www.sec.gov/Archives/edgar/data/1533743/000149315225011305/form8-k.htm) , [July 25, 2025](https://www.sec.gov/Archives/edgar/data/1533743/000149315225011419/form8-k.htm) , [August 7, 2025](https://www.sec.gov/Archives/edgar/data/1533743/000149315225011680/form8-k.htm) , [August 8, 2025](https://www.sec.gov/Archives/edgar/data/1533743/000149315225011775/form8-k.htm) , [August 14, 2025](https://www.sec.gov/Archives/edgar/data/1533743/000164117225023736/form8-ka.htm) , [August 25, 2025](https://www.sec.gov/Archives/edgar/data/1533743/000164117225025421/form8-k.htm) , [September 2, 2025](https://www.sec.gov/Archives/edgar/data/1533743/000149315225012567/form8-k.htm) , [September 10, 2025](https://www.sec.gov/Archives/edgar/data/1533743/000149315225012966/form8-k.htm) , and [September 12, 2025](https://www.sec.gov/Archives/edgar/data/1533743/000149315225013108/form8-k.htm) ; and

● the
 description of our common stock contained in or incorporated into our Registration Statement on [Form 8-A](https://www.sec.gov/Archives/edgar/data/1533743/000149315220017929/form8-a12b.htm) , filed September 17, 2020,
 and any amendment or report updating that description.

Notwithstanding the foregoing, documents or portions thereof containing information furnished under Items 2.02 and 7.01 of any Current Report on Form 8-K, including the related exhibits under Item 9.01, are not incorporated by reference in this prospectus.

**Item 5. Interests of Named Experts and Counsel.**

The validity of the securities offered by this prospectus will be passed upon for us by Foley & Lardner LLP.

**Item 8. Exhibits.**

---

| | |
|:---|:---|
| **Exhibit Number** | **Description** |
| 3.2 | [Fourth Amended and Restated Certificate of Incorporation of Heatwurx, Inc. (incorporated herein by reference to Exhibit 3.1 to the Form S-1/A filed with the SEC on September 16, 2020)](https://www.sec.gov/Archives/edgar/data/1533743/000149315220017927/ex3-1.htm) |
| 3.2.1 | [Amendment to Fourth Amended and Restated Certificate of Incorporation of Heatwurx, Inc. (incorporated herein by reference to Exhibit 3.1.1 to the Form S-1/A filed with the SEC on September 16, 2020)](https://www.sec.gov/Archives/edgar/data/1533743/000149315220017927/ex3-1_1.htm) |
| 3.2.2 | [Certificate of Amendment to Fourth Amended and Restated Certificate of Incorporation dated August 8, 2019 (incorporated herein by reference to Exhibit 3 to Form 10-Q filed on August 14, 2019)](https://www.sec.gov/Archives/edgar/data/1533743/000149315219012368/ex3.htm) |
| 3.2.3 | [Certificate of Amendment to Fourth Amended and Restated Certificate of Incorporation of Processa Pharmaceuticals, Inc. dated June 25, 2020 (incorporated herein by reference to Exhibit 3.1.4 to the Form S-1/A filed with the SEC on September 16, 2020)](https://www.sec.gov/Archives/edgar/data/1533743/000149315220017927/ex3-1_4.htm) |
| 3.2.4 | [Certificate of Amendment to the Fourth Amended and Restated Certificate of Incorporation of Processa Pharmaceuticals, Inc. dated January 1, 2022 (incorporated by reference to Exhibit 3.1 to Form 8-K filed on January 6, 2022)](https://www.sec.gov/Archives/edgar/data/1533743/000149315222000543/ex3-1.htm) |
| 3.2.5 | [Certificate of Amendment to the Fourth Amended and Restated Certificate of Incorporation of Processa Pharmaceuticals, Inc. (incorporated by reference to Exhibit 3.1 to Form 8-K filed on June 29, 2023)](https://www.sec.gov/Archives/edgar/data/1533743/000149315223022920/ex3-1.htm) |
| 3.2.6 | [Certificate of Amendment to the Fourth Amended and Restated Certificate of Incorporation of Processa Pharmaceuticals, Inc. (incorporated by reference to Exhibit 3.1.6 to Form S-1/A filed on January 22, 2024)](https://www.sec.gov/Archives/edgar/data/1533743/000149315224003101/ex3-1_6.htm) |
| 3.2.7 | [Certificate of Amendment to the Fourth Amended and Restated Certificate of Incorporation of Processa Pharmaceuticals, Inc. (incorporated by reference to Exhibit 3.1 to Form 8-K/A filed on September 16, 2025)](https://www.sec.gov/Archives/edgar/data/1533743/000149315225013648/ex3-1.htm) |
| 3.3 | [Amended and Restated Bylaws (incorporated by reference to Exhibit 3.2 to Form 10-K filed on March 20, 2025)](https://www.sec.gov/Archives/edgar/data/1533743/000164117225000070/ex3-2.htm) |
| 4.1\* | [Amended and Restated Processa Pharmaceuticals, Inc. 2019 Omnibus Incentive Plan](ex4-1.htm) |
| 5.1\* | [Legal Opinion of Foley & Lardner LLP](ex5-1.htm) |
| 23.1\* | [Consent of Independent Registered Public Accounting Firm, BD & Co. Inc.](ex23-1.htm) |
| 23.2\* | [Consent of Independent Registered Public Account Firm, Cherry Bekaert LLP](ex23-2.htm) |
| 23.3\* | [Consent of Foley & Lardner LLP (included as part of its opinion filed as Exhibit 5.1 hereto)](ex5-1.htm) |
| 107\* | [Filing Fee Table](ex107.htm) |

---

\* Filed Herewith

**<u>SIGNATURES</u>**

Pursuant to the requirements of the Securities Act of 1933, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Vero Beach, State of Florida, on this 22nd day of September 2025.

---

| | |
|:---|:---|
| PROCESSA PHARMACEUTICALS, INC. | PROCESSA PHARMACEUTICALS, INC. |
| By: | */s/ George Ng* |
|  | George Ng |
|  | Chief Executive Officer |

---

Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has been signed by the following persons on September 22, 2025 in the capacities indicated.

---

| | |
|:---|:---|
| **Signature** | **Title** |
| */s/ George Ng* | Chief Executive Officer, Director (Principal Executive Officer) |
| */s/ Russell Skibsted* | Chief Financial Officer |
| Russell Skipsted | (Principal Financial Officer and Principal Accounting Officer) |
| */s/ Justin Yorke* | Director |
| Justin Yorke |  |
| */s/ Geraldine Pannu* | Director |
| Geraldine Pannu |  |
| */s/ Khoso Baluch* | Director |
| Khoso Baluch |  |
| */s/ James Neal* | Director |
| James Neal |  |
| */s/ David Young, Pharm.D, Ph.D* | President of Research and Development, Director |
| David Young, Pharm.D, Ph.D |  |

---

## Exhibit 4.1

**Exhibit 4.1**

**AMENDED AND RESTATED**

**Processa pharmaceuticals, inc. 2019 OMNIBUS INCENTIVE PLAN**

**1.** **Purposes, History and Effective Date.**

(a) *Purpose*. The Processa Pharmaceuticals, Inc. 2019 Omnibus Incentive Plan has two complementary purposes: (i) to attract and retain outstanding individuals to serve as officers, directors, employees and consultants and (ii) to increase stockholder value by providing Participants incentives to increase stockholder value by offering the opportunity to acquire shares of the Company's Stock, receive monetary payments based on the value of such Stock, or receive other incentive compensation, on the potentially favorable terms that this Plan provides.

(b) *Effective Date*. This Plan will become effective, and Awards may be granted under this Plan, on and after the Effective Date. This Plan will terminate as provided in Section 14.

(c) *History*. Prior to the Effective Date, the Company had in effect the Amended and Restated Processa Pharmaceuticals, Inc. 2019 Omnibus Incentive Plan, which plan was amended and restated effective June 28, 2024 (the "Prior Plan"). On August 7, 2025, the Board approved an amendment and restatement of the Prior Plan, subject to and effective upon approval by the Company's stockholders at the Special Meeting of Stockholders. Awards previously granted under the Prior Plan and still outstanding will be subject to all terms and conditions of the Plan. On December 23, 2019 and January 22, 2024, the Company effected a one-for-seven and one-for-twenty reverse split of the Stock, respectively, and the Share numbers in the Plan were automatically adjusted accordingly.

**2.** **Definitions.** Capitalized terms used and not otherwise defined in this Plan or in any Award agreement have the following meanings:

(a) "Act" means the Securities Act of 1933, as amended from time to time. Any reference to a specific provision of the Act shall include any successor provision thereto and the rules and regulations promulgated under such provision.

(b) "Administrator" means the Board or the Committee; *provided* that, to the extent the Board or the Committee has delegated authority and responsibility as an Administrator of the Plan to one or more committees or officers of the Company as permitted by Section 3(b), the term "Administrator" shall also mean such committee(s) and/or officer(s) to the extent of such delegation.

(c) "Affiliate" has the meaning ascribed to such term in Rule 12b-2 under the Exchange Act. Notwithstanding the foregoing, for purposes of determining those individuals to whom an Option or a Stock Appreciation Right that is exempt from Code Section 409A may be granted, the term "Affiliate" means any entity that, directly or through one or more intermediaries, is controlled by or is under common control with, the Company within the meaning of Code Sections 414(b) or (c); *provided* that, in applying such provisions, the phrase "at least 20 percent" shall be used in place of "at least 80 percent" each place it appears therein.

(d) "Award" means a grant of Options, Stock Appreciation Rights, Performance Units, Stock, Restricted Stock, Restricted Stock Units, a Cash Incentive Award, Dividend Equivalent Units or any other type of award permitted under this Plan.

---

| | | |
|:---|:---|:---|
| (e) | "Beneficial Owner" means a Person, with respect to any securities which: | "Beneficial Owner" means a Person, with respect to any securities which: |
|  | (i) | such Person or any of such Person's Affiliates has the right to acquire (whether such right is exercisable immediately or only after the passage of time) pursuant to any agreement, arrangement or understanding, or upon the exercise of conversion rights, exchange rights, rights, warrants or options, or otherwise; *provided, however*, that a Person shall not be deemed the Beneficial Owner of, or to beneficially own, securities tendered pursuant to a tender or exchange offer made by or on behalf of such Person or any of such Person's Affiliates until such tendered securities are accepted for purchase; or |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) such
 Person or any of such Person's Affiliates, directly or indirectly, has the right to vote or dispose of or has "beneficial
 ownership" of (as determined pursuant to Rule 13d-3 of the General Rules and Regulations under the Act), including pursuant
 to any agreement, arrangement or understanding; *provided, however*, that a Person shall not be deemed the Beneficial Owner
 of, or to beneficially own, any security under this clause (ii) as a result of an agreement, arrangement or understanding to vote
 such security if the agreement, arrangement or understanding: (A) arises solely from a revocable proxy or consent given to such Person
 in response to a public proxy or consent solicitation made pursuant to, and in accordance with, the applicable rules and regulations
 under the Act and (B) is not also then reportable on a Schedule 13D under the Act (or any comparable or successor report); or

(iii) are
 beneficially owned, directly or indirectly, by any other Person with which such Person or any of such Person's Affiliates has
 any agreement, arrangement or understanding for the purpose of acquiring, holding, voting (except pursuant to a revocable proxy as
 described in clause (ii) above) or disposing of any voting securities of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;(f) "Board"
 means the Board of Directors of the Company.

(g) "Cash
 Incentive Award" means the right to receive a cash payment to the extent Performance Goals are achieved as described in Section

(h) "Cause"
 has the meaning given in a Participant's employment, retention, change of control, severance, Award agreement or similar agreement
 with the Company or any Affiliate, or if no such agreement is in effect or does not include a definition of "Cause,"
 then (i) if the determination of Cause is being made prior to a Change of Control, Cause has the meaning given in the Company's
 employment policies as in effect at the time of the determination or (ii) if the determination of Cause is being made following a
 Change of Control, Cause has the meaning given in the Company's employment policies as in effect immediately prior to the Change
 of Control.

(i) "Change of Control" means, unless specified otherwise in an Award agreement, the first to occur of any of the following with respect to the Company or any upstream holding company (which, for purposes of this definition, shall be included in references to the Company):

(i) any Person (but excluding the Company, any trustee or other fiduciary holding securities under an employee benefit plan of the Company, or any corporation owned, directly or indirectly, by the stockholders of the Company in substantially the same proportions as their ownership of stock of the Company) is or becomes the Beneficial Owner, directly or indirectly, of securities of the Company representing thirty-five percent (35%) or more of the combined voting power of the Company's then outstanding securities; or

(ii) the Company is merged or consolidated with any other corporation or other entity, other than: (A) a merger or consolidation which would result in the voting securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity) more than fifty percent (50%) of the combined voting power of the voting securities of the Company or such surviving entity outstanding immediately after such merger or consolidation; or (B) the Company engages in a merger or consolidation effected to implement a recapitalization of the Company (or similar transaction) in which no Person acquires thirty-five percent (35%) or more of the combined voting power of the Company's then outstanding securities. Notwithstanding the foregoing, a merger or consolidation involving the Company shall not be considered a "Change of Control" if the Company is the surviving corporation and the shares of Stock are not converted into or exchanged for stock or securities of any other corporation, cash or any other thing of value, unless Persons who Beneficially Owned the Shares outstanding immediately prior to such transaction Beneficially Own less than a majority of the outstanding voting securities of the Company immediately following the merger or consolidation;

---

| | |
|:---|:---|
| (iii) | the sale or disposition of all or substantially all of the Company's assets (in one transaction or a series of related transactions within any period of 24 consecutive months) other than a sale or distribution of all or substantially all of the Company's assets to any entity of which at least seventy-five percent (75%) of the combined voting power of the voting securities are owned by Persons in substantially the same proportions as their ownership of the Company immediately prior to such sale; |
| (iv) | the Company dissolves and liquidates substantially all of its assets; or |
| (v) | at any time after the Effective Date, the "Continuing Directors" cease to constitute a majority of the Board. For this purpose, a "Continuing Director" shall mean: (A) the individuals who, at the Effective Date, constitute the Board; and (B) any new Directors (other than Directors designated by a person who has entered into an agreement with the Company to effect a transaction described in clause (i), (ii), or (iii) of this definition) whose appointment to the Board or nomination for election by Company stockholders was approved by a vote of at least two-thirds of the then-serving Continuing Directors. |
| Notwithstanding the foregoing, in order to ensure compliance with Code Section 409A when applicable, the foregoing definition shall be deemed amended to the minimum extent necessary to comply with Code Section 409A. | Notwithstanding the foregoing, in order to ensure compliance with Code Section 409A when applicable, the foregoing definition shall be deemed amended to the minimum extent necessary to comply with Code Section 409A. |

---

&nbsp;&nbsp;&nbsp;&nbsp;(j) "Code"
 means the Internal Revenue Code of 1986, as amended. Any reference to a specific provision of the Code includes any successor provision
 and the regulations promulgated under such provision.

(k) "Committee"
 means the Compensation Committee of the Board, any successor committee thereto or such other committee of the Board that is designated
 by the Board with the same or similar authority. The Committee shall consist only of Non-Employee Directors (not fewer than two (2))
 who, to the extent necessary for the Plan to comply with Rule 16b-3 promulgated under the Exchange Act, meet the requirements of
 a "non-employee director" as defined in Rule 16b-3.

&nbsp;&nbsp;&nbsp;&nbsp;(l) "Company"
 means Processa Pharmaceuticals, Inc., a Delaware corporation, or any successor thereto.

(m) "Director"
 means a member of the Board.

(n) "Dividend
 Equivalent Unit" means the right granted in connection with Restricted Stock Units or Performance Units, to receive a payment,
 in cash or Shares, equal to the cash dividends or other cash distributions paid with respect to a Share.

(o) "Effective
 Date" means the date the Company's stockholders approve this Plan as amended and restated.

(p) "Exchange
 Act" means the Securities Exchange Act of 1934, as amended. Any reference to a specific provision of the Exchange Act includes
 any successor provision and the regulations and rules promulgated under such provision.

(q) "Fair
 Market Value" means, unless otherwise determined by the Administrator, per Share on a particular date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if
 the Stock is listed on any established stock exchange or traded on any established market, the closing sales price of a Share as
 quoted on such exchange or market (or the exchange or market with the greatest volume of trading in the Stock) on such date, as reported
 in such source as the Administrator deems reliable. Unless otherwise provided by the Administrator, if there is no closing sales
 price for the Stock on the date of determination, then the Fair Market Value will be the closing sales price (or closing bid if no
 sales were reported) on the last preceding date for which such quotation exists; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if
 the Stock is not listed on any exchange or traded on any established market, then the Fair Market Value will be determined by the
 Administrator in compliance with Code Section 409A and, in the case of an incentive stock option, in compliance with Code Section

Notwithstanding the foregoing, in the case of a sale of Shares, the actual sale price shall be the Fair Market Value of such Shares.

&nbsp;&nbsp;&nbsp;&nbsp;(r) "Good
 Reason" has the meaning given in a Participant's employment, retention, change of control, severance, Award agreement
 or similar agreement with the Company or any Affiliate, or if no such agreement is in effect or does not include a definition of
 "Good Reason," then the occurrence of any of the following events, without the Participant's advance written consent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a
 material reduction in the Participant's base salary or cash bonus opportunity;

(ii) a
 material adverse change in the Participant's duties, responsibilities, authority, title, status or reporting structure; or

(iii) a
 geographical relocation of the Participant's principal office location by more than fifty (50) miles that increases the distance
 of the Participant's commute.

A Participant's Termination shall not be considered to have occurred for "Good Reason" unless (A) within ninety (90) days following the occurrence of one of the events listed above the Participant provides written notice to the Company setting forth the specific event constituting Good Reason, (B) the Company fails to remedy the event constituting Good Reason within thirty (30) days following its receipt of the Participant's notice, and (C) the Participant actually terminates his or her employment with the Company and its Affiliates within thirty (30) days following the end of the Company's remedy period.

&nbsp;&nbsp;&nbsp;&nbsp;(s) "Non-Employee
 Director" means a Director who is not also an employee of the Company or its Subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;(t) "Option"
 means the right to purchase Shares at a stated price for a specified period of time.

(u) "Participant"
 means an individual selected by the Administrator to receive an Award.

(v) "Performance
 Goals" means any objective or subjective goals selected by the Administrator to measure the level of performance and determine
 the payout or vesting of an Award. Performance Goals may include, but are not limited to, the performance of the Company or any one
 or more of its Subsidiaries, Affiliates or other business units with respect to the following measures (singly or in combination):
 net sales; cost of sales; revenue; gross income; net income; operating income; income from continuing operations; earnings (including
 before taxes, and/or interest and/or depreciation and amortization); earnings per share (including diluted earnings per share); price
 per share; cash flow; net cash provided by operating activities; net cash provided by operating activities less net cash used in
 investing activities; net operating profit; ratio of debt to debt plus equity; return on stockholder equity; return on capital; return
 on assets; operating working capital; average accounts receivable; economic value added; total stockholder return; customer satisfaction;
 operating margin; profit margin; sales performance; sales quota attainment; new sales; cross/integrated sales; customer engagement;
 internal revenue growth; client retention; the achievement of research, production, or regulatory approval milestones; achievement
 of merger or acquisition milestones (including but not limited to identification of acquisition candidates). Performance goals may
 also relate to a Participant's individual performance.

---

| | |
|:---|:---|
|  | The Administrator reserves the right to adjust Performance Goals, or modify the manner of measuring or evaluating a Performance Goal, for any reason the Administrator determines is appropriate, including but not limited to: (i) by excluding the effects of charges for reorganizing and restructuring; discontinued operations; asset write-downs; gains or losses on the disposition of a business; or mergers, acquisitions or dispositions; and extraordinary, unusual and/or non-recurring items of gain or loss; (ii) excluding the costs of litigation, claims, judgments or settlements; (iii) excluding the effects of changes in laws or regulations affecting reported results, or changes in tax or accounting principles, regulations or law; and (iv) excluding any accruals of amounts related to payments under the Plan or any other compensation arrangement maintained by the Company or an Affiliate. |
|  | The inclusion in an Award agreement of specific adjustments or modifications shall not be deemed to preclude the Administrator from making other adjustments or modifications, in its discretion, as described herein, unless the Award agreement provides that the adjustments or modifications described in such agreement shall be the sole adjustments or modifications. |
| (w) | "Performance Unit" means the right to receive a cash payment and/or Shares valued in relation to a unit that has a designated dollar value or the value of which is equal to the Fair Market Value of one or more Shares, to the extent Performance Goals are achieved (and the other requirements described in the Award agreement, if any, are met). |
| (x) | "Person" has the meaning given in Section 3(a)(9) of the Exchange Act as modified and used in Section 13(d) and 14(d) thereof, or any group of Persons acting in concert. |
| (y) | "Plan" means this Processa Pharmaceuticals 2019 Omnibus Incentive Plan, as it may be amended from time to time. |
| (z) | "Restricted Stock" means Shares that are subject to a risk of forfeiture or restrictions on transfer, or both, which may lapse upon the achievement or partial achievement of Performance Goals or upon the completion of a period of service, or both. |
| (aa) | "Restricted Stock Unit" means the right to receive a Share or a cash payment, the value of which is equal to the Fair Market Value of one Share. |
| (bb) | "Section 16 Participants" means Participants who are subject to the provisions of Section 16 of the Exchange Act. |

---

&nbsp;&nbsp;&nbsp;&nbsp;(cc) "Share"
 means a share of Stock.

(dd) "Stock"
 means the common stock of the Company, par value $0.0001 per share.

(ee) "Stock
 Appreciation Right" or "SAR" means the right to receive a cash payment, and/or Shares with a Fair Market Value,
 equal to the appreciation of the Fair Market Value of a Share during a specified period of time.

(ff) "Subsidiary"
 means any corporation, limited liability company or other limited liability entity in an unbroken chain of entities beginning with
 the Company if each of the entities (other than the last entities in the chain) owns the stock or equity interest possessing more
 than fifty percent (50%) of the total combined voting power of all classes of stock or other equity interests in one of the other
 entities in the chain.

(gg) "Termination"
 means cessation of employment by, or service to, the Company or an Affiliate for any reason. Unless determined otherwise by the Administrator,
 for purposes of the Plan and all Awards, the following rules shall apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 date of a Participant's Termination shall be the date the Participant ceases to perform services for the Company or an Affiliate,
 without regard to whether the Participant thereafter continues to receive any compensatory payments or is paid salary in lieu of
 notice of Termination, and shall disregard any notice or severance period that the Participant may be entitled to receive;

(ii) a
 Participant who transfers employment between the Company and its Affiliates, or between Affiliates, will not be considered to have
 experienced a Termination;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a
 Participant who ceases to be a Non-Employee Director because he or she becomes an employee of the Company or an Affiliate shall not
 be considered to have ceased service as a Director with respect to any Award until such Participant's Termination with the
 Company and its Affiliates;

(iv) a
 Participant who ceases to be employed by the Company or an Affiliate and immediately thereafter becomes a Non-Employee Director,
 a non-employee director of an Affiliate, or a consultant to the Company or any Affiliate shall not be considered to have experienced
 a Termination until such Participant's service as a director of, or consultant to, the Company and its Affiliates has ceased;
 and

(v) a
 Participant employed by an Affiliate will be considered to have experienced a Termination when such entity ceases to be an Affiliate.

Notwithstanding the foregoing, for purposes of an Award that is subject to Code Section 409A, if a Participant's Termination triggers the payment of compensation under such Award, then the Participant will be deemed to have experienced a Termination upon their "separation from service" within the meaning of Code Section 409A. Notwithstanding any other provision in this Plan or an Award to the contrary, if any Participant is a "specified employee" within the meaning of Code Section 409A as of the date of their "separation from service" within the meaning of Code Section 409A, then, to the extent required by Code Section 409A, any payment made to the Participant on account of such separation from service shall not be made before a date that is six months after the date of the separation from service.

**3.** **Administration.** 

&nbsp;&nbsp;&nbsp;&nbsp;(a) *Administration*.
 In addition to the authority specifically granted to the Administrator in this Plan, the Administrator has full discretionary authority
 to administer this Plan, including but not limited to the authority to: (i) interpret the provisions of this Plan or any agreement
 covering an Award; (ii) prescribe, amend and rescind rules and regulations relating to this Plan; (iii) correct any defect, supply
 any omission, or reconcile any inconsistency in the Plan, any Award or any agreement covering an Award in the manner and to the extent
 it deems desirable to carry this Plan or such Award into effect; and (iv) make all other determinations necessary or advisable for
 the administration of this Plan. All Administrator determinations shall be made in the sole discretion of the Administrator and are
 final and binding on all interested parties.

&nbsp;&nbsp;&nbsp;&nbsp;(b) *Delegation to Other Committees or Officers*. To the extent applicable law permits, the Board may delegate to another committee of the Board,
 or the Committee may delegate to either a subcommittee consisting of one or more Committee members or to one or more officers of
 the Company, any or all of their respective authority and responsibility as an Administrator of the Plan; *provided* that no
 such delegation is permitted with respect to Stock-based Awards made to Section 16 Participants at the time any such delegated authority
 or responsibility is exercised unless the delegation is to another committee of the Board or sub-committee of the Committee consisting
 entirely of Non-Employee Directors who also qualify as "non-employee directors" within the meaning of Rule 16b-3 of the
 Exchange Act. If the Board or the Committee has made such a delegation, then all references to the Administrator in this Plan include
 such other committee or one or more officers to the extent of such delegation.

(c) *No Liability; Indemnification*. No member of the Board or the Committee, and no officer or member of any other committee to whom
 a delegation under Section 3(b) has been made, will be liable for any act done, or determination made, by the individual in good
 faith with respect to the Plan or any Award. The Company will indemnify and hold harmless each such individual as to any acts or
 omissions, or determinations made, in each case done or made in good faith, with respect to this Plan or any Award to the maximum
 extent that the law and the Company's By-Laws permit.

**4.** **Eligibility**.
 The Administrator may designate any of the following as a Participant from time to time, to the extent of the Administrator's
 authority: any officer or other employee of the Company or its Affiliates; any individual that the Company or an Affiliate has engaged
 to become an officer or employee; any consultant or advisor who provides services to the Company or its Affiliates; or any Director,
 including a Non-Employee Director. The Administrator's designation of, or granting of an Award to, a Participant will not require
 the Administrator to designate such individual as a Participant or grant an Award to such individual at any future time. The Administrator's
 granting of a particular type of Award to a Participant will not require the Administrator to grant any other type of Award to such
 individual.

**5.** **Types of Awards**. Subject to the terms of this Plan, the Administrator may grant any type of Award to any Participant it selects, but
 only employees of the Company or a Subsidiary may receive grants of incentive stock options within the meaning of Code Section 422.
 Awards may be granted alone or in addition to, in tandem with, or (subject to the prohibition on repricing set forth in Section 14(e))
 in substitution for any other Award (or any other award granted under another plan of the Company or any Affiliate, including the
 plan of an acquired entity).

**6.** **Shares Reserved under this Plan.** 

&nbsp;&nbsp;&nbsp;&nbsp;(a) *Plan Reserve*. Subject to adjustment as provided in Section 16, the maximum number of Shares reserved for issuance pursuant to Awards
 granted under this Plan is 10,800,000 Shares, all of which may be issued pursuant to the exercise of incentive stock options. In
 addition, the number of Shares reserved for issuance under this Plan shall automatically increase on January 1st of each year after
 the Effective Date, commencing on January 1, 2026 and ending on (and including) January 1, 2035, by a number of Shares equal to the
 lesser of: (i) 5% of the Fully Diluted Shares (as defined below) as of December 31st of the preceding year less the total number
 of shares reserved for issuance under the Incentive Plan as of such December 31st, or (ii) such other number of Shares as the Board
 may determine. "Fully Diluted Shares" means an amount equal to the number of shares of all classes of common stock of
 the Company (x) outstanding, (y) issuable upon exercise, conversion, exchange or settlement of outstanding Awards under this Plan
 or any other outstanding options, warrants or other securities of the Company that are (directly or indirectly) exercisable for,
 convertible or exchangeable into, or settleable in, shares of common stock of the Company, or (z) reserved for future grants under
 this Plan or any other equity incentive or similar plans of the Company. For purposes of calculating the number of Fully Diluted
 Shares, if the number of shares of common stock subject to an outstanding Award is variable on the applicable date, then the number
 of shares deemed issuable upon exercise or settlement of the Award shall be the maximum number of shares that could be received under
 such Award. The Shares reserved for issuance may be either authorized and unissued Shares or Shares reacquired at any time and now
 or hereafter held as treasury stock.

(b) *Depletion of Reserve.* The aggregate number of Shares reserved under Section 6(a) shall be depleted on the date of grant of an Award by
 the maximum number of Shares, if any, that may become payable with respect to such Award. For the sake of clarity, an Award that
 may be settled solely in cash shall not cause any depletion of the Plan's Share reserve at the time such Award is granted.

(c) *Replenishment of Reserve*. If (i) an Award lapses, expires, terminates or is cancelled without the issuance of Shares under the Award (whether
 due currently or on a deferred basis) or is settled in cash, (ii) it is determined during or at the conclusion of the term of an
 Award that all or some portion of the Shares with respect to which the Award was granted will not be issuable on the basis that the
 conditions for such issuance will not be satisfied, (iii) Shares are forfeited under an Award, or (iv) Shares are issued under any
 Award and the Company subsequently reacquires them pursuant to rights reserved upon the issuance of the Shares, then such Shares
 shall be recredited to the Plan's reserve and may again be used for new Awards under this Plan, but Shares recredited to the
 Plan's reserve pursuant to clause (iv) may not be issued pursuant to incentive stock options. Notwithstanding the foregoing,
 in no event shall the following Shares be recredited to the Plan's reserve: (A) Shares purchased by the Company using proceeds
 from Option exercises; (B) Shares tendered or withheld in payment of the exercise price of an Option or as a result of the net settlement
 of an outstanding Stock Appreciation Right; or (C) Shares tendered or withheld to satisfy federal, state or local tax withholding
 obligations.

**7.** **Options.** Subject to the terms of this Plan, the Administrator will determine all terms and conditions of each Option, including but not
 limited to: (a) whether the Option is an "incentive stock option" which meets the requirements of Code Section 422, or
 a "nonqualified stock option" which does not meet the requirements of Code Section 422; (b) the grant date, which may
 not be any day prior to the date that the Administrator approves the grant; (c) the number of Shares subject to the Option; (d) the
 exercise price, which may never be less than the Fair Market Value of the Shares subject to the Option as determined on the date
 of grant; (e) the terms and conditions of vesting and exercise; (f) the term, except that an Option must terminate no later than
 ten (10) years after the date of grant; and (g) the manner of payment of the exercise price. In all other respects, the terms of
 any incentive stock option should comply with the provisions of Code Section 422 except to the extent the Administrator determines
 otherwise. If an Option that is intended to be an incentive stock option fails to meet the requirements thereof, the Option shall
 automatically be treated as a nonqualified stock option to the extent of such failure. To the extent permitted by the Administrator,
 and subject to such procedures as the Administrator may specify, the payment of the exercise price of Options may be made by (w)
 delivery of cash or other Shares or other securities of the Company (including by attestation) having a then Fair Market Value equal
 to the purchase price of such Shares, (x) by delivery to the Company or its designated agent of an executed irrevocable option exercise
 form together with irrevocable instructions to a broker-dealer to sell or margin a sufficient portion of the Shares and deliver the
 sale or margin loan proceeds directly to the Company to pay for the exercise price, (y) by surrendering the right to receive Shares
 otherwise deliverable to the Participant upon exercise of the Award having a Fair Market Value at the time of exercise equal to the
 total exercise price, or (z) by any combination of (w), (x) and/or (y). Except to the extent otherwise set forth in an Award agreement,
 a Participant shall have no rights as a holder of Stock as a result of the grant of an Option until the Option is exercised, the
 exercise price and applicable withholding taxes are paid and the Shares subject to the Option are issued thereunder.

**8.** **Stock Appreciation Rights**. Subject to the terms of this Plan, the Administrator will determine all terms and conditions of each SAR,
 including but not limited to: (a) the grant date, which may not be any day prior to the date that the Administrator approves the
 grant; (b) the number of Shares to which the SAR relates; (c) the grant price, which may never be less than the Fair Market Value
 of the Shares subject to the SAR as determined on the date of grant; (d) the terms and conditions of exercise or maturity, including
 vesting; (e) the term, *provided* that an SAR must terminate no later than ten (10) years after the date of grant; and (f) whether
 the SAR will be settled in cash, Shares or a combination thereof.

**9.** **Performance and Stock Awards.** Subject to the terms of this Plan, the Administrator will determine all terms and conditions of each award
 of Shares, Restricted Stock, Restricted Stock Units or Performance Units, including but not limited to: (a) the number of Shares
 and/or units to which such Award relates; (b) whether, as a condition for the Participant to realize all or a portion of the benefit
 provided under the Award, one or more Performance Goals must be achieved during such period as the Administrator specifies; (c) the
 length of the vesting and/or performance period and, if different, the date on which payment of the benefit provided under the Award
 will be made; (d) with respect to Performance Units, whether to measure the value of each unit in relation to a designated dollar
 value or the Fair Market Value of one or more Shares; and (e) with respect to Restricted Stock Units and Performance Units, whether
 to settle such Awards in cash, in Shares (including Restricted Stock), or in a combination of cash and Shares.

**10.** **Cash Incentive Awards**. Subject to the terms of this Plan, the Administrator will determine all terms and conditions of a Cash Incentive
 Award, including but not limited to the Performance Goals, performance period, the potential amount payable, and the timing of payment.

**11.** **Dividends and Dividend Equivalent Units.** 

&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject
 to the terms of this Plan, the Administrator will determine all terms and conditions of each award of Dividend Equivalent Units,
 including but not limited to whether: (i) payment of the Award will be made concurrently with dividend payments or credited to an
 account for the Participant which provides for the deferral of such amounts until a stated time; (ii) the Award will be settled in
 cash or Shares; and (iii) as a condition for the Participant to realize all or a portion of the benefit provided under the Award,
 the same vesting or performance requirements applicable to the related Award must be achieved.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding
 anything in the Plan or an Award to the contrary, no dividends or Dividend Equivalent Units may be paid with respect to an Award
 that is subject to Performance Goals unless and until such Performance Goals have been satisfied.

**12.** **Other Stock-Based Awards**. Subject to the terms of this Plan, the Administrator may grant to a Participant other Stock-based Awards,
 including shares of unrestricted Stock, as replacement for other compensation to which the Participant is entitled, such as in payment
 of director fees, in lieu of cash compensation, in exchange for cancellation of a compensation right, or as a bonus.

**13.** **Transferability** *.* Awards are not transferable other than by will or the laws of descent and distribution, unless and to the extent the Administrator
 allows a Participant to: (a) designate in writing a beneficiary to exercise the Award or receive payment under the Award after the
 Participant's death; (b) transfer an Award to the former spouse of the Participant as required by a domestic relations order
 incident to a divorce; or (c) otherwise transfer an Award; *provided, however*, that with respect to clause (c) above the Participant
 may not receive consideration for transferring the Award.

**14.** **Termination and Amendment of Plan; Amendment, Modification or Cancellation of Awards.** 

&nbsp;&nbsp;&nbsp;&nbsp;(a) Term
 of Plan. Unless the Board earlier terminates this Plan pursuant to Section 14(b), this Plan will terminate on the tenth (10<sup>th</sup>)
 anniversary of the date of the Plan's then-most-recent approval by the Company's stockholders.

(b) Termination
 and Amendment. The Board or the Administrator may amend, alter, suspend, discontinue or terminate this Plan at any time, subject
 to the following limitations:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 Board must approve any amendment of this Plan to the extent the Company determines such approval is required by: (A) prior action
 of the Board, (B) applicable corporate law, or (C) any other applicable law; and

(ii) stockholders
 must approve any amendment of this Plan to the extent the Company determines such approval is required by: (A) Section 16 of the
 Exchange Act, (B) the Code, (C) the listing requirements of any principal securities exchange or market on which the Shares are then
 traded, or (D) any other applicable law. Such amendments include, but are not limited to, an amendment to materially increase the
 number of Shares reserved under Section 6(a) (except as permitted by Section 16) or an amendment that would diminish the protections
 afforded by Section 14(e).

&nbsp;&nbsp;&nbsp;&nbsp;(c) *Amendment, Modification, Cancellation and Disgorgement of Awards*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Except
 as provided in Section 14(e) and subject to the requirements of this Plan, the Administrator may modify, amend or cancel any Award,
 or waive any restrictions or conditions applicable to any Award or the exercise of the Award; *provided* that, except as otherwise
 provided in the Plan or the Award agreement, any modification or amendment that materially diminishes the rights of the Participant,
 or the cancellation of an Award, shall be effective only if agreed to by the Participant or any other person(s) as may then have
 an interest in such Award, but the Administrator need not obtain Participant (or other interested party) consent for the modification,
 amendment or cancellation of an Award pursuant to the provisions of subsection (ii) or Section 16 or as follows: (A) to the extent
 the Administrator deems such action necessary to comply with any applicable law or the listing requirements of any principal securities
 exchange or market on which the Shares are then traded; (B) to the extent the Administrator deems necessary to preserve favorable
 accounting or tax treatment of any Award for the Company; or (C) to the extent the Administrator determines that such action does
 not materially and adversely affect the value of an Award or that such action is in the best interest of the affected Participant
 (or any other person(s) as may then have an interest in the Award). Notwithstanding the foregoing, unless determined otherwise by
 the Administrator, any such amendment shall be made in a manner that will enable an Award intended to be exempt from Code Section
 409A to continue to be so exempt, or to enable an Award intended to comply with Code Section 409A to continue to so comply.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Notwithstanding
 anything to the contrary in an Award agreement, the Administrator shall have full power and authority to terminate or cause the Participant
 to forfeit the Award, and require the Participant to disgorge to the Company any gains attributable to the Award, if the Participant
 engages in any action constituting, as determined by the Administrator in its discretion, Cause for Termination, or a breach of any
 Award agreement or any other agreement between the Participant and the Company or an Affiliate concerning noncompetition, nonsolicitation,
 confidentiality, trade secrets, intellectual property, nondisparagement or similar obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Any
 Awards granted pursuant to this Plan, and any Stock issued or cash paid pursuant to an Award, shall be subject to any recoupment
 or clawback policy that is adopted by, or any recoupment or similar requirement otherwise made applicable by law, regulation or listing
 standards to, the Company from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;(d) *Survival of Authority and Awards*. Notwithstanding the foregoing, the authority of the Board and the Administrator under this Section 14
 and to otherwise administer the Plan with respect to then-outstanding Awards will extend beyond the date of this Plan's termination.
 In addition, termination of this Plan will not affect the rights of Participants with respect to Awards previously granted to them,
 and all unexpired Awards will continue in force and effect after termination of this Plan except as they may lapse or be terminated
 by their own terms and conditions.

(e) *Repricing and Backdating Prohibited*. Notwithstanding anything in this Plan to the contrary, and except for the adjustments provided for
 in Section 16, neither the Administrator nor any other person may (i) amend the terms of outstanding Options or SARs to reduce the
 exercise or grant price of such outstanding Options or SARs; (ii) cancel outstanding Options or SARs in exchange for Options or SARs
 with an exercise or grant price that is less than the exercise or grant price of the original Options or SARs; or (iii) cancel outstanding
 Options or SARs with an exercise or grant price above the current Fair Market Value of a Share in exchange for cash or other securities.
 In addition, the Administrator may not make a grant of an Option or SAR with a grant date that is effective prior to the date the
 Administrator takes action to approve such Award.

(f) *Foreign Participation*. To assure the viability of Awards granted to Participants employed or residing in foreign countries, the Administrator
 may provide for such special terms as it may consider necessary or appropriate to accommodate differences in local law, tax policy,
 accounting or custom. Moreover, the Administrator may approve such supplements to, or amendments, restatements or alternative versions
 of, this Plan as it determines is necessary or appropriate for such purposes. Any such amendment, restatement or alternative versions
 that the Administrator approves for purposes of using this Plan in a foreign country will not affect the terms of this Plan for any
 other country. In addition, all such supplements, amendments, restatements or alternative versions must comply with the provisions
 of Section 14(b)(ii).

**15.** **Taxes *.*** 

&nbsp;&nbsp;&nbsp;&nbsp;(a) *Withholding*.
 In the event the Company or one of its Affiliates is required to withhold any Federal, state or local taxes or other amounts in respect
 of any income recognized by a Participant as a result of the grant, vesting, payment or settlement of an Award or disposition of
 any Shares acquired under an Award, the Company may satisfy such obligation by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if
 cash is payable under an Award, deducting (or requiring an Affiliate to deduct) from such cash payment the amount needed to satisfy
 such obligation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if
 Shares are issuable under an Award, then to the extent previously approved by the Administrator (which approval may be set forth
 in an Award agreement or in administrative rules) (A) withholding Shares having a Fair Market Value equal to such obligations; or
 (B) allowing the Participant to elect to (1) have the Company or its Affiliate withhold Shares otherwise issuable under the Award,
 (2) tender back Shares received in connection with such Award or (3) deliver other previously owned Shares, in each case having a
 Fair Market Value equal to the amount to be withheld; provided that the amount to be withheld under this clause (ii) may not exceed
 the total maximum statutory tax withholding obligations associated with the transaction to the extent needed for the Company and
 its Affiliates to avoid an accounting charge. If an election is provided, the election must be made on or before the date as of which
 the amount of tax to be withheld is determined and otherwise as the Administrator requires; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) deducting
 (or requiring an Affiliate to deduct) the amount needed to satisfy such obligation from any wages or other payments owed to the Participant,
 requiring such Participant to pay to the Company or its Affiliate, in cash, promptly on demand, or make other arrangements satisfactory
 to the Company or its Affiliate regarding the payment to the Company or its Affiliate of the amount needed to satisfy such obligation.

&nbsp;&nbsp;&nbsp;&nbsp;(b) *No Guarantee of Tax Treatment*. Notwithstanding any provisions of this Plan to the contrary, the Company does not guarantee to any
 Participant or any other Person with an interest in an Award that (i) any Award intended to be exempt from Code Section 409A shall
 be so exempt, (ii) any Award intended to comply with Code Section 409A or Code Section 422 shall so comply, or (iii) any Award shall
 otherwise receive a specific tax treatment under any other applicable tax law, nor in any such case will the Company or any Affiliate
 be required to indemnify, defend or hold harmless any individual with respect to the tax consequences of any Award.

**16.** **Adjustment and Change of Control Provisions.** 

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| | |
|:---|:---|
| (a) | *Adjustment of Shares*. If (i) the Company shall at any time be involved in a merger or other transaction in which the Shares are changed or exchanged; (ii) the Company shall subdivide or combine the Shares or the Company shall declare a dividend payable in Shares, other securities (other than stock purchase rights issued pursuant to a stockholder rights agreement) or other property; (iii) the Company shall effect a cash dividend the amount of which, on a per Share basis, exceeds ten percent (10%) of the Fair Market Value of a Share at the time the dividend is declared, or the Company shall effect any other dividend or other distribution on the Shares in the form of cash, or a repurchase of Shares, that the Board determines by resolution is special or extraordinary in nature or that is in connection with a transaction that the Company characterizes publicly as a recapitalization or reorganization involving the Shares; or (iv) any other event shall occur, which, in the case of this clause (iv), in the judgment of the Administrator necessitates an adjustment to prevent dilution or enlargement of the benefits or potential benefits intended to be made available under this Plan, then the Administrator shall, in such manner as it may deem equitable to prevent dilution or enlargement of the benefits or potential benefits intended to be made available under this Plan, adjust any or all of: (A) the number and type of Shares subject to this Plan (as described in Section 6(a)) and which may after the event be made the subject of Awards; (B) the number and type of Shares subject to outstanding Awards; (C) the grant, purchase, or exercise price with respect to any Award; and (D) the Performance Goals of an Award. In any such case, the Administrator may also (or in lieu of the foregoing) make provision for a cash payment to the holder of an outstanding Award in exchange for the cancellation of all or a portion of the Award (without the consent of the holder of an Award) in an amount determined by the Administrator effective at such time as the Administrator specifies (which may be the time such transaction or event is effective). However, in each case, with respect to Awards of incentive stock options, no such adjustment may be authorized to the extent that such authority would cause this Plan to violate Code Section 422(b). Further, the number of Shares subject to any Award payable or denominated in Shares must always be a whole number. In any event, previously granted Options or SARs are subject to only such adjustments as are necessary to maintain the relative proportionate interest the Options and SARs represented immediately prior to any such event and to preserve, without exceeding, the value of such Options or SARs. |
|  | Without limitation, in the event of any reorganization, merger, consolidation, combination or other similar corporate transaction or event, whether or not constituting a Change of Control (other than any such transaction in which the Company is the continuing corporation and in which the outstanding Stock is not being converted into or exchanged for different securities, cash or other property, or any combination thereof), the Administrator may substitute, on an equitable basis as the Administrator determines, for each Share then subject to an Award and the Shares subject to this Plan (if the Plan will continue in effect), the number and kind of shares of stock, other securities, cash or other property to which holders of Stock are or will be entitled in respect of each Share pursuant to the transaction. |

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Notwithstanding the foregoing, in the case of a stock dividend (other than a stock dividend declared in lieu of an ordinary cash dividend) or subdivision or combination of the Shares (including a reverse stock split), if no action is taken by the Administrator, adjustments contemplated by this subsection that are proportionate shall nevertheless automatically be made as of the date of such stock dividend or subdivision or combination of the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;(b) *Issuance or Assumption*. Notwithstanding any other provision of this Plan, and without affecting the number of Shares otherwise reserved
 or available under this Plan, in connection with any merger, consolidation, acquisition of property or stock, or reorganization,
 the Administrator may authorize the issuance or assumption of awards under this Plan upon such terms and conditions as it may deem
 appropriate.

(c) *Effect of a Change of Control*. To the extent a Participant has in effect an employment, retention, change of control, severance or similar
 agreement with the Company or any Affiliate that discusses the effect of a Change of Control on the Participant's Awards, such
 agreement shall control. In all other cases, unless provided otherwise in an Award agreement or by the Administrator prior to the
 date of the Change of Control, in the event of a Change of Control:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) If
 the purchaser, successor or surviving entity (or parent thereof) so agrees, some or all outstanding Awards shall be assumed, or replaced
 with the same type of award with similar terms and conditions, by the purchaser, successor or surviving entity (or parent thereof)
 in the Change of Control transaction. If applicable, each Award which is assumed by the purchaser, successor or surviving entity
 (or parent thereof) shall be appropriately adjusted, immediately after such Change of Control, to apply to the number and class of
 securities which would have been issuable to the Participant upon the consummation of such Change of Control had the Award been exercised,
 vested or earned immediately prior to such Change of Control, and other appropriate adjustments in the terms and conditions of the
 Award shall be made. Upon the Participant's Termination by the successor or surviving entity without Cause, or by the Participant
 for Good Reason, in either case within twenty-four (24) months following the Change of Control, all of the Participant's Awards
 that are in effect as of the date of such Termination shall be vested in full or deemed earned in full (assuming target performance
 goals provided under such Award were met, if applicable) effective on the date of such Termination.

(ii) To
 the extent the purchaser, successor or surviving entity (or parent thereof) in the Change of Control transaction does not assume
 the Awards or issue replacement awards as provided in clause (i), then immediately prior to the date of the Change of Control:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. each
 Option or SAR that is then held by a Participant who is employed by or in the service of the Company or an Affiliate shall become
 immediately and fully vested, and, unless otherwise determined by the Board or Committee, all Options and SARs shall be cancelled
 on the date of the Change of Control in exchange for a cash payment equal to the excess of the Change of Control Price of the Shares
 covered by the Option or SAR that is so cancelled over the purchase or grant price of such Shares under the Award (or for no payment,
 if there is no such excess);

B. Restricted
 Stock, Restricted Stock Units (and any related Dividend Equivalent Units) and Shares that are not then vested shall vest;

C. all
 Performance Units (and any related Dividend Equivalent Units) that are earned but not yet paid shall be paid in an amount equal to
 the value of the Performance Unit, and all Performance Units for which the performance period has not expired shall be cancelled
 in exchange for a payment equal to the product of: (1) the value of the Performance Units that would have been earned if the Performance
 Goals (as measured at the time of the Change of Control) were to continue to be achieved at the same rate through the end of the
 performance period, or if higher, assuming the target Performance Goals had been met at the time of such Change of Control; and (2)
 a fraction, the numerator of which is the number of whole months that have elapsed from the beginning of the performance period to
 which the Award is subject to the date of the Change of Control and the denominator of which is the number of whole months in the
 performance period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. all
 Cash Incentive Awards that are earned but not yet paid shall be paid, and all Cash Incentive Awards that are not yet earned shall
 be cancelled in exchange for a cash payment in an amount determined by taking the product of: (1) the amount that would have been
 due under such Award(s) if the Performance Goals (as measured at the time of the Change of Control) were to continue to be achieved
 at the same rate through the end of the performance period, or if higher, assuming the target Performance Goals had been met at the
 time of such Change of Control; and (2) a fraction, the numerator of which is the number of whole months that have elapsed from the
 beginning of the performance period to which the Award is subject to the date of the Change of Control and the denominator of which
 is the number of whole months in the performance period; and

E. all
 other Awards not described above that are not vested shall vest and if an amount is payable under such vested Award, such amount
 shall be paid in cash based on the value of the Award.

&nbsp;&nbsp;&nbsp;&nbsp;(d) If
 the value of an Award is based on the Fair Market Value of a Share, Fair Market Value shall be deemed to mean the per share Change
 of Control Price. The Change of Control Price shall equal the price paid or deemed paid per Share in the Change of Control transaction
 as determined by the Administrator. Notwithstanding anything to the contrary in this Section 16(d), the terms of any Awards that
 are subject to Code Section 409A shall govern the treatment of such Awards upon a Change of Control, and the terms of this Section
 16(d) shall not apply, to the extent required for such Awards to remain compliant with Code Section 409A, as applicable.

(e) *Application of Limits on Payments .* Except to the extent
 the Participant has in effect an employment or similar agreement with the Company or any Affiliate or is subject to a policy that
 provides for a more favorable result to the Participant upon a Change of Control, in the event that the Company's legal counsel
 or accountants determine that any payment, benefit or transfer by the Company under this Plan or any other plan, agreement, or arrangement
 to or for the benefit of the Participant (in the aggregate, the "Total Payments") to be subject to the tax ("Excise
 Tax") imposed by Code Section 4999 but for this Section 16(e), then, notwithstanding any other provision of this Plan to the
 contrary, the Total Payments shall be delivered either (i) in full or (ii) in an amount such that the value of the aggregate Total
 Payments that the Participant is entitled to receive shall be One Dollar ($1.00) less than the maximum amount that the Participant
 may receive without being subject to the Excise Tax, whichever of (i) or (ii) results in the receipt by the Participant of the greatest
 benefit on an after-tax basis (taking into account applicable federal, state and local income taxes and the Excise Tax). In the event
 that (ii) results in a greater after-tax benefit to the Participants, payments or benefits included in the Total Payments shall be
 reduced or eliminated by applying the following principles, in order: (A) the payment or benefit with the higher ratio of the parachute
 payment value to present economic value (determined using reasonable actuarial assumptions) shall be reduced or eliminated before
 a payment or benefit with a lower ratio; (B) the payment or benefit with the later possible payment date shall be reduced or eliminated
 before a payment or benefit with an earlier payment date; and (C) cash payments shall be reduced prior to non-cash benefits; provided
 that if the foregoing order of reduction or elimination would violate Code Section 409A, then the reduction shall be made pro rata
 among the payments or benefits included in the Total Payments (on the basis of the relative present value of the parachute payments).

**17.** **Miscellaneous.** 

&nbsp;&nbsp;&nbsp;&nbsp;(a) *Other Terms and Conditions*. The Administrator may provide in any Award agreement such other provisions (whether or not applicable to
 the Award granted to any other Participant) as the Administrator determines appropriate to the extent not otherwise prohibited by
 the terms of the Plan. No provision in an Award agreement shall limit the Administrator's discretion hereunder unless such
 provision specifically so provides for such limitation.

&nbsp;&nbsp;&nbsp;&nbsp;(b) *Employment and Service*. The issuance of an Award shall not confer upon a Participant any right with respect to continued employment or service
 with the Company or any Affiliate, or the right to continue as a Director.

&nbsp;&nbsp;&nbsp;&nbsp;(c) *No Fractional Shares*. No fractional Shares or other securities may be issued or delivered pursuant to this Plan. Unless otherwise
 determined by the Administrator or otherwise provided in any Award agreement, all fractional Shares that would otherwise be issuable
 under the Plan shall be canceled for no consideration.

(d) *Unfunded Plan; Awards Not Includable for Benefits Purposes*. This Plan is unfunded and does not create, and should not be construed to
 create, a trust or separate fund with respect to this Plan's benefits. This Plan does not establish any fiduciary relationship
 between the Company and any Participant or other person. To the extent any person holds any rights by virtue of an Award granted
 under this Plan, such rights are no greater than the rights of the Company's general unsecured creditors. Income recognized
 by a Participant pursuant to an Award shall not be included in the determination of benefits under any employee pension benefit plan
 (as such term is defined in Section 3(2) of the Employee Retirement Income Security Act of 1974, as amended) or group insurance or
 other benefit plans applicable to the Participant which are maintained by the Company or any Affiliate, except as may be provided
 under the terms of such plans or determined by resolution of the Board.

(e) *Requirements of Law and Securities Exchange*. The granting of Awards and the issuance of Shares in connection with an Award are subject to
 all applicable laws, rules and regulations and to such approvals by any governmental agencies or national securities exchanges as
 may be required. Notwithstanding any other provision of this Plan or any award agreement, the Company has no liability to deliver
 any Shares under this Plan or make any payment unless such delivery or payment would comply with all applicable laws and the applicable
 requirements of any securities exchange or similar entity, and unless and until the Participant has taken all actions required by
 the Company in connection therewith. The Company may impose such restrictions on any Shares issued under the Plan as the Company
 determines necessary or desirable to comply with all applicable laws, rules and regulations or the requirements of any national securities
 exchanges.

(f) *Code Section 409A*. Any Award granted under this Plan shall be provided or made in such manner and at such time as to either make the
 Award exempt from, or comply with, the provisions of Code Section 409A, and the provisions of Code Section 409A are incorporated
 into this Plan to the extent necessary for any Award that is subject to Code Section 409A to comply therewith.

(g) *Governing Law; Venue*. This Plan, and all agreements under this Plan, will be construed in accordance with and governed by the laws of the
 State of Maryland, without reference to any conflict of law principles. Any legal action or proceeding with respect to this Plan,
 any Award or any award agreement, or for recognition and enforcement of any judgment in respect of this Plan, any Award or any award
 agreement, may only be brought and determined in a court sitting in the County of Howard in the State of Maryland.

(h) *Limitations on Actions*. Any legal action or proceeding with respect to this Plan, any Award or any award agreement, must be brought within
 one year (365 days) after the day the complaining party first knew or should have known of the events giving rise to the complaint.

(i) *Construction*.
 Whenever any words are used herein in the masculine, they shall be construed as though they were used in the feminine in all cases
 where they would so apply; and wherever any words are used in the singular or plural, they shall be construed as though they were
 used in the plural or singular, as the case may be, in all cases where they would so apply. Titles of sections are for general information
 only, and this Plan is not to be construed with reference to such titles.

(j) *Severability*.
 If any provision of this Plan or any award agreement or any Award (a) is or becomes or is deemed to be invalid, illegal or unenforceable
 in any jurisdiction, or as to any person or Award, or (b) would cause this Plan, any award agreement or any Award to violate or be
 disqualified under any law the Administrator deems applicable, then such provision should be construed or deemed amended to conform
 to applicable laws, or if it cannot be so construed or deemed amended without, in the determination of the Administrator, materially
 altering the intent of this Plan, award agreement or Award, then such provision should be stricken as to such jurisdiction, person
 or Award, and the remainder of this Plan, such award agreement and such Award will remain in full force and effect.

## Exhibit 5.1

**Exhibit 5.1**

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| | |
|:---|:---|
| ![](ex5-1_001.jpg) | ONE INDEPENDENT DR<br> SUITE 1300<br> JACKSONVILLE, FL 32202-5017<br> 904.359.2000 TEL<br> 904.359.8700 FAX<br> **FOLEY.COM** |

---

September 22, 2025

Processa Pharmaceuticals, Inc.

601 21st Street, Suite 300

Vero Beach, FL 32960

Re: Registration Statement on Form S-8

Ladies and Gentlemen:

We have acted as counsel to Processa Pharmaceuticals, Inc. a Delaware corporation (the "<u>Company</u>"), in connection with the preparation of a Registration Statement on Form S-8 (the "<u>Registration Statement</u>") to be filed by the Company with the Securities and Exchange Commission (the "<u>Commission</u>") under the Securities Act of 1933, as amended (the "<u>Securities Act</u>"). The Registration Statement relates to an additional 10,000,000 shares of common stock, par value $0.0001 per share (the "<u>Securities</u>"), of the Company that may be issued pursuant to the Company's Amended and Restated 2019 Omnibus Incentive Plan (the "<u>Plan</u>"), filed as Exhibit 4.1 to the Registration Statement.

As counsel to the Company, we have examined: (i) the Fourth Amended and Restated Certificate of Incorporation of the Company, as amended; (ii) the amended and restated Bylaws of the Company, as amended; (iii) the Plan; (iv) the Registration Statement; (v) resolutions of the Board of Directors of the Company relating to the Plan and the issuance of the Securities thereunder; and (vi) such other corporate records, documents, agreements and matters of law as we have considered necessary or appropriate for the purpose of this opinion. In our examination, we have assumed the genuineness of all manual and electronic signatures, the authenticity of all documents submitted to us as originals and the conformity with the originals of all documents submitted to us as copies.

We express no opinion herein as to the laws of any state or jurisdiction other than the General Corporation Law of the State of Delaware and the federal laws of the United States of America. This opinion is being furnished in connection with the requirements of Item 601(b)(5) of Regulation S-K under the Securities Act, and no opinion is expressed herein as to any matter pertaining to the contents of the Registration Statement or the prospectus that forms a part thereof, other than as expressly stated herein with respect to the issuance of the Securities.

Based upon and subject to the foregoing, we are of the opinion that the Securities covered by the Registration Statement, when issued by the Company pursuant to the terms and conditions of the Plan and as contemplated by the Registration Statement, will be validly issued, fully paid and nonassessable.

We hereby consent to the filing of this opinion as an exhibit to the Registration Statement. In giving this consent, we do not hereby admit that we are "experts" within the meaning of Section 11 of the Securities Act or that we come within the category of persons whose consent is required under Section 7 of the Securities Act.

---

| |
|:---|
| **Sincerely,** |
| ***/s/ FOLEY & LARDNER LLP*** |

---

AUSTIN \| BOSTON \| BRUSSELS \| CHICAGO \| DALLAS \| DENVER \| DETROIT \| HOUSTON \| JACKSONVILLE \| LOS ANGELES<br> MADISON \| MEXICO CITY \| MIAMI \| MILWAUKEE \| NEW YORK \| ORLANDO \| RALEIGH \| SACRAMENTO \| SALT LAKE CITY

SAN DIEGO \| SAN FRANCISCO \| SILICON VALLEY \| TALLAHASSEE \| TAMPA \| TOKYO \| WASHINGTON, D.C.

## Exhibit 23.1

**Exhibit 23.1**

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

We consent to the incorporation by reference in this Registration Statement on Form S-8 of our report dated March 29, 2024, with respect to the audited consolidated financial statements of Processa Pharmaceuticals, Inc. for the year ended December 31, 2023 included in the Annual Report on Form 10-K of Processa Pharmaceuticals, Inc. for the year ended December 31, 2024.

---

| |
|:---|
| */s/ BD & Company, Inc.* |
| Owings Mills, MD |
| September 22, 2025 |

---

## Exhibit 23.2

**Exhibit 23.2**

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

We consent to the incorporation by reference in this Registration Statement on Form S-8 of our report dated March 20, 2025, with respect to the audited consolidated financial statements of Processa Pharmaceuticals, Inc. for the year ended December 31, 2024 included in the Annual Report on Form 10-K of Processa Pharmaceuticals, Inc. for the year ended December 31, 2024.

---

| |
|:---|
| */s/ Cherry Bekaert LLP* |
| Tampa, FL |
| September 22, 2025 |

---

## Ex-Filing

?xml version='1.0' encoding='ASCII'?

**Exhibit 107**

**Calculation of Filing Fee Tables**

**Form S-8**

**PROCESSA PHARMACEUTICALS, INC.**

(Exact Name of Registrant as Specified in its Charter)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Security Type<sup>(1)</sup> | Security Class Title | Fee<br> Calculation<br> Rule | Amount<br> Registered <sup>(1)</sup> | Proposed<br> Maximum<br> Offering<br> Price Per<br> Share<sup>(3)</sup> | Maximum<br> Aggregate<br> Offering<br> Price<sup>(3)</sup> | Fee Rate | Amount of<br> Registration<br> Fee |
| Equity | Common Stock, $0.0001 par value per share | Other | 10000000<sup>(2)</sup> | $0.193 | $1930000 | 0.00015310 | $295.48 |
| Total Offering Amounts | Total Offering Amounts | Total Offering Amounts | Total Offering Amounts | Total Offering Amounts | $1930000 |  | $295.48 |
| Total Fee Offsets | Total Fee Offsets | Total Fee Offsets | Total Fee Offsets | Total Fee Offsets |  |  | - |
| Net Fee Due | Net Fee Due | Net Fee Due | Net Fee Due | Net Fee Due |  |  | $295.48 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Pursuant
to Rule 416(a) under the Securities Act, this Registration Statement on Form S-8 (shall be deemed to cover any additional shares of the
common stock of Processa Pharmaceuticals, Inc. (the "Registrant") that become issuable under the Amended and Restated Processa
Pharmaceuticals, Inc. 2019 Omnibus Incentive Plan (the "Plan") by reason of any future share splits, share dividends, recapitalizations
or any other similar transactions effected without the receipt of consideration by the Registrant, which results in an increase in the
number of outstanding shares of common stock of the Registrant.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Represents
 10,000,000 additional shares of the Registrant's common stock authorized and reserved for issuance under the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Estimated
 solely for the purpose of calculating the registration fee pursuant to Rules 457(c) and (h) under the Securities Act. Such computation
 is based on the average of the high and low prices of the Registrant's common stock as reported on the Nasdaq Capital Market
 on September 19, 2025, a date within five business days of the date of this Registration Statement.