Processa Pharmaceuticals (PCSA) Wells Fargo 21st Annual Healthcare Conference summary

Transaction and financial overview

• Processa completed a merger with Vidya Therapeutics in a stock-for-stock transaction, including non-converting preferred shares and a $200 million PIPE, providing funding through the second half of 2029.

• The merger brought in a strong syndicate of investors and added Sheila Gujrathi to the board.

Lead program and development strategy

• VT-7208, a next-generation BTK inhibitor, is now the lead program, designed to address efficacy and safety limitations of earlier BTK inhibitors.

• The molecule enables low-dose, once-daily oral dosing and supports a parallel development strategy targeting food allergy, chronic spontaneous urticaria (CSU), and relapsing MS.

• Three phase II trials are planned: food allergy and CSU to start in the second half of 2024, with data readouts in 2027 and 2028, and relapsing MS to start in early 2027 with data in late 2028.

Market opportunity and scientific rationale

• BTK inhibitors are validated in immunology, with approvals or positive data in multiple indications, and VT-7208 aims to expand into large, underserved markets.

• Food allergy and CSU offer rapid, capital-efficient proof-of-concept opportunities, while MS represents a significant unmet need.

• BTK inhibition targets both adaptive and innate immune pathways, affecting B-cell and myeloid cell functions relevant to the chosen indications.