Pasithea Therapeutics (KTTA) Q1 2025 earnings summary

Executive summary

• Focused on developing PAS-004, a next-generation MEK inhibitor for CNS disorders and RASopathies, with ongoing Phase 1 trials and recent expansion into NF1-PN clinical studies.

• Two additional discovery-stage programs target ALS (PAS-003) and schizophrenia (PAS-001).

• Operations are consolidated into a single therapeutics segment, with discontinued non-core subsidiaries.

Financial highlights

• Net loss for Q1 2025 was $3.56 million, a decrease from $3.86 million in Q1 2024.

• Operating expenses: General and administrative $1.95 million (down 15% YoY), R&D $1.73 million (down 1% YoY).

• Cash and cash equivalents at March 31, 2025 were $5.3 million, down from $6.9 million at year-end 2024.

• Working capital at quarter-end was $4.5 million, down from $6.2 million at December 31, 2024.

• Net cash used in operating activities was $3.06 million; net cash provided by financing activities was $1.47 million.

Outlook and guidance

• Management expects general and administrative expenses to decrease slightly in 2025, while R&D expenses are projected to increase due to expanded clinical activity for PAS-004.

• Current cash resources are insufficient to fund operations for the next twelve months without additional capital raises.

• Ongoing ability to raise capital is constrained by public float limitations under SEC rules.