Pasithea Therapeutics (KTTA) Q4 2025 earnings summary

Executive summary

• Clinical-stage biotech focused on RASopathies, MAPK pathway-driven tumors, and CNS disorders, with lead candidate PAS-004 advancing through Phase 1 trials for advanced cancers and neurofibromatosis type 1 (NF1).

• PAS-004 demonstrated favorable safety, tolerability, and pharmacokinetics in ongoing trials, with no dose-limiting toxicities observed to date.

• Company ceased development of PAS-003 for ALS, focusing resources on PAS-004 and early-stage PAS-001 for schizophrenia.

Financial highlights

• Net loss for 2025 was $20.4 million, compared to $13.9 million in 2024, driven by increased R&D and impairment expenses.

• General and administrative expenses rose 82.6% to $12.9 million, mainly due to $4.2 million in impairment charges.

• Research and development expenses increased 10.9% to $8.0 million, reflecting higher clinical trial and regulatory costs.

• Cash and cash equivalents at year-end 2025 were $55.2 million, with working capital of $51.5 million.

• Two significant capital raises in 2025 provided $59.6 million in net proceeds.

Outlook and guidance

• Current cash expected to fund operations through at least the first half of 2028.

• Research and development expenses projected to increase in 2026 due to expanded clinical activities for PAS-004.

• General and administrative expenses expected to decrease in 2026 as impairment charges subside.

• Completion of Phase 1 trials for PAS-004 in advanced cancer and adult NF1 anticipated in 2028.