Pasithea Therapeutics Reports Q3 2025 Financial Results with $3.04 Million Net Loss

Pasithea Therapeutics Corp. reported its financial results for the third quarter of 2025, revealing a net loss of $3.04 million, a slight increase from the $2.99 million loss recorded in the same period of 2024. For the nine months ending September 30, 2025, the company’s net loss was $10.32 million, down from $10.73 million in the prior year. The company’s operating expenses for the third quarter rose to $3.11 million, compared to $3.00 million in the previous year, driven primarily by a 23% increase in general and administrative expenses, which totaled $1.75 million. Research and development expenses, however, decreased by 14% to $1.36 million, reflecting a strategic shift in focus.

In terms of financial position, Pasithea's total assets decreased to $13.63 million as of September 30, 2025, down from $16.06 million at the end of 2024. Current assets also fell to $5.53 million, primarily due to a reduction in cash and cash equivalents, which stood at $4.12 million compared to $6.92 million at the end of the previous year. The company’s working capital decreased to approximately $4.15 million, reflecting cash flow used to fund operations, although this was partially offset by proceeds from a public offering in May 2025.

Strategically, Pasithea has made significant advancements in its clinical development programs. The company is currently conducting a Phase 1 multicenter, open-label, dose escalation trial of its lead product candidate, PAS-004, targeting MAPK pathway-driven advanced tumors. Additionally, a Phase 1/1b trial for PAS-004 in adult patients with neurofibromatosis type 1 (NF1) has been initiated, with sites in the U.S., Australia, and South Korea. The company aims to complete these trials by 2026, with plans to seek FDA marketing approval for PAS-004 in treating symptomatic plexiform neurofibromas in both adult and pediatric patients.

Operationally, Pasithea's employee headcount has remained stable, with no significant changes reported in staffing levels. The company continues to rely on external funding sources, including equity and debt securities, to support its ongoing research and development efforts. As of the end of September 2025, management expressed concerns regarding liquidity, indicating that without additional capital, the company may not have sufficient working capital to meet its operational needs over the next twelve months.

Looking ahead, Pasithea anticipates continued operating losses as it advances its clinical programs and seeks to establish a commercial infrastructure for its products. The company is focused on securing additional funding to support its development plans and is exploring various avenues, including potential collaborations and strategic partnerships. The ongoing inflationary pressures are also expected to impact operational costs, further complicating the financial landscape for the company as it navigates its growth trajectory.