Pasithea Therapeutics Reports $20.4 Million Net Loss for 2025, Accumulated Deficit Reaches $70 Million

Pasithea Therapeutics Corp. (KTTA) reported a net loss of $20.4 million for the year ended December 31, 2025, compared to a net loss of $13.9 million for the previous year. The company, a clinical-stage biotechnology firm, has yet to generate revenue from product sales. As of December 31, 2025, Pasithea's accumulated deficit stood at $70.0 million.

General and administrative expenses for 2025 increased by 82.6% to $12.9 million, primarily due to a $4.2 million impairment expense on intangible assets and goodwill, and a $1.7 million increase in personnel costs. Research and development expenses also rose by 10.9% to $8.0 million, driven by increased clinical trial and regulatory expenses, as well as higher CMC (Chemistry, Manufacturing, and Controls) costs. These increases were partially offset by decreased preclinical research expenses.

The company's lead product candidate, PAS-004, is currently undergoing Phase 1 clinical trials for advanced cancers and Phase 1/1b trials for adult NF1-PN patients. Pasithea anticipates that research and development expenses will continue to increase in fiscal year 2026 as it progresses these clinical trials and initiates additional studies. The company also ceased further development of its PAS-003 program for ALS, citing significant capital and resource requirements.

As of December 31, 2025, Pasithea's cash and cash equivalents totaled $55.2 million. The company expects these funds to sustain operations through at least the first half of 2028. The company's working capital increased to $51.5 million, primarily due to $63.5 million in net proceeds from financing activities. The company's ability to continue as a going concern is dependent on obtaining additional working capital funding from the sale of equity and/or debt securities. As of March 24, 2026, 24,939,948 shares of the company's Common Stock were outstanding.