Pasithea Therapeutics Reports Q1 2025 Financial Results with $3.56 Million Net Loss

Pasithea Therapeutics Corp. reported its financial results for the first quarter of 2025, revealing a net loss of $3.56 million, a decrease of 7.7% compared to a net loss of $3.86 million in the same period of 2024. The company’s operating expenses totaled $3.68 million, down 8.9% from $4.04 million year-over-year. General and administrative expenses decreased by approximately 15% to $1.95 million, primarily due to reductions in legal fees and stock-based compensation. Research and development expenses remained relatively stable, totaling $1.73 million, a slight decrease of 1.1% from the previous year.

As of March 31, 2025, Pasithea's total assets were reported at $14.66 million, down from $16.06 million at the end of 2024. The company’s cash and cash equivalents decreased to $5.34 million from $6.92 million, reflecting cash used in operations. Current liabilities increased to $1.59 million, compared to $1.12 million at the end of 2024, primarily due to accrued liabilities. The company’s accumulated deficit grew to approximately $53.15 million, up from $49.58 million at the end of the previous fiscal year.

In terms of strategic developments, Pasithea is advancing its lead product candidate, PAS-004, which is currently undergoing a Phase 1 multicenter, open-label, dose escalation trial in patients with specific advanced tumors. The company has also initiated a Phase 1/1b clinical trial for PAS-004 in adult patients with neurofibromatosis type 1-associated plexiform neurofibromas. The company’s research and development efforts are supported by a recent public offering that raised approximately $5 million, which will be used for ongoing clinical trials and operational expenses.

Operationally, Pasithea has seen an increase in its common stock outstanding, with 2,705,263 shares as of March 31, 2025, compared to 1,394,263 shares at the end of 2024. The company is classified as a smaller reporting company and an emerging growth company, which allows it to take advantage of certain regulatory exemptions. However, management has indicated that without additional funding, there is substantial doubt about the company’s ability to continue as a going concern over the next twelve months.

Looking ahead, Pasithea anticipates continued operating losses as it progresses through clinical trials and seeks regulatory approvals for its product candidates. The company is actively seeking additional capital to support its development plans and maintain operations, emphasizing the need for ongoing funding to navigate the challenges of the biotechnology sector.