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Pasithea Therapeutics Corp.

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Pasithea Therapeutics Corp. • NASDAQ
$0.06 ▲ 68.57% (+0.02)
Market Cap $439087
52w High $0.08
52w Low $0.01
Dividend Yield 0%
P/E 0
Volume 501.26K
Outstanding Shares 7.44M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $0 $2.929M ▼ $-3.037M ▲ 0% $-0.41 ▲ $-2.856M ▲
Q2-2025 $0 $3.811M ▲ $-3.716M ▼ 0% $-0.66 ▲ $-3.649M ▼
Q1-2025 $0 $3.68M ▲ $-3.563M ▼ 0% $-3.25 ▼ $-3.518M ▼
Q4-2024 $0 $3.097M ▲ $-3.178M ▼ 0% $-2.9 ▼ $-3.015M ▼
Q3-2024 $0 $3.005M $-3M 0% $-2.87 $-2.842M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $4.123M ▼ $13.631M ▼ $1.424M ▼ $12.207M ▼
Q2-2025 $7.217M ▲ $17.009M ▲ $1.831M ▲ $15.178M ▲
Q1-2025 $5.341M ▼ $14.659M ▼ $1.68M ▲ $12.979M ▼
Q4-2024 $6.923M ▼ $16.065M ▼ $1.282M ▲ $14.783M ▼
Q3-2024 $9.361M $18.637M $823.975K $17.813M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-3.037M ▲ $-2.89M ▲ $0 $-116.145K ▼ $-2.994M ▼ $-2.89M ▲
Q2-2025 $-3.716M ▼ $-3.869M ▼ $0 $5.739M ▲ $1.876M ▲ $-3.869M ▼
Q1-2025 $-3.563M ▼ $-3.056M ▼ $0 $1.474M ▲ $-1.581M ▲ $-3.056M ▼
Q4-2024 $-3.178M ▼ $-2.443M ▲ $0 $-23.55K ▼ $-2.438M ▼ $-2.443M ▲
Q3-2024 $-3M $-3.12M $0 $4.541M $1.394M $-3.12M

Five-Year Company Overview

Income Statement

Income Statement Pasithea is still a pure research-stage biotech with no product revenue to date. The income statement is driven almost entirely by research, development, and overhead costs, which lead to recurring losses each year. These losses are normal for an early-stage biotech but mean the business is not close to profitability. The pattern over the last few years shows expenses staying meaningful relative to the company’s very small size, with earnings per share looking especially weak as losses are spread across a smaller equity base. In short, this is a classic pre-revenue biotech profile: science-heavy, revenue-light, and structurally unprofitable for now.

Balance Sheet

Balance Sheet The balance sheet is small and quite lean. Assets consist mainly of cash and a modest amount of other short-term resources, with no meaningful physical assets and no debt. Equity is positive but limited, reflecting a company that has raised some capital but has not yet built up substantial value from products or operations. The lack of debt reduces financial strain, but the limited asset base also indicates a short financial runway unless additional funding is obtained. Overall, the balance sheet offers simplicity and low leverage, but also highlights the company’s dependence on future capital raises.

Cash Flow

Cash Flow Cash flow is dominated by money going out to fund research and operations. Operating cash flow is clearly negative, and because the company does not spend much on long-term equipment, free cash flow is effectively the same as the operating burn. This is typical for an early-stage biotech, but it means the company is consuming cash rather than generating it. The recent period shows a notably heavier cash burn than prior years, suggesting either stepped-up development activity or higher costs. Sustaining this level of spending will likely require new funding or partnerships over time.

Competitive Edge

Competitive Edge Pasithea’s competitive position rests heavily on the promise of its lead drug candidate, PAS-004, rather than on current market presence, because it has no approved products yet. The company operates in challenging therapeutic areas like central nervous system disorders and rare diseases, where medical need is high but competition and scientific risk are also significant. Its potential edge is a differentiated, macrocyclic MEK inhibitor design that may offer better safety and dosing versus existing options, especially in conditions like NF1 and ALS. However, Pasithea is a small player up against much larger pharmaceutical companies with deeper pipelines and resources, so its real competitive strength will only become clear if clinical data definitively show a strong advantage.

Innovation and R&D

Innovation and R&D Innovation is the core of Pasithea’s story. The lead program, PAS-004, uses a macrocyclic structure intended to bind more effectively to its target and possibly reduce side effects, which, if confirmed in later trials, could set it apart from other MEK inhibitors. Early data have been encouraging on safety and biological activity, but these are still early days in the clinical journey. The pipeline is focused and narrow: PAS-004 across multiple indications, and PAS-003 as an earlier-stage antibody program for ALS. This concentration helps focus resources but also creates high single-drug risk. The company is exploring broader uses for its technology, including inflammatory conditions, and has already attracted some grant support, which is a modest external validation of the scientific direction.

Summary

Pasithea Therapeutics is an early-stage, pre-revenue biotech built around a small but focused pipeline, with PAS-004 as the key asset. Financially, it has a light, debt-free balance sheet and a cash-burning profile driven by research and development, with no current path to profitability without successful drug approvals or deals. Scientifically, it is pursuing meaningful unmet needs in NF1, ALS, and related conditions, aiming to differentiate through a novel macrocyclic MEK inhibitor design and a targeted CNS and rare-disease strategy. The upside case depends on strong clinical results and the ability to secure partnerships or additional capital, while the main risks are clinical failure, financing needs, and competition from larger, better-funded peers. Overall, this is a high-risk, innovation-driven story where future outcomes hinge on a small number of pivotal programs and trial readouts.