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Pasithea Therapeutics Corp. (KTTA-2.48%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing details the company's focus on developing treatments for central nervous system disorders and other diseases, including RASopathies. Pasithea's primary operations are centered around its lead product candidate, PAS-004, a MEK inhibitor currently in a Phase 1 clinical trial.
The company reported a net loss of $13.9 million for the year ended December 31, 2024, compared to a net loss of $16.0 million in the previous year. This decrease in net loss is attributed to reduced general and administrative expenses and research and development costs.
Pasithea's research and development expenses decreased by approximately $903,000, primarily due to lower pre-clinical research costs and manufacturing expenses related to PAS-004.
The company raised approximately $4.5 million through a private placement in September 2024, issuing pre-funded warrants and additional warrants to purchase shares of common stock.
As of December 31, 2024, Pasithea had cash and cash equivalents of approximately $6.9 million and working capital of approximately $6.2 million. The company acknowledges the need for additional capital to continue its development plans.
Pasithea's board of directors consists of five members, with a focus on governance and oversight of the company's strategic direction and risk management.
The filing also includes details on the company's executive compensation, stock incentive plans, and director compensation policies.
Pasithea's common stock is listed on the Nasdaq Capital Market under the symbol 'KTTA'. The company does not currently pay dividends and intends to retain earnings to fund business development.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Pasithea Therapeutics Corp. annual 10-K report dated March 24, 2025. To report an error, please email earnings@qz.com.