Pasithea Therapeutics (US:KTTA)2025-11-13 22:01Financial Performance - The net loss for the three months ended September 30, 2025, was $3,037,420, representing a slight increase of 1.3% from the net loss of $2,999,834 in the same period in 2024 [135]. - Net loss for the nine months ended September 30, 2025, was $(10,316,815), a decrease of 3.8% compared to $(10,726,923) for the same period in 2024 [148]. - The loss from operations for the nine months ended September 30, 2025, was $10,601,133, a decrease of 3.5% from the loss of $10,990,412 in the same period in 2024 [135]. Expenses - For the three months ended September 30, 2025, general and administrative expenses increased by approximately $329,000, or 23.1%, compared to the same period in 2024, primarily due to higher legal and corporate expenses [136]. - For the nine months ended September 30, 2025, general and administrative expenses increased by approximately $62,879, or 1.2%, compared to the same period in 2024 [137]. - Research and development expenses for the three months ended September 30, 2025, decreased by approximately $223,583, or 14.1%, compared to the same period in 2024 [135]. - Research and development expenses decreased by approximately $224,000, or 14%, for the three months ended September 30, 2025, compared to the same period in 2024 [142]. - Research and development expenses decreased by approximately $452,000, or 8%, for the nine months ended September 30, 2025, compared to the same period in 2024 [143]. - The company expects research and development expenses to increase throughout fiscal year 2025 compared to fiscal year 2024 due to ongoing clinical trials for PAS-004 [144]. Cash and Working Capital - Working capital decreased by approximately $2.1 million from $6,248,444 as of December 31, 2024, to $4,152,115 as of September 30, 2025 [147]. - Cash, cash equivalents, and restricted cash decreased by approximately $2.7 million for the nine months ended September 30, 2025, compared to a decrease of approximately $7.0 million for the same period in 2024 [148]. - As of September 30, 2025, the company had approximately $4.1 million in operating bank accounts and money market funds, with working capital of approximately $4.2 million [149]. - The company is dependent on obtaining additional working capital funding from the sale of equity and/or debt securities to continue operations [149]. Regulatory and Development Updates - The FDA cleared the Investigational New Drug application for PAS-004 in December 2023, with a Phase 1 multicenter trial expected to complete in 2026 [125]. - The company initiated a Phase 1/1b trial for PAS-004 in adult patients with neurofibromatosis type 1 in May 2025, with a total of five sites involved [126]. - The company plans to seek FDA marketing approval for PAS-004 for the treatment of symptomatic plexiform neurofibromas in both adult and pediatric patients [127]. Economic Impact - The company anticipates inflation will continue to negatively impact its operations throughout 2025, affecting costs related to employee compensation and outside services [134]. - As of September 30, 2025, the calculated public float is below $75.0 million, restricting the company from selling more than one-third of its public float through primary public offerings in any twelve-month period [150]. Other Income - Other income, net increased by approximately $68,000, or 1,423%, for the three months ended September 30, 2025, compared to the same period in 2024 [145].