Pasithea Therapeutics Corp (NASDAQ: KTTA) is a clinical-stage biopharmaceutical company developing treatments for psychiatric and neurological disorders. The company generates no product revenue, funding operations through equity raises and a small amount of grant income. As of FY2025, Pasithea recorded $43,000 in grant income from a FightMND agreement (originally entered September 23, 2021) covering research on a monoclonal antibody targeting a5b1 integrin as a potential ALS treatment, recognized as a contra expense within research and development. Its lead program, PAS-004, is in active clinical trials targeting schizophrenia, a condition the World Health Organization estimates affects up to 24 million people globally. Research and development expenses increased approximately $783,000, or 10.9%, for the year ended December 31, 2025, versus the year ended December 31, 2024, driven by higher clinical trial, regulatory, and CMC costs. Drug substance and drug product for PAS-004 are manufactured by WuXi STA, a subsidiary of WuXi AppTec. Pasithea does not own or operate manufacturing facilities.

Revenue model

Pre-revenue clinical-stage company. Operations are funded through equity offerings. The only recorded income in FY2025 was $43,000 in grant reimbursements from FightMND under a three-year grant agreement, classified as a contra expense within R&D rather than operating revenue.

Products and services

PAS-004: lead clinical-stage product candidate in active clinical trials for schizophrenia (as of 10-K filed 2026-03-30). PAS-001: additional preclinical-stage product candidate. Monoclonal antibody targeting a5b1 integrin for ALS, acquired via Alpha-5 acquisition and supported by FightMND grant.

Customers and end markets

No commercial customers as of the 10-K filed 2026-03-30. End markets are psychiatric disorders (schizophrenia) and neurological disorders (ALS/Motor Neuron Disease). Potential future customers would be patients, healthcare providers, and potential licensing or collaboration partners.

Value-chain role

Drug developer without manufacturing capabilities. Contracts all GMP manufacturing to third-party CMOs, specifically WuXi STA (WuXi AppTec subsidiary) for PAS-004 drug substance and drug product. Seeks strategic partnerships or collaborations for late-stage development and commercialization.

Geographic exposure

Incorporated and operating in the United States. FightMND grant agreement denominated in AUD, indicating some Australian research activity via the Alpha-5 acquisition. Clinical trials reference FDA and European regulatory pathways, suggesting planned multi-jurisdictional development.

Source: SEC 10-K, filed 2026-03-30

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