---
title: "PASITHEA THERAPEUTICS CORP C/WTS 12/08/2026 (TO PUR COM) | 10-K: FY2025 Revenue: USD 0"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/281080622.md"
datetime: "2026-03-30T21:47:23.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/281080622.md)
  - [en](https://longbridge.com/en/news/281080622.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/281080622.md)
---

# PASITHEA THERAPEUTICS CORP C/WTS 12/08/2026 (TO PUR COM) | 10-K: FY2025 Revenue: USD 0

Revenue: As of FY2025, the actual value is USD 0.

EPS: As of FY2025, the actual value is USD -2.91.

EBIT: As of FY2025, the actual value is USD -21.18 M.

### Therapeutics Segment Financial Performance

#### Net Loss

-   **2025**: - $20,427,683
-   **2024**: - $13,904,584

#### Loss from Operations

-   **2025**: - $20,857,295
-   **2024**: - $14,249,962

#### Operating Expenses

-   **General and Administrative**:
    -   **2025**: $12,876,175
    -   **2024**: $7,051,468
    -   Increased by approximately $5,825,000 or 82.6% in 2025 compared to 2024, primarily due to a $4,163,000 increase in impairment expense of intangible assets and goodwill, a $1,652,000 increase in personnel costs, and increases in other operational expenses, partially offset by decreases in stock-based compensation, legal expenses, insurance costs, and board fees.
-   **Research and Development**:
    -   **2025**: $7,981,120
    -   **2024**: $7,198,494
    -   Increased by approximately $783,000 or 10.9% in 2025 compared to 2024, mainly driven by a $2,397,000 increase in clinical trial and regulatory expenses and a $564,000 increase in CMC expenses, partially offset by decreases in preclinical research, stock-based compensation, consulting, and other expenses.

#### Other Income, Net

-   **2025**: $429,612
-   **2024**: $345,378
-   Increased by approximately $84,000 or 24.4% in 2025 compared to 2024, driven by an increase in the fair value of IPO warrant liabilities, foreign currency gain, and other income (including a $337,000 R&D tax credit), partially offset by a decrease in interest and dividends, net, and a - $417,000 change in the fair value of derivative warrant liability.

#### Working Capital

-   **As of December 31, 2025**: $51,485,123
-   **As of December 31, 2024**: $6,248,444
-   Working capital increased by $45.2 million from December 31, 2024, to December 31, 2025, primarily due to $63.5 million in net cash provided by financing activities, partially offset by cash used in operations.

#### Cash Flow from Operating Activities

-   **2025**: - $15,211,490
-   **2024**: - $13,923,438

#### Cash Flow from Investing Activities

-   **2025**: $11,000 (from sale of equipment)
-   **2024**: - $0-

#### Cash Flow from Financing Activities

-   **2025**: $63,518,800
-   **2024**: $4,517,634

#### Cash, Cash Equivalents, and Restricted Cash (End of Period)

-   **As of December 31, 2025**: $55,259,805
-   **As of December 31, 2024**: $6,922,729

### Operational Metrics

-   **Product Development**: PASITHEA THERAPEUTICS CORP. is a clinical-stage biotechnology company focused on treatments for RASopathies, MAPK pathway-driven tumors, and CNS disorders, with its primary operations in the Therapeutics segment.
-   **Lead Product Candidate (PAS-004)**: The company is developing PAS-004, a next-generation macrocyclic MEK inhibitor.
    -   A FIH Phase 1 Advanced Cancer Study is currently being conducted across seven clinical sites, with expected completion in 2028.
    -   A Phase 1/1b Adult NF1 Trial was initiated in May 2025 and is being conducted at five sites.
-   **Discovery Program (PAS-001)**: This program is in the discovery stage, targeting C4A for the treatment of schizophrenia.
-   **Discontinued Program**: Development of the PAS-003 program for ALS was ceased during 2025 due to significant capital, resource, and time requirements.

### Outlook / Guidance

PASITHEA THERAPEUTICS CORP. expects to incur significant expenses and operating losses for the foreseeable future as it advances product candidates and seeks regulatory approval. The company anticipates increased expenses and capital requirements for commercialization activities. Existing cash and cash equivalents are projected to fund operating expenses and capital expenditure requirements through at least the first half of 2028, but significant additional funds will be needed for future operational and capital needs.

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