Pasithea Reveals Cash Position Of $52.9 Million In Latest Earnings Report, To Expand Pipeline And Fund Operations Well Into 2024

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Pasithea Therapeutics Corp. KTTA provided a business update and summary of key accomplishments since its Initial Public Offering in September 2021.

“Pasithea was founded to improve treatment options for those affected by psychiatric and neurological disorders. From the start, our primary focus has been the creation of an innovative drug development pipeline, with a complementary goal of establishing a network of specialty clinics to provide mental health treatments to patients in the U.K. and U.S. I’m pleased to report that in the six months since our IPO, we’ve achieved our milestones. This is expected to be a transformational year for Pasithea and I look forward to continued growth and executing on our business strategy in 2022 and beyond,” said Dr. Tiago Reis Marques, CEO of Pasithea Therapeutics. 

Key Financial and Business Highlights:

• Well capitalized with year-end 2021 cash position of $52.9 million. With our current budget the Company expects current cash to fund operations well into 2024;
• Initiated a new chemical entity (“NCE”) program in schizophrenia in partnership with Evotec, one of the largest and most well-respected drug discovery and development companies;
• Initiated the development of a tolerizing vaccine for multiple sclerosis (“MS”), with preclinical work currently being conducted at Hooke Labs, Massachusetts;
• Established a Scientific Advisory Board with renowned thought leaders, including esteemed psychiatrist Dr. Charles B. Nemeroff and preeminent scientist Dr. Daniel Weinberger;
• Opened two clinics in the U.K. offering both intravenous ketamine treatment as well as esketamine nasal spray (SPRAVATO®), started to generate revenues;
• Established operations for an at-home ketamine treatment model in several US states including California, New York, Florida, and Nevada, and are currently in the early stages of launching marketing and client acquisition strategies to increase adoption.

Anticipated 2022  Milestones and Priorities:

• Evaluate potential central nervous system (“CNS”) therapeutic candidate programs to expand pipeline in 2022;
• Complete initial preclinical work on the tolerizing vaccine for MS in Q2 2022; 
• Open first physical clinic in the Los Angeles area in Q2 2022, broadening business beyond ketamine treatments to include repeated transcranial magnetic stimulation (“rTMS”);
• Open two additional physical clinics in London, broadening business beyond ketamine treatments to include rTMS and pharmacy service;
• Launch of ketamine clinic affiliate program. Expansion of services and start operations in other major US states.

This post contains sponsored advertising content. This content is for informational purposes only and not intended to be investing advice.