Pasithea Therapeutics (KTTA) Q2 2026 earnings summary

Executive summary

• Focused on developing treatments for RASopathies, MAPK pathway-driven tumors, and CNS disorders, with lead candidate PAS-004 in Phase 1 trials for advanced tumors and NF1-related plexiform neurofibromas at multiple global sites.

• Discontinued PAS-003 program for ALS to prioritize resources; PAS-001 remains in discovery for schizophrenia.

• No product revenue; operations funded by equity offerings, warrant exercises, and public offerings.

Financial highlights

• Net loss for Q2 2026 was $5.27 million, up 41.9% year-over-year; six-month net loss was $8.14 million, up 11.9%.

• Operating expenses for Q2 2026: $2.03 million general/admin (+22% YoY), $3.69 million R&D (+71.5% YoY).

• Cash and cash equivalents at June 30, 2026: $45.7 million; working capital: $46.4 million.

• Weighted average shares outstanding: 32.1 million; basic/diluted loss per share: $(0.16) for Q2 2026.

Outlook and guidance

• Cash runway expected to fund operations for at least 12 months from the reporting date.

• Anticipates continued increases in R&D expenses due to ongoing and expanded clinical trials for PAS-004.

• General/admin expenses expected to decrease slightly in 2026 due to lower impairment costs, offset by higher operational activity.