Pasithea Announces $60 Million Offering to Support PAS-004 and Expand Pipeline
Stock Performance: Pasithea Therapeutics Corp. (KTTA) shares surged by up to 38% following the announcement of a $60 million public offering of 80 million shares at $0.75 each, with the offering expected to close around December 1, 2025.
Use of Proceeds: The net proceeds from the offering will extend Pasithea's cash runway through at least the first half of 2028, funding ongoing research, clinical trials, and other operational needs.
Lead Candidate Development: Pasithea's lead candidate, PAS-004, is a next-generation MEK inhibitor currently in Phase 1 trials for advanced cancer and neurofibromatosis type 1, aiming to provide new treatment options for these conditions.
Recent Funding: The company received a $1 million grant from the ALS Association to study PAS-004 in amyotrophic lateral sclerosis (ALS), indicating an expansion of its research into neurodegenerative disorders.
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Pasithea Therapeutics Closes $60M Public Offering of 80M Shares
- Successful Financing: Pasithea Therapeutics has completed a public offering of 80 million shares at $0.75 per share, raising approximately $60 million, which enhances the company's financial strength to support future R&D and clinical trials.
- Cash Runway Extension: This financing is expected to extend the company's cash runway through at least the first half of 2028, ensuring ongoing investment in new drug development and clinical trials, thereby enhancing market competitiveness.
- Clear Investment Direction: The company plans to use the proceeds for general corporate purposes, including ongoing research, clinical trials, and acquiring companies that complement its technologies, aiming to accelerate technological development and market expansion.
- Increased Market Confidence: The offering was led by several healthcare-focused investors, indicating strong market confidence in Pasithea's future development, which may attract more investor interest in its subsequent progress.
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