Pasithea Therapeutics Corp. (KTTA) stock has reached a 52-week low, trading at $2.72. According to InvestingPro data, the company maintains a strong liquidity position with a current ratio of 14.81, though it's currently experiencing rapid cash burn. The stock appears undervalued based on InvestingPro's Fair Value analysis. The biotech firm, which focuses on the development of new therapies for psychiatric and neurological disorders, has seen a significant downturn over the past year, with its stock price declining by 67.37%. With a market capitalization of just $3.86 million and an overall Financial Health score rated as "FAIR" by InvestingPro, investors should note that while the company holds more cash than debt, it's not currently profitable. This substantial drop reflects investor concerns and broader market trends that have impacted the biotech sector. The 52-week low marks a critical point for Pasithea Therapeutics as it navigates through a challenging period, with the hope of recovery and positive developments in the future.
In other recent news, Pasithea Therapeutics Corp. announced positive early data from its Phase 1 trial for the cancer drug PAS-004, which is being tested on advanced solid tumors with mutations in the MAPK pathway. The preliminary efficacy data shows that PAS-004 has a favorable safety profile and a distinctive pharmacokinetic profile with a half-life of approximately 70 hours. This significantly differs from first-generation MEK inhibitors, which often have half-lives of less than 8 hours.
In addition, Pasithea reported successful completion of chronic toxicity studies for PAS-004, further supporting its safety profile. The company also highlighted promising preclinical data demonstrating potent inhibition of NRAS mutant cancer cell lines, potentially surpassing existing MEK inhibitors.
In other company news, Pasithea has started dosing in the third cohort at an increased dose and has filed a protocol amendment for an increased dosing schedule. The FDA granted PAS-004 an orphan-drug designation for the treatment of neurofibromatosis type 1 (NF1). Lastly, at Pasithea's annual stockholder meeting, Dr. Emer Leahy was elected as a Class I director for a three-year term and Marcum LLP was ratified as the independent registered public accounting firm for the fiscal year ending December 31, 2024. These are the recent developments at Pasithea Therapeutics Corp.
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