Pasithea Therapeutics Corp. (NASDAQ:KTTA), a pharmaceutical company, announced the results of its annual stockholder meeting held on Wednesday. The company, which is incorporated in Delaware and operates under the name 03 Life Sciences, reported that the meeting saw the election of a new Class I director and the ratification of its independent auditor.
The newly elected director, Dr. Emer Leahy, won the seat with 227,198 votes in favor and 27,223 votes withheld. Additionally, 115,196 broker non-votes were recorded. Dr. Leahy will serve a three-year term expiring at the 2027 Annual Meeting of Stockholders.
Furthermore, stockholders approved with a significant majority the appointment of Marcum LLP as the independent registered public accounting firm for the fiscal year ending December 31, 2024. The proposal received 333,986 votes for, 34,177 against, and 1,454 abstentions.
A total of 369,617 shares of common stock were represented at the meeting, either in person or by proxy, satisfying the quorum requirement for the proceedings. This figure represents a portion of the 1,043,248 shares of common stock outstanding and entitled to vote.
Pasithea Therapeutics specializes in pharmaceutical preparations and has been designated as an emerging growth company. The company's leadership, including CEO Tiago Reis Marques, oversees operations from its principal executive offices located in Miami Beach, Florida.
In other recent news, Pasithea Therapeutics Corp. has shared promising preclinical data for its novel drug candidate, PAS-004. The drug, a macrocyclic MEK inhibitor, has shown potent inhibition of NRAS mutant cancer cell lines, outperforming existing MEK inhibitors like selumetinib and binimetinib. The data is poised for presentation at the upcoming American Society of Clinical Oncology Annual Meeting.
Pasithea's CEO, Dr. Tiago Reis Marques, has expressed optimism about PAS-004's potential to offer less frequent dosing, which could enhance patient tolerability and compliance. The company believes that the drug's macrocyclic structure may lead to stronger binding, better solubility, and a longer half-life, offering a more selective and less off-target effect than other small molecules.
The drug has completed preclinical testing and animal toxicology studies and has received orphan-drug designation from the FDA for the treatment of neurofibromatosis type 1 (NF1). These developments are part of Pasithea's ongoing research and development efforts aimed at bringing innovative treatments to market.
InvestingPro Insights
Pasithea Therapeutics Corp. (NASDAQ:KTTA) has navigated through a challenging financial landscape, as indicated by the real-time data from InvestingPro. With a market capitalization of just $5.53 million, the company shows signs of financial strain, reflected in an adjusted P/E ratio of -0.34 for the last twelve months as of Q1 2024, which suggests that the company is not currently profitable.
InvestingPro Tips highlight that, despite holding more cash than debt, Pasithea Therapeutics is quickly burning through its cash reserves. This is a crucial point for investors to consider, as it could impact the company's ability to sustain operations without seeking additional financing. Additionally, the company's weak gross profit margins and the poor performance of its stock over the last month, with a price total return of -17.19%, are indicative of the challenges it faces.
For investors looking to delve deeper into Pasithea's financial health and future prospects, InvestingPro offers additional tips. These insights could be particularly valuable given the company's status as an emerging growth company in the competitive pharmaceutical industry. For access to these tips and more, consider using the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription at InvestingPro.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.