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1. Biogen for comprehensive neurological and serious mental health disorders.

2. A modern Eli Lilly focused on cutting-edge mental health therapies.

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• Ketamine Therapy Clinics: Provides intravenous ketamine therapy services for patients suffering from severe depression, OCD, and other mental health conditions.
• Precision Medicine Diagnostics: Develops and offers biomarker-driven diagnostic tests to personalize treatment approaches for neurological and psychiatric disorders, including Multiple Sclerosis and Long COVID.
• Novel Therapeutic Drug Development: Engages in the research and development of new drug compounds aimed at treating complex neurological and psychiatric conditions, such as therapies for demyelination in MS and Long COVID.

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Pasithea Therapeutics (KTTA) primarily sells its services to individuals.

Categories of Customers:

• Patients seeking advanced psychiatric and neurological treatments: These individuals are patients who suffer from various mental health and neurological disorders, including but not limited to refractory depression, anxiety, and PTSD. They seek specialized therapeutic interventions, such as intravenous ketamine therapy, offered directly through Pasithea's network of clinics, primarily located in the United Kingdom. These patients engage with Pasithea directly to receive their treatments.

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Dr. Tiago Reis Marques Chief Executive Officer and Director

Dr. Tiago Reis Marques has served as Pasithea Therapeutics' Chief Executive Officer and on its board of directors since August 2020. He is a co-founder of Pasithea Therapeutics, along with Professor Lawrence Steinman. He is also a senior clinical fellow at Imperial College London, a lecturer at the IoPPN, King's College London, and a psychiatrist at Maudsley Hospital. His research focuses on the mechanism of action of psychiatric medication and novel treatment targets. He has authored or co-authored over 100 scientific publications.

Daniel Schneiderman Chief Financial Officer

Daniel Schneiderman has served as Chief Financial Officer of Pasithea Therapeutics since October 11, 2022. He brings over 24 years of experience in capital markets and finance operations. Prior to joining Pasithea, Mr. Schneiderman served as Chief Financial Officer of First Wave BioPharma, Inc. from January 2020 to February 2022. Before that, he was Chief Financial Officer of Biophytis SA from November 2018 to December 2019. He also held the role of Vice President of Finance, Controller and Secretary at MetaStat, Inc. from February 2012 to August 2018. His experience also includes serving as Vice President of Investment Banking at Burnham Hill Partners LLC and as an investment banking analyst at H.C. Wainwright & Co., Inc.

Professor Lawrence Steinman Co-Founder, Executive Chairman

Professor Lawrence Steinman has served on Pasithea Therapeutics' board of directors since August 2020 and is a co-founder of the company. He is the George A. Zimmermann Endowed Chair in the Neurology Department at Stanford University. Professor Steinman founded the Steinman Laboratory at Stanford University, which focuses on understanding the pathogenesis of autoimmune diseases. He has a history of board service, including Centocor (1989-1998), Neurocine Biosciences (1997-2005), Atreca (2010-2019), BioAtla (2016-present), and Tolerion (2013-present). He was instrumental in the discovery of a mechanism of action for natalizumab, and Centocor, a company he was on the board of, was sold to Johnson & Johnson.

Graeme Currie, PhD Executive Team

Graeme Currie has over 30 years of drug development experience in both pharmaceutical and biotechnology companies. He has held senior leadership roles in public and privately held biotech organizations, overseeing operations and development activities. Dr. Currie's prior roles include C-suite or senior management positions at BioClin Therapeutics, Dynavax Technologies, Tolerion Inc., Regeneron Pharmaceuticals, Sepracor, Protein Design Labs, and Gilead Sciences. He has been involved in the development of 8 approved new drugs.

Alfred Novak Director

Alfred Novak has served on Pasithea Therapeutics' Board since September 2022. He has extensive operating experience as a Chief Executive Officer and Chief Financial Officer, and has served on the boards of several pharmaceutical and medical device companies. Mr. Novak was a director of Dova Pharmaceuticals from May 2017 to November 2019, which was acquired by SOBI in November 2019. He also served as a director of LivaNova Plc from October 2015 to June 2022, and Cyberonics, Inc. from February 2007 to October 2015. His executive leadership roles include CEO of Syntheon Cardiology, a company he co-founded, and Chairman and CEO of Orbus Neich Medical Technologies, Inc. He was also Director and CEO of Novoste Corporation and Director and CEO of Biosense, Inc., which was sold to Johnson & Johnson. Additionally, he served as CFO of Cordis Corporation, which was acquired by Johnson & Johnson.

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1. Clinical Trial Success and Regulatory Approval: Pasithea Therapeutics is a clinical-stage biotechnology company, meaning its core business relies heavily on the successful development and regulatory approval of its drug candidates. The company's lead product candidate, PAS-004, is currently in Phase 1 clinical trials for advanced tumors. The "binary nature of drug development" presents a significant risk, as the failure of clinical trials or the inability to obtain regulatory approval would materially and adversely affect the business, financial condition, and future growth prospects.
2. Need for Capital and Potential for Shareholder Dilution: Pasithea Therapeutics has consistently incurred significant operating losses and negative cash flows from operations since its inception, with an accumulated deficit of approximately $59.9 million as of September 30, 2025. The company requires substantial cash resources to fund its research and development, particularly its expensive clinical trial programs. It primarily relies on equity financing and has "aggressively tapped the equity markets in 2025". This reliance on equity raises can lead to substantial dilution for existing shareholders, a factor already observed with shareholders experiencing significant dilution in the past year.
3. Share Price Volatility and Market Skepticism: The company's stock has experienced high volatility and has traded near its 52-week low, reflecting significant market skepticism and a downtrend. The market is pricing in substantial risk, and the stock has underperformed both the US Biotechs industry and the broader US Market over the past year. Analysts suggest a "negative trend" for KTTA shares, indicating that they may not be a good investment for generating returns.

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The clear emerging threat for Pasithea Therapeutics (KTTA) is the intense and well-funded competition within the rapidly developing psychedelic-assisted therapy market. Numerous companies, including Compass Pathways (CMPS), MindMed (MNMD), Atai Life Sciences (ATAI), and Cybin (CYBN), are actively developing and advancing psychedelic-based treatments for similar psychiatric and neurological disorders that Pasithea Therapeutics is targeting. Should these competitors achieve earlier regulatory approvals, demonstrate superior clinical trial results, or establish more significant market penetration and distribution networks, they could significantly limit Pasithea's market share, differentiation, and commercial viability in this nascent but rapidly expanding therapeutic area.

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Pasithea Therapeutics (KTTA) is a clinical-stage biopharmaceutical company focused on developing treatments for central nervous system (CNS) disorders, RASopathies, and cancers. The company's pipeline includes several product candidates:

• PAS-004: A next-generation MEK inhibitor for the treatment of Neurofibromatosis Type 1 (NF1) and other cancer indications, specifically advanced solid tumors with MAPK pathway mutations.
  • For Neurofibromatosis Type 1 (NF1), an estimated 100,000 patients live in the U.S. Globally, NF1 affects approximately 1 in 3,000 births. The addressable market size in USD for NF1 treatments is currently unavailable in the provided information.
  • For advanced solid tumors with MAPK pathway mutations, the addressable market size in USD is currently unavailable in the provided information.
• PAS-001: Intended for the treatment of schizophrenia. Schizophrenia affects 1 in 100 people. The addressable market size in USD for schizophrenia treatments is currently unavailable in the provided information.
• PAS-003: Intended for the treatment of Amyotrophic Lateral Sclerosis (ALS).
  • The global Amyotrophic Lateral Sclerosis (ALS) treatment market was valued at USD 713.3 million in 2023 and is projected to reach USD 1.1 billion by 2032, growing at a Compound Annual Growth Rate (CAGR) of 5.5% from 2024 to 2032.
  • In North America, the ALS therapeutics market accounted for USD 0.72 billion in 2023. The global ALS market is projected to grow from USD 835.8 million in 2025 to USD 1,496.9 million by 2035, at a CAGR of 6.0%.

For the products where specific market sizes in USD could not be identified, the value is null.

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Share Repurchases

• In September 2023, Pasithea Therapeutics completed a tender offer, repurchasing 5,323,451 shares of common stock at $0.70 per share, totaling approximately $3.7 million.
• Within a nine-month period prior to September 2023, the company repurchased in excess of 8.5 million shares of common stock.

Share Issuance

• In November 2021, Pasithea Therapeutics executed a private placement that generated approximately $30.4 million through the sale of common stock and warrants.
• Pasithea Therapeutics raised $17 million in its Initial Public Offering (IPO) in September 2021, issuing 2,898,551 shares.
• In May 2025, the company closed a public offering, raising approximately $6.3 million in gross proceeds from the issuance of common stock and warrants, including $1.3 million from the immediate exercise of Series D warrants.

Inbound Investments

• In November 2021, Pasithea Therapeutics secured approximately $30.4 million from institutional investors through a private placement.
• In September 2024, the company received approximately $5 million from a private placement of common stock and warrants.
• In May 2025, a public offering resulted in approximately $6.3 million in gross proceeds to the company.

Outbound Investments

• Pasithea Therapeutics acquired Alpha-5 Integrin LLC, which expanded its pipeline by adding an antibody platform focused on inflammatory central nervous system (CNS) disorders.

Capital Expenditures

• Capital expenditures for Pasithea Therapeutics are generally reported as not available ("n/a") in financial summaries.
• The company's financial resources, largely derived from financing activities, are primarily allocated to research and development (R&D) activities, clinical trials, and the development of new technologies.