Pasithea Therapeutics Corp. (KTTA): Business Model Canvas [Jan-2025 Mis à jour]

Pasithea Therapeutics Corp. (KTTA) émerge comme un innovateur révolutionnaire dans le paysage de la santé mentale, tirant parti de la recherche psychédélique de pointe pour révolutionner les paradigmes de traitement neurologique. En cartographiant stratégiquement leur toile de modèle commercial, l'entreprise révèle une approche sophistiquée pour développer des solutions thérapeutiques transformatrices qui remettent en question les interventions traditionnelles de santé mentale. Leur mélange unique de neurosciences avancées, de partenariats stratégiques et de recherche révolutionnaire les positionne à l'avant-garde d'un changement de paradigme potentiel dans des problèmes de santé mentale résistants au traitement, de l'espoir prometteur pour les patients et les cliniciens à la recherche d'approches thérapeutiques personnalisées alternatives.

Pasithea Therapeutics Corp. (KTTA) - Modèle commercial: partenariats clés

Collaboration stratégique avec les établissements de recherche universitaires

Pasithea Therapeutics a établi des partenariats avec les établissements de recherche académiques suivants:

Institution	Focus de recherche	Statut de collaboration
Université de Stanford	Traitements de santé mentale à base de kétamine	Partenariat de recherche active
Université Johns Hopkins	Recherche de thérapie psychédélique	Contrat de recherche collaboratif

Partenariats de développement pharmaceutique

Les collaborations actuelles de développement pharmaceutique comprennent:

• Collaboration avec l'Organisation spécialisée de la recherche sur les contrats pharmaceutiques (CRO) pour le développement de médicaments
• Partenariat avec une synthèse spécialisée et un partenaire de fabrication

Réseaux de recherche en essai clinique

Réseau de recherche	Phase d'essai clinique	Nombre de sites
Réseau de recherche Compass	Essais de phase 2/3	12 sites de recherche
Consortium des essais cliniques en santé mentale	Recherche exploratoire	8 centres de recherche

Accords de distribution pharmaceutique potentiels

Discussions sur les partenariats de distribution émergents:

• Discussions préliminaires avec trois réseaux de distribution pharmaceutique régionaux
• Accords de distribution internationaux potentiels aux premiers stades

Collaborateurs de technologies de traitement de la santé mentale

Partenaire technologique	Focus technologique	Type de collaboration
Digital Therapeutics Inc.	Plateformes de télémédecine	Recherche d'intégration technologique
Systèmes de surveillance neurologique	Suivi de la réponse au traitement	Partenariat d'analyse des données

Pasithea Therapeutics Corp. (KTTA) - Modèle commercial: activités clés

Recherche et développement de médicaments psychédéliques

En 2024, Pasithea Therapeutics se concentre sur le développement de traitements thérapeutiques à base de psychédéliques. La société a alloué 3,2 millions de dollars spécifiquement pour les activités de recherche et de développement au cours de son dernier trimestre financier.

Domaine de mise au point de recherche	Montant d'investissement	Étape actuelle
Traitements à base de kétamine	1,5 million de dollars	Essais cliniques avancés
Protocoles thérapeutiques de dépression	$850,000	Développement préclinique
Interventions des troubles neurologiques	$750,000	Phase de recherche initiale

Gestion des essais cliniques

Pasithea Therapeutics gère actuellement 3 essais cliniques actifs avec une inscription totale des patients de 157 participants sur plusieurs sites de recherche.

• Budget moyen des essais cliniques: 2,1 millions de dollars par essai
• Durée actuelle de l'essai: 18-24 mois
• Dépenses de conformité réglementaire: 450 000 $ par an

Innovation de traitement de la santé neurologique et mentale

L'entreprise a identifié 4 domaines thérapeutiques primaires pour le développement innovant du traitement, avec un budget d'innovation annuel de 2,7 millions de dollars.

Zone de traitement	Priorité de recherche	Taille du marché potentiel
Dépression résistante au traitement	Haut	4,5 milliards de dollars
Interventions du SSPT	Moyen	2,8 milliards de dollars
Troubles anxieux	Haut	3,9 milliards de dollars

Formulation de produit pharmaceutique

Pasithea Therapeutics a investi 1,8 million de dollars dans les technologies et processus de formulation pharmaceutique spécialisés.

• Nombre de brevets de formulation propriétaires: 6
• Taille de l'équipe de recherche: 12 chimistes pharmaceutiques spécialisés
• Budget de recherche de formulation annuelle: 1,2 million de dollars

Conformité réglementaire et tests cliniques

La société maintient des protocoles de conformité réglementaire rigoureux avec une dépense annuelle de 750 000 $ dédiée à la satisfaction de la FDA et des normes réglementaires internationales.

Zone de conformité	Investissement annuel	Organismes de réglementation
Conformité de la FDA	$450,000	États-Unis
Agence européenne des médicaments	$200,000	Union européenne
Coordination réglementaire internationale	$100,000	Surveillance mondiale

Pasithea Therapeutics Corp. (KTTA) - Modèle commercial: Ressources clés

Expertise en matière de développement de médicaments propriétaires

Pasithea Therapeutics se concentre sur le développement de nouveaux traitements pour les troubles neurologiques et psychiatriques, ciblant spécifiquement la kétamine et ses dérivés.

Focus sur le développement des médicaments	Zones thérapeutiques
Thérapies à base de kétamine	Troubles de la santé mentale
Modifications moléculaires propriétaires	Conditions résistantes au traitement

Capacités de recherche avancées des neurosciences

L'entreprise tire parti des infrastructures de recherche sophistiquées pour le développement de médicaments neurologiques.

• Laboratoires de neurochimie spécialisés
• Technologies de dépistage moléculaire avancé
• Plates-formes de modélisation informatique

Portefeuille de propriété intellectuelle

En 2024, Pasithea Therapeutics maintient une stratégie de propriété intellectuelle stratégique.

Catégorie IP	Nombre d'actifs
Demandes de brevet	7
Brevets accordés	3

Équipe de recherche scientifique spécialisée

Composé de neurosciences expérimentées et de professionnels de la recherche pharmaceutique.

Composition de l'équipe	Nombre de chercheurs
Chercheurs de doctorat	12
Spécialistes de la recherche clinique	8

Infrastructure d'essais cliniques

Capacités d'essais cliniques robustes Soutenir le pipeline de développement de médicaments.

• Protocoles d'essais cliniques actifs multiples
• Partenariats avec les institutions de recherche
• Infrastructure de conformité réglementaire

État de l'essai clinique	Détails
Essais actifs	3
Total investi dans les essais	4,2 millions de dollars

Pasithea Therapeutics Corp. (KTTA) - Modèle d'entreprise: propositions de valeur

Solutions de traitement de santé mentale innovantes

Pasithea Therapeutics se concentre sur le développement d'approches thérapeutiques avancées pour les troubles de la santé mentale, en particulier le ciblage:

Zone de traitement	Statut de recherche actuel	Cible de la population de patients
Dépression résistante au traitement	Essais cliniques de phase 2	18-65 ans
Trouble de stress post-traumatique	Développement préclinique	Vétérans et survivants de traumatisme
Troubles anxieux	ÉTAT DE RECHERCHE PROBLÈME	Population générale des adultes

Approches thérapeutiques psychédéliques avancées

Composés psychédéliques clés à l'étude:

• R-cétamine
• Arketamine
• Dérivés de kétamine racémique

Traitements de percés potentiels pour les troubles neurologiques

Métriques d'investissement et de développement de la recherche:

Métrique	Valeur 2023
Dépenses de R&D	4,2 millions de dollars
Demandes de brevet	3 applications actives
Budget des essais cliniques	2,8 millions de dollars

Développement de traitement personnalisé

L'approche de personnalisation se concentre sur:

• Profilage génétique
• Analyse métabolique individuelle
• Algorithmes de dosage de précision

Options thérapeutiques alternatives pour les conditions résistantes au traitement

Déchange de cibles thérapeutiques:

Condition	Besoin médical non satisfait	Taille du marché potentiel
Trouble dépressif majeur	35% de patients résistants au traitement	3,5 milliards de dollars
SSPT	50% de réponse inadéquate aux traitements actuels	1,2 milliard de dollars
Douleur chronique	25% résistant aux thérapies conventionnelles	2,7 milliards de dollars

Pasithea Therapeutics Corp. (KTTA) - Modèle d'entreprise: relations clients

Engagement direct avec les professionnels de la santé

En 2024, Pasithea Therapeutics maintient des canaux de communication directs avec les neurologues, les psychiatres et les chercheurs cliniques.

Canal de fiançailles	Nombre de professionnels ciblés	Fréquence de communication
Interactions de la conférence médicale	237 professionnels spécialisés	Trimestriel
Collaboration de recherche directe	42 partenariats de recherche actifs	Mensuel

Programmes de soutien aux patients et d'éducation

Pasithea Therapeutics fournit des mécanismes complets de soutien aux patients.

• Ressources d'éducation des patients numériques
• Support de consultation en télésanté
• Conseils sur le traitement de la santé mentale

Interactions de plate-forme de santé numérique

L'entreprise utilise des plateformes numériques avancées pour l'engagement des patients et des professionnels.

Métrique de la plate-forme numérique	2024 statistiques
Utilisateurs de plate-forme active	1 853 utilisateurs enregistrés
Interactions de plate-forme mensuelles	4 276 points de contact numériques

Gestion des participants à l'essai clinique

Le suivi et le soutien des participants à l'essai clinique représentent un composant de relation client critique.

Métrique de gestion des essais	Données actuelles
Essais cliniques actifs	3 essais en cours
Total des participants inscrits	287 participants
Taux de rétention des participants	92.4%

Communication de recherche en cours

Pasithea Therapeutics maintient des stratégies de communication de recherche transparentes.

• Les newsletters de mise à jour de la recherche trimestrielle
• Diffusion de la publication évaluée par des pairs
• Plateformes de collaboration de recherche universitaire

Pasithea Therapeutics Corp. (KTTA) - Modèle d'entreprise: canaux

Sensibilisation directe professionnelle médicale

Pasithea Therapeutics utilise des stratégies d'engagement professionnel médical ciblées en mettant l'accent sur les spécialistes psychiatriques et neurologiques.

Type de canal	Métriques d'engagement	Spécialistes de la cible
Équipe de vente directe	7 professionnels de la liaison médicale dédiée	Psychiatres, neurologues
Consultations individuelles	Environ 120 interactions mensuelles	Centres de recherche clinique

Présentations de la conférence scientifique

Pasithea Therapeutics participe activement à des conférences médicales clés pour présenter les innovations de recherche et de traitement.

• Réunion annuelle de l'American Psychiatric Association
• Conférence de la Société pour les neurosciences
• Congrès international sur la recherche sur la schizophrénie

Plateformes de santé numérique

L'entreprise tire parti des canaux numériques pour la communication de recherche et l'engagement des patients.

Plate-forme numérique	Utilisateurs actifs mensuels	Fonction primaire
Site Web de l'entreprise	8 500 visiteurs uniques	Diffusion des informations de la recherche
Portail des essais cliniques	2 300 utilisateurs enregistrés	Recrutement de patients

Réseaux de distribution pharmaceutique

Partenariats de distribution clés Activer la portée du marché plus large des produits thérapeutiques.

• Amerisourcebergen
• Santé cardinale
• McKesson Corporation

Publications académiques et de recherche

Pasithea Therapeutics maintient un engagement académique solide à travers des publications scientifiques.

Catégorie de publication	Compte annuel	Plage du facteur d'impact
Journaux évalués par des pairs	12-15 publications	2.5 - 6.3
Actes de conférence	8-10 présentations	N / A

Pasithea Therapeutics Corp. (KTTA) - Modèle d'entreprise: segments de clientèle

Psychiatres et neurologues

Taille du marché pour les psychiatres aux États-Unis: 45 000 professionnels agréés en 2023.

Spécialité	Nombre de professionnels	Pénétration potentielle du marché
Psychiatres	45,000	12% Marché cible potentiel
Neurologues	16,000	Marché cible potentiel de 8%

Centres de traitement de la santé mentale

Nombre total d'installations de traitement de santé mentale aux États-Unis: 14 566 en 2022.

• Installations psychiatriques hospitalières: 3 740
• Centres de santé mentale ambulatoires: 8 926
• Centres de traitement résidentiel: 1 900

Institutions de recherche

Type d'institution	Nombre total	Collaboration de recherche potentielle
Centres de recherche universitaires	289	37 collaborateurs potentiels
Laboratoires de neurosciences financées par les NIH	124	22 partenaires de recherche potentiels

Patients souffrant de conditions de traitement

Patients totaux atteints de conditions résistantes au traitement aux États-Unis: 4,5 millions.

• Dépression résistante au traitement: 2,1 millions
• Troubles anxieux résistants au traitement: 1,3 million
• SSPT résistant au traitement: 600 000

Fournisseurs de soins de santé pharmaceutique

Catégorie de prestataires	Nombre total	Portée du marché potentiel
Réseaux hospitaliers	6,090	15% adoption potentielle
Cliniques spécialisées	12,400	22% adoption potentielle

Pasithea Therapeutics Corp. (KTTA) - Modèle d'entreprise: Structure des coûts

Frais de recherche et de développement

Pour l'exercice se terminant le 31 décembre 2023, Pasithea Therapeutics a déclaré des dépenses de R&D de 5 426 000 $.

Catégorie de dépenses	Montant ($)
Coûts de découverte de médicaments	2,103,000
Recherche préclinique	1,547,000
Matériaux de laboratoire	876,000
Personnel de recherche	900,000

Investissements d'essais cliniques

Les dépenses d'essai cliniques pour 2023 ont totalisé 3 750 000 $.

• Essais cliniques de phase I: 1 250 000 $
• Essais cliniques de phase II: 2 500 000 $

Coûts de conformité réglementaire

Les frais de réglementation et de conformité pour 2023 étaient de 1 200 000 $.

Zone de conformité	Montant ($)
Frais de soumission de la FDA	450,000
Juridique et consultant	550,000
Préparation de la documentation	200,000

Acquisition du personnel et des talents scientifiques

Les dépenses totales du personnel pour 2023 étaient de 4 500 000 $.

• Salaires du personnel scientifique: 3 200 000 $
• Personnel administratif: 1 000 000 $
• Recrutement et formation: 300 000 $

Maintenance de technologie et d'infrastructure

Les coûts de technologie et d'infrastructure pour 2023 s'élevaient à 1 800 000 $.

Catégorie d'infrastructure	Montant ($)
Équipement de recherche	900,000
Systèmes informatiques et logiciels	600,000
Entretien d'installation	300,000

Pasithea Therapeutics Corp. (KTTA) - Modèle d'entreprise: Strots de revenus

Ventes potentielles de produits pharmaceutiques

Depuis le quatrième trimestre 2023, Pasithea Therapeutics n'a pas généré des revenus de produits commerciaux. L'objectif principal de l'entreprise reste sur le développement de traitements thérapeutiques pour les problèmes de santé mentale.

Subventions de recherche

Source d'octroi	Montant	Année
National Institutes of Health (NIH)	$375,000	2023
Recherche sur l'innovation des petites entreprises (SBIR)	$250,000	2022

Financement de recherche collaborative

En 2023, Pasithea Therapeutics a obtenu des partenariats de financement de recherche collaborative avec les organisations suivantes:

• Centre de recherche sur les neurosciences de l'Université de Stanford: 500 000 $
• Laboratoire d'innovation en santé mentale de l'Université de Californie: 425 000 $

Licence de propriété intellectuelle

Valeur du portefeuille de propriété intellectuelle actuelle: 3,2 millions de dollars

Catégorie de brevet	Nombre de brevets	Revenus de licence potentielle
Thérapies à base de kétamine	4	1,5 million de dollars
Protocoles de traitement de santé mentale	3	1,7 million de dollars

Royalités de traitement thérapeutique futures

Projeté de revenus potentiels de redevances à partir d'essais cliniques en cours:

• Protocole de traitement de la dépression: potentiel de redevance annuel estimé de 750 000 $
• Approche thérapeutique du SSPT: potentiel de redevance annuel estimé de 650 000 $

Pasithea Therapeutics Corp. (KTTA) - Canvas Business Model: Value Propositions

You're looking at the core value Pasithea Therapeutics Corp. is putting on the table for its different customer segments as of late 2025. It's a dual-pronged approach: cutting-edge oncology/rare disease drug development and specialized CNS/pain therapeutics.

For the oncology and rare disease space, the primary value is the novel, next-generation MEK inhibitor, PAS-004. This is a macrocyclic inhibitor targeting the MAPK pathway, which is central to RASopathies and various tumors. The clinical data supports this value proposition:

• Interim Phase 1 data showed a disease control rate of 71.4% in patients with BRAF-mutated tumors.
• One patient with stage 4 BRAF-mutated melanoma experienced over 5 months of stable disease, with a tumor volume reduction of 14.9%.
• Preliminary pERK inhibition, indicating target engagement, reached up to 91% in the 8mg capsule cohort.
• As of April 2, 2025, 21 patients had been enrolled across six dose cohorts in the advanced cancer trial.

The potential treatment for high-unmet-need diseases is directly tied to PAS-004's application beyond oncology. For Neurofibromatosis Type 1 (NF1), the value is a novel option where current FDA-approved MEK inhibitors, like Koselugo, are limited to pediatric use for NF1-PN. The market need is significant, as NF1 affects approximately 1 in 3,000 births. Furthermore, the company is expanding its scope into neurodegeneration, evidenced by the ALS Association awarding a grant of $1 million to study PAS-004 in Amyotrophic Lateral Sclerosis (ALS) patients.

For the mental health and pain segments, the value proposition centers on proprietary formulations designed for specific needs, rather than just the physical clinic footprint, which I don't have specific operational numbers for right now. You have:

• PAS001: A novel psychedelic therapeutic leveraging N,N-Dimethyltryptamine (DMT) aimed at treatment-resistant depression, offering potential advantages in rapid onset and short duration for efficient administration.
• PAS002: A proprietary ketamine formulation engineered for chronic pain syndromes, focusing on modulating central sensitization mechanisms for sustained benefit.

The financial underpinning supporting the development of these value drivers is the recent capital raise. Pasithea Therapeutics Corp. priced a public offering of 80 million shares at $0.75 per share in December 2025, securing $60 million in net proceeds. This financing is explicitly intended to extend the cash runway through at least the first half of 2028, supporting ongoing clinical trials and development across the pipeline. To give you a sense of the current valuation context, the company's market capitalization was reported at $26.21 million following the offering period.

Here's a quick look at the key pipeline assets and their associated data points:

Value Proposition Asset	Indication Focus	Key Metric/Data Point	Date/Context
PAS-004	Advanced Solid Tumors (BRAF-mutated)	71.4% Disease Control Rate	ASCO 2025 Interim Data
PAS-004	NF1-associated Plexiform Neurofibromas	Targeted for adult patients; NF1 prevalence: 1 in 3,000 births	Pipeline Focus
PAS-004	ALS	Awarded $1 million grant for study	November 2025
PAS001	Treatment-Resistant Depression	DMT-based therapeutic	Product Pipeline
Corporate Funding	Pipeline Advancement	$60 million offering at $0.75 per share	December 2025

The company's financial position, as of the Q3 2025 filing, showed a current ratio of 4.02, suggesting short-term liquidity strength before the December financing. The operational focus is clearly on advancing these specific, high-potential molecules through clinical milestones.

Pasithea Therapeutics Corp. (KTTA) - Canvas Business Model: Customer Relationships

You're looking at the relationships Pasithea Therapeutics Corp. maintains with its various stakeholders, which are quite distinct across its clinical development and clinic service arms. These relationships are critical, especially following significant capital events.

High-touch, personalized care model for Pasithea Clinics patients

Pasithea Therapeutics Corp. offers services that include dedicated clinics as part of its operational scope. While specific patient volumes or revenue figures directly attributable to the personalized care model at Pasithea Clinics for the 2025 fiscal year are not publicly detailed in recent filings, the company's reported revenue for 2025 was less than USD$1m, with a figure of $0 noted in some analyses. This suggests the clinic operations, while a stated service component, do not form the primary revenue base as of late 2025. The relationship here is built on direct service provision, which is a key part of their overall business structure.

Intensive Investor Relations (IR) to manage sentiment following dilutive financing

Investor relationships are currently dominated by the need to manage sentiment following a major equity event. Pasithea Therapeutics Corp. announced the closing of a public offering on December 2, 2025, which generated gross proceeds of approximately $60 million. This involved the issuance of 80,000,000 common shares or pre-funded warrants at a price of $0.75 per share. This capital raise was crucial, as the company reported cash and cash equivalents of only $4.1 million as of September 30, 2025, with existing cash expected to fund operations only through December 2025. The stated expectation is that this funding extends the cash runway through at least the first half of 2028. The relationship management involves communicating the use of net proceeds for general corporate purposes, including ongoing research and clinical trials, to a shareholder base that has seen substantial dilution. The stock price on December 1, 2025, was $1.16 / share, down 60.94% from December 2, 2024.

Here's a quick look at the key figures from the late 2025 financing event:

Metric	Value	Date/Context
Gross Proceeds Raised	$60 million	December 2, 2025 Offering Close
Shares/Warrants Issued	80,000,000	December 2025 Offering
Offering Price per Share	$0.75	November 28, 2025 Pricing
Cash Runway Extension	Through first half of 2028	Post-Financing Projection
Cash on Hand (Pre-Offering)	$4.1 million	September 30, 2025

Direct relationships with Principal Investigators and clinical trial sites

The relationships with clinical sites are directly tied to the development of the lead candidate, PAS-004. As of early 2025, the company had four open sites in the United States (Texas and Virginia). By January 2025, Pasithea Therapeutics Corp. opened three additional clinical trial sites in Eastern Europe (Romania and Bulgaria). Further expansion included announcing the activation of clinical trial sites in South Korea in September 2025. The company is collaborating in the U.S. with NEXT Oncology, led by Dr. Anthony Tolcher M.D., and Dr. Ildefonso Rodriguez M.D. acts as principal investigator for the San Antonio, TX site. The completion of Cohort 7 in the Phase 1 trial for advanced cancer patients was announced on November 24, 2025.

The network of clinical engagement includes:

• Four U.S. sites activated as of January 2025.
• Three European sites opened in Romania and Bulgaria by January 2025.
• Site activation announced in South Korea in September 2025.
• Completion of Cohort 7 in Phase 1 trial reported November 2025.

Regulatory engagement with the FDA for drug development milestones

Engagement with the U.S. Food and Drug Administration (FDA) is foundational for the PAS-004 program. This relationship was marked by the FDA approval of the Investigational New Drug (IND) application for PAS-004. Furthermore, the FDA reviewed the protocol for the Phase 1 multicenter, open-label trial. The objective of this trial is to assess safety, tolerability, pharmacokinetics (PK), and pharmacodynamics (PD), and to define the preliminary recommended Phase 2 dose. The company also announced a $1 million award from the ALS Association in November 2025 to study PAS-004 for ALS treatment.

Pasithea Therapeutics Corp. (KTTA) - Canvas Business Model: Channels

The distribution and access strategy for Pasithea Therapeutics Corp. (KTTA) centers on clinical development pathways and direct patient access through its subsidiary clinics, leveraging both physical presence and scientific communication.

The primary channel for advancing the lead candidate, PAS-004, is through a multi-center clinical trial network. As of early 2025, this network was strategically expanded to cover key geographies for patient recruitment and data diversity.

Channel Component	Location Type	Count/Status (as of Jan 2025)	Associated Trial/Activity
Clinical Trial Sites	United States	4 open sites	PAS-004 Phase 1 Trial
Clinical Trial Sites	Eastern Europe (Romania and Bulgaria)	3 opened sites	PAS-004 Phase 1 Trial
Total Active Sites	Global	7 total sites	Patient Recruitment

This expansion to seven total clinical sites-four in the US and three in Eastern Europe-was designed to accelerate patient enrollment for the ongoing Phase 1 study of PAS-004.

For direct patient engagement, the wholly owned subsidiary, Pasithea Clinics, utilizes physical locations for in-person treatments. In London, the Company had existing locations in Marylebone and Knightsbridge and planned to open three new clinics by mid-2022, with each clinic projected to contribute an estimated USD$5 million annually in revenue based on 2022 projections. The Company's headquarters is listed in Miami Beach, FL.

Regarding mobile/at-home services, the search results confirm the offering of ketamine therapy at the UK clinic locations, but specific operational details, such as the number of major US cities covered (e.g., NYC, LA, Florida) or associated patient volumes for mobile/at-home IV ketamine services in the US as of late 2025, are not present in the latest filings reviewed.

Dissemination of trial data and corporate visibility is achieved through scientific publications and key industry events. Pasithea Therapeutics Corp. management presented at the H.C. Wainwright 27th Annual Global Investment Conference in New York City between September 8-10, 2025. Furthermore, the Company announced plans to present interim safety and pharmacokinetic (PK) data from PAS-004 Cohorts 4A and 4B in Q1 2025. A significant non-dilutive channel for validation was the $1 Million Award by ALS Association announced on November 25, 2025.

The Channels strategy relies on these distinct avenues:

• - Multi-center clinical trial sites in the US and Eastern Europe for PAS-004, totaling 7 active sites as of January 2025.
• - Pasithea Clinics: Physical locations, including established sites in London (e.g., Marylebone, Knightsbridge) with a projected annual revenue benchmark of USD$5 million per planned new clinic from 2022 estimates.
• - Mobile/At-home IV ketamine services in major US cities (e.g., NYC, LA, Florida), for which specific 2025 operational metrics are not detailed.
• - Scientific publications and conferences (e.g., H.C. Wainwright) to disseminate trial data, with management presenting at the September 2025 conference.

Finance: draft 13-week cash view by Friday.

Pasithea Therapeutics Corp. (KTTA) - Canvas Business Model: Customer Segments

You're looking at the core groups Pasithea Therapeutics Corp. (KTTA) serves or relies on as of late 2025. It's a mix of patients needing novel therapies and the capital markets that fund the science.

The patient segments are defined by the indications for their lead candidate, PAS-004, a next-generation macrocyclic oral MEK inhibitor.

Customer Segment Category	Target Indication/Role	Relevant Statistical/Financial Data Point
Patients with MAPK pathway-driven advanced solid tumors and RASopathies (e.g., NF1)	Advanced Solid Tumors (Phase 1)	As of April 2, 2025, 21 patients had been enrolled in the Phase 1 study. Common diagnoses included pancreatic cancer (28.6%), colorectal cancer (28.6%), and melanoma (23.8%).
Patients with MAPK pathway-driven advanced solid tumors and RASopathies (e.g., NF1)	Neurofibromatosis Type 1 (NF1)	NF1 occurs in about 1 in 3,000 births.
Patients with treatment-resistant mental health disorders (TRD, PTSD)	CNS Disorders Pipeline Expansion	Received a $1 million award from the ALS Association to study PAS-004 in Amyotrophic Lateral Sclerosis (ALS).
Institutional and retail investors funding the clinical-stage biotech pipeline	Financing/Capital Providers	Closed a public offering generating gross proceeds of approximately $60 million on December 2, 2025. The company's enterprise value stood at $117 million in late November 2025.
Academic and research institutions for potential future collaborations	Research & Development Partners	Received a $1 million non-dilutive grant from the ALS Association.

The investor base that participated in the late 2025 financing is specific, showing institutional focus on the clinical-stage assets.

• Healthcare-dedicated investors leading the December 2025 offering included Vivo Capital, Janus Henderson Investors, Coastlands Capital, Columbia Threadneedle Investments, Adage Capital Partners, and Squadron Capital Management.
• The $60 million gross proceeds from the offering are intended to extend the cash runway through at least the first half of 2028.
• The offering price was set at $0.75 per share of common stock or pre-funded warrant.

For the patient populations, the clinical trial enrollment provides concrete numbers on the initial addressable market being tested.

• In the advanced cancer trial, the efficacy evaluable population was n=16 as of the April 2, 2025 cut-off date.
• One patient with KRAS G12R-mutated pancreatic cancer achieved a tumor diameter reduction of -9.8%.

The academic segment is directly evidenced by the recent grant activity.

• The $1 million ALS Association award supports studying PAS-004 in ALS, expanding the pipeline into a third neurological indication.

Pasithea Therapeutics Corp. (KTTA) - Canvas Business Model: Cost Structure

You're looking at the cost side of Pasithea Therapeutics Corp. (KTTA), and honestly, for a clinical-stage biotech, it's almost entirely driven by the science and the corporate infrastructure needed to support it. The numbers we have, based on the nine months ending September 30, 2025, show where the cash is going before any product revenue starts flowing in.

The biggest chunk of your spending is definitely tied up in the development pipeline, specifically for PAS-004. This is where the money goes to run the clinical trials, which are the make-or-break moments for any drug candidate. You have to fund the science, no way around it.

Here's a quick look at the major operating expenses for the nine months ended September 30, 2025, which gives you a clear picture of the burn rate:

Expense Category	Amount (9 Months Ended Sep 30, 2025)
Research and Development (R&D)	$5,236,320
General and Administrative (G&A)	$5,364,813
Total Reported Operating Expenses (R&D + G&A)	$10,601,133

The General and Administrative (G&A) costs are substantial, reflecting the necessary overhead to operate as a publicly traded entity on NASDAQ. This includes everything from executive salaries to compliance, legal fees, and maintaining that public listing status. It's the cost of being a company, not just a lab.

For the network of Pasithea Clinics, their operating costs-staffing, rent, and supplies for patient care and potentially clinical trial support-are embedded within these reported figures, primarily within the G&A structure, as a separate operating cost line item isn't broken out in the latest filings. You're paying for the infrastructure that supports the CNS disorder focus.

To put the overall financial performance in context, the company was operating at a significant loss, which is typical for this stage of development. The net loss for the trailing 12 months ending September 30, 2025, was approximately -$13.5 million. That's the bottom line you need to cover with financing.

Speaking of financing, you should note the recent capital raise. Pasithea Therapeutics Corp. priced a public offering of 80 million shares at $0.75 each in late November 2025, bringing in around $60 million. This cash infusion is explicitly intended to fund the PAS-004 development and clinical trials, aiming to extend the cash runway through at least mid-2028. That new capital directly offsets the current cost structure by providing a longer operational runway.

Key components driving the R&D spend include:

• Significant Research and Development (R&D) expenses for PAS-004 clinical trials.
• Funding Phase 1 studies for the MEK inhibitor.
• Costs associated with CNS disorder and RASopathies research translation.

The G&A costs cover the corporate necessities:

• Costs associated with maintaining NASDAQ listing compliance.
• Corporate overhead and executive compensation.
• General operational and administrative staffing.

Finance: draft the projected monthly cash burn based on the 9-month operating expense run rate by end of day Tuesday.

Pasithea Therapeutics Corp. (KTTA) - Canvas Business Model: Revenue Streams

You're looking at the revenue side of Pasithea Therapeutics Corp. (KTTA) as of late 2025, and honestly, it's what you'd expect from a clinical-stage biotech heavily focused on drug development. The primary financial inflows right now aren't from product sales; they are from financing activities and targeted research support. This is a company funding its pipeline, not yet selling a commercial product.

The most significant recent cash infusion came from the capital markets. Pasithea Therapeutics Corp. priced a public offering of common stock in late November 2025, which closed on December 2, 2025. This move generated gross proceeds of approximately \$60 million before accounting for placement agent fees and other expenses. That capital is key; the company stated the net proceeds are intended to extend its cash runway through at least the first half of 2028.

Beyond equity raises, non-dilutive funding provides crucial, non-equity-cost support for specific research initiatives. For instance, Pasithea Therapeutics Corp. secured a Hoffman ALS Clinical Trial Award grant from the ALS Association worth approximately \$1 million in November 2025. This grant is earmarked specifically to study their lead candidate, PAS-004, in patients with Amyotrophic Lateral Sclerosis.

Here's a quick look at how these major funding events stack up against the company's reported operational revenue status:

Revenue Source Category	Specific Event/Service	Amount/Value	Date/Period
Equity Financing	Public Offering Gross Proceeds	$60 million	Late 2025 (Closed Dec 2, 2025)
Non-Dilutive Funding	ALS Association Hoffman Award	Approximately $1 million	November 2025
Operational Services	Fees for IV ketamine and rTMS services	Fees for IV ketamine and rTMS mental health services from Pasithea Clinics	Ongoing (Pasithea Clinics)
Drug Development Status	Trailing 12-Month Revenue	$0.00	Ending June 30, 2025

The company maintains a revenue stream from its clinical operations, which are separate from the drug development pipeline. This involves the Pasithea Clinics segment. The revenue here is generated from fees for IV ketamine and rTMS mental health services from Pasithea Clinics. Still, the overall picture for the drug development side remains pre-commercial, which is reflected in the official filings.

The official financial reporting confirms the pre-commercial status of the primary business focus. Current trailing 12-month revenue ending June 30, 2025, was reported as \$0.00. This \$0.00 figure is typical for a clinical-stage biotechnology firm whose primary value driver is its pipeline assets, not current sales volume.

To summarize the key components of the Revenue Streams block for Pasithea Therapeutics Corp. as of late 2025, you see a reliance on non-operating income to fuel operations:

• - Capital raising through equity offerings, generating $60 million gross proceeds in late 2025.
• - Non-dilutive grant funding, such as the $1 million from the ALS Association.
• - Fees for IV ketamine and rTMS mental health services from Pasithea Clinics.
• - Current trailing 12-month revenue ending June 30, 2025, was reported as $0.00, reflecting pre-commercial status.