Pasithea's KTTA Stock Surges 27% Amid $60M Equity Raise and Dose‐Escalation Success

Introduction

Pasithea Therapeutics Corp (NASDAQ: KTTA) is a biotechnology company founded in 2020 and headquartered in Miami Beach, Florida. The firm is focused on the discovery, research, and development of treatments for central nervous system (CNS) disorders and RASopathies. Its lead asset, PAS-004, is a next-generation macrocyclic MEK inhibitor currently in clinical evaluation for indications including neurofibromatosis type 1 (NF1) and selected oncology settings.

Corporate structure

Pasithea employs between 11 and 50 people, combining expertise in neuroscience, medicinal chemistry, and translational medicine. The company's common stock trades on the Nasdaq Capital Market under the ticker KTTA. In its S-1/A amendment filed on November 26, 2025, Pasithea engaged H.C. Wainwright & Co., LLC as placement agent for an equity and warrant offering.

Biotechnology by Louis Reed

Developments and news

• June 21–24, 2025: A “Trial in Progress” poster was presented at the 2025 Neurofibromatosis Conference in Washington, DC, describing the Phase 1 dose-escalation study of PAS-004 in patients with MAPK-driven solid tumors.
• May 2025: Interim data from the dose-escalation Phase 1 trial were presented at the 2025 ASCO Annual Meeting, indicating linear pharmacokinetics, a half-life exceeding 60 hours, and no dose-limiting toxicities (DLTs).
• November 18, 2025: Pasithea filed a Form S-1 registration statement to offer up to 13,929,516 shares of common stock and accompanying warrants at an assumed price of $0.7179 per share and warrant.
• November 25, 2025: A Form 8-K current report was filed (Items 7.01, 8.01, and 9.01), disclosing corporate developments and operational updates.
• November 26, 2025: An S-1/A amendment increased the offering to 75 million shares and 75 million pre-funded warrants at a public offering price of $0.80 per share (pre-funded warrants priced at $0.799, exercise price $0.001).
• November 28, 2025: Enrollment of Cohort 2 in the Phase 1/1b trial of PAS-004 in adult NF1 patients was announced. Following the independent Safety Review Committee’s recommendation, dosing advanced to 8 mg with no DLTs observed. Interim clinical data from the first two cohorts are expected in Q1 2026.

Financial and strategic analysis

Pasithea’s stock closed at $1.3499 on Nasdaq on November 28, 2025, reflecting a 27.35% increase on 9,703,840 shares traded. Key metrics as of that date:

Metric	Value
Price	$1.3499
Intraday Market Cap	$7.89 M
52-Week Range	$0.2810–3.8500
Cash (mrq)	$4.12 M
Net Loss (ttm)	–$13.49 M
Levered Free Cash Flow (ttm)	–$7.94 M

The S-1/A offering aims to strengthen Pasithea’s balance sheet and fund ongoing clinical development of PAS-004. By issuing both common shares and pre-funded warrants, the company seeks to raise capital while managing potential dilution. The strategic focus remains on advancing its MEK inhibitor program through clinical milestones anticipated toward the end of 2026.

Market position and industry context

Pasithea operates in a competitive biotechnology landscape characterized by established companies such as Alexion/AstraZeneca (Koselugo™). Selumetinib is currently the only FDA-approved MEK inhibitor for pediatric NF1 patients. Pasithea’s macrocyclic MEK inhibitor approach and expanding CNS pipeline—including targets for NF1, ALS, MS, and schizophrenia—address significant unmet needs within the market. However, the company’s small market capitalization and early-stage development necessitate careful consideration of associated risks in its growth strategy.

tl;dr

On November 28, 2025, KTTA shares rose 27.35% to $1.3499 on significant trading volume after Pasithea filed an S-1/A on November 26 to raise funds via 75 million shares and warrants at $0.80. The Phase 1/1b NF1 study advanced to an 8 mg dose with no DLTs, and interim results from Cohorts 1–2 are expected in Q1 2026. Capital raised will support PAS-004 clinical progression and other pipeline efforts.