Pasithea Therapeutics Corp. (KTTA) is one of the leading biopharmaceutical companies mainly engaged in the development and research of therapies related to psychiatry and neurological diseases. In future, the company plans to run anti-depression clinics. The company is primarily focused on giving access to patients of treatment resistant depression (TRD) and post-traumatic stress disorder (PSTD) by providing them ketamine IV infusion in a home-based setup or at clinics.
The price of KTTA stock in the regular trading session of December 20, 2021, with a slight decline of 2.70% was $1.44. At last check in the after-market, the stock inclined significantly by 4.86%.
Events and Happenings
On December 01, 2021, KTTA reported that the company had expanded the facility of its intravenous ketamine therapy to patients in Florida and Nevada. On November 29, 2021, KTTA informed about the closing of placement of its common stock and warrants sold at the cumulative of 8.68 million shares to buy 8.68 million shares of common stock at a buying price of $3.50 per share and an additional warrant for $30.4 million gross earnings to KTTA.
On November 23, 2021, KTTA reported that it had been approved to provide esketamine which is a nasal spray for TRD in adult patients. Only a few clinics n UK offer this facility. On November 17, 2021, KTTA reported that started clinical operations of ketamine formulations to treat mental health issues in patients. Preliminarily, the therapy was only available for a few cities across the US.
On November 11, 2021, KTTA informed that it had collaborated with the internationally renowned musician DJ Carlita, for making a personalized musical playlist to help in the sessions for IV ketamine therapy. Music certainly had positive effects as supported by previous research work.
On October 11, 2021, KTTA reported that the company named Evotec to be its research partner and commenced a New chemical entity (“NCE”) expansion program. On September 29, 2021, KTTA announced that the senior management of the company presented at the Benzinga Healthcare Small-Cap Conference on September 30, 2021.
Key Financials
On November 18, 2021, KTTA reported its third-quarter results 2021, which ended September 30, 2021. Some of the key updates are as follows
Net Loss
Net loss reported by the company for the third quarter of 2021 was $1.52 million as opposed to the same quarter prior year when it was $0.13 million.
Assets
The total current assets of the company for the third quarter of 2021 were $21 million.
Conclusion
The company showed a 34% decline in the stock price as compared to the prior month. But the stock is showing a positive trend in the after-market session with a significant incline despite any clear cause. The stock has the ability to impress potential investors as suggested by the analysts.
