KTTA

Pasithea is a clinical-stage biotech with no product revenue (the trailing 'revenue' is a stale $487K from FY2022; FY2023–2025 show none, so the 28.2x P/S is meaningless). The entire thesis is cash, pipeline, and dilution. The striking fact: the market caps KTTA at $13.7M against $55.2M of cash and just $5.02M of total liabilities (liabilities/equity 0.09x) — a deeply negative enterprise value, i.e. the stock trades at roughly a quarter of net cash (~$2.22 cash/share vs. a $0.55 price). That is a genuine floor and the reason this is a 'hold' and not a 'sell' or 'avoid': the balance sheet is clean, current assets ($56.5M) dwarf current liabilities ($4.97M), and ~$15.2M annual operating burn implies roughly three years of runway before a forced raise.

The offset is why the market refuses to close that gap. Lead asset PAS-004 (a macrocyclic MEK inhibitor) is still in Phase 1: the company has completed eight dose-escalation cohorts through 45 mg without reaching a maximum tolerated dose and is switching to a tablet formulation to push higher — early, tolerability-stage progress, not efficacy. Management explicitly expects to 'complete the trial in 2028,' so any value-defining data is years away, and the second NF1-PN Phase 1 only began May 2025. The company already pruned the pipeline, ceasing PAS-003 (ALS) for capital reasons and leaving PAS-001 (schizophrenia) merely at discovery — a narrowing, single-asset story.