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Pasithea Therapeutics Corp. (KTTA) stock has reached a new 52-week low, trading at $1.12, as investors navigate a tumultuous market environment. According to InvestingPro data, the micro-cap company, valued at just $1.47 million, is currently trading at a Price/Book ratio of 0.08, suggesting potential undervaluation relative to its assets. The biotech company, which focuses on the development of novel therapies for psychiatric and neurological disorders, has seen a significant downturn over the past year, with its stock price plummeting by 85.7%. While the company maintains a strong current ratio of 14.81, InvestingPro analysis indicates rapidly depleting cash reserves. This sharp decline reflects broader market trends and investor sentiment, as the industry faces regulatory hurdles and a challenging funding landscape. Pasithea’s journey to its current 52-week low underscores the volatility inherent in the biotech sector, especially for companies in the early stages of drug development. InvestingPro subscribers have access to 12 additional key insights about KTTA’s financial health and valuation metrics.
In other recent news, Pasithea Therapeutics Corp. has announced progress in its Phase 1 clinical trial for PAS-004, a treatment targeting advanced cancers with MAPK pathway mutations. The trial will advance to a higher dose level after a safety review revealed no dose-limiting toxicities among the first 14 patients. Importantly, no cases of rash, a common side effect of competitor MEK inhibitors, were reported, which often leads to treatment discontinuation. The investigational drug, a macrocyclic MEK inhibitor, is being tested in a multi-center, open-label trial to assess its safety, tolerability, and preliminary efficacy. Pasithea plans to present updated pharmacokinetic and pharmacodynamic data in the first quarter of 2025. The ongoing study aims to provide new treatment options for patients with neurofibromatosis type 1 and inoperable plexiform neurofibromas. The company has expressed optimism about the drug’s potential, though it acknowledges that forward-looking statements are subject to risks and uncertainties. Pasithea’s progress in this trial highlights significant developments in the biotech sector.
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