MeritValue

Pasithea Therapeutics Corp.

KTTAdata completeness 63%5 fiscal years on file

Data notes: no data for concept 'totalDebt'; no data for concept 'incomeTaxExpense'

The thesis, from the filings

Pasithea Therapeutics Corp. earns about -6794% on invested capital, and has bought back 32% of its shares over 5 years. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$15,0621$486,5591———
Net income−$2.17M2−$13.9M3−$16M4−$13.9M5−$20.4M5
Operating cash flow−$3.17M6−$14.6M6−$12.8M7−$13.9M8−$15.2M8
Capital expenditure$21,5039$107,10110$34,30111——
Free cash flow (derived)−$3.2M6−$14.7M6−$12.8M7——
Total debt—————
Cash & equivalents$53M12$33.1M13$16.3M14$6.92M15$55.2M15
Diluted shares10.4M1.3M1.2M1.1M7.0M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$78.54
your share of equity
Profit it earned you last year
−$29.05
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on $78.54 of net worth that earned you −$29.05 last year.

iii. Is this a good business?
Moat signal · return on invested capital
-6794% avg · 5y
FY21 —FY22 -98%FY23 -173%FY24 -140%FY25 -26763%

It earned an average -6794% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
−32% shares · 5y

Share count is down 32% over 5 years — management has been buying back stock, quietly handing owners a bigger slice.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001213900-23-024755 (Revenues)
  2. 10-K · period ending 2021-12-31 · accession 0001213900-23-024755 (NetIncomeLoss)
  3. 10-K · period ending 2022-12-31 · accession 0001213900-24-027508 (NetIncomeLoss)
  4. 10-K · period ending 2023-12-31 · accession 0001013762-25-001646 (NetIncomeLoss)
  5. 10-K · period ending 2024-12-31 · accession 0001213900-26-036434 (NetIncomeLoss)
  6. 10-K · period ending 2021-12-31 · accession 0001213900-23-024755 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K · period ending 2023-12-31 · accession 0001013762-25-001646 (NetCashProvidedByUsedInOperatingActivitiesContinuingOperations)
  8. 10-K · period ending 2024-12-31 · accession 0001213900-26-036434 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2021-12-31 · accession 0001213900-23-024755 (PaymentsToAcquirePropertyPlantAndEquipment)
  10. 10-K · period ending 2022-12-31 · accession 0001213900-24-027508 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2023-12-31 · accession 0001013762-25-001646 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2021-12-31 · accession 0001213900-23-024755 (CashAndCashEquivalentsAtCarryingValue)
  13. 10-K · period ending 2022-12-31 · accession 0001213900-24-027508 (CashAndCashEquivalentsAtCarryingValue)
  14. 10-K · period ending 2023-12-31 · accession 0001013762-25-001646 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2024-12-31 · accession 0001213900-26-036434 (CashAndCashEquivalentsAtCarryingValue)