Pasithea Therapeutics Corp. Segments Disclosure
NOTE 14 – SEGMENT INFORMATION
The Company views its operations and manages its business as one operating and reportable segment, which is the business of research and development of innovative treatments for central nervous system (CNS) disorders and other diseases, including RASopathies and certain cancers. The determination of a single operating segment is consistent with the consolidated financial information regularly provided to the CODM. Consistent with the operational structure, the Chief Executive Officer, as the CODM, reviews and evaluates net loss for purposes of assessing performance, making operating decisions, allocating resources available and how to best deploy these resources across functions, therapeutic areas and research and development projects, and planning and forecasting for future periods on a consolidated basis. Operating expenses are used to monitor budget versus actual results in assessing performance of the segment. Total assets are monitored by the CODM on a consolidated basis which is reported on the face of the consolidated balance sheets. All the Company’s long-lived assets are held in the United States.
The following table is representative of the significant expense categories regularly provided to the CODM when managing the Company’s single reporting segment. A reconciliation to the consolidated net loss for the years ended December 31, 2024, and 2023 is included at the bottom of the table below.
| As of December 31, | ||||||||
| 2024 | 2023 | |||||||
| Significant segment expenses | ||||||||
| General and administrative (1) | $ | 5,786,293 | $ | 6,306,707 | ||||
| Pre-clinical research (1) | 1,479,896 | 3,584,483 | ||||||
| CMC (1) | 1,463,530 | 2,490,729 | ||||||
| Clinical development (1) | 4,097,521 | 1,652,808 | ||||||
| License milestone payments | 250,000 | |||||||
| Depreciation and amortization | 649,029 | 648,454 | ||||||
| Share based compensation expense | 773,693 | 592,269 | ||||||
| Other segment items (2) | 453,911 | |||||||
| Total operating and segment expenses | $ | 14,249,962 | $ | 15,979,361 | ||||
| Reconciliation of net loss | ||||||||
| Change in fair value of warrant liabilities | 77,806 | (56,245 | ) | |||||
| Interest and dividends, net | (423,184 | ) | (415,368 | ) | ||||
| Adjustments and reconciling items (3) | 453,910 | |||||||
| Segment and consolidated net loss | $ | 13,904,584 | $ | 15,961,658 | ||||
| (1) | includes personnel costs and excludes share-based compensation expense |
| (2) | includes litigation settlements, loss from sale of assets, and loss on asset write offs |
| (3) | includes net loss from discontinued operations |
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About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.