Pasithea (KTTAW): 9.9% Stake Disclosed via 826,145 Warrants

Pasithea Therapeutics reporting persons CVI Investments, Inc. and Heights Capital Management, Inc. disclose beneficial ownership of 826,145 shares of common stock through Series C and Series D warrants, representing 9.9% of the outstanding class.

Rhea-AI Filing Summary

Pasithea Therapeutics reporting persons CVI Investments, Inc. and Heights Capital Management, Inc. disclose beneficial ownership of 826,145 shares of common stock through Series C and Series D warrants, representing 9.9% of the outstanding class. The Warrants include a contractual limitation that prevents exercise to the extent such exercise would raise ownership above 9.99%. Heights Capital, as investment manager to CVI Investments, may be deemed to have shared voting and dispositive power over the reported position, while neither reporting person claims sole voting or dispositive power. The filing also references 7,443,577 shares outstanding (excluding shares underlying the warrants) as reported in the company's quarterly report.

Positive

• Transparent disclosure of a material position: the filing reports 826,145 shares via warrants, equal to 9.9% of the class
• Exercise cap explicitly limits conversion above 9.99%, clarifying that immediate control changes are constrained
• Investment manager relationship is disclosed, explaining the basis for shared voting and dispositive power

Negative

• Significant near-10% position could represent potential future dilution if warrants are exercised up to the permitted threshold
• No sole voting or dispositive power reported, which may limit the reporting persons' ability to unilaterally influence governance

Insights

Securities Analyst

TL;DR: A near-10% warrant position disclosed; exercise capped below control threshold; investment manager may exercise shared authority.

The filing shows CVI Investments and Heights Capital hold 826,145 shares beneficially via Series C and D warrants, equal to 9.9% of the company on a reported outstanding base of 7,443,577 shares (excluding warrants). The explicit 9.99% exercise cap limits immediate conversion-driven control shifts. Disclosure of shared voting and dispositive power via Heights as investment manager is material for ownership transparency and potential future dilution analysis.

Corporate Governance Expert

TL;DR: Material ownership disclosed without assertion of control; governance implications hinge on warrant exercise limits and manager authority.

The report clarifies that neither reporting person claims sole voting or dispositive power, instead reporting shared voting and dispositive power over the 826,145 warrant-linked shares. The limitation preventing exercise above 9.99% reduces the likelihood of an immediate change in control but makes the position a significant minority stake that warrants monitoring for future conversions or coordination among holders.

FAQ

What stake do CVI Investments and Heights Capital report in Pasithea (KTTAW)?

They report beneficial ownership of 826,145 shares via Series C and Series D warrants, representing 9.9% of the class.

Are the warrants exercisable into Pasithea (KTTAW) common shares without restriction?

No. The Warrants are not exercisable to the extent that exercise would cause beneficial ownership to exceed 9.99%.

Does either reporting person claim control of Pasithea (KTTAW)?

No. Neither reporting person reports sole voting or dispositive power; Heights Capital is identified as the investment manager with shared voting and dispositive power.

How many Pasithea shares were outstanding excluding warrants?

The company's quarterly report indicates 7,443,577 shares outstanding (excluding shares underlying the warrants).

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 08/14/2025 - 02:01 PM Learn about SEC filing dates

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 1)

Pasithea Therapeutics Corp.

(Name of Issuer)

Common Stock, $0.0001 par value per share

(Title of Class of Securities)

70261F202

(CUSIP Number)

06/30/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 70261F202

1

Names of Reporting Persons

CVI Investments, Inc.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

CAYMAN ISLANDS

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 826,145.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 826,145.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

826,145.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

9.9 %

12

Type of Reporting Person (See Instructions)

CO

Comment for Type of Reporting Person: With respect to Row 6 and Row 8 above, Heights Capital Management, Inc. is the investment manager to CVI Investments, Inc. and as such may exercise voting and dispositive power over the shares reported as beneficially owned by CVI Investments, Inc. herein.

SCHEDULE 13G

CUSIP No. 70261F202

1

Names of Reporting Persons

Heights Capital Management, Inc.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 826,145.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 826,145.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

826,145.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

9.9 %

12

Type of Reporting Person (See Instructions)

CO

Comment for Type of Reporting Person: With respect to Row 6 and Row 8 above, Heights Capital Management, Inc. is the investment manager to CVI Investments, Inc. and as such may exercise voting and dispositive power over the shares reported as beneficially owned by CVI Investments, Inc. herein.

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Pasithea Therapeutics Corp.
(b)	Address of issuer's principal executive offices: 1111 Lincoln Road, Suite 500, Miami Beach, FL 33139
Item 2.
(a)	Name of person filing: This statement is filed by the entities listed below, who are collectively referred to herein as "Reporting Persons," with respect to the shares of common stock of Pasithea Therapeutics Corp. (the "Company"), $0.0001 par value per share (the "Shares"). (i) CVI Investments, Inc. (ii) Heights Capital Management, Inc.
(b)	Address or principal business office or, if none, residence: The address of the principal business office of CVI Investments, Inc. is: P.O. Box 309GT Ugland House South Church Street George Town Grand Cayman KY1-1104 Cayman Islands The address of the principal business office of Heights Capital Management, Inc. is: 101 California Street, Suite 3250 San Francisco, California 94111
(c)	Citizenship: Citizenship is set forth in Row 4 of the cover page for each Reporting Person hereto and is incorporated herein by reference for each such Reporting Person.
(d)	Title of class of securities: Common Stock, $0.0001 par value per share
(e)	CUSIP No.: 70261F202
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: The information required by this Item 4(a) is set forth in Row 9 of the cover page for each Reporting Person hereto and is incorporated herein by reference for each such Reporting Person. The number of Shares reported as beneficially owned consists of Shares issuable upon the exercise of Series C Common Warrants and Series D Common Warrants to purchase Shares (together, the "Warrants"). The Warrants are not exercisable to the extent that the total number of Shares then beneficially owned by a Reporting Person and its affiliates and any other persons whose beneficial ownership of Shares would be aggregated with such Reporting Person for purposes of Section 13(d) of the Exchange Act, would exceed 9.99%. The Company's Quarterly Report on Form 10-Q, filed on May 15, 2025, indicates there were 7,443,577 Shares (excluding Shares underlying the Warrants) outstanding as of May 12, 2025.
(b)	Percent of class: 9.9 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: The information required by this Item 4(c)(i) is set forth in Row 5 of the cover page for each Reporting Person hereto and is incorporated herein by reference for each such Reporting Person.
	(ii) Shared power to vote or to direct the vote: The information required by this Item 4(c)(ii) is set forth in Row 6 of the cover page for each Reporting Person hereto and is incorporated herein by reference for each such Reporting Person. Heights Capital Management, Inc., which serves as the investment manager to CVI Investments, Inc., may be deemed to be the beneficial owner of all Shares owned by CVI Investments, Inc. Each of the Reporting Persons hereby disclaims any beneficial ownership of any such Shares, except for their pecuniary interest therein.
	(iii) Sole power to dispose or to direct the disposition of: The information required by this Item 4(c)(iii) is set forth in Row 7 of the cover page for each Reporting Person hereto and is incorporated herein by reference for each such Reporting Person.
	(iv) Shared power to dispose or to direct the disposition of: The information required by this Item 4(c)(iv) is set forth in Row 8 of the cover page for each Reporting Person hereto and is incorporated herein by reference for each such Reporting Person. Heights Capital Management, Inc., which serves as the investment manager to CVI Investments, Inc., may be deemed to be the beneficial owner of all Shares owned by CVI Investments, Inc. Each of the Reporting Persons hereby disclaims any beneficial ownership of any such Shares, except for their pecuniary interest therein.
Item 5.	Ownership of 5 Percent or Less of a Class.
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

CVI Investments, Inc.

Signature:	/s/ Sarah Travis
Name/Title:	Sarah Travis, Assistant General Counsel and Assistant Secretary of Heights Capital Management, Inc.
Date:	08/12/2025

Heights Capital Management, Inc.

Signature:	/s/ Sarah Travis
Name/Title:	Sarah Travis, Assistant General Counsel and Assistant Secretary
Date:	08/12/2025

Comments accompanying signature: Heights Capital Management, Inc. serves as authorized agent of CVI Investments, Inc. pursuant to a Limited Power of Attorney, a copy of which was previously filed.

Exhibit Information

EXHIBIT INDEX EXHIBIT DESCRIPTION ________________ I Limited Power of Attorney* II Joint Filing Agreement* * Previously filed