BioXcel Therapeutics, Inc.

Listed Company

BTAICIK 0001720893NasdaqNon-AcceleratedSmaller ReportingPharmaceutical PreparationsDelawareFY ends Dec 31

Period

FY 2025

Revenue

$642.0K

Net Income

$-69.90M

Total Assets

$44.92M

Equity

$-95.46M

Shares Out

27.07M

Op. Cash Flow

$-57.62M

Business

BioXcel Therapeutics, Inc. is an AI-enabled biopharmaceutical company developing therapies in neuroscience and, through its wholly owned subsidiary OnkosXcel, immuno-oncology. Its main products and candidates include IGALMI® (BXCL501), an orally dissolving sublingual film formulation of dexmedetomidine for acute agitation, and BXCL701, an investigational oral innate immune activator for aggressive solid and liquid tumors. The company operates through two principal segments—Neuroscience and Immuno-Oncology (OnkosXcel)—with discovery driven by proprietary AI platforms. It focuses commercial and clinical activities in the U.S., targeting hospital, institutional, at-home and care-facility channels while seeking strategic partnerships for broader markets.

Summary from filing dated 2025-03-28

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Product revenue, net	642,000	2	1	375,000	—
Cost of goods sold	164,000	2	1	20,000	—
Research and development	30	30	84	91	53
Selling, general and administrative	20	34	83	69	54
Restructuring costs	194,000	2	4	—	—
Total operating expenses	51	70	173	160	107
Loss from operations	−50	−67	−172	−160	−107
Interest expense	17	15	13	—	—
Interest income	−1	−3	−6	−3	−44,000
Other (income) expense, net	4	−20	−394,000	427,000	—
Net loss	−70	−60	−179	−166	−107
Basic net loss per share attributable to common stockholders (in dollars per share)	−5.73	−23.51	−98.33	−5.92	−4.05
Diluted net loss per share attributable to common stockholders (in dollars per share)	−5.73	−23.51	−98.33	−5.92	−4.05
Weighted average shares outstanding - basic (in shares)	12	3	2	28	26
Weighted average shares outstanding - diluted (in shares)	12	3	2	28	26

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	28	30	65	194	233
Restricted cash	342,000	0	—	—	—
Accounts receivable, net	233,000	131,000	71,000	248,000	—
Inventory	722,000	679,000	2	2	—
Prepaid expenses	4	5	3	3	3
Other current assets	11	1	2	4	956,000
Total current assets	45	37	72	203	237
Property and equipment, net	175,000	475,000	784,000	1	1
Operating lease right-of-use assets	56,000	382,000	688,000	976,000	1
Other assets	0	87,000	87,000	925,000	86,000
Total assets	45	38	74	206	239
Accounts payable	15	16	14	10	5
Accrued expenses	4	6	12	19	11
Current portion of long-term debt	25	0	—	—	—
Total current liabilities	54	22	27	33	17
Long-term portion of operating lease liabilities	0	65,000	440,000	786,000	1
Derivative liabilities	2	7	2	2	—
Long-term debt	85	103	101	93	—
Total liabilities	140	131	130	129	18
Commitments and contingencies	—	—	—	—	—
Preferred stock, $0.001 par value, 10,000 shares authorized; no shares issued and outstanding as of December 31, 2025 and December 31, 2024	0	0	—	—	—
Common stock, $0.001 par value, 200,000 shares authorized as of December 31, 2025 and December 31, 2024; 22,328 and 3,102 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively	76,000	49,000	30,000	28,000	28,000
Additional paid-in-capital	625	557	534	488	467
Accumulated deficit	−720	−650	−591	−412	−246
Total stockholders' (deficit) equity	−95	−93	−57	77	222
Total liabilities and stockholders' (deficit) equity	45	38	74	206	239

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net loss	−70	−60	−179	−166	−107
Depreciation	300,000	309,000	318,000	327,000	297,000
Accretion of debt discount and amortization of financing costs	2	467,000	1	860,000	—
Change in fair value of derivative liabilities	4	−20	−438,000	389,000	—
Stock-based compensation expense	3	6	19	17	19
Payable-in-kind interest on Credit Agreement	5	7	2	807,000	—
Operating lease right-of-use assets	326,000	306,000	288,000	271,000	—
Accounts receivable	−102,000	−60,000	177,000	−248,000	—
Inventory	−43,000	1	−6,000	−2	—
Prepaid expenses, other current assets and other assets	−8	−2	3	−4	103,000
Accounts payable, accrued expenses, due to related parties, and other current liabilities	7	−4	−3	13	5
Accrued interest	0	−736,000	2	4	—
Operating lease liabilities	−374,000	−346,000	−319,000	−293,000	−237,000
Net cash used in operating activities	−58	−72	−155	−135	−82
Purchases of equipment and leasehold improvements	0	0	−20,000	−139,000	−445,000
Net cash from investing activities	0	0	−20,000	−139,000	−445,000
Proceeds from issuance of common stock and warrants	58	40	—	—	—
Payment of principal of Long-term debt	0	−3	—	—	—
Offering costs for common stock and warrants issuance	−2	−474,000	−811,000	—	—
Payment of employee tax obligations related to vesting restricted stock units	−17,000	−54,000	−27,000	—	—
Net cash provided by financing activities	57	37	27	96	102
Net decrease in cash, cash equivalents and restricted cash	−1	−35	−129	−39	20
Repricing of stock purchase warrants	0	59,000	—	—	—
Interest paid	10	8	8	3	40,000
Litigation settlement liability and related other current assets	10	0	—	—	—

Filings

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