BioXcel Therapeutics, Inc.
Business
BioXcel Therapeutics is a biopharmaceutical company developing transformative medicines in neuroscience and immuno-oncology using an AI-driven drug re-innovation platform. The company's lead neuroscience asset is IGALMI® (dexmedetomidine sublingual film), FDA-approved for acute agitation in schizophrenia and bipolar disorder, with ongoing development for at-home use and Alzheimer's disease agitation. Through its OnkosXcel subsidiary, the company is developing BXCL701, an investigational oral innate immune activator, for aggressive cancers including prostate and pancreatic cancer. The company operates globally but focuses primarily on U.S. markets, with a commercialization strategy emphasizing partnerships and targeted distribution channels.
Summary from 10-K filed 2026-03-27
Financials
Consolidated Statement of Income
| Concept | Trend | 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
| Concept | Trend | 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
| Concept | Trend | 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
Material Events
Insiders
Institutional Holders
Frequently asked questions
What is BioXcel Therapeutics, Inc.'s CIK number?
BioXcel Therapeutics, Inc.'s SEC CIK number is 0001720893 (1720893). The CIK (Central Index Key) is the permanent identifier the SEC assigns to every EDGAR filer — unlike a ticker symbol, it never changes.
Where can I find BioXcel Therapeutics, Inc.'s SEC filings?
All of BioXcel Therapeutics, Inc.'s EDGAR filings — 10-K annual reports, 10-Q quarterly reports, 8-K material events, and insider transactions — are listed on this page, sourced live from SEC EDGAR.
When did BioXcel Therapeutics, Inc. last report earnings?
BioXcel Therapeutics, Inc. (BTAI) most recently filed an earnings 8-K with the SEC on May 15, 2026, furnishing its results under Item 2.02 (Results of Operations and Financial Condition). The earnings press release is attached to that filing (accession 0001104659-26-061773). This is BioXcel Therapeutics, Inc.'s most recent earnings filing of record — not a forecast of its next earnings date.
What is BioXcel Therapeutics, Inc.'s most recent earnings 8-K?
BioXcel Therapeutics, Inc.'s latest earnings 8-K (Item 2.02) was filed May 15, 2026 under accession 0001104659-26-061773. It carries the quarterly or annual earnings press release — the earliest official, SEC-filed version of the results.
View BioXcel Therapeutics, Inc.'s latest earnings 8-K →
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