BioXcel Therapeutics, Inc. Segments Disclosure
Note 19. Segment Information
The Company views its operations and manages its business as one operating and reportable segment, utilizing artificial intelligence (“AI”) to develop transformative medicines in neuroscience and immuno-oncology. We are focused on utilizing cutting-edge technology and innovative research to develop high-value therapeutics aimed at transforming patients’ lives. We employ various AI platforms to reduce therapeutic development costs and potentially accelerate development timelines.
Consistent with the operational structure, the Chief Executive Officer, as the chief operating decision maker (“CODM”), reviews weekly cash usage and allocates resources based on consolidated net loss that also is reported on the consolidated statements of operations. The measure of segment assets is reported on the balance sheet as total consolidated assets. The CODM utilizes consolidated net loss by comparing actual results against budgeted amounts on a quarterly basis. As part of this process, consolidated net loss is a critical performance measure used to evaluate the Company’s operating performance and guide strategic decisions and resource allocations, including additional investments in research and development and commercialization activities.
The following table provides information about the Company’s one reportable segment and includes the reconciliation to consolidated net loss.
Year ended | |||||||
December 31, | |||||||
| | 2025 | | 2024 | |||
Product revenue, net | $ | 642 | $ | 2,266 | |||
Less: | |||||||
Cost of goods sold | $ | 164 | $ | 2,143 | |||
Research and development costs: | |||||||
Personnel and related costs | $ | 7,196 | $ | 9,796 | |||
Non-cash stock-based compensation | 426 | 2,251 | |||||
Professional fees | 4,004 | 5,067 | |||||
Clinical trials expense | 15,433 | 9,384 | |||||
Chemical, manufacturing and controls cost | 1,807 | 1,927 | |||||
Other expenses | 1,385 | 2,010 | |||||
Total research and development costs | $ | 30,251 | $ | 30,435 | |||
Commercial costs: | |||||||
Personnel and related costs | 369 | 2,516 | |||||
Non-cash stock-based compensation | — | (401) | |||||
Professional fees | 188 | 554 | |||||
Commercial and marketing | 407 | 1,389 | |||||
Travel related expenses | 28 | 309 | |||||
Other expenses | (98) | 906 | |||||
Total commercial costs | $ | 894 | $ | 5,273 | |||
Selling, general and administrative costs: |
|
| |||||
Personnel and related costs | $ | 3,547 | $ | 5,340 | |||
Non-cash stock-based compensation |
| 2,341 | 4,306 | ||||
Professional fees |
| 10,120 | 15,583 | ||||
Travel related expenses | 489 | 446 | |||||
Other expenses |
| 3,103 | 3,544 | ||||
Total selling, general and administrative costs | $ | 19,600 | $ | 29,219 | |||
Restructuring costs | 194 | 2,441 | |||||
Total operating expenses | $ | 51,103 | $ | 69,511 | |||
Other (income) expense |
| |
| | |||
Interest expense |
| 16,984 |
| 15,129 | |||
Interest income | (1,066) | (2,602) | |||||
Other (income) expense, net | 3,518 | (20,173) | |||||
Segment net loss | $ | (69,897) | $ | (59,599) | |||
Adjustments and reconciling items | — | — | |||||
Consolidated Net Loss | $ | (69,897) | $ | (59,599) | |||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 27, 2026 | Showing above |
| 2024 | Mar 28, 2025 | |
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.