Logo

BTAI

BioXcel Therapeutics, Inc.

BTAI

BioXcel Therapeutics, Inc. • NASDAQ
$2.25 ▲ 8.17% (+0.17)
Market Cap $49.21 M
52w High $9.26
52w Low $1.17
Dividend Yield 0%
P/E -0.24
Volume 549.85K
Outstanding Shares 21.87M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $98K ▼ $13.94M ▼ $-30.911M ▼ -31.542K% ▼ $-2.18 ▲ $-26.463M ▼
Q2-2025 $120K ▼ $15.865M ▲ $-19.187M ▼ -15.989K% ▼ $-2.45 ▼ $-14.89M ▼
Q1-2025 $168K ▼ $10.253M ▲ $-7.254M ▲ -4.318K% ▼ $-1.5 ▲ $-3.185M ▲
Q4-2024 $366K ▲ $10.027M ▼ $-10.859M ▲ -2.967K% ▲ $-3.57 ▲ $-6.75M ▲
Q3-2024 $214K $14.337M $-13.65M -6.379K% $-5.15 $-9.783M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $37.32M ▲ $44.792M ▲ $133.711M ▲ $-88.919M ▲
Q2-2025 $17.435M ▼ $25.789M ▼ $133.456M ▲ $-107.667M ▼
Q1-2025 $31.013M ▲ $38.566M ▲ $128.738M ▼ $-90.172M ▲
Q4-2024 $29.854M ▼ $38.338M ▼ $131.439M ▼ $-93.101M ▼
Q3-2024 $40.387M $48.892M $134.525M $-85.633M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-30.911M ▼ $-18.787M ▼ $0 $37.532M ▲ $18.745M ▲ $-18.787M ▼
Q2-2025 $-19.187M ▼ $-12.575M ▼ $0 $137K ▼ $-12.438M ▼ $-12.575M ▼
Q1-2025 $-7.254M ▲ $-12.043M ▲ $0 $13.202M ▲ $1.159M ▲ $-12.043M ▲
Q4-2024 $-10.859M ▲ $-14.809M ▲ $0 $4.276M ▲ $-10.533M ▲ $-14.809M ▲
Q3-2024 $-13.65M $-16.338M $0 $454K $-15.884M $-16.338M

Five-Year Company Overview

Income Statement

Income Statement BioXcel Therapeutics is still in the “investment” phase of its life and not yet in the “earning” phase. Over the past several years it has reported no meaningful revenue and has consistently posted sizable losses. Those losses mainly reflect spending on research, clinical trials, and building out a commercial capability rather than on manufacturing or overhead. The encouraging element is that the most recent year shows a modest improvement in operating and net losses compared with the prior year, suggesting some early cost control or scaling benefits. Still, the company is clearly far from break-even and remains highly dependent on future commercial traction and pipeline progress to eventually support its expense base. The reverse stock split in early 2025 simply makes per‑share figures look larger or smaller; it does not change the underlying economics of the business.

Balance Sheet

Balance Sheet The balance sheet is small and has become weaker over time. Total assets have declined from earlier years and are now largely made up of cash and equivalents, with very little in the way of physical assets. At the same time, debt has grown from essentially nothing to a level that now exceeds the company’s equity. Equity has turned negative in the most recent years, which is a sign that cumulative losses and debt obligations are weighing heavily on the capital structure. This does not mean the company cannot operate, but it does indicate higher financial risk and a likely need for continued reliance on external funding, whether through new debt, partnerships, or additional equity issuance. The margin for error on the balance sheet has narrowed compared with the early years after the IPO.

Cash Flow

Cash Flow Cash flow follows the same pattern as the income statement: steady cash outflows from operations and no offsetting inflows from a profitable product base yet. Operating cash burn has been fairly consistent over the past five years, reflecting ongoing spending on trials and commercialization efforts. Free cash flow is essentially the same as operating cash flow, since the company has almost no capital spending. The key issue is that cash balances, which were once more comfortable, have declined as losses have accumulated. While management has talked about having cash to reach certain milestones, the historical data show a company that must carefully manage its burn rate and likely revisit financing options periodically. The business model is still in the cash‑consuming stage rather than the cash‑generating stage.

Competitive Edge

Competitive Edge BioXcel’s competitive position rests less on current market share and more on the distinctiveness of its technology and products. Its core strength is an in‑house artificial intelligence platform built to “re‑innovate” existing drugs—identifying new uses for known molecules. This has already produced IGALMI, an approved, fast‑acting sublingual film for agitation in schizophrenia and bipolar disorder, which gives the company a proof point that its approach can work. The company’s moat elements include: a validated AI discovery engine, a growing collection of patents that extend well into the future, and a focus on areas of high unmet need such as agitation in neuropsychiatric conditions and hard‑to‑treat cancers. However, BioXcel is still a small player in a field dominated by large pharmaceutical companies with deep pockets, broad sales forces, and extensive pipelines. The company also faces competition from existing low‑cost generic medications and established hospital protocols for managing agitation. Overall, the technology and product differentiation look promising, but commercial scale, payer acceptance, and physician adoption remain early and uncertain. BioXcel’s competitive position will depend heavily on how effectively it can expand indications, secure reimbursement, and potentially partner with larger companies.

Innovation and R&D

Innovation and R&D Innovation is the heart of BioXcel’s story. The company is built around using AI to speed up and de‑risk drug development, especially by repurposing known molecules. This approach helped it move IGALMI from early trials to approval in a relatively short period, which is unusual in biotech and validates the underlying concept. Research and development spending is substantial relative to the size of the company and is the main driver of its losses. The pipeline includes: - BXCL501 (IGALMI) label expansions, including at‑home use for agitation in schizophrenia and bipolar disorder, and treatment of agitation in Alzheimer’s disease. These could significantly enlarge the potential patient base if trials are successful and regulators agree. - BXCL701, an oral immuno‑oncology candidate aimed at converting “cold” tumors into “hot” ones to make them more responsive to existing cancer therapies. - Earlier‑stage programs, such as BXCL502, that continue to come out of the AI platform. The opportunity is that a single successful new indication or cancer program could materially change the company’s outlook. The risk is that each program faces scientific, clinical, and regulatory uncertainty, and setbacks would not only delay revenue but also strain finances further. The strategy is clearly high‑innovation, high‑risk, and long‑duration.

Summary

BioXcel Therapeutics is a classic early‑stage biotech: scientifically ambitious, commercially nascent, and financially fragile. On the positive side, it has a differentiated AI‑driven discovery platform, a first approved product that showcases the approach, and a pipeline targeting meaningful unmet medical needs in neuropsychiatry and oncology. Its intellectual property appears strong, and the potential label expansions and oncology readouts over the next few years could be transformational if they work out. On the risk side, the company has no meaningful recurring revenue yet, continues to post sizable losses, and has seen its cash cushion and balance‑sheet strength erode. Debt now plays a more prominent role in its capital structure, and equity has moved into negative territory, underscoring financial vulnerability. Continued access to capital and careful expense control are critical. In essence, BTAI represents a leveraged bet on its innovation engine and a handful of key clinical and regulatory milestones. The long‑term outcome will largely depend on whether its AI platform can keep generating successful drugs and whether IGALMI and its follow‑ons can achieve broad, profitable adoption in the real world.

NEWS

November 12, 2025 · 7:00 AM UTC

BioXcel Therapeutics Reports Third Quarter 2025 Financial Results and Provides Update on Late-Stage Clinical Programs for Agitation in Bipolar, Schizophrenia, and Alzheimer's Disease

Read more

October 24, 2025 · 11:38 AM UTC

Halper Sadeh LLC Encourages BioXcel Therapeutics, Inc. Shareholders to Contact the Firm to Discuss Their Rights

Read more

October 14, 2025 · 7:00 AM UTC

BioXcel Therapeutics Announces Positive Results from Correlation Study Supporting SERENITY At-Home Exploratory Efficacy Outcomes

Read more

October 13, 2025 · 7:00 AM UTC

BioXcel Therapeutics to Ring Nasdaq Closing Bell on October 14 to Celebrate a Transformative Milestone in Neuroscience Innovation

Read more

September 18, 2025 · 7:00 AM UTC

BioXcel Therapeutics Regains Compliance with Nasdaq Market Value of Listed Securities Requirements

Read more