BioXcel Therapeutics, Inc.
- Open
- 0.83
- Day high
- 0.89
- Day low
- 0.80
- Prev close
- 0.87
- Volume
- 642K
- Mkt cap
- $24M
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- -0.2
- P/S
- 34.6
- Yield
- —
- Per share
- —
- ▼Insiders net selling -$43K over the last 3 months (0 open-market buys, 4 sales)
- 🏛Institutions accumulating (13F)
BioXcel Therapeutics, Inc. (BTAI) is a Healthcare company listed on NASDAQ. The stock is down 54% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 4 sales (SEC Form 4).
BioXcel Therapeutics, Inc. (BTAI) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 2 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
BTAI earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 15, 2026 | $-0.59 | $-0.54 | +8.5% | $206000 | -46.0% |
| Mar 27, 2026 | $-0.59 | $-0.58 | +2.2% | $256000 | +69.0% |
| Nov 12, 2025 | $-1.54 | $-2.18 | -41.6% | $98000 | -42.0% |
| Aug 12, 2025 | $-2.30 | $-2.45 | -6.5% | $120000 | -53.4% |
| Mar 27, 2025 | $-4.36 | $-3.57 | +18.1% | $366000 | -49.0% |
| Nov 14, 2024 | $-8.00 | $-5.12 | +36.0% | $214000 | -82.8% |
| May 9, 2024 | $-10.88 | $-13.92 | -27.9% | $582000 | +29.3% |
| Mar 12, 2024 | $-15.68 | $-12.16 | +22.4% | $376000 | -47.0% |
| Nov 14, 2023 | $-20.64 | $-27.52 | -33.3% | $341000 | -53.3% |
| Aug 14, 2023 | $-27.52 | $-29.28 | -6.4% | $457000 | +1.6% |
| Mar 9, 2023 | $-23.84 | $-31.20 | -30.9% | $238000 | -81.0% |
| Nov 10, 2022 | $-21.44 | $-23.84 | -11.2% | $137000 | -86.4% |
BTAI insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jun 17, 2026 | Yocca Frankofficer: Chief Scientific Officer | Option | 35 | — |
| Jun 17, 2026 | Steinhart Richard Iofficer: Chief Financial Officer | Option | 35 | — |
| Jun 17, 2026 | Mehta Vimaldirector, officer: CEO and President | Option | 219 | — |
| Jun 17, 2026 | Rodriguez Javierofficer: See Remarks | Option | 35 | — |
| May 22, 2026 | Mehta Vimaldirector, officer: CEO and President | Sell | 19,419 | $1.09 |
| May 22, 2026 | Rodriguez Javierofficer: See Remarks | Sell | 6,560 | $1.08 |
| May 22, 2026 | Steinhart Richard Iofficer: Chief Financial Officer | Option | 17,500 | — |
| May 22, 2026 | Steinhart Richard Iofficer: Chief Financial Officer | Sell | 6,845 | $1.08 |
| May 22, 2026 | Mehta Vimaldirector, officer: CEO and President | Option | 49,758 | — |
| May 22, 2026 | Yocca Frankofficer: Chief Scientific Officer | Sell | 6,845 | $1.08 |
| May 22, 2026 | Rodriguez Javierofficer: See Remarks | Option | 17,500 | — |
| May 22, 2026 | Yocca Frankofficer: Chief Scientific Officer | Option | 17,500 | — |
| May 7, 2026 | Rodriguez Javierofficer: See Remarks | Option | 9,000 | — |
| May 7, 2026 | Mehta Vimaldirector, officer: CEO and President | Option | 18,000 | — |
| May 7, 2026 | Steinhart Richard Iofficer: Chief Financial Officer | Option | 9,000 | — |
Source: BTAI SEC Form 4 filings, latest Jun 17, 2026. For informational purposes only — not investment advice.
See the full BTAI insider & 13F page →BioXcel Therapeutics, Inc. company profile
Overview
BioXcel Therapeutics, Inc. (NASDAQ:BTAI) is a commercial-stage biopharmaceutical company founded in 2017 and headquartered in New Haven, Connecticut. The company went public in March 2018 and specializes in developing treatments for neurological and psychiatric conditions using artificial intelligence and machine learning approaches. BioXcel's flagship product, IGALMI, received FDA approval for treating acute agitation associated with schizophrenia and bipolar disorders, marking the company's transition from a pure development-stage entity to a commercial operation.
Business
BioXcel Therapeutics operates in the specialized biotechnology sector, focusing on neuropsychiatric disorders and immuno-oncology. The company uses a unique "drug re-innovation" approach that combines artificial intelligence, big data analytics, and proprietary machine learning algorithms to identify new therapeutic applications for existing approved drugs or clinically validated compounds. The company's primary commercial product is IGALMI, a sublingual film formulation of dexmedetomidine. Dexmedetomidine is a sedative medication that has been used in hospital settings for years, but BioXcel has reformulated it into a thin film that dissolves under the tongue for rapid absorption. This innovative delivery method allows for quick treatment of acute agitation episodes in patients with schizophrenia or bipolar I or II disorder. Agitation is a serious psychiatric emergency that can lead to violence, self-harm, or the need for physical restraints, making rapid-acting treatments critically important. Beyond IGALMI, BioXcel has two main development programs: 1. BXCL501 expansion program - This involves testing the same active ingredient (dexmedetomidine sublingual film) for additional indications including agitation in Alzheimer's disease patients, adjunctive treatment for major depressive disorder, and at-home treatment of agitation episodes. This represents approximately 90% of the company's development focus based on resource allocation mentioned in earnings calls. 2. BXCL701 immuno-oncology program - An oral systemic immunity activator being developed for aggressive prostate cancer and advanced solid tumors that don't respond to checkpoint inhibitors. This program represents roughly 10% of current development resources as the company explores potential partnerships. The company also has BXCL502 in early development for chronic agitation in dementia, though this program has received minimal recent investment.
Revenue model
BioXcel generates revenue primarily through product sales of IGALMI to hospitals and healthcare facilities. The company sells directly to healthcare providers who administer the medication to patients experiencing acute agitation episodes. Revenue has been modest since commercial launch, with annual 2024 revenue of approximately $2.3 million, reflecting the challenges of penetrating hospital formularies and changing established treatment protocols. The business model faces several margin-influencing factors. Positive factors include the potential for significant market expansion as IGALMI gains formulary acceptance at more hospitals, the premium pricing possible for innovative psychiatric medications (hospitals pay substantial costs for managing agitated patients), and the potential for label expansion to much larger patient populations like Alzheimer's-related agitation, which affects millions of patients annually. Negative margin pressures include the high costs of maintaining a specialized sales force to educate healthcare providers, the lengthy hospital formulary approval process that can take 6-12 months, competition from established sedatives and antipsychotic medications, and the substantial ongoing clinical trial costs for pipeline programs. The company currently operates at significant losses, burning approximately $70+ million annually in operating cash flow while generating minimal revenue. The company also receives some non-commercial revenue through government grants, including Department of Defense funding for studying BXCL501 in acute stress disorder, though these represent a small portion of total funding needs. BioXcel's future profitability depends heavily on successful clinical trials that could expand IGALMI's approved uses, particularly for Alzheimer's-related agitation which represents a much larger addressable market than the current schizophrenia and bipolar indications.
Competitive moat
BioXcel Therapeutics has a relatively narrow moat that stems primarily from its intellectual property position and regulatory approvals rather than fundamental competitive advantages. The company's main protection comes from patents covering its sublingual film formulation of dexmedetomidine and the specific manufacturing process, along with FDA exclusivity periods for IGALMI. The company's AI-driven drug discovery approach provides some differentiation, but this is more of a development methodology than a sustainable competitive advantage, as other pharmaceutical companies are increasingly adopting similar technologies. The sublingual delivery system for dexmedetomidine does offer clinical benefits over injectable formulations - faster onset, easier administration, and reduced need for IV access - which creates some switching costs once hospitals adopt the product. However, the moat faces significant vulnerabilities. Competition threats include established psychiatric medications like haloperidol, lorazepam, and newer antipsychotics that hospitals are already familiar with and have on formulary. Large pharmaceutical companies could potentially develop competing sublingual or rapid-acting formulations. Generic drug manufacturers may eventually challenge patents or develop alternative delivery methods once exclusivity periods expire. The company's small size and limited resources also constrain its ability to defend market position against larger competitors. With annual revenue under $3 million and substantial cash burn, BioXcel lacks the financial strength to engage in prolonged competitive battles or extensive market development activities. The most significant moat expansion opportunity lies in successfully completing clinical trials for larger indications like Alzheimer's-related agitation, which could establish BioXcel as the definitive treatment option in a massive underserved market, but this remains unproven and years away from potential realization.
Risks & safety
BioXcel Therapeutics presents significant financial risk with limited margin of safety for investors. • Cash burn and solvency risk: The company burns approximately $70+ million annually in operating cash flow while holding only $31 million in cash as of Q1 2025. At current burn rates, the company has less than 6 months of runway without additional financing. • Debt burden: Total liabilities of $129 million significantly exceed total assets of $39 million, creating a negative book value of approximately $90 million. The debt-to-equity ratio of -1.17 indicates the company is technically insolvent on a book value basis. • Valuation metrics: With minimal revenue ($2.3 million annually) and substantial losses ($60 million net loss in 2024), traditional valuation metrics are not meaningful. The stock trades at approximately 5x annual revenue, which is low for biotech but reflects the company's precarious financial position. • Other considerations: The company is actively seeking financing alternatives and exploring strategic partnerships, indicating management acknowledges the urgent need for capital. Clinical trial success could dramatically improve the financial picture, but failure would likely result in bankruptcy or fire-sale acquisition.
Recent development
Over the past few years, BioXcel has undergone a significant strategic transformation from a development-stage company to a commercial-stage biopharmaceutical focused on neuropsychiatric disorders. The most pivotal development was the FDA approval and commercial launch of IGALMI in 2022, which marked the company's entry into revenue generation after years of pure research and development. The company has strategically narrowed its focus to maximize the potential of its dexmedetomidine platform. BioXcel initiated two major Phase 3 clinical programs: the SERENITY At-Home trial for treating agitation associated with bipolar disorders and schizophrenia in outpatient settings, and the planned TRANQUILITY In-Care trial for Alzheimer's-related agitation in care facilities. These trials represent potential label expansions that could dramatically increase the addressable market for IGALMI. A key strategic pivot has been the company's approach to resource optimization and cost management. Facing significant cash burn, BioXcel has reduced its commercial footprint for IGALMI to minimal levels while maintaining market presence, allowing resources to be redirected toward the higher-potential clinical trials. Research and development expenses decreased from $84.3 million in 2023 to approximately $20-25 million annually as the company focused on its most promising programs. BioXcel has also been actively expanding its intellectual property portfolio with new patents in the U.S. and Japan, strengthening its competitive position for the dexmedetomidine platform. The company secured external funding through a Department of Defense grant for studying BXCL501 in acute stress disorder, demonstrating its ability to leverage non-dilutive funding sources. Regarding the immuno-oncology program BXCL701, the company has shifted toward seeking strategic partnerships rather than self-funding development, recognizing the capital-intensive nature of oncology development and the need to preserve resources for its core neuropsychiatric programs.
BTAI company profile · for informational purposes only — not investment advice.
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