BioXcel Therapeutics (BTAI)
Market Price (9/8/2026): $0.0428 | Market Cap: $1.3 MilSector: Health Care | Industry: Pharmaceuticals
BioXcel Therapeutics (BTAI)
Market Price (9/8/2026): $0.0428Market Cap: $1.3 MilSector: Health CareIndustry: Pharmaceuticals
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -94% Megatrend and thematic driversMegatrends include Precision Medicine, and Aging Population & Chronic Disease. Themes include Biopharmaceutical R&D, Targeted Therapies, Show more. | Weak multi-year price returns2Y Excs Rtn is -136%, 3Y Excs Rtn is -171% Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 11% | Penny stockMkt Price is 0.1 Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -45 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -6029% Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 4319% Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -15% Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 246% Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -6860%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -6860% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -3345% High stock price volatilityVol 12M is 127% Key risksBTAI key risks include [1] substantial doubt about its ability to continue as a going concern due to severe financial instability, Show more. |
| Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -94% |
| Megatrend and thematic driversMegatrends include Precision Medicine, and Aging Population & Chronic Disease. Themes include Biopharmaceutical R&D, Targeted Therapies, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -136%, 3Y Excs Rtn is -171% |
| Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 11% |
| Penny stockMkt Price is 0.1 |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -45 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -6029% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 4319% |
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -15% |
| Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 246% |
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -6860%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -6860% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -3345% |
| High stock price volatilityVol 12M is 127% |
| Key risksBTAI key risks include [1] substantial doubt about its ability to continue as a going concern due to severe financial instability, Show more. |
Qualitative Assessment
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BioXcel Therapeutics (BTAI) stock has lost about 95% since 5/31/2026 because of the following key factors:
1. Chapter 11 Bankruptcy Filing and Asset Sale Agreement. BioXcel Therapeutics, Inc. and its subsidiaries filed for voluntary Chapter 11 bankruptcy on August 27, 2026. Concurrent with this filing, on August 28, 2026, the company announced it had entered into a "stalking horse" asset sale agreement with Teva Pharmaceuticals International GmbH for substantially all of its assets, including IGALMI® and the related supplemental New Drug Application (sNDA) for BXCL501, effectively signaling the company's distressed financial state and a court-supervised sale process. This strategic move to sell off core assets under bankruptcy protection indicates a fundamental loss of value for existing shareholders.
2. Nasdaq Delisting and Transition to Pink Limited Market. As a direct consequence of the Chapter 11 filing, Nasdaq notified BioXcel Therapeutics on August 31, 2026, that its common stock would be delisted. Trading on Nasdaq was scheduled to be suspended at the open of business on September 8, 2026, with shares anticipated to transition to the less liquid OTC Pink Limited Market. This delisting severely impacts the stock's accessibility, transparency, and investor confidence, further contributing to its sharp decline.
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BioXcel Therapeutics (BTAI) stock has lost about 95% since 5/31/2026 because of the following key factors:
1. Chapter 11 Bankruptcy Filing and Asset Sale Agreement. BioXcel Therapeutics, Inc. and its subsidiaries filed for voluntary Chapter 11 bankruptcy on August 27, 2026. Concurrent with this filing, on August 28, 2026, the company announced it had entered into a "stalking horse" asset sale agreement with Teva Pharmaceuticals International GmbH for substantially all of its assets, including IGALMI® and the related supplemental New Drug Application (sNDA) for BXCL501, effectively signaling the company's distressed financial state and a court-supervised sale process. This strategic move to sell off core assets under bankruptcy protection indicates a fundamental loss of value for existing shareholders.
2. Nasdaq Delisting and Transition to Pink Limited Market. As a direct consequence of the Chapter 11 filing, Nasdaq notified BioXcel Therapeutics on August 31, 2026, that its common stock would be delisted. Trading on Nasdaq was scheduled to be suspended at the open of business on September 8, 2026, with shares anticipated to transition to the less liquid OTC Pink Limited Market. This delisting severely impacts the stock's accessibility, transparency, and investor confidence, further contributing to its sharp decline.
3. Severe Liquidity Crisis and Going Concern Warning. BioXcel Therapeutics faced significant financial distress, evidenced by repeated amendments to its loan agreements with Oaktree in June, July, and August 2026, which deferred principal payments and lowered minimum liquidity covenants. In its Q2 fiscal year 2026 financial results, reported on August 12, 2026, for the period ending June 30, 2026, management disclosed "substantial doubt about its ability to continue as a going concern for at least 12 months." The company reported only $13.8 million in cash, cash equivalents, and restricted cash as of June 30, 2026, against a current portion of long-term debt totaling $104.5 million, highlighting a critical liquidity shortfall.
4. Substantial Revenue Miss and Persistent Operating Losses in Fiscal Q2 2026. While BioXcel Therapeutics reported a narrower net loss per share than anticipated for fiscal Q2 2026, with an EPS of -$0.49 against an estimated -$0.56, the company significantly missed revenue expectations. Revenues for the fiscal quarter ended June 30, 2026, were reported at $0.18 million, falling short of the Zacks Consensus Estimate by 46.47%. This substantial revenue miss, coupled with a net loss of $14.7 million for the quarter and $27.4 million for the first half of fiscal year 2026, demonstrated a continued inability to generate sufficient income to cover high operating expenses, eroding investor confidence.
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Stock Movement Drivers
Fundamental Drivers
The -93.7% change in BTAI stock from 5/31/2026 to 9/7/2026 was primarily driven by a -92.6% change in the company's P/S Multiple.| (LTM values as of) | 5312026 | 9072026 | Change |
|---|---|---|---|
| Stock Price ($) | 1.17 | 0.07 | -93.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1 | 1 | 9.1% |
| P/S Multiple | 40.6 | 3.0 | -92.6% |
| Shares Outstanding (Mil) | 24 | 30 | -22.2% |
| Cumulative Contribution | -93.7% |
Market Drivers
5/31/2026 to 9/7/2026| Return | Correlation | |
|---|---|---|
| BTAI | -93.7% | |
| Market (SPY) | 1.8% | 19.5% |
| Sector (XLV) | 14.7% | 11.3% |
Fundamental Drivers
The -95.6% change in BTAI stock from 2/28/2026 to 9/7/2026 was primarily driven by a -90.4% change in the company's P/S Multiple.| (LTM values as of) | 2282026 | 9072026 | Change |
|---|---|---|---|
| Stock Price ($) | 1.67 | 0.07 | -95.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1 | 1 | -1.3% |
| P/S Multiple | 31.5 | 3.0 | -90.4% |
| Shares Outstanding (Mil) | 14 | 30 | -53.1% |
| Cumulative Contribution | -95.6% |
Market Drivers
2/28/2026 to 9/7/2026| Return | Correlation | |
|---|---|---|
| BTAI | -95.6% | |
| Market (SPY) | 12.6% | 27.0% |
| Sector (XLV) | 7.5% | 15.7% |
Fundamental Drivers
The -98.2% change in BTAI stock from 8/31/2025 to 9/7/2026 was primarily driven by a -91.8% change in the company's P/S Multiple.| (LTM values as of) | 8312025 | 9072026 | Change |
|---|---|---|---|
| Stock Price ($) | 4.05 | 0.07 | -98.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1 | 1 | -14.5% |
| P/S Multiple | 36.6 | 3.0 | -91.8% |
| Shares Outstanding (Mil) | 8 | 30 | -74.1% |
| Cumulative Contribution | -98.2% |
Market Drivers
8/31/2025 to 9/7/2026| Return | Correlation | |
|---|---|---|
| BTAI | -98.2% | |
| Market (SPY) | 20.4% | 23.4% |
| Sector (XLV) | 26.4% | 10.9% |
Fundamental Drivers
The -99.9% change in BTAI stock from 8/31/2023 to 9/7/2026 was primarily driven by a -97.2% change in the company's P/S Multiple.| (LTM values as of) | 8312023 | 9072026 | Change |
|---|---|---|---|
| Stock Price ($) | 60.48 | 0.07 | -99.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1 | 1 | -28.5% |
| P/S Multiple | 106.3 | 3.0 | -97.2% |
| Shares Outstanding (Mil) | 2 | 30 | -94.0% |
| Cumulative Contribution | -99.9% |
Market Drivers
8/31/2023 to 9/7/2026| Return | Correlation | |
|---|---|---|
| BTAI | -99.9% | |
| Market (SPY) | 77.1% | 20.1% |
| Sector (XLV) | 34.7% | 17.3% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| BTAI Return | -56% | 6% | -86% | -87% | -73% | -93% | -100% |
| Peers Return | -33% | -7% | 22% | -26% | 34% | 41% | 7% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 13% | 106% |
Monthly Win Rates [3] | |||||||
| BTAI Win Rate | 33% | 58% | 42% | 17% | 25% | 22% | |
| Peers Win Rate | 39% | 48% | 53% | 37% | 58% | 60% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 56% | |
Max Drawdowns [4] | |||||||
| BTAI Max Drawdown | -69% | -60% | -93% | -92% | -87% | -95% | |
| Peers Max Drawdown | -59% | -55% | -54% | -49% | -44% | -31% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: AXSM, ALKS, RXRX, RLAY, SDGR.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 9/4/2026 (YTD)
How Low Can It Go
| Event | BTAI | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -50.4% | -18.8% |
| % Gain to Breakeven | 101.7% | 23.1% |
| Time to Breakeven | 66 days | 79 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -60.4% | -24.5% |
| % Gain to Breakeven | 152.8% | 32.4% |
| Time to Breakeven | 208 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -64.0% | -33.7% |
| % Gain to Breakeven | 178.2% | 50.9% |
| Time to Breakeven | 56 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -68.2% | -19.2% |
| % Gain to Breakeven | 214.9% | 23.8% |
| Time to Breakeven | 42 days | 105 days |
In The Past
BioXcel Therapeutics's stock fell -50.4% during the 2025 US Tariff Shock. Such a loss loss requires a 101.7% gain to breakeven.
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Asset Allocation
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| Event | BTAI | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -50.4% | -18.8% |
| % Gain to Breakeven | 101.7% | 23.1% |
| Time to Breakeven | 66 days | 79 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -60.4% | -24.5% |
| % Gain to Breakeven | 152.8% | 32.4% |
| Time to Breakeven | 208 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -64.0% | -33.7% |
| % Gain to Breakeven | 178.2% | 50.9% |
| Time to Breakeven | 56 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -68.2% | -19.2% |
| % Gain to Breakeven | 214.9% | 23.8% |
| Time to Breakeven | 42 days | 105 days |
In The Past
BioXcel Therapeutics's stock fell -50.4% during the 2025 US Tariff Shock. Such a loss loss requires a 101.7% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About BioXcel Therapeutics (BTAI)
BioXcel Therapeutics, Inc. (BTAI) is a clinical-stage biopharmaceutical company focused on developing innovative medicines by leveraging artificial intelligence (AI). Headquartered in New Haven, Connecticut, the company concentrates its drug development efforts across two critical therapeutic areas: neuroscience and immuno-oncology. Utilizing an AI-driven approach, BioXcel aims to create transformative treatments for various challenging medical conditions within these fields.
The company's primary product candidates include BXCL501 and BXCL701. BXCL501 is a sublingual thin film formulation of dexmedetomidine, an adrenergic receptor agonist, being developed for the acute treatment of agitation associated with neurological and psychiatric disorders. Its second key asset, BXCL701, is an immune activator designed for oncology applications, targeting serious conditions such as prostate and pancreatic cancers, as well as other solid tumors.
BioXcel Therapeutics primarily serves patient populations suffering from neurological and psychiatric disorders requiring agitation management, as well as those battling specific cancers like prostate and pancreatic cancer. Furthermore, the company has established a collaboration with the VA Connecticut Healthcare System and Yale University Medical School, extending its reach to support patients with post-traumatic stress disorder (PTSD) linked to alcohol and substance abuse disorder.
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It's like a specialized Moderna (innovative biotech) that uses AI to develop new medicines for psychiatric disorders and cancer.
Think of it as Google DeepMind (AI leader) but dedicated to discovering and developing new drugs for neuroscience and oncology.
It's like a clinical-stage Biogen (major neuroscience biotech) that also develops cancer drugs, with all its research accelerated by artificial intelligence.
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- BXCL501: A sublingual thin film formulation for treating agitation in neurological and psychiatric disorders.
- BXCL701: An immune activator for the treatment of prostate and pancreatic cancers, and solid tumors.
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BioXcel Therapeutics (BTAI) is a clinical-stage biopharmaceutical company. This means that its drug candidates (BXCL501 and BXCL701) are currently in development and clinical trials, and are not yet approved for commercial sale or widely available on the market.
As such, BioXcel Therapeutics does not currently have major customers from the sale of commercial products, either to other companies or directly to individuals. Its primary activities involve research and development, and conducting clinical trials, often in collaboration with healthcare systems and academic institutions, rather than selling approved products to generate revenue from customers.
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- Aquestive Therapeutics, Inc. (AQST)
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Vimal Mehta, Chief Executive Officer & Founder
Dr. Mehta is a co-founder of BioXcel Corporation in 2006, which pioneered the application of big data analytics and machine learning-based AI for drug development. He then co-founded BioXcel Therapeutics as a spinout in 2017 and led the company's Initial Public Offering (IPO) in 2018. He has successfully built and led innovative drug discovery and development companies, raising approximately $500 million in capital for BioXcel Therapeutics. In 2022, he led strategic financing agreements of $260 million with Oaktree Capital Management, L.P. and Qatar Investment Authority, demonstrating experience with private equity-backed funding. With over two decades of experience in the pharma and biotech industries, he also serves as Chairman and CEO of BioXcel LLC and holds board positions in other companies.
Richard Steinhart, Senior Vice President, Chief Financial Officer and Principal Accounting Officer
Mr. Steinhart brings significant financial and strategic expertise in the biotechnology and medical device sectors. Before joining BioXcel Therapeutics, he was the Vice President and CFO at Remedy Pharmaceuticals, Inc., where he oversaw the sale of its sole asset, CIRARA, to Biogen for $120 million plus earn-outs. His career also includes serving as Senior Vice President, Finance and Chief Financial Officer of MELA Sciences, and holding senior-level positions at venture capital and investment banking firms like CW Group, Inc. and Forest Street Capital/SAE Ventures, indicating a pattern of managing companies involved with private equity/venture capital. He began his career at PriceWaterhouseCoopers and currently sits on the Boards of Directors for Actinium Pharmaceuticals, Inc. and Atossa Therapeutics, Inc.
Frank D. Yocca, Ph.D., Executive Vice President & Chief Scientific Officer
Dr. Yocca is an accomplished R&D executive and scientist with extensive experience in leading global biopharmaceutical companies. He has a wide range of expertise in drug discovery and development in neuroscience, contributing to prominent products such as Buspar®, Serzone®, Abilify®, and Heltioz®. His prior leadership roles include positions at AstraZeneca and Bristol Myers Squibb. Dr. Yocca is a recognized scientific leader in the neuroscience community.
Javier Rodriguez, Senior Vice President, Chief Legal Officer and Corporate Secretary
Mr. Rodriguez is responsible for overseeing legal affairs and corporate governance at BioXcel Therapeutics. He has over 20 years of extensive strategic and legal experience within the biopharmaceutical industry.
Mark Pavao, Acting Chief Commercial Officer
Mr. Pavao joined BioXcel Therapeutics in January 2026 and possesses over 30 years of U.S. and global commercial leadership experience in the biopharma industry. His expertise includes extensive pre-launch planning and on-market commercialization, particularly in CNS and other therapeutic areas. He has contributed to the commercialization of multiple CNS therapies, including Abilify®, Paxil®, Risperdal®, and Nurtec ODT.
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Key Risks to BioXcel Therapeutics (BTAI)
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Regulatory and Clinical Trial Risks for BXCL501/IGALMI
BioXcel Therapeutics faces significant regulatory and clinical trial risks, primarily centered around its lead neuroscience candidate, BXCL501 (marketed as IGALMI). The FDA's investigation into the primary investigator of the TRANQUILITY II study, which evaluated BXCL501 for agitation in Alzheimer's patients, raised concerns about data integrity and led to regulatory scrutiny. While an independent audit suggested the data's reliability, these events have caused delays and uncertainty regarding the timing of potential supplemental new drug application (sNDA) submissions for label expansion of IGALMI for at-home use. There is also a risk that the TRANQUILITY III study might be deemed necessary by the FDA, further pushing back potential approval. The company's ability to obtain and maintain regulatory approvals for all its product candidates, including BXCL501 and BXCL701, remains a critical risk, compounded by limited clinical data for BXCL501's at-home use. -
Financial Health and Funding Challenges
BioXcel Therapeutics operates with a precarious financial position, characterized by significant operating and net losses, and requires substantial additional funding to sustain its operations and meet liquidity requirements. The company has reported limited cash reserves and significant indebtedness, leading to substantial doubt about its ability to continue as a going concern if further financing is not secured. Moreover, there is a risk of delisting from The Nasdaq Capital Market due to non-compliance with market value requirements, which could severely impact stock liquidity and the company's ability to raise capital. High research and development expenses contribute significantly to its negative operating cash flow. -
Commercialization and Market Acceptance Risks
Even with regulatory approval, BioXcel Therapeutics faces substantial challenges in commercializing its drug products, including IGALMI and future product candidates like BXCL501 and BXCL701. The initial sales performance of IGALMI has been described as underwhelming and advancing slowly. The company's projections for market opportunity and the total addressable market for agitation episodes may be overestimated, which could adversely affect revenue generation and the path to profitability. Furthermore, securing market acceptance from physicians and the broader medical community, along with navigating complex reimbursement issues, presents considerable hurdles to successful commercialization. Competition also poses a risk, with existing approved therapies, such as Rexulti for agitation associated with Alzheimer's disease, creating a challenging market landscape.
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BioXcel Therapeutics (NASDAQ: BTAI) is developing treatments for neuroscience and immuno-oncology, with addressable markets primarily in the U.S. for its main product candidates, BXCL501 and BXCL701.
BXCL501 (Agitation in Neurological and Psychiatric Disorders)
BioXcel Therapeutics estimates that the total addressable market for BXCL501 in the at-home setting, for acute treatment of agitation associated with bipolar disorders or schizophrenia, is between 57 million and 77 million annual episodes in the U.S. alone. An updated market opportunity assessment refines this to up to 86 million addressable annual episodes in the United States, based on approximately 2.3 million treated bipolar disorder and schizophrenia patients experiencing frequent at-home agitation episodes. BXCL501 is also under investigation for the acute treatment of agitation associated with Alzheimer's dementia. More than 90% of individuals with Alzheimer's disease experience behavioral and neuropsychiatric symptoms, including agitation.
BXCL701 (Cancers)
BXCL701 is being developed for aggressive forms of prostate cancer, pancreatic cancer, and advanced solid tumors. In the U.S., there are an estimated 288,300 new patients with prostate cancer annually, with approximately 11,532 progressing to small cell neuroendocrine prostate cancer (SCNC). Another estimate indicates that in 2024, approximately 299,010 men will be diagnosed with prostate cancer in the U.S., with about 20% advancing to a more aggressive metastatic form, and SCNC accounting for an estimated 11,960 of these cases. The neuroendocrine prostate cancer market in the U.S. is estimated to be valued at USD 1034.5 million in 2025 and is expected to reach USD 1694.1 million by 2032, growing at a compound annual growth rate (CAGR) of 7.3% from 2025 to 2032.
For pancreatic cancer, approximately 66,440 cases are estimated to be diagnosed in the United States in 2024.
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Expected Drivers of Future Revenue Growth for BioXcel Therapeutics (BTAI)
- Expansion of IGALMI (BXCL501) into the At-Home Setting: A primary driver of future revenue growth is the anticipated commercialization of IGALMI (BXCL501) for the acute treatment of agitation associated with bipolar disorders or schizophrenia in the at-home setting. BioXcel Therapeutics completed its pivotal SERENITY At-Home Phase 3 safety trial and plans to submit a supplemental New Drug Application (sNDA) for this label expansion. Analysts project this market opportunity to be substantial, with estimates of 57 to 77 million agitation episodes annually in the U.S. at home.
- Advancement of BXCL501 for Agitation Associated with Alzheimer's Dementia: Further revenue growth is expected from the development and potential approval of BXCL501 for the acute treatment of agitation associated with Alzheimer's dementia in the care setting. The company is progressing with its TRANQUILITY In-Care Phase 3 trial for this indication, representing another significant market expansion for BXCL501.
- Increased Utilization of IGALMI in Institutional Settings: While focusing on at-home expansion, BioXcel Therapeutics also expects growth from the continued increase in sales activity and utilization of IGALMI in its currently approved institutional setting. For the nine months ending September 30, 2024, net revenue from IGALMI in this setting increased by 89% compared to the same period in 2023, indicating rising adoption.
- Progress of Immuno-Oncology Candidate BXCL701: The advancement of BXCL701, an oral innate immune activator, in immuno-oncology represents a potential long-term revenue driver. BXCL701 is being developed for aggressive forms of prostate cancer, pancreatic cancer, and other solid and liquid tumors, having completed a Phase 1b/2a trial.
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Share Issuance
- In March 2026, BioXcel Therapeutics closed a registered direct offering of 4,500,785 shares of common stock and accompanying warrants, generating approximately $8.0 million in gross proceeds.
- Between July 1, 2025, and September 15, 2025, the company raised $37.3 million through an "at the market offering" of 9,312,892 shares and the exercise of 2,300,000 warrants.
- In February 2024, BioXcel Therapeutics announced a proposed underwritten public offering aiming to raise $60 million through shares of common stock or pre-funded warrants. The company also expected to grant underwriters an option to purchase up to $9 million in additional shares.
Inbound Investments
- An institutional investor participated in the March 2026 registered direct offering, contributing to the approximately $8.0 million in gross proceeds.
- Institutional investors, including Armistice Capital LLC, Millennium Management LLC, and Oaktree Capital Management LP, were among the largest purchasers of BioXcel Therapeutics' stock in the 24 months leading up to March 2026.
Capital Expenditures
- Research and development expenses increased by 24% to $34.4 million in 2024, primarily due to the advancement of its clinical trials.
- Financial inflows from the September 2025 offering were anticipated to cover operating and capital expenditure needs until the first quarter of 2026.
- The net proceeds from the $60 million proposed public offering in February 2024 were intended to fund ongoing and planned clinical trials, commercialization, and general corporate purposes.
Peer Outperformance in Pharmaceuticals
| Ticker | Name | Rev Growth 3Y Avg | P/E | 1Y | 3Y | 5Y | 5Y Gap |
|---|---|---|---|---|---|---|---|
| BTAI | BioXcel Therapeutics | 17.7% | -0.0x | -98.1% | -99.9% | -100.0% | — |
| PTCT | PTC Therapeutics | 21.0% | -149.9x | 21.0% | 69.1% | 63.1% | +163pp |
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Health Care Distributors | 7 | 14.0% | 91.0% | 127.8% | CAH 415% · MCK 351% · COR 181% |
| Managed Health Care | 8 | 32.5% | -1.2% | 5.5% | OSCR 95% · HQY 52% · ELV 18% |
| Health Care Services | 20 | 19.7% | 52.7% | -0.3% | HIMS 225% · RDNT 145% · DGX 65% |
| Health Care Facilities | 24 | -1.0% | 3.9% | -16.3% | THC 253% · NHC 251% · ENSG 113% |
| Health Care Equipment | 50 | -4.5% | -2.6% | -24.5% | POCI 10775% · UFPT 344% · GKOS 209% |
| Pharmaceuticals ← | 63 | -1.5% | 3.3% | -33.4% | LQDA 2415% · INDV 1137% · ETON 1074% |
| Health Care Supplies | 12 | 27.9% | -10.8% | -36.2% | LNTH 286% · HAE 63% · MMSI 24% |
| Life Sciences Tools & Services | 109 | 1.6% | -27.6% | -71.6% | SNWV 1688% · MEDP 208% · NTRA 176% |
| Health Care Technology | 19 | -24.6% | -51.7% | -78.5% | SPOK 71% · HSTM -1% · VEEV -10% |
| Biotechnology | 362 | 4.7% | -23.7% | -78.8% | BRTX 73900% · DNTH 1602% · CELZ 1486% |
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| BioXcel Therapeutics Earnings Notes | 12/16/2025 | |
| Is BioXcel Therapeutics Stock Built to Withstand More Downside? | 10/17/2025 |
| Title | |
|---|---|
| ARTICLES |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 19.56 |
| Mkt Cap | 2.9 |
| Rev LTM | 156 |
| Op Inc LTM | -168 |
| FCF LTM | -101 |
| FCF 3Y Avg | -110 |
| CFO LTM | -99 |
| CFO 3Y Avg | -106 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 9.8% |
| Rev Chg 3Y Avg | 14.0% |
| Rev Chg Q | 17.3% |
| QoQ Delta Rev Chg LTM | 4.2% |
| Op Inc Chg LTM | 11.5% |
| Op Inc Chg 3Y Avg | -4.1% |
| Op Mgn LTM | -533.9% |
| Op Mgn 3Y Avg | -512.0% |
| QoQ Delta Op Mgn LTM | -1.1% |
| CFO/Rev LTM | -349.4% |
| CFO/Rev 3Y Avg | -342.1% |
| FCF/Rev LTM | -353.5% |
| FCF/Rev 3Y Avg | -353.0% |
FDA Approved Drugs Data
Expand for More| Post-Approval Fwd Returns | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| FDA App # | Brand Name | Generic Name | Dosage Form | FDA Approval | 3M Rtn | 6M Rtn | 1Y Rtn | 2Y Rtn | Total Rtn |
| NDA215390 | IGALMI | dexmedetomidine hydrochloride | film | 4052022 | -26.4% | -37.3% | -14.2% | -86.5% | -100.0% |
| Post-Approval Fwd Returns | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| FDA App # | Brand Name | Generic Name | Dosage Form | FDA Approval | 3M Rtn | 6M Rtn | 1Y Rtn | 2Y Rtn | Total Rtn |
| NDA215390 | IGALMI | dexmedetomidine hydrochloride | film | 4052022 | -26.4% | -37.3% | -14.2% | -86.5% | -100.0% |
Price Behavior
| Market Price | $0.07 | |
| Market Cap ($ Bil) | 0.0 | |
| First Trading Date | 03/08/2018 | |
| Distance from 52W High | -98.3% | |
| 50 Days | 200 Days | |
| DMA Price | $0.90 | $1.36 |
| DMA Trend | down | down |
| Distance from DMA | -91.8% | -94.5% |
| 3M | 1YR | |
| Volatility | 207.8% | 127.0% |
| Downside Capture | 1540.29 | 643.68 |
| Upside Capture | 48.88 | 57.61 |
| Correlation (SPY) | 15.8% | 23.2% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 8.69 | 3.46 | 2.43 | 2.79 | 2.19 | 1.85 |
| Up Beta | -1.46 | -1.74 | 0.05 | 1.86 | 2.47 | 2.47 |
| Down Beta | 1.88 | -5.40 | -1.52 | 0.55 | 0.80 | 0.97 |
| Up Capture | 599% | 129% | 169% | 179% | 59% | 26% |
| Bmk +ve Days | 10 | 21 | 32 | 68 | 138 | 427 |
| Stock +ve Days | 11 | 19 | 32 | 52 | 106 | 317 |
| Down Capture | 2340% | 943% | 502% | 310% | 199% | 113% |
| Bmk -ve Days | 11 | 21 | 32 | 59 | 113 | 324 |
| Stock -ve Days | 10 | 23 | 30 | 70 | 136 | 407 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with BTAI | |
|---|---|---|---|---|
| BTAI | -98.0% | 127.4% | -2.13 | - |
| Sector ETF (XLV) | 26.5% | 16.0% | 1.28 | 10.8% |
| Equity (SPY) | 19.7% | 12.8% | 1.13 | 23.6% |
| Gold (GLD) | 24.6% | 29.2% | 0.75 | 17.0% |
| Commodities (DBC) | 43.8% | 20.3% | 1.67 | -7.4% |
| Real Estate (VNQ) | 9.1% | 13.6% | 0.39 | 20.9% |
| Bitcoin (BTCUSD) | -28.1% | 43.8% | -0.63 | 17.6% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with BTAI | |
|---|---|---|---|---|
| BTAI | -82.5% | 129.5% | -0.67 | - |
| Sector ETF (XLV) | 6.6% | 15.1% | 0.25 | 18.6% |
| Equity (SPY) | 12.8% | 17.2% | 0.57 | 23.5% |
| Gold (GLD) | 19.1% | 18.8% | 0.82 | 7.9% |
| Commodities (DBC) | 10.7% | 19.5% | 0.43 | 0.1% |
| Real Estate (VNQ) | 1.7% | 18.9% | -0.01 | 19.4% |
| Bitcoin (BTCUSD) | 10.2% | 52.6% | 0.38 | 16.6% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with BTAI | |
|---|---|---|---|---|
| BTAI | -54.0% | 121.7% | -0.15 | - |
| Sector ETF (XLV) | 10.8% | 16.7% | 0.53 | 20.1% |
| Equity (SPY) | 15.3% | 17.9% | 0.72 | 24.0% |
| Gold (GLD) | 12.4% | 16.3% | 0.62 | 8.7% |
| Commodities (DBC) | 7.9% | 18.1% | 0.35 | 5.0% |
| Real Estate (VNQ) | 4.8% | 20.7% | 0.19 | 20.3% |
| Bitcoin (BTCUSD) | 63.7% | 66.2% | 1.03 | 10.9% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 9/1/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 5/15/2026 | -5.8% | -5.8% | -4.1% |
| 3/27/2026 | -8.0% | -13.9% | -20.4% |
| 11/12/2025 | -15.3% | -8.9% | -0.5% |
| 8/12/2025 | 6.2% | -11.4% | -45.0% |
| 5/12/2025 | -3.3% | -5.2% | 30.1% |
| 3/27/2025 | -8.2% | -21.2% | -15.2% |
| 11/14/2024 | -15.9% | -5.0% | -33.4% |
| 8/6/2024 | 4.3% | -28.5% | -34.8% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 7 | 4 | 4 |
| # Negative | 16 | 19 | 19 |
| Median Positive | 6.2% | 11.1% | 27.0% |
| Median Negative | -7.8% | -11.4% | -20.7% |
| Max Positive | 29.3% | 34.5% | 49.2% |
| Max Negative | -41.5% | -41.5% | -54.9% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 5/15/2026 | -5.8% | -5.8% | -4.1% |
| 3/27/2026 | -8.0% | -13.9% | -20.4% |
| 11/12/2025 | -15.3% | -8.9% | -0.5% |
| 8/12/2025 | 6.2% | -11.4% | -45.0% |
| 5/12/2025 | -3.3% | -5.2% | 30.1% |
| 3/27/2025 | -8.2% | -21.2% | -15.2% |
| 11/14/2024 | -15.9% | -5.0% | -33.4% |
| 8/6/2024 | 4.3% | -28.5% | -34.8% |
| 5/9/2024 | 8.7% | -2.8% | -33.3% |
| 3/12/2024 | -4.5% | -5.5% | -9.3% |
| 11/14/2023 | -23.4% | -30.5% | -41.9% |
| 8/14/2023 | -41.5% | -41.5% | -54.9% |
| 5/8/2023 | 13.6% | 18.6% | -11.1% |
| 3/9/2023 | -13.4% | -30.9% | -39.1% |
| 11/10/2022 | 29.3% | 34.5% | 49.2% |
| 8/9/2022 | -7.6% | -8.2% | -13.1% |
| 5/9/2022 | -9.6% | -6.5% | -8.3% |
| 3/10/2022 | -4.1% | -14.3% | -6.7% |
| 11/10/2021 | 1.2% | -18.3% | -34.6% |
| 8/10/2021 | -0.2% | -4.6% | 15.5% |
| 5/10/2021 | -0.4% | 3.1% | 23.9% |
| 3/11/2021 | 4.3% | 3.6% | -20.7% |
| 11/12/2020 | -2.7% | -12.7% | -23.8% |
| SUMMARY STATS | |||
| # Positive | 7 | 4 | 4 |
| # Negative | 16 | 19 | 19 |
| Median Positive | 6.2% | 11.1% | 27.0% |
| Median Negative | -7.8% | -11.4% | -20.7% |
| Max Positive | 29.3% | 34.5% | 49.2% |
| Max Negative | -41.5% | -41.5% | -54.9% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/13/2026 | 10-Q |
| 03/31/2026 | 05/15/2026 | 10-Q |
| 12/31/2025 | 03/27/2026 | 10-K |
| 09/30/2025 | 11/12/2025 | 10-Q |
| 06/30/2025 | 08/12/2025 | 10-Q |
| 03/31/2025 | 05/12/2025 | 10-Q |
| 12/31/2024 | 03/28/2025 | 10-K |
| 09/30/2024 | 11/14/2024 | 10-Q |
| 06/30/2024 | 08/06/2024 | 10-Q |
| 03/31/2024 | 05/09/2024 | 10-Q |
| 12/31/2023 | 03/22/2024 | 10-K |
| 09/30/2023 | 11/14/2023 | 10-Q |
| 06/30/2023 | 08/14/2023 | 10-Q |
| 03/31/2023 | 05/09/2023 | 10-Q |
| 12/31/2022 | 03/16/2023 | 10-K |
| 09/30/2022 | 11/14/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/13/2026 | 10-Q |
| 03/31/2026 | 05/15/2026 | 10-Q |
| 12/31/2025 | 03/27/2026 | 10-K |
| 09/30/2025 | 11/12/2025 | 10-Q |
| 06/30/2025 | 08/12/2025 | 10-Q |
| 03/31/2025 | 05/12/2025 | 10-Q |
| 12/31/2024 | 03/28/2025 | 10-K |
| 09/30/2024 | 11/14/2024 | 10-Q |
| 06/30/2024 | 08/06/2024 | 10-Q |
| 03/31/2024 | 05/09/2024 | 10-Q |
| 12/31/2023 | 03/22/2024 | 10-K |
| 09/30/2023 | 11/14/2023 | 10-Q |
| 06/30/2023 | 08/14/2023 | 10-Q |
| 03/31/2023 | 05/09/2023 | 10-Q |
| 12/31/2022 | 03/16/2023 | 10-K |
| 09/30/2022 | 11/14/2022 | 10-Q |
| 06/30/2022 | 08/11/2022 | 10-Q |
| 03/31/2022 | 05/09/2022 | 10-Q |
| 12/31/2021 | 03/11/2022 | 10-K |
| 09/30/2021 | 11/10/2021 | 10-Q |
| 06/30/2021 | 08/10/2021 | 10-Q |
| 03/31/2021 | 05/10/2021 | 10-Q |
| 12/31/2020 | 03/12/2021 | 10-K |
| 09/30/2020 | 11/12/2020 | 10-Q |
| 06/30/2020 | 08/14/2020 | 10-Q |
| 03/31/2020 | 05/12/2020 | 10-Q |
| 12/31/2019 | 03/09/2020 | 10-K |
| 09/30/2019 | 11/14/2019 | 10-Q |
Recent Forward Guidance
Updated 7/27/2026Latest: Q1 2026 Earnings Reported 5/15/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 PDUFA target action date | Reported | |||||||
Prior: Q4 2025 Earnings Reported 3/27/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Addressable Annual Episodes | Reported | 86.00 Mil | ||||||
Insider Activity
Updated 6/17/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Yocca, Frank | Chief Scientific Officer | Direct | Sell | 5222026 | 1.08 | 6,845 | 7,427 | 28,400 | Form |
| 2 | Rodriguez, Javier | See Remarks | Direct | Sell | 5222026 | 1.08 | 6,560 | 7,111 | 29,054 | Form |
| 3 | Steinhart, Richard I | Chief Financial Officer | Direct | Sell | 5222026 | 1.08 | 6,845 | 7,427 | 28,536 | Form |
| 4 | Mehta, Vimal | CEO and President | Direct | Sell | 5222026 | 1.09 | 19,419 | 21,108 | 75,653 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Yocca, Frank | Chief Scientific Officer | Direct | Sell | 5222026 | 1.08 | 6,845 | 7,427 | 28,400 | Form |
| 2 | Rodriguez, Javier | See Remarks | Direct | Sell | 5222026 | 1.08 | 6,560 | 7,111 | 29,054 | Form |
| 3 | Steinhart, Richard I | Chief Financial Officer | Direct | Sell | 5222026 | 1.08 | 6,845 | 7,427 | 28,536 | Form |
| 4 | Mehta, Vimal | CEO and President | Direct | Sell | 5222026 | 1.09 | 19,419 | 21,108 | 75,653 | Form |
Industry Resources
| Health Care Resources |
| U.S. National Library of Medicine |
| ClinicalTrials.gov |
| Modern Healthcare |
| Healthcare Dive |
| Fierce Healthcare |
| Health Affairs |
| Health Data Management |
| FDA Tracker |
| Pharmaceuticals Resources |
| Fierce Pharma |
| Pharm Exec |
| Endpoints News |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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