BioXcel Therapeutics terminates proposed public offering of common stock

BioXcel Therapeutics “announced that it has terminated its proposed public offering of $60.0 million of shares of its common stock or, in lieu of common stock to certain investors, pre-funded warrants to purchase shares of its common stock, previously announced on February 8, 2024. As a result of such termination, no securities of the Company are being sold pursuant to the offering. The termination results from an assessment by the Company’s management that current market conditions are not conducive for an offering on terms that would be in the best interests of the Company’s stockholders. In addition, the Company intends to focus on its upcoming meeting with the FDA on February 20, 2024 for its Phase 3 TRANQUILITY At Home trial. The trial will evaluate BXCL501 as a potential acute treatment of agitation associated with dementia due to probable Alzheimer’s disease in the at-home setting. The data readout from this trial is expected in Q1 2025.”