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Bioxcel Therapeutics (BTAI)
:BTAI
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Bioxcel Therapeutics
(NASDAQ:BTAI)
37Underperform
Positive Factors
Clinical Trials
The initiation of the Phase 3 SERENITY At-Home study for Igalmi is seen as a positive development, potentially driving increased revenue.
FDA Approval
The FDA feedback is seen as a plus, with the company advancing the BXCL501 trial readouts as key sentiment drivers.
Financial Management
Bioxcel Therapeutics has successfully renegotiated its credit agreement, which helps address the company's cash concerns.
Negative Factors
Equity Dilution
Equity dilution appears substantial, leading to a lowered price target.
Financial Performance
Sales reported were roughly $214K, well below the $1.2M that was previously forecasted.
Financial Risks
The company's financial situation is a major concern due to limited cash and the need to raise additional funds to meet debt covenants.
Bioxcel Therapeutics (BTAI) vs. S&P 500 (SPY)
Market Cap
$8.78M
Dividend YieldN/A
Average Volume (3M)102.71K
Price to Earnings (P/E)―
Beta (1Y)1.18
Revenue Growth64.20%
EPS Growth73.71%
CountryUS
Employees37
SectorHealthcare
Sector Strength41
IndustryBiotechnology
Share Statistics
EPS (TTM)-1.50
Shares Outstanding6,056,046
10 Day Avg. Volume124,880
30 Day Avg. Volume102,711
Financial Highlights & Ratios
PEG Ratio0.02
Price to Book (P/B)-0.08
Price to Sales (P/S)0.00
P/FCF Ratio-0.13
Enterprise Value/Market Cap9.49
Enterprise Value/Revenue9.47
Enterprise Value/Gross Profit-219.20
Enterprise Value/Ebitda-0.37
Forecast
1Y Price Target
$65.00Price Target Upside4382.76% Upside
Rating ConsensusHold
Number of Analyst Covering2
Bioxcel Therapeutics Business Overview & Revenue Model
Company DescriptionBioxcel Therapeutics, Inc. (BTAI) is a biopharmaceutical company that leverages artificial intelligence to develop transformative medicines in neuroscience and immuno-oncology. The company is focused on discovering, developing, and commercializing innovative therapies through its proprietary AI platform designed to identify new therapeutic opportunities. Their core areas include treatments for acute agitation in patients with neuropsychiatric disorders and therapies targeting rare forms of cancer.
How the Company Makes MoneyBioxcel Therapeutics generates revenue primarily through the commercialization of its drug candidates, once they receive regulatory approval. The company's revenue streams include direct sales of approved therapies and potential milestone payments and royalties from licensing agreements or partnerships with other pharmaceutical companies. Their revenue model is heavily reliant on the successful development and commercialization of their drug pipeline, and they may also engage in collaborations that provide funding for research and development in exchange for potential future revenue sharing. Additionally, strategic partnerships with larger pharmaceutical firms can provide upfront payments or cost-sharing arrangements that contribute to their earnings, although specific details of such partnerships are not publicly detailed.
Bioxcel Therapeutics Financial Statement Overview
Summary
Bioxcel Therapeutics faces significant financial challenges, with ongoing losses and negative cash flows. While revenue has grown, profitability and financial stability are critical areas of concern, compounded by high debt levels and negative equity. The company needs to address these issues to improve long-term viability.Income Statement
Bioxcel Therapeutics has shown some improvement in revenue, increasing from $1.38 million in 2023 to $2.27 million in 2024. However, the company remains unprofitable, with a significant net loss of $59.6 million in 2024. The EBIT and EBITDA margins are negative, indicating operational challenges. Despite revenue growth, profitability remains a key concern.30
Negative
Balance Sheet
The company's balance sheet reveals high leverage, with total debt of $102.6 million and negative stockholders' equity of $93.1 million in 2024. This results in a negative equity ratio, indicating financial instability. The debt-to-equity ratio is undefined due to negative equity, posing a risk to financial health.25
Negative
Cash Flow
Operating cash flow remains negative at $72 million in 2024, though improved from 2023. Free cash flow is similarly negative, reflecting the company's ongoing cash burn. The operating cash flow to net income ratio is challenging due to negative income, which could impact liquidity if the trend continues.35
Negative
| Breakdown | |||||
| TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|
| Income Statement | Total Revenue | ||||
| 1.85M | 2.27M | 1.38M | 375.00K | 0.00 | 0.00 | Gross Profit |
| -380.00K | 123.00K | 120.00K | 355.00K | -297.00K | -188.00K | EBIT |
| -51.94M | -67.25M | -171.78M | -159.65M | -106.94M | -82.30M | EBITDA |
| -31.15M | -44.16M | -165.42M | -157.38M | -107.00M | -81.98M | Net Income Common Stockholders |
| -40.06M | -59.60M | -179.05M | -171.85M | -106.63M | -82.01M |
| Balance Sheet | Cash, Cash Equivalents and Short-Term Investments | ||||
| 65.22M | 29.85M | 65.22M | 193.72M | 232.97M | 213.12M | Total Assets |
| 73.70M | 38.34M | 73.70M | 205.85M | 239.44M | 219.94M | Total Debt |
| 101.38M | 102.95M | 101.38M | 94.16M | 1.40M | 1.64M | Net Debt |
| 36.16M | 73.09M | 36.16M | -99.57M | -231.57M | -211.48M | Total Liabilities |
| 130.21M | 131.44M | 130.21M | 129.08M | 17.77M | 13.24M | Stockholders Equity |
| -56.51M | -93.10M | -56.51M | 76.78M | 221.67M | 206.70M |
| Cash Flow | Free Cash Flow | ||||
| -66.36M | -72.03M | -155.03M | -135.48M | -82.60M | -66.67M | Operating Cash Flow |
| -66.36M | -72.03M | -155.01M | -135.34M | -82.15M | -66.35M | Investing Cash Flow |
| 0.00 | 0.00 | -20.00K | -139.00K | -445.00K | -316.00K | Financing Cash Flow |
| 23.24M | 36.66M | 26.52M | 96.24M | 102.45M | 247.36M |
Bioxcel Therapeutics Technical Analysis
Negative
1.45
Price Trends
1.93
Negative
3.21
Negative
6.42
Negative
Market Momentum
-0.15
Positive
37.51
Neutral
19.85
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For BTAI, the sentiment is Negative. The current price of 1.45 is below the 20-day moving average (MA) of 1.66, below the 50-day MA of 1.93, and below the 200-day MA of 6.42, indicating a bearish trend. The MACD of -0.15 indicates Positive momentum. The RSI at 37.51 is Neutral, neither overbought nor oversold. The STOCH value of 19.85 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for BTAI.
Bioxcel Therapeutics Risk Analysis
Bioxcel Therapeutics disclosed 85 risk factors in its most recent earnings report. Bioxcel Therapeutics reported the most risks in the “Tech & Innovation” category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Bioxcel Therapeutics Peers Comparison
Overall Rating
UnderperformOutperform
Sector (52)
Financial Indicators
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
52 Neutral | $5.15B | 3.02 | -44.64% | 2.83% | 16.44% | -0.47% | |
41 Neutral | $15.30M | ― | -160.26% | ― | ― | 19.21% | |
38 Underperform | $8.73M | ― | -60.06% | ― | ― | 8.99% | |
37 Underperform | $8.78M | ― | 82.91% | ― | 64.20% | 73.71% | |
36 Underperform | $10.62M | ― | -110.70% | ― | ― | 18.61% | |
33 Underperform | $19.00M | ― | -105.79% | ― | -82.54% | -12.53% | |
28 Underperform | $6.62M | ― | -576.08% | ― | ― | -404.67% |
* Healthcare Sector Average
Performance Comparison
BTAI
Bioxcel Therapeutics
1.45
-32.15
-95.68%
TRAW
Traws Pharma
1.19
-14.80
-92.56%
RLMD
Relmada Therapeutics
0.46
-2.78
-85.80%
CTXR
Citius Pharmaceuticals
0.85
-15.64
-94.85%
HOOK
Hookipa Pharma
1.56
-7.03
-81.84%
ATHA
Athira Pharma
0.27
-2.25
-89.29%
Bioxcel Therapeutics Earnings Call Summary
Earnings Call Date:May 12, 2025
(Q3-2024)
| % Change Since: -5.23%|
Next Earnings Date:Aug 12, 2025
Earnings Call Sentiment Neutral
The earnings call highlighted progress in clinical trials and significant financial improvements, such as reduced net loss and increased revenue over the nine-month period. However, challenges remain with decreased quarterly revenue, increased costs, and uncertainties regarding cash runway and financing.Q3-2024 Updates
Positive Updates
Phase III Trials Progress
BioXcel announced milestones with two pivotal Phase III trials for BXCL501, targeting agitation in bipolar disorder, schizophrenia, and Alzheimer's dementia.
Significant Reduction in Net Loss
Net loss decreased to $13.7 million in Q3 2024 from $50.5 million in Q3 2023, indicating improved financial management.
Substantial Increase in Net Revenue Over Nine Months
Net revenue for the first nine months of 2024 was $1.9 million, an 89% increase from $1 million in the same period in 2023.
Reduction in Operating Expenses
Research and development expenses decreased from $19.6 million in Q3 2023 to $5.1 million in Q3 2024, while selling, general, and administrative expenses decreased from $24.3 million to $7.7 million.
Department of Defense Grant
A Phase IIa efficacy and safety study of BXCL501 for acute stress disorder received funding from a Department of Defense grant.
Negative Updates
Decrease in Quarterly Revenue
Net revenue from IGALMI decreased to $214,000 in Q3 2024 from $341,000 in Q3 2023, primarily due to the timing of reorders.
Increased Cost of Goods Sold
Cost of goods sold increased to $1.2 million in Q3 2024 from $512,000 in Q3 2023, due to higher noncash charges for excess or obsolete inventory.
Cash Runway and Financing Uncertainty
There is ongoing concern about the sufficiency of current cash reserves and the need for strategic financing alternatives to reach trial completion.
Company Guidance
During the recent BioXcel Therapeutics Q3 2024 earnings call, the company provided guidance on its ongoing clinical trials and financial performance. Vimal Mehta, CEO, highlighted the advancement of two pivotal Phase III trials for BXCL501, targeting agitation associated with bipolar disorder, schizophrenia in the home setting, and Alzheimer's dementia. The SERENITY At-Home trial aims for a 9 to 12-month duration with 26 active sites enrolling 200 patients. Financially, the company reported $214,000 in net revenue from IGALMI, marking a decline from $341,000 in Q3 2023, but a 89% year-over-year increase in net revenue for the nine months ended September 30, 2024. Operating expenses saw a reduction, with research and development expenses at $5.1 million, down from $19.6 million the previous year, and selling, general, and administrative expenses reduced to $7.7 million from $24.3 million. The company recorded a net loss of $13.7 million, significantly improved from $50.5 million in Q3 2023, and ended the quarter with $40.4 million in cash and cash equivalents. BioXcel is focused on strengthening its balance sheet and exploring strategic financing alternatives to support its trials through to data readout.Bioxcel Therapeutics Corporate Events
Executive/Board Changes
Bioxcel Therapeutics Appoints Dr. Rajiv Patni to Board
Positive
Jan 16, 2025
On January 15, 2025, BioXcel Therapeutics increased its Board of Directors from seven to eight members by appointing Dr. Rajiv Patni as a Class II director. Dr. Patni brings extensive experience in global product development within the biopharmaceutical sector and is expected to contribute significant value to the company’s strategic direction.
Glossary
OutperformA stock rated as "Outperform" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock is likely to deliver higher returns compared to the average returns of other stocks in the same sector or market index. Investors might consider this stock a good buying opportunity.
NeutralA stock rated as "Neutral" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly attractive nor unattractive for investment. Investors may consider holding onto the stock, as it is not expected to either significantly outperform or underperform the market.
UnderperformA stock rated as "Underperform" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock may deliver lower returns compared to the average returns of other stocks in the same sector or market index. Investors might consider selling the stock or avoiding it as an investment.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.