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Bioxcel Therapeutics
(NASDAQ:BTAI)
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Rating:39Underperform
Price Target:
$0.07
▼(-90.68% Downside)
Action:Reiterated
Date:09/06/26
The score is driven primarily by very weak financial fundamentals (large losses, heavy cash burn, and negative equity) and major restructuring risk from the Chapter 11 process and Nasdaq delisting. Technical indicators reinforce the downside trend, while valuation metrics provide no meaningful support due to negative earnings and no dividend.
Positive Factors
Commercial product and AI-enabled pipeline
BioXcel has a commercial foundation in IGALMI alongside an AI-enabled discovery platform and additional clinical-stage candidates. This combination provides an established product base and potential for future indication expansion or pipeline-led growth, although development outcomes remain uncertain.
Negative Factors
Chapter 11 restructuring and delisting
Chapter 11 places the business under court supervision and makes the outcome dependent on restructuring and sale proceedings. Nasdaq delisting also reduces market access and liquidity, while the restructuring framework materially increases uncertainty over operating continuity and recoveries for common shareholders.
Read all positive and negative factors
Positive Factors
Negative Factors
Commercial product and AI-enabled pipeline
BioXcel has a commercial foundation in IGALMI alongside an AI-enabled discovery platform and additional clinical-stage candidates. This combination provides an established product base and potential for future indication expansion or pipeline-led growth, although development outcomes remain uncertain.
Read all positive factors
Bioxcel Therapeutics (BTAI) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$2.31M
Dividend YieldN/A
Average Volume (3M)11.67M
Price to Earnings (P/E)―
Beta (1Y)2.43
Revenue Growth-14.52%
EPS Growth66.63%
CountryUS
Employees29
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)-5.46
Shares Outstanding31,305,498
10 Day Avg. Volume33,270,094
30 Day Avg. Volume11,667,868
Financial Highlights & Ratios
PEG Ratio<0.01
Price to Book (P/B)-0.20
Price to Sales (P/S)30.42
P/FCF Ratio-0.34
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda>-0.01
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)-2.62
Revenue Forecast (FY)$2.03M
Bioxcel Therapeutics Business Overview & Revenue Model
Company Description
BioXcel Therapeutics, Inc. is a biopharmaceutical firm that has reached the commercial phase, distinguishing itself by leveraging artificial intelligence to advance the creation of transformative therapies in the fields of neuroscience and immuno-...
How the Company Makes Money
BioXcel Therapeutics primarily seeks to generate revenue from (1) product sales of IGALMI in the United States and (2) collaboration-related income when applicable. Product revenue is earned by selling IGALMI for its FDA-approved indication; the c...
Bioxcel Therapeutics Earnings Call Summary
Earnings Call Date:Nov 14, 2024
(Q3-2024)
| % Change Since: |
Next Earnings Date:Nov 18, 2026
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.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.
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.
Read all updates
Q3-2024 Updates
Positive
Negative
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.
Read all positive updates
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 Financial Statement Overview
Summary
Income Statement
12
Very Negative
Balance Sheet
9
Very Negative
Cash Flow
14
Very Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 742.00K | 642.00K | 2.27M | 1.38M | 375.00K | 0.00 |
| Gross Profit | 336.00K | 478.00K | 123.00K | 120.00K | 355.00K | 0.00 |
| EBITDA | -53.41M | -52.61M | -44.16M | -165.42M | -157.22M | -106.59M |
| Net Income | -70.86M | -69.90M | -59.60M | -179.05M | -165.76M | -106.93M |
Balance Sheet | ||||||
| Total Assets | 28.80M | 44.92M | 38.34M | 73.70M | 205.85M | 239.44M |
| Cash, Cash Equivalents and Short-Term Investments | 12.84M | 28.41M | 29.85M | 65.22M | 193.72M | 232.97M |
| Total Debt | 104.45M | 109.66M | 102.95M | 101.38M | 94.16M | 1.40M |
| Total Liabilities | 144.26M | 140.38M | 131.44M | 130.21M | 129.08M | 17.77M |
| Stockholders Equity | -115.46M | -95.46M | -93.10M | -56.51M | 76.78M | 221.67M |
Cash Flow | ||||||
| Free Cash Flow | -50.90M | -57.62M | -72.03M | -155.03M | -135.48M | -82.60M |
| Operating Cash Flow | -50.90M | -57.62M | -72.03M | -155.01M | -135.34M | -82.15M |
| Investing Cash Flow | 0.00 | 0.00 | 0.00 | -20.00K | -139.00K | -445.00K |
| Financing Cash Flow | 46.13M | 56.52M | 36.66M | 26.52M | 96.24M | 102.45M |
Bioxcel Therapeutics Technical Analysis
Negative
0.74
Price Trends
0.84
Negative
1.00
Negative
1.34
Negative
Market Momentum
-0.22
Positive
20.14
Positive
0.95
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 0.74 is above the 20-day moving average (MA) of 0.66, below the 50-day MA of 0.84, and below the 200-day MA of 1.34, indicating a bearish trend. The MACD of -0.22 indicates Positive momentum. The RSI at 20.14 is Positive, neither overbought nor oversold. The STOCH value of 0.95 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 86 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
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
52 Neutral | $32.38M | 2.86 | 83.42% | ― | ― | ― | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
47 Neutral | $382.07M | -2.03 | -52.76% | ― | -100.00% | -219.52% | |
45 Neutral | $59.22M | -0.78 | -685.96% | ― | ― | 11.96% | |
43 Neutral | $2.20M | -0.07 | 89.25% | ― | -22.73% | 77.77% | |
39 Underperform | $2.31M | -0.01 | 69.92% | ― | -14.52% | 66.63% |
* Healthcare Sector Average
BTAI
Bioxcel Therapeutics
0.07
-4.16
-98.27%
ATNM
Actinium Pharmaceuticals
1.03
-0.57
-35.63%
ANVS
Annovis Bio
1.39
-0.96
-40.85%
BCAB
BioAtla
1.32
-29.24
-95.68%
IPSC
Century Therapeutics
2.11
1.60
313.73%
Bioxcel Therapeutics Corporate Events
Delistings and Listing ChangesLegal ProceedingsPrivate Placements and Financing
BioXcel Secures DIP Financing Amid Nasdaq Delisting Move
Negative
Sep 1, 2026
On August 27, 2026, BioXcel Therapeutics and its subsidiaries filed for Chapter 11 bankruptcy in Delaware, and on August 31, 2026, the company secured a super-priority debtor-in-possession credit facility of up to $77.25 million from affiliates of...
Business Operations and StrategyExecutive/Board ChangesLegal ProceedingsM&A TransactionsPrivate Placements and Financing
BioXcel Therapeutics Initiates Chapter 11 and Sale Process
Negative
Aug 28, 2026
On August 27, 2026, BioXcel Therapeutics and two subsidiaries filed voluntary Chapter 11 petitions in the U.S. Bankruptcy Court for the District of Delaware and will continue operating as debtors-in-possession while seeking first-day relief and de...
Business Operations and StrategyPrivate Placements and Financing
BioXcel Therapeutics Amends Credit Agreement Amid Liquidity Strain
Negative
Aug 25, 2026
On August 24, 2026, BioXcel Therapeutics entered into a Fourteenth Amendment to its existing credit agreement with lenders administered by Oaktree Fund Administration LLC, securing an additional $1.25 million in term loans that carry the same econ...
Business Operations and StrategyPrivate Placements and Financing
BioXcel Therapeutics Amends Credit Agreement, Extends Financing Deadline
Negative
Aug 24, 2026
On August 21, 2026, BioXcel Therapeutics entered into a Thirteenth Amendment to its existing Credit Agreement and Guaranty with Oaktree Fund Administration and other lenders. The amendment extends to August 28, 2026 the deadline for BioXcel to sec...
Business Operations and StrategyPrivate Placements and FinancingRegulatory Filings and Compliance
BioXcel Therapeutics Amends Credit Agreement, Eases Liquidity Terms
Negative
Aug 11, 2026
On August 10, 2026, BioXcel Therapeutics entered into a Twelfth Amendment to its existing credit and guaranty agreements with lenders led by Oaktree Fund Administration LLC. The amendment extends to August 21, 2026 the deadline for BioXcel to sign...
Business Operations and StrategyPrivate Placements and Financing
BioXcel Therapeutics Amends Credit Agreement, Extends Debt Deadline
Negative
Aug 3, 2026
On July 31, 2026, BioXcel Therapeutics entered into an eleventh amendment to its 2022 credit agreement with lenders led by Oaktree Fund Administration, securing a further deferral of a principal payment originally due June 30, 2026 to August 31, 2...
Business Operations and StrategyFinancial DisclosuresPrivate Placements and Financing
BioXcel Therapeutics Amends Credit Agreement, Tightens Liquidity
Negative
Jul 6, 2026
On July 3, 2026, BioXcel Therapeutics entered into a tenth amendment to its 2022 credit agreement, allowing payment-in-kind of all accrued interest through June 30, 2026 and deferring a June 30 principal payment to July 31, 2026, when about $9.0 m...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
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.