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Bioxcel Therapeutics ( (BTAI) ) has provided an announcement.
BioXcel Therapeutics, Inc. is set to reduce its workforce by 15 employees, a 28% cut, to focus its resources on developing its leading neuroscience drug, BXCL501. The decision is part of a strategy to extend the company’s cash runway. This move is expected to cost around $1.4 million, mainly due to severance and benefits, with the majority of expenses occurring by the end of 2024. While these are estimates, actual costs may vary, and additional unforeseen charges could arise. Additionally, as part of the restructuring, the Chief Commercial Officer’s role has been eliminated, with the current officer transitioning to a consulting role post-employment.
See more data about BTAI stock on TipRanks’ Stock Analysis page.
