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Bioxcel Therapeutics Inc (BTAI)
NASDAQ:BTAI
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Bioxcel Therapeutics
(NASDAQ:BTAI)
33Underperform
Positive Factors
Financial Resilience
The company's ability to consistently renegotiate financial terms with creditors is seen as a positive sign of resilience.
Regulatory Approval
BTAI's Igalmi is approved for the acute treatment of agitation in patients with schizophrenia and bipolar disorder, and there is potential for at-home use.
Negative Factors
Financial Constraints
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
$8.13M
Dividend YieldN/A
Average Volume (3M)9.08M
Price to Earnings (P/E)―
Beta (1Y)0.80
Revenue Growth83.25%
EPS Growth70.75%
CountryUS
Employees74
SectorHealthcare
Sector Strength78
IndustryBiotechnology
Share Statistics
EPS (TTM)-34.43
Shares Outstanding3,290,192
10 Day Avg. Volume26,852,848
30 Day Avg. Volume9,076,131
Financial Highlights & Ratios
PEG RatioN/A
Price to Book (P/B)N/A
Price to Sales (P/S)3.37
Price to Cash Flow (P/CF)-0.10
P/FCF Ratio0.00
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
$44.00Price Target Upside1864.29% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering3
Bioxcel Therapeutics Business Overview & Revenue Model
Company DescriptionBioXcel Therapeutics, Inc. is a clinical stage biopharmaceutical company focuses on drug development. The firm's two clinical development programs are BXCL501, a sublingual thin film formulation designed for acute treatment of agitation resulting from neurological and psychiatric disorders, and BXCL701, an immuno-oncology agent designed for treatment of a rare form of prostate cancer and for treatment of pancreatic cancer. The company was founded by Vimal D. Mehta on March 29, 2017 and is headquartered in New Haven, CT.
How the Company Makes MoneyBioxcel Therapeutics primarily generates revenue through the development and commercialization of its drug candidates. The company earns money through licensing agreements, collaborations, and partnerships with other pharmaceutical companies and research institutions, which may include upfront payments, milestone payments, and royalties. Additionally, Bioxcel may receive funding from governmental or non-governmental grants to support its research and development activities. The successful approval and commercialization of its drug candidates, such as BXCL501 and BXCL701, could also contribute significantly to its revenue through direct sales or licensing agreements.
Bioxcel Therapeutics Financial Statement Overview
Summary
Bioxcel Therapeutics is struggling with profitability and cash flow issues despite some revenue growth. High operational losses, negative equity, and significant cash burn raise concerns about the company's ability to sustain operations without additional financing. The financial health of the company is concerning, and improvements in profitability and balance sheet strength are needed.Income Statement
Bioxcel Therapeutics has shown some revenue growth over recent periods, but remains unprofitable with negative EBIT and net income margins. The company is facing significant EBIT and EBITDA losses, indicating operational and financial challenges that impact its profitability. Revenue growth is positive but overshadowed by high expenses and negative profitability.30
Negative
Balance Sheet
The company's balance sheet shows high leverage with a negative stockholders' equity, resulting in a concerning debt-to-equity ratio. The negative equity ratio indicates financial instability, and the company's liabilities exceed its assets, posing a risk to financial health. This imbalance raises concerns about long-term sustainability.25
Negative
Cash Flow
Free cash flow remains significantly negative, and the operating cash flow to net income ratio is unfavorable, reflecting cash flow challenges. The company has consistently negative free cash flow, indicating cash burn, which could be problematic if not addressed. Despite financing activities providing some cash inflow, the overall cash flow position is weak.20
Very Negative
| Breakdown | |||||
| TTM | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 | Dec 2019 |
|---|---|---|---|---|---|
| Income Statement | Total Revenue | ||||
| 2.28M | 1.38M | 375.00K | 0.00 | 0.00 | 0.00 | Gross Profit |
| 94.00K | 120.00K | 355.00K | -297.00K | -188.00K | -156.00K | EBIT |
| -75.01M | -171.78M | -159.65M | -106.94M | -82.30M | -33.60M | EBITDA |
| -56.15M | -165.42M | -157.38M | -107.00M | -81.98M | -32.81M | Net Income Common Stockholders |
| -71.00M | -179.05M | -171.85M | -106.63M | -82.01M | -32.34M |
| Balance Sheet | Cash, Cash Equivalents and Short-Term Investments | ||||
| 42.56M | 65.22M | 193.72M | 232.97M | 213.12M | 32.43M | Total Assets |
| 43.55M | 73.70M | 205.85M | 239.44M | 219.94M | 36.39M | Total Debt |
| 0.00 | 101.38M | 94.16M | 1.40M | 1.64M | 1.03M | Net Debt |
| -42.56M | 36.16M | -99.57M | -231.57M | -211.48M | -31.40M | Total Liabilities |
| 4.66M | 130.21M | 129.08M | 17.77M | 13.24M | 9.50M | Stockholders Equity |
| 38.89M | -56.51M | 76.78M | 221.67M | 206.70M | 26.89M |
| Cash Flow | Free Cash Flow | ||||
| -84.08M | -155.03M | -135.48M | -82.60M | -66.67M | -28.15M | Operating Cash Flow |
| -84.08M | -155.01M | -135.34M | -82.15M | -66.35M | -27.28M | Investing Cash Flow |
| 0.00 | -20.00K | -139.00K | -445.00K | -316.00K | -870.00K | Financing Cash Flow |
| 34.51M | 26.52M | 96.24M | 102.45M | 247.36M | 18.01M |
Bioxcel Therapeutics Technical Analysis
Negative
2.24
Price Trends
4.26
Negative
6.33
Negative
10.91
Negative
Market Momentum
-0.38
Negative
43.02
Neutral
17.10
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 2.24 is below the 20-day moving average (MA) of 2.46, below the 50-day MA of 4.26, and below the 200-day MA of 10.91, indicating a bearish trend. The MACD of -0.38 indicates Negative momentum. The RSI at 43.02 is Neutral, neither overbought nor oversold. The STOCH value of 17.10 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 (49)
Financial Indicators
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
79 Outperform | $2.87B | 12.33 | 38.89% | ― | 31.85% | ― | |
74 Outperform | $5.85B | 44.60 | 23.55% | ― | 39.94% | 32.10% | |
69 Neutral | $13.95B | ― | -8.58% | ― | 46.62% | 50.50% | |
51 Neutral | $5.83B | ― | -231.63% | ― | 42.53% | -15.29% | |
49 Neutral | $6.90B | 0.02 | -54.05% | 2.46% | 24.91% | -3.14% | |
46 Neutral | $454.96M | ― | -63.37% | ― | -52.30% | 27.13% | |
33 Underperform | $8.13M | ― | 82.91% | ― | 83.25% | 70.75% |
* Healthcare Sector Average
Performance Comparison
BTAI
Bioxcel Therapeutics
2.24
-43.68
-95.12%
ACAD
ACADIA Pharmaceuticals
16.77
-1.96
-10.46%
CORT
Corcept Therapeutics
54.85
31.18
131.73%
ITCI
Intra-Cellular Therapies
131.36
66.79
103.44%
SAGE
SAGE Therapeutics
7.69
-12.12
-61.18%
AXSM
Axsome Therapeutics
121.65
51.91
74.43%
Bioxcel Therapeutics Earnings Call Summary
Earnings Call Date: Mar 6, 2025 | % Change Since: -17.95% | Next Earnings Date: May 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.Highlights
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.
Lowlights
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.
Executive/Board ChangesBusiness Operations and Strategy
Bioxcel Therapeutics Revises Executive Compensation Structure
Neutral
Jan 8, 2025
BioXcel Therapeutics announced amendments to the employment agreements of its key executives, including the CEO, CFO, and CSO, which involve reductions in their cash compensation for 2025 and grants of stock options under the company’s incentive plan. These changes could impact the company’s financial strategy and stakeholder perception, as they align executive incentives with company performance through stock options.
Executive/Board ChangesPrivate Placements and FinancingBusiness Operations and Strategy
Bioxcel Therapeutics Restructures Credit and Strengthens Leadership
Neutral
Nov 21, 2024
BioXcel Therapeutics has restructured its credit agreement, introducing new capital-raising requirements while modifying liquidity covenants and interest rates. The company must raise specific funds by set dates and will issue new warrants as part of the agreement. Additionally, David Mack joins the board, bringing extensive legal and strategic experience, and a new patent has been listed in the FDA’s Orange Book, potentially enhancing the company’s intellectual property portfolio.
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.