Bioxcel Therapeutics (BTAI) AI Stock Analysis

• Market Cap: $34.77M
• Dividend Yield: N/A
• Average Volume (3M): 1.58M
• Price to Earnings (P/E): ―
• Beta (1Y): 2.08
• Revenue Growth: -66.96%
• EPS Growth: 71.83%
• Country: US
• Employees: 37
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): -2.18
• Shares Outstanding: 21,869,492
• 10 Day Avg. Volume: 1,230,633
• 30 Day Avg. Volume: 1,584,008
• PEG Ratio: <0.01
• Price to Book (P/B): -0.16
• Price to Sales (P/S): 6.69
• P/FCF Ratio: -0.21
• Enterprise Value/Market Cap: 3.07
• Enterprise Value/Revenue: 141.94
• Enterprise Value/Gross Profit: -371.91
• Enterprise Value/Ebitda: -2.08
• 1Y Price Target: $1.00
• Price Target Upside: -37.11% Downside
• Rating Consensus: Moderate Sell
• Number of Analyst Covering: 1
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 47 Neutral
• Price Target: $1.50 ▼(-5.66% Downside)

The score is held down primarily by very weak financial performance (ongoing large losses, heavy cash burn, negative equity and high debt). Technical indicators are mixed and do not confirm a strong uptrend, while valuation lacks support due to negative earnings and no dividend. Offsetting factors include constructive corporate catalysts around IGALMI’s potential at-home label expansion and supportive clinical data.

Positive Factors

FDA‑approved lead product (IGALMI)

An FDA‑approved commercial product provides a durable revenue stream and regulatory validation. IGALMI establishes manufacturing, distribution and payer relationships, enabling further label expansions and commercial learning that support longer‑term revenue generation and partnership opportunities.

sNDA submission supported by Phase 3 data

Seeking at‑home approval backed by Phase 3 safety/efficacy data is a structural change that expands the addressable market and care settings. If approved, it shifts treatment from institutional to outpatient settings, altering long‑term prescribing patterns, payer coverage dynamics, and commercial potential.

Strengthening commercial leadership

Installing experienced commercial leadership and active launch planning improves execution capacity over months. Building a commercial organization and go‑to‑market strategy is a durable prerequisite for scaling prescriptions, payer engagement, and distribution needed to convert regulatory gains into sustainable sales.

Negative Factors

Negative equity and high leverage

A negative equity position combined with sizable debt versus a small asset base is a structural constraint on financial flexibility. It raises refinancing and covenant risk, increases likelihood of dilutive capital raises, and can limit ability to fund R&D or scale commercial operations without costly external financing.

Persistent heavy cash burn

Sustained negative operating and free cash flow requires continual capital raises, which can dilute shareholders and divert management focus. Ongoing cash burn constrains reinvestment in commercialization and clinical programs and creates execution risk if funding conditions tighten over the medium term.

Minimal, volatile revenue and negative margins

Small, volatile revenue with negative gross profit and large losses indicates limited commercial traction and weak operating leverage. Without sustained revenue scale or margin improvement, the company cannot self‑fund growth, keeping profitability distant and increasing dependence on external capital.

Bioxcel Therapeutics Business Overview & Revenue Model

Company Description

BioXcel Therapeutics, Inc. is a commercial-stage biopharmaceutical company utilizing artificial intelligence approaches to develop transformative medicines in neuroscience and immuno-oncology. The company's drug re-innovation approach leverages existing approved drugs and/or clinically validated product candidates together with big data and proprietary machine learning algorithms to identify new therapeutic indices. Its commercial product, IGALMI (developed as BXCL501) is a proprietary, sublingual film formulation of dexmedetomidine for the acute treatment of agitation associated with schizophrenia or bipolar I or II disorder in adults. The company also continues to conduct clinical trials evaluating BXCL501 for the treatment of agitation in Alzheimer's disease patients, and for adjunctive treatment of patients with major depressive disorder, as well as in the community for agitation associated with bipolar disorders and schizophrenia. In addition, it is developing BXCL502 as a potential therapy for chronic agitation in dementia; and BXCL701, an investigational, orally administered, systemic innate immunity activator for the treatment of aggressive forms of prostate cancer and advanced solid tumors that are refractory or treatment naïve to checkpoint inhibitors. The company was incorporated in 2017 and is headquartered in New Haven, Connecticut.

How the Company Makes Money

Bioxcel 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

Very weak fundamentals: minimal and volatile revenue (TTM down ~13%), negative gross profit, and deeply negative margins. Cash burn remains heavy (TTM operating/free cash flow about -$58M) and the balance sheet is stressed with negative equity and high debt (~$109M) versus a small asset base (~$45M), despite some improvement versus 2022–2023.

Income Statement

Revenue remains very small and volatile, with TTM (Trailing-Twelve-Months) revenue down ~13% versus the prior period, despite growth in earlier years off a low base. Profitability is weak: TTM (Trailing-Twelve-Months) gross profit is negative and losses remain extremely large (deeply negative operating and net margins), indicating the business is still far from break-even. A positive is that losses have narrowed meaningfully versus 2022–2023, but the earnings profile is still heavily loss-making.

Balance Sheet

The balance sheet shows elevated financial risk: stockholders’ equity is negative in 2023–2025 and total debt is high (~$109M in TTM (Trailing-Twelve-Months)) relative to the company’s asset base (~$45M). The negative equity position limits financial flexibility and can pressure funding options. A modest positive is that total debt has not surged dramatically year-over-year, but leverage remains structurally challenging given the capital structure.

Cash Flow

Cash burn remains heavy, with TTM (Trailing-Twelve-Months) operating cash flow and free cash flow both around -$58M, implying ongoing dependence on external financing. The pace of cash burn has improved versus 2023–2024 (less negative cash flow), which is constructive. However, free cash flow is still solidly negative and provides limited self-funding capacity.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	752.00K	2.27M	1.38M	375.00K	0.00	0.00
Gross Profit	-287.00K	123.00K	120.00K	355.00K	-297.00K	0.00
EBITDA	-51.29M	-44.16M	-165.42M	-157.22M	-107.00M	-82.11M
Net Income	-68.21M	-59.60M	-179.05M	-165.76M	-106.93M	-82.17M
Balance Sheet
Total Assets	44.79M	38.34M	73.70M	205.85M	239.44M	219.94M
Cash, Cash Equivalents and Short-Term Investments	37.32M	29.85M	65.22M	193.72M	232.97M	213.12M
Total Debt	109.29M	102.95M	101.38M	94.16M	1.40M	1.64M
Total Liabilities	133.71M	131.44M	130.21M	129.08M	17.77M	13.24M
Stockholders Equity	-88.92M	-93.10M	-56.51M	76.78M	221.67M	206.70M
Cash Flow
Free Cash Flow	-58.21M	-72.03M	-155.03M	-135.48M	-82.60M	-66.67M
Operating Cash Flow	-58.21M	-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	55.15M	36.66M	26.52M	96.24M	102.45M	247.36M

Bioxcel Therapeutics Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 1.59
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: 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 1.59 is below the 20-day moving average (MA) of 1.84, below the 50-day MA of 1.87, and below the 200-day MA of 2.28, indicating a bearish trend. The MACD of -0.06 indicates Positive momentum. The RSI at 34.88 is Neutral, neither overbought nor oversold. The STOCH value of 6.37 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for BTAI.

Bioxcel Therapeutics Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
IPSC	54 Neutral	$166.07M	-6.11	-14.23%	―	4121.12%	83.30%
KZR	52 Neutral	$44.45M	-0.72	-56.86%	―	―	35.80%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
BTAI	47 Neutral	$34.77M	-0.16	―	―	-66.96%	71.83%
ANVS	46 Neutral	$71.56M	-1.82	-246.14%	―	―	62.84%
ATNM	45 Neutral	$36.19M	-1.05	-133.09%	―	11.11%	20.65%
BCAB	44 Neutral	$17.23M	-0.23	―	―	-100.00%	32.37%

Bioxcel Therapeutics Corporate Events

BioXcel seeks FDA approval for at-home IGALMI use

On January 20, 2026, BioXcel Therapeutics announced that it had submitted a supplemental New Drug Application on January 14, 2026 to the U.S. Food and Drug Administration seeking approval for IGALMI’s use in the at-home setting for the acute treatment of agitation associated with bipolar disorders or schizophrenia. The proposed label expansion would extend IGALMI beyond supervised healthcare settings to a broader at-home patient population, addressing a segment where there are currently no FDA‑approved treatment options and potentially strengthening the company’s positioning in the neuropsychiatric agitation market.

The most recent analyst rating on (BTAI) stock is a Hold with a $2.00 price target. To see the full list of analyst forecasts on Bioxcel Therapeutics stock, see the BTAI Stock Forecast page.

BioXcel Therapeutics names interim CCO amid IGALMI expansion

On January 12, 2026, BioXcel Therapeutics announced the appointment of Mark Pavao as Interim Chief Commercial Officer to support the potential launch of its drug IGALMI for at-home use. The company plans to submit a supplemental New Drug Application this month seeking FDA approval to expand IGALMI’s indication to at-home treatment of acute agitation in patients with bipolar disorders or schizophrenia, a move that could significantly broaden its commercial reach and influence treatment practices for managing psychiatric agitation outside institutional settings.

The most recent analyst rating on (BTAI) stock is a Hold with a $2.00 price target. To see the full list of analyst forecasts on Bioxcel Therapeutics stock, see the BTAI Stock Forecast page.

BioXcel Therapeutics Holds Annual Stockholders Meeting

On December 12, 2025, BioXcel Therapeutics held its annual stockholders meeting where 44.68% of the company’s outstanding common stock was represented. During the meeting, three Class I directors were elected, and several proposals were approved, including the appointment of Ernst & Young LLP as the independent auditor, executive compensation, a potential reverse stock split, and authorization for meeting adjournments if necessary.

The most recent analyst rating on (BTAI) stock is a Buy with a $10.00 price target. To see the full list of analyst forecasts on Bioxcel Therapeutics stock, see the BTAI Stock Forecast page.

BioXcel Presents Phase 3 Study on BXCL501

On November 10, 2025, BioXcel Therapeutics announced the presentation of their Phase 3 study on BXCL501 at the Neuroscience Education Institute Conference. The study, conducted in a home setting, demonstrated that BXCL501 is safe and effective for treating agitation in patients with bipolar disorder or schizophrenia. The trial showed that the drug was well-tolerated with no increase in adverse events over repeated doses, and significantly more patients experienced full resolution of agitation symptoms compared to placebo.

The most recent analyst rating on (BTAI) stock is a Buy with a $10.00 price target. To see the full list of analyst forecasts on Bioxcel Therapeutics stock, see the BTAI Stock Forecast page.