Bioxcel Therapeutics Inc (BTAI)
NASDAQ:BTAI
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Bioxcel Therapeutics
(NASDAQ:BTAI)
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Rating:47Neutral
Price Target:
$1.00
▼(-13.04% Downside)
Action:Reiterated
Date:05/15/26
The score is primarily held down by weak financial performance—tiny revenue base, very large losses, persistent cash burn, and a strained balance sheet with negative equity and substantial debt. Technicals are neutral-to-weak with the stock below key longer-term moving averages. A positive offset is the FDA acceptance of the IGALMI sNDA, which supports potential future upside but does not yet resolve current funding and profitability risks.
Positive Factors
Regulatory milestone: sNDA acceptance
Acceptance of the at‑home IGALMI sNDA is a structural upside catalyst: approval would expand the addressable setting beyond clinical administration to outpatient/home use, materially increasing potential prescription volume, payer negotiation leverage, and long‑term revenue runway if commercial execution follows.
Negative Factors
Severe balance sheet strain
Negative equity and sizable debt relative to a small asset base materially weaken financial flexibility. This increases refinancing and covenant risk, raises the likelihood of dilutive capital raises, and constrains long‑term investment in commercialization or R&D absent clear near‑term cash generation.
Read all positive and negative factors
Positive Factors
Negative Factors
Regulatory milestone: sNDA acceptance
Acceptance of the at‑home IGALMI sNDA is a structural upside catalyst: approval would expand the addressable setting beyond clinical administration to outpatient/home use, materially increasing potential prescription volume, payer negotiation leverage, and long‑term revenue runway if commercial execution follows.
Read all positive factors
Bioxcel Therapeutics (BTAI) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$37.67M
Dividend YieldN/A
Average Volume (3M)1.58M
Price to Earnings (P/E)―
Beta (1Y)2.28
Revenue Growth-63.28%
EPS Growth54.23%
CountryUS
Employees37
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)-6.70
Shares Outstanding30,877,605
10 Day Avg. Volume1,230,633
30 Day Avg. Volume1,584,008
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 Cap3.13
Enterprise Value/Revenue173.53
Enterprise Value/Gross Profit624.34
Enterprise Value/Ebitda-1.98
Forecast
1Y Price Target
$7.67Price Target Upside566.67% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering3
EPS Forecast (FY)-1.81
Revenue Forecast (FY)$1.65M
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 ex...
How the Company Makes Money
BioXcel Therapeutics generates revenue primarily from net product sales of IGALMI in the United States, selling the product into the pharmaceutical distribution channel (e.g., wholesalers) and recognizing revenue based on amounts expected to be re...
Bioxcel Therapeutics Earnings Call Summary
Earnings Call Date:Nov 14, 2024
(Q3-2024)
| % Change Since: |
Next Earnings Date:Aug 11, 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
10
Very Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 680.00K | 642.00K | 2.27M | 1.38M | 375.00K | 0.00 |
| Gross Profit | 189.00K | 478.00K | 123.00K | 120.00K | 355.00K | 0.00 |
| EBITDA | -59.49M | -52.61M | -44.16M | -165.42M | -157.22M | -106.59M |
| Net Income | -75.33M | -69.90M | -59.60M | -179.05M | -165.76M | -106.93M |
Balance Sheet | ||||||
| Total Assets | 34.02M | 44.92M | 38.34M | 73.70M | 205.85M | 239.44M |
| Cash, Cash Equivalents and Short-Term Investments | 17.18M | 28.41M | 29.85M | 65.22M | 193.72M | 232.97M |
| Total Debt | 100.29M | 109.59M | 102.95M | 101.38M | 94.16M | 1.40M |
| Total Liabilities | 139.57M | 140.38M | 131.44M | 130.21M | 129.08M | 17.77M |
| Stockholders Equity | -105.54M | -95.46M | -93.10M | -56.51M | 76.78M | 221.67M |
Cash Flow | ||||||
| Free Cash Flow | -57.38M | -57.62M | -72.03M | -155.03M | -135.48M | -82.60M |
| Operating Cash Flow | -57.38M | -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 | 43.55M | 56.52M | 36.66M | 26.52M | 96.24M | 102.45M |
Bioxcel Therapeutics Technical Analysis
Positive
1.15
Price Trends
1.22
Positive
1.45
Negative
2.10
Negative
Market Momentum
>-0.01
Negative
60.65
Neutral
66.82
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For BTAI, the sentiment is Positive. The current price of 1.15 is below the 20-day moving average (MA) of 1.19, below the 50-day MA of 1.22, and below the 200-day MA of 2.10, indicating a neutral trend. The MACD of >-0.01 indicates Negative momentum. The RSI at 60.65 is Neutral, neither overbought nor oversold. The STOCH value of 66.82 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for BTAI.
Bioxcel Therapeutics Risk Analysis
Bioxcel Therapeutics disclosed 84 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 |
|---|---|---|---|---|---|---|---|
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
49 Neutral | $391.37M | ― | -53.23% | ― | -100.00% | -290.26% | |
47 Neutral | $37.67M | -0.32 | 75.79% | ― | -63.28% | 54.23% | |
45 Neutral | $36.39M | -1.41 | -218.67% | ― | ― | 48.96% | |
42 Neutral | $71.37M | -0.88 | -318.08% | ― | ― | 20.55% | |
42 Neutral | $6.48M | -0.48 | 166.67% | ― | -81.82% | 31.28% |
* Healthcare Sector Average
BTAI
Bioxcel Therapeutics
1.31
0.05
3.97%
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2.01
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BCAB
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3.73
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-80.85%
IPSC
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2.31
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311.61%
Bioxcel Therapeutics Corporate Events
Private Placements and FinancingRegulatory Filings and Compliance
Bioxcel Issues Warrants in Private Equity Financing Deal
Neutral
Apr 17, 2026
On March 27, 2026, BioXcel Therapeutics, Inc. entered into a Ninth Amendment to its April 19, 2022 Credit Agreement and Guaranty, under which it agreed to provide additional equity-linked consideration to its lenders. On April 15, 2026, the compan...
Business Operations and StrategyProduct-Related AnnouncementsRegulatory Filings and Compliance
FDA Accepts BioXcel sNDA for At-Home IGALMI Use
Positive
Apr 1, 2026
On April 1, 2026, BioXcel Therapeutics, Inc. reported that the U.S. Food and Drug Administration accepted its supplemental New Drug Application for IGALMI, targeting the acute treatment of agitation linked to bipolar disorders or schizophrenia in ...
Business Operations and StrategyPrivate Placements and Financing
BioXcel Therapeutics Announces Registered Direct Equity Financing
Neutral
Mar 12, 2026
On March 10, 2026, BioXcel Therapeutics, Inc. entered into a securities purchase agreement for a registered direct offering of 2,480,294 shares of common stock with accompanying warrants, as well as pre-funded warrants for up to 2,020,491 addition...
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.