# BioXcel Therapeutics, Inc. (BTAI)

**Exchange:** NASDAQ  
**Sector:** Healthcare  
**Market cap:** $13M  
**Price:** $1.09 (+1.87%)

> BioXcel Therapeutics, Inc. is a biopharmaceutical company that leverages artificial intelligence to develop innovative medicines in neuroscience and immuno-oncology. Its lead product, IGALMI, is a sublingual film approved for the acute treatment of agitation associated with schizophrenia or bipolar I or II disorder in adults. The company advances BXCL501, an investigational orally dissolving film formulation of dexmedetomidine in Phase 3 trials targeting agitation in bipolar disorders, schizophrenia, Alzheimer’s disease, opioid use disorder, alcohol use disorder with comorbid post-traumatic stress disorder, and acute stress disorder. In immuno-oncology, BXCL701 is an oral innate immune activator that has completed Phase 1b/2a trials for aggressive prostate cancer, pancreatic cancer, and other solid and liquid tumors. Additional pipeline candidates include BXCL502 for stress-related neuropsychiatric symptoms in dementia, BXCL503 to target apathy in dementia, and BXCL504 addressing apathy and aggression in dementia. Through collaborations with institutions like Columbia University, Yale University Medical School, and University of North Carolina, BioXcel Therapeutics, Inc. focuses on AI-driven drug discovery to address unmet needs in behavioral health and cancer therapies. Incorporated in 2017 and headquartered in New Haven, Connecticut, it operates as a clinical-stage biopharma player in the United States.

## Income Statement (Annual, USD)

| Fiscal Year | Revenue | Gross Profit | Operating Income | Net Income | EPS (dil.) |
| --- | --- | --- | --- | --- | --- |
| 2025 | $642,000 | $478,000 | -$50M | -$70M | — |
| 2024 | $2M | $123,000 | -$67M | -$60M | — |
| 2023 | $1M | $120,000 | -$172M | -$179M | — |
| 2022 | $375,000 | $355,000 | -$160M | -$166M | — |

## Balance Sheet (Annual, USD)

| Fiscal Year | Total Assets | Total Liabilities | Equity | Cash | Long-term Debt |
| --- | --- | --- | --- | --- | --- |
| 2025 | $45M | $140M | -$95M | $28M | $110M |
| 2024 | $38M | $131M | -$93M | $30M | $103M |
| 2023 | $74M | $130M | -$57M | $65M | $101M |
| 2022 | $206M | $129M | $77M | $194M | $93M |

## Cash Flow (Annual, USD)

| Fiscal Year | Operating Cash Flow | CapEx | Free Cash Flow |
| --- | --- | --- | --- |
| 2025 | -$58M | — | -$58M |
| 2024 | -$72M | — | -$72M |
| 2023 | -$155M | $20,000 | -$155M |
| 2022 | -$135M | $139,000 | -$135M |
| 2021 | -$82M | $445,000 | -$83M |
| 2020 | -$66M | $316,000 | -$67M |
| 2019 | -$27M | $870,000 | -$28M |
| 2018 | -$14M | $340,000 | -$14M |
| 2017 | -$2M | — | — |

Source: [CompaniesByCap](https://companiesbycap.com/company/BTAI)