BioXcel Therapeutics, Inc. BTAI
BioXcel Therapeutics, Inc. (Nasdaq: BTAI, "the Company") is a biopharmaceutical company built on artificial intelligence ("AI") to develop transformative medicines in neuroscience. Our wholly owned subsidiary, OnkosXcel Therapeutics, is focused on the development of medicines in immuno-oncology. We have utilized cutting-edge technology and innovative research to develop high-value therapeutics aimed at transforming patients' lives. We developed a proprietary AI platform to reduce therapeutic development costs and potentially accelerate development timelines. Our approach leverages existing approved drugs and/or clinically evaluated product candidates together with big data and proprietary machine learning algorithms to identify new therapeutic indications. We believe this differentiated approach has proven its potential to reduce the expense and time associated with drug development in diseases with substantial unmet medical needs.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $642.0K | $2.3M | $1.4M | $375.0K | — | — | — | — | — | — |
| Cost of revenue | $164.0K | $2.1M | $1.3M | $20.0K | — | — | — | — | — | — |
| Gross profit | $478.0K | $123.0K | $120.0K | $355.0K | — | — | — | — | — | — |
| R&D | $30.3M | $30.4M | $84.3M | $91.2M | $52.7M | $58.0M | $25.8M | $14.6M | $2.7M | — |
| SG&A | $20.5M | $34.5M | $83.4M | $68.8M | $54.2M | $24.3M | $7.8M | $5.4M | $1.8M | — |
| Total operating expenses | $51.1M | $69.5M | $173.2M | $160.0M | $106.9M | $82.3M | $33.6M | $20.0M | $4.5M | — |
| Operating income | -$50.5M | -$67.2M | -$171.8M | -$159.6M | -$106.9M | -$82.3M | -$33.6M | -$20.0M | -$4.5M | — |
| Interest expense | $17.0M | $15.1M | $13.3M | $8.2M | $40.0K | $27.0K | $20.0K | — | — | — |
| Pre-tax income | -$69.9M | -$59.6M | -$179.1M | — | — | — | — | — | — | — |
| Income tax | $0 | $0 | $0 | — | — | — | — | — | — | — |
| Net income | -$69.9M | -$59.6M | -$179.1M | -$165.8M | -$106.9M | -$82.2M | -$33.0M | -$19.3M | -$4.5M | — |
| EPS, basic | -5.73 | -23.51 | -98.33 | -5.92 | -4.05 | -3.79 | — | — | — | — |
| EPS, diluted | -5.73 | -23.51 | -98.33 | -5.92 | -4.05 | -3.79 | -2.02 | -1.32 | -0.47 | — |
| Shares, diluted (wtd. avg.) | 12.2M | 2.5M | 1.8M | 28.0M | 26.4M | 21.7M | — | — | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $28.4M | $29.9M | $65.2M | $193.7M | $233.0M | $213.1M | $32.4M | $42.6M | $887.0K | — |
| Receivables | $233.0K | $131.0K | $71.0K | $248.0K | — | — | — | — | — | — |
| Inventory | $722.0K | $679.0K | $2.0M | $2.0M | — | — | — | — | — | — |
| Total current assets | $44.7M | $37.4M | $72.1M | $202.9M | $236.8M | $217.1M | $34.1M | $43.2M | $890.0K | — |
| Property, plant and equipment | $175.0K | $475.0K | $784.0K | $1.1M | $1.3M | $1.3M | $1.0M | $327.0K | $4.0K | — |
| Total assets | $44.9M | $38.3M | $73.7M | $205.9M | $239.4M | $219.9M | $36.4M | $43.5M | $1.4M | — |
| Accounts payable | $14.7M | $16.0M | $13.7M | $10.2M | $4.7M | $4.0M | $5.0M | $1.6M | $444.0K | — |
| Short-term debt | $24.9M | $0 | — | — | — | — | — | — | — | — |
| Total current liabilities | $53.9M | $22.2M | $27.3M | $32.9M | $16.7M | $11.8M | $8.5M | $4.7M | $2.3M | — |
| Long-term debt | $84.7M | $102.5M | $100.6M | $93.1M | — | — | — | — | — | — |
| Total liabilities | $140.4M | $131.4M | $130.2M | $129.1M | $17.8M | $13.2M | $9.5M | $4.7M | $2.3M | — |
| Retained earnings | -$720.1M | -$650.2M | -$590.6M | -$411.5M | -$245.8M | -$138.9M | -$56.7M | -$23.7M | -$4.5M | — |
| Total equity | -$95.5M | -$93.1M | -$56.5M | $76.8M | $221.7M | $206.7M | $26.9M | $38.9M | -$982.0K | -$314.0K |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$57.6M | -$72.0M | -$155.0M | -$135.3M | -$82.2M | -$66.3M | -$27.1M | -$13.5M | -$2.2M | — |
| Depreciation and amortisation | $300.0K | $309.0K | $318.0K | $327.0K | $297.0K | $188.0K | $156.0K | $17.0K | $1.0K | — |
| Stock-based compensation | $2.8M | $6.2M | $18.6M | $17.3M | $19.5M | $14.6M | $3.1M | $3.1M | $1.6M | — |
| Capital expenditure | $0 | $0 | $20.0K | $139.0K | $445.0K | $316.0K | $870.0K | $340.0K | — | — |
| Investing cash flow | $0 | $0 | -$20.0K | -$139.0K | -$445.0K | -$316.0K | -$870.0K | -$340.0K | — | — |
| Financing cash flow | $56.5M | $36.7M | $26.5M | $96.2M | $102.4M | $247.4M | $17.8M | $55.5M | $3.1M | — |
| Buybacks | — | — | — | — | — | $9.0M | — | — | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001104659-26-036214.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | — | — | — | — | — | — | $375.0K | $1.4M | $2.3M | $642.0K |
| Gross profit | — | — | — | — | — | — | $355.0K | $120.0K | $123.0K | $478.0K |
| Net income | — | -$4.5M | -$19.3M | -$33.0M | -$82.2M | -$106.9M | -$165.8M | -$179.1M | -$59.6M | -$69.9M |
Recent filings and events
- New debt or obligation The company has taken on debt or a comparable obligation. Item 2.03
- Delisting notice The exchange has told the company it no longer meets the rules for staying listed - usually price, market cap, or filings that are late. Item 3.01
- Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
- Bankruptcy or receivership The company has entered bankruptcy or had a receiver appointed. Item 1.03
- Material agreement signed Item 1.01
- Material agreement signed Item 1.01
- Material agreement signed Item 1.01
- Material agreement signed Item 1.01
- Material agreement signed Item 1.01
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Unregistered share sale Shares issued outside a registered offering. Dilution, and for a small company often the way it is funded. Item 3.02
- Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
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