**BioXcel Therapeutics Reports First Quarter 2026 Financial Results**
BioXcel Therapeutics, Inc., a biopharmaceutical company focused on neuroscience and immuno-oncology, reported a net product revenue of $206,000 for the three months ended March 31, 2026, compared to $168,000 for the same period in 2025. The increase in sales was primarily the result of increased gross volume due to deeper GPO discounts that went into effect at the end of the first quarter of 2025. The company's cost of goods sold increased to $283,000 from $14,000, primarily due to higher charges for reserves for excess or obsolete inventory.
The company's research and development expenses decreased to $2.955 million for the first quarter of 2026 from $4.554 million for the first quarter of 2025. This decrease was primarily due to decreased clinical trial expenses, decreased personnel and related costs, and decreased professional fees. Selling, general, and administrative expenses increased to $7.191 million from $5.699 million, primarily due to increased professional fees and insurance costs, partially offset by decreased non-cash stock compensation costs and commercial and marketing expenses.
BioXcel reported a net loss of $12.691 million, or $0.54 per share, for the first quarter of 2026, compared to a net loss of $7.254 million, or $1.50 per share, for the first quarter of 2025. The company's cash and cash equivalents totaled $17.180 million as of March 31, 2026, down from $28.415 million as of December 31, 2025. The company's accumulated deficit was $732.785 million as of March 31, 2026, compared to $720.094 million as of December 31, 2025.
The company's management has expressed substantial doubt about its ability to continue as a going concern, citing a history of significant losses, negative cash flows from operations, current debt obligations, and dependence on additional financing. BioXcel is pursuing several strategies to improve liquidity, including raising capital through equity sales, third-party investments in its subsidiary OnkosXcel, debt financing, collaborations, and cost reductions. On April 15, 2026 the Company granted warrants to the Lenders to purchase up to 1,354 shares of common stock of the Company, at an exercise price of $0.01 per share. On April 30, 2026 and May 2, 2026, the Company issued 671 and 671 shares of its common stock, respectively, in connection with the cashless exercise of the 1,354 warrants.
About BioXcel Therapeutics, Inc.
BioXcel Therapeutics, Inc. is a biopharmaceutical company leveraging artificial intelligence to develop transformative neuroscience and immuno-oncology medicines. Its core business involves repurposing existing drugs using AI-driven platforms to identify new therapeutic indications, focusing on neuropsychiatric disorders and cancer. Key products include IGALMI®, an FDA-approved sublingual film for agitation in schizophrenia and bipolar disorder, and investigational candidates like BXCL501. The company targets patients with unmet medical needs through clinical development and potential partnerships.
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