**BioXcel Therapeutics Reports Third Quarter 2025 Financial Results**
BioXcel Therapeutics, Inc. (Nasdaq: BTAI), a biopharmaceutical company focused on neuroscience and immuno-oncology, reported its financial results for the third quarter ended September 30, 2025. The company's product revenue, net, decreased to $98,000 for the three months ended September 30, 2025, compared to $214,000 for the same period in 2024. For the nine months ended September 30, 2025, product revenue, net, was $386,000, a decrease from $1.9 million for the nine months ended September 30, 2024. The decrease in sales was primarily due to a reduction in bulk sales to existing customers, an increase in GPO discounts, and a reduction in commercial activities due to the Clinical Prioritization in May 2024 and September 2024.
The company's net loss for the three months ended September 30, 2025, was $30.91 million, or $2.18 per share, compared to a net loss of $13.65 million, or $5.15 per share, for the three months ended September 30, 2024. For the nine months ended September 30, 2025, the net loss was $57.35 million, or $6.38 per share, compared to a net loss of $48.74 million, or $20.60 per share, for the nine months ended September 30, 2024. Research and development expenses for the three months ended September 30, 2025, increased to $8.74 million from $5.10 million in the same period of 2024, while selling, general, and administrative expenses decreased to $5.38 million from $7.68 million.
As part of its efforts to preserve cash and prioritize investment in its core clinical programs, BioXcel reduced its workforce by approximately 15% on May 8, 2024, and by an additional 28% on September 17, 2024. The company also dissolved its operations in the Czech Republic on September 16, 2025, incurring $194,000 in closure-related expenses. As of September 30, 2025, BioXcel had cash, cash equivalents, and restricted cash of $37.32 million, and an accumulated deficit of $707.55 million.
Looking ahead, BioXcel Therapeutics anticipates submitting a supplemental new drug application (sNDA) to the FDA in early first quarter of 2026 for IGALMI® for the acute treatment of agitation associated with bipolar disorders or schizophrenia in the at-home setting, based on positive results from the SERENITY At-Home pivotal Phase 3 trial. The company is also advancing plans for initiation of the TRANQUILITY In-Care trial, designed to evaluate BXCL501 for agitation associated with Alzheimer’s dementia, upon securing additional funding. However, the company has identified conditions and events that raise substantial doubt about its ability to continue as a going concern.
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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