Bioxcel Therapeutics Inc Financials

BTAI

Source SEC Filings (10-K/10-Q) Updated Sep 30, 2025 Currency USD FYE December

Financial Health Signals

Piotroski F-Score Weak

2/9

Bioxcel Therapeutics Inc passes 2 of 9 financial strength tests. 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), 1 of 2 efficiency signals pass.

Earnings Quality Low Quality

1.21x

For every $1 of reported earnings, Bioxcel Therapeutics Inc generates $1.21 in operating cash flow (-$72.0M OCF vs -$59.6M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Interest Coverage At Risk

-4.6x

Bioxcel Therapeutics Inc earns $-4.6 in operating income for every $1 of interest expense (-$67.2M vs $14.7M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

This page shows Bioxcel Therapeutics Inc (BTAI) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 8 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

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Key Financial Metrics

Revenue

$2.3M

YoY+64.2%

Bioxcel Therapeutics Inc generated $2.3M in revenue in fiscal year 2024. This represents an increase of 64.2% from the prior year.

EBITDA

-$66.9M

YoY+61.0%

Bioxcel Therapeutics Inc's EBITDA was -$66.9M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 61.0% from the prior year.

Free Cash Flow

N/A

Net Income

-$59.6M

YoY+66.7%

Bioxcel Therapeutics Inc reported -$59.6M in net income in fiscal year 2024. This represents an increase of 66.7% from the prior year.

EPS (Diluted)

$-23.51

YoY+76.1%

Bioxcel Therapeutics Inc earned $-23.51 per diluted share (EPS) in fiscal year 2024. This represents an increase of 76.1% from the prior year.

Cash & Debt

$29.9M

YoY-54.2%

5Y CAGR-1.6%

Bioxcel Therapeutics Inc held $29.9M in cash against $102.5M in long-term debt as of fiscal year 2024.

Dividends Per Share

N/A

Shares Outstanding

YoY+65.8%

5Y CAGR-29.7%

Bioxcel Therapeutics Inc had 3M shares outstanding in fiscal year 2024. This represents an increase of 65.8% from the prior year.

Gross Margin

5.4%

YoY-3.3pp

Bioxcel Therapeutics Inc's gross margin was 5.4% in fiscal year 2024, indicating the percentage of revenue retained after direct costs. This is down 3.3 percentage points from the prior year.

Operating Margin

-2967.6%

YoY+9480.4pp

Bioxcel Therapeutics Inc's operating margin was -2967.6% in fiscal year 2024, reflecting core business profitability. This is up 9480.4 percentage points from the prior year.

Net Margin

-2630.1%

YoY+10344.7pp

Bioxcel Therapeutics Inc's net profit margin was -2630.1% in fiscal year 2024, showing the share of revenue converted to profit. This is up 10344.7 percentage points from the prior year.

Return on Equity

N/A

R&D Spending

$30.4M

YoY-63.9%

5Y CAGR+3.4%

Bioxcel Therapeutics Inc invested $30.4M in research and development in fiscal year 2024. This represents a decrease of 63.9% from the prior year.

Share Buybacks

N/A

Capital Expenditures

N/A

BTAI Income Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Revenue	$2.3M+64.2%	$1.4M+268.0%	$375K	N/A	N/A	N/A
Cost of Revenue	$2.1M+70.1%	$1.3M+6200.0%	$20K	N/A	N/A	N/A
Gross Profit	$123K+2.5%	$120K-66.2%	$355K	N/A	N/A	N/A
R&D Expenses	$30.4M-63.9%	$84.3M-7.6%	$91.2M+73.1%	$52.7M-9.1%	$58.0M+124.8%	$25.8M
SG&A Expenses	$34.5M-58.6%	$83.4M+21.3%	$68.8M+26.8%	$54.2M+123.1%	$24.3M+211.4%	$7.8M
Operating Income	-$67.2M+60.9%	-$171.8M-7.6%	-$159.6M-49.3%	-$106.9M-29.9%	-$82.3M-144.9%	-$33.6M
Interest Expense	$14.7M+10.1%	$13.3M+62.1%	$8.2M+20432.5%	$40K+48.1%	$27K+35.0%	$20K
Income Tax	$0	$0	N/A	N/A	N/A	N/A
Net Income	-$59.6M+66.7%	-$179.1M-8.0%	-$165.8M-55.0%	-$106.9M-30.1%	-$82.2M-149.2%	-$33.0M
EPS (Diluted)	$-23.51+76.1%	$-98.33-1561.0%	$-5.92-46.2%	$-4.05-6.9%	$-3.79	N/A

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Revenue	$98K-18.3%	$120K-28.6%	$168K-54.1%	$366K-66.8%	$1.1M+89.7%	$582K+54.8%	$376K+10.3%	$341K
Cost of Revenue	$11K-89.7%	$107K+664.3%	$14K-98.3%	$831K+1240.3%	$62K-22.5%	$80K-88.8%	$713K+39.3%	$512K
Gross Profit	$87K+569.2%	$13K-91.6%	$154K+133.1%	-$465K-144.6%	$1.0M+107.6%	$502K+249.0%	-$337K-97.1%	-$171K
R&D Expenses	$8.7M-14.8%	$10.3M+125.2%	$4.6M-22.8%	$5.9M-26.5%	$8.0M-29.6%	$11.4M+14.8%	$9.9M-49.4%	$19.6M
SG&A Expenses	$5.4M-4.1%	$5.6M-1.6%	$5.7M+39.2%	$4.1M-56.7%	$9.4M-28.8%	$13.3M+38.1%	$9.6M-60.6%	$24.3M
Operating Income	-$14.2M+10.2%	-$15.9M-57.0%	-$10.1M+3.8%	-$10.5M+39.3%	-$17.3M+28.4%	-$24.2M-21.6%	-$19.9M+58.9%	-$48.3M
Interest Expense	$3.9M+2.7%	$3.8M+5.1%	$3.6M-3.3%	$3.8M+4.5%	$3.6M-0.1%	$3.6M+5.0%	$3.4M+5.7%	$3.3M
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	-$30.9M-61.1%	-$19.2M-164.5%	-$7.3M+33.2%	-$10.9M-30.8%	-$8.3M+69.0%	-$26.8M-20.4%	-$22.3M+55.9%	-$50.5M
EPS (Diluted)	$-2.18+11.0%	$-2.45-63.3%	$-1.50-28.2%	$-1.17	$-3.30+76.2%	$-13.89	$-92.94	$-1.72

BTAI Balance Sheet

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Total Assets	$38.3M-48.0%	$73.7M-64.2%	$205.9M-14.0%	$239.4M+8.9%	$219.9M+504.4%	$36.4M
Current Assets	$37.4M-48.2%	$72.1M-64.4%	$202.9M-14.3%	$236.8M+9.1%	$217.1M+536.4%	$34.1M
Cash & Equivalents	$29.9M-54.2%	$65.2M-66.3%	$193.7M-16.8%	$233.0M+9.3%	$213.1M+557.2%	$32.4M
Inventory	$679K-65.9%	$2.0M+0.3%	$2.0M	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$131.4M+0.9%	$130.2M+0.9%	$129.1M+626.3%	$17.8M+34.2%	$13.2M+39.4%	$9.5M
Current Liabilities	$22.2M-18.5%	$27.3M-17.1%	$32.9M+97.4%	$16.7M+40.7%	$11.8M+39.8%	$8.5M
Long-Term Debt	$102.5M+1.9%	$100.6M+8.1%	$93.1M	N/A	N/A	N/A
Total Equity	-$93.1M-64.8%	-$56.5M-173.6%	$76.8M-65.4%	$221.7M+7.2%	$206.7M+668.5%	$26.9M
Retained Earnings	-$650.2M-10.1%	-$590.6M-43.5%	-$411.5M-67.4%	-$245.8M-77.0%	-$138.9M-144.9%	-$56.7M

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Total Assets	$44.8M+73.7%	$25.8M-33.1%	$38.6M+0.6%	$38.3M-41.4%	$65.4M-20.5%	$82.3M+11.7%	$73.7M-26.6%	$100.4M
Current Assets	$44.4M+75.9%	$25.2M-33.2%	$37.8M+1.0%	$37.4M-41.7%	$64.2M-20.7%	$80.9M+12.2%	$72.1M-26.9%	$98.7M
Cash & Equivalents	$36.2M+107.5%	$17.4M-43.8%	$31.0M+3.9%	$29.9M-46.9%	$56.3M-24.1%	$74.1M+13.7%	$65.2M-27.5%	$90.0M
Inventory	$459K-9.3%	$506K-21.2%	$642K-5.4%	$679K-74.7%	$2.7M+9.9%	$2.4M+22.5%	$2.0M-1.3%	$2.0M
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$133.7M+0.2%	$133.5M+3.7%	$128.7M-2.1%	$131.4M-5.9%	$139.7M-9.7%	$154.7M+18.8%	$130.2M-7.7%	$141.1M
Current Liabilities	$37.8M+13.3%	$33.4M+30.7%	$25.5M+14.9%	$22.2M-18.5%	$27.3M-13.3%	$31.5M+15.5%	$27.3M-30.8%	$39.4M
Long-Term Debt	$92.3M-5.3%	$97.5M-2.5%	$99.9M-2.5%	$102.5M-0.5%	$103.0M+1.4%	$101.6M+1.0%	$100.6M+1.5%	$99.1M
Total Equity	-$88.9M+17.4%	-$107.7M-19.4%	-$90.2M+3.1%	-$93.1M-25.3%	-$74.3M-2.7%	-$72.4M-28.1%	-$56.5M-39.2%	-$40.6M
Retained Earnings	-$707.5M-4.6%	-$676.6M-2.9%	-$657.5M-1.1%	-$650.2M-3.9%	-$625.7M-1.3%	-$617.4M-4.5%	-$590.6M-3.9%	-$568.3M

BTAI Cash Flow Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Operating Cash Flow	-$72.0M+53.5%	-$155.0M-14.5%	-$135.3M-64.7%	-$82.2M-23.8%	-$66.3M-144.8%	-$27.1M
Capital Expenditures	N/A	$20K-85.6%	$139K-68.8%	$445K+40.8%	$316K-63.7%	$870K
Free Cash Flow	N/A	-$155.0M-14.4%	-$135.5M-64.0%	-$82.6M-23.9%	-$66.7M-138.3%	-$28.0M
Investing Cash Flow	N/A	-$20K+85.6%	-$139K+68.8%	-$445K-40.8%	-$316K+63.7%	-$870K
Financing Cash Flow	$36.7M+38.2%	$26.5M-72.4%	$96.2M-6.1%	$102.4M-58.6%	$247.4M+1287.2%	$17.8M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	$9.0M	N/A

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Operating Cash Flow	-$18.8M-49.4%	-$12.6M-4.4%	-$12.0M+18.7%	-$14.8M+36.1%	-$23.2M-30.9%	-$17.7M+34.1%	-$26.9M+28.5%	-$37.6M
Capital Expenditures	$0	N/A	N/A	$0	N/A	N/A	$0	$0
Free Cash Flow	-$18.8M	N/A	N/A	-$16.3M	N/A	N/A	-$26.9M+28.5%	-$37.6M
Investing Cash Flow	$0	N/A	N/A	$0	N/A	N/A	$0	$0
Financing Cash Flow	$37.5M+27295.6%	$137K-99.0%	$13.2M+208.7%	$4.3M-19.4%	$5.3M-80.1%	$26.6M+1154.2%	$2.1M	$0
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

BTAI Financial Ratios

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Gross Margin	5.4%-3.3pp	8.7%-86.0pp	94.7%	N/A	N/A	N/A
Operating Margin	-2967.6%+9480.4pp	-12448.0%+30124.0pp	-42572.0%	N/A	N/A	N/A
Net Margin	-2630.1%+10344.7pp	-12974.9%+31227.0pp	-44201.9%	N/A	N/A	N/A
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	-155.5%+87.5pp	-242.9%-162.4pp	-80.5%-35.9pp	-44.7%-7.3pp	-37.4%+53.2pp	-90.6%
Current Ratio	1.68-1.0	2.65-3.5	6.17-8.0	14.21-4.1	18.33+14.3	4.03
Debt-to-Equity	-1.10+0.7	-1.78-3.0	1.21+1.1	0.08+0.0	0.06-0.3	0.35
FCF Margin	N/A	-11233.8%+24894.2pp	-36128.0%	N/A	N/A	N/A

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Gross Margin	88.8%+78.0pp	10.8%-80.8pp	91.7%+218.7pp	-127.0%-221.4pp	94.4%+8.1pp	86.3%+175.9pp	-89.6%-39.5pp	-50.1%
Operating Margin	-14518.4%-1308.4pp	-13210.0%-7198.7pp	-6011.3%-3144.4pp	-2866.9%-1300.3pp	-1566.7%+2585.1pp	-4151.7%+1133.7pp	-5285.4%+8878.0pp	-14163.3%
Net Margin	-31541.8%-15552.7pp	-15989.2%-11671.3pp	-4317.9%-1350.9pp	-2966.9%-2215.2pp	-751.7%+3851.5pp	-4603.3%+1315.9pp	-5919.1%+8886.1pp	-14805.3%
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	-69.0%+5.4pp	-74.4%-55.6pp	-18.8%+9.5pp	-28.3%-15.6pp	-12.7%+19.9pp	-32.5%-2.3pp	-30.2%+20.1pp	-50.3%
Current Ratio	1.17+0.4	0.76-0.7	1.48-0.2	1.68-0.7	2.35-0.2	2.57-0.1	2.65+0.1	2.51
Debt-to-Equity	-1.04-0.1	-0.91+0.2	-1.110.0	-1.10+0.3	-1.39+0.0	-1.40+0.4	-1.78+0.7	-2.44
FCF Margin	-19170.4%	N/A	N/A	-7634.6%	N/A	N/A	-7144.4%+3877.3pp	-11021.7%

Note: Shareholder equity is negative (-$93.1M), which causes debt-to-equity and return on equity ratios to appear negative or not meaningful. This can occur from accumulated losses or large share buyback programs.

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Frequently Asked Questions

What is Bioxcel Therapeutics Inc's annual revenue?

Bioxcel Therapeutics Inc (BTAI) reported $2.3M in total revenue for fiscal year 2024. This represents a 64.2% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Bioxcel Therapeutics Inc's revenue growing?

Bioxcel Therapeutics Inc (BTAI) revenue grew by 64.2% year-over-year, from $1.4M to $2.3M in fiscal year 2024.

Is Bioxcel Therapeutics Inc profitable?

No, Bioxcel Therapeutics Inc (BTAI) reported a net income of -$59.6M in fiscal year 2024, with a net profit margin of -2630.1%.

What is Bioxcel Therapeutics Inc's earnings per share (EPS)?

Bioxcel Therapeutics Inc (BTAI) reported diluted earnings per share of $-23.51 for fiscal year 2024. This represents a 76.1% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

What is Bioxcel Therapeutics Inc's EBITDA?

Bioxcel Therapeutics Inc (BTAI) had EBITDA of -$66.9M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does Bioxcel Therapeutics Inc have?

As of fiscal year 2024, Bioxcel Therapeutics Inc (BTAI) had $29.9M in cash and equivalents against $102.5M in long-term debt.

What is Bioxcel Therapeutics Inc's gross margin?

Bioxcel Therapeutics Inc (BTAI) had a gross margin of 5.4% in fiscal year 2024, indicating the percentage of revenue retained after direct costs of goods sold.

What is Bioxcel Therapeutics Inc's operating margin?

Bioxcel Therapeutics Inc (BTAI) had an operating margin of -2967.6% in fiscal year 2024, reflecting the profitability of core business operations before interest and taxes.

What is Bioxcel Therapeutics Inc's net profit margin?

Bioxcel Therapeutics Inc (BTAI) had a net profit margin of -2630.1% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.

What is Bioxcel Therapeutics Inc's operating cash flow?

Bioxcel Therapeutics Inc (BTAI) generated -$72.0M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.

What are Bioxcel Therapeutics Inc's total assets?

Bioxcel Therapeutics Inc (BTAI) had $38.3M in total assets as of fiscal year 2024, including both current and long-term assets.

How much does Bioxcel Therapeutics Inc spend on research and development?

Bioxcel Therapeutics Inc (BTAI) invested $30.4M in research and development during fiscal year 2024.

How many shares does Bioxcel Therapeutics Inc have outstanding?

Bioxcel Therapeutics Inc (BTAI) had 3M shares outstanding as of fiscal year 2024.

What is Bioxcel Therapeutics Inc's current ratio?

Bioxcel Therapeutics Inc (BTAI) had a current ratio of 1.68 as of fiscal year 2024, which is generally considered healthy.

What is Bioxcel Therapeutics Inc's debt-to-equity ratio?

Bioxcel Therapeutics Inc (BTAI) had a debt-to-equity ratio of -1.10 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Bioxcel Therapeutics Inc's return on assets (ROA)?

Bioxcel Therapeutics Inc (BTAI) had a return on assets of -155.5% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.

What is Bioxcel Therapeutics Inc's cash runway?

Based on fiscal year 2024 data, Bioxcel Therapeutics Inc (BTAI) had $29.9M in cash against an annual operating cash burn of $72.0M. This gives an estimated cash runway of approximately 5 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

Why is Bioxcel Therapeutics Inc's debt-to-equity ratio negative or unusual?

Bioxcel Therapeutics Inc (BTAI) has negative shareholder equity of -$93.1M as of fiscal year 2024, which causes the debt-to-equity ratio to appear negative or not meaningful. This can occur when accumulated losses exceed invested capital, or after large share buyback programs. Other solvency metrics like the current ratio or interest coverage may be more informative.

What is Bioxcel Therapeutics Inc's Piotroski F-Score?

Bioxcel Therapeutics Inc (BTAI) has a Piotroski F-Score of 2 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Bioxcel Therapeutics Inc's earnings high quality?

Bioxcel Therapeutics Inc (BTAI) has an earnings quality ratio of 1.21x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can Bioxcel Therapeutics Inc cover its interest payments?

Bioxcel Therapeutics Inc (BTAI) has an interest coverage ratio of -4.6x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.