BioXcel Therapeutics, Inc. (BTAI) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Sep 5, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 10-Q for Q2 FY2026, filed Aug 13, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the BTAI SEC filings page.
BioXcel Therapeutics, Inc. (BTAI) reported $742K in revenue over the twelve months to Jun 30, 2026, down 14.5% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 9 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).
Development-stage economics remain dominated by external financing as limited revenue sits beside persistent operating cash outflows.
Operating losses narrowed from-$67.2M in FY2024 to-$50.5M in FY2025, but the company still lacked an internally funded operating model. FY2025 operating cash flow of-$57.6M was almost fully offset by$56.5M of financing, showing that accounting improvement did not remove the capital requirement.
Research and development was
Total liabilities were
Financial Health Signals
BioXcel Therapeutics, Inc. does not currently provide enough eligible data for a peer-relative financial health score, so none is published. The signals and metrics below are current.
BioXcel Therapeutics, Inc. scores -26.37, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($2.3M) relative to total liabilities ($140.4M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
BioXcel Therapeutics, Inc. passes 3 of 9 financial strength tests. 1 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.
BioXcel Therapeutics, Inc. reported a net loss of $69.9M while operations used $57.6M of cash. With neither figure positive, the ratio between the two carries no quality signal.
BioXcel Therapeutics, Inc. reported an operating loss of $50.5M against $15.3M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.
Key Financial Metrics
Earnings & Revenue
BioXcel Therapeutics, Inc. generated $182K in revenue in Q2 2026. This represents an increase of 51.7% from the same quarter a year earlier. Against the prior quarter it is down 11.7%.
BioXcel Therapeutics, Inc.'s EBITDA was -$10.2M in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 35.5% from the same quarter a year earlier. Against the prior quarter it is down 0.1%.
BioXcel Therapeutics, Inc. reported -$14.7M in net income in Q2 2026. This represents an increase of 23.3% from the same quarter a year earlier. Against the prior quarter it is down 15.9%.
BioXcel Therapeutics, Inc. earned -$0.49 per diluted share (EPS) in Q2 2026. Against the prior quarter it is up 9.3%.
Cash & Balance Sheet
BioXcel Therapeutics, Inc. recorded an outflow of $6.1M in free cash flow in Q2 2026, representing a cash shortfall after capex. This represents an increase of 51.5% from the same quarter a year earlier. Against the prior quarter it is up 48.4%.
BioXcel Therapeutics, Inc. held $12.8M in cash against $0 in long-term debt as of Q2 2026, with $137.1M of liabilities due within a year.
Not reported for Q2 2026.
Margins & Returns
BioXcel Therapeutics, Inc.'s gross margin was 87.9% in Q2 2026, indicating the percentage of revenue retained after direct costs. This is up 77.1 percentage points from the same quarter a year earlier. Against the prior quarter it is up 125.3 percentage points.
Not shown for Q2 2026: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Not shown for Q2 2026: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Not reported for Q2 2026.
Capital Allocation
BioXcel Therapeutics, Inc. invested $3.2M in research and development in Q2 2026. This represents a decrease of 69.1% from the same quarter a year earlier. Against the prior quarter it is up 7.1%.
Not reported for Q2 2026.
BTAI Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Revenue | $182K+51.7% | $206K+22.6% | $256K-30.1% | $98K-54.2% | $120K-89.1% | $168K-71.1% | $366K-2.7% | $214K-37.2% |
| Cost of Revenue | $22K-79.4% | $283K+1921.4% | $32K-96.1% | $11K-99.1% | $107K+72.6% | $14K-82.5% | $831K+16.5% | $1.2M+128.5% |
| Gross Profit | $160K+1130.8% | -$77K-150.0% | $224K+148.2% | $87K+109.1% | $13K-98.8% | $154K-69.3% | -$465K-38.0% | -$956K-459.1% |
| R&D Expenses | $3.2M-69.1% | $3.0M-35.1% | $6.7M+13.6% | $8.7M+71.3% | $10.3M+27.7% | $4.6M-60.1% | $5.9M-40.6% | $5.1M-74.0% |
| SG&A Expenses | $7.2M+28.2% | $7.2M+26.2% | $3.8M-7.1% | $5.4M-30.0% | $5.6M-40.6% | $5.7M-57.0% | $4.1M-57.4% | $7.7M-68.4% |
| Operating Income | -$10.2M+35.7% | -$10.2M-1.2% | -$10.3M+2.0% | -$14.2M+7.0% | -$15.9M+8.3% | -$10.1M+58.2% | -$10.5M+47.2% | -$15.3M+68.3% |
| EBITDA | -$10.2M+35.5% | -$10.2M-1.4% | -$10.2M+2.0% | -$14.2M+7.0% | -$15.8M+8.4% | -$10.0M+58.4% | -$10.4M+47.4% | -$15.2M+68.4% |
| Interest Expense | $3.5M-9.0% | $3.7M+1.5% | $3.9M+4.3% | $3.9M+6.7% | $3.8M+6.2% | $3.6M+1.0% | $3.8M+9.6% | $3.7M+13.3% |
| Net Income | -$14.7M+23.3% | -$12.7M-75.0% | -$12.5M-15.5% | -$30.9M-126.5% | -$19.2M-131.2% | -$7.3M+72.9% | -$10.9M+51.2% | -$13.7M+73.0% |
| EPS (Basic) | -$0.49+80.0% | -$0.54+64.0% | $0.65+102.9% | -$2.18+57.7% | -$2.45+25.8% | -$1.50+89.2% | -$22.22-2862.7% | -$5.15-199.4% |
| EPS (Diluted) | -$0.49 | -$0.54 | $0.65 | -$2.18 | -$2.45 | -$1.50 | -$22.22 | -$5.15 |
| Diluted Shares (Avg) | 30M | 24M | N/A | 14M | 8M | 5M | N/A | 3M |
Not reported in any period shown, so not listed: Income Tax.
BTAI Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $28.8M+11.7% | $34.0M-11.8% | $44.9M+17.2% | $44.8M-8.4% | $25.8M-60.6% | $38.6M-53.2% | $38.3M-48.0% | $48.9M-51.3% |
| Current Assets | $28.7M+13.7% | $33.9M-10.2% | $44.7M+19.5% | $44.4M-7.1% | $25.2M-60.7% | $37.8M-53.3% | $37.4M-48.2% | $47.8M-51.6% |
| Cash & Equivalents | $12.8M-26.3% | $17.2M-44.6% | $28.4M-4.8% | $36.2M-10.4% | $17.4M-69.0% | $31.0M-58.2% | $29.9M-54.2% | $40.4M-55.1% |
| Short-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Inventory | $483K-4.5% | $500K-22.1% | $722K+6.3% | $459K-69.9% | $506K-81.1% | $642K-73.7% | $679K-65.9% | $1.5M-24.4% |
| Long-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Liabilities | $144.3M+8.1% | $139.6M+8.4% | $140.4M+6.8% | $133.7M-0.6% | $133.5M-4.5% | $128.7M-16.8% | $131.4M+0.9% | $134.5M-4.6% |
| Current Liabilities | $137.1M+310.9% | $55.0M+115.3% | $53.9M+142.5% | $37.8M+47.9% | $33.4M+22.3% | $25.5M-18.9% | $22.2M-18.5% | $25.6M-35.1% |
| Non-Current Liabilities | $7.1M-92.9% | $84.6M-18.0% | $86.5M-20.8% | $95.9M-12.0% | $100.1M-11.0% | $103.2M-16.2% | $109.2M+6.1% | $109.0M+7.2% |
| Long-Term Debt | $0-100.0% | $77.9M-22.1% | $84.7M-17.4% | $92.3M-11.6% | $97.5M-5.4% | $99.9M-1.7% | $102.5M+1.9% | $104.4M+5.4% |
| Total Equity | -$115.5M-7.2% | -$105.5M-17.0% | -$95.5M-2.5% | -$88.9M-3.8% | -$107.7M-44.9% | -$90.2M-24.6% | -$93.1M-64.8% | -$85.6M-110.9% |
| Retained Earnings | -$747.5M-10.5% | -$732.8M-11.5% | -$720.1M-10.8% | -$707.5M-10.7% | -$676.6M-8.1% | -$657.5M-6.5% | -$650.2M-10.1% | -$639.3M-12.5% |
Not reported in any period shown, so not listed: Accounts Receivable, Goodwill.
BTAI Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$6.1M+51.5% | -$11.8M+1.9% | -$14.2M+4.0% | -$18.8M-15.0% | -$12.6M+45.7% | -$12.0M+32.0% | -$14.8M+44.9% | -$16.3M+56.5% |
| Depreciation & Amortization | $18K-76.0% | $58K-23.7% | $74K-3.9% | $75K-2.6% | $75K-2.6% | $76K-2.6% | $77K-1.3% | $77K-2.5% |
| Stock-Based Compensation | $358K-77.0% | $435K+141.7% | N/A | $581K-68.8% | $1.6M+47.2% | $180K-94.8% | N/A | $1.9M-53.5% |
| Capital Expenditures | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Free Cash Flow | -$6.1M+51.5% | -$11.8M+1.9% | -$14.2M+4.0% | -$18.8M-15.0% | -$12.6M | -$12.0M | -$14.8M+44.9% | -$16.3M+56.5% |
| Investing Cash Flow | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Financing Cash Flow | $2.7M+1884.7% | $232K-98.2% | $5.6M+32.1% | $37.5M+8167.0% | $137K-97.4% | $13.2M-50.4% | $4.3M+101.4% | $454K |
Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.
BTAI Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 87.9%+77.1pp | -37.4%-129.1pp | 87.5% | 88.8% | 10.8%-83.5pp | 91.7%+5.4pp | -127.0% | -446.7% |
| Operating Margin | -5600.6% | -4962.6% | -4016.4% | -14518.4% | -13210.0% | -6011.3% | -2866.9% | -7146.3% |
| Net Margin | -8084.1% | -6160.7% | -4900.4% | -31541.8% | -15989.2% | -4317.9% | -2966.9% | -6378.5% |
| Return on Assets | -51.1%+23.3pp | -37.3%-18.5pp | -27.9%+0.4pp | -69.0%-41.1pp | -74.4%-61.7pp | -18.8%+13.7pp | -28.3%+1.9pp | -27.9%+22.3pp |
| Current Ratio | 0.21-0.5x | 0.62-0.9x | 0.83-0.9x | 1.17-0.7x | 0.76-1.6x | 1.48-1.1x | 1.68-1.0x | 1.87-0.6x |
| Asset Turnover | 0.010.0x | 0.010.0x | 0.010.0x | 0.000.0x | 0.000.0x | 0.000.0x | 0.010.0x | 0.000.0x |
| FCF Margin | -3350.5% | -5732.5% | -5550.8% | -19170.4% | -10479.2% | -7168.4% | -4046.2% | -7634.6% |
Not reported in any period shown, so not listed: Return on Equity, Debt-to-Equity.
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Gross Margin, Operating Margin, Net Margin, FCF Margin.
Note: Shareholder equity is negative (-$95.5M), 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.
Note: The current ratio is below 1.0 (0.83), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| BioXcel Therapeutics, Inc. BTAI | FY2025 | $642K | -$69.9M | N/A | $2.3M | — |
| MAIA Biotechnology, Inc. MAIA | FY2025 | N/A | -$22.4M | N/A | $79.1M | — |
| Jupiter Neurosciences, Inc. JUNS | FY2025 | $22K | -$8.6M | N/A | $4.0M | — |
| PDS Biotechnology Corporation PDSB | FY2025 | N/A | -$34.5M | N/A | $16.5M | — |
| vTv Therapeutics Inc. VTVT | FY2025 | $0 | -$27.0M | N/A | $126.4M | — |
| Actinium Pharmaceuticals, Inc ATNM | FY2025 | $90K | -$33.9M | N/A | $44.0M | — |
Where BioXcel Therapeutics, Inc. Ranks
Frequently Asked Questions
What is BioXcel Therapeutics, Inc.'s annual revenue?
BioXcel Therapeutics, Inc. (BTAI) reported $642K in total revenue for fiscal year 2025. This represents a -71.7% 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 declined by 71.7% year-over-year, from $2.3M to $642K in fiscal year 2025.
Is BioXcel Therapeutics, Inc. profitable?
No, BioXcel Therapeutics, Inc. (BTAI) reported a net income of -$69.9M in fiscal year 2025.
What is BioXcel Therapeutics, Inc.'s EBITDA?
BioXcel Therapeutics, Inc. (BTAI) had EBITDA of -$50.2M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does BioXcel Therapeutics, Inc. have?
As of fiscal year 2025, BioXcel Therapeutics, Inc. (BTAI) had $28.4M in cash and equivalents against $84.7M in long-term debt.
What is BioXcel Therapeutics, Inc.'s gross margin?
BioXcel Therapeutics, Inc. (BTAI) had a gross margin of 74.5% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is BioXcel Therapeutics, Inc.'s free cash flow?
BioXcel Therapeutics, Inc. (BTAI) recorded an outflow of $57.6M in free cash flow during fiscal year 2025. This represents a 20.0% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is BioXcel Therapeutics, Inc.'s operating cash flow?
BioXcel Therapeutics, Inc. (BTAI) recorded an outflow of $57.6M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
What are BioXcel Therapeutics, Inc.'s total assets?
BioXcel Therapeutics, Inc. (BTAI) had $44.9M in total assets as of fiscal year 2025, including both current and long-term assets.
What are BioXcel Therapeutics, Inc.'s capital expenditures?
BioXcel Therapeutics, Inc. (BTAI) reported no capital expenditure during fiscal year 2025.
How much does BioXcel Therapeutics, Inc. spend on research and development?
BioXcel Therapeutics, Inc. (BTAI) invested $30.3M in research and development during fiscal year 2025.
What is BioXcel Therapeutics, Inc.'s current ratio?
BioXcel Therapeutics, Inc. (BTAI) had a current ratio of 0.83 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.
What is BioXcel Therapeutics, Inc.'s return on assets (ROA)?
BioXcel Therapeutics, Inc. (BTAI) had a return on assets of -155.6% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is BioXcel Therapeutics, Inc.'s P/E ratio?
BioXcel Therapeutics, Inc. (BTAI) has no price-to-earnings ratio at the moment: net loss, so no earnings multiple (trailing 12 months to June 30, 2026). The market capitalization is $2.3M as of Sep 5, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is BioXcel Therapeutics, Inc.'s price-to-sales ratio?
BioXcel Therapeutics, Inc. (BTAI) trades at 3.1x sales, its market capitalization divided by revenue of $742K revenue, trailing 12 months to June 30, 2026. The market capitalization is $2.3M as of Sep 5, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
How does BioXcel Therapeutics, Inc.'s liquidity compare with its operating cash outflow?
At the end of fiscal year 2025, BioXcel Therapeutics, Inc. (BTAI) held $28.4M in cash, cash equivalents and investments, and reported an operating cash outflow of $57.6M over that year. Dividing the one by the other, the reported balance equals about 6 months of the outflow reported that year. This is arithmetic over figures already filed, not a projection: it assumes nothing about future spending, financing or operations.
Why is BioXcel Therapeutics, Inc.'s debt-to-equity ratio negative or not reported?
BioXcel Therapeutics, Inc. (BTAI) has negative shareholder equity of -$95.5M as of fiscal year 2025, so no debt-to-equity ratio is reported: dividing debt by equity that is not positive produces a number that cannot be read as leverage. 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 Altman Z-Score?
BioXcel Therapeutics, Inc. (BTAI) has an Altman Z-Score of -26.37, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is BioXcel Therapeutics, Inc.'s Piotroski F-Score?
BioXcel Therapeutics, Inc. (BTAI) has a Piotroski F-Score of 3 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 to 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) reported a net loss of $69.9M while operations used $57.6M of cash. With neither figure positive, the ratio between the two carries no quality signal. 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) reported an operating loss of $50.5M against $15.3M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations. 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.