Every 10-Q that BioXcel Therapeutics, Inc. (BTAI) has filed with the SEC in the last 24 months is listed below, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-Q covers the quarterly report filed between annual reports, so if you follow BTAI and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full BTAI filings page.
BioXcel Therapeutics, Inc. reports continued operating losses and severe financial pressure for the quarter and six months ended June 30, 2026. Product revenue, net was $182 thousand for the quarter and $388 thousand year-to-date, against total operating expenses of $10.4 million and $20.8 million, respectively, driven mainly by research and development and selling, general and administrative costs. The company recorded a net loss of $14.7 million for the quarter and $27.4 million for the six months, similar to the prior-year period.
Liquidity is highly constrained: cash, cash equivalents and restricted cash totaled $13.8 million at June 30, 2026, while the current portion of long-term debt was $104.5 million and total liabilities were $144.3 million. Stockholders’ equity was a deficit of $115.5 million. Management concludes that its loss history, negative cash flows, large debt burden, limited liquidity, covenant-driven amortization risk and dependence on new financing raise substantial doubt about its ability to continue as a going concern for at least 12 months. The company is pursuing a sale, merger, financing or other strategic transaction, and is engaged in contingency planning, including potential debtor-in-possession financing, noting it may likely seek bankruptcy protection if no acceptable transaction or financing is secured.
BioXcel Therapeutics reported first-quarter 2026 product revenue of $206 thousand, with a net loss of $12,691 thousand and operating cash outflow of $11,809 thousand. Cash and cash equivalents were $17,180 thousand, against total debt of $100,289 thousand and total liabilities of $139,568 thousand.
The company’s accumulated deficit reached $732,785 thousand and stockholders’ deficit widened to $105,543 thousand. Management concludes there is substantial doubt about BioXcel’s ability to continue as a going concern, despite multiple equity financings, warrant repricings and repeated amendments and waivers under its Oaktree-led credit facility.
BioXcel Therapeutics (BTAI) reported Q3 2025 results marked by continued losses and tight liquidity. The company posted a net loss of $30.9M for the quarter and $57.4M year-to-date, with Q3 product revenue of $98K and nine-month revenue of $386K. Operating cash outflow was $43.4M for the nine months ended September 30, 2025.
Cash, cash equivalents and restricted cash were $37.3M as of September 30, 2025, versus total debt of $109.1M and derivative liabilities of $3.6M. Stockholders’ deficit was $(88.9)M. Management concluded there is “substantial doubt” about the company’s ability to continue as a going concern within 12 months, citing ongoing losses, negative operating cash flows, limited liquidity, and debt covenant dynamics.
The credit facility with Oaktree/QIA was amended multiple times, including a fixed interest rate of 13% effective September 30, 2024, modified minimum liquidity thresholds, quarterly amortization beginning in 2026, and waivers of certain covenants. Shares outstanding were 19,996 as of September 30, 2025; the company later reported 21,869,491 outstanding as of November 11, 2025.
BioXcel Therapeutics reported continuing commercial sales of IGALMI® while operating at substantial loss and liquidity stress. Cash, cash equivalents and restricted cash were $18.6 million at June 30, 2025, down from $29.9 million at December 31, 2024, and the company recorded a six‑month net loss of $26.4 million. Product revenue was limited at $288 thousand for the six months, reflecting early commercial traction but small sales relative to expenses.
Balance sheet and capital structure show material leverage: total debt was reported net at $108.7 million with long‑term debt of $97.5 million, derivative liabilities of $2.6 million, and an accumulated deficit of $676.6 million. Current assets of $25.2 million compare with current liabilities of $33.4 million, indicating near‑term liquidity pressure. Management disclosed substantial doubt about the company’s ability to continue as a going concern and described Board‑approved reprioritization and cost reductions that have not fully mitigated that doubt.
The company retains access to its OFA Credit Agreement capacity of up to $202.3 million in term loans with $80.0 million of tranches remaining unfunded subject to milestones; financing amendments have altered interest and covenants. The report documents past and planned equity raises and other capital actions but emphasizes dependency on additional capital to fund operations.