Bioxcel Therapeutics Inc SEC Filings

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.

BioXcel Therapeutics furnished a press release announcing financial results for the three months ended June 30, 2025 and provided a business update; that press release is included as Exhibit 99.1 to this Form 8-K. The company expressly states the information is being furnished and shall not be deemed "filed" for purposes of Section 18 of the Exchange Act, and therefore is not incorporated by reference into registration statements except as expressly noted.

The report also identifies Exhibit 104 (cover page interactive XBRL tags). The Form itself does not contain the financial line items or tables; readers must consult Exhibit 99.1 for the detailed results and the business commentary.

BioXcel Therapeutics, Inc. disclosed participation by its CEO in a Canaccord fireside chat and detailed compliance with an Oaktree financing covenant tied to a Fifth Amendment to its credit agreement. The covenant required staged capital raises: $7.0M (Raise 1), $18.0M cumulative by March 15, 2025 (Raise 2), and $29.0M cumulative by mid-August 2025 or 30 days after a clinical readout.

The company completed a November 2024 public offering (net ≈ $6.2M), a March 2025 registered direct (net ≈ $13.0M), and an ATM program that sold 5,774,018 shares for net proceeds of ≈ $11.2M. As of August 8, 2025 the company reported ≈ $30.4M in aggregate net proceeds and 13,709,124 shares outstanding, satisfying the Oaktree Financing Covenant. The filing attaches the press release and Inline XBRL cover page as exhibits.

BioXcel Therapeutics disclosed a corporate presentation on its website describing the commercial opportunity for BXCL501 in connection with upcoming SERENITY At-Home Phase 3 study results. The filing states the presentation is attached as Exhibit 99.1 and that the exhibit contains forward-looking statements, which are based on current expectations and subject to limitations disclosed in the exhibit and the company’s other SEC filings.

The report does not present clinical data, financial results, or material transactions; it serves to communicate the company’s commercial case for BXCL501 and to make related forward-looking commentary available to investors.

BioXcel Therapeutics (Nasdaq: BTAI) has filed a prospectus supplement (Form 424B5) to amend its April 3 ATM program with Canaccord Genuity. Having already sold the full $8.135 million originally registered, the company is now registering up to $3.5 million in additional common stock to remain within Form S-3, Instruction I.B.6 limits that cap primary offerings at one-third of public float when that float is below $75 million.

As of 6 Aug 2025, BTAI’s public float is $35.9 million (12.1 million non-affiliate shares × $2.97 close). Under the rule, it may currently issue up to $3.83 million; this filing covers most of that capacity. Should the float rise above $75 million, the restriction disappears; a lower float would further constrain issuance. Shares will be sold from time to time through Canaccord at prevailing market prices, generating discretionary working capital. The filing does not change business strategy, risk factors or financial results but does signal potential dilution and dependence on external capital.

BioXcel Therapeutics, Inc. (BTAI) – Form 4 (filed 08/05/2025)

Chief Financial Officer Richard I. Steinhart reported the grant of 9,000 Restricted Stock Units (RSUs) on 08/01/2025. Each RSU entitles the holder to one share of BioXcel common stock at no cost. The award vests 100% within 30 days of nine months after the grant date, provided Steinhart remains employed by the company or a subsidiary on the vesting date. Following the transaction, he beneficially owns 9,000 derivative securities; no direct common-stock holdings, dispositions or sales were disclosed. The filing records a routine, service-based equity incentive and does not reference any 10b5-1 trading plan.