Bioxcel Therapeutics Inc · Q3 2023 earnings

Briefing

BioXcel Therapeutics reported Q3 2023 financial results and aligned with FDA recommendation for Phase 3 Trial for TRANQUILITY program.

BioXcel Therapeutics reported a net revenue of $341,000 for IGALMI in Q3 2023. The company's R&D expenses were $19.6 million, and SG&A expenses were $24.3 million. The net loss for the quarter was $50.5 million. Cash and cash equivalents totaled $90.0 million as of September 30, 2023.

• Aligned with FDA recommendation for Phase 3 trial of BXCL501 in the at-home setting for TRANQUILITY program.
• Potential market opportunity for BXCL501 to include acute treatment of agitation across full spectrum of Alzheimer’s-related dementia and agitation severity across all care settings.
• Based on FDA feedback, plans to conduct Phase 3 trial with 120 mcg (IGALMI™ approved dose) in the at-home setting for SERENITY III program.
• Key financial terms agreed with Oaktree Capital Management and Qatar Investment Authority to enhance operational and financial flexibility.

Headline financials

Revenue & EPS history

BioXcel Therapeutics estimates that its current cash and cash equivalents will fund its operations through mid-2024. This estimated cash runway does not include potential additional capital that may become available under the amendments to the strategic financing agreements or resulting from any potential financing activities that may be undertaken by the Company.