BTAI

MKT CAP:$29M

BioXcel Therapeutics, Inc.

Market Cap

$29M

Healthcare·Biotechnology·🇺🇸 United States·NASDAQ

Healthcare·Biotechnology·🇺🇸·NASDAQ

Stock Price

$1.10-$0.60 (-35.29%)

Apr 23, 2026

Company Details

BioXcel Therapeutics, Inc. is a commercial-stage biopharmaceutical company utilizing artificial intelligence approaches to develop transformative medicines in neuroscience and immuno-oncology. The company's drug re-innovation approach lever...

CEO

Vimal D. Mehta

IPO Date

Mar 8, 2018

Website

www.bioxceltherapeutics.com

Key Metrics TTM

Revenue

$642.0K

-71.7% YoY

Net Income

-$70M

EPS (Diluted)

-$7.16

Free Cash Flow

-$58M

Revenue / Share

$0.05

Gross Margin

51.2%

Operating Margin

-7796.6%

Net Margin

-10887.4%

FCF Margin

-8974.3%

P/S

45.8x

P/E

—

Earnings Reports

Q1 2026

May 11, 2026

PENDING

FY 2025

Mar 27, 2026

$642.0K-71.7%EPS -$5.73

Q4 2025

Mar 27, 2026

$256.0K-30.1%EPS -$1.03

Q3 2025

Nov 12, 2025

$98.0K-54.2%EPS -$2.18

Q2 2025

Aug 12, 2025

$120.0K-89.1%EPS -$2.45

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$0	$0	-$31M
Q2 22	$0	$0	-$36M
Q3 22	$137.0K	$126.0K	-$39M
Q4 22	$238.0K	$229.0K	-$53M
Q1 23	$206.0K	$197.0K	-$51M
Q2 23	$457.0K	$431.0K	-$52M
Q3 23	$341.0K	-$171.0K	-$48M
Q4 23	$376.0K	-$338.0K	-$20M
Q1 24	$582.0K	$424.0K	-$24M
Q2 24	$1M	$1M	-$17M
Q3 24	$214.0K	-$956.0K	-$15M
Q4 24	$366.0K	-$466.0K	-$10M
Q1 25	$168.0K	$154.0K	-$10M
Q2 25	$120.0K	$13.0K	-$16M
Q3 25	$98.0K	$12.0K	-$14M
Q4 25	$256.0K	$150.0K	-$10M

Valuation

Quarter	P/S	P/E
Q1 22	—	—
Q2 22	—	—
Q3 22	37828.3x	—
Q4 22	27398.1x	—
Q1 23	15352.1x	—
Q2 23	3555.0x	—
Q3 23	921.9x	—
Q4 23	1037.9x	—
Q1 24	429.1x	—
Q2 24	130.1x	—
Q3 24	10.9x	—
Q4 24	6.6x	—
Q1 25	42.0x	—
Q2 25	79.9x	—
Q3 25	27.3x	—
Q4 25	19.1x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	-$32M	-$33M
Q2 22	-$33M	-$33M
Q3 22	-$31M	-$31M
Q4 22	-$39M	-$39M
Q1 23	-$52M	-$52M
Q2 23	-$38M	-$38M
Q3 23	-$38M	-$38M
Q4 23	-$27M	-$27M
Q1 24	-$18M	-$18M
Q2 24	-$23M	-$23M
Q3 24	-$16M	-$16M
Q4 24	-$15M	-$15M
Q1 25	-$12M	-$12M
Q2 25	-$13M	-$13M
Q3 25	-$19M	-$19M
Q4 25	-$14M	-$14M

Capital Expenditures

Quarter	CapEx
Q1 22	$120.0K
Q2 22	$19.0K
Q3 22	$0
Q4 22	$0
Q1 23	$0
Q2 23	$20.0K
Q3 23	$0
Q4 23	$0
Q1 24	$0
Q2 24	$0
Q3 24	$0
Q4 24	$0
Q1 25	$0
Q2 25	$0
Q3 25	$0
Q4 25	$0

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	—	+19.3%
Q2 22	—	+31.4%
Q3 22	—	+45.9%
Q4 22	—	+103.3%
Q1 23	—	+63.3%
Q2 23	—	+45.7%
Q3 23	+148.9%	+24.3%
Q4 23	+58.0%	-61.9%
Q1 24	+182.5%	-52.3%
Q2 24	+141.6%	-65.2%
Q3 24	-37.2%	-68.1%
Q4 24	-2.7%	-46.4%
Q1 25	-71.1%	-58.1%
Q2 25	-89.1%	-13.2%
Q3 25	-54.2%	-9.6%
Q4 25	-30.1%	-3.9%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$4M	—
Q2 22	$4M	—
Q3 22	$0	0.0%
Q4 22	$5M	1910.5%
Q1 23	$5M	2367.5%
Q2 23	$0	0.0%
Q3 23	$4M	1177.1%
Q4 23	$4M	957.2%
Q1 24	$3M	589.9%
Q2 24	$1M	95.7%
Q3 24	$2M	871.5%
Q4 24	$0	0.0%
Q1 25	$180.0K	107.1%
Q2 25	$2M	1296.7%
Q3 25	$581.0K	592.9%
Q4 25	$450.0K	175.8%

OpEx Breakdown

Quarter	R&D	G&A	S&M	SG&A
Q1 22	$19M	$12M	$681.0K	—
Q2 22	$18M	$12M	$6M	—
Q3 22	$22M	$14M	$3M	—
Q4 22	$32M	$19M	$2M	—
Q1 23	$28M	$21M	$3M	—
Q2 23	$27M	$21M	$5M	—
Q3 23	$20M	$20M	$5M	—
Q4 23	$10M	$9M	$319.0K	—
Q1 24	$11M	$13M	—	—
Q2 24	$8M	$10M	—	—
Q3 24	$5M	$7M	$279.0K	—
Q4 24	$6M	$4M	$482.0K	—
Q1 25	$5M	$6M	—	—
Q2 25	$10M	$6M	$38.0K	—
Q3 25	$9M	—	—	$5M
Q4 25	$7M	—	—	$4M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$200M	$0	$200M
Q2 22	$233M	$0	$233M
Q3 22	$232M	$0	$232M
Q4 22	$194M	$0	$194M
Q1 23	$166M	$0	$166M
Q2 23	$128M	$0	$128M
Q3 23	$90M	$0	$90M
Q4 23	$65M	$0	$65M
Q1 24	$74M	$0	$74M
Q2 24	$56M	$0	$56M
Q3 24	$40M	$0	$40M
Q4 24	$30M	$0	$30M
Q1 25	$31M	$0	$31M
Q2 25	$17M	$0	$17M
Q3 25	$37M	$0	$37M
Q4 25	$28M	$0	$28M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	2M	0.0%	+14.1%
Q2 22	2M	+0.0%	+12.1%
Q3 22	2M	+0.1%	+0.2%
Q4 22	2M	+0.2%	+0.3%
Q1 23	2M	+2.0%	+2.3%
Q2 23	2M	+2.0%	+4.3%
Q3 23	2M	+0.3%	+4.4%
Q4 23	2M	+0.6%	+4.9%
Q1 24	2M	+4.8%	+7.9%
Q2 24	3M	+30.4%	+37.9%
Q3 24	3M	+5.3%	+44.8%
Q4 24	3M	+14.7%	+65.1%
Q1 25	5M	+59.1%	+150.6%
Q2 25	8M	+62.2%	+211.7%
Q3 25	14M	+81.0%	+435.8%
Q4 25	12M	-14.0%	+301.7%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$0	200K
Q2 22	$0	200K
Q3 22	$1	200K
Q4 22	$1	200K
Q1 23	$1	200K
Q2 23	$2	200K
Q3 23	$2	200K
Q4 23	$5.1K	74
Q1 24	$7.9K	74
Q2 24	$14.9K	74
Q3 24	$2.9K	74
Q4 24	$1.9K	190
Q1 25	$884	190
Q2 25	$632	190
Q3 25	$516	190
Q4 25	$1	200K

Revenue / Employee