---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-23-056887"
form_type: "8-K"
ticker: "BTAI"
cik: "0001720893"
company_name: "BioXcel Therapeutics, Inc."
filed_at: "2023-05-08T23:59:59+00:00"
generated_at: "2026-06-15T13:47:38.781323+00:00"
event_type: "earnings"
sentiment: "neutral"
materiality_score: 0.65
calibrated_materiality_score: 0.65
confidence: "high"
source: SEC EDGAR
---

# BioXcel Therapeutics Q1 net loss $52.8M; IGALMI formulary wins double to 130

## Summary
- Net revenue ~$206K for Q1 2023; net loss of $52.8M vs $31.5M YoY.
- Cash $165.5M; cash runway into 2025 with Oaktree/QIA financing and IGALMI revenues.
- IGALMI: 130 formulary wins (doubled in 2 months); $55M market unlocked, $255M scheduled for vote.
- Key pipeline data expected: SERENITY III (May 2023), TRANQUILITY II (June 2023), MDD Phase 1b (May 2023).
- R&D expenses $27.8M (+49% YoY); SG&A $23.6M (+83% YoY) driven by IGALMI launch.

## SEC filing metadata
- accession: 0001104659-23-056887
- form_type: 8-K
- ticker: BTAI
- cik: 0001720893
- company_name: BioXcel Therapeutics, Inc.
- filed_at: 2023-05-08T23:59:59+00:00
- event_type: earnings
- sentiment: neutral
- materiality_score: 0.65
- calibrated_materiality_score: 0.65
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1720893/000110465923056887/0001104659-23-056887-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1720893/000110465923056887/tm239728d5_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-23-056887
- JSON: https://secwatch.observer/filing/0001104659-23-056887.json
- Plain text: https://secwatch.observer/filing/0001104659-23-056887.txt

## Key facts
- Earnings Releases
  BioXcel Therapeutics, Inc. reported financial results for three months ended March 31, 2023.
  - Period: three months ended March 31, 2023
  - Result: reported results
  source text: On May 8, 2023, BioXcel Therapeutics, Inc. (the “Company”) issued a press release announcing its financial results for the three months ended March 31, 2023 and provided a business update.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1720893/000110465923056887/0001104659-23-056887-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.