secwatch.observer — SEC 8-K summary
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Issuer:     BioXcel Therapeutics, Inc. (BTAI)
CIK:        0001720893
Form:       8-K
Filed at:   2023-09-25T23:59:59+00:00
Accession:  0001104659-23-103556
Event type: leadership
Sentiment:  neutral
Materiality: 0.60
Item codes: 1.01, 5.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Co-founder Dr. Nandabalan resigns from BTAI board; enters 5-year non-compete
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- Dr. Krishnan Nandabalan resigned from board effective Sept 19, 2023; no disagreement with company.
- BioXcel entered non-compete with Nandabalan, InveniAI, and Invea: 5-year bar in neuroscience/immuno-oncology; 2-year no-solicit.
- Sandeep "Steve" Laumas resigned as Class II director and was reappointed Class I to rebalance board classes; board now 6 members.
- Non-compete includes $2M liquidated damages for breach by InveniAI or Invea in restricted fields.
- BTAI granted right of first negotiation over certain InveniAI assets in restricted fields.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1720893/000110465923103556/0001104659-23-103556-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1720893/000110465923103556/tm2326812d1_8k.htm
  HTML page:      https://secwatch.observer/filing/0001104659-23-103556

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer