BioXcel Therapeutics reduces workforce by 28% (~15 employees) to cut costs, prioritizes BXCL501; CCO Matt Wiley departs.

BioXcel Therapeutics, Inc.

Headcount reduction of 28% (~15 employees) approved Sept 17, 2024; charges ~$1.4M primarily in severance and benefits, expected Q4 2024.
Company prioritizes clinical development of lead neuroscience asset BXCL501 to extend cash runway.
Chief Commercial Officer Matt Wiley's position eliminated; employment ends Oct 2, 2024, followed by consulting period.
Company previously identified substantial doubt about going concern; cost reduction aims to extend cash runway.
Majority of charges expected to be cash expenditures; plan completion by Q4 2024.

item 2.05 item 5.02

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Departed

Matt Wiley

Chief Commercial Officer

BTAI · BioXcel Therapeutics, Inc.

Effective: 2024-10-02
Filed: September 19, 2024, 7:59 PM ET

On September 18, 2024, the Company notified Matt Wiley, the Company’s Chief Commercial Officer, that, in connection with the Clinical Prioritization, his position was being eliminated.

Key facts

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Executive change SEC 8-K Item 5.02 confidence 0.95

Matt Wiley departed as Chief Commercial Officer at BioXcel Therapeutics, Inc..

Action: position eliminated
Role: Chief Commercial Officer

Exact text from the filing

On September 18, 2024, the Company notified Matt Wiley, the Company’s Chief Commercial Officer, that, in connection with the Clinical Prioritization, his position was being eliminated.

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BioXcel Therapeutics, Inc. filing history →

Source: SEC EDGAR

accession 0001104659-24-101176

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