BioXcel Therapeutics, Inc. (BTAI): restructuring charge — 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

Executive movements

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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.

View on SEC.gov

Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.9

BioXcel Therapeutics, Inc. announced a restructuring with charges of approximately $1.4 million (15 employees, or approximately 28% of the Company’s headcount).

Type: restructuring
Charge: approximately $1.4 million
Headcount: 15 employees, or approximately 28% of the Company’s headcount

Exact text from the filing

On September 17, 2024, the Board of Directors (the “Board”) of BioXcel Therapeutics, Inc. (the “Company”) approved a plan to reduce its workforce by 15 employees, or approximately 28% of the Company’s headcount (the “Clinical Prioritization”), in order to extend its cash runway and prioritize investment on the clinical development of its lead neuroscience asset, BXCL501. The Company estimates that it will incur aggregate charges in connection with the Clinical Prioritization of approximately $1.4 million

View on SEC.gov

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BioXcel Therapeutics, Inc. filing history →

Source: SEC EDGAR

accession 0001104659-24-101176

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