---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-24-121582"
form_type: "8-K"
ticker: "BTAI"
cik: "0001720893"
company_name: "BioXcel Therapeutics, Inc."
filed_at: "2024-11-21T23:59:59+00:00"
generated_at: "2026-05-29T20:58:59.554630+00:00"
event_type: "debt"
sentiment: "negative"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

# BioXcel Therapeutics amends Oaktree credit deal, waives covenants, sets capital raise milestones, appoints director

## Summary
- Fifth Amendment waives going concern and minimum revenue covenants; removes prior $50M raise requirement.
- New capital milestones: $7M by Nov 27, $18M net by Mar 15, 2025, and $29M net by Aug 15, 2025.
- Interest rate fixed at 13% (up from SOFR+7.5%) retroactive to Sep 30, 2024; 10% PIK option available.
- Company must make $2.5M amortization payment by Dec 31, 2024; quarterly amortization at 5% begins Mar 31, 2026.
- David Mack appointed to board; board expanded to 7. New warrants to lenders: 5M shares at $0.01/share.

## SEC filing metadata
- accession: 0001104659-24-121582
- form_type: 8-K
- ticker: BTAI
- cik: 0001720893
- company_name: BioXcel Therapeutics, Inc.
- filed_at: 2024-11-21T23:59:59+00:00
- event_type: debt
- sentiment: negative
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 1.01, 3.02, 5.02, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1720893/000110465924121582/0001104659-24-121582-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1720893/000110465924121582/tm2428677d2_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-24-121582
- JSON: https://secwatch.observer/filing/0001104659-24-121582.json
- Plain text: https://secwatch.observer/filing/0001104659-24-121582.txt

## Key facts
- Executive change
  David Mack was appointed as Director at BioXcel Therapeutics, Inc..
  - Action: appointed
  - Role: Director
  source text: On November 21, 2024, the Board appointed David Mack to the Board, effective as of November 21, 2024.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1720893/000110465924121582/0001104659-24-121582-index.htm

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