---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-25-076501"
form_type: "8-K"
ticker: "BTAI"
cik: "0001720893"
company_name: "BioXcel Therapeutics, Inc."
filed_at: "2025-08-12T23:59:59+00:00"
generated_at: "2026-05-17T14:41:39.113362+00:00"
event_type: "earnings"
sentiment: "neutral"
materiality_score: 0.65
calibrated_materiality_score: 0.65
confidence: "high"
source: SEC EDGAR
---

# BioXcel Q2 net loss $19.2M, cash $18.6M; SERENITY Phase 3 topline due August

## Summary
- Q2 2025 IGALMI revenue $120K (down ~89% YoY from $1.1M); net loss $19.2M vs $8.3M in Q2 2024.
- Operating loss improved to $15.9M from $17.3M YoY; R&D spending up to $10.3M from $8.0M.
- Cash and equivalents $18.6M at June 30; post-quarter raised $11.5M from ATM and $3.6M from warrant exercises.
- SERENITY At-Home Phase 3 trial for bipolar/schizophrenia complete; topline results expected August 2025.
- FDA meeting in August to support potential sNDA for label expansion of IGALMI to at-home setting.

## SEC filing metadata
- accession: 0001104659-25-076501
- form_type: 8-K
- ticker: BTAI
- cik: 0001720893
- company_name: BioXcel Therapeutics, Inc.
- filed_at: 2025-08-12T23:59:59+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/1720893/000110465925076501/0001104659-25-076501-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1720893/000110465925076501/tm2523230d1_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-25-076501
- JSON: https://secwatch.observer/filing/0001104659-25-076501.json
- Plain text: https://secwatch.observer/filing/0001104659-25-076501.txt

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