secwatch.observer — SEC 8-K summary
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Issuer:     BioXcel Therapeutics, Inc. (BTAI)
CIK:        0001720893
Form:       8-K
Filed at:   2025-08-12T23:59:59+00:00
Accession:  0001104659-25-076501
Event type: earnings
Sentiment:  neutral
Materiality: 0.65
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1720893/000110465925076501/0001104659-25-076501-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1720893/000110465925076501/tm2523230d1_8k.htm
  HTML page:      https://secwatch.observer/filing/0001104659-25-076501

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