---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-25-109732"
form_type: "8-K"
ticker: "BTAI"
cik: "0001720893"
company_name: "BioXcel Therapeutics, Inc."
filed_at: "2025-11-12T23:59:59+00:00"
generated_at: "2026-05-16T21:20:19.531209+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

# BioXcel Q3 net loss $30.9M; plans sNDA for IGALMI at-home use in Q1 2026

## Summary
- Net revenue of $98K from IGALMI, down from $214K YoY; cost of goods sold fell to $11K.
- Net loss widened to $30.9M ($14.2M operating loss) from $13.7M loss a year ago; operating cash use $18.8M.
- R&D expense rose to $8.7M (up $3.6M) due to SERENITY At-Home trial; SG&A fell to $5.4M.
- Cash and equivalents $37.3M at Sep 30; raised $4.9M post-quarter via ATM.
- Plans sNDA submission in early Q1 2026 for IGALMI at-home agitation treatment; revised addressable market to 57-77M annual episodes.

## SEC filing metadata
- accession: 0001104659-25-109732
- form_type: 8-K
- ticker: BTAI
- cik: 0001720893
- company_name: BioXcel Therapeutics, Inc.
- filed_at: 2025-11-12T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.7
- calibrated_materiality_score: 0.7
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1720893/000110465925109732/0001104659-25-109732-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1720893/000110465925109732/tm2530979d1_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-25-109732
- JSON: https://secwatch.observer/filing/0001104659-25-109732.json
- Plain text: https://secwatch.observer/filing/0001104659-25-109732.txt

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