---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-26-035661"
form_type: "8-K"
ticker: "BTAI"
cik: "0001720893"
company_name: "BioXcel Therapeutics, Inc."
filed_at: "2026-03-27T23:59:59+00:00"
generated_at: "2026-05-15T08:40:04.153275+00:00"
event_type: "earnings"
sentiment: "neutral"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

# BioXcel posts Q4 net loss $12.5M, IGALMI revenue falls; sNDA filed for at-home use

## Summary
- Q4 2025 IGALMI revenue $256K vs $366K in Q4 2024; full year $642K vs $2.3M.
- Net loss Q4 $12.5M ($10.9M Q4 2024); full year $69.9M ($59.6M 2024).
- Cash $28.8M at Dec 31, 2025; operating cash use $57.6M in 2025 vs $72M in 2024.
- sNDA submitted Jan 2026 for IGALMI in at-home agitation; potential approval year-end 2026.
- Appointed Mark Pavao as Interim CCO to lead launch plans for IGALMI at-home.

## SEC filing metadata
- accession: 0001104659-26-035661
- form_type: 8-K
- ticker: BTAI
- cik: 0001720893
- company_name: BioXcel Therapeutics, Inc.
- filed_at: 2026-03-27T23:59:59+00:00
- event_type: earnings
- sentiment: neutral
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1720893/000110465926035661/0001104659-26-035661-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1720893/000110465926035661/tm269970d1_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-26-035661
- JSON: https://secwatch.observer/filing/0001104659-26-035661.json
- Plain text: https://secwatch.observer/filing/0001104659-26-035661.txt

## Key facts
- Earnings Releases
  BioXcel Therapeutics, Inc. reported financial results for for the three months and year ended December 31, 2025.
  - Period: for the three months and year ended December 31, 2025
  - Result: reported results
  source text: On March 27, 2026, BioXcel Therapeutics, Inc. (the “Company”) issued a press release announcing its financial results for the three months and year ended December 31, 2025 and provided a business update.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1720893/000110465926035661/0001104659-26-035661-index.htm

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