--- schema_version: "secwatch.filing_event.v1" accession: "0001104659-26-120737" form_type: "8-K" ticker: "BTAI" cik: "0001720893" company_name: "BioXcel Therapeutics, Inc." filed_at: "2026-10-30T21:15:18+00:00" generated_at: "2026-10-30T21:16:07.281735+00:00" event_type: "m_and_a" sentiment: "negative" materiality_score: 0.88 calibrated_materiality_score: 0.88 confidence: "high" source: SEC EDGAR --- # BioXcel closes $57.5M Teva asset sale; CEO, CFO and two other officers terminated; renaming to BX Liquidation ## Summary - Teva paid $57.5M upfront cash (against which its $5.75M deposit was credited) for IGALMI (dexmedetomidine)/BXCL501 neuroscience assets; BXCL701 and BXCL702 were retained. - Additional consideration: up to $67.5M development milestone on FDA approval of the IGALMI at-home-use sNDA, plus up to $20M in sales milestones at $250M and $500M annual net sales. - Board terminated CEO Vimal Mehta, CFO Richard Steinhart, CSO Frank Yocca and CLO Javier Rodriguez effective 5 p.m. Oct 31, 2026; Mehta stays a director at $5,000/month. - Samir Saleem, Chief Restructuring Officer, was named President, Secretary and principal executive officer; the company will be renamed BX Liquidation, Inc. ahead of wind-down. - Sale closed Oct 26, 2026 under the Court's Oct 21 Sale Order after no qualifying bids beat Teva's stalking-horse APA; proceeds repaid the debtor-in-possession facility. ## SEC filing metadata - accession: 0001104659-26-120737 - form_type: 8-K - ticker: BTAI - cik: 0001720893 - company_name: BioXcel Therapeutics, Inc. - filed_at: 2026-10-30T21:15:18+00:00 - event_type: m_and_a - sentiment: negative - materiality_score: 0.88 - calibrated_materiality_score: 0.88 - confidence: high - sec_items: 2.01, 5.02, 5.03, 9.01 - EDGAR index: https://www.sec.gov/Archives/edgar/data/1720893/000110465926120737/0001104659-26-120737-index.htm - EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1720893/000110465926120737/tm2624733d2_8k.htm ## Machine-readable alternates - HTML: https://secwatch.observer/filing/0001104659-26-120737 - JSON: https://secwatch.observer/filing/0001104659-26-120737.json - Plain text: https://secwatch.observer/filing/0001104659-26-120737.txt ## Key facts - Executive change Vimal Mehta was terminated as Chief Executive Officer and President at BioXcel Therapeutics, Inc.. - Action: terminated - Role: Chief Executive Officer and President source text: terminated Vimal Mehta, Ph.D., the Company’s Chief Executive Officer and President, Richard Steinhart, the Company’s Senior Vice President and Chief Financial Officer, Frank Yocca, Ph.D., the Company’s Senior Vice President and Chief Scientific Officer, and Javier Rodriguez, the Company’s Senior Vice President, Chief Legal Officer and Corporate Secretary, from all offices of the Company and terminated their employment with the Company evidence_url: https://www.sec.gov/Archives/edgar/data/1720893/000110465926120737/0001104659-26-120737-index.htm - Executive change Richard Steinhart was terminated as Senior Vice President and Chief Financial Officer at BioXcel Therapeutics, Inc.. - Action: terminated - Role: Senior Vice President and Chief Financial Officer source text: terminated Vimal Mehta, Ph.D., the Company’s Chief Executive Officer and President, Richard Steinhart, the Company’s Senior Vice President and Chief Financial Officer, Frank Yocca, Ph.D., the Company’s Senior Vice President and Chief Scientific Officer, and Javier Rodriguez, the Company’s Senior Vice President, Chief Legal Officer and Corporate Secretary, from all offices of the Company and terminated their employment with the Company evidence_url: https://www.sec.gov/Archives/edgar/data/1720893/000110465926120737/0001104659-26-120737-index.htm - Executive change Frank Yocca was terminated as Senior Vice President and Chief Scientific Officer at BioXcel Therapeutics, Inc.. - Action: terminated - Role: Senior Vice President and Chief Scientific Officer source text: terminated Vimal Mehta, Ph.D., the Company’s Chief Executive Officer and President, Richard Steinhart, the Company’s Senior Vice President and Chief Financial Officer, Frank Yocca, Ph.D., the Company’s Senior Vice President and Chief Scientific Officer, and Javier Rodriguez, the Company’s Senior Vice President, Chief Legal Officer and Corporate Secretary, from all offices of the Company and terminated their employment with the Company evidence_url: https://www.sec.gov/Archives/edgar/data/1720893/000110465926120737/0001104659-26-120737-index.htm - Executive change Samir Saleem was appointed as President and Secretary at BioXcel Therapeutics, Inc.. - Action: appointed - Role: President and Secretary source text: On October 30, 2026, the Board appointed Samir Saleem, the Company’s Chief Restructuring Officer, as President and Secretary of the Company, effective as of 5:00 p.m., Eastern Time, on October 31, 2026, in addition to his continuing service as Chief Restructuring Officer. Mr. Saleem will serve as the Company’s principal executive officer. evidence_url: https://www.sec.gov/Archives/edgar/data/1720893/000110465926120737/0001104659-26-120737-index.htm - Executive change Javier Rodriguez was terminated as Senior Vice President, Chief Legal Officer and Corporate Secretary at BioXcel Therapeutics, Inc.. - Action: terminated - Role: Senior Vice President, Chief Legal Officer and Corporate Secretary source text: terminated Vimal Mehta, Ph.D., the Company’s Chief Executive Officer and President, Richard Steinhart, the Company’s Senior Vice President and Chief Financial Officer, Frank Yocca, Ph.D., the Company’s Senior Vice President and Chief Scientific Officer, and Javier Rodriguez, the Company’s Senior Vice President, Chief Legal Officer and Corporate Secretary, from all offices of the Company and terminated their employment with the Company evidence_url: https://www.sec.gov/Archives/edgar/data/1720893/000110465926120737/0001104659-26-120737-index.htm This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.