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BioXcel Therapeutics, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing product revenue of $214,000, a decrease from $341,000 in the same quarter the previous year. The decrease is attributed to timing of re-orders from existing customers.
Cost of goods sold for the quarter was $1,170,000, compared to $512,000 in the same quarter of the previous year, primarily due to higher charges for reserves for excess or obsolete inventory.
Research and development expenses decreased to $5,101,000 from $19,619,000, reflecting reduced costs associated with the wind down of the SERENITY III study and the TRANQUILITY II study of BXCL501.
Selling, general, and administrative expenses decreased to $7,683,000 from $24,344,000, primarily due to reduced personnel costs following a strategic reprioritization and reductions in professional fees.
The company reported a net loss of $13,650,000 for the quarter, compared to a net loss of $50,486,000 in the previous year.
BioXcel had cash and cash equivalents of $40,387,000 as of September 30, 2024, with net cash used in operating activities of $57,218,000 for the nine months ended September 30, 2024.
The filing details the company's strategic reprioritization, including a reduction of approximately 60% of the workforce to focus on core clinical programs and extend cash runway.
The company acknowledges its dependence on raising additional capital to continue operations and meet obligations under its Credit Agreement.
BioXcel is focused on developing its lead neuroscience asset, BXCL501, and has initiated a SERENITY At-Home trial to evaluate the safety and efficacy of BXCL501 in the at-home setting.
The company is also planning to generate additional Phase 3 efficacy and safety data for BXCL501 in care-facility settings through a TRANQUILITY In-Care Phase 3 trial.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the BioXcel Therapeutics Inc. quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.