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BioXcel Therapeutics Inc. (BTAI+6.63%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing includes details of the company's financial performance, reporting a net loss of $59.6 million for the year, compared to $179.1 million in the previous year. The company's stockholders' deficit was approximately $93.1 million as of December 31, 2024.
BioXcel continues to focus on the commercialization of IGALMI®, a treatment for acute agitation associated with schizophrenia or bipolar I or II disorder, and the development of its product candidates BXCL501, BXCL502, BXCL701, and BXCL702.
The company has faced challenges including a reduction in workforce and strategic reprioritization to focus on high-potential market opportunities. The reprioritization includes a shift in commercial strategy for IGALMI® and a focus on developing BXCL501 for use in the at-home setting.
BioXcel received a letter from Nasdaq regarding non-compliance with the minimum market value of listed securities requirement, leading to a delisting notice. The company has requested a hearing to appeal this determination.
The company is dependent on third-party manufacturers for the production of its clinical and commercial supplies and has entered into a commercial supply agreement with ARx, LLC for the manufacture of its film formulation of dexmedetomidine.
BioXcel's research and development efforts are supported by its AI platform and BioXcel LLC’s EvolverAI, although the exclusivity period for the use of EvolverAI in neuroscience and immuno-oncology has expired.
The company is subject to various risks including the need for additional funding, potential regulatory challenges, and competition from other pharmaceutical companies.
BioXcel is also facing legal and regulatory challenges, including compliance with Medicaid Drug Rebate Program and other governmental pricing programs, which could impact its financial performance.
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. annual 10-K report dated March 28, 2025. To report an error, please email earnings@qz.com.