BioXcel Therapeutics, Inc. (BTAI) Stock

BioXcel Therapeutics, Inc. (BTAI) is a Healthcare stock trading at $0.81 (as of 2026-08-21), with a market capitalization of $25.35M. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

BioXcel Therapeutics is a commercial-stage biopharmaceutical company applying artificial intelligence approaches to re-evaluate existing drugs and related candidates for new therapeutic uses, with work focused on neuroscience and immuno-oncology. Its marketed treatment is IGALMI (BXCL501) for acute agitation associated with schizophrenia or bipolar I/II in adults, and it conducts clinical development of related programs including BXCL501 in other agitation settings and BXCL502 and BXCL701.

Understand BioXcel Therapeutics, Inc.: how it makes money

BioXcel Therapeutics is a commercial-stage biopharmaceutical company using AI (big data and proprietary machine learning) and a drug re-innovation approach to develop neuroscience and immuno-oncology medicines. It earns revenue from selling its commercial product IGALMI, a dexmedetomidine sublingual film for the acute treatment of agitation associated with schizophrenia.

Profitability is structurally tied to scaling net sales of marketed products (such as IGALMI), and in the latest quarter the company reported 0.0B of revenue, while operating profitability remained deeply negative.

Revenue by segment (latest quarter)
IGALMI	$0.0B
Milagami	$0.0B
El Gami	$0.0B

Business quality (Mixed): Latest-quarter reporting shows 0.0B revenue with deeply negative gross and operating margins, so near-term financial momentum depends on monetizing product sales. Operationally, the company is actively progressing its SERENITY Phase 3 trial, with enrollment at 63% of required.

Bull case

Commercial product exists: The company reports IGALMI as its commercial product, a dexmedetomidine sublingual film for acute agitation associated with schizophrenia.
Phase 3 enrollment is underway: SERENITY at-home Phase 3 enrollment is 63% of required enrollment, with 246 patients randomized and 200 patients enrolled.
Evidence of formulary momentum: The company reports 185 IGALMI formulary approvals and 130 formulary wins.

Bear case

No reported revenue in the latest quarter: For the period ended 2026-03-31, total revenue is shown as 0.0B, limiting the companys ability to generate operating profits.
Deep operating losses: For the period ended 2026-03-31, gross margin is -37.4% and operating margin is -4962.6%.
Execution risk remains for SERENITY: Enrollment is still in progress, at 63% of required enrollment, with 165 patients dosed and 2628 agitation episodes collected.

Valuation — source: SEC EDGAR (first-party)
Price	$0.81
Market Cap	$25.35M
Price / Sales	36.63
FCF Yield	-335.0%

Profitability & Growth — source: SEC EDGAR
Revenue (TTM)	$642000.00
Net Margin	-10887.4%
Revenue Growth (YoY)	-71.7%
EPS Growth (YoY)	-75.6%
FCF Growth (YoY)	-20.0%

Financial Health — source: SEC EDGAR
Altman Z-Score	-26.29 (distress)
Piotroski F-Score	3/9 (weak)

Valuation vs Sector & Industry
Sector P/E (Healthcare)	21.7
Industry P/E (Pharmaceutical Products)	17.0

Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional Holder	MILLENNIUM MANAGEMENT LLC ($2.60M)
Institutional Holders Tracked	10

Company
Sector	Healthcare
Industry	Pharmaceutical Products
CEO	Vimal D. Mehta
Employees	37
Country	US
IPO Date	2018-03-08

Related Companies (Business model: Biotech (Clinical / Commercial-Stage); 8 closest by market cap; US-domiciled)

Data as of 2026-08-21.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.