BioXcel Therapeutics Balance Sheet Health
Financial Health criteria checks 0/6
BioXcel Therapeutics has a total shareholder equity of $-105.5M and total debt of $100.3M, which brings its debt-to-equity ratio to -95%. Its total assets and total liabilities are $34.0M and $139.6M respectively.
Key information
-95.02%
Debt to equity ratio
US$100.29m
Debt
| Interest coverage ratio | n/a |
| Cash | US$17.18m |
| Equity | -US$105.54m |
| Total liabilities | US$139.57m |
| Total assets | US$34.03m |
Recent financial health updates
Recent updates
Narrative Update • Jun 25
BTAI: At Home Agitation Opportunity Will Drive Future Upside Potential
Analysts have reiterated their $14.00 price target on BioXcel Therapeutics, reflecting only slight adjustments in assumptions around discount rate, profit margin and future P/E, and indicating that their overall valuation view on the stock remains largely unchanged. What’s in the News for BioXcel Therapeutics BioXcel Therapeutics reported new positive exploratory efficacy data from the Phase 3 SERENITY At-Home trial of BXCL501 for agitation in bipolar disorders or schizophrenia in the at-home setting, showing reduced agitation versus placebo across mild, moderate, and severe baseline symptom levels, with benefit maintained over repeated dosing, source: 2026 American Society of Clinical Psychopharmacology Annual Meeting.Narrative Update • Jun 05
BTAI: At Home Agitation Franchise Will Unlock Future Upside Potential
Analysts have lifted their price target on BioXcel Therapeutics stock to $17, up from $14, citing what they view as a differentiated at-home agitation franchise, expanding BXCL501 neuropsychiatry options, and a wide gap between the current enterprise value and the company's risk adjusted cash flow potential. What's in the News BioXcel Therapeutics reported new positive data from the Phase 3 SERENITY At-Home trial of BXCL501 in agitation tied to bipolar disorders or schizophrenia in the at home setting, with exploratory analyses showing reduced agitation versus placebo across mild, moderate, and severe baseline symptoms, and benefit observed with repeated dosing.Narrative Update • Apr 27
BTAI: At Home Agitation Opportunity Will Drive Future Upside Despite Dilution
Analysts have reset BioXcel Therapeutics' blended price target closer to $6, reflecting recent equity dilution while still pointing to what they view as attractive upside from the company's differentiated at home agitation franchise and expanding BXCL501 neuropsychiatry opportunities. Analyst Commentary Recent Street commentary on BioXcel Therapeutics centers on how to balance dilution driven pressure on the share price with what analysts see as meaningful potential around the BXCL501 franchise and the broader neuropsychiatry pipeline.Narrative Update • Apr 12
BTAI: At Home Agitation Franchise Will Drive Future Repricing Despite Dilution
Narrative Update The analyst fair value estimate for BioXcel Therapeutics has been adjusted slightly to $14.00 from $14.25, as analysts weigh the recent equity dilution against ongoing views that BXCL501's at-home agitation use and broader neuropsychiatry potential support a higher upside than current trading levels suggest. Analyst Commentary Recent Street research highlights a split view on BioXcel Therapeutics, with some analysts focused on the long-term potential of BXCL501 and others more focused on balance sheet pressure from equity issuance.Narrative Update • Mar 27
BTAI: At Home Agitation Expansion Will Drive Repricing Despite Dilution Concerns
Analysts now set an updated $14.25 price target for BioXcel Therapeutics, refining their outlook as they weigh enthusiasm around the at-home agitation franchise and expanding BXCL501 options against recent and expected equity dilution. Analyst Commentary Recent Street research reflects a split view on BioXcel Therapeutics, with some analysts emphasizing upside tied to the at-home agitation portfolio and others focusing more on the impact of equity dilution on upside potential.Narrative Update • Mar 12
BTAI: At Home Agitation sNDA Will Drive Repricing Despite Equity Dilution Concerns
Analysts have trimmed their fair value estimate for BioXcel Therapeutics from $15.25 to $14.25, reflecting a lower price target after recent Street research highlighted equity dilution as a key concern. Analyst Commentary Bullish Takeaways Bullish analysts still see upside potential even after the price target adjustment to US$6, suggesting they believe current valuation already reflects a good portion of the equity dilution risk.Narrative Update • Feb 25
BTAI: At Home Agitation sNDA And Planning Will Drive Repricing Potential
Analysts kept their $15.25 price target for BioXcel Therapeutics unchanged, citing relatively steady modeled fair value, a similar discount rate and revenue outlook, and only modest tweaks to profit margin and future P/E assumptions. What's in the News Completed an updated market opportunity assessment for IGALMI for acute agitation in bipolar disorder or schizophrenia in the at home setting, using insights from the SERENITY At Home study to guide launch planning.Narrative Update • Feb 10
BTAI: At Home Agitation Use Expansion Will Drive Repricing Potential
Analysts now see fair value for BioXcel Therapeutics at US$15.25, down from US$16.75. This reflects updated assumptions for growth, profitability and a higher future P/E multiple in their models.Narrative Update • Jan 27
BTAI: At Home Agitation Approval Effort Will Drive Repricing Potential
Analysts have revised their price target for BioXcel Therapeutics to US$16.75, with the change largely tied to updated assumptions for the discount rate, profit margin outlook, and a slightly lower future P/E multiple. What's in the News Submitted a supplemental New Drug Application (sNDA) to the U.S. FDA for IGALMI for at home treatment of agitation tied to bipolar disorders or schizophrenia, aiming to expand use beyond healthcare provider supervised settings where there are currently no FDA approved options (Key Developments).Narrative Update • Jan 10
BTAI: At Home Agitation sNDA And Safety Data Will Drive Repricing
Analysts have modestly reset their price target for BioXcel Therapeutics to US$16.75. This reflects updated assumptions around discount rate, profit margin, and future P/E that keep their fair value view broadly unchanged.Narrative Update • Dec 17
BTAI: At Home Agitation Approval Pathway Will Drive Bullish Repricing
Narrative Update on BioXcel Therapeutics Analysts have modestly lifted their price target on BioXcel Therapeutics, citing a reaffirmed fair value estimate near $16.75 per share, supported by stable long term growth and profitability assumptions, despite a slightly higher discount rate and modestly richer projected valuation multiples. What's in the News Shareholders are scheduled to vote at the December 12, 2025 AGM on an amendment to the certificate of incorporation that would enable a reverse stock split, which may reflect efforts to maintain listing compliance and improve share price optics (company filing).Narrative Update • Dec 03
BTAI: Phase 3 At Home Agitation Data Will Drive Bullish Repricing
Analysts have raised their price target on BioXcel Therapeutics to $4 from $2, citing stronger long term risk adjusted sales potential for BXCL501 supported by positive Phase 3 SERENITY At Home data, while still flagging financing uncertainty. Analyst Commentary Analysts updating their models following the SERENITY At Home readout are highlighting both improved long term revenue potential and persistent execution risks that temper the valuation upside.Narrative Update • Nov 19
BTAI: Strong Phase 3 Study Results Will Drive Further Market Momentum
Analysts have lowered their fair value estimate for BioXcel Therapeutics from $23.75 to $16.75 per share, citing improved long-term revenue projections and profit margins. This outlook is balanced by ongoing uncertainties related to the company’s financing strategy.Narrative Update • Nov 04
BTAI: Upcoming Regulatory Milestones Will Drive Momentum Following Key Phase 3 Success
Analysts have increased their fair value price target for BioXcel Therapeutics from $19 to $23.75, citing improved revenue growth expectations, a higher profit margin forecast, and optimism following positive BXCL501 study results as well as expanded indications. Analyst Commentary Recent analyst updates reflect a mix of optimism and ongoing caution surrounding BioXcel Therapeutics following positive developments for BXCL501 and improving financial projections.
New Narrative • Apr 17
BXCL501 And SERENITY Trials Will Unlock New Treatment Horizons
Advancing Phase III trials and successful SERENITY outcomes could expand market access and boost revenue through FDA approvals and new partnerships.Analysis Article • Jun 04
Shareholders May Be More Conservative With BioXcel Therapeutics, Inc.'s (NASDAQ:BTAI) CEO Compensation For Now
Key Insights BioXcel Therapeutics will host its Annual General Meeting on 10th of June CEO Vimal Mehta's total...Financial Position Analysis
Short Term Liabilities: BTAI has negative shareholder equity, which is a more serious situation than short term assets not covering short term liabilities.
Long Term Liabilities: BTAI has negative shareholder equity, which is a more serious situation than short term assets not covering long term liabilities.
Debt to Equity History and Analysis
Debt Level: BTAI has negative shareholder equity, which is a more serious situation than a high debt level.
Reducing Debt: BTAI's has negative shareholder equity, so we do not need to check if its debt has reduced over time.
Balance Sheet
Cash Runway Analysis
For companies that have on average been loss-making in the past, we assess whether they have at least 1 year of cash runway.
Stable Cash Runway: BTAI has less than a year of cash runway based on its current free cash flow.
Forecast Cash Runway: BTAI has less than a year of cash runway if free cash flow continues to reduce at historical rates of 2.5% each year
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Company Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2026/06/26 01:43 |
| End of Day Share Price | 2026/06/26 00:00 |
| Earnings | 2026/03/31 |
| Annual Earnings | 2025/12/31 |
Data Sources
The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.
| Package | Data | Timeframe | Example US Source * |
|---|---|---|---|
| Company Financials | 10 years |
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| Analyst Consensus Estimates | +3 years |
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| Market Prices | 30 years |
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| Ownership | 10 years |
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| Management | 10 years |
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| Key Developments | 10 years |
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* Example for US securities, for non-US equivalent regulatory forms and sources are used.
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.
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Industry and Sector Metrics
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Analyst Sources
BioXcel Therapeutics, Inc. is covered by 9 analysts. 3 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.
| Analyst | Institution |
|---|---|
| Anita Dushyanth | Berenberg |
| Guyn Kim | BMO Capital Markets Equity Research |
| Alec Stranahan | BofA Global Research |