BioXcel Therapeutics reported its financial results for the first quarter of 2025, alongside the significant announcement that its SERENITY At-Home pivotal Phase 3 safety trial is fully enrolled. Net revenue from IGALMI was $168,000 for Q1 2025, a decrease from $582,000 in Q1 2024.
The company continued to reduce operating expenses, with Research and Development (R&D) expenses decreasing to $4.6 million in Q1 2025 from $11.4 million in Q1 2024. Selling, General and Administrative (SG&A) expenses also fell to $5.7 million in Q1 2025 from $13.3 million in Q1 2024, primarily due to reprioritization actions.
The net loss for Q1 2025 was $7.3 million, a substantial improvement from a net loss of $26.8 million in Q1 2024. The company used $12.0 million in operating cash during the quarter, and cash and cash equivalents totaled $31 million as of March 31, 2025.
Full enrollment in the SERENITY At-Home trial is a major milestone, as this trial evaluates BXCL501 for acute agitation in bipolar disorders or schizophrenia in the at-home setting, a market with no FDA-approved acute treatment options. Topline data from this trial is expected in the second half of 2025, which is intended to support a potential sNDA submission to expand IGALMI's label.
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