BioXcel Therapeutics reported its financial results for the second quarter of 2025, with net revenue from IGALMI at $120,000, a decrease from $1.1 million in Q2 2024. The company recorded an operating loss of $15.9 million and a net loss of $19.2 million for the quarter, compared to an operating loss of $17.3 million and net loss of $8.3 million in Q2 2024.
Research and Development (R&D) expenses increased to $10.3 million in Q2 2025 from $8.0 million in Q2 2024, primarily due to increased clinical trial activity for the SERENITY At-Home Phase 3 studies. Selling, General and Administrative (SG&A) expenses decreased to $5.6 million from $9.5 million in the same period, reflecting reprioritization actions.
The company used $12.6 million in operating cash during Q2 2025, with cash and cash equivalents and restricted cash totaled $18.6 million as of June 30, 2025. Subsequent to quarter-end, BioXcel received an additional $11.5 million from its at-the-market (ATM) program and $3.6 million from warrant exercises, strengthening its cash position.
Operationally, the SERENITY At-Home pivotal Phase 3 safety trial was complete, with topline results expected in August. An FDA meeting is scheduled in August to support a potential sNDA submission for label expansion of IGALMI in the at-home setting. The company also noted a publication suggesting BXCL501's potential in chronic conditions.
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