BioXcel Therapeutics reported third‑quarter 2025 financial results on November 12, 2025, showing net revenue of $98,000—down 54% from $214,000 in Q3 2024—and a net loss of $30.9 million, a widening of $17.2 million compared with the $13.7 million loss reported a year earlier. Cash and cash equivalents increased to $37.3 million as of September 30, 2025, up from $40.4 million at the end of the prior year, giving the company a modest cash runway that still raises “substantial doubt” about its ability to continue as a going concern within 12 months.
Research and development expenses rose to $8.7 million, driven by intensified activity in the SERENITY at‑home Phase 3 program, while selling, general and administrative costs fell to $5.4 million as the company cut headcount and renegotiated vendor contracts. The higher R&D spend contributed to an operating loss of $14.2 million, a 30% increase from the $11.0 million operating loss in Q3 2024. The company’s cost‑control measures in SG&A offset some of the pressure, but the overall margin compression reflects the heavy investment in late‑stage clinical development.
Revenue and earnings missed analyst consensus estimates—$216,670 and –$1.34 per share, respectively—resulting in a $118,670 revenue shortfall and a $0.84 EPS miss. The revenue miss is largely attributable to the company’s limited commercial activity; BioXcel has not yet generated significant sales from its flagship product, IGALMI, and the at‑home market remains largely untapped. The EPS miss reflects the combination of low revenue and the substantial R&D outlay required to advance the SERENITY program.
CEO Vimal Mehta emphasized that the company is focused on the upcoming supplemental New Drug Application (sNDA) for at‑home use of IGALMI, slated for early Q1 2026, and the planned initiation of the TRANQUILITY In‑Care Phase 3 trial for agitation associated with Alzheimer’s dementia. He noted that the combined at‑home and in‑care market could reach 57 to 77 million annual episodes in the United States, underscoring the long‑term revenue potential that the company is positioning itself to capture.
Despite the current cash burn and liquidity concerns, BioXcel’s management signals confidence in its pipeline and regulatory strategy. The company’s focus on cost discipline in SG&A, coupled with aggressive investment in clinical milestones, suggests a deliberate trade‑off between short‑term profitability and long‑term market entry. Investors will be watching the company’s ability to secure additional funding and to achieve regulatory milestones that could unlock the substantial market opportunity identified by the CEO.
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