BioXcel Therapeutics reported its financial results for the fourth quarter and full year 2024. Net revenue from IGALMI was $366,000 for Q4 2024, a decrease from $376,000 in Q4 2023. For the full year 2024, net revenue from IGALMI increased to $2.3 million, up from $1.4 million in 2023.
The company significantly reduced operating expenses, with R&D expenses falling to $5.9 million in Q4 2024 from $9.9 million in Q4 2023, and to $30.4 million for full year 2024 from $84.3 million in 2023. SG&A expenses also decreased to $4.1 million in Q4 2024 from $9.6 million in Q4 2023, and to $34.5 million for full year 2024 from $83.4 million in 2023.
Despite cost reductions, the net loss for Q4 2024 was $10.9 million, an improvement from $22.3 million in Q4 2023. The full year 2024 net loss narrowed to $59.6 million from $179.1 million in 2023. Cash used in operating activities for 2024 totaled $72.0 million, a reduction of $83.0 million from the prior year, with cash and cash equivalents at $29.9 million as of December 31, 2024.
Operationally, enrollment in the SERENITY At-Home pivotal Phase 3 safety trial for acute treatment of agitation associated with bipolar disorders or schizophrenia exceeded 60% of the required patient number. Topline data from this trial is expected in the second half of 2025, intended to support a potential sNDA submission for label expansion of IGALMI in the at-home setting.
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