BioXcel Therapeutics, Inc. (BTAI)

From the record

BioXcel Therapeutics, Inc.'s filings since 2017 show 5 warning events of 3 kinds: a bankruptcy or receivership notice (8-K item 1.03, the latest 2026-08-28); a notice about its exchange listing (8-K item 3.01, 3 times, the latest 2026-09-01); an auditor change (8-K item 4.01, the latest 2021-03-15) (its current reports).

From the record

BioXcel Therapeutics, Inc.'s 4 filed years say what it did: revenue went from $375 thousand in fiscal 2022 to $642 thousand in fiscal 2025, up 19.6% a year; it rose in 2 of 3 years; the deepest fall was 72% from fiscal 2024 to fiscal 2025; net income was positive in 0 of 4 of those years (its annual reports).

From the record

Return on equity: in the fiscal year ended 2025-12-31, BioXcel Therapeutics, Inc.'s shareholders' equity was below zero, so the profit on it is not read, and gross profitability: its products earned about 1 cents per dollar of everything the company owns (revenue less the cost of revenue). Leverage: it owed about 313 cents per dollar of assets, and net share issuance: its share count grew 381.6% over the year (the filed statements).

From the record

BioXcel Therapeutics, Inc.'s standing among 315 graded names in its industry family: revenue of $642 thousand in fiscal 2025 ranks in the bottom 18% by size; a net margin of -10887.4% ranks in the bottom 10%; revenue growth of 19.6% a year over the last 3 filed years ranks in the top 38% (its annual reports).

From the record

BioXcel Therapeutics, Inc.'s leadership, from its insiders' filings and its current reports: the chief executive on the record is Mehta, Vimal (CEO and President, as filed), filing under that title since 2018-03-07, 8.7 years (top 20% of its family); the 12 officers and directors filing in the last fifteen months have been on the record a median of 6.7 years (top 31%); 7 officer or director changes were reported on Form 8-K since 2023-11-13, against the 12 people in charge now (bottom 35%; fewer changes for each person reads higher) (the Form 4 record, its Form 8-K reports). Years count from a person's first filing in the SEC's data sets, which begin in 2006, so each is a floor.

From the record

BioXcel Therapeutics, Inc.'s room to grow, from the newest filed statements (fiscal 2025): cash of $28 million against debt of $85 million leaves -125.2% of its assets as net cash, bottom 1% of its family; cash from operations less capital spending is -8974.3% of revenue (bottom 9%); a gross margin of 74.5% (top 43%); research spending of 4712% of revenue (top 10%) (its annual report).

From the record

BioXcel Therapeutics, Inc.'s growth drivers, from the filed years to fiscal 2025: revenue grew 19.6% a year over the last three filed years against 19.6% over all 4, speeding up (top 40% of its family); the newest year grew -71.7% (bottom 9%); research spending grew -30.8% a year (bottom 12%) (its annual reports). BioXcel Therapeutics, Inc. tags no split of its revenue by line in the annual report on file, so growth by line cannot be read here; research and capital spending are on the trend.

From the record

BioXcel Therapeutics, Inc.'s newest year against its own record: revenue of $642 thousand in fiscal 2025 came in 88.5% below the $6 million its prior three years' pace pointed to (bottom 7% of its family); net income of $70 million against a prior three-year average of $135 million (top 33%); a net margin of a loss larger than its revenue against losses larger than its revenue before (top 7%) (its annual reports).