Loading...
•
Mar 31, 2020
Bioxcel Therapeutics Q1 2020 Earnings Report
Reported first quarter results, with a net loss of $14.9 million, and provided a business update, highlighting progress in clinical trials for BXCL501 and BXCL701.
Key Takeaways
BioXcel Therapeutics reported a net loss of $14.9 million for the first quarter of 2020. The company highlighted progress in its clinical trials for BXCL501 and BXCL701 and strengthened its balance sheet through a follow-on offering, raising approximately $60 million in net proceeds.
Advanced BXCL501 clinical trials (SERENITY I & II and TRANQUILITY) and initiated Phase 1b/2 RELEASE trial.
Investigating biomarkers associated with agitation to expand the potential market for BXCL501.
Identified the recommended dose of BXCL701 for Phase 2 efficacy trial in combination with KEYTRUDA® for treatment emergent Neuroendocrine Prostate Cancer.
Strengthened balance sheet through follow-on offering raising approximately $60 million in net proceeds.
Bioxcel Therapeutics
Bioxcel Therapeutics
Forward Guidance
BioXcel Therapeutics is progressing with clinical trials for BXCL501 and BXCL701, with topline data expected in mid-2020 for the SERENITY trials and results for the TRANQUILITY study also expected in mid-2020. The company is monitoring the impact of the COVID-19 pandemic on its clinical and corporate plans.
Positive Outlook
- Enrollment of the pivotal SERENITY trials is progressing well, with topline data expected in mid-2020.
- The Company is assessing data for dose escalation in the TRANQUILITY study and is on track to report results in mid-2020.
- Recommended Phase 2 dose of BXCL701 identified for combination study with KEYTRUDA®, leading to the initiation of the Phase 2 efficacy trial for advanced prostate cancer.
- Strengthened balance sheet through follow-on offering raising approximately $60 million in net proceeds.
- To date, the Company has not experienced any significant delays with its ongoing clinical trials and have developed a risk mitigation strategy to manage business operations.
Challenges Ahead
- Reported a net loss of $14.9 million for the first quarter of 2020, compared to a net loss of $7.2 million for the same period in 2019.
- The first quarter 2020 results include approximately $0.8 million in non-cash stock-based compensation.
- Research and development expenses were $12.4 million for the first quarter of 2020, as compared to $5.7 million for the same period in 2019.
- General and administrative expenses were $2.6 million for the first quarter of 2020, as compared to $1.7 million for the same period in 2019.
- To date, the Company has not experienced any significant delays to its ongoing or planned clinical trials; however, this could rapidly change.