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Jun 30, 2025
Bioxcel Therapeutics Q2 2025 Earnings Report
BioXcel Therapeutics reported lower IGALMI revenue and a wider net loss in Q2 2025, while advancing late-stage trials and managing SG&A costs.
Key Takeaways
BioXcel Therapeutics posted Q2 2025 revenue of $120,000 from IGALMI, down from $1.1 million YoY, reflecting minimal commercial activity. Net loss widened to $19.2 million, mainly due to increased R&D for the SERENITY at-home Phase 3 trial and higher interest expense. However, SG&A expenses declined due to reprioritization efforts. The company ended the quarter with $18.6 million in cash.
IGALMI revenue dropped to $120,000 from $1.1 million YoY
Net loss increased to $19.2 million due to R&D and interest costs
SG&A expenses decreased to $5.6 million following cost controls
Cash and cash equivalents totaled $18.6 million at quarter-end
Revenue by Segment
Forward Guidance
BioXcel anticipates topline results from the SERENITY at-home Phase 3 trial in August and plans further development of BXCL501 in Alzheimer’s agitation and chronic stress-related disorders.
Positive Outlook
- SERENITY At-Home Phase 3 topline data expected August 2025
- Expanded addressable market estimated for at-home agitation
- TRANQUILITY In-Care trial planning underway for Alzheimer’s
- Publication supports BXCL501 use in chronic psychiatric conditions
- Cost optimization from prior reprioritization efforts
Challenges Ahead
- IGALMI revenue significantly declined YoY
- Net loss nearly doubled versus prior year
- High interest expense contributed to losses
- Cash reserves declined to $18.6 million
Historical Earnings Impact
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Avg. Return Before/After Earnings
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