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Sep 30, 2025
Bioxcel Therapeutics Q3 2025 Earnings Report
BioXcel Therapeutics reported a wider net loss in Q3 2025 despite reduced operating expenses and lower revenue from IGALMI® compared to the prior year.
Key Takeaways
BioXcel Therapeutics posted a net loss of $30.9 million in Q3 2025, reflecting higher R&D costs tied to late-stage clinical trials and reduced revenue from IGALMI®. Operating losses narrowed slightly year-over-year as SG&A costs declined due to prior restructuring.
Revenue from IGALMI® declined to $98,000 in Q3 2025 from $214,000 in Q3 2024.
Net loss expanded to $30.9 million due to increased R&D spending and derivative losses.
Operating expenses declined year-over-year driven by lower SG&A costs.
Cash and cash equivalents stood at $37.3 million at quarter-end, with an additional $4.9 million raised post-quarter.
Revenue by Segment
Forward Guidance
The company is focused on preparing for an sNDA submission for BXCL501 and initiating a Phase 3 trial for Alzheimer's-related agitation, aiming to expand market reach and achieve long-term growth.
Positive Outlook
- Planned sNDA submission for at-home use of IGALMI® in Q1 2026.
- Strong safety profile confirmed in SERENITY At-Home Phase 3 trial.
- Potential to address 57–77 million annual agitation episodes in the U.S.
- No drug-related SAEs or severe adverse events reported.
- BXCL501 showed efficacy with repeat dosing in at-home setting.
Challenges Ahead
- Revenue decline from IGALMI® despite commercial efforts.
- Widened net loss driven by derivative liability impacts.
- Continued high R&D expenses for late-stage trials.
- Limited commercial infrastructure and resources.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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