Start here if you're new
what it is
BioXcel uses AI to hunt for brain and cancer drugs, with 1 approved product and 2 still in development.
how it gets paid
Last year Bioxcel Therapeutics made $2M in revenue. IGALMI commercial was the main engine at $2M, or 100% of sales.
what just happened
Quarterly revenue was $386K, up 294%, while EPS was -$6.38.
At a glance
C balance sheet — red flag territory — real financial stress
40/100 earnings predictability — expect surprises
-$23.52 fy2024 eps est
$2M fy2024 rev est
n/a operating margin
xvary composite: 26/100 — weak
What they do
BioXcel uses AI to hunt for brain and cancer drugs, with 1 approved product and 2 still in development.
37 employees versus $2M of annual revenue is not scale. It is a tiny lab with a ticker. The AI platform means software that screens drug ideas faster; so what: your money is betting on fewer expensive failures. IGALMI is approved, BXCL501 is investigational, which means not approved yet, and that contrast matters because one can sell now while the other still needs a regulator's yes.
How they make money
$2M
annual revenue
IGALMI commercial
$2M
BXCL501 development
$0
BXCL701 / OnkosXcel
$0
The products that matter
agitation drug candidate
BXCL501
under FDA review
this is the only near-term path to changing a business that generated $2M in revenue and lost $68M last year.
make-or-break asset
oncology research subsidiary
OnkosXcel
pre-clinical · no revenue
it adds optionality, but zero revenue means it does nothing to offset the current -$58.21M operating cash flow burn.
long-dated option
Key numbers
$2M
annual revenue
That is 6% of a roughly $33M market cap. Your sales base is tiny relative to what the stock already prices in.
$92M
long-term debt
Debt is 74% of capital. That is a large claim on a small equity story.
1.4
beta
A 1.4 beta means the stock tends to move 40% more than the market.
-$23.52
fy24 eps
VL's FY2024 EPS estimate says losses were still huge relative to sales.
Financial health
C
strength
- balance sheet grade C — very weak — significant financial distress
- risk rank 5 — safer than 5% of stocks
- price stability 5 / 100
- long-term debt $92M (74% of capital)
C — balance sheet grade and long-term debt are flagged. this stock carries more risk than average.
Total return vs. market
Return history isn't available for BTAI right now.
source: institutional data · return history unavailable
What just happened
missed estimates
Quarterly revenue was $386K, up 294%, while EPS was -$6.38.
Revenue jumped from a tiny base. EPS got worse vs. prior year by 193%, which says the cost structure still outruns sales. Gross margin was 5.9%, so the company kept only 6 cents of each dollar before operating costs.
$386K
revenue
-$6.38
eps
5.9%
gross margin
revenue
The number that mattered was $386K, because 294% growth still leaves you with a business that barely cracks seven figures.
source: company earnings report, 2026
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What could go wrong
the #1 risk is BXCL501 failing to reach commercialization before financing pressure forces the next raise.
med
BXCL501 approval risk
The company is effectively organized around one near-term asset. If the FDA delays or rejects BXCL501, the path from $2M of revenue to something investable gets pushed out again.
This risk threatens the primary reason the stock exists as a public equity story.
med
cash burn and dilution
Trailing operating cash flow was -$58.21M, and the company recently raised $8M. That gap is the whole problem. Unless spending falls or revenue inflects, new capital likely comes with dilution.
A company with a $33M market cap does not get to treat financing as a footnote.
med
debt load versus scale
Long-term debt is $92M, or 74% of capital. For a business producing just $2M of annual revenue, that is a heavy balance sheet for a very small commercial base.
Even good clinical news has to compete with a stressed capital structure.
med
listing risk can come back
Nasdaq compliance was regained in September 2025, but the stock still sits at $1.74 and price stability is 5 / 100. That is not a setup you ignore.
Another compliance issue would add pressure right when the company needs market access most.
These risks all connect to the same equation: $68.21M in net losses, -$58.21M in operating cash flow, and only $2M of annual revenue. If BXCL501 slips, the financing story gets louder fast.
source: institutional data · regulatory filings · risk analysis
Pay attention to
regulatory
FDA review on BXCL501
The supplemental NDA was submitted in January 2026. This is the calendar event that matters most because current revenue is still just $2M.
cash
Whether burn starts narrowing
Trailing operating cash flow is -$58.21M. If that number does not improve, more financing is not a possibility. It is the default outcome.
listing
Nasdaq compliance staying quiet
The company regained compliance in September 2025. With the stock at $1.74, silence here is good news.
clinical
BXCL501 phase 2 opioid withdrawal data
Positive data would create a second story beyond the current agitation thesis. Without it, this remains a one-asset setup.
Analyst rankings
earnings predictability
40 / 100
low predictability means quarterly numbers can move around a lot. in human-speak, analysts do not have a stable earnings machine to model here.
risk rank
5
risk rank 5 means this is riskier than most stocks. the translation: you are getting biotech event risk plus balance-sheet risk at the same time.
source: institutional data
Institutional activity
institutional ownership data for BTAI is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$2
current price
n/a
target midpoint · n/a from current
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