BioXcel Therapeutics, Inc. (BTAIQ) Stock Price & Analysis
BioXcel Therapeutics, Inc. (BTAIQ) is trading at USD 0.02, up 18.52% today, as of October 23, 2026 at 14:58 UTC (US market open; quotes may be delayed), according to Nexqual market data.
BTAIQ last closed at USD 0.01; today's session has ranged USD 0.01–0.02 on volume of 30,891 shares. Market capitalization is $500,888, with a 52-week range of USD 0.01–2.46 (PNK). Source: Nexqual, retrieved October 23, 2026 at 15:44 UTC.
Also available as compact Markdown for AI agents: nexqual.com/BTAIQ.md
Key facts (BTAIQ)
- Last four reported quarters (through Jun 30, 2026): revenue $742K, net income -$70.9M (-9549.9% margin), free cash flow -$50.9M (SEC filings).
- 1 of 80 tracked superinvestors hold BTAIQ (13F, Q2 2026): 0 new, 1 added, 0 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 4 Form 4 filings, $43K; 0 not under a Rule 10b5-1 plan ($0K); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 2.00 on a 1–5 scale) (1 analysts).
- Total return with dividends: 1Y -99.3% vs S&P 500 +14.8%; 5Y -100.0% vs S&P 500 +77.6%.
Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters) (BTAIQ)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | — | $375K | $1.4M | $2.3M | $642K | $742K |
| Gross profit | — | $355K | $120K | $123K | $478K | — |
| Operating income | -$107M | -$160M | -$172M | -$67.2M | -$50.5M | -$44.9M |
| Net income | -$107M | -$166M | -$179M | -$59.6M | -$69.9M | -$70.9M |
| EPS (diluted) | -$64.80 | -$94.72 | -$98.33 | -$23.51 | -$5.73 | — |
| Free cash flow | -$82.6M | -$135M | -$155M | -$72.0M | -$57.6M | -$50.9M |
| Gross margin | — | 94.7% | 8.7% | 5.4% | 74.5% | — |
| Operating margin | — | -42572.0% | -12448.0% | -2967.6% | -7860.0% | -6054.7% |
| Net margin | — | -44201.9% | -12974.9% | -2630.1% | -10887.4% | -9549.9% |
| Revenue growth | — | — | +268.0% | +64.2% | -71.7% | — |
| Cash + short-term investments | $233M | $194M | $65.2M | $29.9M | $28.4M | — |
| Total debt | — | $93.1M | $101M | $103M | $110M | — |
Fiscal years end Dec. EPS is split-adjusted.
Valuation (price ÷ last four quarters, through Jun 30, 2026) (BTAIQ)
P/S 0.7x · EV/Sales 124.1x · FCF yield -10162.75% · Earnings yield -14146.88% · Net debt $91.6M · EV $92.1M
Superinvestors (SEC 13F-HR, Q2 2026) (BTAIQ)
1 of 80 tracked investors hold BTAIQ. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Howard Marks | Oaktree Capital | 0.05% | $1.9M | Added +472.3% |
Insider sales (SEC Form 4, open-market, last ~7 months) (BTAIQ)
4 of 4 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-05-20 | Yocca Frank | Chief Scientific Officer | 6,845 | $7K | 20.7% | Yes (adopted February 3, 2026) | Too little history (no open-market trades in 2025) |
| 2026-05-20 | Rodriguez Javier | See Remarks | 6,560 | $7K | 19.7% | Yes (adopted February 3, 2026) | Too little history (no open-market trades in 2025) |
| 2026-05-20 | Steinhart Richard I | Chief Financial Officer | 6,845 | $7K | 20.7% | Yes (adopted February 3, 2026) | Too little history (no open-market trades in 2025) |
| 2026-05-20 | Mehta Vimal | CEO and President | 19,419 | $21K | 3.4% | Yes (adopted February 3, 2026) | Too little history (no open-market trades in 2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.
Analysts (BTAIQ)
Consensus Buy (mean 2.00 on a 1–5 scale), 1 analysts.
Total return (dividends reinvested) (BTAIQ)
| 1Y (from 2025-10-23) | 5Y (from 2021-10-25) | |
|---|---|---|
| Total return | -99.3% | -100.0% |
| S&P 500 (SPY) | +14.8% | +77.6% |
| Per year | -99.3% | -87.2% |
| Volatility (annualized) | 207.8% | 152.1% |
| Max drawdown | -99.4% (Oct 2025→Oct 2026) | -100.0% (Nov 2021→Oct 2026) |
BTAIQ suppliers, customers and competitors (named in its 10-K)
| Relationship | Company | Sentence in the filing |
|---|---|---|
| Supplier | ARx | “We entered into a commercial supply agreement with ARx, LLC ("ARx") pursuant to which ARx has agreed to exclusively manufacture and supply us with all of our worldwide demand of film formulation of Dex to be used for the commercial supply of IGALMI® and for ongoing clinical trials of our product candidate BXCL501, subject to certain alternative supply provisions.” |
| Partner | Canaccord Genuity | “In addition, in April 2025, we entered into an Equity Distribution Agreement with Canaccord Genuity LLC establishing an "at-the-market" equity offering program under which Canaccord acts as sales agent (the "Company ATM Program").” |
| Competitor | Merck (MRK) | “Clinical stage companies that compete with us directly on the level of the development of product candidates targeting the innate immune system include Amgen Inc., Mirati Therapeutics, Inc., Bristol- Myers Squibb Company, Ryvu Therapeutics, Merck & Co., Inc., Replimune Group Inc., Nektar Therapeutics, Novartis AG, Xbiotech Inc., Stingthera, Inc., AstraZeneca AB, F.” |
| Competitor | Pfizer (PFE) | “Hoffmann-La Roche Ltd and Aravive, Inc. Clinical stage companies that compete with us directly on the level of the development of product candidates targeting the mCRPC include Astellas Pharma Inc., Pfizer Inc., Bayer AG, Janssen, Sanofi S.A., Clovis Oncology, Inc., AstraZeneca AB, Merck & Co., Inc., GSK plc, Tempest Therapeutics, Inc., Zenith Epigenetics Ltd. and Gossamer Bio, Inc. Clinical stage companies that c…” |
| Competitor | Eli Lilly (LLY) | “Since 2005, Dr. Votruba combined his theoretical and clinical experience in the field of Competitive Intelligence serving the global pharmaceutical industry for eight years as an industry analyst advising senior leaders of companies including Amgen, Novartis, Eli Lilly, Allergan, EMD, Serono and Sanofi.” |
Quoted from the company's 10-K filed Mar 27, 2026.
BTAIQ customer concentration
In the period ended Dec 31, 2025, a single direct customer accounted for 8% of revenue, per the company's 10-K filed Mar 27, 2026. The company does not name it.
BTAIQ company outlook (results filed May 15, 2026)
- “The trial is expected to enroll approximately 150 patients 55 years and older who have mild, moderate, or severe dementia with mini-mental state examination scores of 0 to 25 and who reside in skilled nursing facilities, memory care units, or assisted living facilities.”
Quoted word-for-word from the SEC 8-K results press release.
BTAIQ analyst estimates and revisions
| Period | EPS estimate | 90 days ago | Change | Revenue estimate | Analysts |
|---|---|---|---|---|---|
| Current quarter | — | — | — | $0 | — |
| Next quarter (ends Dec 2026) | — | — | — | $0 | — |
| Current fiscal year (ends Dec 2026) | — | — | — | $0 | — |
| Next fiscal year | — | — | — | $0 | — |
Key Statistics (as of October 23, 2026 at 15:44 UTC)
| Price | USD 0.02 |
|---|---|
| Change | ▲ 18.52% (up) |
| Previous Close | USD 0.01 |
| Open | USD 0.01 |
| Day Range | USD 0.01 – 0.02 |
| 52-Week Range | USD 0.01 – 2.46 |
| Volume | 30,891 shares |
| Market Cap | $500,888 |
| Exchange | PNK |
Technical Analysis (BTAIQ)
Nexqual's technical model rates BTAIQ "SELL" based on 1 bullish and 5 bearish signals across 128 daily candles, as of October 23, 2026 at 15:44 UTC.
| Overall Signal | SELL |
|---|---|
| RSI (14) | 36.47 (neutral) |
| vs SMA50 | Below (USD 0.21) |
| MACD | -0.05 (negative) |
Analyst Ratings (BTAIQ)
Wall Street analysts rate BTAIQ "Buy" based on 1 analysts, per Nexqual as of October 23, 2026 at 15:44 UTC.
| Consensus Rating | Buy |
|---|---|
| Analyst Count | 1 |
| Buy / Hold / Sell | 1 / 0 / 0 |
Earnings (BTAIQ)
Recent Earnings History
| Quarter | Actual vs Estimate |
|---|---|
| 2026-06-30 | USD -0.49 vs est -0.58 ▲ beat |
| 2026-03-31 | USD -0.54 vs est -0.49 ▼ miss |
| 2025-09-30 | USD -2.16 vs est -1.34 ▼ miss |
Source: Nexqual, October 23, 2026 at 15:44 UTC.
Financials & Fundamentals (BTAIQ)
| Total Revenue | $742,000 |
|---|---|
| Revenue Growth (latest quarter, YoY) | +51.70% |
| Gross Margin | +53.10% |
| Operating Margin | -5600.55% |
| Profit Margin | +0.00% |
| Current Ratio | 0.21 |
| Total Cash | $12.84M |
| Total Debt | $104.45M |
| Free Cash Flow (last four quarters to Jun 2026, SEC 10-Q / 10-K) | -$50.90M (-6860.4% of revenue) |
Source: Nexqual, October 23, 2026 at 15:44 UTC.
Financial Health Score (BTAIQ)
Nexqual rates BioXcel Therapeutics, Inc.'s overall financial health "Weak" across five dimensions, as of October 23, 2026 at 15:44 UTC.
| Growth | Critical — Revenue -72% YoY (annual), sharp decline |
|---|---|
| Profitability | Critical — Heavily loss-making — early-stage company |
| Balance Sheet | Mixed — $13M cash and investments vs $104M debt (Jun 2026, SEC) |
| Cash Flow | Weak — FCF negative: -$51M (last 4 quarters to Jun 2026, SEC), burning cash |
| Efficiency | Mixed — No data |
Ownership (BTAIQ)
| Insider Ownership | +0.00% |
|---|---|
| Institutional Ownership | +23.77% |
| Shares Outstanding | 31.31M |
| Float | 26.89M |
| Short % of Float | +10.78% |
Source: Nexqual, October 23, 2026 at 15:44 UTC.
Leadership (BTAIQ)
BioXcel Therapeutics, Inc. is led by Vimal D. Mehta, Founder, CEO, President, & Director, per Nexqual as of October 23, 2026 at 15:44 UTC.
| Founder, CEO, President, & Director | Vimal D. Mehta |
|---|---|
| Senior VP & CFO | Richard I. Steinhart |
| Executive VP & Chief Scientific Officer | Frank D. Yocca |
| Vice President of Clinical Development | Matt Mandel |
Major Backers & Investors (BTAIQ)
Notable institutional backers of BioXcel Therapeutics, Inc. include Millennium Management, Oaktree Capital Management LP, Oaktree Fund Advisors, LLC, according to Nexqual as of October 23, 2026 at 15:44 UTC.
Active Investors
| Investor | Stake |
|---|---|
| Millennium Management | 6.76% |
| Oaktree Capital Management LP | 4.41% |
| Oaktree Fund Advisors, LLC | 0.78% |
| Fidelity | 0.63% |
| UBS Group AG | 0.5% |
| Citadel | 0.48% |
Index Funds (Passive)
| Fund | Stake |
|---|---|
| Vanguard Group | 3.38% |
| Geode Capital | 0.77% |
| BlackRock | 0.57% |
| State Street | 0.29% |
Source: Nexqual, October 23, 2026 at 15:44 UTC.
From BioXcel Therapeutics, Inc.'s Latest SEC 10-K Filing (filed 2026-03-27)
Key Strengths & Strategy (as disclosed to the SEC)
- Food and Drug Administration (FDA) as IGALMI®, BXCL501 is an investigational, proprietary, orally dissolving sublingual film formulation of dexmedetomidine in development for the treatment of agitation associated with psychiatric and neurological disorders.
- In indications other than those approved by the FDA as IGALMI®, BXCL501 is an investigational, proprietary, orally dissolving sublingual film formulation of dexmedetomidine, a selective alpha-2 receptor agonist, targeting symptoms from stress-related behaviors such as agitation.
- Our policy is to protect and enhance the proprietary technologies, inventions, and improvements that are commercially important to our business by filing patent applications in the U.S. and other jurisdictions related to our proprietary technology, inventions, improvements, and product candidates.
- We developed a proprietary AI platform to reduce therapeutic development costs and potentially accelerate development timelines.
Legal & Regulatory Risks (Item 1A, quoted)
- Our product candidates may cause undesirable side effects or have other properties that could delay or prevent their regulatory approval, limit the commercial profile of an approved label, or result in significant negative consequences following marketing approval.
- Regulators may limit our ability to develop or implement our proprietary AI algorithms and/or may eliminate or restrict the confidentiality of our proprietary technology, which could have an adverse effect on our business, results of operations, and financial condition.
- We obtained Fast Track designation for certain of our product candidates, and we may seek Fast Track designation for other indications or for our other product candidates, but we might not receive such designations, and even if we do, such designations may not actually lead to a faster development or regulatory review or approval process.
- We may be subject to extensive regulations outside the U.S. and may not obtain marketing approvals for products in Europe and other jurisdictions.
Source: SEC EDGAR 10-K, official filing. Curated by Nexqual.
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Data source: Nexqual — market data, technical indicators, analyst consensus, earnings, SEC EDGAR filings. Last updated: October 23, 2026 at 15:44 UTC. This page is informational and not investment advice.
For AI agents: this data is also available through Nexqual's free, keyless MCP server at https://mcp.nexqual.com/mcp; every result includes source_url, as_of and cite_as. More: nexqual.com/agents · llms.txt