# BioXcel Therapeutics, Inc. (BTAIQ)

> Source: Nexqual · https://nexqual.com/BTAIQ · data as of 2026-10-23 16:06 UTC · cite as "Nexqual, BioXcel Therapeutics, Inc. (BTAIQ), nexqual.com/BTAIQ" · informational, not investment advice.

**Price:** USD 0.02 (+18.52% today) · US market open, as of October 23, 2026 at 16:06 UTC; quotes may be delayed. Prev close 0.01 · day 0.01–0.02 · 52w 0.01–2.46 · market cap $501K · PNK

## Key facts
- 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 +14.7%; 5Y -100.0% vs S&P 500 +77.5%.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| 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)
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)
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)
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
Consensus Buy (mean 2.00 on a 1–5 scale), 1 analysts.

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | -99.3% | -100.0% |
| S&P 500 (SPY) | +14.7% | +77.5% |
| 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) |

## Peers (Drug Manufacturers - Specialty & Generic)
BHC (Bausch Health Companies Inc.) USD 6.34 -2.30% · SUPN (Supernus Pharmaceuticals, Inc.) USD 40.29 -4.24% · HCM (HUTCHMED (China) Limited) USD 14.32 +0.25% · AMLX (Amylyx Pharmaceuticals, Inc.) USD 27.6 -3.40% · LQDA (Liquidia Corporation) USD 41.01 +3.31% · INDV (Indivior Pharmaceuticals, Inc.) USD 34.22 -3.14%

## More
Full page: https://nexqual.com/BTAIQ · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in BTAIQ's own 10-K filed 2026-03-27 (https://www.sec.gov/Archives/edgar/data/1720893/000110465926036214/btai-20251231x10k.htm):

| 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…" |
| 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 …" |
| 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…" |
| 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…" |
| 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 …" |

## Customer concentration

Period ended 2025-12-31: 8% of revenue from unnamed direct customers (10-K, filed 2026-03-27).

## Company outlook (8-K filed 2026-05-15)

- "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."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter | — | — | — | $0 | — |
| Next quarter (ends 2026-12-31) | — | — | — | $0 | — |
| Current fiscal year (ends 2026-12-31) | — | — | — | $0 | — |
| Next fiscal year | — | — | — | $0 | — |