BioXcel Therapeutics, Inc.
Financial highlights
| Metric | FY 12/31/25 | FY 12/31/24 | FY 12/31/23 | FY 12/31/22 | FY 12/31/21 |
|---|---|---|---|---|---|
| Income Statement | |||||
| Revenue | $642,000 | $2.3M | $1.4M | $375,000 | — |
| Cost of revenue | $164,000 | $2.1M | $1.3M | $20,000 | — |
| Selling, general & administrative | $20.5M | $34.5M | $83.4M | $68.8M | $54.2M |
| Research and development | $30.3M | $30.4M | $84.3M | $91.2M | $52.7M |
| Operating expenses | — | — | — | — | $106.9M |
| Operating income | -$50.5M | -$67.2M | -$171.8M | -$159.6M | -$106.9M |
| Interest expense | $17.0M | $15.1M | $13.3M | $8.2M | $40,000 |
| Income tax expense | $0 | $0 | $0 | — | — |
| Net income | -$69.9M | -$59.6M | -$179.1M | -$165.8M | -$106.9M |
| Balance Sheet | |||||
| Cash and equivalents | $28.4M | $29.9M | $65.2M | $193.7M | $233.0M |
| Current assets | $44.7M | $37.4M | $72.1M | $202.9M | $236.8M |
| Total assets | $44.9M | $38.3M | $73.7M | $205.9M | $239.4M |
| Current liabilities | $53.9M | $22.2M | $27.3M | $32.9M | $16.7M |
| Total liabilities | $140.4M | $131.4M | $130.2M | $129.1M | $17.8M |
| Total debt | $112.2M | $106.7M | $102.7M | $101.4M | — |
| Stockholders' equity | -$95.5M | -$93.1M | -$56.5M | $76.8M | $221.7M |
| Cash Flow Statement | |||||
| Cash from operations | -$57.6M | -$72.0M | -$155.0M | -$135.3M | -$82.2M |
| Depreciation and amortization | $300,000 | $309,000 | $318,000 | $327,000 | $297,000 |
| Stock-based compensation | $2.8M | $6.2M | $18.6M | $17.3M | $19.5M |
| Capital expenditure | $0 | $0 | $20,000 | $139,000 | $445,000 |
| Free cash flow | -$57.6M | -$72.0M | -$155.0M | -$135.5M | -$82.6M |
Shares outstanding 30.9M
Annual filing data through FY ended December 31, 2025; float as of July 15, 2026.