BTAI · Bioxcel Therapeutics, Inc. - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $206.0K | - | $98.0K | $120.0K | $168.0K | - | $214.0K | $1.10M | $582.0K | - |
| Cost of Revenue | $283.0K | - | $11.0K | $107.0K | $14.0K | - | $1.17M | $62.0K | $80.0K | - |
| Gross Profit | ($77.0K) | - | $87.0K | $13.0K | $154.0K | - | ($956.0K) | $1.04M | $502.0K | - |
| R&D | $2.96M | - | $8.74M | $10.26M | $4.55M | - | $5.10M | $8.03M | $11.40M | - |
| SG&A | $7.19M | - | $5.38M | $5.61M | $5.70M | - | $7.68M | $9.45M | $13.26M | - |
| Total Operating Expenses | $10.43M | - | $14.33M | $15.97M | $10.27M | - | $15.51M | $18.40M | $24.75M | - |
| D&A | $58.0K | - | $75.0K | $75.0K | $76.0K | - | $77.0K | $77.0K | $78.0K | - |
| Operating Income | ($10.22M) | - | ($14.23M) | ($15.85M) | ($10.10M) | - | ($15.29M) | ($17.30M) | ($24.16M) | - |
| Interest Expense | $3.70M | - | $3.93M | $3.83M | $3.64M | - | $3.68M | $3.60M | $3.61M | - |
| Income Tax | - | - | - | - | - | - | - | - | - | - |
| Net Income | ($12.69M) | - | ($30.91M) | ($19.19M) | ($7.25M) | - | ($13.65M) | ($8.30M) | ($26.79M) | - |
| EPS - Basic | ($0.54) | - | ($2.18) | ($2.45) | ($1.50) | - | ($5.12) | ($3.36) | ($13.92) | - |
| EPS - Diluted | ($0.54) | - | ($2.18) | ($2.45) | ($1.50) | - | ($5.12) | ($3.36) | ($13.92) | - |
Balance Sheet
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $17.18M | $28.41M | $36.18M | $17.43M | $31.01M | $29.85M | $40.39M | $56.27M | $74.14M | $65.22M |
| Accounts Receivable | $216.0K | $233.0K | $0 | $17.0K | - | $131.0K | $3.0K | $812.0K | $378.0K | $71.0K |
| Inventory | $500.0K | $722.0K | $459.0K | $506.0K | $642.0K | $679.0K | $1.52M | $2.68M | $2.44M | $1.99M |
| Accounts Payable | $16.25M | $14.70M | $16.28M | $16.69M | $15.45M | $15.99M | $14.89M | $13.26M | $17.22M | $13.65M |
| Current Assets | $33.91M | $44.69M | $44.40M | $25.24M | $37.78M | $37.39M | $47.79M | $64.18M | $80.92M | $72.14M |
| Total Assets | $34.02M | $44.92M | $44.79M | $25.79M | $38.57M | $38.34M | $48.89M | $65.44M | $82.32M | $73.70M |
| Current Liabilities | $54.99M | $53.93M | $37.80M | $33.38M | $25.55M | $22.23M | $25.56M | $27.29M | $31.48M | $27.27M |
| Long-term Debt | $77.86M | $84.66M | $92.30M | $97.47M | $99.92M | $102.51M | $104.44M | $103.01M | $101.63M | $100.60M |
| Total Liabilities | $139.57M | $140.38M | $133.71M | $133.46M | $128.74M | $131.44M | $134.53M | $139.74M | $154.69M | $130.21M |
| Stockholders' Equity | ($105.54M) | ($95.46M) | ($88.92M) | ($107.67M) | ($90.17M) | ($93.10M) | ($85.63M) | ($74.30M) | ($72.36M) | ($56.51M) |
| Retained Earnings | ($732.78M) | ($720.09M) | ($707.55M) | ($676.64M) | ($657.45M) | ($650.20M) | ($639.34M) | ($625.69M) | ($617.39M) | ($590.60M) |
Cash Flow
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | ($11.81M) | - | - | - | ($12.04M) | - | - | - | ($17.71M) | - |
| Investing Cash Flow | $0 | - | - | - | - | - | - | - | - | - |
| Financing Cash Flow | $232.0K | - | - | - | $13.20M | - | - | - | $26.63M | - |
| CapEx | $0 | - | - | - | - | - | - | - | - | - |
| Free Cash Flow | ($11.81M) | - | - | - | - | - | - | - | - | - |
Ratios
| Metric | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Profitability | ||||||||||
| Gross margin | -37.4% | - | 88.8% | 10.8% | 91.7% | - | -446.7% | 94.4% | 86.3% | - |
| Operating margin | -4962.6% | - | -14518.4% | -13210.0% | -6011.3% | - | -7146.3% | -1566.7% | -4151.7% | - |
| EBITDA margin | -4934.5% | - | -14441.8% | -13147.5% | -5966.1% | - | -7110.3% | -1559.7% | -4138.3% | - |
| Net margin | -6160.7% | - | -31541.8% | -15989.2% | -4317.9% | - | -6378.5% | -751.7% | -4603.3% | - |
| Free cash flow margin | -5732.5% | - | - | - | - | - | - | - | - | - |
| FCF / Net income | 0.93 | - | - | - | - | - | - | - | - | - |
| R&D / Revenue | 1434.5% | - | 8918.4% | 8546.7% | 2710.7% | - | 2383.6% | 727.5% | 1958.9% | - |
| SG&A / Revenue | 3490.8% | - | 5490.8% | 4674.2% | 3392.3% | - | 3590.2% | 856.0% | 2279.0% | - |
| Effective tax rate | - | - | - | - | - | - | - | - | - | - |
| Return on assets | -37.3% | - | -69.0% | -74.4% | -18.8% | - | -27.9% | -12.7% | -32.5% | - |
| Return on equity | 12.0% | - | 34.8% | 17.8% | 8.0% | - | 15.9% | 11.2% | 37.0% | - |
| Return on invested capital | - | - | - | - | - | - | - | - | - | - |
| Liquidity | ||||||||||
| Current ratio | 0.62 | 0.83 | 1.17 | 0.76 | 1.48 | 1.68 | 1.87 | 2.35 | 2.57 | 2.65 |
| Quick ratio | 0.61 | 0.82 | 1.16 | 0.74 | 1.45 | 1.65 | 1.81 | 2.25 | 2.49 | 2.57 |
| Cash ratio | 0.31 | 0.53 | 0.96 | 0.52 | 1.21 | 1.34 | 1.58 | 2.06 | 2.36 | 2.39 |
| Leverage | ||||||||||
| Debt / Equity | -0.74 | -0.89 | -1.04 | -0.91 | -1.11 | -1.10 | -1.22 | -1.39 | -1.40 | -1.78 |
| Debt / Assets | 2.29 | 1.88 | 2.06 | 3.78 | 2.59 | 2.67 | 2.14 | 1.57 | 1.23 | 1.36 |
| Debt / EBITDA | - | - | - | - | - | - | - | - | - | - |
| Interest coverage | -2.8x | - | -3.6x | -4.1x | -2.8x | - | -4.2x | -4.8x | -6.7x | - |
| Equity multiplier | -0.32 | -0.47 | -0.50 | -0.24 | -0.43 | -0.41 | -0.57 | -0.88 | -1.14 | -1.30 |
| Liabilities / Assets | 4.10 | 3.13 | 2.99 | 5.17 | 3.34 | 3.43 | 2.75 | 2.14 | 1.88 | 1.77 |
| Efficiency | ||||||||||
| Asset turnover | 0.01 | - | 0.00 | 0.00 | 0.00 | - | 0.00 | 0.02 | 0.01 | - |
| Inventory turnover | 0.57 | - | 0.02 | 0.21 | 0.02 | - | 0.77 | 0.02 | 0.03 | - |
| Days sales outstanding | 383d | - | 0d | 52d | - | - | 5d | 268d | 237d | - |
| Days inventory outstanding | 645d | - | 15230d | 1726d | 16738d | - | 476d | 15777d | 11128d | - |
| Days payable outstanding | 20955d | - | 540067d | 56940d | 402804d | - | 4645d | 78039d | 78566d | - |
| Cash conversion cycle | -19927d | - | -524837d | -55162d | - | - | -4164d | -61993d | -67201d | - |
| Valuation | ||||||||||
| P / E | - | - | - | - | - | - | - | - | - | - |
| P / B | - | - | - | - | - | - | - | - | - | - |
| P / S | 153.3x | - | 370.8x | 118.3x | 58.4x | - | 1933.3x | 746.7x | 2393.1x | - |
| EV / EBITDA | - | - | - | - | - | - | - | - | - | - |
| Growth | ||||||||||
| Revenue growth (YoY) | 22.6% | - | -54.2% | -89.1% | -71.1% | - | -37.2% | 141.6% | 182.5% | - |
| Revenue CAGR (3y) | 0.0% | - | -10.6% | - | - | - | - | - | - | - |
| Revenue CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| Gross profit growth (YoY) | - | - | - | -98.8% | -69.3% | - | -459.1% | 141.8% | 154.8% | - |
| Operating income growth (YoY) | -1.2% | - | 7.0% | 8.3% | 58.2% | - | 68.3% | 67.0% | 52.8% | - |
| Net income growth (YoY) | -75.0% | - | -126.5% | -131.2% | 72.9% | - | 73.0% | 84.5% | 49.3% | - |
| EPS growth (YoY) | 64.0% | - | 57.4% | 27.1% | 89.2% | - | -197.7% | -83.6% | -656.5% | - |
| EPS CAGR (3y) | - | - | - | - | - | - | - | - | - | - |
| EPS CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| FCF growth (YoY) | - | - | - | - | - | - | - | - | - | - |
| FCF CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| Book value growth (YoY) | -17.0% | -2.5% | -3.8% | -44.9% | -24.6% | -64.8% | -110.9% | - | - | - |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2025-12-31.
Business segments
$642.0K totalSingle Reportable Segment$642.0K · 100.0%
Peer comparison
Same SIC group: Pharmaceutical Preparations
Comparing BioXcel Therapeutics against the 5 most active filers in the same SIC group.