--- title: "Bioxcel Therap | 10-Q: FY2026 Q1 Revenue Misses Estimate at USD 206 K" type: "News" locale: "en" url: "https://longbridge.com/en/news/286553752.md" datetime: "2026-05-15T11:07:45.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/286553752.md) - [en](https://longbridge.com/en/news/286553752.md) - [zh-HK](https://longbridge.com/zh-HK/news/286553752.md) --- # Bioxcel Therap | 10-Q: FY2026 Q1 Revenue Misses Estimate at USD 206 K Revenue: As of FY2026 Q1, the actual value is USD 206 K, missing the estimate of USD 381.49 K. EPS: As of FY2026 Q1, the actual value is USD -0.54. EBIT: As of FY2026 Q1, the actual value is USD -6.236 M. BioXcel Therapeutics, Inc. operates as a single operating and reportable segment, focusing on utilizing artificial intelligence (AI) to develop transformative medicines in neuroscience and immuno-oncology . #### Segment Net Loss - For the three months ended March 31, 2026, the segment net loss was - $12,691 thousand, compared to - $7,254 thousand for the three months ended March 31, 2025 . #### Segment Revenue - **Product revenue, net:** Product revenue, net, was $206 thousand for the three months ended March 31, 2026, an increase from $168 thousand for the three months ended March 31, 2025 . This increase was primarily due to increased gross volume resulting from deeper Group Purchasing Organization (GPO) discounts effective at the end of Q1 2025 . #### Operating Costs and Expenses - **Cost of goods sold:** Cost of goods sold increased to $283 thousand for the three months ended March 31, 2026, from $14 thousand for the same period in 2025 . This increase was due to higher charges for reserves for excess or obsolete inventory, totaling $265 thousand in 2026 compared to $0 in 2025 . - **Research and development (R&D) expenses:** R&D expenses decreased by $1,599 thousand (-35%) to $2,955 thousand for the three months ended March 31, 2026, from $4,554 thousand for the same period in 2025 . This was primarily due to decreased clinical trials expense following the completion of the SERENITY At-Home pivotal Phase 3 safety trial and accompanying correlation study in 2025, and lower headcount-related personnel and professional fees, though Chemistry, manufacturing and controls (CMC) costs increased . - **Selling, general and administrative (SG&A) expenses:** SG&A expenses increased by $1,492 thousand (26%) to $7,191 thousand for the three months ended March 31, 2026, from $5,699 thousand for the same period in 2025 . This increase was primarily due to higher legal and consulting fees, partially offset by decreased non-cash stock compensation costs due to lower headcount and decreased commercial and marketing expense . #### Other (Income) Expense - **Interest expense:** Interest expense increased to $4,198 thousand for the three months ended March 31, 2026, from $3,993 thousand for the same period in 2025, due to higher debt balances under the Credit Agreement . - **Interest income:** Interest income decreased to - $211 thousand for the three months ended March 31, 2026, from - $279 thousand for the same period in 2025, due to lower average cash balances . - **Other (income) expense, net:** Other (income) expense, net, was - $1,519 thousand for the three months ended March 31, 2026, compared to - $6,559 thousand for the same period in 2025, primarily associated with changes in fair value of derivative financial instruments . #### Cash Flow Activities - **Net cash used in operating activities:** Net cash used in operating activities was - $11,809 thousand for the three months ended March 31, 2026, compared to - $12,043 thousand for the same period in 2025 . - **Net cash from investing activities:** Net cash from investing activities was $0 thousand for both the three months ended March 31, 2026, and March 31, 2025 . - **Net cash provided by financing activities:** Net cash provided by financing activities was $232 thousand for the three months ended March 31, 2026, a decrease from $13,202 thousand for the same period in 2025 . The 2026 activities were primarily proceeds from the March 2026 registered direct offering and ATM program, offset by $8,108 thousand in long-term debt principal repayments . #### Liquidity and Capital Resources - **Cash, cash equivalents and restricted cash:** As of March 31, 2026, cash, cash equivalents and restricted cash totaled $17,180 thousand . - **Stockholders’ deficit:** The stockholders’ deficit was - $105,543 thousand as of March 31, 2026 . - **Working capital:** Working capital was - $21,086 thousand as of March 31, 2026 . - **Principal indebtedness:** Principal indebtedness under the Credit Agreement was $104,048 thousand as of March 31, 2026 . - **Minimum liquidity covenant:** BioXcel Therapeutics, Inc. is required to maintain at least $12,500 thousand of unrestricted cash and cash equivalents as of March 31, 2026, a reduction from $15,000 thousand due to the Ninth Amendment . - **Quarterly amortization payments:** The company is required to make quarterly amortization payments equal to 5.0% of the principal amount of funded loans, plus applicable prepayment fees, beginning March 31, 2026 . #### Future Outlook and Strategy BioXcel Therapeutics, Inc. believes its existing cash and cash equivalents as of March 31, 2026, plus additional capital raised subsequently, will not be sufficient to fund operating expenses and capital expenditure requirements for at least the next 12 months, raising substantial doubt about its ability to continue as a going concern . Management plans to improve liquidity and reduce operating expenses by raising funds through equity or debt financing, exploring strategic options for its subsidiary OnkosXcel, establishing collaborations, and reducing overhead and headcount . The company’s board is evaluating a range of strategic options to maximize shareholder value, including a sale, merger, collaboration, or continued execution of its standalone operating plan . ### Related Stocks - [BTAI.US](https://longbridge.com/en/quote/BTAI.US.md) ## Related News & Research - [Key facts: BTAI plans at-home IGALMI launch; Q4 adjusted loss $0.58](https://longbridge.com/en/news/286637666.md) - [Yext to Announce First Quarter Fiscal Year 2027 Financial Results on June 2, 2026 | YEXT Stock News](https://longbridge.com/en/news/286970613.md) - [INPUT Global to Host The (un) Banked Conference During Money20/20 Europe in Amsterdam](https://longbridge.com/en/news/286737142.md) - [Hedgeye backs Ryman Hospitality for 20%-30% upside potential](https://longbridge.com/en/news/286853295.md) - [QDRO Acquisition Corp. Announces the Separate Trading of its Class A Ordinary Shares and Warrants, Commencing May 20, 2026 | QADR Stock News](https://longbridge.com/en/news/286831907.md)