Bioxcel Therap | 10-Q: FY2025 Q3 Revenue Misses Estimate at USD 98 K

Revenue: As of FY2025 Q3, the actual value is USD 98 K, missing the estimate of USD 216.67 K.

EPS: As of FY2025 Q3, the actual value is USD -2.18, missing the estimate of USD -1.34.

EBIT: As of FY2025 Q3, the actual value is USD -9.619 M.

Segment Revenue

• Product Revenue, Net: $98,000 for the three months ended September 30, 2025, compared to $214,000 for the same period in 2024. For the nine months ended September 30, 2025, product revenue was $386,000, compared to $1,900,000 in 2024.

Operational Metrics

• Net Loss: $30,911,000 for the three months ended September 30, 2025, compared to $13,650,000 for the same period in 2024. For the nine months ended September 30, 2025, net loss was $57,352,000, compared to $48,740,000 in 2024.
• Research and Development Expenses: $8,740,000 for the three months ended September 30, 2025, compared to $5,101,000 for the same period in 2024. For the nine months ended September 30, 2025, R&D expenses were $23,550,000, compared to $24,534,000 in 2024.
• Selling, General and Administrative Expenses: $5,381,000 for the three months ended September 30, 2025, compared to $7,683,000 for the same period in 2024. For the nine months ended September 30, 2025, these expenses were $16,689,000, compared to $30,398,000 in 2024.

Cash Flow

• Net Cash Used in Operating Activities: - $43,405,000 for the nine months ended September 30, 2025, compared to - $57,218,000 for the same period in 2024.
• Net Cash Provided by Financing Activities: $50,871,000 for the nine months ended September 30, 2025, compared to $32,384,000 in 2024.

Unique Metrics

• Cost of Goods Sold: $11,000 for the three months ended September 30, 2025, compared to $1,170,000 for the same period in 2024. For the nine months ended September 30, 2025, cost of goods sold was $132,000, compared to $1,311,000 in 2024.

Future Outlook and Strategy

• Core Business Focus: The company plans to submit a supplemental New Drug Application (sNDA) for label expansion of IGALMI® in the at-home setting in early first quarter of 2026, based on the successful SERENITY At-Home trial.
• Non-Core Business: The company has paused further development of its AI platform and certain immuno-oncology programs, focusing resources on core clinical programs and commercialization efforts.