BioXcel Therapeutics Q3 2025 Financial Results and Clinical Program Updates

BioXcel Therapeutics has released its Q3 2025 financial results, reporting a decrease in net revenue from IGALMI® but also significantly reduced cost of goods sold. The company increased R&D expenses due to heightened clinical trial activity while decreasing SG&A expenses. BioXcel Therapeutics is advancing its late-stage clinical programs, including the SERENITY At-Home Phase 3 Safety Trial and the TRANQUILITY In-Care Phase 3 Trial, and plans to submit a supplemental New Drug Application (sNDA) in early Q1 2026 for the at-home use of IGALMI®.