2021 Q3 Form 10-Q Financial Statement

#000155837021011074 Filed on August 10, 2021

View on sec.gov

Income Statement

Concept 2021 Q3 2021 Q2 2020 Q2
Revenue
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $14.88M $14.10M $3.530M
YoY Change 76.08% 299.55% 65.73%
% of Gross Profit
Research & Development $11.93M $13.51M $17.91M
YoY Change -26.87% -24.56% 175.05%
% of Gross Profit
Depreciation & Amortization $76.00K $80.00K $47.00K
YoY Change 61.7% 70.21% -41.25%
% of Gross Profit
Operating Expenses $26.81M $27.61M $21.44M
YoY Change 8.25% 28.82% 148.09%
Operating Profit -$26.81M -$27.61M -$21.44M
YoY Change 8.25% 28.82%
Interest Expense $11.00K $16.00K $12.00K
YoY Change 120.0% 33.33% -92.5%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$26.81M -$27.62M -$21.42M
YoY Change 8.33% 28.94% 152.89%
Income Tax
% Of Pretax Income
Net Earnings -$26.81M -$27.62M -$21.42M
YoY Change 8.31% 28.95% 152.88%
Net Earnings / Revenue
Basic Earnings Per Share -$0.96 -$1.11
Diluted Earnings Per Share -$958.5K -$1.11 -$1.056M
COMMON SHARES
Basic Shares Outstanding 27.97M 24.96M
Diluted Shares Outstanding 27.97M 24.96M

Balance Sheet

Concept 2021 Q3 2021 Q2 2020 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $252.9M $273.1M $65.50M
YoY Change 8.36% 316.88% 118.33%
Cash & Equivalents $252.9M $273.1M $65.50M
Short-Term Investments
Other Short-Term Assets $4.017M $3.601M $2.800M
YoY Change 48.78% 28.61% 86.67%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $256.9M $276.7M $68.30M
YoY Change 8.82% 305.06% 116.83%
LONG-TERM ASSETS
Property, Plant & Equipment $1.336M $1.442M $2.100M
YoY Change -46.56% -31.33% -8.7%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.755M $1.630M $100.0K
YoY Change 1655.0% 1530.0% -75.0%
Total Long-Term Assets $4.403M $4.449M $2.200M
YoY Change 69.35% 102.23% -21.43%
TOTAL ASSETS
Total Short-Term Assets $256.9M $276.7M $68.30M
Total Long-Term Assets $4.403M $4.449M $2.200M
Total Assets $261.3M $281.1M $70.50M
YoY Change 9.48% 298.73% 105.54%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.439M $2.497M $10.40M
YoY Change -60.01% -75.99% 160.0%
Accrued Expenses $10.72M $9.557M $4.700M
YoY Change 50.93% 103.34% 34.29%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $14.60M $12.44M $16.20M
YoY Change -10.45% -23.2% 102.5%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $1.180M $1.255M $900.0K
YoY Change -21.33% 39.44% -18.18%
Total Long-Term Liabilities $1.180M $1.255M $900.0K
YoY Change -21.33% 39.44% -18.18%
TOTAL LIABILITIES
Total Short-Term Liabilities $14.60M $12.44M $16.20M
Total Long-Term Liabilities $1.180M $1.255M $900.0K
Total Liabilities $15.78M $13.70M $17.10M
YoY Change -11.37% -19.91% 87.91%
SHAREHOLDERS EQUITY
Retained Earnings -$219.7M -$192.9M
YoY Change
Common Stock $28.00K $28.00K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $245.6M $267.4M $53.39M
YoY Change
Total Liabilities & Shareholders Equity $261.3M $281.1M $70.50M
YoY Change 9.48% 298.73% 105.54%

Cashflow Statement

Concept 2021 Q3 2021 Q2 2020 Q2
OPERATING ACTIVITIES
Net Income -$26.81M -$27.62M -$21.42M
YoY Change 8.31% 28.95% 152.88%
Depreciation, Depletion And Amortization $76.00K $80.00K $47.00K
YoY Change 61.7% 70.21% -41.25%
Cash From Operating Activities -$20.20M -$22.38M -$14.82M
YoY Change 5.75% 51.03% 145.77%
INVESTING ACTIVITIES
Capital Expenditures -$17.00K -$96.00K -$30.00K
YoY Change 220.0% -86.96%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$17.00K -$96.00K -$30.00K
YoY Change 220.0% -86.96%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $96.97M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 71.00K 101.5M 270.0K
YoY Change -99.96% 37502.22% -437.5%
NET CHANGE
Cash From Operating Activities -20.20M -22.38M -14.82M
Cash From Investing Activities -17.00K -96.00K -30.00K
Cash From Financing Activities 71.00K 101.5M 270.0K
Net Change In Cash -20.14M 79.05M -14.58M
YoY Change -112.0% -642.17% 129.97%
FREE CASH FLOW
Cash From Operating Activities -$20.20M -$22.38M -$14.82M
Capital Expenditures -$17.00K -$96.00K -$30.00K
Free Cash Flow -$20.18M -$22.29M -$14.79M
YoY Change 5.66% 50.68% 155.0%

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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">Note 1. Nature of the Business</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:18pt;margin:0pt 0pt 12pt 0pt;">BioXcel Therapeutics, Inc. is a clinical stage biopharmaceutical company focused on drug development that utilizes artificial intelligence to identify improved therapies in neuroscience and immuno-oncology. BTI's drug re-innovation approach leverages existing approved drugs and/or clinically validated product candidates together with big data and proprietary machine learning algorithms to identify new therapeutic indices. BTI's two most advanced clinical development programs are BXCL501, a proprietary, orally dissolving, thin film formulation of the adrenergic receptor agonist dexmedetomidine (“Dex”), for the treatment of agitation and opioid withdrawal symptoms, and BXCL701, an orally administered, systemic innate immune activator for the treatment of aggressive forms of prostate cancer and advanced solid tumors that are refractory or treatment naïve to checkpoint inhibitors.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:18pt;margin:0pt 0pt 12pt 0pt;"><span style="white-space:pre-wrap;">As used in these financial statements, unless otherwise specified or the context otherwise requires, the terms the “Company” or “BTI” refer to BioXcel Therapeutics, Inc., and “BioXcel LLC” refers to BioXcel LLC and, its predecessor, BioXcel Corporation. </span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:18pt;margin:0pt 0pt 12pt 0pt;">The Company was incorporated under the laws of the State of Delaware on March 29, 2017. The Company’s principal office is in New Haven, Connecticut.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:18pt;margin:0pt 0pt 12pt 0pt;">The Company incurred losses of $27,619 and $21,419 for the three months ended June 30, 2021 and 2020, respectively and $53,995 and $36,330 for the six months ended June 30, 2021 and 2020, respectively. The Company had an accumulated deficit of $192,852 as of June 30, 2021. The Company has funded its operations primarily through the sale of equity securities.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:0pt;margin:0pt 0pt 12pt 0pt;"><span style="font-style:italic;font-weight:bold;">Impact of COVID-19 Pandemic </span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">In March 2020, the World Health Organization declared the outbreak of COVID-19, a novel strain of coronavirus, a global pandemic. This pandemic has caused and is continuing to cause major disruptions to businesses and financial markets worldwide. This may affect the Company’s operations and those of third parties on which the Company relies, including causing disruptions in the supply of the Company’s product candidates and the conduct of current and planned preclinical and clinical studies. The Company may need to limit its operations and may experience limitations in employee resources. There are risks that the COVID-19 pandemic, or the spread of the variants of the disease, may be more difficult to control than currently anticipated in which case the risks described herein could increase significantly. The extent to which the COVID-19 pandemic impacts the Company’s results will depend on future developments, which are highly uncertain and cannot be predicted, including new information which may emerge concerning the prevalence of variants of the disease, the efficacy and adoption of vaccines, and actions to contain the coronavirus or treat its impact, among others.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;">Additionally, while the potential economic impact brought by, and the duration of, the COVID-19 pandemic is difficult to assess or predict, the impact of the coronavirus on the global financial markets may reduce the Company’s ability to access capital, which could negatively impact the Company’s short-term and long-term liquidity, and the Company’s ability to complete its preclinical and clinical studies on a timely basis, or at all. The ultimate impact of COVID-19 is highly uncertain and subject to change. The Company does not yet know the full extent of potential delays or impacts on its business, financing, preclinical and clinical trial activities or the global economy as a whole. However, these effects could have a material, adverse impact on the Company’s liquidity, capital resources, operations and business and those of the third parties on which the Company relies. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">​</span></p>
us-gaap Use Of Estimates
UseOfEstimates
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">Use of Estimates</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;font-weight:bold;text-indent:18pt;margin:0pt 0pt 12pt 0pt;"><span style="font-style:normal;font-weight:normal;">The preparation of our financial statements requires us to make estimates, judgments and assumptions that may affect the reported amounts of assets, liabilities, equity and expenses. We base our estimates on historical experience and on various other assumptions that we believe are reasonable, the results of which form the basis for making judgments about the carrying values of assets, liabilities and equity and the amount of expenses. </span></p>
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1
CY2021Q2 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
3155000
CY2021Q2 us-gaap Share Price
SharePrice
31.70
CY2021Q2 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
96971000
CY2021Q2 us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
3042000
CY2021Q2 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.001
CY2020Q1 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
2300000
CY2020Q1 us-gaap Share Price
SharePrice
32.00
CY2020Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
68811000
CY2020Q1 us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
4789000
CY2020Q1 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
9024000
CY2020Q1 us-gaap Stock Repurchased And Retired During Period Shares
StockRepurchasedAndRetiredDuringPeriodShares
300000
CY2020Q3 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
4000000
CY2020Q3 us-gaap Share Price
SharePrice
50.00
CY2020Q3 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
186974000
CY2020Q3 us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
13026000
CY2020Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
237000
CY2021Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
1948000
CY2021Q2 us-gaap Net Income Loss
NetIncomeLoss
-27619000
CY2020Q2 us-gaap Net Income Loss
NetIncomeLoss
-21419000
us-gaap Net Income Loss
NetIncomeLoss
-53995000
us-gaap Net Income Loss
NetIncomeLoss
-36330000
CY2021Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
24962000
CY2020Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
20293000
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
24744000
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
19619000
CY2021Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-1.11
CY2020Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-1.06
us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-2.18
us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-1.85
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
4041000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
3731000
CY2020Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
1635000
CY2021Q2 btai Accrued Research And Development Expenses
AccruedResearchAndDevelopmentExpenses
3588000
CY2020Q4 btai Accrued Research And Development Expenses
AccruedResearchAndDevelopmentExpenses
3264000
CY2021Q2 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
2359000
CY2020Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
2066000
CY2021Q2 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
3294000
CY2020Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
1288000
CY2021Q2 us-gaap Taxes Payable Current
TaxesPayableCurrent
254000
CY2020Q4 us-gaap Taxes Payable Current
TaxesPayableCurrent
697000
CY2021Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
62000
CY2020Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
154000
CY2021Q2 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
9557000
CY2020Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
7469000
CY2021Q2 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
281000
CY2021Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
6769000
CY2020Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1956000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
12334000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2732000
CY2019Q1 us-gaap Area Of Real Estate Property
AreaOfRealEstateProperty
11040
CY2020Q3 btai Area Of Addition Space Leased
AreaOfAdditionSpaceLeased
7245
CY2021Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
178000
CY2021Q2 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
363000
CY2021Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
372000
CY2021Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
381000
CY2021Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
391000
CY2021Q2 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
64000
CY2021Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
1749000
CY2021Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
213000
CY2021Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
1536000
CY2021Q2 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
281000
CY2021Q2 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
1255000
CY2021Q2 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
281000
CY2021Q2 us-gaap Operating Lease Expense
OperatingLeaseExpense
85000
CY2020Q2 us-gaap Operating Lease Expense
OperatingLeaseExpense
54000
us-gaap Operating Lease Expense
OperatingLeaseExpense
194000
us-gaap Operating Lease Expense
OperatingLeaseExpense
108000
CY2020Q3 us-gaap Lessee Operating Lease Existence Of Option To Extend
LesseeOperatingLeaseExistenceOfOptionToExtend
true
CY2020Q3 btai Lessee Operating Lease Renewal At Percentage Of Market Rates
LesseeOperatingLeaseRenewalAtPercentageOfMarketRates
0.95

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