$BTAI
BioXcel Therapeutics, Inc.

2021 Q4 Form 10-Q Financial Statement

#000155837021015404 Filed on November 10, 2021

View on sec.gov

Income Statement

Concept 2021 Q4 2021 Q3 2020 Q4
Revenue $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $13.61M $14.88M $9.700M
YoY Change 40.27% 76.08% 405.21%
% of Gross Profit
Research & Development $12.53M $11.93M $11.40M
YoY Change 9.87% -26.87% 75.38%
% of Gross Profit
Depreciation & Amortization $76.00K $76.00K $50.00K
YoY Change 52.0% 61.7% -183.33%
% of Gross Profit
Operating Expenses $26.13M $26.81M $21.10M
YoY Change 23.84% 8.25% 150.89%
Operating Profit -$26.81M
YoY Change 8.25%
Interest Expense $6.000K $11.00K $10.00K
YoY Change -40.0% 120.0% -92.86%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$26.13M -$26.81M -$21.09M
YoY Change 23.87% 8.33% 154.71%
Income Tax
% Of Pretax Income
Net Earnings -$26.13M -$26.81M -$21.09M
YoY Change 23.87% 8.31% 154.71%
Net Earnings / Revenue
Basic Earnings Per Share -$0.96
Diluted Earnings Per Share -$933.2K -$958.5K -$864.7K
COMMON SHARES
Basic Shares Outstanding 27.98M 27.97M
Diluted Shares Outstanding 27.97M

Balance Sheet

Concept 2021 Q4 2021 Q3 2020 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $233.0M $252.9M $213.1M
YoY Change 9.32% 8.36% 557.72%
Cash & Equivalents $233.0M $252.9M $213.1M
Short-Term Investments
Other Short-Term Assets $956.0K $4.017M $984.0K
YoY Change -2.85% 48.78% -42.12%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $236.8M $256.9M $217.1M
YoY Change 9.1% 8.82% 536.55%
LONG-TERM ASSETS
Property, Plant & Equipment $1.294M $1.336M $1.273M
YoY Change 1.65% -46.56% -42.14%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $86.00K $1.755M $87.00K
YoY Change -1.15% 1655.0% -13.0%
Total Long-Term Assets $2.627M $4.403M $2.871M
YoY Change -8.5% 69.35% 24.83%
TOTAL ASSETS
Total Short-Term Assets $236.8M $256.9M $217.1M
Total Long-Term Assets $2.627M $4.403M $2.871M
Total Assets $239.4M $261.3M $219.9M
YoY Change 8.87% 9.48% 504.22%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.678M $3.439M $3.979M
YoY Change 17.57% -60.01% -20.42%
Accrued Expenses $11.49M $10.72M $7.469M
YoY Change 53.86% 50.93% 126.33%
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 $16.67M $14.60M $11.84M
YoY Change 40.74% -10.45% 39.32%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $1.105M $1.180M $1.400M
YoY Change -21.07% -21.33% 40.0%
Total Long-Term Liabilities $1.105M $1.180M $1.400M
YoY Change -21.07% -21.33% 40.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $16.67M $14.60M $11.84M
Total Long-Term Liabilities $1.105M $1.180M $1.400M
Total Liabilities $17.77M $15.78M $13.24M
YoY Change 34.23% -11.37% 39.37%
SHAREHOLDERS EQUITY
Retained Earnings -$245.8M -$219.7M -$138.9M
YoY Change 77.01%
Common Stock $28.00K $28.00K $24.00K
YoY Change 16.67%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $221.7M $245.6M $206.7M
YoY Change
Total Liabilities & Shareholders Equity $239.4M $261.3M $219.9M
YoY Change 8.87% 9.48% 504.22%

Cashflow Statement

Concept 2021 Q4 2021 Q3 2020 Q4
OPERATING ACTIVITIES
Net Income -$26.13M -$26.81M -$21.09M
YoY Change 23.87% 8.31% 154.71%
Depreciation, Depletion And Amortization $76.00K $76.00K $50.00K
YoY Change 52.0% 61.7% -183.33%
Cash From Operating Activities -$19.93M -$20.20M -$20.27M
YoY Change -1.67% 5.75% 155.93%
INVESTING ACTIVITIES
Capital Expenditures -$12.00K -$17.00K -$270.0K
YoY Change -95.56%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$12.00K -$17.00K -$270.0K
YoY Change -95.56%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 71.00K 230.0K
YoY Change -100.0% -99.96% 155.56%
NET CHANGE
Cash From Operating Activities -19.93M -20.20M -20.27M
Cash From Investing Activities -12.00K -17.00K -270.0K
Cash From Financing Activities 0.000 71.00K 230.0K
Net Change In Cash -19.94M -20.14M -20.31M
YoY Change -1.8% -112.0% 159.39%
FREE CASH FLOW
Cash From Operating Activities -$19.93M -$20.20M -$20.27M
Capital Expenditures -$12.00K -$17.00K -$270.0K
Free Cash Flow -$19.92M -$20.18M -$20.00M
YoY Change -0.4% 5.66% 152.53%

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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 a rare form 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 $26,811 and $24,753 for the three months ended September 30, 2021 and 2020, respectively and $80,806 and $61,083 for the nine months ended September 30, 2021 and 2020, respectively. The Company had an accumulated deficit of $219,663 as of September 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>
CY2021Q3 us-gaap Net Income Loss
NetIncomeLoss
-26811000
CY2020Q3 us-gaap Net Income Loss
NetIncomeLoss
-24753000
us-gaap Net Income Loss
NetIncomeLoss
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us-gaap Net Income Loss
NetIncomeLoss
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CY2021Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
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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>
CY2020Q3 us-gaap Share Price
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us-gaap Number Of Operating Segments
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CY2021Q2 us-gaap Share Price
SharePrice
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CY2020Q1 us-gaap Payments Of Stock Issuance Costs
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CY2021Q3 us-gaap Taxes Payable Current
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CY2020Q4 us-gaap Taxes Payable Current
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CY2021Q3 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
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CY2020Q4 us-gaap Other Accrued Liabilities Current
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CY2020Q3 us-gaap Proceeds From Issuance Of Common Stock
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CY2020Q4 btai Payments Of Stock Issuance Cost Recorded True Up Value
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CY2020Q1 us-gaap Share Price
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CY2020Q3 us-gaap Net Income Loss
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us-gaap Net Income Loss
NetIncomeLoss
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us-gaap Net Income Loss
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CY2021Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
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CY2020Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
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us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
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us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
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CY2021Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.96
CY2020Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-1.07
us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
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us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
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us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2021Q3 us-gaap Accrued Liabilities Current
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CY2021Q3 us-gaap Property Plant And Equipment Net
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CY2021Q3 us-gaap Depreciation Depletion And Amortization
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us-gaap Depreciation Depletion And Amortization
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us-gaap Depreciation Depletion And Amortization
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CY2021Q3 btai Accrued Research And Development Expenses
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us-gaap Allocated Share Based Compensation Expense
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CY2019Q1 us-gaap Area Of Real Estate Property
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CY2020Q3 btai Area Of Addition Space Leased
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CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
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CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
363000
CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
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CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
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CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
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CY2021Q3 btai Lessee Operating Lease Liability Payments Due After Year Four
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFour
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CY2021Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
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CY2021Q3 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
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CY2021Q3 us-gaap Operating Lease Liability Noncurrent
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CY2021Q3 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
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CY2021Q3 us-gaap Operating Lease Expense
OperatingLeaseExpense
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CY2020Q3 us-gaap Operating Lease Expense
OperatingLeaseExpense
130000
us-gaap Operating Lease Expense
OperatingLeaseExpense
280000
us-gaap Operating Lease Expense
OperatingLeaseExpense
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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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