$BTAI
BioXcel Therapeutics, Inc.

2022 Q1 Form 10-Q Financial Statement

#000155837022007805 Filed on May 09, 2022

View on sec.gov

Income Statement

Concept 2022 Q1 2021 Q1
Revenue $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $12.92M $11.64M
YoY Change 11.01% 342.59%
% of Gross Profit
Research & Development $18.56M $14.74M
YoY Change 25.9% 19.17%
% of Gross Profit
Depreciation & Amortization $77.00K $65.00K
YoY Change 18.46% 30.0%
% of Gross Profit
Operating Expenses $31.48M $26.38M
YoY Change 19.34% 75.86%
Operating Profit -$31.48M -$26.38M
YoY Change 19.34%
Interest Expense $7.000K $7.000K
YoY Change 0.0% -92.22%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$31.47M -$26.38M
YoY Change 19.3% 76.93%
Income Tax
% Of Pretax Income
Net Earnings -$31.47M -$26.38M
YoY Change 19.32% 76.89%
Net Earnings / Revenue
Basic Earnings Per Share -$1.12 -$1.08
Diluted Earnings Per Share -$1.12 -$1.08
COMMON SHARES
Basic Shares Outstanding 27.98M 24.52M
Diluted Shares Outstanding 27.98M 24.52M

Balance Sheet

Concept 2022 Q1 2021 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $200.4M $194.0M
YoY Change 3.32% 142.2%
Cash & Equivalents $200.4M $194.0M
Short-Term Investments
Other Short-Term Assets $1.478M $2.800M
YoY Change -47.21% -20.0%
Inventory $682.0K
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $207.6M $196.8M
YoY Change 5.47% 135.41%
LONG-TERM ASSETS
Property, Plant & Equipment $1.337M $3.000M
YoY Change -55.43% 36.36%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $965.0K $600.0K
YoY Change 60.83% 500.0%
Total Long-Term Assets $3.483M $3.600M
YoY Change -3.25% 63.64%
TOTAL ASSETS
Total Short-Term Assets $207.6M $196.8M
Total Long-Term Assets $3.483M $3.600M
Total Assets $211.0M $200.4M
YoY Change 5.31% 133.57%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.065M $5.300M
YoY Change -4.43% -20.9%
Accrued Expenses $10.58M $6.100M
YoY Change 73.39% 60.53%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $16.00M $12.30M
YoY Change 30.06% 0.0%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $1.028M $1.300M
YoY Change -20.92% 30.0%
Total Long-Term Liabilities $1.028M $1.300M
YoY Change -20.92% 30.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $16.00M $12.30M
Total Long-Term Liabilities $1.028M $1.300M
Total Liabilities $17.03M $13.70M
YoY Change 24.27% 3.79%
SHAREHOLDERS EQUITY
Retained Earnings -$277.3M
YoY Change
Common Stock $28.00K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $194.0M $186.7M
YoY Change
Total Liabilities & Shareholders Equity $211.0M $200.4M
YoY Change 5.31% 133.57%

Cashflow Statement

Concept 2022 Q1 2021 Q1
OPERATING ACTIVITIES
Net Income -$31.47M -$26.38M
YoY Change 19.32% 76.89%
Depreciation, Depletion And Amortization $77.00K $65.00K
YoY Change 18.46% 30.0%
Cash From Operating Activities -$32.41M -$19.64M
YoY Change 65.04% 61.51%
INVESTING ACTIVITIES
Capital Expenditures $120.0K $316.0K
YoY Change -62.03% -1680.0%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$120.0K -$316.0K
YoY Change -62.03% 1480.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 852.0K
YoY Change -100.0% -98.58%
NET CHANGE
Cash From Operating Activities -32.41M -19.64M
Cash From Investing Activities -120.0K -316.0K
Cash From Financing Activities 0.000 852.0K
Net Change In Cash -32.53M -19.10M
YoY Change 70.29% -140.09%
FREE CASH FLOW
Cash From Operating Activities -$32.41M -$19.64M
Capital Expenditures $120.0K $316.0K
Free Cash Flow -$32.53M -$19.96M
YoY Change 63.02% 64.38%

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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 biopharmaceutical company focused on drug development that utilizes artificial intelligence (“AI”) 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 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: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;">During the first quarter ended March 31, 2020, the novel coronavirus disease (“COVID-19”) was declared a pandemic and spread to multiple regions across the globe, including the U.S. and Europe. The outbreak and government measures taken in response had a significant impact, both direct and indirect, on businesses and commerce, as worker shortages have occurred; supply chains have been disrupted; facilities and production were suspended; and demand for certain goods and services, such as medical services and supplies, spiked, while demand for other goods and services, such as travel, has fallen.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">We continue to work closely with our clinical sites to monitor the potential impact of the evolving COVID-19 pandemic and the spread of its variants. We remain committed to our clinical programs and development plans. To-date, we have not experienced any significant delays in any of our ongoing or planned clinical trials. However, this could rapidly change.</p>
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<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 financial statements in accordance with GAAP requires management to make estimates and assumptions that affect amounts reported in the financial statements and notes thereto. Although these estimates are based on the Company’s knowledge of current events and actions it may undertake in the future, actual results may ultimately materially differ from these estimates.</span></p>
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CY2021Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1294000
CY2022Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
77000
CY2021Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
65000
CY2020Q3 us-gaap Lessee Operating Lease Existence Of Option To Extend
LesseeOperatingLeaseExistenceOfOptionToExtend
true
CY2020Q3 btai Lessee Operating Lease Number Of Renewal
LesseeOperatingLeaseNumberOfRenewal
1
CY2020Q3 us-gaap Lessee Operating Lease Renewal Term
LesseeOperatingLeaseRenewalTerm
P5Y
CY2020Q3 btai Lessee Operating Lease Renewal At Percentage Of Market Rates
LesseeOperatingLeaseRenewalAtPercentageOfMarketRates
0.95
CY2022Q1 btai Accrued Research And Development Expenses
AccruedResearchAndDevelopmentExpenses
5409000
CY2021Q4 btai Accrued Research And Development Expenses
AccruedResearchAndDevelopmentExpenses
5762000
CY2022Q1 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
1861000
CY2021Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
3968000
CY2022Q1 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
2789000
CY2021Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
1324000
CY2022Q1 us-gaap Taxes Payable Current
TaxesPayableCurrent
366000
CY2021Q4 us-gaap Taxes Payable Current
TaxesPayableCurrent
302000
CY2022Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
152000
CY2021Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
136000
CY2022Q1 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
10577000
CY2021Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
11492000
CY2022Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
22835000
CY2022Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P1Y9M18D
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
273000
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
372000
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
381000
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
391000
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
65000
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
1482000
CY2022Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
155000
CY2022Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
1327000
CY2022Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
299000
CY2022Q1 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
1028000
CY2022Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
299000
CY2022Q1 us-gaap Operating Lease Expense
OperatingLeaseExpense
98000
CY2021Q1 us-gaap Operating Lease Expense
OperatingLeaseExpense
109000

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