$BTAI
BioXcel Therapeutics, Inc.

2022 Q3 Form 10-Q Financial Statement

#000155837022013353 Filed on August 11, 2022

View on sec.gov

Income Statement

Concept 2022 Q3 2022 Q2 2022 Q1
Revenue $137.0K $0.00 $0.00
YoY Change
Cost Of Revenue $11.00K
YoY Change
Gross Profit $126.0K
YoY Change
Gross Profit Margin 91.97%
Selling, General & Admin $17.05M $18.38M $12.92M
YoY Change 14.62% 30.33% 11.01%
% of Gross Profit 13534.92%
Research & Development $22.06M $17.91M $18.56M
YoY Change 84.88% 32.55% 25.9%
% of Gross Profit 17509.52%
Depreciation & Amortization $85.00K $84.00K $77.00K
YoY Change 11.84% 5.0% 18.46%
% of Gross Profit 67.46%
Operating Expenses $39.12M $36.29M $31.48M
YoY Change 45.89% 31.42% 19.34%
Operating Profit -$38.99M -$36.29M -$31.48M
YoY Change 45.42% 31.42% 19.34%
Interest Expense $3.700M $1.586M $7.000K
YoY Change 33536.36% 9812.5% 0.0%
% of Operating Profit
Other Income/Expense, Net $62.00K
YoY Change
Pretax Income -$41.81M -$37.67M -$31.47M
YoY Change 55.92% 36.39% 19.3%
Income Tax
% Of Pretax Income
Net Earnings -$41.81M -$37.67M -$31.47M
YoY Change 55.92% 36.39% 19.32%
Net Earnings / Revenue -30514.6%
Basic Earnings Per Share -$1.49 -$1.35 -$1.12
Diluted Earnings Per Share -$1.49 -$1.35 -$1.12
COMMON SHARES
Basic Shares Outstanding 28.02M 27.99M 27.98M
Diluted Shares Outstanding 28.02M 27.99M 27.98M

Balance Sheet

Concept 2022 Q3 2022 Q2 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $232.3M $233.5M $200.4M
YoY Change -8.14% -14.5% 3.32%
Cash & Equivalents $232.3M $233.5M $200.4M
Short-Term Investments
Other Short-Term Assets $2.430M $1.693M $1.478M
YoY Change -39.51% -52.99% -47.21%
Inventory $1.408M $1.395M $682.0K
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $241.7M $244.9M $207.6M
YoY Change -5.94% -11.47% 5.47%
LONG-TERM ASSETS
Property, Plant & Equipment $1.187M $1.272M $1.337M
YoY Change -11.15% -11.79% -55.43%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $925.0K $925.0K $965.0K
YoY Change -47.29% -43.25% 60.83%
Total Long-Term Assets $3.157M $3.311M $3.483M
YoY Change -28.3% -25.58% -3.25%
TOTAL ASSETS
Total Short-Term Assets $241.7M $244.9M $207.6M
Total Long-Term Assets $3.157M $3.311M $3.483M
Total Assets $244.8M $248.2M $211.0M
YoY Change -6.32% -11.69% 5.31%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.872M $6.021M $5.065M
YoY Change 70.75% 141.13% -4.43%
Accrued Expenses $13.95M $13.37M $10.58M
YoY Change 30.17% 39.92% 73.39%
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 $23.38M $20.00M $16.00M
YoY Change 60.17% 60.72% 30.06%
LONG-TERM LIABILITIES
Long-Term Debt $91.70M $61.08M $0.00
YoY Change
Other Long-Term Liabilities $2.759M $2.903M $1.028M
YoY Change 133.81% 131.31% -20.92%
Total Long-Term Liabilities $91.70M $61.08M $1.028M
YoY Change 7670.76% 4766.53% -20.92%
TOTAL LIABILITIES
Total Short-Term Liabilities $23.38M $20.00M $16.00M
Total Long-Term Liabilities $91.70M $61.08M $1.028M
Total Liabilities $117.8M $83.97M $17.03M
YoY Change 646.91% 513.12% 24.27%
SHAREHOLDERS EQUITY
Retained Earnings -$356.7M -$314.9M -$277.3M
YoY Change 62.4% 63.3%
Common Stock $28.00K $28.00K $28.00K
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $127.0M $164.3M $194.0M
YoY Change
Total Liabilities & Shareholders Equity $244.8M $248.2M $211.0M
YoY Change -6.32% -11.69% 5.31%

Cashflow Statement

Concept 2022 Q3 2022 Q2 2022 Q1
OPERATING ACTIVITIES
Net Income -$41.81M -$37.67M -$31.47M
YoY Change 55.92% 36.39% 19.32%
Depreciation, Depletion And Amortization $85.00K $84.00K $77.00K
YoY Change 11.84% 5.0% 18.46%
Cash From Operating Activities -$31.19M -$33.10M -$32.41M
YoY Change 54.39% 47.9% 65.04%
INVESTING ACTIVITIES
Capital Expenditures $0.00 -$19.00K $120.0K
YoY Change -100.0% -80.21% -62.03%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities $0.00 -$19.00K -$120.0K
YoY Change -100.0% -80.21% -62.03%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 30.05M 66.14M 0.000
YoY Change 42221.13% -34.86% -100.0%
NET CHANGE
Cash From Operating Activities -31.19M -33.10M -32.41M
Cash From Investing Activities 0.000 -19.00K -120.0K
Cash From Financing Activities 30.05M 66.14M 0.000
Net Change In Cash -1.138M 33.02M -32.53M
YoY Change -94.35% -58.23% 70.29%
FREE CASH FLOW
Cash From Operating Activities -$31.19M -$33.10M -$32.41M
Capital Expenditures $0.00 -$19.00K $120.0K
Free Cash Flow -$31.19M -$33.08M -$32.53M
YoY Change 54.52% 48.45% 63.02%

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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. (“BTI”) is a commercial stage 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 consolidated 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:18pt;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 spiked, while demand for other goods and services decreased.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:18pt;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 significant delays in any of our ongoing or planned clinical trials except for our TRANQUILITY II trial where screenings and enrollment have been slower than expected but continues at a steady rate. However, this could rapidly change.</p>
CY2022Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
233452000
CY2022Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-314930000
CY2022Q2 us-gaap Net Income Loss
NetIncomeLoss
-37670000
CY2021Q2 us-gaap Net Income Loss
NetIncomeLoss
-27619000
us-gaap Net Income Loss
NetIncomeLoss
-69142000
us-gaap Net Income Loss
NetIncomeLoss
-53995000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-65516000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-42022000
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;"><span style="font-style:italic;">Use of Estimates</span></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 consolidated 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>
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1
CY2021Q2 us-gaap Stock Issued During Period Shares New Issues
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3155000
CY2021Q2 us-gaap Share Price
SharePrice
31.70
CY2021Q2 us-gaap Proceeds From Issuance Of Common Stock
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96971000
CY2021Q2 us-gaap Payments Of Stock Issuance Costs
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3042000
CY2022Q2 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
3608000
CY2021Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
1324000
CY2022Q2 us-gaap Taxes Payable Current
TaxesPayableCurrent
258000
CY2021Q4 us-gaap Taxes Payable Current
TaxesPayableCurrent
302000
CY2022Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
241000
CY2021Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
136000
CY2022Q2 us-gaap Net Income Loss
NetIncomeLoss
-37670000
CY2021Q2 us-gaap Net Income Loss
NetIncomeLoss
-27619000
us-gaap Net Income Loss
NetIncomeLoss
-69142000
us-gaap Net Income Loss
NetIncomeLoss
-53995000
CY2022Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
27989000
CY2021Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
24962000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
27985000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
24744000
CY2022Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-1.35
CY2021Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-1.11
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-2.47
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-2.18
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
4916000
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
4041000
CY2022Q2 us-gaap Inventory Raw Materials
InventoryRawMaterials
692000
CY2022Q2 us-gaap Inventory Work In Process
InventoryWorkInProcess
403000
CY2022Q2 us-gaap Inventory Finished Goods
InventoryFinishedGoods
300000
CY2022Q2 us-gaap Inventory Net
InventoryNet
1395000
CY2022Q2 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
0
CY2022Q2 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
13372000
CY2021Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
11492000
us-gaap Interest Expense
InterestExpense
23000
CY2022Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
2035000
CY2021Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
1896000
CY2022Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
763000
CY2021Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
602000
CY2022Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1272000
CY2021Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1294000
CY2022Q2 us-gaap Depreciation
Depreciation
84000
CY2021Q2 us-gaap Depreciation
Depreciation
80000
us-gaap Depreciation
Depreciation
161000
us-gaap Depreciation
Depreciation
144000
CY2022Q2 btai Accrued Research And Development Expenses
AccruedResearchAndDevelopmentExpenses
5923000
CY2021Q4 btai Accrued Research And Development Expenses
AccruedResearchAndDevelopmentExpenses
5762000
CY2022Q2 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
3342000
CY2021Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
3968000
CY2022Q2 us-gaap Deferred Finance Costs Gross
DeferredFinanceCostsGross
2647000
CY2022Q2 us-gaap Accumulated Amortization Deferred Finance Costs
AccumulatedAmortizationDeferredFinanceCosts
321000
CY2022Q2 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
61075000
CY2022Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive
70000000
CY2022Q2 us-gaap Interest Expense Debt
InterestExpenseDebt
1265000
CY2021Q2 us-gaap Interest Expense Debt
InterestExpenseDebt
16000
us-gaap Interest Expense Debt
InterestExpenseDebt
1272000
us-gaap Interest Expense Debt
InterestExpenseDebt
23000
CY2022Q2 us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
321000
us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
321000
CY2022Q2 us-gaap Interest Expense
InterestExpense
1586000
CY2021Q2 us-gaap Interest Expense
InterestExpense
16000
us-gaap Interest Expense
InterestExpense
1593000
us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Purchases
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityPurchases
1954000
CY2022Q2 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue
1954000
CY2022Q2 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
21436000
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P1Y8M12D
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
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
182000
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
372000
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
381000
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
391000
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
65000
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
1391000
CY2022Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
136000
CY2022Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
1255000
CY2022Q2 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
306000
CY2022Q2 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
949000
CY2022Q2 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
306000
CY2022Q2 us-gaap Operating Lease Expense
OperatingLeaseExpense
107000
CY2021Q2 us-gaap Operating Lease Expense
OperatingLeaseExpense
85000
us-gaap Operating Lease Expense
OperatingLeaseExpense
204000
us-gaap Operating Lease Expense
OperatingLeaseExpense
194000

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