$BTAI
BioXcel Therapeutics Inc

2024 Q1 Form 10-K Financial Statement

#000155837024003784 Filed on March 22, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2023
Revenue $582.0K $376.0K $1.380M
YoY Change 182.52% 57.98% 268.0%
Cost Of Revenue $80.00K $714.0K $1.260M
YoY Change 788.89% 7833.33% 6200.0%
Gross Profit $502.0K -$338.0K $120.0K
YoY Change 154.82% -247.6% -66.2%
Gross Profit Margin 86.25% -89.89% 8.7%
Selling, General & Admin $13.26M $9.603M $83.41M
YoY Change -43.78% -53.53% 21.31%
% of Gross Profit 2642.23% 69510.83%
Research & Development $11.40M $9.934M $84.33M
YoY Change -58.99% -69.4% -7.58%
% of Gross Profit 2271.12% 70271.67%
Depreciation & Amortization $78.00K $78.00K $318.0K
YoY Change -2.5% -3.7% -2.75%
% of Gross Profit 15.54% 265.0%
Operating Expenses $24.67M $19.54M $167.7M
YoY Change -52.01% -63.22% 4.84%
Operating Profit -$24.16M -$19.88M -$167.6M
YoY Change -52.8% -62.42% 4.99%
Interest Expense $3.607M -$2.489M -$7.665M
YoY Change 7.13% 73.57% -193.33%
% of Operating Profit
Other Income/Expense, Net $32.00K $108.0K $394.0K
YoY Change -113.01% -122.5% -192.27%
Pretax Income -$26.79M -$22.26M -$179.1M
YoY Change -49.26% -59.39% 8.02%
Income Tax
% Of Pretax Income
Net Earnings -$26.79M -$22.26M -$179.1M
YoY Change -49.26% -59.39% 8.02%
Net Earnings / Revenue -4603.26% -5919.15% -12974.86%
Basic Earnings Per Share -$0.87 -$6.15
Diluted Earnings Per Share -$0.87 -$0.76 -$6.15
COMMON SHARES
Basic Shares Outstanding 30.58M 29.27M 29.13M
Diluted Shares Outstanding 30.87M 29.13M

Balance Sheet

Concept 2024 Q1 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $74.14M $65.22M $65.22M
YoY Change -55.21% -66.33% -66.33%
Cash & Equivalents $74.14M $65.22M $65.22M
Short-Term Investments
Other Short-Term Assets $1.856M $2.078M $4.860M
YoY Change -62.92% -45.93% -29.67%
Inventory $2.439M $1.991M $1.991M
Prepaid Expenses
Receivables $378.0K $71.00K $71.00K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $80.92M $72.14M $72.14M
YoY Change -54.35% -64.44% -64.44%
LONG-TERM ASSETS
Property, Plant & Equipment $706.0K $784.0K $1.472M
YoY Change -29.68% -27.68% -28.54%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $87.00K $87.00K $87.00K
YoY Change -90.59% -90.59% -90.59%
Total Long-Term Assets $1.406M $1.559M $1.559M
YoY Change -50.41% -47.77% -47.77%
TOTAL ASSETS
Total Short-Term Assets $80.92M $72.14M $72.14M
Total Long-Term Assets $1.406M $1.559M $1.559M
Total Assets $82.32M $73.70M $73.70M
YoY Change -54.29% -64.2% -64.2%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $17.22M $13.65M $13.65M
YoY Change 122.42% 33.5% 33.5%
Accrued Expenses $13.68M $12.42M $13.39M
YoY Change -19.87% -33.45% -39.36%
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 $31.48M $27.27M $27.27M
YoY Change 9.46% -17.12% -17.12%
LONG-TERM LIABILITIES
Long-Term Debt $101.6M $100.6M $100.6M
YoY Change 6.91% 8.11% 8.11%
Other Long-Term Liabilities $21.57M $2.345M $2.345M
YoY Change 558.29% -25.06% -25.06%
Total Long-Term Liabilities $101.6M $100.6M $102.9M
YoY Change 6.91% 8.11% 7.03%
TOTAL LIABILITIES
Total Short-Term Liabilities $31.48M $27.27M $27.27M
Total Long-Term Liabilities $101.6M $100.6M $102.9M
Total Liabilities $154.7M $130.2M $130.2M
YoY Change 21.71% 0.88% 0.88%
SHAREHOLDERS EQUITY
Retained Earnings -$617.4M -$590.6M
YoY Change 32.96% 43.51%
Common Stock $34.00K $30.00K
YoY Change 17.24% 7.14%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$72.36M -$56.51M -$56.51M
YoY Change
Total Liabilities & Shareholders Equity $82.32M $73.70M $73.70M
YoY Change -54.29% -64.2% -64.2%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2023
OPERATING ACTIVITIES
Net Income -$26.79M -$22.26M -$179.1M
YoY Change -49.26% -59.39% 8.02%
Depreciation, Depletion And Amortization $78.00K $78.00K $318.0K
YoY Change -2.5% -3.7% -2.75%
Cash From Operating Activities -$17.71M -$26.87M -$155.0M
YoY Change -66.18% -30.47% 14.53%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $20.00K
YoY Change -85.61%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities $0.00 -$20.00K
YoY Change -85.61%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 26.63M 2.122M 26.52M
YoY Change 10.26% 4144.0% -72.44%
NET CHANGE
Cash From Operating Activities -17.71M -26.87M -155.0M
Cash From Investing Activities 0.000 -20.00K
Cash From Financing Activities 26.63M 2.122M 26.52M
Net Change In Cash 8.920M -24.74M -128.5M
YoY Change -131.63% -35.88% 227.46%
FREE CASH FLOW
Cash From Operating Activities -$17.71M -$26.87M -$155.0M
Capital Expenditures $0.00 $20.00K
Free Cash Flow -$26.87M -$155.0M
YoY Change -30.47% 14.43%

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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 10pt 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 10pt 0pt;">BioXcel Therapeutics, Inc. (“BTI” or the “Company”) is a biopharmaceutical company utilizing artificial intelligence (“AI”) approaches to develop transformative medicines in neuroscience and immuno-oncology. The Company is focused on utilizing cutting-edge technology and innovative research to develop high-value therapeutics aimed at transforming patients’ lives. BTI employs a unique AI platform to reduce therapeutic development costs and potentially accelerate timelines. The Company’s approach leverages existing approved drugs and/or clinically evaluated product candidates together with big data and proprietary machine learning algorithms to identify new therapeutic indices. BTI management believes this differentiated approach has the potential to reduce the expense and time associated with drug development in diseases with substantial unmet medical needs.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:18pt;margin:0pt 0pt 10pt 0pt;">As used in these consolidated financial statements, unless otherwise specified or the context otherwise requires, the terms “BioXcel LLC” refers to the Company’s former parent and current significant stockholder, BioXcel LLC and, its predecessor, BioXcel Corporation. “OnkosXcel” refers to BTI’s wholly owned subsidiary for its advanced immuno-oncology assets, OnkosXcel Therapeutics, LLC.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:18pt;margin:0pt 0pt 10pt 0pt;">On April 6, 2022, BTI announced that the United States (“U.S.”) Food and Drug Administration (“FDA”) approved IGALMI<sup style="font-size:7.5pt;line-height:100%;top:0pt;vertical-align:top;">TM</sup> (dexmedetomidine or “Dex”) sublingual film for the acute treatment of agitation associated with schizophrenia or bipolar I or II disorder in adults. IGALMI<sup style="font-size:7.5pt;line-height:100%;top:0pt;vertical-align:top;">TM</sup> is approved to be self-administrated by patients under the supervision of a health care provider. On July 6, 2022, BTI announced that IGALMI<sup style="font-size:7.5pt;line-height:100%;top:0pt;vertical-align:top;">TM</sup>, was commercially available in doses of 120 and 180 micrograms.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:18pt;margin:0pt 0pt 10pt 0pt;">The Company’s most advanced clinical development program is BXCL501. In indications other than those approved by the FDA as IGALMI<sup style="font-size:7.5pt;line-height:100%;top:0pt;vertical-align:top;">TM</sup>, BXCL501 is an investigational proprietary, orally dissolving, film formulation of Dex for the treatment of agitation associated with psychiatric and neurological disorders.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:18pt;margin:0pt 0pt 10pt 0pt;">The Company’s advanced immuno-oncology asset, BXCL701, is an investigational, 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 10pt 0pt;">BTI 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>
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<p style="font-family:'Liberation Serif';font-size:10pt;margin:0pt 0pt 10pt 18pt;"><b style="font-family:'Times New Roman','Times','serif';font-weight:bold;">Concentrations of Credit Risk</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;text-indent:18pt;margin:0pt 0pt 10pt 0pt;"><span style="font-weight:normal;">The Company sells </span><span style="font-weight:normal;">IGALMI</span><sup style="font-size:7.5pt;font-weight:normal;line-height:100%;top:0pt;vertical-align:top;">TM</sup><span style="font-weight:normal;"> through a drop-ship program under which orders from hospitals and similar health care institutions are processed through wholesalers, but shipments of the product are sent directly to the individual hospitals and similar health care institutions. BTI also contracts directly with intermediaries such as group purchasing organizations (“GPOs”). All trade accounts receivables are due from the distributor that fulfills orders on behalf of the Company.</span></p>
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:0pt;margin:0pt 0pt 10pt 18pt;"><b style="font-weight:bold;">Revenue Recognition</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:18pt;margin:0pt 0pt 10pt 0pt;">The Company’s revenues consist of product sales of IGALMI<sup style="font-size:7.5pt;line-height:100%;top:0pt;vertical-align:top;">TM</sup>.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:18pt;margin:0pt 0pt 10pt 0pt;">BTI recognizes revenue when its customers obtain control of promised goods or services, in an amount that reflects the consideration that the Company expects to receive in exchange for those goods or services. 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The exercise of a material right may be accounted for as a contract modification or as a continuation of the contract for accounting purposes.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:18pt;margin:0pt 0pt 10pt 0pt;">The Company assesses whether the goods or services promised within each contract are distinct to identify those that are performance obligations. This assessment involves subjective determinations and requires management to make judgments about the individual promised goods or services and whether such goods and services are separable from the other aspects of the contractual relationship. Promised goods and services are considered distinct provided that: (i) the customer can benefit from the good or service either on its own or together with other resources that are readily available to the customer and (ii) the Company’s promise to transfer the good or service to the customer is separately identifiable from other promises in the contract.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:18pt;margin:0pt 0pt 10pt 0pt;">The Company allocates the transaction price (the amount of consideration it expects to be entitled to from a customer in exchange for the promised goods or services) to each performance obligation and recognizes the associated revenue when (or as) each performance obligation is satisfied. The Company’s estimate of the transaction price for each contract includes all variable consideration to which the Company expects to be entitled.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:18pt;margin:0pt 0pt 10pt 0pt;">BTI distributes IGALMI<sup style="font-size:7.5pt;line-height:100%;top:0pt;vertical-align:top;">TM</sup> in the U.S. through arrangements with a distributor, wholesalers, and GPOs. The distributor and wholesalers help process and fulfill orders from hospitals on the Company’s behalf. The Company believes the hospitals are its customers.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:18pt;margin:0pt 0pt 10pt 0pt;">The Company recognizes product revenues, net of consideration payable to customers, as well as variable consideration related to certain allowances and accruals that are determined using either the expected value or most likely amount method, depending on the type of the variable consideration, in its consolidated financial statements at the point in time when control transfers to the customer, which is typically when the product has been delivered to the customer’s location. The amount included in the transaction price is constrained to the amount for which it is probable that a significant reversal of cumulative revenue recognized will not occur. The Company’s only performance obligation identified for IGALMI<sup style="font-size:7.5pt;line-height:100%;top:0pt;vertical-align:top;">TM</sup> is to deliver the quantity of product ordered to the location specified by the customer’s order. The Company records shipping and handling costs associated with delivery of product to its customers within Selling, general and administrative expenses on its Consolidated Statements of Operations. Under the Company’s current product sales arrangements, BTI does not have contract assets (unbilled receivables), as it generally invoices its customer at the time of revenue recognition.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:18pt;margin:0pt 0pt 10pt 0pt;">BTI sells IGALMI<sup style="font-size:7.5pt;line-height:100%;top:0pt;vertical-align:top;">TM</sup> at wholesale acquisition cost and calculates product revenue net of variable consideration and consideration payable to third parties associated with distribution of product. The Company records reserves, based on contractual terms, for the following components of consideration related to product sold during the reporting period. Calculating these amounts involves estimates and judgments, and the Company reviews these estimates quarterly and records any material adjustments in the period they are identified, which affects net product revenue and earnings in the period such variances occur.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:18pt;margin:0pt 0pt 10pt 0pt;"><span style="font-style:italic;font-weight:bold;">Trade Discounts and Allowances</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:18pt;margin:0pt 0pt 10pt 0pt;">The Company provides the distributor and wholesalers with discounts for prompt payment and pays fees to the distributor, wholesalers and GPOs related to distribution of the product. BTI expects the relevant third parties to earn these discounts and fees, and therefore it deducts such amounts from gross product revenue and accounts receivable at the time it recognizes the related revenue.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:18pt;margin:0pt 0pt 10pt 0pt;"><span style="font-style:italic;font-weight:bold;">Government Rebates</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:18pt;margin:0pt 0pt 10pt 0pt;">IGALMI<sup style="font-size:7.5pt;line-height:100%;top:0pt;vertical-align:top;">TM</sup> is eligible for purchase by, or qualifies for reimbursement from, Medicaid and other U.S. government programs that are eligible for rebates on the price they pay for the product. To determine the appropriate amount to reserve for these rebates, BTI applies the applicable government discount to these sales, and estimates the portion of total rebates that it anticipates will be claimed. The Company deducts certain government rebates from gross product revenue and accounts receivable at the time it recognizes the related revenue; other government rebates are recognized as an accrued liability at the time BTI recognizes the related revenue.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:18pt;margin:0pt 0pt 10pt 0pt;"><span style="font-style:italic;font-weight:bold;">Chargebacks</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:18pt;margin:0pt 0pt 10pt 0pt;">BTI provides product discounts to hospitals associated with certain GPOs. The Company estimates the chargebacks that it expects to be obligated to provide based upon the terms of the applicable arrangements. BTI deducts such amounts from gross product revenue and accounts receivable at the time it recognizes the related revenue.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:18pt;margin:0pt 0pt 10pt 0pt;"><span style="font-style:italic;font-weight:bold;">Product Returns</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:18pt;margin:0pt 0pt 10pt 0pt;">The Company provides contractual return rights to its customers including the right to return product within six months of product expiration and up to 12 months after product expiration, as well as for incorrect shipments, and damaged or defective product, which the Company expects to be rare. Management expects product returns to be minimal, thus BTI recognizes a nominal allowance for product returns at the time of each sale. 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CY2022 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.042
CY2023 us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
EffectiveIncomeTaxRateReconciliationOtherAdjustments
-0.007
CY2022 us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
EffectiveIncomeTaxRateReconciliationOtherAdjustments
0.011
CY2023 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
-0.309
CY2022 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
-0.280
CY2023Q4 btai Operating Loss Carryforwards No Expiration
OperatingLossCarryforwardsNoExpiration
348638000
CY2023Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2022Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2023Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2022Q4 us-gaap Income Tax Examination Penalties And Interest Accrued
IncomeTaxExaminationPenaltiesAndInterestAccrued
0
CY2023Q4 us-gaap Income Tax Examination Penalties And Interest Accrued
IncomeTaxExaminationPenaltiesAndInterestAccrued
0
CY2023 us-gaap Net Income Loss
NetIncomeLoss
-179053000
CY2022 us-gaap Net Income Loss
NetIncomeLoss
-165757000
CY2023 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
29129000
CY2022 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
28015000
CY2023 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-6.15
CY2022 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-5.92
CY2022 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
5280000
CY2022Q2 us-gaap Significant Supply Commitment Remaining Minimum Amount Committed
SignificantSupplyCommitmentRemainingMinimumAmountCommitted
10000000
CY2022Q2 btai Agreement Commitment Period
AgreementCommitmentPeriod
P3Y

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0001558370-24-003784.txt Edgar Link pending
0001558370-24-003784-xbrl.zip Edgar Link pending
btai-20231231.xsd Edgar Link pending
btai-20231231x10k.htm Edgar Link pending
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