BioXcel Therapeutics, Inc. (BTAI): Business Model Canvas [Dec-2025 Updated]

You're looking at a company, BioXcel Therapeutics, Inc., right at a critical inflection point as we head into 2026, and honestly, the business model hinges on one major near-term event: the expected early Q1 2026 submission for their sublingual film, IGALMI®, which promises rapid, non-invasive treatment for acute agitation. Right now, the engine is fueled by their proprietary Evolver AI platform and a cash position of $37.3 million as of Q3 2025, but you see the burn: R&D hit $8.7 million that same quarter against only $98 thousand in net product revenue. This canvas breaks down exactly how they are managing high-stakes Phase 3 trials, defending IP until 2043, and structuring their partnerships to get this drug to market-so dive in below to see the full picture of the risks and the potential payoff.

BioXcel Therapeutics, Inc. (BTAI) - Canvas Business Model: Key Partnerships

You're looking at the external relationships BioXcel Therapeutics, Inc. relies on to get its science from the lab to the patient, especially for IGALMI® and its pipeline assets. These aren't just vendor relationships; they are critical dependencies for clinical execution and manufacturing scale-up.

Clinical Research Organizations (CROs) for trial execution

Execution of late-stage trials like the SERENITY At-Home pivotal Phase 3 study requires significant external support from CROs managing the site network. As of the first half of 2025, the SERENITY At-Home trial had opened 24 clinical trial sites to evaluate the safety of a 120 mcg dose of BXCL501 for acute agitation in the at-home setting. By March 27, 2025, enrollment in this trial had reached 127 patients, which was 63% of the required enrollment. By the third quarter of 2025, the data showed 246 patients were randomized, with data collected on 2,628 agitation episodes across 215 patients. This level of activity directly reflects the operational scale managed by their CRO partners.

University of North Carolina at Chapel Hill for research

A key academic partnership involves the University of North Carolina at Chapel Hill (UNC) for research on BXCL501 in a different indication. BioXcel Therapeutics announced a collaboration with UNC on a grant awarded by the U.S. Department of Defense (DoD). This award provides $2.8 million, or $2,827 thousand specifically to the UNC Institute for Trauma Recovery. The funding period runs from September 15, 2024, through September 14, 2026, to evaluate BXCL501 for Acute Stress Disorder (ASD). The trial was planned to enroll 100 patients starting in the first half of 2025.

U.S. Department of Defense for funding specific studies

The DoD acts as a significant, non-dilutive funding partner for specific clinical studies. Beyond the UNC grant, BioXcel Therapeutics has been awarded other grant programs for BXCL501 development. Specifically, there is a PTSD/AUD (post-traumatic stress disorder/alcohol use disorder) outpatient trial being led by clinical researchers at Yale University Medical School, which is also funded through a cooperative agreement with the DoD's Pharmacotherapies for Alcohol and Substance Use Disorders Alliance. This demonstrates a pattern of external, government-backed validation and funding for pipeline assets.

Contract manufacturers for IGALMI® production

Manufacturing partners are essential for supplying IGALMI® for both ongoing clinical trials and the existing commercial base. While specific contract manufacturer names aren't public in these filings, the financial data reflects the costs associated with their activities. For the full year 2024, the Cost of Goods Sold (COGS) related to producing, packaging, and delivering IGALMI® was reported. For the third quarter of 2025, the COGS for IGALMI® was only $11 thousand, a significant drop from $1.17 million in the third quarter of 2024. This sharp decrease in COGS in Q3 2025 was partly due to the absence of charges for reserves for excess or obsolete inventory, which totaled $1.15 million in Q3 2024.

Specialty distributors for institutional drug delivery

Distribution partners facilitate the movement of the approved IGALMI® product, which is currently indicated for institutional use. The net revenue generated from IGALMI® shows the scale of sales moving through these channels. Net revenue was $2.3 million for the full year of 2024. For the first three quarters of 2025, the revenue figures were $168,000 in Q1, $120 thousand in Q2, and $98 thousand in Q3. The company is preparing for a supplemental New Drug Application (sNDA) submission in early Q1 2026 for expanded use in the at-home setting, which will significantly change the distribution landscape.

Here's a quick look at the quantifiable partnership outputs and associated costs/revenues as of late 2025:

The company's cash position as of September 30, 2025, was $37.3 million, which supports ongoing operations dependent on these external relationships.

Finance: draft 13-week cash view by Friday

BioXcel Therapeutics, Inc. (BTAI) - Canvas Business Model: Key Activities

You're looking at the core engine driving BioXcel Therapeutics, Inc. right now-the activities that consume cash and are supposed to generate future value. It's all about execution on the clinical front and keeping the lights on with financing.

Executing Phase 3 Clinical Trials (SERENITY, TRANQUILITY)

The SERENITY At-Home Phase 3 Safety Trial for BXCL501 in agitation associated with bipolar disorders or schizophrenia is complete. This double-blind, placebo-controlled study evaluated the safety of a 120 mcg dose. Data was collected from 2,628 episodes across 246 patients (or over 200 patients across 22 sites). The trial reported no drug-related Serious Adverse Events (SAEs), syncopes, or falls. Furthermore, a supporting correlation study involving 33 patients showed a strong concordance between the patient/informant modified Clinical Global Impression of Severity (mCGI-S) score and the clinician Primary Endpoint Criteria (PEC) score, with correlations of ρ=0.89 for patients and ρ=0.88 for informants. This work supports an expanded U.S. Total Addressable Market (TAM) estimate for at-home agitation episodes now cited as 57-77 million annually, up from an initial estimate of 23 million episodes. The TRANQUILITY In-Care Phase 3 Trial is being prepared for Alzheimer's dementia agitation, designed to evaluate a 60 mcg dose over a 12-week period, targeting enrollment of approximately 150 patients aged 55 years and older with mini-mental state examination scores of 0 to 25.

Here are the key trial metrics:

• SERENITY At-Home Patients Enrolled: 246
• SERENITY Episodes Data Collected: 2,628
• SERENITY Safety Profile: 0 drug-related SAEs
• TRANQUILITY Target Enrollment: Approximately 150
• TRANQUILITY Dose: 60 mcg

Regulatory Strategy and sNDA Submission (expected early Q1 2026)

BioXcel Therapeutics plans to submit a supplemental New Drug Application (sNDA) to the FDA in early Q1 2026. This submission seeks approval for the at-home use of IGALMI. The company received positive pre-sNDA meeting responses from the FDA, confirming agreement on the content and format for the planned regulatory package. This activity is consuming Research and Development (R&D) spend, which rose to $8.7 million in the third quarter of 2025, driven by clinical trial activity.

Operating the Evolver AI drug re-innovation platform

The proprietary EvolverAI® 2.0 platform is the engine for drug discovery and development, exemplified by advancing IGALMI from concept to FDA approval in just four years. The platform's data foundation is quite extensive, which is what makes it powerful. The exclusivity period for using EvolverAI in neuroscience and immuno-oncology has expired, but the platform continues to support pipeline development.

The data foundation powering EvolverAI® 2.0 includes:

Managing and Defending a strong IP portfolio

A key activity involves maintaining the intellectual property protecting IGALMI. The company secured new IP protection via a patent covering the innovative sublingual film formulation, which extends the commercial life beyond the original composition of matter patents. This is defintely crucial for protecting the investment made in the drug re-innovation process.

Securing additional capital via ATM equity programs

Given the operating cash usage, securing capital is a constant key activity. BioXcel Therapeutics entered into an Equity Distribution Agreement with Canaccord Genuity LLC on April 3, 2025, for an at-the-market (ATM) equity offering program. On August 18, 2025, the company filed a prospectus supplement for up to $80 million in shares under this ATM program. Post-quarter-end from Q3 2025 (September 30, 2025), the company raised an additional $4.9 million under the ATM program. This follows a Q2 2025 post-quarter-end funding of $15.1 million through ATM sales and warrant exercises. As of September 30, 2025, cash and cash equivalents totaled $37.3 million, following an operating cash use of $18.8 million during the third quarter of 2025.

BioXcel Therapeutics, Inc. (BTAI) - Canvas Business Model: Key Resources

You're looking at the core assets BioXcel Therapeutics, Inc. (BTAI) is counting on right now. These aren't just abstract concepts; they are the tangible and intellectual properties that underpin their strategy as of late 2025.

Proprietary AI platform, Evolver AI

The engine driving BioXcel Therapeutics, Inc.'s pipeline is the proprietary AI platform, EvolverAI® 2.0. This platform is credited with accelerating the development of their first commercial asset, IGALMI®, from initial concept to FDA approval in just four years. That speed is a direct result of the massive, multi-modal data foundation it uses. Honestly, the sheer scale of the data ingested is a key differentiator.

Here's a quick look at the data foundation powering EvolverAI® 2.0:

The platform's capabilities include generating metadata using NLP and building dynamic knowledge graphs, all trained and validated by their expert team. This AI-first approach is definitely central to their value proposition.

Approved drug IGALMI® (BXCL501) and its patent protection

IGALMI®, the sublingual film for acute agitation, is protected by a significant intellectual property portfolio. BioXcel Therapeutics, Inc. has fifteen US patents and one FDA Regulatory Exclusivity protecting this product. Furthermore, they recently received allowance for a new patent covering the administration of a single dose of up to 120 micrograms in certain patient subpopulations. Collectively, these patents are structured to extend patent protection for IGALMI® until January 12, 2043, in key markets like the US.

Clinical data from SERENITY At-Home Phase 3 trial

The data from the SERENITY At-Home Phase 3 safety trial is a critical near-term asset, supporting a planned label expansion for at-home use of BXCL501. The trial enrolled more than 200 patients across 22 nationwide sites. This study collected safety data from over 2,600 agitation episodes experienced by patients with bipolar disorders or schizophrenia in an outpatient setting. The topline results confirmed that BXCL501 was well-tolerated, with no discontinuations for tolerability observed. Based on this positive safety data, BioXcel Therapeutics, Inc. is preparing to submit a supplemental New Drug Application (sNDA) in the first quarter of 2026 to expand IGALMI's label for this at-home use case.

Cash and equivalents totaling $37.3 million (as of Q3 2025)

Financial runway is always a key resource in biotech. As of September 30, 2025, BioXcel Therapeutics, Inc. reported cash and cash equivalents and restricted cash totaling $37.3 million. To bolster this position, the company raised an additional $4.9 million subsequent to the quarter-end via their at-the-market (ATM) program. For context, the company used $18.8 million in operating cash during that third quarter of 2025.

Specialized neuroscience and immuno-oncology R&D team

The human capital driving the science is another core resource. The R&D activity reflects this focus; Research and Development (R&D) expenses for the third quarter of 2025 were $8.7 million, up from $5.1 million for the same period in 2024, driven by the increased clinical trial activity for the SERENITY at-home studies. The company maintains a focus across two main therapeutic areas, with a wholly owned subsidiary, OnkosXcel Therapeutics, dedicated to immuno-oncology, while the main entity focuses on neuroscience, including the development of BXCL501, BXCL502, BXCL701, and BXCL702.

You should review the burn rate against the $37.3 million cash balance to project the next funding need.

BioXcel Therapeutics, Inc. (BTAI) - Canvas Business Model: Value Propositions

You're looking at the core promise BioXcel Therapeutics, Inc. is making to the market, which is heavily weighted on expanding the use of IGALMI® (BXCL501) beyond institutional walls. This is a bet that a non-invasive, fast-acting treatment can capture a massive, underserved patient population.

The primary value proposition centers on the sublingual film formulation of BXCL501, which is designed for rapid, non-invasive treatment for acute agitation associated with bipolar disorders or schizophrenia. This is a direct response to the current treatment landscape where no FDA-approved therapies exist for the at-home setting.

Here's a breakdown of the opportunity BioXcel Therapeutics is targeting with this value proposition, based on late 2025 data:

The potential for at-home treatment of agitation is the key commercial driver. The SERENITY At-Home Pivotal Phase 3 safety trial provided positive exploratory efficacy data supporting a supplemental New Drug Application (sNDA) submission planned for early Q1 2026. This move aims to address the significant unmet need where patients currently lack FDA-approved acute treatment options.

The AI-driven approach is a core differentiator, promising a structural advantage over traditional drug development. The company's proprietary NovareAI engine is credited with enabling the advancement of IGALMI™ from first-in-human clinical trials to FDA approval and launch in under four years. This speed is a direct challenge to the decade-long timelines common in the industry.

The value proposition also speaks to institutional care, even as the focus shifts to home use. The success in the at-home setting suggests a broader utility that could lead to a reduced need for physical restraints, as the data supports the potential to reduce emergency interventions. The company positioned BXCL501 as a preferred choice for an estimated 80% of at-home episodes, which translates to a need for faster, less restrictive interventions everywhere.

Honestly, the financial reality shows the scale of the bet you're looking at. While the market potential is in the tens of millions of episodes, the Q3 2025 net revenue from IGALMI® was only $98 thousand, against a net loss of $30.9 million for the same quarter. The company is investing heavily in this future, evidenced by Research and Development expenses reaching $8.7 million in Q3 2025, while cash and cash equivalents stood at $37.3 million as of September 30, 2025. This is what the value proposition is buying: access to that 57 to 77 million episode market.

You need to track the sNDA submission in Q1 2026; that's the next major action item tied directly to realizing this value proposition.

BioXcel Therapeutics, Inc. (BTAI) - Canvas Business Model: Customer Relationships

You're looking at how BioXcel Therapeutics, Inc. manages its key relationships across the drug lifecycle, from the lab bench to the patient's home. For a company focused on novel neuroscience treatments, these touchpoints are critical, especially as they push for label expansion.

High-touch engagement with institutional pharmacy and formulary committees

Engagement with the institutional side, where IGALMI is currently approved, is characterized by maintaining supply while minimizing commercial spend. The net revenue from IGALMI for the second quarter of 2025 was reported as $120 thousand, which is a decrease from the $1.1 million seen in the second quarter of 2024. The company explicitly states it continues to supply IGALMI to patients and providers in the institutional setting, building brand awareness with minimal commercial resources.

Direct interaction with the FDA for regulatory approvals

Direct interaction with the U.S. Food and Drug Administration (FDA) has been heavily focused on expanding the use of BXCL501 (IGALMI) for at-home use. BioXcel Therapeutics received positive pre-sNDA meeting responses from the FDA on August 14, 2025, confirming the planned supplemental New Drug Application (sNDA) package was sufficient. This positions the sNDA submission to support label expansion for at-home use on track for the first quarter of 2026. IGALMI is currently approved as a prescription medicine administered under healthcare provider supervision for acute agitation associated with schizophrenia and bipolar disorder I or II in adults. Furthermore, a new patent related to IGALMI, covering a specific dosing regimen, is expected to expire in January 2043.

Key regulatory milestones in 2025 include:

• Received positive pre-sNDA meeting comments from the FDA on August 14, 2025.
• Announced the planned sNDA submission is on track for Q1 2026.
• Confirmed the objectives of the pre-sNDA meeting, originally scheduled for August 20, 2025, were accomplished based on written responses.

Clinical trial site management and investigator relations

Managing the SERENITY At-Home pivotal Phase 3 safety trial required significant coordination with clinical sites and investigators. The trial enrolled more than 200 patients across 22 sites nationwide. Data was collected from more than 2,200 agitation episodes, with some reports citing over 2,600 episodes collected. The trial received two favorable recommendations from the Data Safety Monitoring Board (DSMB). Earlier in the year, as of March 20, 2025, 24 clinical trial sites had been opened, representing 50% of the total expected enrollment at that time.

Here's a quick look at the scale of the SERENITY At-Home trial as of mid-2025:

The company is also advancing its TRANQUILITY In-Care Phase 3 trial and is currently evaluating CROs for trial initiation.

Developing patient support programs for future at-home use

The primary focus for future patient relationships centers on the potential at-home use of BXCL501, addressing an estimated 23 million annual episodes of agitation associated with bipolar disorders or schizophrenia occurring at home in the U.S. Management noted that preliminary results suggest a target addressable market meaningfully larger than this initial 23 million episode estimate. To be clear, BioXcel Therapeutics does not currently offer an expanded access program; patient access to investigational drugs is exclusively through clinical trials. The company is highly motivated by the prospect of bringing, for the first time, an acute treatment option for agitation to millions of additional patients in this setting.

The relationship strategy for investigational drugs relies on:

• Participation in clinical trials as the optimal access route.
• Collaboration with patients, families, patient advocacy organizations, physicians, researchers, and regulatory authorities.

Finance: draft 13-week cash view by Friday.

BioXcel Therapeutics, Inc. (BTAI) - Canvas Business Model: Channels

You're looking at how BioXcel Therapeutics, Inc. gets its value proposition-specifically IGALMI®-into the hands of the right people, and the data shows a clear pivot toward the at-home setting, even as institutional presence remains.

The primary channels currently involve established pharmaceutical distribution networks for institutional sales, though the financial data suggests this is being managed with a leaner commercial footprint.

For the institutional sales channel, the revenue figures for IGALMI® in 2025 reflect the current scale of this operation. Net revenue from IGALMI® was reported as $120 thousand for the second quarter of 2025, and $98,000 for the third quarter of 2025. This is supported by Selling, General and Administrative (SG&A) expenses decreasing to $5.7 million in Q1 2025 and $5.6 million in Q2 2025, compared to prior year periods, indicating a reduced focus on commercial overhead.

The clinical trial infrastructure, while primarily for R&D, also serves as a crucial channel for future market access, particularly for the at-home indication. The SERENITY At-Home Phase 3 trial utilized a network across the country.

The direct sales force targeting hospitals and psychiatric facilities is explicitly noted as having a reduced focus. This is consistent with the company's reported decrease in SG&A expenses, which were $5.7 million in Q1 2025 and $5.6 million in Q2 2025, down from prior year figures. The company is continuing to supply IGALMI® to providers in the institutional setting, but with this leaner structure.

Looking ahead, the primary channel expansion opportunity hinges on the future potential for telehealth and at-home prescription fulfillment. BioXcel Therapeutics, Inc. announced plans to submit a supplemental New Drug Application (sNDA) to potentially expand the label of IGALMI® for use in the at-home setting for agitation associated with bipolar disorders or schizophrenia. This strategy targets a massive potential patient base.

• Potential at-home market size: 57 to 77 million annual episodes in the U.S.
• Primary mechanism for at-home channel: Supplemental New Drug Application (sNDA) submission for IGALMI®
• Dose evaluated for at-home use: 120 mcg of BXCL501
• Trial completion milestone: SERENITY At-Home Phase 3 trial completed with topline data expected in August 2025

If the sNDA is successful, the channel strategy will shift significantly to support direct-to-patient or remote fulfillment models, bypassing some of the traditional institutional gatekeepers. Finance: draft 13-week cash view by Friday.

BioXcel Therapeutics, Inc. (BTAI) - Canvas Business Model: Customer Segments

You're looking at the specific groups BioXcel Therapeutics, Inc. (BTAI) targets with its neuroscience portfolio, particularly its work on agitation treatments. Here's the breakdown of those segments with the latest figures we have as of late 2025.

The company's focus is clearly on patients experiencing agitation, whether they are in a facility or at home, and the physicians who manage their care. This is underscored by their Q3 2025 net revenue from IGALMI® being $98 thousand.

The market size context for these segments is significant:

For the specific patient populations BioXcel Therapeutics, Inc. (BTAI) is pursuing with BXCL501:

• Patients with agitation in the at-home setting (bipolar, schizophrenia) are targeted for a U.S. market estimated between 57-77 million annual episodes.
• The at-home market opportunity is now believed to be substantially larger than the initial estimate of 23 million annual agitation episodes.
• BXCL501 is positioned as a preferred choice for 80% of at-home episodes.
• The SERENITY At-Home Phase 3 trial enrolled over 200 patients across 22 sites.
• Data from more than 2,200 agitation episodes were collected in that trial.
• Safety data reviews for the SERENITY At-Home trial included 178 patients as of the May 28, 2025 cutoff.

Regarding the professional segment, the prescriber base in the U.S. shows a specific landscape:

Here's the quick math on the psychiatrist pool:

The company is also advancing the TRANQUILITY In-Care Phase 3 trial for Alzheimer's agitation, targeting care facility residents.

BioXcel Therapeutics, Inc. (BTAI) - Canvas Business Model: Cost Structure

You're looking at the costs BioXcel Therapeutics, Inc. is incurring to push its pipeline forward, especially with the sNDA submission for IGALMI® in the home setting planned for early Q1 2026. The cost structure is heavily weighted toward R&D right now, which is typical for a company at this stage, but the debt load is a significant fixed cost you need to watch.

The research engine is running hot. Research and Development (R&D) expenses totaled $8.7 million for the third quarter of 2025. This figure is up from $5.1 million in the same period in 2024, and the increase is directly tied to higher clinical trial activity for the late-stage programs. To be fair, this spending is the price of admission for potential label expansion.

Clinical trial costs are a major driver within R&D. The SERENITY At-Home Phase 3 study, which is pivotal for the at-home agitation indication, saw increased activity in Q3 2025. This trial involved collecting data on 2,628 agitation episodes across 215 patients. Furthermore, the TRANQUILITY In-Care pivotal Phase 3 program, focusing on Alzheimer's disease agitation, is also part of the ongoing clinical expenditure as the company evaluates proposals from CROs to initiate that trial.

Selling, General, and Administrative (SG&A) costs show a degree of cost discipline, coming in at $5.4 million for Q3 2025. This is down from $7.7 million in Q3 2024, reflecting the reprioritization actions taken in 2024, which included reductions in personnel, professional fees, and commercial/marketing spend. Still, maintaining a minimal commercial presence for the already-approved IGALMI® requires some overhead.

The financing structure introduces a substantial fixed cost burden. BioXcel Therapeutics, Inc. amended its credit agreement in late 2024, locking in a fixed interest rate of 13% per annum on its loans. As of September 30, 2025, the total debt stood at $109.1 million. Here's the quick math on the interest expense for that quarter:

Manufacturing costs, specifically the Cost of Goods Sold (COGS) for IGALMI®, are currently very low, which is a positive sign regarding inventory management for the existing institutional sales channel. COGS was only $11 thousand in Q3 2025. This is a massive drop from $1.17 million in the same period in 2024, which was largely due to significant charges for excess and obsolete inventory in 2024 that were not present in Q3 2025. The current low COGS reflects costs to produce, package, and deliver the product, with no material reserves taken this quarter.

When you look at the overall operational burn, the costs translate into significant losses. You need to track the cash usage closely, given the debt obligations. Consider these key operational metrics for the quarter:

• Cash used in operating activities (Q3 2025): $18.8 million
• Cash and cash equivalents (as of 9/30/2025): $37.3 million
• Operating Loss (Q3 2025): $14.2 million
• Net Loss (Q3 2025): $30.9 million

The cash runway is definitely tight, so managing these costs against the capital raise requirements tied to trial results is defintely the CFO's top priority.

BioXcel Therapeutics, Inc. (BTAI) - Canvas Business Model: Revenue Streams

You're looking at the current state of BioXcel Therapeutics, Inc.'s revenue generation as of late 2025. It's a mix of current, albeit small, product sales and significant reliance on financing to bridge the gap until pipeline assets mature. Honestly, for a company at this stage, the financing component is a critical, if temporary, revenue stream.

The core revenue stream right now is the product sales of IGALMI® for institutional use. This is the tangible, albeit modest, income from their commercialized asset. For the third quarter of 2025, BioXcel Therapeutics, Inc. reported net revenue from IGALMI® of $98 thousand. This compares to $214 thousand in the same period in 2024, showing a quarterly contraction in this specific revenue bucket.

The real upside potential hinges on the expanded IGALMI® at-home indication. BioXcel Therapeutics is actively preparing for a supplemental New Drug Application (sNDA) submission targeted for the first quarter of 2026, based on data from the SERENITY At-Home Phase 3 Safety Trial. The market opportunity here is substantial; the company sees the U.S. at-home agitation market as potentially involving 57 to 77 million annual episodes. This future revenue stream is what drives much of the current R&D spend.

To fund this critical development work, equity financing through At-The-Market (ATM) offerings is a necessary, non-operational revenue source. BioXcel Therapeutics, Inc. has been active here. Between July 1, 2025, and September 15, 2025, the company raised an aggregate of $37.3 million. This inflow was comprised of two parts:

• Aggregate gross proceeds of approximately $27.6 million pursuant to the sale of 9,312,892 shares under the ATM Program.
• Aggregate gross proceeds of approximately $9.7 million pursuant to the exercise of outstanding warrants.

This financing activity is designed to cover operational needs, with the company expecting these inflows to adequately cover operating and capital expenditure needs until the first quarter of 2026. Furthermore, as of September 30, 2025, cash and cash equivalents totaled $37.3 million, with an additional $4.9 million raised post-quarter-end through the ATM program.

Here's a quick look at the key financial figures underpinning these revenue streams as of late 2025:

The final category, potential milestone payments from future licensing deals, is a standard element in biotech business models, though specific, realized, or guaranteed amounts for BioXcel Therapeutics, Inc. are not explicitly detailed in the latest public financial disclosures available as of this writing. Still, the successful sNDA submission in Q1 2026 for the at-home indication would certainly trigger partnership discussions or potential milestone achievements down the line.

Finance: review the cash burn rate against the projected runway until Q1 2026 by Monday.