BioXcel Earnings Miss Q1 Estimates Due To Higher Costs, Expects Uptick In Revenues

BioXcel Therapeutics, Inc. BTAI reported first-quarter FY23 revenues of $206,000, missing the consensus estimate of $500,000. 

• The biopharmaceutical company reported an adjusted loss of ($1.84), missing the consensus of $(1.62). Year-ago net loss was $(1.12) apiece.
• Higher costs resulted in the quarterly loss. R&D expenses were $27.8 million in Q1, up 49.5% on multiple clinical trials and CMC costs related to the upcoming three data readouts. SG&A expenses were $23.6 million in Q1, up 82.9% Y/Y.
• BioXcel Therapeutics had a net loss of $52.8 million in Q1, wider than the net loss of $31.5 million Y/Y.
• Cash and cash equivalents totaled $165.5 million as of March 31, 2023.
• The second quarter of 2023 represents "a defining moment for the company as we expand the full potential of BXCL501 in agitation for at-home use and long-term care settings, and in depression," CEO Vimal Mehta said.
• "These upcoming catalysts may have a transformational impact for patients in need and all our stakeholders," Mehta added.

Outlook: The company expects to see a "notable uptick" in revenues in the second half of the year in connection with additional formulary approvals.

Price Action: BTAI shares are trading lower by 9.8% to $20.90 premarket on the last check Monday.