{ "ok": true, "cik": "1720893", "ticker": "BTAI", "name": "BioXcel Therapeutics, Inc.", "filings": [ { "form": "8-K", "filed": "2026-09-01", "items": [ "2.03 Creation of a Direct Financial Obligation", "3.01 Notice of Delisting or Failure to Satisfy a Listing Rule" ], "url": "https://www.sec.gov/Archives/edgar/data/1720893/000110465926104106/0001104659-26-104106-index.htm" }, { "form": "8-K", "filed": "2026-08-28", "items": [ "1.01 Entry into a Material Definitive Agreement", "1.03 Bankruptcy or Receivership" ], "url": "https://www.sec.gov/Archives/edgar/data/1720893/000110465926102570/0001104659-26-102570-index.htm" }, { "form": "8-K", "filed": "2026-08-25", "items": [ "1.01 Entry into a Material Definitive Agreement", "9.01 Financial Statements and Exhibits" ], "url": "https://www.sec.gov/Archives/edgar/data/1720893/000110465926100532/0001104659-26-100532-index.htm" }, { "form": "8-K", "filed": "2026-08-24", "items": [ "1.01 Entry into a Material Definitive Agreement", "9.01 Financial Statements and Exhibits" ], "url": "https://www.sec.gov/Archives/edgar/data/1720893/000110465926099900/0001104659-26-099900-index.htm" }, { "form": "10-Q", "filed": "2026-08-13", "items": [], "url": "https://www.sec.gov/Archives/edgar/data/1720893/000110465926095965/0001104659-26-095965-index.htm" }, { "form": "8-K", "filed": "2026-08-11", "items": [ "1.01 Entry into a Material Definitive Agreement", "9.01 Financial Statements and Exhibits" ], "url": "https://www.sec.gov/Archives/edgar/data/1720893/000110465926093710/0001104659-26-093710-index.htm" } ], "events12m": 21, "sources": { "facts": "https://data.sec.gov/api/xbrl/companyfacts/CIK0001720893.json", "filings": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1720893" }, "license": "Figures as filed with the SEC. Card text CC BY 4.0, POPS4.", "notAdvice": "Reporting, not investment advice. No price targets, no buy or sell views.", "edgar": "🫧 Edgar looked up BioXcel Therapeutics, Inc. ($BTAI). Last filing: 8-K (2.03 Creation of a Direct Financial Obligation), 2026-09-01. 21 event filings (8-K) in the past twelve months.", "auditor": { "changes": [], "nonReliance": [], "restatedSince": null }, "metrics": { "fiscalYearEnd": "2025-12-31", "revenue": 642000, "revenueGrowth1y": -0.7166813768755516, "revenueGrowthPerYear": 0.19623590204617036, "yearsOfData": 4, "operatingMargin": -78.59968847352025, "operatingMarginPrior": -29.675639894086498, "netMargin": -108.87383177570094, "operatingCashFlow": -57615000, "capitalSpending": 0, "freeCashFlow": -57615000, "researchAndDevelopment": 30251000, "researchShareOfRevenue": 47.11993769470405, "cash": 28415000, "longTermDebt": 109594000, "longTermDebtChange": 0.0691263120927148, "revenueHistory": [ { "fiscalYearEnd": "2022-12-31", "revenue": 375000 }, { "fiscalYearEnd": "2023-12-31", "revenue": 1380000 }, { "fiscalYearEnd": "2024-12-31", "revenue": 2266000 }, { "fiscalYearEnd": "2025-12-31", "revenue": 642000 } ], "totalEquity": -95463000, "totalAssets": 44916000, "equityRatio": -2.1253673523911303, "returnOnEquity": null, "dividendsPaid": null, "payoutRatio": null, "dividendPerShare": null, "dividendYearsRising": null, "dividendCut": null, "priceBased": "Dividend yield, price/earnings and price/book need a share price. The boards carry filings only, so they are not shown.", "range80": { "low": 348567.78706650203, "high": 625892.6690233498, "baseline": 474952.7007310288, "n": 749, "band": "b00" }, "ifPaceHeld": { "low": 348567.78706650203, "high": 625892.6690233498 } }, "edgarette": "🔖 Exposure: revenue $642K (FY2025), total debt $109.6M. Experience: revenue down 71.7% on the year, up 19.6% a year over 3 years; operating margin -7860.0%, down from -2967.6%. Soundness: equity -212.5% of assets (liabilities exceed assets). Credibility: four or more audited years, reasonable weight. Range: 80% of past cases like this landed between $349K and $626K next year (method v3, set from 749 SEC company-years; on a year the method never saw, 83% landed inside). A range, not a forecast. Against peers (114 filers, $50M+ revenue, pharmaceutical preparations): operating margin -7860.0% against a -3.8% median; growth -71.7% against 13.7%.", "peers": { "sic": 2834, "sicDescription": "Pharmaceutical Preparations", "calendarYear": 2025, "minRevenue": 50000000, "depth": 4, "group": "2834", "growth": [ 0.1365, 111 ], "opMargin": [ -0.038, 114 ], "equityRatio": [ 0.4028, 118 ], "returnOnEquity": [ -0.0112, 100 ], "payoutRatio": [ 0.403, 13 ] }, "summary": "BioXcel Therapeutics (BTAI) saw revenue fall 71.7% in FY2025 to $1 million, operating margin -7860% against a -3.8% median for pharmaceutical preparations, equity -213% of assets. Every figure is from the company’s own annual report filed with the SEC.", "chart": "
BioXcel Therapeutics, Inc. against its own record and its peers
Operating marginPeer median -3.8%-7860.0%Revenue, on the yearPeer median 13.7%-71.7%Equity of assetsPeer median 40.3%-212.5%Gold tick: the median of 118–118 peers with $50M+ revenue in pharmaceutical preparations
", "chartHorizon": null, "backtest": { "tests": 0, "hits": 0, "rate": null, "method": "v3", "note": "hindsight: past years, same calibrated range. The range was calibrated on 2022-2024 SEC data, so years in that window are partly in-sample." }, "registry": { "logged": "2026-09-20T15:21:39.831Z", "hash": "45d813dcd131b92c", "status": "open" }, "caution": "Figures are as filed in audited 10-K reports and can move with restatements, acquisitions, disposals or a change in fiscal year. A range set from how past company-years turned out is not a promise about the next one, and says nothing about the share price.", "schema": "pops4.edgarette.card/1", "card": { "summary": "BioXcel Therapeutics (BTAI) saw revenue fall 71.7% in FY2025 to $1 million, operating margin -7860% against a -3.8% median for pharmaceutical preparations, equity -213% of assets. Every figure is from the company’s own annual report filed with the SEC.", "exposure": { "fiscalYearEnd": "2025-12-31", "revenue": 642000, "totalDebt": 109594000, "cash": 28415000 }, "experience": { "revenueGrowth1y": -0.7166813768755516, "revenueGrowthPerYear": 0.19623590204617036, "operatingMargin": -78.59968847352025, "operatingMarginPrior": -29.675639894086498, "netMargin": -108.87383177570094, "freeCashFlow": -57615000 }, "soundness": { "equityRatio": -2.1253673523911303, "returnOnEquity": null, "payoutRatio": null, "dividendPerShare": null, "dividendYearsRising": null, "dividendCut": null, "note": "Dividend yield, price/earnings and price/book need a share price. The boards carry filings only, so they are not shown." }, "peers": { "sic": 2834, "sicDescription": "Pharmaceutical Preparations", "calendarYear": 2025, "minRevenue": 50000000, "depth": 4, "group": "2834", "growth": [ 0.1365, 111 ], "opMargin": [ -0.038, 114 ], "equityRatio": [ 0.4028, 118 ], "returnOnEquity": [ -0.0112, 100 ], "payoutRatio": [ 0.403, 13 ] }, "credibility": { "auditedYears": 4, "weight": "reasonable", "standard": "ASOP No. 25", "nonReliance": null, "auditorChange": null }, "range": { "low": 348567.78706650203, "high": 625892.6690233498, "baseline": 474952.7007310288, "coverage": 0.8, "method": "v3", "basis": "next fiscal year revenue: baseline = revenue x (1 + mean of one-year and three-year pace); range = 10th to 90th percentile of how SEC company-years of the same size band actually turned out", "calibratedOn": { "companyYears": 749, "sizeBand": "b00" }, "kind": "a calibrated range, not a forecast; no view on the share price", "track": { "backtest": { "tests": 0, "hits": 0, "rate": null, "method": "v3", "note": "hindsight: past years, same calibrated range. The range was calibrated on 2022-2024 SEC data, so years in that window are partly in-sample." }, "registry": { "logged": "2026-09-20T15:21:39.831Z", "hash": "45d813dcd131b92c", "status": "open" }, "scorecard": "https://www.pops4.com/boards/scorecard" } }, "caution": "Figures are as filed in audited 10-K reports and can move with restatements, acquisitions, disposals or a change in fiscal year. A range set from how past company-years turned out is not a promise about the next one, and says nothing about the share price.", "sources": { "facts": "https://data.sec.gov/api/xbrl/companyfacts/CIK0001720893.json", "filings": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1720893" } }, "definitions": { "operatingMargin": "Operating income divided by revenue.", "netMargin": "Net income divided by revenue.", "freeCashFlow": "Cash from operations minus spending on property and equipment.", "researchShareOfRevenue": "Research and development expense for the year as a share of revenue, both as filed.", "equityRatio": "Shareholders equity as a share of total assets, both as filed. Higher means less of the company is owed to someone else.", "returnOnEquity": "Net income for the year against shareholders equity at year end.", "payoutRatio": "Dividends paid as a share of net income, in the year the cash went out.", "dividendYearsRising": "Consecutive years, counted back from the last on record, in which dividend per share rose. A fall ends the run and is reported as dividendCut.", "revenueGrowthPerYear": "Compound annual growth between the first and latest fiscal years shown.", "credibility": "How much weight a record deserves, in the actuarial sense (ASOP No. 25): more audited years, more weight.", "peers": "Medians of SEC filers with $50M+ revenue in the same industry code (SIC), narrowest group with at least 8 filers, calendar-year figures from SEC XBRL frames.", "backtest": "The same if-the-pace-held arithmetic applied to the company's own past years, scored against what it actually reported next. Hindsight, and labelled so." } }