# BioXcel Therapeutics, Inc. (BTAIQ) · Edgar & Edgarette company card

> BioXcel Therapeutics (BTAIQ) 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.

SEC CIK 1720893 · fiscal year ended 2025-12-31 · 4 audited years read · [page](https://www.pops4.com/boards/company/BTAIQ) · [JSON](https://www.pops4.com/boards/company/BTAIQ.json)

## Figures, as filed in the 10-K

| Measure | Value |
|---|---|
| Revenue | $642,000 |
| Revenue growth, 1 year | -71.7% |
| Revenue growth per year | 19.6% |
| Operating margin | -7860.0% (prior year -2967.6%) |
| Net margin | -10887.4% |
| Operating cash flow | −$58M |
| Capital spending | $0 |
| Free cash flow | −$58M |
| Cash | $28M |
| Long-term debt | $110M |
| Total assets | $45M |
| Total equity | −$95M |
| Equity ÷ assets | -212.5% |
| Return on equity | — |
| Dividend per share | — |
| Dividend years rising | — |

## Readings, computed from those figures

- Altman Z: -61.88 (distress zone)
- Piotroski F: 3 of 9 (middling)
- Beneish M: -0.61 (above the −1.78 line)
- Health Harbor boat: Rotting at the dock · four or more warning signs · filed bankruptcy or receivership in the last 12 months; liabilities exceed assets (often from years of share buybacks, not always distress); operating cash flow was negative (-$57.6M in FY2025); operating loss: a margin of -7860.0% in FY2025; revenue is hard to predict: its 80% range is ±93%

## Edgarette's reading

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 $88K and $2.6M next year (method v4.1: its own 3-year record of growth weighed at 40% against under $50M filers; across 2019–2025, 69.0% landed inside, 83.4% on the one year the method never saw). In a shock year the stress range is $70K to $3.2M. A statistical range, not company guidance. Against peers (114 filers, $50M+ revenue, pharmaceutical preparations): operating margin -7860.0% against a -3.8% median; growth -71.7% against 13.7%.

Range logged 2026-09-27, receipt 02dccfe1e57921e1, status open. A statistical range, not company guidance.

## Health Watch, last 12 months

- Item 1.03 Bankruptcy or receivership: 1, latest 2026-08-28 ([filing](https://www.sec.gov/Archives/edgar/data/1720893/000110465926102570/0001104659-26-102570-index.htm))
- Item 3.01 Exchange listing notice or transfer: 1, latest 2026-09-01 ([filing](https://www.sec.gov/Archives/edgar/data/1720893/000110465926104106/0001104659-26-104106-index.htm))
- Item 5.02 Director or officer change: 2, latest 2026-10-30 ([filing](https://www.sec.gov/Archives/edgar/data/1720893/000110465926120737/0001104659-26-120737-index.htm))

## Recent filings

- 8-K · filed 2026-10-30 · 2.01 Completion of Acquisition or Disposition of Assets; 5.02 Departure or Election of Directors; Appointment of Officers; 5.03 Amendments to Articles or Bylaws; Change in Fiscal Year; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/1720893/000110465926120737/0001104659-26-120737-index.htm)
- 8-K · filed 2026-09-01 · 2.03 Creation of a Direct Financial Obligation; 3.01 Notice of Delisting or Failure to Satisfy a Listing Rule · [filing](https://www.sec.gov/Archives/edgar/data/1720893/000110465926104106/0001104659-26-104106-index.htm)
- 8-K · filed 2026-08-28 · 1.01 Entry into a Material Definitive Agreement; 1.03 Bankruptcy or Receivership · [filing](https://www.sec.gov/Archives/edgar/data/1720893/000110465926102570/0001104659-26-102570-index.htm)
- 8-K · filed 2026-08-25 · 1.01 Entry into a Material Definitive Agreement; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/1720893/000110465926100532/0001104659-26-100532-index.htm)
- 8-K · filed 2026-08-24 · 1.01 Entry into a Material Definitive Agreement; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/1720893/000110465926099900/0001104659-26-099900-index.htm)
- 10-Q · filed 2026-08-13 · [filing](https://www.sec.gov/Archives/edgar/data/1720893/000110465926095965/0001104659-26-095965-index.htm)

## Sources

- facts: https://data.sec.gov/api/xbrl/companyfacts/CIK0001720893.json
- filings: https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1720893

## Cite

POPS4, Edgar & Edgarette: BioXcel Therapeutics, Inc. (BTAIQ) company card, from the company's own SEC filings, accessed 2026-11-05, https://www.pops4.com/boards/company/BTAIQ. CC BY 4.0. For a figure, add the filing URL under filings or sources.

DOI https://doi.org/10.5281/zenodo.23672509 · catalog https://www.pops4.com/boards/catalog.json · Figures as filed with the SEC. Card text CC BY 4.0, POPS4.

Reporting, not investment advice. No price targets and no trading recommendations.

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.