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BioXcel Therapeutics, Inc.

BTAI Clue Score45
United States Fiscal year ends December CIK 0001720893
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Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2017Operating income−4.5Net income−4.5Fiscal year 2018Operating income−20.0Net income−19.3Fiscal year 2019Operating income−33.6Net income−33.0Fiscal year 2020Operating income−82.3Net income−82.2EPS, diluted−3.79Fiscal year 2021Operating income−106.9Net income−106.9EPS, diluted−4.05Fiscal year 2022Revenue0.4Operating income−159.6Net income−165.8EPS, diluted−5.92Fiscal year 2023Revenue1.4 +268.0%Operating income−171.8Net income−179.1EPS, diluted−98.33Fiscal year 2024Revenue2.3 +64.2%Operating income−67.2Net income−59.6EPS, diluted−23.51Fiscal year 2025Revenue0.6 −71.7%Operating income−50.5Net income−69.9EPS, diluted−5.73
FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue n/a n/a n/a n/a n/a 0.4 1.4 2.3 0.6
Growth +268.0% +64.2% −71.7%
Operating income −4.5 −20.0 −33.6 −82.3 −106.9 −159.6 −171.8 −67.2 −50.5
Net income −4.5 −19.3 −33.0 −82.2 −106.9 −165.8 −179.1 −59.6 −69.9
Growth
EPS, diluted n/a n/a n/a −3.79 −4.05 −5.92 −98.33 −23.51 −5.73

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Operating marginNet margin
Fiscal year 2017Fiscal year 2018Fiscal year 2019Fiscal year 2020Fiscal year 2021Fiscal year 2022Operating margin−42,572.0%Net margin−44,201.9%Free cash flow margin−36,128.0%Fiscal year 2023Operating margin−12,448.0%Net margin−12,974.9%Free cash flow margin−11,233.8%Fiscal year 2024Operating margin−2,967.6%Net margin−2,630.1%Free cash flow margin−3,178.6%Fiscal year 2025Operating margin−7,860.0%Net margin−10,887.4%Free cash flow margin−8,974.3%
FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating margin n/a n/a n/a n/a n/a −42,572.0% −12,448.0% −2,967.6% −7,860.0%
Net margin n/a n/a n/a n/a n/a −44,201.9% −12,974.9% −2,630.1% −10,887.4%
Free cash flow margin n/a n/a n/a n/a n/a −36,128.0% −11,233.8% −3,178.6% −8,974.3%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2017Operating cash flow−2.2Fiscal year 2018Operating cash flow−13.5Capital expenditure−0.3Free cash flow−13.8Fiscal year 2019Operating cash flow−27.1Capital expenditure−0.9Free cash flow−28.0Fiscal year 2020Operating cash flow−66.4Capital expenditure−0.3Free cash flow−66.7Buybacks−9.0Fiscal year 2021Operating cash flow−82.2Capital expenditure−0.4Free cash flow−82.6Fiscal year 2022Operating cash flow−135.3Capital expenditure−0.1Free cash flow−135.5Fiscal year 2023Operating cash flow−155.0Capital expenditure−0.0Free cash flow−155.0Fiscal year 2024Operating cash flow−72.0Capital expenditure0.0Free cash flow−72.0Fiscal year 2025Operating cash flow−57.6Capital expenditure0.0Free cash flow−57.6
FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow −2.2 −13.5 −27.1 −66.4 −82.2 −135.3 −155.0 −72.0 −57.6
Capital expenditure n/a −0.3 −0.9 −0.3 −0.4 −0.1 −0.0 0.0 0.0
Free cash flow n/a −13.8 −28.0 −66.7 −82.6 −135.5 −155.0 −72.0 −57.6
Growth
Buybacks n/a n/a n/a −9.0 n/a n/a n/a n/a n/a

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2017Cash0.9Shareholders’ equity−1.0Fiscal year 2018Cash42.6Shareholders’ equity38.9Fiscal year 2019Cash32.4Shareholders’ equity26.9Fiscal year 2020Cash213.1Shareholders’ equity206.7Fiscal year 2021Cash233.0Shareholders’ equity221.7Fiscal year 2022Cash193.7Total debt93.1Net cash (debt)100.7Shareholders’ equity76.8Debt to equity1.21Fiscal year 2023Cash65.2Total debt100.6Net cash (debt)−35.4Shareholders’ equity−56.5Fiscal year 2024Cash29.9Total debt102.5Net cash (debt)−72.7Shareholders’ equity−93.1Fiscal year 2025Cash28.4Total debt109.6Net cash (debt)−81.2Shareholders’ equity−95.5
FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 0.9 42.6 32.4 213.1 233.0 193.7 65.2 29.9 28.4
Total debt n/a n/a n/a n/a n/a 93.1 100.6 102.5 109.6
Net cash (debt) n/a n/a n/a n/a n/a 100.7 −35.4 −72.7 −81.2
Shareholders’ equity −1.0 38.9 26.9 206.7 221.7 76.8 −56.5 −93.1 −95.5
Debt to equity n/a n/a n/a n/a n/a 1.21 n/a n/a n/a

In millions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Balance sheet

In millions of USD, except per-share figures; shares in millions. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2017 31 Dec 2017 FY2018 31 Dec 2018 FY2019 31 Dec 2019 FY2020 31 Dec 2020 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023† 31 Dec 2023 FY2024 31 Dec 2024 FY2025† 31 Dec 2025
Assets
0.9 42.6 32.4 213.1 233.0 193.7 65.2 29.9 28.4
n/a n/a n/a n/a n/a 2.0 2.0 0.7 0.7
0.0 0.3 1.0 1.3 1.3 1.1 0.8 0.5 0.2
1.4 43.5 36.4 219.9 239.4 205.9 73.7 38.3 44.9
Growth +3,113.9% −16.4% +504.4% +8.9% −14.0% −64.2% −48.0% +17.2%
Liabilities
n/a n/a n/a n/a n/a n/a n/a 0.0 24.9
n/a n/a n/a n/a n/a 93.1 100.6 102.5 84.7
calc n/a n/a n/a n/a n/a 93.1 100.6 102.5 109.6
2.3 4.7 9.5 13.2 17.8 129.1 130.2 131.4 140.4
Equity
−4.5 −23.7 −56.7 −138.9 −245.8 −411.5 −590.6 −650.2 −720.1
−1.0 38.9 26.9 206.7 221.7 76.8 −56.5 −93.1 −95.5
Growth −30.8% +668.5% +7.2% −65.4% −173.6%
Per share and net cash
calc n/a n/a n/a n/a n/a 100.7 −35.4 −72.7 −81.2
9.9 15.7 18.1 24.4 28.0 28.1 1.9 3.1 22.3
calc −0.10 2.48 1.49 8.47 7.92 2.73 −30.20 −30.01 −4.28

† The diluted share count jumps at 2023 and 2025, so per-share figures either side of that column are not comparable. Usually a split, but the break lands on the restatement boundary rather than on the split date, because every column is that period’s latest filing.

Lines marked calc are worked out here from filed figures; point at one for how.