Company profile

Vimal D. Mehta
Incorporated in
Fiscal year end

BTAI stock data

FINRA relative short interest over last month (20 trading days) ?


14 Nov 19
22 Feb 20
31 Dec 20


Company financial data Financial data

Quarter (USD) Sep 19 Jun 19 Mar 19 Dec 18
Net income -9.02M -8.47M -7.2M -7.08M
Diluted EPS -0.57 -0.54 -0.46 -0.46
Operating income -9.13M -8.64M -7.42M -7.31M
Net change in cash 10.29M -6.33M -6.27M -4.56M
Cash on hand 40.25M 29.97M 36.3M 42.57M
Annual (USD) Dec 18 Dec 17
Net income -19.27M -4.54M
Diluted EPS -1.32 -0.47
Operating income -19.96M -4.54M
Net change in cash 41.68M
Cash on hand 42.57M 887K

Financial data from company earnings reports

24.1% owned by funds/institutions
13F holders
Current Prev Q Change
Total holders 45 45
Opened positions 8 10 -20.0%
Closed positions 8 1 +700.0%
Increased positions 20 21 -4.8%
Reduced positions 7 5 +40.0%
13F shares
Current Prev Q Change
Total value 76.3M 31.51M +142.1%
Total shares 4.34M 4.18M +3.9%
Total puts 0 0
Total calls 0 0
Total put/call ratio
Largest owners
Shares Value Change
Artemis Investment Management 1.07M $15.51M -9.8%
FMR 910.59K $13.3M 0.0%
BLK BlackRock 400.57K $5.85M +29.8%
Vanguard 387.62K $5.66M +1.2%
California Public Employees Retirement System 315.7K $4.61M 0.0%
Point72 Asset Management 255K $3.73M +21.4%
Ikarian Capital 158.37K $2.31M NEW
NTRS Northern Trust 118.3K $1.73M +6.0%
STT State Street 99.95K $1.46M +17.8%
UBS UBS 93.08K $1.36M +16.5%
Largest transactions
Shares Bought/sold Change
CVI 0 -158.99K EXIT
Ikarian Capital 158.37K +158.37K NEW
DAFNA Capital Management 0 -127.5K EXIT
Artemis Investment Management 1.07M -116.59K -9.8%
BLK BlackRock 400.57K +92.01K +29.8%
DLD Asset Management 65.41K +65.41K NEW
BBVA Banco Bilbao Vizcaya Argentaria 50K +50K NEW
Point72 Asset Management 255K +45K +21.4%
Boothbay Fund Management 26.26K +26.26K NEW
Oxford Asset Management 19.22K +19.22K NEW

Financial report summary

  • We have a limited operating history and have never generated any product revenues, which may make it difficult to evaluate the success of our business to date and to assess our future viability.
  • Our recurring losses from operations raise substantial doubt regarding our ability to continue as a going concern.
  • We will need substantial additional funding, and if we are unable to raise capital when needed, we could be forced to delay, reduce or eliminate our product development programs or commercialization efforts.
  • We have limited experience in drug discovery and drug development, and we have never had a drug approved.
  • In the near term, we are dependent on the success of BXCL501 and BXCL701. If we are unable to initiate or complete the clinical development of, obtain marketing approval for or successfully commercialize BXCL501, BXCL701 and our other product candidates, either alone or with a collaborator, or if we experience significant delays in doing so, our business could be substantially harmed.
  • The regulatory approval processes of the FDA and comparable foreign authorities are lengthy, time consuming, expensive and inherently unpredictable, and if we are ultimately unable to obtain regulatory approval for our product candidates, our business will be substantially harmed.
  • We depend on enrollment of patients in our clinical trials in order for us to continue development of our product candidates. If we are unable to enroll patients in our clinical trials, our research and development efforts could be adversely affected.
  • Delays in clinical testing could result in increased costs to us and delay our ability to generate revenue.
  • The results of our clinical trials may not support the intended uses of any product candidates we may develop.
  • Our product candidates may cause undesirable side effects or have other properties that could delay or prevent their regulatory approval, limit the commercial profile of an approved label, or result in significant negative consequences following marketing approval, if any.
  • BioXcel’s approach to the discovery and development of product candidates based on EvolverAI is novel and unproven, and we do not know whether we will be able to develop any products of commercial value.
  • EvolverAI may fail to help us discover and develop additional potential product candidates.
  • An NDA submitted under Section 505(b)(2) subjects us to the risk that we may be subject to a patent infringement lawsuit that would delay or prevent the review or approval of our product candidate.
  • The FDA and other regulatory agencies actively enforce the laws and regulations prohibiting the promotion of off-label uses.
  • We may seek Fast Track designation for one or more of our product candidates, but we might not receive such designation, and even if we do, such designation may not actually lead to a faster development or regulatory review or approval process.
  • Even if our product candidates receive regulatory approval, we will be subject to ongoing regulatory obligations and continued regulatory review, which may result in significant additional expense, and we may be subject to penalties if we fail to comply with regulatory requirements or experience unanticipated problems with our product candidates.
  • Any failure by us to comply with existing regulations could harm our reputation and operating results.
  • We may be subject to extensive regulations outside the United States and may not obtain marketing approvals for products in Europe and other jurisdictions.
  • If we are found in violation of federal or state “fraud and abuse” laws, we may be required to pay a penalty and/or be suspended from participation in federal or state health care programs, which may adversely affect our business, financial condition and results of operations.
  • We may be unable to maintain sufficient clinical trial liability insurance.
  • If our products do not gain market acceptance, our business will suffer because we might not be able to fund future operations.
  • If the FDA does not conclude that our product candidates satisfy the requirements for the 505(b)(2) regulatory approval pathway, or if the requirements for approval of any of our product candidates under Section 505(b)(2) are not as we expect, the approval pathway for our product candidates will likely take significantly longer, cost significantly more and encounter significantly greater complications and risks than anticipated, and in any case may not be successful.
  • We expect to rely heavily on orphan drug status to commercialize some of our product candidates, if approved, but any orphan drug designations we receive may not confer marketing exclusivity or other expected commercial benefits.
  • We may seek a breakthrough therapy designation for BXCL701 or one or more of our other product candidates, we might not receive such designation, and even if we do, such designation may not lead to a faster development or regulatory review or approval process.
  • We may seek priority review designation for BXCL701 or one or more of our other product candidates, but we might not receive such designation, and even if we do, such designation may not lead to a faster development or regulatory review or approval process.
  • If we are unable to develop satisfactory sales and marketing capabilities, we may not succeed in commercializing BXCL501, BXCL701 or any other product candidate.
  • We operate in a highly competitive and rapidly changing industry.
  • Even if we obtain regulatory approvals to commercialize BXCL501, BXCL701 or our other product candidates, our product candidates may not be accepted by physicians or the medical community in general.
  • Healthcare reform measures could hinder or prevent our product candidates’ commercial success.
  • BioXcel controls the direction of our business, and the concentrated ownership of our common stock will prevent you and other stockholders from influencing significant decisions.
  • Approval of commercial terms between us and BioXcel does not preclude the possibility of stockholder litigation, including but not limited to derivative litigation nominally against BioXcel and against its directors and officers and also against us and our directors and officers.
  • We continue to depend on BioXcel to provide us with certain services for our business.
  • The ownership by our executive officers and our directors of shares of BioXcel common stock and rights to purchase BioXcel common stock may create, or may create the appearance of, conflicts of interest.
  • Any disputes that arise between us and BioXcel with respect to our past and ongoing relationships could harm our business operations.
  • We and our stockholders may not achieve some or all of the expected benefits of the Separation from BioXcel.
  • We are a “controlled company” within the meaning of the Nasdaq rules and, as a result, may qualify for, and may rely on, exemptions from certain corporate governance requirements that provide protection to stockholders of other companies.
  • The assets and resources that we acquired from BioXcel may not be sufficient for us to operate as a stand-alone company, and we may experience difficulty in separating our assets and resources from BioXcel.
  • You may have difficulty evaluating our business because we have no history as a separate company and our historical financial information may not be representative of our results as a separate company.
  • BioXcel may experience challenges with the acquisition, development, enhancement or deployment of technology necessary for EvolverAI.
  • Risks Related to Our Reliance on Third Parties
  • We are substantially dependent on third parties for the manufacture of our clinical supplies of our product candidates, and we intend to rely on third parties to produce commercial supplies of any approved product candidate. Therefore, our development of our products could be stopped or delayed, and our commercialization of any future product could be stopped or delayed or made less profitable if third party manufacturers fail to obtain approval of the FDA or comparable regulatory authorities or fail to provide us with drug product in sufficient quantities or at acceptable prices.
  • We, or third-party manufacturers on whom we rely, may be unable to successfully scale-up manufacturing of our product candidates in sufficient quality and quantity, which would delay or prevent us from developing our product candidates and commercializing approved products, if any.
  • Our failure to find third party collaborators to assist or share in the costs of product development could materially harm our business, financial condition and results of operations.
  • We rely on third parties to conduct our preclinical and clinical trials. If these third parties do not successfully perform their contractual legal and regulatory duties or meet expected deadlines, we may not be able to obtain regulatory approval for or commercialize our product candidates and our business could be substantially harmed.
  • We will need to increase the size of our organization and the scope of our outside vendor relationships, and we may experience difficulties in managing growth.
  • We depend on our senior management team, and the loss of one or more of our executive officers or key employees or an inability to attract and retain highly skilled employees could adversely affect our business.
  • Our employees may engage in misconduct or other improper activities, including noncompliance with regulatory standards and requirements and insider trading.
  • Business interruptions could adversely affect future operations, revenues, and financial conditions, and may increase our costs and expenses.
  • Our failure to successfully acquire, develop and market additional product candidates or approved drug products could impair our ability to grow.
  • Risks Related to Our Intellectual Property
  • It is difficult and costly to protect our proprietary rights, and we may not be able to ensure their protection. If our patent position does not adequately protect our product candidates, others could compete against us more directly, which would harm our business, possibly materially.
  • If we fail to comply with our obligations in the agreements under which we may license intellectual property rights from third parties or otherwise experience disruptions to our business relationships with our licensors, we could lose rights that are important to our business.
  • We may incur substantial costs as a result of litigation or other proceedings relating to patents and other intellectual property rights.
  • We may infringe the intellectual property rights of others, which may prevent or delay our product development efforts and stop us from commercializing or increase the costs of commercializing our product candidates.
  • If we are not able to adequately prevent disclosure of trade secrets and other proprietary information, the value of our technology and products could be significantly diminished.
  • We may be subject to claims that our employees, consultants or independent contractors have wrongfully used or disclosed alleged trade secrets.
  • Our intellectual property may not be sufficient to protect our products from competition, which may negatively affect our business as well as limit our partnership or acquisition appeal.
  • The price of our common stock may fluctuate substantially.
  • We may acquire other companies or technologies, which could divert our management’s attention, result in dilution to our stockholders and otherwise disrupt our operations and adversely affect our operating results.
  • Market and economic conditions may negatively impact our business, financial condition and share price.
  • If securities or industry analysts do not publish research or reports, or publish unfavorable research or reports about our business, our stock price and trading volume may decline.
  • Because certain of our stockholders control a significant number of shares of our common stock, they may have effective control over actions requiring stockholder approval.
  • Future sales and issuances of our common stock could result in additional dilution of the percentage ownership of our stockholders and could cause our share price to fall.
  • We do not intend to pay cash dividends on our shares of common stock so any returns will be limited to the value of our shares.
  • We are an “emerging growth company” and a “smaller reporting company” and are able to avail ourselves of reduced disclosure requirements applicable to emerging growth companies and smaller reporting companies, which could make our common stock less attractive to investors.
  • We may be at risk of securities class action litigation.
  • Our certificate of incorporation and our bylaws, and Delaware law may have anti-takeover effects that could discourage, delay or prevent a change in control, which may cause our stock price to decline.
  • Financial reporting obligations of being a public company in the United States are expensive and time-consuming, and our management will be required to devote substantial time to compliance matters.
  • If we fail to comply with the rules under the Sarbanes-Oxley Act of 2002 related to accounting controls and procedures in the future, or, if we discover material weaknesses and other deficiencies in our internal control and accounting procedures, our stock price could decline significantly and raising capital could be more difficult.
  • Comprehensive tax reform bills could adversely affect our business and financial condition.
Management Discussion
  • Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations
  • You should read the following discussion and analysis of our financial condition and results of operations together with “Selected Financial Data” and our financial statements and the related notes appearing elsewhere in this report. In addition to historical information, this discussion and analysis contains forward‑looking statements that involve risks, uncertainties and assumptions. Our actual results may differ materially from those discussed below. Factors that could cause or contribute to such differences include, but are not limited to, those identified below, and those discussed in the section titled “Risk Factors” included elsewhere in this prospectus. All amounts in this report are in U.S. dollars, unless otherwise noted.
  • We are a clinical stage biopharmaceutical company utilizing novel artificial intelligence-based approaches to identify the next wave of medicines across neuroscience and immuno-oncology. Our drug re-innovation approach leverages existing approved drugs and/or clinically validated product candidates together with big data and proprietary machine learning algorithms to identify new therapeutic indices.
Content analysis ?
H.S. sophomore Good
New words: alcohol, AML, Apple, bempegaldesleuk, Brain, cohort, committee, composed, Congressionally, deal, Defense, Department, digital, leukemia, lineage, main, Medicine, Melanoma, motor, myeloid, onset, PTSD, substance, TBI, Traumatic, twelve, University, Watch, wearable, Yale
Removed: activation, PoC, tNEPC