**BioXcel Therapeutics Releases Third Quarter 2024 Financial Results and Business Update**

BioXcel Therapeutics, Inc., a biopharmaceutical company specializing in the development of transformative medicines in neuroscience, recently disclosed its financial outcomes for the third quarter of 2024 as well as provided an operational update.

In a press release issued on November 14, 2024, BioXcel Therapeutics reported that its net revenue from IGALMI was $214 thousand for the third quarter of 2024, a decrease compared to $341 thousand for the same period in 2023. The company highlighted that this decline was primarily due to the timing of re-orders from existing customers. The net revenue for the nine months ending September 30, 2024, saw an 89% increase, reaching $1.9 million compared to $1.0 million for the corresponding period in 2023, signifying growth driven by new customer acquisitions and heightened sales activity.

Cost of goods sold for the three months ended September 30, 2024, amounted to $1.2 million, up from $512 thousand in 2023. This increase was predominantly attributed to higher charges for reserves for excess or obsolete inventory. BioXcel’s research and development expenses for the third quarter of 2024 totaled $5.1 million, whereas selling, general, and administrative expenses were $7.7 million. The company’s net loss for the third quarter of 2024 was $13.7 million, a decrease from $50.5 million in the same period in 2023, with cash and cash equivalents totaling $40.4 million as of September 30, 2024.

“We continue to focus on the clinical development of BXCL501,” mentioned Vimal Mehta, Ph.D., the CEO of BioXcel Therapeutics. “Our commitment lies in advancing our SERENITY At-Home trial and planning for the TRANQUILITY In-Care trial, aiming to address the acute agitation associated with bipolar disorders, schizophrenia, and Alzheimer’s dementia.”

Alongside financial results, the company announced advancements in its BXCL501 pivotal Phase 3 trials and investigator-sponsored trials. BioXcel Therapeutics also emphasized the strengthening of its intellectual property portfolio, particularly for IGALMI™ (dexmedetomidine) sublingual film, marking essential developments in its product pipeline.

BioXcel Therapeutics conducted a conference call and webcast on November 14, 2024, to discuss these financial outcomes and operational progress. The company encourages individuals to access its website for further information and updates on its product candidates and clinical trials.

For more details and a comprehensive review of the financial statements, interested parties may access the full 8-K filing on the SEC’s website or visit BioXcel Therapeutics’ official page.

Disclaimer: The above content is sourced from a BioXcel Therapeutics SEC filing and does not reflect editorial input from MarketBeat.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read BioXcel Therapeutics’s 8K filing here.

About BioXcel Therapeutics

BioXcel Therapeutics, Inc, a commercial-stage biopharmaceutical company, engages in utilizing artificial intelligence approaches to develop transformative medicines in neuroscience and immuno-oncology. The company's 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.