Liquidity is under severe pressure as cash and equivalents have dwindled from $74.1 million in 2024Q1 to just $17.2 million by 2026Q1, reflecting a persistent free cash flow deficit.
| Cash from Operations | -57.38M | -57.62M | -72.03M | -155.01M | -135.34M | -82.15M | -66.35M | -27.28M | -13.51M | -2.2M | -1.29M |
| Operating CF Margin % | - | -8974.3% | -3178.6% | -11232.32% | -36090.93% | - | - | - | - | - | - |
| Operating CF Growth % | 36.73% | 20.01% | 53.53% | -14.53% | -64.74% | -23.82% | -143.22% | -101.94% | -515.16% | -69.71% | - |
| Net Income | -75.33M | -69.9M | -59.6M | -179.05M | -165.76M | -106.93M | -82.17M | -32.97M | -19.27M | -4.54M | -2.12M |
| Depreciation & Amortization | 282K | 300K | 309K | 318K | 327K | 297K | 188K | 156K | 17K | 1K | 0 |
| Stock-Based Compensation | 3.02M | 2.77M | 6.16M | 18.61M | 17.34M | 19.45M | 14.61M | 3.14M | 3.08M | 1.61M | 671K |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | -14.99M | -3.45M | 0 | 0 | 0 |
| Other Non-Cash Items | 13.42M | 10.92M | -12.86M | 3.1M | 2.35M | 46K | 14.99M | 3.45M | 3.12M | 1.61M | 671K |
| Working Capital Changes | 1.23M | -1.7M | -6.03M | 2.02M | 10.4M | 4.98M | 1.02M | 2.39M | 2.66M | 736K | 155K |
| Change in Receivables | -216K | -102K | -60K | 177K | -248K | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 142K | -43K | 1.31M | -6K | -1.99M | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 11.46M | 6.97M | -4.33M | -3.22M | 13.03M | 4.85M | 3.03M | 3.58M | 3.2M | 737K | 156K |
| Cash from Investing | 0 | 0 | 0 | -20K | -139K | -445K | -316K | -870K | -340K | 0 | -4K |
| Capital Expenditures | 0 | 0 | 0 | -20K | -139K | -445K | -316K | -870K | -340K | 0 | -4K |
| CapEx % of Revenue | 0% | - | - | 1.45% | 37.07% | - | - | - | - | - | - |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -340K | 0 | 0 |
| Cash from Financing | 43.55M | 56.52M | 36.66M | 26.52M | 96.24M | 102.45M | 247.36M | 18.01M | 55.53M | 3.08M | 1.3M |
| Debt Issued (Net) | -8.11M | 0 | -2.5M | 0 | 98.6M | 0 | 0 | 0 | -371K | 438K | 0 |
| Equity Issued (Net) | 51.67M | 56.53M | 39.69M | 27.03M | 0 | 100.99M | 246.76M | 17.81M | 56.51M | 2.06M | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | -9.02M | 0 | 0 | 0 | 0 |
| Other Financing | -19K | -17K | -528K | -510K | -2.36M | 1.45M | 598K | 201K | -615K | 584K | 1.3M |
| Net Change in Cash | -13.83M | -1.1M | -35.37M | -128.5M | -39.24M | 19.85M | 180.69M | -10.14M | 41.68M | 887K | 0 |
| Free Cash Flow | -57.38M | -57.62M | -72.03M | -155.03M | -135.48M | -82.6M | -66.67M | -28.15M | -13.85M | -2.2M | -1.3M |
| FCF Margin % | -8438.38% | -8974.3% | -3178.6% | -11233.77% | -36128% | - | - | - | - | - | - |
| FCF Growth % | 13.54% | 20.01% | 53.54% | -14.43% | -64.02% | -23.9% | -136.82% | -103.26% | -530.65% | -69.18% | - |
| FCF per Share | -4.70 | -4.72 | -28.41 | -85.15 | -77.38 | -50.11 | -49.19 | -27.65 | -15.21 | -2.13 | -1.26 |
| FCF Conversion (FCF/Net Income) | 0.76x | 0.82x | 1.21x | 0.87x | 0.82x | 0.77x | 0.81x | 0.84x | 0.70x | 0.48x | 0.61x |
| Interest Paid | 0 | 0 | 7.97M | 7.55M | 2.7M | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Liquidity and dilution risk
As reported in quarterly financial statements, BTAI has consistently burned cash, with free cash flow reaching a low of -$26.9 million in 2023Q4, reflecting a persistent inability to generate positive cash flow from its current commercial operations despite ongoing efforts to scale the IGALMI product line.
The trajectory of free cash flow remains deeply negative, with no clear evidence of a narrowing gap between operational outflows and revenue generation. This trend suggests that the company's current commercial model is not yet self-sustaining, forcing a reliance on external capital to fund its ongoing clinical and administrative requirements.
According to historical cash flow data, the OCF/NI ratio has fluctuated wildly, reaching as high as 2.79 in 2024Q2, which indicates that net income figures are heavily distorted by non-cash items and do not accurately reflect the company's actual cash-generating capacity or operational health.
The significant variance between net income and operating cash flow suggests that accounting losses are being exacerbated by cash-intensive operational requirements. Investors should monitor this divergence, as it highlights the difficulty in reconciling the company's reported bottom-line performance with its actual cash burn profile.
Based on the provided cash flow statements, working capital changes have been highly erratic, swinging from a $4.3 million inflow in 2024Q1 to a $9.4 million outflow in 2023Q4, which suggests significant instability in the company's ability to manage its short-term assets and liabilities effectively.
These sharp fluctuations in working capital appear to reflect the challenges of managing inventory and receivables during a nascent commercial launch. Such volatility may indicate that the company is struggling to align its supply chain and collection cycles with the actual pace of hospital formulary adoption.
As indicated by the financial data, the company's cash flow statement is heavily impacted by stock-based compensation, which reached $3.6 million in 2023Q4, effectively masking the true extent of the cash-based operating expenses required to maintain the current commercial and research infrastructure.
The reliance on stock-based compensation as a significant component of the cost structure warrants further investigation, as it may be used to preserve cash at the expense of shareholder dilution. This practice obscures the underlying cash burn rate and complicates the assessment of the company's long-term operational viability.
Quick answers to the most common questions about buying BTAI stock.
BioXcel Therapeutics, Inc. (BTAI) generated $-57.6M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
BioXcel Therapeutics, Inc. (BTAI) reported negative free cash flow of $57.6M in 2025, indicating capital requirements exceeded cash from operations.
BioXcel Therapeutics, Inc. (BTAI) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.