Revenue remains highly volatile, fluctuating between $98,000 and $366,000 over the last two years, while operating margins have consistently remained in negative territory, reaching -49.1% in 2026Q1.
| Sales/Revenue | 680K | 642K | 2.27M | 1.38M | 375K | 0 | 0 | 0 | 0 | 0 | 0 |
| Revenue Growth % | -63.28% | -71.67% | 64.2% | 268% | - | - | - | - | - | - | - |
| Cost of Goods Sold | 491K | 164K | 2.14M | 1.26M | 20K | 0 | 0 | 156K | 17K | 1K | 0 |
| COGS % of Revenue | - | 25.55% | 94.57% | 91.3% | 5.33% | - | - | - | - | - | - |
| Gross Profit | 189K | 478K | 123K | 120K | 355K | 0 | 0 | -156K | -17K | -1K | 0 |
| Gross Margin % | 27.79% | 74.45% | 5.43% | 8.7% | 94.67% | - | - | - | - | - | - |
| Gross Profit Growth % | - | 288.62% | 2.5% | -66.2% | - | - | 100% | -817.65% | -1600% | - | - |
| Operating Expenses | 50.48M | 50.74M | 67.37M | 171.9M | 160M | 106.94M | 82.3M | 33.6M | 19.96M | 4.54M | 2.12M |
| OpEx % of Revenue | - | 7904.21% | 2972.99% | 12456.67% | 42666.67% | - | - | - | - | - | - |
| Selling, General & Admin | 21.99M | 20.49M | 34.49M | 83.41M | 68.76M | 54.23M | 24.65M | 7.8M | 5.4M | 1.85M | 721K |
| SG&A % of Revenue | - | 3192.21% | 1522.15% | 6044.42% | 18336.27% | - | - | - | - | - | - |
| Research & Development | 28.65M | 30.25M | 30.43M | 84.33M | 91.24M | 52.71M | 58.54M | 25.8M | 14.56M | 2.69M | 1.4M |
| R&D % of Revenue | - | 4711.99% | 1343.12% | 6110.58% | 24330.4% | - | - | - | - | - | - |
| Other Operating Expenses | -163K | 0 | 2.44M | 4.16M | 0 | -1K | -888K | 0 | 0 | 0 | 0 |
| Operating Income | -50.29M | -50.27M | -67.25M | -171.78M | -159.65M | -106.94M | -82.3M | -33.6M | -19.96M | -4.54M | -2.12M |
| Operating Margin % | -7395% | -7829.75% | -2967.56% | -12447.97% | -42572% | - | - | - | - | - | - |
| Operating Income Growth % | - | 25.25% | 60.85% | -7.6% | -49.29% | -29.94% | -144.92% | -68.32% | -339.98% | -114.01% | - |
| EBITDA | -50M | -49.97M | -66.94M | -171.46M | -159.32M | -106.64M | -82.11M | -33.45M | -19.95M | -4.54M | 0 |
| EBITDA Margin % | -7353.53% | -7783.02% | -2953.93% | -12424.93% | -42484.8% | - | - | - | - | - | - |
| EBITDA Growth % | 5.43% | 25.35% | 60.96% | -7.62% | -49.4% | -29.87% | -145.5% | -67.69% | -339.7% | - | - |
| D&A (Non-Cash Add-back) | 282K | 300K | 309K | 318K | 327K | 297K | 188K | 156K | 17K | 1K | 2.12M |
| EBIT | -59.77M | -52.91M | -44.47M | -165.74M | -157.54M | -106.89M | -82.3M | -32.97M | -19.27M | -4.54M | -2.12M |
| Net Interest Income | -16.19M | -15.92M | -12.53M | -7.67M | -5.68M | -36K | 128K | 633K | 0 | -2K | 0 |
| Interest Income | 998K | 1.07M | 2.6M | 5.65M | 2.53M | 4K | 155K | 633K | 0 | 0 | 0 |
| Interest Expense | 17.19M | 16.98M | 15.13M | 13.31M | 8.21M | 40K | 27K | 0 | 0 | 2K | 0 |
| Other Income/Expense | -25.05M | -19.63M | 7.65M | -7.27M | -6.11M | 3K | 128K | 633K | 692K | -2K | 0 |
| Pretax Income | -75.33M | -69.9M | -59.6M | -179.05M | -165.76M | -106.93M | -82.17M | -32.97M | -19.27M | -4.54M | -2.12M |
| Pretax Margin % | -11078.53% | -10887.38% | -2630.14% | -12974.86% | -44201.87% | - | - | - | - | - | - |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Net Income | -75.33M | -69.9M | -59.6M | -179.05M | -165.76M | -106.93M | -82.17M | -32.34M | -19.27M | -4.54M | -2.12M |
| Net Margin % | -11078.53% | -10887.38% | -2630.14% | -12974.86% | -44201.87% | - | - | - | - | - | - |
| Net Income Growth % | -88.04% | -17.28% | 66.71% | -8.02% | -55.01% | -30.14% | -154.12% | -67.8% | -324.54% | -114.1% | - |
| Net Income (Continuing) | -75.33M | -69.9M | -59.6M | -179.05M | -165.76M | -106.93M | -82.17M | -32.97M | -19.27M | -4.54M | -2.12M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -6.17 | -5.73 | -23.51 | -98.35 | -94.67 | -64.87 | -60.63 | -32.38 | -21.16 | -4.41 | -2.06 |
| EPS Growth % | 50.44% | 75.63% | 76.1% | -3.89% | -45.94% | -6.99% | -87.25% | -53.02% | -379.82% | -114.08% | - |
| EPS (Basic) | - | -5.73 | -23.51 | -98.35 | -94.67 | -64.87 | -60.63 | -32.38 | -21.16 | -4.41 | -2.06 |
| Diluted Shares Outstanding | 12.21M | 12.21M | 2.54M | 1.82M | 1.75M | 1.65M | 1.36M | 1.02M | 910.72K | 1.03M | 1.03M |
| Basic Shares Outstanding | 12.21M | 12.21M | 2.54M | 1.82M | 1.75M | 1.65M | 1.36M | 1.02M | 910.72K | 1.03M | 1.03M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - |
Liquidity and dilution risk
As reported in recent financial statements, BTAI's revenue trajectory remains highly volatile and inconsistent, with quarterly figures fluctuating significantly between $98,000 and $366,000 over the last two years, suggesting that the company has yet to establish a predictable or sustainable commercial growth path for its lead asset.
The lack of consistent quarter-over-quarter revenue growth indicates that formulary adoption in institutional settings is struggling to gain traction. Investors should monitor whether the current transactional sales model can ever achieve the scale necessary to support the company's existing cost structure.
Based on the provided income statement data, gross margins have exhibited extreme volatility, swinging from a high of 94.4% in 2024Q2 to negative territory in multiple periods, which highlights the instability of the company's current manufacturing and distribution economics during this early commercial phase.
This margin instability suggests that the company may be facing significant challenges with inventory management or high per-unit costs that are not yet being amortized effectively. Such fluctuations make it difficult to assess the true underlying profitability of the IGALMI product line.
According to the historical income statement data, BTAI continues to operate with a massive disconnect between its gross profit and operating expenses, as evidenced by operating losses that consistently dwarf revenue, indicating that the company has failed to achieve any meaningful operating leverage to date.
The persistent reliance on heavy R&D and SG&A spending relative to negligible revenue suggests that the company's current business model is fundamentally unsustainable without significant external capital. The inability to scale operating income alongside revenue growth remains a primary concern for long-term viability.
As indicated by the quarterly filings, the company maintains a rigid cost structure dominated by substantial R&D and SG&A expenditures, which have consistently resulted in deep net losses and highlight the significant financial burden of maintaining a specialized commercial sales force and clinical development pipeline.
Management's expense discipline appears constrained by the necessity of funding ongoing clinical trials while simultaneously attempting to support a commercial launch. This dual-track spending requirement creates a structural deficit that will likely persist until revenue reaches a much higher threshold.
Based on the reported figures, the most significant challenge to the investment narrative is the company's extreme cash burn rate relative to its limited revenue, which suggests that the current commercial strategy may be insufficient to avoid further dilutive financing or a potential liquidity crisis.
Short-sellers would likely focus on the widening gap between the company's high operating costs and its inability to generate meaningful commercial pull-through. The reliance on future label expansions to justify the current valuation appears increasingly risky given the company's limited cash runway.
Quick answers to the most common questions about buying BTAI stock.
For fiscal year 2025, BioXcel Therapeutics, Inc. (BTAI) reported total revenue of $0.6M.
BioXcel Therapeutics, Inc. (BTAI) reported a net loss of $69.9M for the fiscal year ending 2025.
BioXcel Therapeutics, Inc. (BTAI) reported an operating income of $-50.3M, resulting in an operating profit margin of -7829.8%. This margin reflects the operational efficiency of the business before interest and taxes.
BioXcel Therapeutics, Inc. (BTAI) generated $0.5M in gross profit for the year, representing a gross profit margin of 74.5%. This demonstrates the company's core pricing power and production efficiency.