BioXcel Therapeutics, Inc. (BTAI)

BioXcel Therapeutics' stock price has experienced significant volatility over the past six months, with a substantial decline of 74.07% from November 2024 to November 2025. Despite this decline, the company's SERENITY At-Home Phase 3 Study of BXCL501 met its primary goal in August 2025, and the company regained compliance with Nasdaq's market value requirements in September 2025. In October 2025, BioXcel announced positive results from a correlation study supporting exploratory efficacy outcomes from its SERENITY trial and reported a net loss of $30.9 million for the third quarter. In November 2025, BioXcel received FDA approval for a supplement regarding a new use of Igalmi, and analysts issued a consensus "Hold" rating with a significant potential upside from current prices.

Information detailing demand seasonality for BioXcel Therapeutics' products is not explicitly available. Demand for IGALMI is driven by patient needs and medical diagnoses rather than seasonal patterns. The potential expansion of IGALMI into the at-home treatment market suggests a consistent, high-volume need. The company is also developing treatments for agitation associated with Alzheimer's dementia, another condition with ongoing, non-seasonal demand. The underlying demand for these neurological and psychiatric treatments is likely to be relatively stable.

BioXcel Therapeutics, Inc. (BTAI) is a commercial-stage biopharmaceutical company using AI to develop medicines in neuroscience and immuno-oncology. Their AI engine analyzes data to find new uses for existing molecules, streamlining development and improving outcomes. Their commercial product is IGALMI, a sublingual film for acute agitation associated with schizophrenia or bipolar disorder. They are also developing BXCL501 for neuropsychiatric indications and BXCL701 for aggressive cancers.

BioXcel Therapeutics, Inc. is headquartered in New Haven, Connecticut, and currently serves the U.S. market while exploring global expansion opportunities.

BioXcel Therapeutics' brand reputation has been influenced by positive clinical developments and financial challenges. The company received FDA approval for a new indication for Igalmi and reported positive results from the SERENITY At-Home trial for BXCL501. However, the company faces financial challenges, including negative margins and a substantial stock price decline, leading to investor uncertainty. Management has also expressed doubt about the company's ability to continue as a going concern.

BioXcel Therapeutics' ownership is a mix of institutional, retail, and individual investors. Vimal Mehta is the largest individual shareholder, owning 80.45% of the company. Retail investors hold approximately 93.29% of the stock. Institutional ownership is relatively low at around 3.3%, with Millennium Management Llc being the largest holder. Other notable institutional investors include Oaktree Capital Management Lp, Fmr Llc, Vanguard Group Inc., and Geode Capital Management, Llc.