Detailed financial statements for BioXcel Therapeutics, Inc. (BTAI): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
BioXcel Therapeutics, Inc. is a biopharmaceutical firm that has reached the commercial phase, distinguishing itself by leveraging artificial intelligence to advance the creation of transformative therapies in the fields of neuroscience and immuno-oncology.
Analysis Summary
Trailing-twelve-month margins: gross margin 45.3%, operating margin -60.1%, net margin -95.5%.
At the current price of $0.07, BTAI has negative trailing earnings (P/E not meaningful) and an ROE of 69.92%. Market capitalisation stands at $2M.
Balance sheet quality for BTAI: current ratio of 0.8, net debt of $81.2M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue | 0 | 0 | 0 | 0 | 0 | 0 | $375000 | $1.4M | $2.3M | $642000 |
| Cost of Revenue | 0 | $1000 | $17000 | $156000 | 0 | 0 | $20000 | $1.3M | $2.1M | $164000 |
| Gross Profit | 0 | -$1000 | -$17000 | -$156000 | 0 | 0 | $355000 | $120000 | $123000 | $478000 |
| Research & Development | $1.4M | $2.7M | $14.6M | $25.8M | $58.5M | $52.7M | $91.2M | $84.3M | $30.4M | $30.3M |
| Selling, General & Admin | $721000 | $1.8M | $5.4M | $7.8M | $24.6M | $54.2M | $68.8M | $83.4M | $34.5M | $20.5M |
| Operating Expenses | $2.1M | $4.5M | $20.0M | $33.6M | $82.3M | $106.9M | $160.0M | $171.9M | $67.4M | $50.7M |
| Operating Income | -$2.1M | -$4.5M | -$20.0M | -$33.6M | -$82.3M | -$106.9M | -$159.6M | -$171.8M | -$67.2M | -$50.3M |
| EBITDA | 0 | -$4.5M | -$19.3M | -$32.8M | -$82.1M | -$106.6M | -$157.2M | -$165.4M | -$44.2M | -$52.6M |
| Interest Expense | 0 | $2000 | 0 | 0 | $27000 | $40000 | $8.2M | $13.3M | $15.1M | $17.0M |
| Pre-tax Income | -$2.1M | -$4.5M | -$19.3M | -$33.0M | -$82.2M | -$106.9M | -$165.8M | -$179.1M | -$59.6M | -$69.9M |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Income | -$2.1M | -$4.5M | -$19.3M | -$32.3M | -$82.2M | -$106.9M | -$165.8M | -$179.1M | -$59.6M | -$69.9M |
| EPS | $-2.06 | $-4.41 | $-21.16 | $-32.38 | $-60.63 | $-64.87 | $-94.67 | $-98.35 | $-23.51 | $-5.73 |
| EPS (Diluted) | $-2.06 | $-4.41 | $-21.16 | $-32.38 | $-60.63 | $-64.87 | $-94.67 | $-98.35 | $-23.51 | $-5.73 |
| Shares Outstanding (Diluted) | $1.0M | $1.0M | $910722 | $1.0M | $1.4M | $1.6M | $1.8M | $1.8M | $2.5M | $12.2M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Revenue | $98000 | $256000 | $206000 | $182000 |
| Gross Profit | $87000 | $224000 | -$135000 | $160000 |
| Operating Income | -$14.0M | -$10.3M | -$10.1M | -$10.2M |
| EBITDA | -$26.5M | -$8.1M | -$8.4M | -$10.4M |
| Net Income | -$30.9M | -$12.5M | -$12.7M | -$14.7M |
| EPS | $-2.18 | $-1.03 | $-1.04 | $-1.21 |
| EPS (Diluted) | $-2.18 | $-1.03 | $-1.04 | $-1.21 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Cash & Equivalents | 0 | $887000 | $42.6M | $32.4M | $213.1M | $233.0M | $193.7M | $65.2M | $29.9M | $28.4M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | 0 | 0 | $115000 | 0 | 0 | 0 | $248000 | $71000 | $131000 | $233000 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | $2.0M | $2.0M | $679000 | $722000 |
| Total Current Assets | $2000 | $890000 | $43.2M | $34.1M | $217.1M | $236.8M | $202.9M | $72.1M | $37.4M | $44.7M |
| Property, Plant & Equipment | $5000 | $4000 | $327000 | $2.2M | $2.8M | $2.5M | $2.1M | $1.5M | $857000 | $231000 |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Assets | $7000 | $1.4M | $43.5M | $36.4M | $219.9M | $239.4M | $205.9M | $73.7M | $38.3M | $44.9M |
| Accounts Payable | $279000 | $444000 | $1.6M | $5.0M | $4.0M | $4.7M | $10.2M | $13.7M | $16.0M | $14.7M |
| Short-term Debt | 0 | $371000 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $24.9M |
| Total Current Liabilities | $331000 | $2.3M | $4.7M | $8.5M | $11.8M | $16.7M | $32.9M | $27.3M | $22.2M | $53.9M |
| Long-term Debt | 0 | 0 | 0 | 0 | 0 | 0 | $93.1M | $100.6M | $102.5M | $84.7M |
| Total Liabilities | $331000 | $2.3M | $4.7M | $9.5M | $13.2M | $17.8M | $129.1M | $130.2M | $131.4M | $140.4M |
| Retained Earnings | 0 | -$4.5M | -$23.7M | -$56.7M | -$138.9M | -$245.8M | -$411.5M | -$590.6M | -$650.2M | -$720.1M |
| Total Equity | -$324000 | -$982000 | $38.9M | $26.9M | $206.7M | $221.7M | $76.8M | -$56.5M | -$93.1M | -$95.5M |
| Total Debt | 0 | $371000 | 0 | $1.0M | $1.6M | $1.4M | $94.2M | $101.4M | $102.9M | $109.7M |
| Net Debt | 0 | -$516000 | -$42.6M | -$31.4M | -$211.5M | -$231.6M | -$99.6M | $36.2M | $73.1M | $81.2M |
| Working Capital | -$329000 | -$1.4M | $38.5M | $25.6M | $205.2M | $220.1M | $170.0M | $44.9M | $15.2M | -$9.2M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Cash & Equivalents | $37.3M | $28.4M | $17.2M | $12.8M |
| Total Assets | $44.8M | $44.9M | $34.0M | $28.8M |
| Total Liabilities | $133.7M | $140.4M | $139.6M | $144.3M |
| Total Equity | -$88.9M | -$95.5M | -$105.5M | -$115.5M |
| Total Debt | $109.3M | $109.7M | $100.3M | $104.5M |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Net Income | -$2.1M | -$4.5M | -$19.3M | -$33.0M | -$82.2M | -$106.9M | -$165.8M | -$179.1M | -$59.6M | -$69.9M |
| Depreciation & Amortization | 0 | $1000 | $17000 | $156000 | $188000 | $297000 | $327000 | $318000 | $309000 | $300000 |
| Stock-based Compensation | $671000 | $1.6M | $3.1M | $3.1M | $14.6M | $19.5M | $17.3M | $18.6M | $6.2M | $2.8M |
| Change in Working Capital | $155000 | $736000 | $2.7M | $2.4M | $1.0M | $5.0M | $10.4M | $2.0M | -$6.0M | -$1.7M |
| Operating Cash Flow | -$1.3M | -$2.2M | -$13.5M | -$27.3M | -$66.3M | -$82.2M | -$135.3M | -$155.0M | -$72.0M | -$57.6M |
| Capital Expenditure | -$4000 | 0 | -$340000 | -$870000 | -$316000 | -$445000 | -$139000 | -$20000 | 0 | 0 |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock Repurchased | 0 | 0 | 0 | 0 | -$9.0M | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$1.3M | -$2.2M | -$13.8M | -$28.1M | -$66.7M | -$82.6M | -$135.5M | -$155.0M | -$72.0M | -$57.6M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Operating Cash Flow | -$18.8M | -$14.2M | -$11.8M | -$6.1M |
| Capital Expenditure | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$18.8M | -$14.2M | -$11.8M | -$6.1M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $581000 | $450000 | $435000 | $358000 |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue Growth (YoY) | | | | | | | | +268.0% | +64.2% | -71.7% |
| Net Income Growth (YoY) | | -114.1% | -324.5% | -67.8% | -154.1% | -30.1% | -55.0% | -8.0% | +66.7% | -17.3% |
| EPS Growth (YoY) | | -114.1% | -379.8% | -53.0% | -87.2% | -7.0% | -45.9% | -3.9% | +76.1% | +75.6% |
| Shares Change (YoY) | | +0.0% | -11.5% | +11.8% | +33.1% | +21.6% | +6.2% | +4.0% | +39.2% | +381.6% |
| FCF Growth (YoY) | | -69.2% | -530.6% | -103.3% | -136.8% | -23.9% | -64.0% | -14.4% | +53.5% | +20.0% |
| Gross Margin | | | | | | | 94.7% | 8.7% | 5.4% | 74.5% |
| Operating Margin | | | | | | | -42572.0% | -12448.0% | -2967.6% | -7829.8% |
| EBITDA Margin | | | | | | | -41924.5% | -11987.0% | -1948.9% | -8195.2% |
| Net Margin | | | | | | | -44201.9% | -12974.9% | -2630.1% | -10887.4% |
| FCF Margin | | | | | | | -36128.0% | -11233.8% | -3178.6% | -8974.3% |
| Effective Tax Rate | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF Per Share | $-1.26 | $-2.13 | $-15.21 | $-27.65 | $-49.19 | $-50.11 | $-77.38 | $-85.15 | $-28.41 | $-4.72 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $1.0M | $1.0M | $910722 | $1.0M | $1.4M | $1.6M | $1.8M | $1.8M | $2.5M | $12.2M |
What to look at in Biotech
Most small biotechs lose money. Analysing them with P/E makes no sense — look at cash and pipeline.
- Cash Runway — Months of cash at current burn rate. <18 months = urgent dilution risk
- Annual cash burn — Rate at which they burn operating cash. Compare with cash position to project runway
- Total Debt — Biotech with no revenue + debt = recipe for bankruptcy
- R&D / Market cap — How much they invest in pipeline vs the company value — research-intensity indicator
- Market cap / Cash — If it trades near its cash, the market assigns ~0 value to the pipeline — opportunity or trap
Profitability
| Return on Equity | 69.92% |
| Return on Invested Capital | 1144.58% |
| Return on Assets | -246.05% |
| Gross Margin | 45.28% |
| Operating Margin | -6014.42% |
| Net Margin | -9549.87% |
Financial Health
| Debt / Equity | -0.90 |
| Current Ratio | 0.21 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -85.67 | -40.02 | -2.92 | -7.22 | -12.19 | -5.01 | -3.63 | -0.48 | -0.25 | -0.28 |
| P/B | -560.48 | -184.92 | 1.45 | 8.85 | 4.85 | 2.42 | 7.84 | -1.52 | -0.16 | -0.20 |
| P/S | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 1604.70 | 62.27 | 6.69 | 30.42 |
| Gross Margin | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 94.7% | 8.7% | 5.4% | 74.5% |
| Operating Margin | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | -42572.0% | -12448.0% | -2967.6% | -7829.8% |
| Net Margin | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | -44201.9% | -12974.9% | -2630.1% | -10887.4% |