$BTAI reports Q4 2022 revenue growth and R&D expenses increase
Mar 9th 2023, 12:32 pm
Analyst Summary: BioXcel Therapeutics has reported its Q4 and full-year 2022 financial results and provided an update on its operational highlights. The company is utilizing artificial intelligence to develop transformative medicines in neuroscience and immuno-oncology. The company had a net revenue of approximately $238,000 for the quarter and $375,000 for the full year, primarily due to early product trials and limited market access. The company's Q4 2022 R&D expenses significantly increased compared to the same period in 2021, with the full-year R&D expenses increasing reflecting an increase in clinical trial costs. SG&A expenses were $20.7 million for Q4 2022, reflecting an increase in personnel and costs related to the launch of IGALMI. The company had a net loss of $54.8 million for Q4 2022 compared to a net loss of $26.1 million for the same period in 2021, and a net loss of $165.8 million for the full year. The company believes that full execution of its strategic financing with Oaktree and Qatar Investment Authority would result in a cash runway into 2025. The company anticipates significant data readouts for its neuropsychiatric program in Q2 2023 and plans to advance its lead immuno-oncology program into a Phase 2b registrational trial, pending further discussion with the FDA, in conjunction with exploring strategic options for its OnkosXcel subsidiary.