Income statement, balance sheet and cash flow statement for the last 9 fiscal years, taken from the XBRL data BioXcel Therapeutics, Inc. files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2018
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Revenue
0.38
1.38
2.27
0.64
Cost of revenue
0.02
1.26
2.14
0.16
Gross profit
0.36
0.12
0.12
0.48
Research and development
2.69
14.6
25.8
58
52.7
91.2
84.3
30.4
30.3
Selling, general and administrative
54.2
68.8
83.4
34.5
20.5
General and administrative
1.85
5.4
7.8
24.3
54.2
Operating expenses
4.54
20
33.6
82.3
107
Operating income
-4.54
-20
-33.6
-82.3
-107
-160
-172
-67.2
-50.5
Interest expense
0.02
0.03
0.04
8.21
13.3
15.1
17
Interest income
0.16
0.04
2.53
5.65
2.6
1.07
Other non-operating income
-0.43
0.39
20.2
-3.52
Income tax
0
0
0
Net income
-4.54
-19.3
-33
-82.2
-107
-166
-179
-59.6
-69.9
EBITDA
-4.54
-19.9
-33.4
-82.1
-107
-159
-171
-66.9
-50.2
EPS, basic
-7.51
-21.11
-32.30
-60.60
-64.75
-94.65
-98.33
-23.51
-5.73
EPS, diluted
-7.51
-21.11
-32.30
-60.60
-64.75
-94.65
-98.33
-23.51
-5.73
Shares, basic (weighted)
0.61
0.91
1.02
1.36
1.65
1.75
1.82
2.54
12.2
Shares, diluted (weighted)
0.61
0.91
1.02
1.36
1.65
1.75
1.82
2.54
12.2
Balance sheet
FY2018
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
0.89
42.6
32.4
213
233
194
65.2
29.9
28.4
Receivables
0.25
0.07
0.13
0.23
Inventory
1.99
1.99
0.68
0.72
Other current assets
0
0.49
1.68
0.98
0.96
3.84
2.08
1.44
10.9
Total current assets
0.89
43.2
34.1
217
237
203
72.1
37.4
44.7
Property, plant and equipment
0
0.33
1.04
1.27
1.29
1.08
0.78
0.48
0.18
Lease right-of-use assets
1.19
1.51
1.25
0.98
0.69
0.38
0.06
Other non-current assets
0.05
0.05
0.09
0.09
0.93
0.09
0.09
0
Total assets
1.36
43.5
36.4
220
239
206
73.7
38.3
44.9
Accounts payable
0.44
1.6
4.95
3.98
4.68
10.2
13.7
16
14.7
Accrued liabilities
1.02
3.06
3.12
7.47
11.5
18.7
12.4
5.76
4.34
Short-term debt
0
24.9
Total current liabilities
2.34
4.66
8.47
11.8
16.7
32.9
27.3
22.2
53.9
Long-term debt
93.1
101
103
84.7
Lease liabilities
1.03
1.4
1.11
0.79
0.44
0.07
0
Total liabilities
2.34
4.66
9.5
13.2
17.8
129
130
131
140
Total debt
93.1
101
103
110
Paid-in capital
3.46
62.6
83.6
346
467
488
534
557
625
Retained earnings
-4.45
-23.7
-56.7
-139
-246
-412
-591
-650
-720
Shareholders' equity
-0.98
38.9
26.9
207
222
76.8
-56.5
-93.1
-95.5
Total equity
-0.98
38.9
26.9
207
222
76.8
-56.5
-93.1
-95.5
Total liabilities and equity
1.36
43.5
36.4
220
239
206
73.7
38.3
44.9
Shares outstanding
0.62
0.98
1.13
1.53
1.75
1.76
1.87
3.1
22.3
Cash flow statement
FY2018
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Net income
-4.54
-19.3
-33
-82.2
-107
-166
-179
-59.6
-69.9
Depreciation and amortization
0
0.02
0.16
0.19
0.3
0.33
0.32
0.31
0.3
Stock-based compensation
1.61
3.08
3.14
14.6
19.5
17.3
18.6
6.16
2.77
Change in inventory
-1.99
-0.01
1.31
-0.04
Change in payables
0.74
3.2
3.76
3.2
4.85
Cash from operations
-2.2
-13.5
-27.1
-66.4
-82.2
-135
-155
-72
-57.6
Capital expenditures
-0.34
-0.87
-0.32
-0.45
-0.14
-0.02
0
0
Cash from investing
-0.34
-0.87
-0.32
-0.45
-0.14
-0.02
0
0
Debt issued
98.6
Debt repaid
-2.5
0
Stock issued
2.06
56.5
17.8
256
101
0.28
27
Share buybacks
-9.02
Cash from financing
3.08
55.5
17.8
247
102
96.2
26.5
36.7
56.5
Net change in cash
0.89
41.7
-10.1
181
19.8
-39.2
-129
-35.4
-1.1
Free cash flow
-13.8
-28
-66.7
-82.6
-135
-155
-72
-57.6
Interest paid
0
0.06
0.03
0.04
2.7
7.55
7.97
9.69
Key metrics
Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $0.07 on September 4, 2026.
Profitability
Metric
Value
How it is calculated
Gross margin
53.1%
Gross profit / revenue.
Operating margin
-6,055.0%
Operating income / revenue.
EBITDA margin
-6,024.0%
EBITDA (operating income + depreciation and amortization) / revenue.
Net margin
-9,550.0%
Net income / revenue.
FCF margin
-6,860.0%
Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin
-6,860.0%
Cash from operations / revenue.
Return on assets (ROA)
-246.1%
Net income / average total assets.
R&D / revenue
2,906.0%
Research and development expense / revenue.
SG&A / revenue
3,176.0%
Selling, general and administrative expense / revenue.
Stock-based pay / revenue
245.8%
Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue
0.0%
Capital expenditures / revenue.
D&A / revenue
30.3%
Depreciation and amortization / revenue.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
-71.7%
Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y
19.6%
Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit growth, 1y
288.6%
Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y
10.4%
Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets growth, 1y
17.2%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
-39.8%
Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y
-27.2%
Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y
381.6%
Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y
91.0%
Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y
55.2%
Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
0.21x
Current assets / current liabilities.
Quick ratio
0.09x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
0.09x
(Cash + short-term investments) / current liabilities.
Debt / assets
362.7%
Total debt / total assets.
Liabilities / assets
500.9%
Total liabilities / total assets.
Net debt
$91.6M
Total debt - cash - short-term investments. Negative means more cash than debt.
Days inventory + days sales outstanding - days payables.
Per share
Metric
Value
How it is calculated
EPS, diluted
-$2.34
Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share
$0.02
Revenue / diluted weighted shares.
FCF per share
-$1.68
Free cash flow / diluted weighted shares.
Operating cash flow per share
-$1.68
Cash from operations / diluted weighted shares.
Book value per share
-$3.69
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Market cap + total debt - cash - short-term investments.
P/S
3.12x
Market cap / revenue.
EV/Sales
127x
Enterprise value / revenue.
FCF yield
-2,197.0%
Free cash flow / market cap.
Earnings yield
-3,059.0%
Net income / market cap (the inverse of P/E).
What was BioXcel Therapeutics, Inc.'s revenue in fiscal 2025?
BioXcel Therapeutics, Inc. reported revenue of $642.0K for fiscal 2025, 71.7% lower than the year before.
Was BioXcel Therapeutics, Inc. profitable in fiscal 2025?
No. It reported a net loss of $69.9M.
How much free cash flow did BioXcel Therapeutics, Inc. generate in fiscal 2025?
Cash from operations of $57.6M minus capital expenditures of $0.0 left free cash flow of -$57.6M.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.