BioXcel Therapeutics (rebranding to BX Liquidation, Inc.) was a clinical-stage biopharmaceutical company that leveraged artificial-intelligence–driven drug discovery to develop neuroscience and immuno-oncology medicines. Following its August 2026 Chapter 11 bankruptcy filing, on October 30, 2026 BioXcel completed the sale of substantially all assets relating to its lead commercial product IGALMI (sublingual dexmedetomidine) to Teva Pharmaceuticals for $57.5 million cash. Concurrently, the Board terminated the employment of its entire executive leadership team (CEO Vimal Mehta, CFO Richard Steinhart, CSO Frank Yocca, and CLO Javier Rodriguez) effective October 31, 2026, transitioned management to Chief Restructuring Officer Samir Saleem as President and Secretary, and authorized changing the company name to BX Liquidation, Inc. to formally wind down and liquidate remaining corporate affairs.
Filing Certificate of Amendment changing corporate name to BX Liquidation, Inc. and ongoing Chapter 11 wind-down
Following the closing of its $57.5 million asset sale of IGALMI (sublingual dexmedetomidine) to Teva Pharmaceuticals, BioXcel Therapeutics terminated its entire executive leadership team—including CEO Vimal Mehta, CFO Richard Steinhart, CSO Frank Yocca, and CLO Javier Rodriguez—effective October 31, 2026. Management transitioned to Chief Restructuring Officer Samir Saleem as President and Secretary, and the company approved a rebrand to BX Liquidation, Inc. to formally wind down and liquidate its remaining corporate affairs under Chapter 11.
Following deep prior workforce reductions and low commercial uptake of IGALMI, BioXcel Therapeutics filed for Chapter 11 bankruptcy protection in Delaware and entered an asset sale agreement with Teva Pharmaceutical.
BioXcel Therapeutics closed its $57.5M IGALMI asset sale to Teva Pharmaceuticals, terminated its CEO, CFO, CSO, and Chief Legal Officer effective October 31, and authorized rebranding to BX Liquidation, Inc. to formally dissolve under Chapter 11.
President, Corporate Secretary and Chief Restructuring Officer