BioXcel Therapeutics

BioXcel Therapeutics is a clinical-stage biopharmaceutical company leveraging artificial-intelligence–driven drug discovery to develop neuroscience and immuno-oncology medicines. Its lead commercial product IGALMI (sublingual dexmedetomidine) is FDA-approved for acute treatment of agitation associated with schizophrenia or bipolar I/II disorder, with an at-home sNDA under FDA review (PDUFA target action date November 14, 2026). The company is exploring strategic options for the IGALMI franchise after first-quarter 2026 IGALMI net revenue of $206K and an operating loss of $10.2M. Shareholders have previously authorized a 1-for-2 to 1-for-20 reverse split range to maintain Nasdaq bid-price compliance. On August 27, 2026 BioXcel and its subsidiaries filed for Chapter 11 bankruptcy in Delaware; on August 31 the company secured a super-priority debtor-in-possession credit facility of up to $77.25 million from Oaktree Capital affiliates and existing lenders, and Nasdaq has notified it of delisting with trading suspended effective September 8, 2026.