The following is a summary of the BioXcel Therapeutics, Inc. (BTAI) Q3 2024 Earnings Call Transcript:

Financial Performance:

• BioXcel reported a net loss of $13.7 million for Q3 2024, compared to a net loss of $50.5 million for the same period in 2023.

• IGALMI generated net revenue of $214,000 in Q3 2024, down from $341,000 in Q3 2023.

• The company's R&D expenses decreased significantly to $5.1 million in Q3 2024 from $19.6 million in Q3 2023, mainly due to reduced clinical trial expenses.

• SG&A expenses decreased to $7.7 million in Q3 2024 from $24.3 million in Q3 2023 primarily because of reduced personnel costs and decreased professional and commercial expenses.

Business Progress:

• BioXcel has initiated two pivotal Phase 3 trials for BXCL501 targeting different agitation related conditions and is progressing with its TRANQUILITY trial.

• BioXcel is exploring strategic financing alternatives and collaborations to strengthen its balance sheet and ensure progress towards data readouts.

• The company continues to support its approved product, IGALMI, in the market.

• The U.S. Department of Defense has granted funding for a Phase 2a study of BXCL501 at the University of North Carolina.

Opportunities:

• BXCL501, designed to address agitation related to bipolar disorder, schizophrenia, and Alzheimer's, represents a substantial unmet medical need with potential market expansion opportunities.

Risks:

• Continued negative financial performance with the net loss of $13.7 million this quarter could raise concerns about the company's ongoing financial sustainability and its ability to finance future project developments.

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