The following is a summary of the BioXcel Therapeutics, Inc. (BTAI) Q2 2024 Earnings Call Transcript:

Financial Performance:

• BioXcel reported Q2 2024 net revenue from IGALMI of $1.1 million, a 141% increase year-over-year and a 90% increase sequentially from Q1 2024.

• R&D expenses decreased to $8 million in Q2 2024 from $27 million in the same period in 2023. SG&A expenses were $9.5 million in Q2 2024, down from $25.9 million in the comparable quarter.

• The company experienced a net loss of $8.3 million for Q2 2024, a significant reduction from a net loss of $53.5 million in Q2 2023.

Business Progress:

• BioXcel is progressing with the SERENITY At-Home trial and the TRANQUILITY program for BXCL501, targeting agitation in bipolar, schizophrenia, and Alzheimer's.

• Positive feedback from the FDA was received for the SERENITY At-Home trial protocol, with trial initiation plans in place.

• IGALMI has seen increased adoption in psychiatric care clinics, contributing to revenue growth.

Opportunities:

• The TRANQUILITY program, with its focus on Alzheimer's-related agitation, has received FDA's Breakthrough Therapy designation, presenting a significant opportunity given the estimated 100 million annual episodes of Alzheimer's associated agitation.

• Expanding BXCL501 into the home setting could address a substantial unmet medical need and provide a new revenue stream if approved.

• The company plans to enhance financial flexibility through strategic partnerships and monetization efforts.

Risks:

• The challenge of managing complex clinical trials with significant financial implications remains a concern.

More details: BioXcel Therapeutics IR

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