Richard Steinhart, the Chief Financial Officer of BioXcel Therapeutics, Inc. (NASDAQ:BTAI), recently executed a series of stock transactions as disclosed in a recent SEC filing. These transactions come as the company's stock has experienced a significant decline, down nearly 87% year-to-date according to InvestingPro data. On December 16, 2024, Steinhart sold a total of 577 shares of BioXcel Therapeutics common stock at prices ranging from $0.358 to $0.36 per share, resulting in a total transaction value of $206. These sales were conducted under a pre-established Rule 10b5-1 trading plan that Steinhart adopted on December 14, 2023.
Additionally, Steinhart acquired shares through the exercise of Restricted Stock Units (RSUs) on December 14 and 15, 2024, totaling 1,083 shares. These RSU transactions were executed at no cost, resulting in an increase in his direct ownership of BioXcel Therapeutics stock. Following these transactions, Steinhart's direct ownership stands at 20,932 shares. InvestingPro analysis reveals the company faces significant challenges, with a weak financial health score and rapid cash burn. For detailed insights and 13 additional ProTips about BTAI's financial outlook, investors can access the comprehensive Pro Research Report on InvestingPro.
In other recent news, BioXcel Therapeutics has amended its credit agreement and issued new warrants. The company reported a decrease in net revenue for Q3 2024 to $214,000, yet showed an overall increase in nine-month revenue, reaching $1.9 million. The net loss was significantly reduced to $13.7 million from $50.5 million in Q3 2023. Mizuho (NYSE:MFG) Securities maintained its Neutral rating on the company, citing low Igalmi sales and high operating expenses. BioXcel has launched the Phase 3 SERENITY At-Home study for Igalmi and initiated two pivotal Phase 3 trials for drug candidate BXCL501. The company is actively exploring strategic financing options and is in discussions with potential strategic partners. These are recent developments that continue to shape the company's trajectory.
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