Vincent O'Neill, Executive Vice President and Chief of Product Development and Medical (TASE:PMCN) Officer at BioXcel Therapeutics, Inc. (NASDAQ:BTAI), recently sold shares of the company's common stock. The transaction comes as BTAI shares trade near their 52-week low of $0.34, having declined over 86% year-to-date. On December 16, O'Neill sold 165 shares at a price of $0.3523 per share, amounting to a total transaction value of $58. This sale was conducted under a Rule 10b5-1 trading plan, which O'Neill adopted on December 15, 2023.
In addition to the sale, O'Neill also acquired 521 shares of common stock on December 14 through the vesting of restricted stock units (RSUs), although this acquisition did not involve any monetary exchange. Following these transactions, O'Neill holds 19,957 shares in BioXcel Therapeutics.
In other recent news, BioXcel Therapeutics has made significant amendments to its credit agreement, including the issuance of new warrants to lenders. The company has also reported changes in its financial covenants and capital raising requirements, as well as the appointment of a new board director and the listing of its '431 Patent in the FDA's Orange Book. Furthermore, BioXcel has posted a decrease in its net revenue for the third quarter, although the nine-month revenue showed an increase, and the net loss was considerably reduced.
Mizuho (NYSE:MFG) Securities has maintained its Neutral rating on BioXcel, citing weak Igalmi sales and increased operating expenses. However, BioXcel has initiated two pivotal Phase 3 trials for its drug candidate BXCL501, and launched the Phase 3 SERENITY At-Home study for Igalmi, aimed at boosting future revenues. The company is actively seeking strategic financing options and is in discussions with potential partners to address immediate liquidity challenges and support ongoing trials.
On the earnings front, BioXcel's Q3 2024 report showed a decrease in net revenue compared to the same quarter in the previous year, but an overall increase for the nine-month period, with a significant reduction in net loss. These recent developments continue to shape the trajectory of BioXcel Therapeutics.
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