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BioXcel Therapeutics, Inc. (NASDAQ:BTAI) announced Monday that it has filed a prospectus supplement with the Securities and Exchange Commission for the offer and sale of up to $80 million in shares of its common stock through an at-the-market (ATM) equity offering program. The offering comes as the company faces financial challenges, with InvestingPro data showing a current market capitalization of $82 million and total debt of $109 million. The stock, currently trading at $5.67, appears overvalued according to InvestingPro’s Fair Value analysis.
According to a press release statement, the company entered into an Equity Distribution Agreement with Canaccord Genuity LLC on April 3, 2025, designating Canaccord Genuity as sales agent for the ATM program. The prospectus supplement filed Monday enables BioXcel Therapeutics to issue and sell shares of its common stock, par value $0.001 per share, in transactions that qualify as “at the market offerings” as defined by SEC rules.
Honigman LLP, counsel to BioXcel Therapeutics, has provided a legal opinion regarding the validity of the shares to be issued under the ATM program. The opinion was included as an exhibit to the company’s Form 8-K filed with the SEC.
The company stated that the Form 8-K filing does not constitute an offer to sell or a solicitation of an offer to buy any securities, and that no sale of these securities will occur in any jurisdiction where such an offer or sale would be unlawful prior to registration or qualification under applicable state securities laws.
BioXcel Therapeutics is incorporated in Delaware and is headquartered in New Haven, Connecticut. Its common stock is listed on the Nasdaq Capital Market under the symbol BTAI. Investors seeking detailed insights can access the comprehensive Pro Research Report for BTAI, along with 1,400+ other US stocks, through InvestingPro.
This information is based on a press release statement included in the company’s Form 8-K filing with the SEC.
In other recent news, BioXcel Therapeutics has been in the spotlight with several key developments. The company announced the completion of its pivotal Phase 3 SERENITY At-Home clinical trial, with top-line data expected soon. H.C. Wainwright responded by raising its price target for BioXcel Therapeutics from $8 to $10, maintaining a Buy rating. Additionally, BioXcel received positive feedback from the U.S. Food and Drug Administration (FDA) on its planned supplemental New Drug Application (sNDA) for BXCL501, which is aimed at expanding its use for treating agitation associated with bipolar disorders or schizophrenia in at-home settings. This feedback has set the stage for a regulatory submission in the first quarter of 2026. The company also published a study in Frontiers in Pharmacology, highlighting that dexmedetomidine, the active ingredient in its drug IGALMI, reduces stress-induced behaviors in preclinical models. These developments indicate BioXcel’s ongoing efforts to broaden the applications of its therapies.
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