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BioXcel Therapeutics, Inc., a pharmaceutical company based in New Haven, Connecticut, whose stock has declined over 95% in the past year according to InvestingPro data, announced today that it has been granted an extension by The Nasdaq Stock Market LLC to regain compliance with the Nasdaq Listing Rule 5550(b)(2), also known as the Minimum Value of Listed Securities (MVLS) Rule. The Nasdaq Hearings Panel has set a new deadline of September 16, 2025, for the company to meet the rule’s requirement, which stipulates a minimum market value of listed securities of $35 million for at least ten consecutive business days. Currently, InvestingPro data shows the company’s market capitalization stands at just $8.42 million, with an overall Financial Health Score rated as "Weak."
The extension follows the Panel’s review of BioXcel Therapeutics’ compliance plan and strategies for achieving long-term adherence to the MVLS Rule. The company, which specializes in pharmaceutical preparations, has been given until the mid-September 2025 deadline to demonstrate compliance or face potential delisting from the Nasdaq Capital Market where its common stock, with the trading symbol BTAI, is currently listed at $1.39 per share. InvestingPro analysis reveals multiple challenges, including weak gross profit margins and no projected profitability for this year. Subscribers can access 6 additional ProTips and comprehensive financial analysis in the Pro Research Report.
This development is critical for the company as it works towards meeting the financial requirements set by Nasdaq to maintain its listing status. The company’s fiscal year-end is December 31, and it is incorporated in Delaware with the central index key 0001720893.
BioXcel Therapeutics’ headquarters are located at 555 Long Wharf Drive, New Haven, CT 06511, and their business phone number is 203-643-8060. The company’s shares are registered under the Securities Exchange Act of 1934, with the file number 001-38410.
The information provided in this article is based on a press release statement from BioXcel Therapeutics, Inc.
In other recent news, BioXcel Therapeutics, Inc. has initiated an at-the-market equity offering program, allowing the company to sell up to $8.1 million of its common stock through Canaccord Genuity LLC. This program provides BioXcel with a flexible financing option to support its operations and growth initiatives. Additionally, BioXcel faces potential delisting from The Nasdaq Capital Market due to non-compliance with the market value requirement, having received a notification from Nasdaq’s Listing Qualifications Department. The company plans to appeal the delisting determination, which temporarily allows its stock to continue trading on Nasdaq.
BioXcel has also reported progress in its SERENITY At-Home pivotal Phase 3 trial, reaching 50% enrollment with 100 patients. This trial evaluates the safety of BXCL501 for at-home treatment of agitation in patients with bipolar disorders or schizophrenia. The company recently boosted its cash reserves to $35 million, following a successful equity financing round, to support this trial. Topline data from the trial is expected in the second half of 2025, potentially supporting a supplemental new drug application for IGALMI® sublingual film. The ongoing developments highlight BioXcel’s efforts to advance its clinical programs and address regulatory challenges.
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