- BioXcel Therapeutics ( NASDAQ: BTAI ) stock fell ~9% on Aug. 9 after Q2 net loss widened year over year.
- Q2 net loss widened to -$37.67M, compared to -$27.62M in Q2 2021.
- "We are focused on the commercial launch for our recently FDA approved drug IGALMI while significantly increasing the opportunity for BXCL501 through at-home, medical setting expansion and the pursuit of multiple additional indications for our BXCL501 franchise," said BioXcel CEO Vimal Mehta.
- In April, the FDA approved Igalmi, (dexmedetomidine), for the acute treatment of agitation linked to schizophrenia or bipolar I or II disorder in adults.
- Research and Development expenses increased to $17.91M, compared to $13.51M in Q2 2021.
- Selling, general and administrative expenses increased to $18.4M, compared to $14.1M in Q2 2021. The company added that the increase was mainly due to personnel and costs related to the launch of Igalmi in the U.S.
- As of June 30, cash and cash equivalents totaled $233.5M.
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BioXcel stock falls ~9% as Q2 net loss widens