BioXcel Therapeutics ( NASDAQ: BTAI ) stock rose ~17% on Thursday after the company's Q3 results which saw first ever sales of its lead drug Igalmi.
The company said net revenue of $137K in Q3 resulted from early product trial with limited market access. Due to the company's direct shipping model to hospitals, no wholesaler stocking was expected.
In April, the FDA approved Igalmi, (dexmedetomidine), for the acute treatment of agitation linked to schizophrenia or bipolar 1 or 2 disorder in adults.
"In the four months since IGALMI’s trade launch, BioXcel Therapeutics is advancing its leadership position in the agitation-treatment market," said BioXcel CEO Vimal Mehta.
The company noted that Igalmi is well-positioned for growth in 2023 based on increasing market access, efficient targeting, favorable market drivers, and sales force expansion in all major U.S. geographies.
In addition, the company said it is expecting data from its phase 3 trial, dubbed TRANQUILITY II, evaluating BXCL501 for the acute treatment of agitation in patients with probable Alzheimer's disease (AD) in H1 2023.
BioXcel added that data from Part one of SERENITY III study, which is evaluating at-home use of BXCL501 for acute treatment of bipolar and schizophrenia-related agitation, is also expected in H1 2023.
Q3 net loss widened to -$41.8M, compared to -$26.8M in the same period a year ago. The company noted that it used $31.5M in operating cash in Q3.
Research and Development expenses increased to $22.1M, compared to $11.9M in Q3 2021.
As of Sept. 30, cash and cash equivalents were ~$232.3M.
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BioXcel stock soars 17% as lead drug Igalmi starts to bring in revenue