Shares of BioXcel Therapeutics Inc (NASDAQ:BTAI) are trading higher Tuesday morning, reversing sharply following earlier weakness, after the company announced its financial results for the second quarter. Here’s what investors need to know.
What To Know: The biopharmaceutical firm reported a net loss of $19.2 million, or a loss of $2.45 per share, for the quarter ended June 30. This marks a wider loss compared to the $8.3 million net loss recorded in the same period of the previous year.
The company’s second-quarter revenue was $120,000, a decrease from the $1.1 million generated in the second quarter of 2024. Compared to Street estimates, BioXcel’s second-quarter loss of $2.45 per share was better than the analyst consensus of a $3.28 loss per share. However, the company’s revenue of $120,000 missed the sales estimate.
The company’s operating expenses included a rise in research and development costs to $10.3 million, up from $8.0 million year-over-year, primarily due to increased clinical trial activity.
Despite the weak financial report, BioXcel provided key business updates. The company announced the completion of itsSERENITY At-Home pivotal Phase 3 safety trial. Topline data from this study, which evaluates BXCL501 for the at-home treatment of agitation in patients with bipolar disorders or schizophrenia, are anticipated in August.
An FDA meeting is also scheduled for August to discuss a potential label expansion for IGALMI in the at-home setting. The company meanwhile ended the quarter with $18.6 million in cash and cash equivalents.
Price Action: According to data from Benzinga Pro, BTAI shares are trading higher by 24.80% to $7.99 Tuesday morning. The stock has a 52-week high of $13.36 and a 52-week low of $1.17.
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How To Buy BTAI Stock
Besides going to a brokerage platform to purchase a share – or fractional share – of stock, you can also gain access to shares either by buying an exchange traded fund (ETF) that holds the stock itself, or by allocating yourself to a strategy in your 401(k) that would seek to acquire shares in a mutual fund or other instrument.
For example, in BioXcel Therapeutics’ case, it is in the Health Care sector. An ETF will likely hold shares in many liquid and large companies that help track that sector, allowing an investor to gain exposure to the trends within that segment.
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