New Haven-based biopharmaceutical company BioXcel Therapeutics Inc. said Tuesday that it has been granted an extension to regain compliance with the Nasdaq Stock Market’s listing rules.
BioXcel officials said they received a decision letter from The Nasdaq Stock Market LLC stating that the Nasdaq Hearings Panel has granted the company’s request for an extension until Sept. 16, 2025, to regain compliance with Nasdaq Listing Rule 5550(b)(2), “subject to meeting certain interim conditions.”
The panel reviewed the company’s compliance plan and strategies for achieving long-term compliance with the rule, known as the MVLS Rule.
The decision gives BioXcel about four months to demonstrate compliance with the MVLS Rule, which requires a market value for listed securities of at least $35 million for at least 10 consecutive business days.
Shares of BioXcel, which trade on the Nasdaq under the symbol BTAI, were trading for approximately $1.38 per share Tuesday morning, above its 52-week low of $1.29 per share. According to Nasdaq.com, BioXcel’s market cap is currently about $8.2 million.
Tuesday’s announcement follows BioXcel’s announcement in February that it had avoided being delisted from the Nasdaq.
Based at 555 Long Wharf Drive, BioXcel uses artificial intelligence to develop medicines in neuroscience and immuno-oncology. The company is evaluating BXCL501 as a treatment for agitation associated with Alzheimer’s dementia (AAD).
BioXcel also developed and commercially sells its drug under the trademarked name IGALMI (dexmedetomidine). IGLAMI is a thin-film that dissolves in the mouth to treat acute agitation in patients with schizophrenia and bipolar disorder. It was approved by the Food and Drug Administration in April 2022.
