New Haven-based BioXcel Therapeutics has approved retention and milestone bonus agreements for senior executives following the company’s recent regulatory push to expand the use of its lead drug, IGALMI.
New Haven-based BioXcel Therapeutics has approved retention and milestone bonus agreements for senior executives
following the company’s recent regulatory push to expand the use of its lead drug, IGALMI.
The incentives, disclosed in a filing with the U.S. Securities and Exchange Commission, are tied to executives remaining with the company through April 15, 2026, or until BioXcel completes a major financing or change-of-control deal. Most participating executives are eligible for up to $225,000, while CEO Vimal Mehta could receive up to $650,000, split between an initial payment and a contingent payment.
The filing notes the agreements follow BioXcel’s recent submission of a supplemental New Drug Application, or sNDA, to the U.S. Food and Drug Administration seeking approval to allow IGALMI to be used at home for the acute treatment of agitation associated with bipolar disorder or schizophrenia. The drug is currently approved only for supervised health care settings.
Final bonus payments are contingent on continued employment and the company avoiding a default under its credit agreement.
Payments could be accelerated if BioXcel raises at least $25 million in capital or completes a change-of-control transaction before the eligibility date, according to the filing.
