New Haven-based BioXcel Therapeutics said Friday it is exploring strategic alternatives, including a possible sale or merger, as the biotech company continues to post losses while trying to expand the commercial reach of its only approved drug.
BioXcel said it has hired MTS Health Partners to evaluate options that could include a sale of the company, merger, collaboration, licensing deal, recapitalization or continued independent operations.
The announcement comes after a turbulent stretch for the company, which underwent multiple rounds of layoffs in recent years, completed a reverse stock split in February 2025 to maintain its Nasdaq listing, and has continued to post losses.
BioXcel reported first-quarter revenue of $206,000, up from $168,000 a year earlier, while its net loss widened to $12.7 million from $7.3 million. Cash, cash equivalents and restricted cash fell to $17.2 million as of March 31, down from $28.8 million at the end of 2025.
The company said its near-term focus remains on expanding the market for Igalmi, its U.S. Food and Drug Administration-approved treatment for acute agitation in adults with schizophrenia and bipolar disorder. BioXcel said the FDA accepted its supplemental application seeking approval for at-home use of the drug, with a target action date of Nov. 14.
If approved, the label expansion could broaden Igalmi’s commercial opportunity, the company said.
BioXcel is also continuing development of BXCL501, an investigational treatment for agitation associated with Alzheimer’s dementia.
