Three C-level officials at New Haven-based biopharmaceutical company BioXcel Therapeutics Inc. have taken cuts to their cash compensation as the business, which uses artificial intelligence to develop medicines in neuroscience and immuno-oncology, faces financial issues.
BioXcel inked amendments to the trio’s employment agreements that reduced the executives’ cash compensation but also granted them options to purchase more common stock, according to a notice filed with the U.S. Securities and Exchange Commission.
President and CEO Vimal Mehta’s cash compensation was reduced to $706,558; Chief Financial Officer Richard Steinhart’s cash compensation was lowered to $289,800; and Chief Scientific Officer Frank Yocca’s compensation fell to $290,500, the filing states.
The amendments also grant options for the executives to purchase additional shares of the company’s common stock, pursuant to the company’s 2020 Incentive Award Plan.
Mehta had a salary of just over $1 million in 2023, and total competition of $4.7 million, according to the company’s proxy statement.
Information about 2024 pay packages is not yet available.
