NASDAQ:BTAI BioXcel Therapeutics Q2 2024 Earnings Report $1.74 -0.08 (-4.40%) Closing price 04/17/2025 04:00 PM EasternExtended Trading$1.78 +0.04 (+2.53%) As of 04/17/2025 05:10 PM Eastern Extended trading is trading that happens on electronic markets outside of regular trading hours. This is a fair market value extended hours price provided by Polygon.io. Learn more. Earnings HistoryForecast BioXcel Therapeutics EPS ResultsActual EPS-$3.36Consensus EPS -$12.16Beat/MissBeat by +$8.80One Year Ago EPS-$29.28BioXcel Therapeutics Revenue ResultsActual Revenue$1.10 millionExpected Revenue$0.80 millionBeat/MissBeat by +$300.00 thousandYoY Revenue GrowthN/ABioXcel Therapeutics Announcement DetailsQuarterQ2 2024Date8/6/2024TimeBefore Market OpensConference Call DateTuesday, August 6, 2024Conference Call Time8:00AM ETUpcoming EarningsBioXcel Therapeutics' next earnings date is estimated for Thursday, May 8, 2025, based on past reporting schedules. Conference Call ResourcesConference Call AudioConference Call TranscriptPress Release (8-K)Quarterly Report (10-Q)Earnings HistoryCompany ProfilePowered by BioXcel Therapeutics Q2 2024 Earnings Call TranscriptProvided by QuartrAugust 6, 2024 ShareLink copied to clipboard.There are 9 speakers on the call. Operator00:00:00Good morning, and welcome to the BioXcel Therapeutics Second Quarter 2024 Earnings Conference Call. At this time, all participants are in a listen only mode. After the formal remarks, there will be a question and answer session. Just to remind everyone, certain matters discussed in today's conference call and or answers that may be given to questions asked are forward looking statements that are subject to risks and uncertainties related to future events and or the future financial or business performance of the company. Actual results could differ materially from those anticipated in these forward looking statements. Operator00:00:47Risk factors that may affect future results are detailed in the company's annual report on Form 10 ks for the year ended December 31, 2023, which can be found at www.bioxceltherapeutics.com or on www.sec.gov and which will be updated in its quarterly report on Form 10 Q for the quarterly period ended June 30, 2024. As a reminder, today's call is being recorded. Speaking on today's call are Doctor. Vimal Mehta, Chief Executive Officer Doctor. Vince O'Neill, Chief of Product Development and Medical Officer and Richard Steinhardt, Chief Financial Officer. Operator00:01:25They will be joined in the question and answer session by Frank Yaccha, Chief Scientific Officer Matt Wiley, Chief Commercial Officer and Doctor. Rob Reisinger, Chief Medical Officer of Neuroscience. It is now my pleasure to turn the call over to Doctor. Mehta. Please go ahead. Speaker 100:01:43Thank you, operator. Good morning and thank you for joining us today. At BioXcel Therapeutics, we are focused on expanding our lead asset, BXCL501 into the home setting for bipolar and schizophrenia related agitation and into a new indication for Alzheimer's related agitation. We are extremely passionate and motivated to bring this much needed therapeutic option to millions of patients who are struggling with episodes of agitation. We believe BXCL501 offers a compelling value proposition and we look forward to advancing the development of our 2 clinical programs. Speaker 100:02:28At this time, we are delighted to reach an important juncture with the Serenity program as we are finalizing development plans for BXCL501 in the eye tone setting, where the majority of agitation episodes occur. We truly believe that this is a much needed treatment option for patients, caregivers and healthcare providers as there are no FDA approved therapies for agitation in the home setting. The serenity at home trial could represent a near term value creation opportunity to potentially expand beyond the institutional setting where IgALM is currently marketed. Our tranquility program plans with BXCL501 for Alzheimer's associated agitation are also progressing. This program could address a significant unmet medical need and we are pleased to have received breakthrough therapy designation from the FDA for this indication. Speaker 100:03:35We believe this program could represent a larger, longer term growth opportunity to potentially address an estimated 100,000,000 annual episodes of Alzheimer's associated agitation. Vince will share updates on the Tranquility and Serenity program shortly. Turning to eGarmi, we have seen growing adoption among psychiatric care clinics and behavioral health facilities. This market segment represents a community adjacent opportunity characterized by strong product fit and lower administrative barriers. Given our small field commercial footprint, we believe targeting this market sector positions origami for continued growth and scalability. Speaker 100:04:28This could also serve as a bridge to the home setting to the at home setting if approved. We believe this approach, coupled with substantial patent protection that extends to 2,043, could enable us to fully realize the potential of econry. Finally, we remain focused on strengthening our balance sheet to support our late stage clinical trials with the goal of reaching data readouts. We are also evaluating strategic financing alternatives such as royalty monetization, Oncodexcel monetization, as well as strategic partnerships. In summary, plans for our core clinical programs are advancing. Speaker 100:05:19Our market access strategy with IGALM is progressing, and we are pleased with growing patent portfolio. With that, I will turn the call over to Vince. Speaker 200:05:30Thank you, Vimal. So as Vimal announced, we're pleased to be preparing for initiation of our Serenity at Home trial, which as a reminder is designed to be a double blind, placebo controlled, multicenter study to evaluate the safety and efficacy of a 120 microgram dose of 501 over a 12 week period. The primary objective will be safety with efficacy measures as exploratory endpoints. We recently received feedback on the trial protocol from the FDA. We've completed the CMC work we believe is sufficient to support the use of childproof pouches in the home setting and have finally defined the final statement of work and clinical site selection with our CRO, all preparing us for trial initiation. Speaker 200:06:12Plans for our TRANQUILITY program are also advancing with the focus on our TRANQUILITY IN CARE trial. The proposed trial design is substantially similar to Tranquility 2. As a reminder, Tranquility in Care is a double blind, placebo controlled, multicenter study to evaluate the efficacy and safety of a 60 microgram dose of 501 over a 12 week period. The primary endpoint is expected to be the change in PEG score at 2 hours post first dose. The Tranquility and Care protocol is in final form and we're planning to submit it to the agency. Speaker 200:06:45Turning to our PMR study with IgALMII, we were pleased to have reported positive top line results evaluating PRN or as needed treatment of egalomate. The study achieved its objective and demonstrated no evidence of tachyphylaxis tolerance or withdrawal with the 1 in agitation was observed for each episode occurring during the 7 day study period and no serious adverse events were reported following treatment. I would now like to turn the call over to Rich, who will review our financial results for the Q2. Speaker 300:07:25Thank you, Vince. Net revenue from origami was $1,100,000 for the Q2 of 2024 compared to $457,000 for the same period in 2023. This represented a 141% increase. Twenty four from the Q1 of 2024. The growth in revenue for both periods was primarily driven by an increase in contracting with psychiatric care clinics and behavioral health facilities. Speaker 300:07:58Research and development expenses were $8,000,000 for the Q2 of 2024 compared to $27,000,000 for the same period in 2023. The decreased expenses were primarily attributable to the wind down of the Serenity 3 and Tranquility 2 and 3 trials as well as decreased professional fees, personnel and related costs. Selling, general and administrative expenses were $9,500,000 for the Q2 of 2024 compared to $25,900,000 for the same period in 2023. The expense reduction was primarily attributable to a decrease in personnel and costs associated with the commercialization of Algami compared to the Q2 of 2023 driven by our reprioritization. BioXcel Therapeutics had a net loss of $8,300,000 for the Q2 of 2024 compared to a net loss of $53,500,000 Speaker 200:08:58dollars for the same period in 2023. Speaker 300:08:58In the Q2 of 2024, the loss from operations of 17,300,000 dollars was offset by an unrealized gains related to derivative liabilities. Company used $23,200,000 in operating cash during the second quarter of 2024. Cash and cash equivalents totaled $56,300,000 as of June 30, 2024. Finally, to enable us to deliver on our strategic clinical priorities that Vimal and Vince have described earlier, we are continuing to optimize operational efficiencies across our business. Now I'd like to turn the call back to Vimal. Speaker 100:09:37Thank you, Rich. We would now like to open the call for questions. Operator? Speaker 400:09:43Thank you. We will now be conducting a question and answer Your first question comes from Sumant Kulkarni with Canaccord Genuity. Please go ahead. Speaker 500:10:25Good morning. Thanks for taking my questions. I have 3 fairly quick ones. On Tranquility in Care, at what point do you expect to be able to let us know when data might be available? And on that trial, are there any new variables that might make the trial more or less expensive relative to how you've characterized the cost previously? Speaker 200:10:42So, good morning, Suman. This is Vince. So for Tranquility and Care, today we're not in a position to provide specific timing. To your second question in terms of cost, we don't obviously typically give specific cost guidance, but we see no reason to have changed our view on the cost of the study recently. It's essentially as previously thought or planned. Speaker 500:11:07Got it. And then my third one is on serenity@home, how aligned would you say you are with the FDA on that trial and is the childproof packaging the key part of enabling that trial to proceed? Speaker 200:11:19So I would say we are very aligned with the FDA. As I mentioned in prepared remarks, we did receive feedback from the FDA that has been incorporated into the protocol. Also as mentioned, CMC work is complete. Statement of work with the CRO has also been defined. So essentially, the make ready work for that study is complete. Speaker 500:11:41And I'll squeeze one last point in, sorry. Can you talk about any potential areas of discussion that you might have with the FDA on the specific Tranquility in care protocol? Speaker 200:11:51I think one point I'll make is obviously Tranquility versus serenity is an efficacy primary endpoint study. It's obviously a little more complicated, a little longer in duration, and actually a little bit more expensive. We know that the FDA is very interested in repeat dose efficacy. And I think that will be the one point that we want to get right going forward with that protocol. Speaker 500:12:16Thank you. Speaker 400:12:19Next question, Alex Stranahan with Bank of America. Please go ahead. Speaker 600:12:24Good morning. This is Mary Kate on for Alex this morning. And we were just wondering what are your expectations for the pace of trial execution for the Phase III trials upon initiation, maybe specifically Serenity here? And maybe Speaker 400:12:37could you add additional color on Speaker 600:12:39the potential market opportunity for the at home population here as well? Thank you. Thanks. Speaker 200:12:45And just this is Vince. Just to paraphrase your first question, essentially, you're asking about the timing of the serenity at home study, correct? Speaker 600:12:54Yes. Yes. And how long it could potentially take in terms of enrollment once you guys initiate the trial? Speaker 200:13:02Sure. So again, not in a position to give precise timelines today, but I'll actually just repeat what I said a moment ago. And that is that Serenity of the 2 studies, Serenity is the less complex study, therefore the faster study and the less expensive study. Speaker 700:13:19Yes. Mary Kate, this is Matt. I'll talk a little bit about the market opportunity. So there are 23,000,000 episodes in the at home market. What we found in market research is that patients who experience agitation with bipolar schizophrenia indicated that they would use BXCL501 in 80% of their episodes, oftentimes at the phase of the episode. Speaker 700:13:49So the patients are motivated. And clearly, we could imagine taking some of the 23,000,000 episodes adding to that, as we draw some of those episodes out of the emergency department in the hospital. Speaker 400:14:10Next question, Gregg Sivanovich with Mizuho. Please go ahead. Operator00:14:15Hi. This is Avantika on for Gregg. I just had a couple of questions. The first was, what is the company's current cash runway? And the second is for both the serenity and tranquility studies, are you still planning to finance it yourself? Operator00:14:31Are you thinking of partnering with someone to actually run the trials? And the last is, what are the gating factors for actually initiating the trials now that you have discussed the protocol with the FDA specifically for serenity? Thanks. Speaker 300:14:51Hi, this is Rich. On the cash runway, we really haven't changed our guidance on cash runway at all. So it remains similar to what we had talked about in the past. Speaker 100:15:01Good morning, Avantika. This is Vimal. Regarding your question on the financing, our fundraising strategy is based on funding both trials through various alternatives, as I mentioned. So we are exploring all those opportunities in parallel. As you said, both trials are at a point where we already have a feedback and at home can begin shortly. Speaker 100:15:25And we are finalizing our plans for that tranquility in care, which Vince already mentioned. So both are strategic priorities, and we are moving them along. And as I mentioned in my prepared remarks, we are looking at strategic partnerships as well as a part of this exercise. Operator00:15:46Okay. Thank you. Speaker 400:15:50Next question, Ram Selvaraju with H. C. Wainwright. Please go ahead. Speaker 800:15:56Thanks very much for taking my questions. Three quick ones here. Firstly, just a question on the commercial side. Can you comment on any favorable tailwinds that you see the product experiencing at this juncture? And what impact that might have on the cadence of revenue growth and prescription uptake over the course of the second half of twenty twenty four? Speaker 800:16:19Secondly, with respect to OncoFexcel, can you provide any update with respect to potential spin out of that entity or other ways in which you could conceivably monetize BXCL701? And then lastly, if you could perhaps comment on your plans for the neurology pipeline beyond BXCL501 And to what extent that might potentially provide you with additional sources of non dilutive funding? Thank you. Speaker 700:16:55Hey, Ram. So this is Matt again. To answer your question about tailwinds, I mean one of the things that we've observed over the last three quarters is an increase in the interest from these community behavioral health centers. There are about 36,000 of these in the United States. We know from previous market research that psychiatrists have the highest intent to use the product of all the constituents in a hospital setting. Speaker 500:17:24So we Speaker 700:17:25think that that translates nicely to this community mental health clinic type setting. We also based on our experience, we know that the process for acquiring Agomi does not require the type of administrative hurdles that you typically see in a hospital IDN setting. So we feel like this is an opportunity that is near term low hanging fruit and we will continue to progress on that over the balance of the year and into next year as well. Speaker 200:18:04Sure. This is Vince. Good morning, Ram. So just to reiterate what you've said, we're obviously committed to monetizing 701. So we have initiated partner outreach through a routine firm, a firm that specializes in this area. Speaker 200:18:16And that's in addition to assessing formally assessing the commercial value of our indications. So, we're pleased with progress so far, and we'll update you in due course. Speaker 100:18:28Good morning, Ram. This is Vimal. Regarding your third question, plan for our like neuroscience pipeline. Currently, as I mentioned, we are very focused on moving to late stage pivotal trial, but we will continue to look at it what are the best options to progress the pipeline, which is 502, 503, either through a partnership mechanism or any other ways to move those programs forward. Thank you. Speaker 400:19:07Thank you. I would like to turn the floor over to Doctor. Metzler for closing remarks. Speaker 100:19:20Thank you. Thank you everyone for joining us today and for your continued interest in BioXcel Therapeutics. Have a great day.Read morePowered by Conference Call Audio Live Call not available Earnings Conference CallBioXcel Therapeutics Q2 202400:00 / 00:00Speed:1x1.25x1.5x2x Earnings DocumentsPress Release(8-K)Quarterly report(10-Q) BioXcel Therapeutics Earnings HeadlinesBioXcel Therapeutics, Inc. (NASDAQ:BTAI) Receives $42.60 Consensus Target Price from BrokeragesApril 20 at 2:03 AM | americanbankingnews.comBank of America Securities Keeps Their Sell Rating on Bioxcel Therapeutics (BTAI)March 28, 2025 | markets.businessinsider.comNow that Trump’s be inaugurated, this day will be key (mark your calendar)Mark your calendar for May 7th. Because on that day, I believe we could see a $2 Trillion shock INTO the market… Unleashing more explosive moves than ever before.April 20, 2025 | Timothy Sykes (Ad)BioXcel Therapeutics price target lowered to $1 from $4 at BofAMarch 28, 2025 | markets.businessinsider.comBioXcel Therapeutics Reports Financial Results for the Fourth Quarter and Full Year 2024March 27, 2025 | globenewswire.comRodman & Renshaw Initiates Coverage of BioXcel Therapeutics (BTAI) with Buy RecommendationMarch 20, 2025 | msn.comSee More BioXcel Therapeutics Headlines Get Earnings Announcements in your inboxWant to stay updated on the latest earnings announcements and upcoming reports for companies like BioXcel Therapeutics? Sign up for Earnings360's daily newsletter to receive timely earnings updates on BioXcel Therapeutics and other key companies, straight to your email. Email Address About BioXcel TherapeuticsBioXcel Therapeutics (NASDAQ:BTAI), a commercial-stage biopharmaceutical company, engages in utilizing artificial intelligence approaches to develop transformative medicines in neuroscience and immuno-oncology. The company's drug re-innovation approach leverages existing approved drugs and/or clinically validated product candidates together with big data and proprietary machine learning algorithms to identify new therapeutic indices. Its commercial product, IGALMI, a sublingual film formulation of dexmedetomidine for the acute treatment of agitation associated with schizophrenia or bipolar I or II disorder in adults. The company also continues to conduct clinical trials evaluating BXCL501 for the acute treatment of agitation in Alzheimer's disease patients, and for adjunctive treatment of patients with major depressive disorder, as well as in the community for agitation associated with bipolar disorders and schizophrenia. In addition, it is developing BXCL502 as a potential therapy for chronic agitation in dementia; and BXCL701, an investigational, orally innate immunity activator for the treatment of aggressive forms of prostate cancer, pancreatic cancer, and other solid and liquid tumors; BXCL503, a drug candidate to target apathy in dementia; and BXCL504, a drug candidate to target aggression in dementia. BioXcel Therapeutics, Inc. was incorporated in 2017 and is headquartered in New Haven, Connecticut.View BioXcel Therapeutics ProfileRead more More Earnings Resources from MarketBeat Earnings Tools Today's Earnings Tomorrow's Earnings Next Week's Earnings Upcoming Earnings Calls Earnings Newsletter Earnings Call Transcripts Earnings Beats & Misses Corporate Guidance Earnings Screener Earnings By Country U.S. Earnings Reports Canadian Earnings Reports U.K. Earnings Reports Latest Articles Archer Aviation Unveils NYC Network Ahead of Key Earnings Report3 Reasons to Like the Look of Amazon Ahead of EarningsTesla Stock Eyes Breakout With Earnings on DeckJohnson & Johnson Earnings Were More Good Than Bad—Time to Buy? Why Analysts Boosted United Airlines Stock Ahead of EarningsLamb Weston Stock Rises, Earnings Provide Calm Amidst ChaosIntuitive Machines Gains After Earnings Beat, NASA Missions Ahead Upcoming Earnings Tesla (4/22/2025)Intuitive Surgical (4/22/2025)Verizon Communications (4/22/2025)Canadian National Railway (4/22/2025)Novartis (4/22/2025)RTX (4/22/2025)3M (4/22/2025)Capital One Financial (4/22/2025)General Electric (4/22/2025)Danaher (4/22/2025) Get 30 Days of MarketBeat All Access for Free Sign up for MarketBeat All Access to gain access to MarketBeat's full suite of research tools. Start Your 30-Day Trial MarketBeat All Access Features Best-in-Class Portfolio Monitoring Get personalized stock ideas. Compare portfolio to indices. Check stock news, ratings, SEC filings, and more. Stock Ideas and Recommendations See daily stock ideas from top analysts. Receive short-term trading ideas from MarketBeat. Identify trending stocks on social media. Advanced Stock Screeners and Research Tools Use our seven stock screeners to find suitable stocks. Stay informed with MarketBeat's real-time news. Export data to Excel for personal analysis. Sign in to your free account to enjoy these benefits In-depth profiles and analysis for 20,000 public companies. Real-time analyst ratings, insider transactions, earnings data, and more. Our daily ratings and market update email newsletter. Sign in to your free account to enjoy all that MarketBeat has to offer. Sign In Create Account Your Email Address: Email Address Required Your Password: Password Required Log In or Sign in with Facebook Sign in with Google Forgot your password? Your Email Address: Please enter your email address. Please enter a valid email address Choose a Password: Please enter your password. Your password must be at least 8 characters long and contain at least 1 number, 1 letter, and 1 special character. Create My Account (Free) or Sign in with Facebook Sign in with Google By creating a free account, you agree to our terms of service. This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.
There are 9 speakers on the call. Operator00:00:00Good morning, and welcome to the BioXcel Therapeutics Second Quarter 2024 Earnings Conference Call. At this time, all participants are in a listen only mode. After the formal remarks, there will be a question and answer session. Just to remind everyone, certain matters discussed in today's conference call and or answers that may be given to questions asked are forward looking statements that are subject to risks and uncertainties related to future events and or the future financial or business performance of the company. Actual results could differ materially from those anticipated in these forward looking statements. Operator00:00:47Risk factors that may affect future results are detailed in the company's annual report on Form 10 ks for the year ended December 31, 2023, which can be found at www.bioxceltherapeutics.com or on www.sec.gov and which will be updated in its quarterly report on Form 10 Q for the quarterly period ended June 30, 2024. As a reminder, today's call is being recorded. Speaking on today's call are Doctor. Vimal Mehta, Chief Executive Officer Doctor. Vince O'Neill, Chief of Product Development and Medical Officer and Richard Steinhardt, Chief Financial Officer. Operator00:01:25They will be joined in the question and answer session by Frank Yaccha, Chief Scientific Officer Matt Wiley, Chief Commercial Officer and Doctor. Rob Reisinger, Chief Medical Officer of Neuroscience. It is now my pleasure to turn the call over to Doctor. Mehta. Please go ahead. Speaker 100:01:43Thank you, operator. Good morning and thank you for joining us today. At BioXcel Therapeutics, we are focused on expanding our lead asset, BXCL501 into the home setting for bipolar and schizophrenia related agitation and into a new indication for Alzheimer's related agitation. We are extremely passionate and motivated to bring this much needed therapeutic option to millions of patients who are struggling with episodes of agitation. We believe BXCL501 offers a compelling value proposition and we look forward to advancing the development of our 2 clinical programs. Speaker 100:02:28At this time, we are delighted to reach an important juncture with the Serenity program as we are finalizing development plans for BXCL501 in the eye tone setting, where the majority of agitation episodes occur. We truly believe that this is a much needed treatment option for patients, caregivers and healthcare providers as there are no FDA approved therapies for agitation in the home setting. The serenity at home trial could represent a near term value creation opportunity to potentially expand beyond the institutional setting where IgALM is currently marketed. Our tranquility program plans with BXCL501 for Alzheimer's associated agitation are also progressing. This program could address a significant unmet medical need and we are pleased to have received breakthrough therapy designation from the FDA for this indication. Speaker 100:03:35We believe this program could represent a larger, longer term growth opportunity to potentially address an estimated 100,000,000 annual episodes of Alzheimer's associated agitation. Vince will share updates on the Tranquility and Serenity program shortly. Turning to eGarmi, we have seen growing adoption among psychiatric care clinics and behavioral health facilities. This market segment represents a community adjacent opportunity characterized by strong product fit and lower administrative barriers. Given our small field commercial footprint, we believe targeting this market sector positions origami for continued growth and scalability. Speaker 100:04:28This could also serve as a bridge to the home setting to the at home setting if approved. We believe this approach, coupled with substantial patent protection that extends to 2,043, could enable us to fully realize the potential of econry. Finally, we remain focused on strengthening our balance sheet to support our late stage clinical trials with the goal of reaching data readouts. We are also evaluating strategic financing alternatives such as royalty monetization, Oncodexcel monetization, as well as strategic partnerships. In summary, plans for our core clinical programs are advancing. Speaker 100:05:19Our market access strategy with IGALM is progressing, and we are pleased with growing patent portfolio. With that, I will turn the call over to Vince. Speaker 200:05:30Thank you, Vimal. So as Vimal announced, we're pleased to be preparing for initiation of our Serenity at Home trial, which as a reminder is designed to be a double blind, placebo controlled, multicenter study to evaluate the safety and efficacy of a 120 microgram dose of 501 over a 12 week period. The primary objective will be safety with efficacy measures as exploratory endpoints. We recently received feedback on the trial protocol from the FDA. We've completed the CMC work we believe is sufficient to support the use of childproof pouches in the home setting and have finally defined the final statement of work and clinical site selection with our CRO, all preparing us for trial initiation. Speaker 200:06:12Plans for our TRANQUILITY program are also advancing with the focus on our TRANQUILITY IN CARE trial. The proposed trial design is substantially similar to Tranquility 2. As a reminder, Tranquility in Care is a double blind, placebo controlled, multicenter study to evaluate the efficacy and safety of a 60 microgram dose of 501 over a 12 week period. The primary endpoint is expected to be the change in PEG score at 2 hours post first dose. The Tranquility and Care protocol is in final form and we're planning to submit it to the agency. Speaker 200:06:45Turning to our PMR study with IgALMII, we were pleased to have reported positive top line results evaluating PRN or as needed treatment of egalomate. The study achieved its objective and demonstrated no evidence of tachyphylaxis tolerance or withdrawal with the 1 in agitation was observed for each episode occurring during the 7 day study period and no serious adverse events were reported following treatment. I would now like to turn the call over to Rich, who will review our financial results for the Q2. Speaker 300:07:25Thank you, Vince. Net revenue from origami was $1,100,000 for the Q2 of 2024 compared to $457,000 for the same period in 2023. This represented a 141% increase. Twenty four from the Q1 of 2024. The growth in revenue for both periods was primarily driven by an increase in contracting with psychiatric care clinics and behavioral health facilities. Speaker 300:07:58Research and development expenses were $8,000,000 for the Q2 of 2024 compared to $27,000,000 for the same period in 2023. The decreased expenses were primarily attributable to the wind down of the Serenity 3 and Tranquility 2 and 3 trials as well as decreased professional fees, personnel and related costs. Selling, general and administrative expenses were $9,500,000 for the Q2 of 2024 compared to $25,900,000 for the same period in 2023. The expense reduction was primarily attributable to a decrease in personnel and costs associated with the commercialization of Algami compared to the Q2 of 2023 driven by our reprioritization. BioXcel Therapeutics had a net loss of $8,300,000 for the Q2 of 2024 compared to a net loss of $53,500,000 Speaker 200:08:58dollars for the same period in 2023. Speaker 300:08:58In the Q2 of 2024, the loss from operations of 17,300,000 dollars was offset by an unrealized gains related to derivative liabilities. Company used $23,200,000 in operating cash during the second quarter of 2024. Cash and cash equivalents totaled $56,300,000 as of June 30, 2024. Finally, to enable us to deliver on our strategic clinical priorities that Vimal and Vince have described earlier, we are continuing to optimize operational efficiencies across our business. Now I'd like to turn the call back to Vimal. Speaker 100:09:37Thank you, Rich. We would now like to open the call for questions. Operator? Speaker 400:09:43Thank you. We will now be conducting a question and answer Your first question comes from Sumant Kulkarni with Canaccord Genuity. Please go ahead. Speaker 500:10:25Good morning. Thanks for taking my questions. I have 3 fairly quick ones. On Tranquility in Care, at what point do you expect to be able to let us know when data might be available? And on that trial, are there any new variables that might make the trial more or less expensive relative to how you've characterized the cost previously? Speaker 200:10:42So, good morning, Suman. This is Vince. So for Tranquility and Care, today we're not in a position to provide specific timing. To your second question in terms of cost, we don't obviously typically give specific cost guidance, but we see no reason to have changed our view on the cost of the study recently. It's essentially as previously thought or planned. Speaker 500:11:07Got it. And then my third one is on serenity@home, how aligned would you say you are with the FDA on that trial and is the childproof packaging the key part of enabling that trial to proceed? Speaker 200:11:19So I would say we are very aligned with the FDA. As I mentioned in prepared remarks, we did receive feedback from the FDA that has been incorporated into the protocol. Also as mentioned, CMC work is complete. Statement of work with the CRO has also been defined. So essentially, the make ready work for that study is complete. Speaker 500:11:41And I'll squeeze one last point in, sorry. Can you talk about any potential areas of discussion that you might have with the FDA on the specific Tranquility in care protocol? Speaker 200:11:51I think one point I'll make is obviously Tranquility versus serenity is an efficacy primary endpoint study. It's obviously a little more complicated, a little longer in duration, and actually a little bit more expensive. We know that the FDA is very interested in repeat dose efficacy. And I think that will be the one point that we want to get right going forward with that protocol. Speaker 500:12:16Thank you. Speaker 400:12:19Next question, Alex Stranahan with Bank of America. Please go ahead. Speaker 600:12:24Good morning. This is Mary Kate on for Alex this morning. And we were just wondering what are your expectations for the pace of trial execution for the Phase III trials upon initiation, maybe specifically Serenity here? And maybe Speaker 400:12:37could you add additional color on Speaker 600:12:39the potential market opportunity for the at home population here as well? Thank you. Thanks. Speaker 200:12:45And just this is Vince. Just to paraphrase your first question, essentially, you're asking about the timing of the serenity at home study, correct? Speaker 600:12:54Yes. Yes. And how long it could potentially take in terms of enrollment once you guys initiate the trial? Speaker 200:13:02Sure. So again, not in a position to give precise timelines today, but I'll actually just repeat what I said a moment ago. And that is that Serenity of the 2 studies, Serenity is the less complex study, therefore the faster study and the less expensive study. Speaker 700:13:19Yes. Mary Kate, this is Matt. I'll talk a little bit about the market opportunity. So there are 23,000,000 episodes in the at home market. What we found in market research is that patients who experience agitation with bipolar schizophrenia indicated that they would use BXCL501 in 80% of their episodes, oftentimes at the phase of the episode. Speaker 700:13:49So the patients are motivated. And clearly, we could imagine taking some of the 23,000,000 episodes adding to that, as we draw some of those episodes out of the emergency department in the hospital. Speaker 400:14:10Next question, Gregg Sivanovich with Mizuho. Please go ahead. Operator00:14:15Hi. This is Avantika on for Gregg. I just had a couple of questions. The first was, what is the company's current cash runway? And the second is for both the serenity and tranquility studies, are you still planning to finance it yourself? Operator00:14:31Are you thinking of partnering with someone to actually run the trials? And the last is, what are the gating factors for actually initiating the trials now that you have discussed the protocol with the FDA specifically for serenity? Thanks. Speaker 300:14:51Hi, this is Rich. On the cash runway, we really haven't changed our guidance on cash runway at all. So it remains similar to what we had talked about in the past. Speaker 100:15:01Good morning, Avantika. This is Vimal. Regarding your question on the financing, our fundraising strategy is based on funding both trials through various alternatives, as I mentioned. So we are exploring all those opportunities in parallel. As you said, both trials are at a point where we already have a feedback and at home can begin shortly. Speaker 100:15:25And we are finalizing our plans for that tranquility in care, which Vince already mentioned. So both are strategic priorities, and we are moving them along. And as I mentioned in my prepared remarks, we are looking at strategic partnerships as well as a part of this exercise. Operator00:15:46Okay. Thank you. Speaker 400:15:50Next question, Ram Selvaraju with H. C. Wainwright. Please go ahead. Speaker 800:15:56Thanks very much for taking my questions. Three quick ones here. Firstly, just a question on the commercial side. Can you comment on any favorable tailwinds that you see the product experiencing at this juncture? And what impact that might have on the cadence of revenue growth and prescription uptake over the course of the second half of twenty twenty four? Speaker 800:16:19Secondly, with respect to OncoFexcel, can you provide any update with respect to potential spin out of that entity or other ways in which you could conceivably monetize BXCL701? And then lastly, if you could perhaps comment on your plans for the neurology pipeline beyond BXCL501 And to what extent that might potentially provide you with additional sources of non dilutive funding? Thank you. Speaker 700:16:55Hey, Ram. So this is Matt again. To answer your question about tailwinds, I mean one of the things that we've observed over the last three quarters is an increase in the interest from these community behavioral health centers. There are about 36,000 of these in the United States. We know from previous market research that psychiatrists have the highest intent to use the product of all the constituents in a hospital setting. Speaker 500:17:24So we Speaker 700:17:25think that that translates nicely to this community mental health clinic type setting. We also based on our experience, we know that the process for acquiring Agomi does not require the type of administrative hurdles that you typically see in a hospital IDN setting. So we feel like this is an opportunity that is near term low hanging fruit and we will continue to progress on that over the balance of the year and into next year as well. Speaker 200:18:04Sure. This is Vince. Good morning, Ram. So just to reiterate what you've said, we're obviously committed to monetizing 701. So we have initiated partner outreach through a routine firm, a firm that specializes in this area. Speaker 200:18:16And that's in addition to assessing formally assessing the commercial value of our indications. So, we're pleased with progress so far, and we'll update you in due course. Speaker 100:18:28Good morning, Ram. This is Vimal. Regarding your third question, plan for our like neuroscience pipeline. Currently, as I mentioned, we are very focused on moving to late stage pivotal trial, but we will continue to look at it what are the best options to progress the pipeline, which is 502, 503, either through a partnership mechanism or any other ways to move those programs forward. Thank you. Speaker 400:19:07Thank you. I would like to turn the floor over to Doctor. Metzler for closing remarks. Speaker 100:19:20Thank you. Thank you everyone for joining us today and for your continued interest in BioXcel Therapeutics. Have a great day.Read morePowered by