Q2 2024 BioXcel Therapeutics Inc Earnings Call Transcript
Key Points
- BXCL501 is being expanded into the home setting for bipolar and schizophrenia-related agitation, as well as a new indication for Alzheimer's-related agitation.
- The SERENITY At-Home trial is nearing initiation, representing a potential near-term value-creation opportunity.
- The TRANQUILITY program for Alzheimer's-associated agitation has received breakthrough therapy designation from the FDA.
- IGALMI has seen growing adoption among psychiatric care clinics and behavioral health facilities, with a 141% increase in net revenue year-over-year.
- The company has substantial patent protection for IGALMI extending to 2043, providing a long-term competitive advantage.
- BioXcel Therapeutics Inc (BTAI) reported a net loss of $8.3 million for the second quarter of 2024, despite reduced expenses.
- The company used $23.2 million in operating cash during the second quarter of 2024, indicating high cash burn.
- There is uncertainty regarding the timing and cost of the TRANQUILITY In-Care trial, with no specific guidance provided.
- The company is exploring various strategic financing alternatives, indicating potential financial instability.
- The SERENITY At-Home trial, while less complex, still lacks precise timelines for initiation and completion.
Good morning and welcome to the BioXcel Therapeutics second quarter 2024 earnings conference call. At this time, all participants are in a listen only mode. (Operator Instructions) Just to remind everyone, certain matters discussed in today's conference call and our 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. Risk factors that may affect future results are detailed in the company's Annual Report on Form 10-K for the year ended December 31, 2023, which can be found at www.biocceltherapeutics.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
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