Core Viewpoint - Halper Sadeh LLC is investigating potential breaches of fiduciary duties by certain officers and directors of BioXcel Therapeutics, Inc. [1] Group 1 - The investigation focuses on whether the actions of BioXcel's leadership have harmed shareholder interests [1] - Long-term shareholders of BioXcel may have the opportunity to seek corporate governance reforms and financial incentives [1] - The law firm is exploring options for shareholders, including the return of funds to the company and other forms of relief [1]

Core Insights - BioXcel Therapeutics has completed clinical trials necessary for a supplemental New Drug Application (sNDA) submission, which is planned for the first quarter of 2026 [1] - The company reported positive results from the SERENITY At-Home trial, indicating a strong correlation between clinician assessments and patient/caregiver-rated outcomes [3][4] Group 1: Clinical Trial Results - The SERENITY At-Home trial showed a statistically significant correlation between the Positive and Negative Syndrome Scale – Excited Component (PEC) and the modified Clinical Global Impression – Severity Scale (mCGI-S), with correlation coefficients of ρ=0.89 for patients and ρ=0.88 for informants, both with p<0.0001 [3] - The mCGI-S scale was developed in consultation with the FDA to allow patients and caregivers to assess efficacy in an outpatient setting [2][6] Group 2: Safety and Efficacy - No serious adverse events were reported during the trials, and the safety profile of BXCL501 remains consistent with the existing IGALMI label [4] - BXCL501 is being investigated for the acute treatment of agitation associated with Alzheimer's dementia and bipolar disorders in the at-home setting, with Breakthrough Therapy and Fast Track designations from the FDA [8] Group 3: Future Plans - The findings from the SERENITY At-Home study will be included in the upcoming sNDA package [4] - Additional data and results from the trials are expected to be presented at future medical meetings and conferences [5]

Core Insights - BioXcel Therapeutics, Inc. is celebrating a significant milestone by ringing the Nasdaq Stock Market Closing Bell, highlighting its progress in addressing unmet needs in psychiatry, particularly in treating agitation associated with bipolar disorders and schizophrenia [1][2]. Company Overview - BioXcel Therapeutics, Inc. is a biopharmaceutical company that leverages artificial intelligence to develop transformative medicines in neuroscience. The company also has a subsidiary, OnkosXcel Therapeutics, focused on immuno-oncology [3]. Recent Developments - The company has successfully completed its SERENITY At-Home pivotal trial, moving closer to its goal of redefining agitation management and bringing its product IGALMI® to patients in their homes [2]. - The Nasdaq Closing Bell ceremony is scheduled for October 14, 2025, and will be broadcast live [2]. Strategic Focus - BioXcel aims to transform the standard of care in neuropsychiatry by combining technology and compassion to deliver meaningful changes in patient care [2].

Core Viewpoint - BioXcel Therapeutics, Inc. has regained compliance with Nasdaq's market value of listed securities requirement, indicating a positive development for the company's listing status [1][2]. Company Compliance - The company was previously notified on March 20, 2025, that it was not in compliance with Nasdaq Listing Rule 5550(b)(2) due to its market value being below $35.0 million for 30 consecutive business days [2]. - Following a hearing on May 1, 2025, the company received an exception to regain compliance, and on September 17, 2025, Nasdaq confirmed that the company has met all listing requirements [2]. Company Overview - BioXcel Therapeutics, Inc. is a biopharmaceutical company that utilizes artificial intelligence to develop transformative medicines in neuroscience [3]. - The company's subsidiary, OnkosXcel Therapeutics, focuses on immuno-oncology drug development [3]. - BioXcel employs a drug re-innovation approach, leveraging existing approved drugs and big data to identify new therapeutic indications [3].

Core Insights - BioXcel Therapeutics is making significant progress in expanding treatment options for managing acute agitation, particularly in home settings [3] - The company has reported positive exploratory efficacy results along with primary safety data, indicating a step forward in patient care [3] Company Overview - BioXcel Therapeutics aims to transform patient care by addressing the challenges faced by patients and families dealing with acute agitation [3] - The leadership team includes Vimal Mehta as CEO, Dr. Leslie Citrome as a clinical expert, and Dusan Kostic overseeing clinical and medical affairs [2]

Core Insights - BioXcel Therapeutics, Inc. released topline exploratory efficacy data from the SERENITY At-Home Pivotal Phase 3 safety trial, showing that BXCL501 has continued effects and consistent benefits with repeat dosing [1] - The trial evaluated a 120 mcg dose of BXCL501 for agitation associated with bipolar disorders or schizophrenia, demonstrating significant efficacy compared to placebo [2] Efficacy Results - Across 2,433 treated episodes, BXCL501 showed a significant mean reduction in the modified Clinical Global Impression–Severity (mCGI-S) score from baseline compared to placebo at 2 hours [2] - Complete resolution of agitation symptoms was observed in 50% of patients in the BXCL501 arm compared to 33% in the placebo group [3] - Severe agitation episodes fully resolved in 61% of cases in the BXCL501 arm versus 18% on placebo, while moderate and mild episodes resolved in 43% and 60% of cases, respectively, compared to 34% and 40% on placebo [4] Dosage Impact - A mean reduction in mCGI-S score of 1.2 was noted after the first 12 doses, increasing to a mean reduction of 1.4 after 13 or more doses of BXCL501 [5] - Igalmi, the formulation of BXCL501, is currently FDA-approved for the acute treatment of agitation associated with bipolar I or II disorder or schizophrenia in medically supervised settings [5] Market Reaction - BioXcel Therapeutics shares increased by 3.07% to $3.69 at the time of publication, trading within a 52-week range of $1.17 to $13.36 [6]

Summary of BioXcel Therapeutics Conference Call Company Overview - **Company**: BioXcel Therapeutics (NasdaqCM:BTAI) - **Product**: IGALMI (dexmedetomidine) sublingual film - **Focus**: Treatment of acute agitation associated with schizophrenia and bipolar disorder Key Industry Insights - **Market Need**: There is a significant burden of agitation in patients with bipolar disorder and schizophrenia, with an estimated 60 to 80 million episodes occurring among 23 million patients in home settings [10] - **Current Treatment Gap**: Prior to IGALMI, there were no FDA-approved therapies for at-home treatment of agitation associated with these disorders [11] Core Findings from SERENITY At-Home Trial - **Trial Design**: The SERENITY At-Home trial was a double-blind, placebo-controlled study evaluating the safety and efficacy of a 120 microgram dose of IGALMI in an at-home setting [21] - **Patient Demographics**: Included 200 patients with a history of agitation, primarily diagnosed with schizophrenia or bipolar disorder, aged 18 to 75 [23][25] - **Efficacy Results**: - The trial demonstrated a significant reduction in agitation symptoms, with a responder rate of 40% for placebo and double that for IGALMI [14][15] - The number needed to treat (NNT) was 3, indicating that for every three patients treated, one additional patient experienced a significant reduction in agitation [17] - Complete resolution of agitation was significantly higher with IGALMI compared to placebo [28] Safety and Tolerability - **Adverse Events**: The safety profile was consistent with previous studies, showing no serious adverse events related to IGALMI. Somnolence rates were 22% for IGALMI and 6% for placebo in single doses [27] - **Repeated Dosing**: The drug was well tolerated with repeated dosing, maintaining efficacy without increased adverse events over time [30] Future Outlook - **Regulatory Submission**: A supplemental NDA for at-home use is planned for submission in Q1 2026 [12] - **Market Potential**: If approved, IGALMI could provide a new treatment option for managing acute agitation at home, potentially reducing hospital admissions and associated costs [70] Additional Considerations - **Patient Compliance**: The likelihood of patient compliance with at-home use is high if the drug is effective in managing agitation [72] - **Cost Sensitivity**: While cost may be a concern for inpatient providers, outpatient providers are generally less sensitive to price as long as the drug is accessible [70] Conclusion - BioXcel Therapeutics is positioned to address a significant unmet need in the management of acute agitation with IGALMI, supported by promising trial results and a clear regulatory pathway ahead. The focus on at-home treatment could transform patient care and reduce the burden on healthcare systems.

SERENITY At-Home Trial Overview - The SERENITY At-Home trial evaluated the safety and tolerability of BXCL501 (120 mcg) for agitation associated with bipolar disorder or schizophrenia in the at-home setting[2, 27, 28] - The trial design was a double-blind, placebo-controlled study with a 1:1 randomization to BXCL501 (N=100) or placebo (N=100) over a 12-week period[27] - The study included patients aged 18-75 years with bipolar I or II disorder, schizophrenia, schizoaffective, or schizophreniform disorder on a stable psychotropic regimen[30] Key Results - The trial collected data from 2,628 agitation episodes in 215 patients, with 2,437 episodes treated in 208 patients[21, 22, 36] - 168 (81%) of treated patients completed the full 12-week study, with an average of 117 agitation episodes recorded per treated patient[36] - No drug-related serious adverse events (SAEs), falls, or syncopes were reported in the BXCL501 arm[23, 37] - The adverse event profile was consistent with the approved IGALMI® label and other clinical trials in institutional settings[23, 37] - Somnolence was the most common treatment-emergent adverse event (TEAE) in the BXCL501 group, occurring in 23 (225%) of patients after the first dose and 161 (139%) of all doses[38] Clinical Benefit - BXCL501 demonstrated a significant mean reduction in mCGI-S score from baseline compared to placebo at 2 hours across 2,433 treated episodes (P<005)[41] - Complete resolution of agitation was significantly higher with BXCL501 compared to placebo across agitation episode severity (P<0001)[41] - For fully resolved episodes by baseline severity, BXCL501 showed higher percentages than placebo across mild, moderate, and severe agitation episodes[43] Next Steps - BioXcel Therapeutics plans to prepare and submit an sNDA (supplemental New Drug Application) in Q1 2026 for label expansion of IGALMI®[12, 23]

Core Insights - BioXcel Therapeutics announced positive topline exploratory efficacy data from the SERENITY At-Home Pivotal Phase 3 safety trial for BXCL501, indicating significant benefits in treating agitation associated with bipolar disorders and schizophrenia [1][3][5] Efficacy Results - BXCL501 demonstrated a significant mean reduction in the modified Clinical Global Impression–Severity (mCGI-S) score from baseline compared to placebo at 2 hours across 2,433 treated episodes (p<.05) [6] - Complete resolution of agitation symptoms was significantly higher with BXCL501 compared to placebo, with an overall resolution of 50% in the BXCL501 arm versus 33% on placebo (p <.0001) [7] - The mean reduction in mCGI-S score was maintained across repeated dosing, with a mean reduction of 1.2 after the first 12 doses and 1.4 after 13 or more doses [8] - The reduction in agitation symptoms was consistent throughout the 12-week trial duration, with a mean reduction of 1.3 in mCGI-S scores across all weeks [9] Trial Design and Patient Insights - The SERENITY At-Home trial was a double-blind, placebo-controlled study involving 246 patients, with data collected on 2,628 agitation episodes over 12 weeks [4][16] - The trial included patients with bipolar disorders (45%) and schizophrenia (55%), allowing for concomitant interventions to manage agitation episodes [4] - Patients reported an average of 11.7 agitation episodes during the trial, with 81% completing the full 12-week study [4] Market Opportunity - The total addressable market for at-home agitation treatment is estimated to be significantly higher than previously anticipated, with 57-77 million agitation episodes annually compared to an earlier estimate of 23 million [12] - The lack of FDA-approved therapies for at-home agitation treatment highlights a substantial unmet need in the market [11][12] Future Plans - Based on the positive trial results and FDA feedback, the company plans to submit a supplemental New Drug Application (sNDA) in Q1 2026 for expanded usage of IGALMI® in outpatient settings [1][2][10]

Summary of BioXcel Therapeutics FY Conference Call Company Overview - **Company**: BioXcel Therapeutics (NasdaqCM:BTAI) - **Founded**: Became a public company in March 2018 - **Focus**: Development of transformative medicines in neuroscience utilizing artificial intelligence platforms [2][3] Key Product Information - **Product**: IGALMI - **Indication**: Acute treatment of agitation related to schizophrenia and bipolar disorder - **Current Approval**: Approved under medical supervision, not available in retail settings [3][4] - **Market Potential**: Initially estimated at 23 million episodes, revised to 57 to 77 million episodes in home settings [5][9] Recent Developments - **Phase 3 Trial**: Announced pivotal Phase 3 data for IGALMI, with plans to file a supplemental New Drug Application (sNDA) [2][8] - **Alzheimer's Agitation Program**: Positive Phase 3 trial completed; FDA has requested another confirmatory Phase 3 trial [5][20] Market Expansion Strategy - **Home Setting**: Focus on expanding IGALMI's use into home settings, targeting a larger patient population [5][9] - **Commercial Strategy**: Developing a strategy to bring IGALMI to patients, with potential approval in 2026 [9][19] Clinical Trial Insights - **SERENITY At-Home Trial**: Completed safety trial using the lowest approved dose of IGALMI; demonstrated safety and tolerability in home settings [8][16] - **Patient Data**: 2,437 agitation episodes treated in 208 patients; average of 11.7 episodes over 12 weeks [15][16] - **Safety Profile**: No treatment-emergent adverse events leading to discontinuation; consistent with approved IGALMI label [16][18] Future Plans - **sNDA Submission**: Expected in Q1 of 2026; non-clinical sections completed, clinical and CMC sections in progress [9][18] - **Alzheimer's Trial**: Plans to conduct a second confirmatory Phase 3 trial for Alzheimer's agitation in in-care settings [20] Market Opportunity - **Agitation as a Medical Need**: Significant unmet medical need for agitation treatment, especially in home settings; no FDA-approved therapies currently available for home use [10][17] - **Patient Distribution**: Approximately 50% of agitation episodes occur in in-care settings, highlighting the need for effective home treatment options [19][20] Conclusion - **Overall Outlook**: Positive momentum with ongoing trials and market expansion strategies; significant potential for IGALMI in both schizophrenia and Alzheimer's agitation [20][21]