[424B5] BioXcel Therapeutics, Inc. Prospectus Supplement (Debt Securities)
BioXcel Therapeutics (Nasdaq: BTAI) has amended its April 3, 2025 at-the-market (ATM) equity program with Canaccord Genuity. The company already sold the full $8.135 million originally registered. Because its public float is below $75 million, General Instruction I.B.6 of Form S-3 caps new primary issuance to one-third of that float in any 12-month period. On August 5, 2025 the float was valued at $35.9 million (12.1 million non-affiliate shares at $2.97), leaving $3.83 million of headroom after prior sales.
This prospectus supplement registers up to $3.5 million of additional common stock that may be sold from time to time via the ATM. If the float rises, the ceiling can increase proportionately; if it exceeds $75 million, the I.B.6 restrictions fall away entirely. Shares will be issued at prevailing market prices, providing flexible, low-cost access to capital but creating potential dilution for existing holders.
BioXcel Therapeutics (Nasdaq: BTAI) ha modificato il suo programma di equity at-the-market (ATM) del 3 aprile 2025 con Canaccord Genuity. L'azienda ha gi脿 venduto l'intero importo originariamente registrato di 8,135 milioni di dollari. Poich茅 il flottante pubblico 猫 inferiore a 75 milioni di dollari, l'Istruzione Generale I.B.6 del Modulo S-3 limita l'emissione primaria a un terzo di tale flottante in un periodo di 12 mesi. Al 5 agosto 2025, il flottante era valutato a 35,9 milioni di dollari (12,1 milioni di azioni non affiliate a 2,97 dollari ciascuna), lasciando un margine di 3,83 milioni di dollari dopo le vendite precedenti.
Questo supplemento al prospetto registra fino a 3,5 milioni di dollari di azioni ordinarie aggiuntive che potranno essere vendute di volta in volta tramite l'ATM. Se il flottante aumenta, il limite pu貌 crescere proporzionalmente; se supera i 75 milioni di dollari, le restrizioni dell'I.B.6 decadono completamente. Le azioni saranno emesse ai prezzi di mercato correnti, offrendo un accesso flessibile e a basso costo al capitale, ma comportando una possibile diluizione per gli azionisti esistenti.
BioXcel Therapeutics (Nasdaq: BTAI) ha modificado su programa de acciones at-the-market (ATM) del 3 de abril de 2025 con Canaccord Genuity. La compa帽铆a ya vendi贸 el total de 8,135 millones de d贸lares originalmente registrado. Debido a que su flotante p煤blico est谩 por debajo de 75 millones de d贸lares, la Instrucci贸n General I.B.6 del Formulario S-3 limita la emisi贸n primaria a un tercio de ese flotante en cualquier per铆odo de 12 meses. Al 5 de agosto de 2025, el flotante se valor贸 en 35,9 millones de d贸lares (12,1 millones de acciones no afiliadas a 2,97 d贸lares), dejando un margen de 3,83 millones de d贸lares tras ventas previas.
Este suplemento de prospecto registra hasta 3,5 millones de d贸lares adicionales de acciones ordinarias que pueden venderse ocasionalmente a trav茅s del ATM. Si el flotante aumenta, el l铆mite puede incrementarse proporcionalmente; si supera los 75 millones de d贸lares, las restricciones del I.B.6 desaparecen por completo. Las acciones se emitir谩n a los precios de mercado vigentes, proporcionando un acceso flexible y de bajo costo al capital, aunque con potencial diluci贸n para los accionistas existentes.
BioXcel Therapeutics (雮橃姢雼�: BTAI)電� 2025雲� 4鞗� 3鞚检瀽 Canaccord Genuity鞕�鞚� 鞁滌灔臧�毵れ稖(ATM) 欤检嫕 頂勲攴鸽灗鞚� 靾橃爼頄堨姷雼堧嫟. 須岇偓電� 鞚措 鞗愲灅 霌彪霅� 8,135毵� 雼煬 鞝勳暋鞚� 毵り皝頄堨姷雼堧嫟. 瓿店车 鞙犿喌 欤检嫕 靾橁皜 7,500毵� 雼煬 氙鸽鞚措瘈搿�, Form S-3鞚� 鞚茧皹 歆�旃� I.B.6鞐� 霐半澕 12臧滌洈 旮瓣皠 雮� 鞁犼窚 欤检嫕 氚滍枆鞚� 鞙犿喌 欤检嫕鞚� 3攵勳潣 1搿� 鞝滍暅霅╇媹雼�. 2025雲� 8鞗� 5鞚� 旮办 鞙犿喌 欤检嫕 臧�旃橂姅 3,590毵� 雼煬(牍勱硠鞐挫偓 欤检嫕 1,210毵� 欤�, 欤茧嫻 2.97雼煬)搿�, 鞚挫爠 毵り皝 頉� 383毵� 雼煬鞚� 鞐湢臧� 雮晞 鞛堨姷雼堧嫟.
鞚� 於旉皜 靹る獏靹滌棎靹滊姅 ATM鞚� 韱淀暣 靾橃嫓搿� 韺愲Г頃� 靾� 鞛堧姅 斓滊寑 350毵� 雼煬 靸侂嫻鞚� 於旉皜 氤错喌欤茧ゼ 霌彪頃╇媹雼�. 鞙犿喌 欤检嫕 臧�旃橁皜 靸侅姽頃橂┐ 頃滊弰霃� 牍勲頃橃棳 歃濌皜頃� 靾� 鞛堨溂氅�, 7,500毵� 雼煬毳� 齑堦臣頃橂┐ I.B.6 鞝滍暅鞚� 鞕勳爠頌� 頃挫牅霅╇媹雼�. 欤检嫕鞚� 鞁滌灔 臧�瓴╈溂搿� 氚滍枆霅橃柎 鞙犾棸頃橁碃 鞝�牍勳毄鞙茧 鞛愲掣鞐� 鞝戧芳頃� 靾� 鞛堨毵� 旮办〈 欤检＜鞐愱矊 頋劃 臧�電レ劚鞚� 齑堧灅頃� 靾� 鞛堨姷雼堧嫟.
BioXcel Therapeutics (Nasdaq : BTAI) a modifi茅 son programme d'actions at-the-market (ATM) du 3 avril 2025 avec Canaccord Genuity. La soci茅t茅 a d茅j脿 vendu la totalit茅 des 8,135 millions de dollars initialement enregistr茅s. 脡tant donn茅 que le flottant public est inf茅rieur 脿 75 millions de dollars, l'instruction g茅n茅rale I.B.6 du formulaire S-3 limite la nouvelle 茅mission primaire 脿 un tiers de ce flottant sur une p茅riode de 12 mois. Au 5 ao没t 2025, le flottant 茅tait 茅valu茅 脿 35,9 millions de dollars (12,1 millions d'actions non affili茅es 脿 2,97 dollars chacune), laissant une marge de 3,83 millions de dollars apr猫s les ventes pr茅c茅dentes.
Ce suppl茅ment au prospectus enregistre jusqu'脿 3,5 millions de dollars d'actions ordinaires suppl茅mentaires pouvant 锚tre vendues de temps 脿 autre via l'ATM. Si le flottant augmente, le plafond peut 茅galement cro卯tre proportionnellement ; s'il d茅passe 75 millions de dollars, les restrictions I.B.6 disparaissent compl猫tement. Les actions seront 茅mises aux prix du march茅 en vigueur, offrant un acc猫s flexible et peu co没teux au capital, mais entra卯nant une dilution potentielle pour les actionnaires existants.
BioXcel Therapeutics (Nasdaq: BTAI) hat sein am 3. April 2025 gestartetes At-the-Market (ATM) Aktienprogramm mit Canaccord Genuity ge盲ndert. Das Unternehmen hat bereits den urspr眉nglich registrierten Gesamtbetrag von 8,135 Millionen US-Dollar verkauft. Da der 枚ffentliche Streubesitz unter 75 Millionen US-Dollar liegt, begrenzt die Allgemeine Anweisung I.B.6 des Formulars S-3 die neue Prim盲remission auf ein Drittel dieses Streubesitzes innerhalb eines 12-Monats-Zeitraums. Am 5. August 2025 wurde der Streubesitz mit 35,9 Millionen US-Dollar bewertet (12,1 Millionen nicht verbundene Aktien zu je 2,97 US-Dollar), was nach vorherigen Verk盲ufen einen Spielraum von 3,83 Millionen US-Dollar 濒盲蝉蝉迟.
Dieser Prospekterg盲nzung registriert bis zu 3,5 Millionen US-Dollar zus盲tzliche Stammaktien, die von Zeit zu Zeit 眉ber das ATM verkauft werden k枚nnen. Steigt der Streubesitz, kann die Obergrenze proportional ansteigen; 眉berschreitet sie 75 Millionen US-Dollar, entfallen die I.B.6-Beschr盲nkungen vollst盲ndig. Die Aktien werden zu den aktuellen Marktpreisen ausgegeben, was einen flexiblen und kosteng眉nstigen Zugang zu Kapital erm枚glicht, jedoch eine potenzielle Verw盲sserung f眉r bestehende Aktion盲re mit sich bringt.
- None.
- None.
Insights
TL;DR: Micro-cap files to raise $3.5 M via ATM, boosting liquidity but adding dilution.
BioXcel has used the full prior ATM authorization and now taps the remaining I.B.6 capacity. At $2.97 per share the new registration equates to roughly 1.2 million shares, a ~10% addition to the public float. The ATM structure keeps financing costs low, avoids pricing overhang of a marketed deal, and can be paused if the share price weakens. However, repeat reliance on small ATM raises signals ongoing funding needs and limited institutional appetite. Investors should watch cash burn and pipeline milestones to gauge future dilution risk.
TL;DR: Neutral; modest raise sustains runway but underscores capital dependency.
The $3.5 M capacity is immaterial versus large-cap norms, yet meaningful for a company with a sub-$36 M float. It buys a few months of operating cash, assuming quarterly burn of $15-20 M seen in peers. Management retains flexibility, but the cumulative 12-month issuance reaches the I.B.6 ceiling, limiting further S-3 access unless the stock appreciates. Potential upside exists if clinical catalysts lift valuation above $75 M, freeing larger raises. Until then, dilution and liquidity constraints temper the investment case.
BioXcel Therapeutics (Nasdaq: BTAI) ha modificato il suo programma di equity at-the-market (ATM) del 3 aprile 2025 con Canaccord Genuity. L'azienda ha gi脿 venduto l'intero importo originariamente registrato di 8,135 milioni di dollari. Poich茅 il flottante pubblico 猫 inferiore a 75 milioni di dollari, l'Istruzione Generale I.B.6 del Modulo S-3 limita l'emissione primaria a un terzo di tale flottante in un periodo di 12 mesi. Al 5 agosto 2025, il flottante era valutato a 35,9 milioni di dollari (12,1 milioni di azioni non affiliate a 2,97 dollari ciascuna), lasciando un margine di 3,83 milioni di dollari dopo le vendite precedenti.
Questo supplemento al prospetto registra fino a 3,5 milioni di dollari di azioni ordinarie aggiuntive che potranno essere vendute di volta in volta tramite l'ATM. Se il flottante aumenta, il limite pu貌 crescere proporzionalmente; se supera i 75 milioni di dollari, le restrizioni dell'I.B.6 decadono completamente. Le azioni saranno emesse ai prezzi di mercato correnti, offrendo un accesso flessibile e a basso costo al capitale, ma comportando una possibile diluizione per gli azionisti esistenti.
BioXcel Therapeutics (Nasdaq: BTAI) ha modificado su programa de acciones at-the-market (ATM) del 3 de abril de 2025 con Canaccord Genuity. La compa帽铆a ya vendi贸 el total de 8,135 millones de d贸lares originalmente registrado. Debido a que su flotante p煤blico est谩 por debajo de 75 millones de d贸lares, la Instrucci贸n General I.B.6 del Formulario S-3 limita la emisi贸n primaria a un tercio de ese flotante en cualquier per铆odo de 12 meses. Al 5 de agosto de 2025, el flotante se valor贸 en 35,9 millones de d贸lares (12,1 millones de acciones no afiliadas a 2,97 d贸lares), dejando un margen de 3,83 millones de d贸lares tras ventas previas.
Este suplemento de prospecto registra hasta 3,5 millones de d贸lares adicionales de acciones ordinarias que pueden venderse ocasionalmente a trav茅s del ATM. Si el flotante aumenta, el l铆mite puede incrementarse proporcionalmente; si supera los 75 millones de d贸lares, las restricciones del I.B.6 desaparecen por completo. Las acciones se emitir谩n a los precios de mercado vigentes, proporcionando un acceso flexible y de bajo costo al capital, aunque con potencial diluci贸n para los accionistas existentes.
BioXcel Therapeutics (雮橃姢雼�: BTAI)電� 2025雲� 4鞗� 3鞚检瀽 Canaccord Genuity鞕�鞚� 鞁滌灔臧�毵れ稖(ATM) 欤检嫕 頂勲攴鸽灗鞚� 靾橃爼頄堨姷雼堧嫟. 須岇偓電� 鞚措 鞗愲灅 霌彪霅� 8,135毵� 雼煬 鞝勳暋鞚� 毵り皝頄堨姷雼堧嫟. 瓿店车 鞙犿喌 欤检嫕 靾橁皜 7,500毵� 雼煬 氙鸽鞚措瘈搿�, Form S-3鞚� 鞚茧皹 歆�旃� I.B.6鞐� 霐半澕 12臧滌洈 旮瓣皠 雮� 鞁犼窚 欤检嫕 氚滍枆鞚� 鞙犿喌 欤检嫕鞚� 3攵勳潣 1搿� 鞝滍暅霅╇媹雼�. 2025雲� 8鞗� 5鞚� 旮办 鞙犿喌 欤检嫕 臧�旃橂姅 3,590毵� 雼煬(牍勱硠鞐挫偓 欤检嫕 1,210毵� 欤�, 欤茧嫻 2.97雼煬)搿�, 鞚挫爠 毵り皝 頉� 383毵� 雼煬鞚� 鞐湢臧� 雮晞 鞛堨姷雼堧嫟.
鞚� 於旉皜 靹る獏靹滌棎靹滊姅 ATM鞚� 韱淀暣 靾橃嫓搿� 韺愲Г頃� 靾� 鞛堧姅 斓滊寑 350毵� 雼煬 靸侂嫻鞚� 於旉皜 氤错喌欤茧ゼ 霌彪頃╇媹雼�. 鞙犿喌 欤检嫕 臧�旃橁皜 靸侅姽頃橂┐ 頃滊弰霃� 牍勲頃橃棳 歃濌皜頃� 靾� 鞛堨溂氅�, 7,500毵� 雼煬毳� 齑堦臣頃橂┐ I.B.6 鞝滍暅鞚� 鞕勳爠頌� 頃挫牅霅╇媹雼�. 欤检嫕鞚� 鞁滌灔 臧�瓴╈溂搿� 氚滍枆霅橃柎 鞙犾棸頃橁碃 鞝�牍勳毄鞙茧 鞛愲掣鞐� 鞝戧芳頃� 靾� 鞛堨毵� 旮办〈 欤检＜鞐愱矊 頋劃 臧�電レ劚鞚� 齑堧灅頃� 靾� 鞛堨姷雼堧嫟.
BioXcel Therapeutics (Nasdaq : BTAI) a modifi茅 son programme d'actions at-the-market (ATM) du 3 avril 2025 avec Canaccord Genuity. La soci茅t茅 a d茅j脿 vendu la totalit茅 des 8,135 millions de dollars initialement enregistr茅s. 脡tant donn茅 que le flottant public est inf茅rieur 脿 75 millions de dollars, l'instruction g茅n茅rale I.B.6 du formulaire S-3 limite la nouvelle 茅mission primaire 脿 un tiers de ce flottant sur une p茅riode de 12 mois. Au 5 ao没t 2025, le flottant 茅tait 茅valu茅 脿 35,9 millions de dollars (12,1 millions d'actions non affili茅es 脿 2,97 dollars chacune), laissant une marge de 3,83 millions de dollars apr猫s les ventes pr茅c茅dentes.
Ce suppl茅ment au prospectus enregistre jusqu'脿 3,5 millions de dollars d'actions ordinaires suppl茅mentaires pouvant 锚tre vendues de temps 脿 autre via l'ATM. Si le flottant augmente, le plafond peut 茅galement cro卯tre proportionnellement ; s'il d茅passe 75 millions de dollars, les restrictions I.B.6 disparaissent compl猫tement. Les actions seront 茅mises aux prix du march茅 en vigueur, offrant un acc猫s flexible et peu co没teux au capital, mais entra卯nant une dilution potentielle pour les actionnaires existants.
BioXcel Therapeutics (Nasdaq: BTAI) hat sein am 3. April 2025 gestartetes At-the-Market (ATM) Aktienprogramm mit Canaccord Genuity ge盲ndert. Das Unternehmen hat bereits den urspr眉nglich registrierten Gesamtbetrag von 8,135 Millionen US-Dollar verkauft. Da der 枚ffentliche Streubesitz unter 75 Millionen US-Dollar liegt, begrenzt die Allgemeine Anweisung I.B.6 des Formulars S-3 die neue Prim盲remission auf ein Drittel dieses Streubesitzes innerhalb eines 12-Monats-Zeitraums. Am 5. August 2025 wurde der Streubesitz mit 35,9 Millionen US-Dollar bewertet (12,1 Millionen nicht verbundene Aktien zu je 2,97 US-Dollar), was nach vorherigen Verk盲ufen einen Spielraum von 3,83 Millionen US-Dollar 濒盲蝉蝉迟.
Dieser Prospekterg盲nzung registriert bis zu 3,5 Millionen US-Dollar zus盲tzliche Stammaktien, die von Zeit zu Zeit 眉ber das ATM verkauft werden k枚nnen. Steigt der Streubesitz, kann die Obergrenze proportional ansteigen; 眉berschreitet sie 75 Millionen US-Dollar, entfallen die I.B.6-Beschr盲nkungen vollst盲ndig. Die Aktien werden zu den aktuellen Marktpreisen ausgegeben, was einen flexiblen und kosteng眉nstigen Zugang zu Kapital erm枚glicht, jedoch eine potenzielle Verw盲sserung f眉r bestehende Aktion盲re mit sich bringt.
As Filed Pursuant to
Rule 424(b)(5)
Registration No. 333-275261
PROSPECTUS SUPPLEMENT
(To Prospectus Supplement April 3, 2025
and Prospectus dated November 13, 2023)
Up to $3,500,000
Common Stock
This Prospectus Supplement supplements the prospectus supplement April 3, 2025 (the “ATM Prospectus Supplement”), relating to the offer and sale of shares of our common stock, $0.001 par value per share, having an aggregate offering price of up to $8,135,000 pursuant to the terms of an equity distribution agreement (the “Equity Distribution Agreement”) with Canaccord Genuity LLC (“Canaccord”). Through the date hereof, we have sold an aggregate of $8,135,000 of shares of our common stock through Canaccord under the Equity Distribution Agreement. This Prospectus Supplement should be read in conjunction with the ATM Prospectus Supplement, and is qualified by reference thereto, except to the extent that the information herein amends or supersedes the information contained in the ATM Prospectus Supplement. This Prospectus Supplement is not complete without, and may only be delivered or utilized in connection with, the ATM Prospectus Supplement, and any future amendments or supplements thereto.
On March 28, 2025, the date we filed our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, we became subject to the offering limits in General Instruction I.B.6 of Form S-3. As of the date of this Prospectus Supplement, the aggregate market value of our common stock held by non-affiliates pursuant to General Instruction I.B.6 of Form S-3 is $35,893,213, which was calculated based on 12,085,257 shares of our outstanding common stock held by non-affiliates and a price of $2.97 per share, the closing price of our common stock on August 5, 2025. As of the date of this Prospectus Supplement, we have sold $8,135,000 of securities pursuant to General Instruction I.B.6 of Form S-3 during the 12 calendar months prior to, and including, the date of this Prospectus Supplement. Pursuant to General Instruction I.B.6 of Form S-3, in no event will we sell securities in public primary offerings on Form S-3 with a value exceeding one-third of our public float (as defined by General Instruction I.B.6) in any 12 calendar month period so long as our public float remains below $75.0 million.
We are filing this Prospectus Supplement to amend the ATM Prospectus Supplement to increase the maximum amount of shares that we are eligible to sell pursuant to the Equity Distribution Agreement under General Instruction I.B.6. As a result of these limitations, we may currently offer and sell shares of our common stock having an aggregate offering price of up to $3,829,404 pursuant to the Equity Distribution Agreement. Pursuant to this Prospectus Supplement, we are registering the offer and sale of up to $3,500,000 of shares of our common stock. However, in the event that our public float increases or decreases, we may sell securities in public primary offerings on Form S-3 with a value up to one-third of our public float, in each case calculated pursuant to General Instruction I.B.6 and subject to the terms of the Equity Distribution Agreement. In the event that our public float increases above $75.0 million, we will no longer be subject to the limits in General Instruction I.B.6 of Form S-3.
Our common stock trades on the Nasdaq Global Market under the symbol “BTAI.” On August 5, 2025, the last reported sale price of our common stock on the Nasdaq Global Market was $2.97 per share.
INVESTING IN OUR COMMON STOCK INVOLVES RISKS. SEE THE “RISK FACTORS” ON PAGE S-8 OF THE ATM PROSPECTUS SUPPLEMENT AND IN THE DOCUMENTS INCORPORATED BY REFERENCE IN THE REGISTRATION STATEMENT CONCERNING FACTORS YOU SHOULD CONSIDER BEFORE INVESTING IN OUR COMMON STOCK.
Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or passed upon the adequacy or accuracy of this prospectus supplement or the accompanying prospectus. Any representation to the contrary is a criminal offense.
Canaccord Genuity
The date of this prospectus supplement is August 6, 2025.
Source:
FAQ
How much new capital is BioXcel Therapeutics (BTAI) registering?
What is BioXcel's current public float?
Why is there a limit on the amount BTAI can sell?
How many shares might be issued at the current price?
What happens if BTAI鈥檚 float rises above $75 million?
