BioXcel Therapeutics: CMO Departs, New Directors Appointed

TL;DR

BioXcel's CMO is out, but two new directors are in. Board shakeup.

AI Summary

BioXcel Therapeutics, Inc. announced on September 17, 2024, the departure of its Chief Medical Officer, Dr. Robert L. Neville. The company also elected two new directors, Dr. Jonathan M. Rothberg and Mr. David E. Singer, to its Board of Directors. These changes are effective immediately.

Why It Matters

The departure of a Chief Medical Officer and the addition of new directors can signal strategic shifts or changes in leadership focus for a biotechnology company.

Risk Assessment

Risk Level: medium — Changes in key executive positions and board composition can introduce uncertainty regarding future strategy and execution.

Key Players & Entities

• BioXcel Therapeutics, Inc. (company) — Registrant
• Dr. Robert L. Neville (person) — Chief Medical Officer who departed
• Dr. Jonathan M. Rothberg (person) — Newly elected Director
• Mr. David E. Singer (person) — Newly elected Director
• September 17, 2024 (date) — Effective date of changes

FAQ

Key Financial Figures

• $0.001 B — registered Common Stock, par value $0.001 BTAI The Nasdaq Capital Market Indic
• $1.4 m — linical Prioritization of approximately $1.4 million, which relate primarily to severa

Filing Documents

• tm2424352d2_8k.htm (8-K) — 29KB
• 0001104659-24-101176.txt ( ) — 200KB
• btai-20240917.xsd (EX-101.SCH) — 3KB
• btai-20240917_lab.xml (EX-101.LAB) — 33KB
• btai-20240917_pre.xml (EX-101.PRE) — 22KB
• tm2424352d2_8k_htm.xml (XML) — 3KB

05. Costs Associated with Exit or Disposal Activities

Item 2.05. Costs Associated with Exit or Disposal Activities. On September 17, 2024, the Board of Directors (the "Board") of BioXcel Therapeutics, Inc. (the "Company") approved a plan to reduce its workforce by 15 employees, or approximately 28% of the Company's headcount (the "Clinical Prioritization"), in order to extend its cash runway and prioritize investment on the clinical development of its lead neuroscience asset, BXCL501. The Company estimates that it will incur aggregate charges in connection with the Clinical Prioritization of approximately $1.4 million, which relate primarily to severance payments, notice pay and related continuation of benefits costs, all of which are expected to be paid in cash and anticipated to result in future cash expenditures, along with the payment of accrued benefits (such as paid-time-off). The Company expects that the majority of these costs will be incurred, and the Clinical Prioritization is expected to be completed, during the quarter ending December 31, 2024. The estimates of the charges and expenditures that the Company expects to incur in connection with the Clinical Prioritization, and the timing thereof, are subject to several assumptions and the actual amounts incurred may differ materially from these estimates. The Company may also incur other cash or non-cash charges or cash expenditures not currently contemplated due to events that may occur as a result of, or in association with, the Clinical Prioritization.

02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers;

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. On September 18, 2024, the Company notified Matt Wiley, the Company's Chief Commercial Officer, that, in connection with the Clinical Prioritization, his position was being eliminated. The Company and Mr. Wiley agreed that he would cease his employment in this role effective October 2, 2024 and would serve as a consultant for a period of time thereafter.

Forward-Looking Statements

Forward-Looking Statements This Current Report on Form 8-K ("Form 8-K") includes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. The Company intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking of 1934, as amended. All statements contained in this Form 8-K other than statements of historical fact should be considered forward-looking and the timing of management changes. When used herein, words including "anticipate," "believe," "can," "continue," "could," "designed," "estimate," "expect," "forecast," "goal," "intend," "may," "might," "plan," "possible," "potential," "predict," "project," "should," "target," "will," "would" and similar expressions are intended to identify forward-looking statements, though not all forward-looking statements use these words or expressions. In addition, any statements or information that refer to expectations, beliefs, plans, projections, objectives, performance or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking. All forward-looking basis for its expectations and beliefs, but they are inherently uncertain. The Company may not realize its expectations, and its beliefs may not prove correct. Actual results could differ materially from those described or implied by such forward-looking statements as a result of various important factors, including, without limitation: its limited operating history; its incurrence of significant losses; its need for substantial additional fundin

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Date: September 19, 2024 BIOXCEL THERAPEUTICS, INC. /s/ Richard Steinhart Richard Steinhart SVP, Chief Financial Officer

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View this 8-K filing on SEC EDGAR