BioXcel Therapeutics Announces Board and Executive Changes
Ticker: BTAI · Form: 8-K · Filed: Jan 8, 2025 · CIK: 1720893
Sentiment: neutral
Topics: management-change, governance, compensation
TL;DR
BioXcel board shake-up and exec comp changes filed.
AI Summary
BioXcel Therapeutics, Inc. announced on January 7, 2025, a change in its board of directors and executive compensation arrangements. The filing details the departure of certain officers and directors, the election of new directors, and updates to compensatory plans.
Why It Matters
Changes in a company's board and executive compensation can signal shifts in strategy, governance, or financial outlook, impacting investor confidence and future performance.
Risk Assessment
Risk Level: medium — Changes in board composition and executive compensation can indicate internal shifts that may affect the company's strategic direction and operational stability.
Key Players & Entities
- BioXcel Therapeutics, Inc. (company) — Registrant
- January 7, 2025 (date) — Date of earliest event reported
- Delaware (jurisdiction) — State of incorporation
- 555 Long Wharf Drive, New Haven, CT 06511 (address) — Principal executive offices
FAQ
What specific roles have seen departures or appointments?
The filing indicates the departure of certain officers and directors, and the election of new directors, but does not specify the exact roles affected in this summary.
When did these changes become effective?
The earliest event reported is dated January 7, 2025.
What is the primary business of BioXcel Therapeutics, Inc.?
BioXcel Therapeutics, Inc. is in the Pharmaceutical Preparations industry (SIC code 2834).
Where is BioXcel Therapeutics, Inc. headquartered?
The company's principal executive offices are located at 555 Long Wharf Drive, New Haven, CT 06511.
What type of SEC filing is this?
This is a Form 8-K, a current report filed pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.
Filing Stats: 829 words · 3 min read · ~3 pages · Grade level 11.3 · Accepted 2025-01-08 07:45:22
Key Financial Figures
- $0.001 B — registered Common Stock, par value $0.001 BTAI The Nasdaq Capital Market Indic
- $706,558 — n Dr. Mehta's 2025 cash compensation to $706,558 and (ii) a grant of options to purchase
- $289,800 — Mr. Steinhart 2025 cash compensation to $289,800 and (ii) a grant of options to purchase
- $290,500 — n Dr. Yocca's 2025 cash compensation to $290,500 and (ii) a grant of options to purchase
- $0.4713 — Yocca Options have an exercise price of $0.4713 per share and will vest in twelve equal
Filing Documents
- tm252221d1_8k.htm (8-K) — 29KB
- tm252221d1_ex10-1.htm (EX-10.1) — 15KB
- tm252221d1_ex10-2.htm (EX-10.2) — 15KB
- tm252221d1_ex10-3.htm (EX-10.3) — 15KB
- 0001104659-25-001869.txt ( ) — 255KB
- btai-20250107.xsd (EX-101.SCH) — 3KB
- btai-20250107_lab.xml (EX-101.LAB) — 33KB
- btai-20250107_pre.xml (EX-101.PRE) — 22KB
- tm252221d1_8k_htm.xml (XML) — 3KB
02
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. On January 7, 2025, BioXcel Therapeutics, Inc. (the "Company") entered into an amendment to the Employment Agreement, dated March 7, 2018, between the Company and Vimal Mehta, PhD, the President and Chief Executive Officer of the Company (the "Mehta Amendment"). The Mehta Amendment provides for, among other things, (i) a reduction in Dr. Mehta's 2025 cash compensation to $706,558 and (ii) a grant of options to purchase 660,000 shares of the Company's common stock (the "Mehta Options") pursuant to the Company's 2020 Incentive Award Plan (the "Plan"), in each case, subject to the conditions set forth in the Mehta Amendment. On January 7, 2025, the Company entered into an amendment to the Employment Agreement, dated October 2, 2017, between the Company and Richard Steinhart, the Chief Financial Officer of the Company (the "Steinhart Amendment"). The Steinhart Amendment provides for, among other things, (i) a reduction in Mr. Steinhart 2025 cash compensation to $289,800 and (ii) a grant of options to purchase 270,000 shares of the Company's common stock (the "Steinhart Options") pursuant to the Company's Plan, in each case, subject to the conditions set forth in the Steinhart Amendment. On January 7, 2025, the Company entered into an amendment to the Employment Agreement, dated February 12, 2018, between the Company and Frank Yocca, the Chief Scientific Officer of the Company (the "Yocca Amendment"). The Yocca Amendment provides for, among other things, (i) a reduction in Dr. Yocca's 2025 cash compensation to $290,500 and (ii) a grant of options to purchase 270,000 shares of the Company's common stock (the "Yocca Options") pursuant to the Company's Plan, in each case, subject to the conditions set forth in the Yocca Amendment. Each of the Mehta Options, the Steinhart Options and the Yocca Options have an exerc
Financial Statements and Exhibits
Financial Statements and Exhibits. (d) Exhibits. Exhibit No. Description 10.1 Amendment to Executive Employment Agreement dated January 7, 2025 by and between BioXcel Therapeutics, Inc. and Vimal Mehta. 10.2 Amendment to Executive Employment Agreement dated January 7, 2025 by and between BioXcel Therapeutics, Inc. and Richard Steinhart. 10.3 Amendment to Executive Employment Agreement dated January 7, 2025 by and between BioXcel Therapeutics, Inc. and Frank Yocca. 104 Cover Page Interactive Data File (the cover page XBRL tags are embedded within the inline XBRL document).
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: January 8, 2025 BIOXCEL THERAPEUTICS, INC. /s/ Javier Rodriguez Javier Rodriguez Chief Legal Officer