BioXcel Therapeutics, Inc. (BTAI) Balance Sheet
BTAI balance sheet, 2025
December 31, 2025 · U.S. dollars$44.9M assets = $140.4M liabilities + −$95.5M equity
Liabilities exceed assets: shareholders’ equity is negative (−$95.5M).
Both columns are drawn to the same scale: what BTAI owns equals what it owes plus shareholders’ equity. Hover a block for its value.
BTAI financial health
Descriptive bands, not a rating. Fiscal 2025.
BTAI balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $7,0002016 | $44.9M2025 | +164.9%/yr | |
| Total liabilities | $331,0002016 | $140.4M2025 | +95.9%/yr | |
| Shareholders’ equity | −$324,0002016 | −$95.5M2025 | — | |
| Cash & short-term investments | $02016 | $28.4M2025 | — | |
| Total debt | $371,0002017 | $109.7M2025 | +103.6%/yr | |
| Net cash (debt) | $516,0002017 | −$81.2M2025 | −$81.8M | |
| Working capital | −$329,0002016 | −$9.2M2025 | −$8.9M | |
| Current ratio | 0.012016 | 0.832025 | +0.82 | |
| Debt / equity | 0.042019 | 1.232022 | +1.19 |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
BTAI assets
BTAI liabilities and equity
BTAI debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
BTAI balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $28.4M | $29.9M | $65.2M | $193.7M | $233.0M | $213.1M | $32.4M | $42.6M | $887,000 | $0 |
| Cash & equivalents | $28.4M | $29.9M | $65.2M | $193.7M | $233.0M | $213.1M | $32.4M | $42.6M | $887,000 | $0 |
| Receivables | $233,000 | $131,000 | $71,000 | $248,000 | $0 | $0 | $0 | $115,000 | $0 | $0 |
| Inventory | $722,000 | $679,000 | $2.0M | $2.0M | $0 | $0 | $0 | $0 | $0 | $0 |
| Other current assets | $15.3M | $6.7M | $4.9M | $6.9M | $3.8M | $3.9M | $1.7M | $491,000 | $3,000 | $2,000 |
| Total current assets | $44.7M | $37.4M | $72.1M | $202.9M | $236.8M | $217.1M | $34.1M | $43.2M | $890,000 | $2,000 |
| Property, plant & equipment (net) | $231,000 | $857,000 | $1.5M | $2.1M | $2.5M | $2.8M | $2.2M | $327,000 | $4,000 | $5,000 |
| Goodwill & intangible assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $0 | $87,000 | $87,000 | $925,000 | $86,000 | $87,000 | $51,000 | $51,000 | $461,000 | $0 |
| Total assets | $44.9M | $38.3M | $73.7M | $205.9M | $239.4M | $219.9M | $36.4M | $43.5M | $1.4M | $7,000 |
| Liabilities | ||||||||||
| Accounts payable | $14.7M | $16.0M | $13.7M | $10.2M | $4.7M | $4.0M | $5.0M | $1.6M | $444,000 | $279,000 |
| Short-term debt | $25.0M | $374,000 | $346,000 | $319,000 | $293,000 | $237,000 | $164,000 | — | $371,000 | — |
| Deferred revenue | — | — | $116,000 | — | — | $7.4M | −$164,000 | — | — | — |
| Total current liabilities | $53.9M | $22.2M | $27.3M | $32.9M | $16.7M | $11.8M | $8.5M | $4.7M | $2.3M | $331,000 |
| Long-term debt | $84.7M | $102.5M | $100.6M | $93.1M | $0 | $0 | $0 | $0 | $0 | $0 |
| Lease obligations | $65,000 | $439,000 | $786,000 | $1.1M | $1.4M | $1.4M | $1.0M | — | — | — |
| Other long-term liabilities | $1.8M | $6.7M | $2.3M | $3.1M | $1.1M | $1.4M | $1.0M | $0 | $0 | $0 |
| Total liabilities | $140.4M | $131.4M | $130.2M | $129.1M | $17.8M | $13.2M | $9.5M | $4.7M | $2.3M | $331,000 |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $76,000 | $49,000 | $30,000 | $28,000 | $28,000 | $24,000 | $18,000 | $16,000 | $10,000 | −$324,000 |
| Retained earnings (deficit) | −$720.1M | −$650.2M | −$590.6M | −$411.5M | −$245.8M | −$138.9M | −$56.7M | −$23.7M | −$4.5M | $0 |
| Accumulated other comprehensive income | — | — | — | $0 | — | — | −$174,000 | −$18,000 | −$1,000 | — |
| Total shareholders' equity | −$95.5M | −$93.1M | −$56.5M | $76.8M | $221.7M | $206.7M | $26.9M | $38.9M | −$982,000 | −$324,000 |
| Key figures | ||||||||||
| Total debt | $109.7M | $102.9M | $101.4M | $94.2M | $1.4M | $1.6M | $1.0M | — | $371,000 | — |
| Net cash (debt) | −$81.2M | −$73.1M | −$36.2M | $99.6M | $231.6M | $211.5M | $31.4M | — | $516,000 | — |
| Working capital | −$9.2M | $15.2M | $44.9M | $170.0M | $220.1M | $205.2M | $25.6M | $38.5M | −$1.4M | −$329,000 |
| Tangible book value | −$95.5M | −$93.1M | −$56.5M | $76.8M | $221.7M | $206.7M | $26.9M | $38.9M | −$982,000 | −$324,000 |
| Book value per share | −$7.82 | — | — | — | — | — | — | — | — | — |
| Shares outstanding | 12.2M | — | — | — | — | — | — | — | — | — |
| Current ratio | 0.83 | 1.68 | 2.65 | 6.17 | 14.21 | 18.33 | 4.03 | 9.26 | 0.38 | 0.01 |
| Quick ratio | 0.53 | 1.35 | 2.39 | 5.90 | 13.98 | 18.00 | 3.83 | 9.16 | 0.38 | 0.00 |
| Debt / equity | — | — | — | 1.23 | 0.01 | 0.01 | 0.04 | — | — | — |
| Equity / assets | −212.5% | −242.8% | −76.7% | 37.3% | 92.6% | 94.0% | 73.9% | 89.3% | −72.5% | −4,628.6% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $12.8M | $17.2M | $28.4M | $37.3M | $17.4M | $31.0M | $29.9M | $40.4M | $56.3M | $74.1M | $65.2M | $90.0M |
| Cash & equivalents | $12.8M | $17.2M | $28.4M | $37.3M | $17.4M | $31.0M | $29.9M | $40.4M | $56.3M | $74.1M | $65.2M | $90.0M |
| Receivables | $82,000 | $216,000 | $233,000 | $0 | $17,000 | $0 | $131,000 | $3,000 | $812,000 | $378,000 | $71,000 | $735,000 |
| Inventory | $483,000 | $500,000 | $722,000 | $459,000 | $506,000 | $642,000 | $679,000 | $1.5M | $2.7M | $2.4M | $2.0M | $2.0M |
| Other current assets | $15.3M | $16.0M | $15.3M | $6.6M | $7.3M | $6.1M | $6.7M | $5.9M | $4.4M | $4.0M | $4.9M | $6.0M |
| Total current assets | $28.7M | $33.9M | $44.7M | $44.4M | $25.2M | $37.8M | $37.4M | $47.8M | $64.2M | $80.9M | $72.1M | $98.7M |
| Property, plant & equipment (net) | $99,000 | $117,000 | $231,000 | $389,000 | $546,000 | $702,000 | $857,000 | $1.0M | $1.2M | $1.3M | $1.5M | $1.6M |
| Goodwill & intangible assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $0 | $0 | $0 | $0 | $0 | $87,000 | $87,000 | $87,000 | $87,000 | $87,000 | $87,000 | $87,000 |
| Total assets | $28.8M | $34.0M | $44.9M | $44.8M | $25.8M | $38.6M | $38.3M | $48.9M | $65.4M | $82.3M | $73.7M | $100.4M |
| Liabilities | ||||||||||||
| Accounts payable | $18.8M | $16.2M | $14.7M | $16.3M | $16.7M | $15.4M | $16.0M | $14.9M | $13.3M | $17.2M | $13.7M | $10.7M |
| Short-term debt | $104.5M | $22.4M | $25.0M | $17.0M | $11.5M | $6.0M | $374,000 | $368,000 | $361,000 | $353,000 | $346,000 | $339,000 |
| Deferred revenue | — | — | — | — | — | — | — | — | $70,000 | $85,000 | $116,000 | −$339,000 |
| Total current liabilities | $137.1M | $55.0M | $53.9M | $37.8M | $33.4M | $25.5M | $22.2M | $25.6M | $27.3M | $31.5M | $27.3M | $39.4M |
| Long-term debt | $0 | $77.9M | $84.7M | $92.3M | $97.5M | $99.9M | $102.5M | $104.4M | $103.0M | $101.6M | $100.6M | $99.1M |
| Lease obligations | — | — | $65,000 | $161,000 | $256,000 | $350,000 | $439,000 | $529,000 | $256,000 | $350,000 | $786,000 | $529,000 |
| Other long-term liabilities | $7.1M | $6.7M | $1.8M | $3.6M | $2.6M | $3.3M | $6.7M | $4.5M | $9.4M | $21.6M | $2.3M | $2.6M |
| Total liabilities | $144.3M | $139.6M | $140.4M | $133.7M | $133.5M | $128.7M | $131.4M | $134.5M | $139.7M | $154.7M | $130.2M | $141.1M |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $31,000 | $27,000 | $76,000 | $73,000 | $60,000 | $59,000 | $49,000 | $42,000 | $40,000 | $34,000 | $30,000 | $29,000 |
| Retained earnings (deficit) | −$747.5M | −$732.8M | −$720.1M | −$707.5M | −$676.6M | −$657.5M | −$650.2M | −$639.3M | −$625.7M | −$617.4M | −$590.6M | −$568.3M |
| Accumulated other comprehensive income | — | — | — | — | — | — | — | — | — | — | — | $0 |
| Total shareholders' equity | −$115.5M | −$105.5M | −$95.5M | −$88.9M | −$107.7M | −$90.2M | −$93.1M | −$85.6M | −$74.3M | −$72.4M | −$56.5M | −$40.6M |
| Key figures | ||||||||||||
| Total debt | $104.5M | $100.3M | $109.7M | $109.3M | $108.9M | $105.9M | $102.9M | $105.0M | $103.6M | $102.3M | $101.4M | $100.0M |
| Net cash (debt) | −$91.6M | −$83.1M | −$81.2M | −$72.0M | −$91.5M | −$74.9M | −$73.1M | −$64.6M | −$47.4M | −$28.2M | −$36.2M | −$10.0M |
| Working capital | −$108.4M | −$21.1M | −$9.2M | $6.6M | −$8.1M | $12.2M | $15.2M | $22.2M | $36.9M | $49.4M | $44.9M | $59.3M |
| Tangible book value | −$115.5M | −$105.5M | −$95.5M | −$88.9M | −$107.7M | −$90.2M | −$93.1M | −$85.6M | −$74.3M | −$72.4M | −$56.5M | −$40.6M |
| Book value per share | −$9.46 | −$8.65 | −$7.82 | −$6.26 | −$13.73 | — | — | — | — | — | — | — |
| Shares outstanding | 12.2M | 12.2M | 12.2M | 14.2M | 7.8M | — | — | — | — | — | — | — |
| Current ratio | 0.21 | 0.62 | 0.83 | 1.17 | 0.76 | 1.48 | 1.68 | 1.87 | 2.35 | 2.57 | 2.65 | 2.51 |
| Quick ratio | 0.09 | 0.32 | 0.53 | 0.99 | 0.52 | 1.21 | 1.35 | 1.58 | 2.09 | 2.37 | 2.39 | 2.30 |
| Equity / assets | −400.9% | −310.2% | −212.5% | −198.5% | −417.5% | −233.8% | −242.8% | −175.1% | −113.5% | −87.9% | −76.7% | −40.4% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed March 27, 2026); data from EODHD.
BTAI financial position
At the end of fiscal 2025 (December 31, 2025), BioXcel Therapeutics had total assets of $44.9 million (up 17.2% from a year earlier), total liabilities of $140.4 million and shareholders' equity of -$95.5 million. It held $28.4 million in cash and short-term investments against $109.7 million of debt, net debt of $81.2 million. Its current ratio was 0.83. In the latest quarter (ended June 30, 2026) total assets were $28.8 million and equity -$115.5 million.
Related: BTAI income statement, BTAI cash flow statement, BTAI key metrics. See the BTAI stock overview for the latest quote and news.
BTAI balance sheet FAQ
What are BioXcel Therapeutics's total assets?
BioXcel Therapeutics reported total assets of $44.9 million at the end of fiscal 2025 (December 31, 2025), compared with $38.3 million a year earlier.
How much debt does BioXcel Therapeutics have?
BioXcel Therapeutics had $109.7 million of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was —.
How much cash does BioXcel Therapeutics have?
BioXcel Therapeutics held $28.4 million in cash and short-term investments at the end of fiscal 2025; with $109.7 million of debt that is net debt of $81.2 million.
What is BioXcel Therapeutics's book value?
BioXcel Therapeutics's shareholders' equity (book value) was -$95.5 million at the end of fiscal 2025, or −$7.82 per share.
What is BioXcel Therapeutics's current ratio?
BioXcel Therapeutics had current assets of $44.7 million and current liabilities of $53.9 million, a current ratio of 0.83 (current liabilities exceed current assets).