Javier Rodriguez, Chief Legal Officer, Senior Vice President, and Corporate Secretary at BioXcel Therapeutics, Inc. (NASDAQ:BTAI), recently executed stock transactions involving the company's common stock. The micro-cap biotech company, currently valued at $16.67 million, has seen its stock decline by nearly 88% over the past year, though InvestingPro analysis suggests the stock may be undervalued at current levels. According to a recent SEC filing, Rodriguez sold a total of 430 shares on December 16, with prices ranging from $0.355 to $0.3567 per share. The sales amounted to a total value of $153.
In addition to these sales, Rodriguez acquired a total of 1,083 shares through the exercise of restricted stock units on December 14 and 15. These acquisitions were made without a cash transaction, as each restricted stock unit represents a contingent right to receive one share of the company's common stock.
The sales were conducted under a Rule 10b5-1 trading plan, a pre-arranged plan that allows company insiders to sell stocks at predetermined times, providing a defense against potential accusations of insider trading.
In other recent news, BioXcel Therapeutics has amended its credit agreement and issued new warrants to lenders. The company has also reported its third-quarter financial results, which revealed a decrease in net revenue to $214,000 compared to the same quarter in the previous year, but an overall increase in nine-month revenue reaching $1.9 million. The net loss was significantly reduced to $13.7 million from $50.5 million in Q3 2023. Mizuho (NYSE:MFG) Securities maintained its Neutral rating on BioXcel, citing unexpectedly low Igalmi sales and higher operating expenses.
BioXcel has launched the Phase 3 SERENITY At-Home study for Igalmi and initiated two pivotal Phase 3 trials for drug candidate BXCL501. However, the need for additional funding to fully support these trials and its product IGALMI, along with immediate liquidity challenges, raises questions about the company's ability to continue operations. BioXcel is actively exploring strategic financing options and is in discussions with potential strategic partners to address these concerns. These are recent developments that continue to shape the company's trajectory.
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