BioXcel Therapeutics, Inc.
BTAIQ Healthcare Drug Manufacturers Specialty & Generic
BioXcel Therapeutics, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $642,000.00, down 71.7% from fiscal 2024. In the quarter to June 2026, revenue grew 51.7%, EPS grew 80.0%, free cash flow grew 51.5% and total debt fell 3.90%, each against the same quarter a year earlier.
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BioXcel Therapeutics, Inc. (BTAIQ) Altman Z-score
BioXcel Therapeutics, Inc.'s Altman Z-score for fiscal 2025 is −26.30, in the distress zone (below 1.81).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | −26.30 | 2.63 |
| FY2024 | −28.93 | (11.16) |
| FY2023 | −17.76 | (16.20) |
| FY2022 | −1.57 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | (0.21) | — | −0.25 | |
| Retained earnings / total assets | (16.03) | — | −22.44 | |
| EBIT / total assets | (1.12) | — | −3.71 | |
| Market value of equity / total liabilities | 0.14 | — | 0.08 | |
| Sales / total assets | 0.01 | — | 0.01 | |
| Altman Z-score | Distress zone | −26.30 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −61.88 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| GELS Gelteq Limited compare | 0.4× |
| PRFX PainReform Ltd. compare | −7.9× |
| IMCC IM Cannabis Corp. compare | −11.7× |
| PTPI Petros Pharmaceuticals, Inc. compare | −17.0× |
| YCBD cbdMD, Inc. compare | −21.7× |
| RDHL Redhill Biopharma Ltd. compare | −24.4× |
| BTAIQ BioXcel Therapeutics, Inc. | −26.3× |
| AKAN Akanda Corp. compare | −26.4× |
| NEPTF Neptune Wellness Solutions Inc. compare | −27.3× |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets