BioXcel closes up 14% despite lackluster quarterly report

• Although it missed on the top and bottom lines in its Q1 2023 financial results, BioXCel (NASDAQ:BTAI) closed Monday up ~14%.
• The jump is likely due to excitement over upcoming data readouts of lead candidate BXCL501, a siblingual film formulation of dexmedetomidine.
• The drug is already approved as Igalmi for treatment of agitation associated with schizophrenia or bipolar disorder.
• Top-line data from a phase 3 study of dexmedetomidine in bipolar or schizophrenia-associated agitation for at-home use is expected this month, as is top-line data from a phase 1b trial in major depressive disorder.
• In addition, in June, BioXcel (BTAI) will release phase 3 data on BXCL501 for Alzheimer's disease-related agitation.

More on BioXcel

• BioXcel Therapeutics: All Eyes On Igalmi's Ramp, Reiterating Hold Rating

• Slow Adoption: BioXcel's Igalmi Struggles To Gain Traction