Bioxcel Therapeutics (BTAI) Plunges 15.35% on Q3 Earnings Disappointment

Bioxcel Therapeutics (BTAI) fell 15.35% in pre-market trading on November 13, 2025, following the release of its third-quarter earnings report. The biopharmaceutical company reported a GAAP net loss of $2.18 per share, significantly below the $1.54 consensus estimate, while cash reserves stood at $37.3 million as of September 30, 2025.

The sharp decline reflects disappointment over earnings performance and revenue shortfall. The company’s net revenue from IGALMI® dropped to $98,000 in Q3 2025, a 54% decrease year-over-year, with R&D expenses rising to $8.7 million amid expanded clinical trial activity. Management highlighted progress in late-stage programs, including the SERENITY At-Home Phase 3 Safety Trial for BXCL501, which showed no drug-related serious adverse events. However, the stock’s steep pre-market drop suggests investor skepticism about the sustainability of these developments amid ongoing operational losses.

The stock has underperformed the broader market this year, down roughly 66% compared to the S&P 500’s 16.4% gain. Analysts note that near-term price action may hinge on revised earnings expectations and industry trends. The Zacks Rank currently assigns a #3 (Hold) rating to BTAI, indicating limited directional bias in the short term.

Backtest assumptions for BTAI could focus on technical levels and earnings surprise patterns. A potential strategy might involve short-term bearish positioning below key support at $3.00, with a stop-loss above recent highs. Given the stock’s volatility, traders might also consider options strategies to capitalize on implied volatility spikes around upcoming catalysts, such as the SERENITY trial data submission in early 2026.