BioXcel Stock Crashes 74.8% as Teva’s $57.5 Million Bid Meets Chapter 11
BioXcel Therapeutics, Inc. lost nearly three-quarters of its value Friday after entering Chapter 11. The $0.1814 close left its market capitalization near $5.50 million.
BioXcel Therapeutics · NASDAQ: BTAI
Chapter 11 value waterfall
Market close: August 28, 2026, 16:00 EDT
Company and SEC figures updated August 28, 2026
Company and SEC figures updated August 28, 2026
Close
$0.1814
−74.76%
Volume
58.56M
shares
Market cap
$5.50M
post-selloff
Teva upfront bid
$57.5M
10.5× market cap
Nominal transaction and financing layers
The 10.5× headline is not equity upside. Asset-sale proceeds enter the bankruptcy estate. DIP financing, secured claims, assumed liabilities and court costs rank before any residual value for common shareholders.
Asset sale→DIP + secured claims→Other liabilities→Equity residual, if any
Q1 2026 operating snapshot
| Metric | Value |
|---|---|
| IGALMI revenue | $0.206M |
| Cost of goods sold | $0.283M |
| R&D expense | $3.0M |
| SG&A expense | $7.2M |
| Operating loss | $10.2M |
| Net loss | $12.7M |
| Cash + restricted cash | $17.2M |
Quarter-end cash equaled about 1.35 times the first-quarter net loss. Revenue did not cover product cost.
Court and regulatory timeline
Aug. 27
BioXcel filed voluntary Chapter 11 petitions in Delaware.
Aug. 28
Teva stalking-horse bid and DIP financing announced.
Nov. 14
FDA target date for IGALMI's proposed at-home indication.
Investor read-through
| Asset continuity | IGALMI remains available |
| Auction outcome | Higher bids possible |
| Milestones | Up to $67.5M, not guaranteed |
| Common stock | Residual claim |
The November FDA date matters for the asset's future, but Chapter 11 priority determines whether that value reaches existing shareholders.
Sources: BioXcel Therapeutics, Teva Pharmaceutical Industries, SEC Form 8-K and BioXcel Q1 2026 results. Market data: August 28, 2026 close.
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