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BioXcel Therapeutics cash flow, quarter by quarter

Latest: Q2 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$6.1M in Q2 2026 · −$50.9M over twelve months

Operating cash flow−$6.1M
Free cash flow−$6.1M
Cash conversion cycle-70341 days

Analysis

In Q2 2026, BioXcel Therapeutics generated −$6.1M of operating cash flow. That is $6.5M more than in Q2 2025 (−$12.6M).

Over the twelve months to Jun 30, 2026, operating cash flow was −$50.9M; the largest uses were operating cash flow ($50.9M), net borrowing (+) / repaid (−) ($8.4M), other financing ($1.0M); besides operations, cash came from shares issued ($55.6M); the cash balance fell by $4.8M.

Operating cash flow was −$6.1M against net income of −$14.7M. The largest differences: prepaid and other assets +$1.7M, stock-based pay +$358K, receivables +$134K.

Its cash conversion cycle was -70341 days (receivables 74 + inventory 2033 − payables 72448): suppliers fund its working capital.

Free cash flow

BioXcel Therapeutics: free cash flow by quarterBioXcel Therapeutics: free cash flow by quarter−$16.3MQ3 2024−$14.8MQ4 2024−$12.0MQ1 2025−$12.6MQ2 2025−$18.8MQ3 2025−$14.2MQ4 2025−$11.8MQ1 2026−$6.1MQ2 2026
Operating cash flow less capital spending.
BioXcel Therapeutics: operating cash flow against capital spendingBioXcel Therapeutics: operating cash flow against capital spendingOperating cash flowCapital spending−$16.3M$0Q3 2024−$14.8M$0Q4 2024−$12.0M$0Q1 2025−$12.6M$0Q2 2025−$18.8M$0Q3 2025−$14.2M$0Q4 2025−$11.8M$0Q1 2026−$6.1M$0Q2 2026
Latest (Q2 2026): Operating cash flow −$6.1M, Capital spending $0.

Capital allocation, year by year

BioXcel Therapeutics: where the cash came from (up) and went (down), by fiscal yearBioXcel Therapeutics: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingFY2021: Operating cash flow −$82.2MFY2021: Shares issued $102MFY2021: Capital spending −$445K$102MFY2021FY2022: Operating cash flow −$135MFY2022: Net borrowing $98.6MFY2022: Shares issued $283KFY2022: Capital spending −$139K$98.9MFY2022FY2023: Operating cash flow −$155MFY2023: Shares issued $27.5MFY2023: Capital spending −$20K$27.5MFY2023FY2024: Operating cash flow −$72.0MFY2024: Net borrowing −$2.5MFY2024: Shares issued $39.7M$39.7MFY2024FY2025: Operating cash flow −$57.6MFY2025: Shares issued $58.1M$58.1MFY2025
Over these 5 years operating cash flow totalled −$502M; the largest uses were operating cash flow ($502M) and net borrowing ($2.5M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$12.8M
Debt$104M
Net debt$91.6M
Due within a year$104M
Cash runway3 months

BioXcel Therapeutics is burning cash: its operations consume cash, a free cash flow of −$50.9M a year at the current rate against $12.8M of cash and investments: a runway of about 3 months; $104M of debt also comes due within a year, which would need refinancing or new money before any new financing.

Where the cash came from and went

BioXcel Therapeutics: sources (+) and uses (−) of cash, Q2 2026BioXcel Therapeutics: sources (+) and uses (−) of cash, Q2 2026Operating cash flow−$6.1MCash drawn (+) / kept (−)$3.4MShares issued$3.1MNet borrowing (+) / repaid (−)−$304KOther financing−$62KTaxes on employees’ shares−$24K
BioXcel Therapeutics: sources (+) and uses (−) of cash, TTM to Q2 2026BioXcel Therapeutics: sources (+) and uses (−) of cash, TTM to Q2 2026Shares issued$55.6MOperating cash flow−$50.9MNet borrowing (+) / repaid (−)−$8.4MCash drawn (+) / kept (−)$4.8MOther financing−$1.0MTaxes on employees’ shares−$40K

From profit to cash

BioXcel Therapeutics: net income to operating cash flow, Q2 2026BioXcel Therapeutics: net income to operating cash flow, Q2 2026Net income−$14.7MDepreciation & amortization$18KStock-based pay$358KReceivables$134KInventory$17KPrepaid and other assets$1.7MOperating cash flow−$6.1M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q2 202674203372448-70341
Q1 2026981944921-4629
Q4 202542169844529-42790
Q3 202584035137866-133823
Q4 2024171221707-1569
Q3 20241751651107-766

Every quarter

QuarterOperating cash flowNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q2 2026−$6.1M−$304K$3.1M$3.4M−$6.1M
Q1 2026−$11.8M−$8.1M$8.5M$11.6M−$11.8M
Q4 2025−$14.2M—$5.8M$8.6M−$14.2M
Q3 2025−$18.8M—$38.2M−$18.7M−$18.8M
Q2 2025−$12.6M—$140K$12.4M−$12.6M
Q1 2025−$12.0M—$14.0M−$1.2M−$12.0M
Q4 2024−$14.8M—$7.0M$10.5M−$14.8M
Q3 2024−$16.3M—$467K$15.9M−$16.3M

BioXcel Therapeutics: income statement and cash flow

BioXcel Therapeutics, Q2 2026: revenue $182K (+52% year over year). The chart follows the revenue to costs, profit and cash.

BioXcel Therapeutics: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.