BioXcel Therapeutics (BTAI) 10-Q 14 Aug 23 2023 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2023	Aug. 10, 2023
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2023
Document Transition Report	false
Entity File Number	001-38410
Entity Registrant Name	BioXcel Therapeutics, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	82-1386754
Entity Address, Address Line One	555 Long Wharf Drive
Entity Address, City or Town	New Haven
Entity Address, State or Province	CT
Entity Address, Postal Zip Code	06511
City Area Code	475
Local Phone Number	238-6837
Title of 12(b) Security	Common Stock
Trading Symbol	BTAI
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		29,267,197
Entity Central Index Key	0001720893
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Amendment Flag	false

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Current assets
Cash and cash equivalents	$ 127,545	$ 193,725
Accounts receivable, net	431	248
Inventory	1,925	1,985
Prepaid expenses	3,698	3,067
Other current assets	4,636	3,843
Total current assets	138,235	202,868
Property and equipment, net	941	1,084
Operating lease right-of-use assets	834	976
Other assets	87	925
Total assets	140,097	205,853
Current liabilities
Accounts payable	11,203	10,228
Accrued expenses	19,128	18,669
Due to related parties	854	422
Accrued interest	3,106	3,175
Other current liabilities	453	404
Total current liabilities	34,744	32,898
Long-term portion of operating lease liabilities	617	786
Derivative liabilities	2,026	2,343
Long-term debt	96,846	93,051
Total liabilities	134,233	129,078
Commitments and contingencies (Note 15)
Stockholders' equity
Preferred stock, $0.001 par value, 10,000 shares authorized; no shares issued and outstanding as of June 30, 2023 and December 31, 2022
Common stock, $0.001 par value, 100,000 shares authorized as of June 30, 2023 and December 31, 2022; 29,267 and 28,147 shares issued and outstanding as of June 30, 2023 and December 31, 2022, respectively	29	28
Additional paid-in-capital	523,691	488,292
Accumulated deficit	(517,856)	(411,545)
Total stockholders' equity	5,864	76,775
Total liabilities and stockholders' equity	$ 140,097	$ 205,853

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares shares in Thousands	Jun. 30, 2023	Dec. 31, 2022
CONDENSED CONSOLIDATED BALANCE SHEETS
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	10,000	10,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	100,000	100,000
Common stock, shares issued (in shares)	29,267	28,147
Common stock, shares outstanding (in shares)	29,267	28,147

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Product revenue, net	$ 457		$ 663
Operating expenses
Cost of goods sold	26		34
Research and development	26,973	$ 17,906	54,773	$ 36,593
Selling, general and administrative	25,872	18,382	49,467	31,175
Total operating expenses	52,871	36,288	104,274	67,768
Loss from operations	(52,414)	(36,288)	(103,611)	(67,768)
Other expense (income)
Interest expense	3,259	1,586	6,627	1,593
Interest income	(1,621)	(204)	(3,636)	(219)
Other income, net	(537)		(291)
Net loss	$ (53,515)	$ (37,670)	$ (106,311)	$ (69,142)
Basic net loss per share attributable to common stockholders (in dollars per share)	$ (1.83)	$ (1.35)	$ (3.68)	$ (2.47)
Diluted net loss per share attributable to common stockholders (in dollars per share)	$ (1.83)	$ (1.35)	$ (3.68)	$ (2.47)
Weighted average shares outstanding - basic	29,187	27,989	28,903	27,985
Weighted average shares outstanding - diluted	29,187	27,989	28,903	27,985

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS EQUITY - USD ($) shares in Thousands, $ in Thousands	Common stock	Additional Paid in Capital	Accumulated Deficit	Total
Beginning Balance at Dec. 31, 2021	$ 28	$ 467,427	$ (245,788)	$ 221,667
Beginning Balance (in shares) at Dec. 31, 2021	27,980
Stock-based compensation		3,825		3,825
Net loss			(31,472)	(31,472)
Ending Balance at Mar. 31, 2022	$ 28	471,252	(277,260)	194,020
Ending Balance (in shares) at Mar. 31, 2022	27,980
Beginning Balance at Dec. 31, 2021	$ 28	467,427	(245,788)	221,667
Beginning Balance (in shares) at Dec. 31, 2021	27,980
Net loss				(69,142)
Ending Balance at Jun. 30, 2022	$ 28	479,164	(314,930)	164,262
Ending Balance (in shares) at Jun. 30, 2022	28,018
Beginning Balance at Dec. 31, 2021	$ 28	467,427	(245,788)	221,667
Beginning Balance (in shares) at Dec. 31, 2021	27,980
Ending Balance at Dec. 31, 2022	$ 28	488,292	(411,545)	$ 76,775
Ending Balance (in shares) at Dec. 31, 2022	28,147			28,147
Beginning Balance at Mar. 31, 2022	$ 28	471,252	(277,260)	$ 194,020
Beginning Balance (in shares) at Mar. 31, 2022	27,980
Stock-based compensation		4,482		4,482
Issuance of stock purchase warrants		3,245		3,245
Exercise of stock options		185		185
Exercise of stock options (in shares)	38
Net loss			(37,670)	(37,670)
Ending Balance at Jun. 30, 2022	$ 28	479,164	(314,930)	164,262
Ending Balance (in shares) at Jun. 30, 2022	28,018
Beginning Balance at Dec. 31, 2022	$ 28	488,292	(411,545)	$ 76,775
Beginning Balance (in shares) at Dec. 31, 2022	28,147			28,147
Issuance of common shares, net of offering costs	$ 1	23,917		$ 23,918
Issuance of common shares, net of offering costs (in shares)	756
Stock-based compensation		4,877		4,877
Exercise of stock options		258		258
Exercise of stock options (in shares)	173
Vesting of restricted stock units, net of employee tax obligations		(27)		(27)
Vesting of restricted stock units, net of employee tax obligations (in shares)	24
Net loss			(52,796)	(52,796)
Ending Balance at Mar. 31, 2023	$ 29	517,317	(464,341)	53,005
Ending Balance (in shares) at Mar. 31, 2023	29,100
Beginning Balance at Dec. 31, 2022	$ 28	488,292	(411,545)	$ 76,775
Beginning Balance (in shares) at Dec. 31, 2022	28,147			28,147
Net loss				$ (106,311)
Ending Balance at Jun. 30, 2023	$ 29	523,691	(517,856)	$ 5,864
Ending Balance (in shares) at Jun. 30, 2023	29,267			29,267
Beginning Balance at Mar. 31, 2023	$ 29	517,317	(464,341)	$ 53,005
Beginning Balance (in shares) at Mar. 31, 2023	29,100
Stock-based compensation		6,124		6,124
Exercise of stock options		250		250
Exercise of stock options (in shares)	136
Vesting of restricted stock units, net of employee tax obligations (in shares)	31
Net loss			(53,515)	(53,515)
Ending Balance at Jun. 30, 2023	$ 29	$ 523,691	$ (517,856)	$ 5,864
Ending Balance (in shares) at Jun. 30, 2023	29,267			29,267

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
OPERATING CASH FLOW ACTIVITIES:
Net loss	$ (106,311)	$ (69,142)
Reconciliation of net loss to net cash used in operating activities
Depreciation	161	161
Accretion of debt discount and amortization of financing costs	689	321
Change in fair value of derivative liabilities	(317)
Stock-based compensation expense	11,001	8,307
Payable-in-kind interest on Credit Agreement	803
Loss on disposal of equipment	2
Operating lease right-of-use assets	142	133
Changes in operating assets and liabilities
Accounts receivable	(183)
Inventory	60	(1,395)
Prepaid expenses, other current assets and other assets	(527)	(7,072)
Accounts payable, accrued expenses, due to related parties, and other current liabilities	1,843	3,315
Accrued interest	2,234
Operating lease liabilities	(156)	(144)
Net cash used in operating activities	(90,559)	(65,516)
INVESTING CASH FLOW ACTIVITIES:
Purchases of equipment and leasehold improvements	(20)	(139)
Net cash used in investing activities	(20)	(139)
FINANCING CASH FLOW ACTIVITIES:
Proceeds from long-term debt		68,600
Debt issuance costs		(2,646)
Proceeds from issuance of common stock	24,657
Offering costs for common stock issuance	(739)
Payment of employee tax obligations related to vested restricted stock units	(27)
Exercise of stock options	508	185
Net cash provided by financing activities	24,399	66,139
Net (decrease) increase in cash and cash equivalents	(66,180)	484
Cash and cash equivalents, beginning of the period	193,725	232,968
Cash and cash equivalents, end of the period	127,545	$ 233,452
Supplemental cash flow information:
Deferred initial public offering costs in accounts payable	$ 59

Nature of the Business

Nature of the Business	6 Months Ended
	Jun. 30, 2023
Nature of the Business
Nature of the Business	Note 1. Nature of the Business BioXcel Therapeutics, Inc. (“BTI” or the “Company”) is a biopharmaceutical company utilizing artificial intelligence (“AI”) approaches to develop transformative medicines in neuroscience and immuno-oncology. The Company is focused on utilizing cutting-edge technology and innovative research to develop high-value therapeutics aimed at transforming patients’ lives. BTI employs unique AI platforms designed to reduce therapeutic development costs and potentially accelerate timelines. The Company’s approach leverages existing approved drugs and/or clinically evaluated product candidates together with big data and proprietary machine learning algorithms to identify new therapeutic indices. BTI management believes this differentiated approach has the potential to reduce the expense and time associated with drug development in diseases with substantial unmet medical needs. As used in these condensed consolidated financial statements, unless otherwise specified or the context otherwise requires, the term “BioXcel LLC” refers to the Company’s former parent and current significant stockholder and its predecessor, BioXcel Corporation. “OnkosXcel” refers to BTI’s wholly owned subsidiary for its advanced immuno-oncology assets, OnkosXcel Therapeutics, LLC. On April 6, 2022, BTI announced that the U.S. FDA approved IGALMI (dexmedetomidine or “Dex”) sublingual film for the acute treatment of agitation associated with schizophrenia or bipolar I or II disorder in adults. IGALMI is approved to be self-administrated by patients under the supervision of a healthcare provider. On July 6, 2022, BTI announced that IGALMI, was commercially available in doses of 120 and 180 micrograms through the Company’s third-party logistics provider and was available for order through wholesalers. The Company’s most advanced clinical development program is BXCL501, an investigational proprietary, orally dissolving film formulation of Dex for the treatment of agitation associated with psychiatric and neurological disorders. The Company’s advanced immuno-oncology asset, BXCL701, is an investigational, orally administered systemic innate immune activator for the treatment of a rare form of prostate cancer and advanced solid tumors that are refractory or treatment naïve to checkpoint inhibitors. BTI was incorporated under the laws of the State of Delaware on March 29, 2017. The Company’s principal office is in New Haven, Connecticut.

Basis of Presentation

Basis of Presentation	6 Months Ended
	Jun. 30, 2023
Basis of Presentation
Basis of Presentation	Note 2. Basis of Presentation The accompanying unaudited interim condensed consolidated financial statements do not include all the information and notes required by Generally Accepted Accounting Principles (“GAAP”) in the U.S. The accompanying year-end balance sheet was derived from audited financial statements but does not include all disclosures required by U.S. GAAP. The unaudited interim condensed consolidated financial statements have been prepared on the same basis as the audited annual financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary for the fair statement of the Company’s financial position as of June 30, 2023, the results of its operations for the three and six months ended June 30, 2023 and 2022 and its cash flows for the six months ended June 30, 2023 and 2022. The results for the three and six months ended June 30, 2023 are not necessarily indicative of results to be expected for the year ending December 31, 2023, any other interim periods or any future year or period. The accompanying unaudited interim condensed consolidated financial statements of the Company should be read in conjunction with the audited financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 filed with the Securities and Exchange Commission on March 16, 2023. The accompanying condensed consolidated financial statements include the accounts for the Company and all entities where BTI has a controlling financial interest after elimination of all intercompany accounts and transactions and have been prepared in conformity with U.S. GAAP. As of June 30, 2023, the Company had cash and cash equivalents of $127,545 and an accumulated deficit of $517,856. BTI has incurred substantial net losses and negative cash flows from operating activities in nearly every fiscal period since inception and expects this trend to continue for the foreseeable future. The Company recognized net losses of $53,515 and $37,670 for the three months ended June 30, 2023 and 2022, respectively, and $106,311 and $69,142 for the six months ended June 30, 2023 and 2022, respectively, and had net cash used in operating activities of $90,559 and $65,516 for the six months ended June 30, 2023 and 2022, respectively. Under ASC Topic 205-40, Presentation of Financial Statements - Going Concern, management is required at each reporting period to evaluate whether there are conditions and events, considered in the aggregate, that raise substantial doubt about an entity’s ability to continue as a going concern within one year after the date that the financial statements are issued. The Company’s history of significant losses, its negative cash flows from operations, potential near-term, increased covenant-driven payments under its OFA Facilities (as defined in Note 8, Debt and Credit Facilities The accompanying condensed consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business, and do not include any adjustments that may result from the outcome of this uncertainty. This going concern evaluation takes into consideration the potential mitigating effect of management’s Reprioritization (as defined in Note 16 Subsequent Events) plans that have not been fully implemented as of the date the financial statements are issued. When substantial doubt exists, management evaluates whether the mitigating effect of its plans sufficiently alleviates the substantial doubt about the Company’s ability to continue as a going concern. The mitigating effect of management’s plans, however, is only considered if both (i) it is probable that the plans will be effectively implemented within one year after the date that the financial statements are issued and (ii) it is probable that the plans, when implemented, will mitigate the relevant conditions or events that raise substantial doubt about the entity’s ability to continue as a going concern within one year after the date that the financial statements are issued. Generally, to be considered probable of being effectively implemented, the plans need to be approved by the Company’s Board of Directors. The Company’s Reprioritization was approved by the Board of Directors on August 8, 2023, however, such plans will not mitigate the entity’s ability to continue as a going concern within one year after the date that the financial statements are issued. The accompanying condensed consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business and does not include any adjustments that may result from the outcome of this uncertainty. The going concern analysis does not consider possible amendments to or restructuring of the OFA Facilities or other potential sources of debt or equity capital. Successful completion of the Company’s development programs and, ultimately, the attainment of profitable operations are dependent upon future events, including obtaining adequate financing to support the Company’s cost structure and operating plan. Management’s plans to improve the Company’s liquidity and reduce its operating expenses and capital requirements include, among other things, pursuing one or more of the following steps to raise additional capital, none of which can be guaranteed or are entirely within the Company’s control: ● raise funding through the sale of the Company’s equity securities; ● raise funding through third-party investments in or other strategic options for OnkosXcel; ● raise funding through debt financing and/or restructuring of its existing OFA Facilities; ● establish collaborations with potential partners to advance the Company’s product pipeline; ● establish collaborations with potential marketing partners; ● reduce overhead and headcount to focus on core priorities; and/or ● any combination of the foregoing. ​ If the Company is unable to raise capital when needed or on acceptable terms, refinance or restructure its existing OFA Facilities or if it is unable to procure collaboration arrangements to advance its programs, the Company would be forced to discontinue some of its operations or develop and implement a plan, beyond its Reprioritization initiatives, to further extend payables, reduce overhead, scale back or cease some or all of its revised operating plan until sufficient additional capital is raised to support further operations. ​

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2023
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies	Note 3. Summary of Significant Accounting Policies Use of Estimates The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect amounts reported in the condensed consolidated financial statements and notes thereto. Although these estimates are based on the Company’s knowledge of current events and actions it may undertake in the future, actual results may ultimately materially differ from these estimates. Cash and Cash Equivalents The Company considers all highly liquid investments with an original maturity of three months or less at the date of purchase to be cash equivalents. As of June 30, 2023 and December 31, 2022, cash equivalents were comprised primarily of money market funds. Cash and cash equivalents held at financial institutions may at times exceed federally insured amounts. BTI management believes it mitigates such risk by investing in or through major financial institutions. Accounts Receivable, Net Accounts receivable arise from sales of IGALMI and represent amounts due from distributors. Payment terms generally range from 30 to 75 days from the date of the sale transaction, and accordingly, do not involve a significant financing component. Receivables from product sales are recorded net of allowances which generally include distribution fees, prompt payment discounts, chargebacks, and credit losses. Allowances for distribution fees, prompt payment discounts and chargebacks are based on contractual terms. The Company estimated the current expected credit losses of its accounts receivable by assessing the risk of loss and available relevant information about collectability, existing contractual payment terms, actual payment patterns of its customers, individual customer circumstances, and reasonable and supportable forecast of economic conditions expected to exist throughout the contractual life of the receivable. Based on its assessment, as of June 30, 2023, the Company determined that an allowance for credit losses was not required. Concentrations of Credit Risk The Company sells IGALMI through a drop-ship program under which orders from hospitals and similar health care institutions are processed through wholesalers, but shipments of the product are sent directly to the individual hospitals and similar health care institutions. BTI also contracts directly with certain hospitals, and intermediaries such as group purchasing organizations (“GPOs”). All trade accounts receivables are due from the distributor that fulfills orders on behalf of the Company. Inventory Inventory is stated at the lower of cost or net realizable value. Cost of inventory is determined on a first-in, first-out basis. BTI capitalizes inventory costs associated with the Company’s products prior to regulatory approval, when, based on management’s judgment, future commercialization is considered probable and the future economic benefit is expected to be realized; otherwise, such costs are expensed as Research and development expense in the Condensed Consolidated Statements of Operations. The Company performs an assessment of the recoverability of capitalized inventory during each reporting period and writes down any excess and obsolete inventories to their estimated realizable value in the period in which the impairment is first identified. Such impairment charges, should they occur, will be recorded within Cost of goods sold in the Condensed Consolidated Statements of Operations. The determination of whether inventory costs will be realizable requires estimates by management. If actual market conditions are less favorable than projected, write-downs of inventory may be required. Deferred Initial Public Offering Costs Deferred initial public offering costs of $2,570 as of June 30, 2023, consist of legal, accounting, underwriting fees and other costs incurred through the balance sheet date that are directly related to the Company’s proposed initial public offering of OnkosXcel and are included in Other current assets in the Condensed Consolidated Balance Sheets. The deferred initial public offering costs will reduce the proceeds of the proposed initial public offering of OnkosXcel. Should the proposed initial public offering prove to be unsuccessful, these deferred costs, as well as any additional expenses incurred, will be recorded as an expense in the Condensed Consolidated Statements of Operations. Property and Equipment Property and equipment are recorded at cost and depreciated over the shorter of their remaining lease term or their estimated useful life on a straight-line basis as follows: ​ ​ ​ Equipment 3-5 years Furniture 7 years Leasehold improvements Lesser of life of improvement or lease term ​ Expenditures for maintenance and repairs which do not improve or extend the useful lives of the respective assets are expensed as incurred. When assets are sold or retired, the related cost and accumulated depreciation are removed from their respective accounts and any resulting gain or loss is included within Selling, general and administrative expenses in the Condensed Consolidated Statements of Operations. Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to undiscounted future net cash flows expected to be generated from its use and disposition. Impairment charges are recognized at the amount by which the carrying amount of an asset exceeds the fair value of the asset. Assets to be disposed of are reported at the lower of the carrying amount or the fair value less costs to sell. Leases The Company determines if an arrangement is a lease at inception. Operating leases are included in Operating lease right-of-use (“ROU”) assets, Other current liabilities, and the Long-term portion of operating lease liabilities in the Condensed Consolidated Balance Sheets. ROU assets represent BTI’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Operating lease ROU assets and lease liabilities are recognized at commencement date based on the present value of lease payments over the lease term. The Company uses the implicit rate when readily determinable. As BTI’s leases do not provide an implicit rate, it used an incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The operating lease ROU asset also includes any prepaid lease payments made and excludes lease incentives. The Company’s leases may include options to extend the lease; such options are included in determining the lease term when it is reasonably certain that BTI will exercise that option. Lease expense is recognized on a straight-line basis over the lease term. Debt and Detachable Warrants Detachable warrants are evaluated for classification as either equity instruments, derivative liabilities, or liabilities depending on the specific terms of the warrant agreement. The portion of the proceeds allocated to the warrants are accounted for as paid-in capital and a debt discount. The remaining proceeds, as further reduced by discounts created by the bifurcation of any embedded derivatives, are allocated to the debt. Detachable warrants classified as derivative liabilities are accounted for as indicated under “ Derivative Assets and Liabilities The Company entered into financing arrangements, the terms of which involve significant assumptions and estimates, including future net product sales, in determining interest expense, amortization period of the debt discount, as well as the classification between current and long-term portions. In estimating future net product sales, the Company assesses prevailing market conditions using various external market data against the Company’s anticipated sales and planned commercial activities. Consequently, the Company imputes interest on the carrying value of the debt and records interest expense using an imputed effective interest rate. The Company reassesses the expected payments during each reporting period and accounts for any changes through an adjustment to the effective interest rate on a prospective basis, with a corresponding impact to the classification of the Company’s current and long-term portions of the debt. Derivative Assets and Liabilities Derivative assets and liabilities are recorded on the Company`s Condensed Consolidated Balance Sheets at their fair value on the date of issuance and are revalued on each balance sheet date until such instruments are settled or expire, with changes in the fair value between reporting periods recorded as other income or expense within Other income, net in the Condensed Consolidated Statements of Operations. The Company does not use derivative instruments for speculative purposes or to hedge exposures to cash flow or market risks. Certain financing facilities entered into by the Company include freestanding financial instruments and/or embedded features that require separate accounting as derivative assets and/or liabilities. In determining fair value, the Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible. Revenue Recognition The Company’s revenues consist of product sales of IGALMI. BTI recognizes revenue when its customers obtain control of promised goods or services, in an amount that reflects the consideration that the Company expects to receive in exchange for those goods or services. To determine revenue recognition, BTI management performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price, including variable consideration, if any; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the Company satisfies a performance obligation. Arrangements that include rights to additional goods or services that are exercisable at a customer’s discretion are generally considered options. The Company assesses if these options provide a material right to the customer and if so, they are considered performance obligations. The exercise of a material right may be accounted for as a contract modification or as a continuation of the contract for accounting purposes. The Company assesses whether the goods or services promised within each contract are distinct to identify those that are performance obligations. This assessment involves subjective determinations and requires management to make judgments about the individual promised goods or services and whether such goods and services are separable from the other aspects of the contractual relationship. Promised goods and services are considered distinct provided that: (i) the customer can benefit from the good or service either on its own or together with other resources that are readily available to the customer and (ii) the Company’s promise to transfer the good or service to the customer is separately identifiable from other promises in the contract. The Company allocates the transaction price (the amount of consideration it expects to be entitled to from a customer in exchange for the promised goods or services) to each performance obligation and recognizes the associated revenue when (or as) each performance obligation is satisfied. The Company’s estimate of the transaction price for each contract includes all variable consideration to which the Company expects to be entitled. BTI distributes IGALMI in the U.S. through arrangements with a distributor, wholesalers, and GPOs. The distributor and wholesalers help process and fulfill orders from hospitals on the Company’s behalf. The Company believes the hospitals are its customers. The Company recognizes product revenues, net of consideration payable to customers, as well as variable consideration related to certain allowances and accruals that are determined using either the expected value or most likely amount method, depending on the type of the variable consideration, in its condensed consolidated financial statements at the point in time when control transfers to the customer, which is typically when the product has been delivered to the customer’s location. The amount included in the transaction price is constrained to the amount for which it is probable that a significant reversal of cumulative revenue recognized will not occur. The Company’s only performance obligation identified for IGALMI is to deliver the quantity of product ordered to the location specified by the customer’s order. The Company records shipping and handling costs associated with delivery of product to its customers within Selling, general and administrative expenses on its Condensed Consolidated Statements of Operations. Under the Company’s current product sales arrangements, BTI does not have contract assets (unbilled receivables), as it generally invoices its customer at the time of revenue recognition. BTI sells IGALMI at wholesale acquisition cost and calculates product revenue net of variable consideration and consideration payable to third parties associated with distribution of product. The Company records reserves, based on contractual terms, for the following components of consideration related to product sold during the reporting period. Calculating these amounts involves estimates and judgments, and the Company reviews these estimates quarterly and records any material adjustments in the period they are identified, which affects net product revenue and earnings in the period such variances occur. Trade Discounts and Allowances The Company provides the distributor and wholesalers with discounts for prompt payment and pays fees to the distributor, wholesalers and GPOs related to distribution of the product. BTI expects the relevant third parties to earn these discounts and fees, and therefore it deducts such amounts from gross product revenue and accounts receivable at the time it recognizes the related revenue. Government Rebates IGALMI is eligible for purchase by, or qualifies for reimbursement from, Medicaid and other U.S. government programs that are eligible for rebates on the price they pay for the product. To determine the appropriate amount to reserve for these rebates, BTI applies the applicable government discount to these sales, and estimates the portion of total rebates that it anticipates will be claimed. The Company deducts certain government rebates from gross product revenue and accounts receivable at the time it recognizes the related revenue; other government rebates are recognized as an accrued liability at the time BTI recognizes the related revenue. Chargebacks BTI provides product discounts to hospitals associated with certain GPOs. The Company estimates the chargebacks that it expects to be obligated to provide based upon the terms of the applicable arrangements. BTI deducts such amounts from gross product revenue and accounts receivable at the time it recognizes the related revenue. Product Returns The Company provides contractual return rights to its customers including the right to return product within six months of product expiration and up to 12 months after product expiration, as well as for incorrect shipments, and damaged or defective product, which the Company expects to be rare. Management expects product returns to be minimal, thus BTI recognizes a nominal allowance for product returns at the time of each sale. In the future, if any of these factors and/or the history of product returns changes, the Company will adjust the allowance for product returns. BTI classifies all fees paid to the distributor, other than those discussed above and those related to warehouse operations, as Selling, general and administrative expenses on its Condensed Consolidated Statements of Operations. Fees paid to the distributor for warehouse operations are classified as Cost of goods sold on BTI’s Condensed Consolidated Statements of Operations. Cost of Goods Sold Cost of goods sold includes the cost of producing and distributing inventories that are related to product revenues during the respective period. Cost of goods sold may also include costs related to excess or obsolete inventory adjustment charges, as well as costs related to warehouse operations paid to distributors. Stock-Based Compensation The Company measures and recognizes stock-based compensation expense based on estimated fair value for all share-based awards made to employees, non-employee service providers, and directors, including stock options and restricted stock units (“RSUs”). The Company’s 2017 Equity Incentive Plan (the “2017 Plan”) became effective in August 2017. The Company’s 2020 Incentive Award Plan (the “2020 Plan”) became effective in May 2020. Following the effective date of the 2020 Plan, the Company ceased granting awards under the 2017 Plan; however, the terms and conditions of the 2017 Plan continue to govern any outstanding awards granted thereunder. The Company’s stock-based awards are valued at fair value on the date of grant and that fair value is recognized as an expense in the Condensed Consolidated Statements of Operations over the requisite service period using the accelerated attribution method. The estimated fair value of RSUs is based on the Company’s closing stock price on the grant date or third-party valuation if related to a subsidiary. The estimated fair value of stock-option and profit unit awards was determined using the Black-Scholes pricing model on the date of grant. The Black-Scholes pricing model is affected by the Company’s stock price, as well as assumptions regarding variables including, but not limited to, the strike price of the instrument, the risk-free rate, the expected stock price volatility over the term of the awards and expected term of the award. The Company has elected to account for forfeitures as they occur, by reversing compensation cost when the award is forfeited. Research and Development Costs Research and development expenses include wages, benefits, non-cash stock-based compensation, facilities, supplies, external services, clinical study, manufacturing costs related to clinical trials and other expenses that are directly related to the Company’s research and development activities. At the end of the reporting period, the Company compares payments made to third-party service providers to the estimated progress toward completion of the research or development objectives. Depending on the timing of payments to the service providers and the progress that the Company estimates has been made for the program as a result of the level of service provided, the Company may record net prepaid or accrued expense relating to these costs. Such estimates are subject to change as additional information becomes available. The Company expenses research and development costs as incurred. Most of the Company’s service providers invoice BTI monthly in arrears for services performed. The Company estimates its accrued expenses as of each balance sheet date in the condensed consolidated financial statements based on facts and circumstances known to management at that time. BTI management periodically confirms the accuracy of the Company’s estimates with the service providers and makes adjustments if necessary. Although management does not expect its estimates to be materially different from amounts actually incurred, management’s understanding of the status and timing of services performed relative to the actual status and timing of services performed may vary and may result in BTI reporting amounts that are too high or too low in any particular period. Patent Costs Costs related to filing and pursuing patent applications are recorded in Selling, general and administrative expenses in the Condensed Consolidated Statements of Operations and are expensed as incurred since recoverability of such expenditures is uncertain. Fair Value of Financial Instruments The Company measures certain financial assets and liabilities at fair value, which is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Company applies a fair value hierarchy that distinguishes between (1) market participant assumptions developed based on market data obtained from independent sources, or observable inputs, and (2) an entity’s own assumptions about market participant assumptions developed based on the best information available in the circumstances, or unobservable inputs. The fair value hierarchy consists of three broad levels, which gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). Fair value measurements must be classified and disclosed in one of the following three categories: ● Level 1: Quoted prices (unadjusted) in active markets that are accessible at the measurement date for assets or liabilities. The fair value hierarchy gives the highest priority to Level 1 inputs. ● Level 2: Directly or indirectly observable inputs as of the reporting date through correlation with market data, including quoted prices for similar assets and liabilities in active markets and quoted prices in markets that are not active. Level 2 also includes assets and liabilities that are valued using models or other pricing methodologies that do not require significant judgment since the input assumptions used in the models, such as interest rates and volatility factors, are corroborated by readily observable data from actively quoted markets for substantially the full term of the financial instrument. ● Level 3: Unobservable inputs that are supported by little or no market activity and reflect the use of significant management judgment. These values are generally determined using pricing models for which the assumptions utilize management’s estimates of market participant assumptions. In determining fair value, the Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs, as well as considering counterparty credit risk in its assessment of fair value. Earnings (Loss) Per Share Earnings (loss) per share (“EPS”) is calculated by dividing net income or loss attributable to common stockholders by the weighted average number of shares of common stock that were outstanding. Diluted EPS is calculated by adjusting the weighted average number of shares of common stock that were outstanding for the dilutive effect of common stock equivalents. In periods in which a net loss is recorded, no effect is given to potentially dilutive securities, since the effect would be antidilutive. Segment Information The Company operates in a single segment. Operating segments are identified as components of an enterprise about which separate discrete financial information is available for evaluation by the chief operating decision maker in making decisions regarding resource allocation and assessing performance. To date, the Company’s chief operating decision maker has made such decisions and assessed performance at the Company level as one segment. Recent Accounting Pronouncements Recently adopted accounting pronouncements In June 2016, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments , and subsequent amendments to the initial guidance (collectively, “Topic 326”). Topic 326 requires measurement and recognition of expected credit losses for financial assets held. Topic 326 was to be effective for reporting periods beginning after December 15, 2019, with early adoption permitted. In November 2019, the FASB issued ASU No. 2019-10, Financial Instruments - Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842) - Effective Dates , which deferred the effective dates of Topic 326 for the Company, until fiscal year 2023. The adoption of Topic 326 on January 1, 2023 did not have a material impact on the Company’s condensed consolidated financial statements

Inventory

Inventory	6 Months Ended
	Jun. 30, 2023
Inventory
Inventory	Note 4. Inventory Inventory consists of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, December 31, ​ 2023 2022 ​ ​ ​ ​ ​ ​ ​ Raw materials ​ $ 682 ​ $ 682 Work-in-process ​ ​ — ​ ​ 708 Finished goods ​ ​ 1,243 ​ ​ 595 Total inventory ​ $ 1,925 ​ $ 1,985 ​ There were no write-downs of inventory for the three and six months ended June 30, 2023 and 2022 .

Property and Equipment, Net

Property and Equipment, Net	6 Months Ended
	Jun. 30, 2023
Property and Equipment, Net
Property and Equipment, Net	Note 5. Property and Equipment, Net Property and equipment, net consists of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, December 31, ​ 2023 2022 ​ ​ ​ ​ ​ ​ ​ Computers and equipment ​ $ 202 ​ $ 213 Furniture ​ ​ 575 ​ ​ 575 Leasehold improvements ​ ​ 1,200 ​ ​ 1,181 Total property and equipment ​ $ 1,977 ​ $ 1,969 Accumulated depreciation ​ ​ (1,036) ​ ​ (885) Total property and equipment, net ​ $ 941 ​ $ 1,084 ​ Depreciation expense was $81 and $84 for the three months ended June 30, 2023 and 2022, respectively, and $161 and $161 for the six months ended June 30, 2023 and 2022, respectively.

Accrued Expenses

Accrued Expenses	6 Months Ended
	Jun. 30, 2023
Accrued Expenses
Accrued Expenses	Note 6. Accrued Expenses Accrued expenses consist of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2023 December 31, 2022 ​ ​ ​ ​ ​ Accrued research and development expenses ​ $ 9,754 ​ $ 8,659 Accrued compensation and benefits ​ ​ 4,039 ​ ​ 6,370 Accrued professional fees ​ 4,601 ​ 2,738 Accrued taxes ​ ​ 144 ​ ​ 82 Other accrued expenses ​ 590 ​ 820 Total accrued expenses ​ $ 19,128 ​ $ 18,669 ​

Transactions with BioXcel LLC

Transactions with BioXcel LLC	6 Months Ended
	Jun. 30, 2023
Transactions with BioXcel LLC
Transactions with BioXcel LLC	Note 7. Transactions with BioXcel LLC The Company entered into a Separation and Shared Services Agreement with BioXcel LLC that took effect on June 30, 2017, as amended and restated thereafter (the “Services Agreement”), pursuant to which BioXcel LLC has agreed to provide the Company with certain services through its subsidiaries in India and the U.S., as agreed upon by the parties. These services are primarily for drug discovery, chemical, manufacturing and controls and administrative support. Service charges recorded under the Services Agreement for the three and six months ended June 30, 2023 and 2022 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six months ended June 30, ​ ​ 2023 ​ 2022 ​ 2023 ​ 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Research and development $ 414 ​ $ 299 ​ $ 629 ​ $ 605 Selling, general and administrative ​ 60 ​ ​ 58 ​ 86 ​ ​ 129 Total ​ $ 474 ​ $ 357 ​ $ 715 ​ $ 734 ​ As of June 30, 2023, $747 of service charges related to the Services Agreement are included in Due to related parties in the Company’s Condensed Consolidated Balance Sheets.

Debt and Credit Facilities

Debt and Credit Facilities	6 Months Ended
	Jun. 30, 2023
Debt and Credit Facilities
Debt and Credit Facilities	Note 8. Debt and Credit Facilities Debt, net of unamortized discounts and financing costs, consists of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2023 December 31, 2022 ​ ​ ​ ​ ​ ​ ​ Revenue Interest Financing Agreement ("RIFA") ​ $ 30,000 ​ $ 30,000 RIFA accrued interest ​ ​ 4,064 ​ ​ 2,041 RIFA payments ​ ​ (45) ​ ​ (10) RIFA debt liability ​ $ 34,019 ​ $ 32,031 Estimated Portion of RIFA debt liability to be paid within one-year ​ ​ (1,086) ​ ​ (1,401) RIFA long-term debt liability ​ $ 32,933 ​ $ 30,630 Credit Agreement and Guaranty ​ ​ 70,000 ​ ​ 70,000 Payable-in-kind interest on Credit Agreement and Guaranty ​ ​ 1,610 ​ ​ 807 Total long-term debt liability ​ $ 104,543 ​ $ 101,437 Unamortized debt discounts and issuance costs ​ ​ (7,697) ​ ​ (8,386) Total long-term debt ​ $ 96,846 ​ $ 93,051 ​ On April 19, 2022 (the “Effective Date”), the Company entered into two financing agreements: (i) a Credit Agreement and Guaranty (the “Credit Agreement”) by and among the Company, as the borrower, certain subsidiaries of the Company from time to time party thereto as subsidiary guarantors, the lenders party thereto (the “Lenders”), and Oaktree Fund Administration LLC (“OFA”) as administrative agent, and (ii) a Revenue Interest Financing Agreement (as amended from time to time, the “RIFA”; and together with the Credit Agreement, the “OFA Facilities”) by and among the Company, the purchasers party thereto (the “Purchasers”) and OFA as administrative agent. Under the OFA Facilities, the Lenders and the Purchasers agreed to, in aggregate between the two OFA Facilities, provide up to $260,000 in gross funding to support the Company’s commercial activities of IGALMI sublingual film. In addition, the OFA Facilities are intended to support the expansion of clinical development efforts of BXCL501, which includes a Phase 3 program for the acute treatment of agitation in patients with Alzheimer’s disease, and for general corporate purposes. The Lenders and Purchasers are comprised of affiliates of Oaktree Capital Management, L.P. and Qatar Investment Authority. A summary of the OFA Facilities is provided below. Credit Agreement The Credit Agreement provides up to $135,000 in senior secured term loans, of which the initial Tranche A of $70,000 was funded on April 28, 2022, and the remaining tranches may be borrowed at the Company’s option prior to December 31, 2024, subject to satisfaction of certain conditions, including regulatory and financial milestones. Tranche B of the Credit Agreement is $35,000 and is available upon satisfaction of certain conditions, including receipt of certain regulatory and financial milestones. Tranche C of the Credit Agreement is $30,000 and is available upon satisfaction of certain conditions, including specified minimum net sales of the Company attributable to sales of BXCL501 for a trailing consecutive 12-month period. As of June 30, 2023, $65,000 remained available under the Credit Agreement, subject to achievement of the specified conditions and milestones. The loans under the Credit Agreement do not amortize and mature on the fifth anniversary of the Effective Date; provided that the Company may, at its option, extend the maturity date to the sixth anniversary if, prior to December 31, 2024, the Company receives and satisfies certain conditions including receipt of certain regulatory and financial milestones. Borrowings under the Credit Agreement are issued at a 200-basis point original issue discount and bear interest at a fixed annual rate of 10.25%, payable quarterly. Of such interest, 225-basis points per annum is, at the Company’s option, payable in kind by capitalizing and adding such interest to the outstanding principal amount of loans from the first payment date on which such interest is owed through, and including, the third anniversary of such payment date, unless, with respect to any payment date, the Company elects to pay all or a portion of such interest in cash. The Company is required to pay a ticking fee equal to 0.75% per annum on the undrawn amount of the commitments, payable quarterly commencing 120 days after the funding of the Tranche A term loan through the termination of the commitments, which is expensed as incurred and recognized as Interest expense in the Condensed Consolidated Statements of Operations. The Company may voluntarily prepay the Credit Agreement at any time subject to a prepayment fee. The Company’s obligations under the Credit Agreement are guaranteed by BTI’s existing and subsequently acquired or organized subsidiaries, subject to certain exceptions. BTI’s obligations under the Credit Agreement and the related guarantees thereunder are secured, subject to customary permitted liens and other agreed upon exceptions, by (i) a pledge of all of the equity interests of all of the Company’s existing and any future direct subsidiaries, and (ii) a perfected security interest in all of its and the guarantors’ tangible and intangible assets (except that the guarantees provided by the BXCL701 Subsidiaries (as defined below) are unsecured). The Credit Agreement contains customary representations and warranties and customary affirmative and negative covenants, including, among other things, restrictions on indebtedness, liens, investments, mergers, dispositions, prepayment of other indebtedness, and dividends and other distributions, subject to certain exceptions, including specific exceptions with respect to product commercialization and development activities. The Company must also comply with certain financial covenants, including (i) maintenance of cash or permitted cash equivalent investments in accounts controlled by OFA for the Lenders, of at least (a) $15,000 from the Effective Date until the date on which the second tranche of loans are funded (the “Step-Up Date”) and (b) $20,000 from and after the Step-Up Date, provided, in the case of (a) and (b), that following any Permitted BXCL701 Release Event (as defined below), such amount will increase by $12,500, and following such time as unaffiliated third parties hold ownership of at least 30% of the equity interests in the BXCL701 Subsidiaries (as defined below), such amount will increase by an additional $5,000 (provided, that such amount will in no event exceed 50% of the aggregate amount of loans outstanding at any time); and (ii) a minimum revenue test, measured quarterly beginning with the Company’s fiscal quarter ending on December 31, 2023 (such six-month period the “Revenue Covenant Measurement Period”), that requires it and its subsidiaries’ consolidated net revenue for the six consecutive month period ending on the last day of each such fiscal quarter to not be less than a minimum revenue amount specified in the Credit Agreement (such testing date, the “Revenue Covenant Measurement Testing Date” and the covenant described in this clause (ii) the “Revenue Covenant”). The Company’s failure to comply with the financial covenants will result in an event of default, subject to certain cure rights with respect to the Revenue Covenant. If, as of a Revenue Covenant Measurement Testing Date, the Company’s revenue for the applicable Revenue Covenant Measurement Period is less than the minimum revenue amount specified for the applicable period then required under the Revenue Covenant, the Company would have a right to cure such shortfall for a total of three fiscal periods by making a revenue cure payment (which would be treated as prepayments of the loans subject to a prepayment fee) to the Lenders in an amount equal to the difference between such minimum required revenue amount and the Company’s actual revenues for such Revenue Covenant Measurement Period, such payment to not be less than Notwithstanding the foregoing, the Credit Agreement permits OnkosXcel (together with OnkosXcel Employee Holdings, LLC (“Employee Holdings”), a subsidiary of BTI, and their respective subsidiaries, the “BXCL701 Subsidiaries”) to receive third-party investment or transfer all or substantially all of their assets to an unaffiliated third-party, in each case subject to terms and conditions set forth in the Credit Agreement, including the escrow of certain proceeds received by BTI and its subsidiaries (other than the BXCL701 Subsidiaries) in respect of these disposition events and, under circumstances set forth in the Credit Agreement, the mandatory prepayment of such escrowed amounts. The Company’s equity interests in the BXCL701 Subsidiaries have been pledged in support of its obligations under the Credit Agreement, and the BXCL701 Subsidiaries have provided direct guarantees of BTI’s obligations under the Credit Agreement on an unsecured basis. However, the pledge, guarantee and other obligations of the BXCL701 Subsidiaries under the Credit Agreement will be released upon certain agreed upon events (“Permitted BXCL701 Release Events”), including an initial public offering by the BXCL701 Subsidiaries or the ownership by unaffiliated third parties of at least 20% of the equity interests in the BXCL701 Subsidiaries. The Credit Agreement contains events of default that are customary for financings of this type relating to, among other things, payment defaults, breach of covenants, breach of representations and warranties, cross default to material indebtedness, bankruptcy-related defaults, judgment defaults, breach of the financial covenants described above, and the occurrence of certain change of control events. In certain circumstances, events of default are subject to customary cure periods. The Credit Agreement also contains certain regulatory-related events of defaults, which do not have cure periods. Following an event of default and any applicable cure period, the Lenders will have the right upon notice to terminate any undrawn commitments and may accelerate all amounts outstanding under the Credit Agreement, in addition to other remedies available to them as the Company’s secured creditors. Revenue Interest Financing Agreement The RIFA provides up to $120,000 in financing in exchange for a capped revenue interest on net sales of IGALMI, and other future BXCL501 products, if any, that receive regulatory approval for sale. The initial Tranche A of $30,000 was funded on July 8, 2022, and the remaining tranches may be borrowed at the Company’s option prior to December 31, 2024, subject to satisfaction of certain conditions, including certain regulatory, patent, and financial milestones. The effective interest rate on the RIFA as of June 30, 2023 and December 31, 2022, was approximately 11% and 14%, respectively. Under the terms of the RIFA, the Purchasers will receive tiered revenue interest payments on U.S. net sales of IGALMI, and other future BXCL501 products, if any, that receive regulatory approval for sale, equal to a royalty ranging from 0.375% to 7.750% of net sales of IGALMI, and other future BXCL501 products, if any, approved for sale in the U.S., subject to a hard cap equal to 1.75x the total amount funded. In addition, if the conditions to the second tranche of the financing provided under the RIFA have been met, once payments equal to the hard cap have been received by the Purchasers, the Company will be required to make revenue interest payments equal to a flat 0.375% royalty on U.S. net sales of IGALMI, and other future BXCL501 products, if any, that receive regulatory approval for sale, through and including March 31, 2036 (the “Tail Royalty”). The Company is also required to make certain additional payments to the Purchasers from time to time to ensure that the aggregate amount of payments received by the Purchasers under the RIFA are at least equal to certain agreed upon minimum levels as of certain specified dates, subject to terms and conditions set forth in the RIFA. Revenue interest payments due under the RIFA are payable quarterly based on net sales. Any time after the initial funding of the RIFA, BTI has the right (the “BTI Call Option”), but not the obligation, to buy out the Purchasers’ interests in the revenue interest payments at an agreed upon repurchase price. The BTI Call Option can be exercised in year one, two, three and thereafter at a multiple of the Purchasers invested capital of 1.225x,1.375x, 1.525x and 2.25x, respectively. The Purchasers will not be entitled to any Tail Royalty if the BTI Call Option is exercised before the third anniversary of the Effective Date. The Company’s obligations under the RIFA are secured, subject to customary permitted liens and other agreed upon exceptions and subject to an intercreditor agreement between OFA for the Credit Agreement and RIFA, by a perfected security interest in (i) accounts receivable arising from net sales of BXCL501 products in the U.S. and one or more segregated bank accounts maintained for the purpose of receiving payments in respect of such accounts receivable, (ii) intellectual property that is claiming or covering BXCL501 itself or any method of using, making or manufacturing BXCL501 and (iii) regulatory approvals, clinical data, and all other assets that underlie BXCL501. The RIFA contains customary representations and warranties and certain restrictions on the Company’s ability to incur indebtedness and grant liens on intellectual property related to BXCL501. In addition, the RIFA provides that if certain events occur, including certain bankruptcy events, failure to make payments, a change of control, an out-license or sale of all of the rights in and to BXCL501 in the U.S., in each case except a permitted licensing transaction (as defined in the RIFA) and, subject to applicable cure periods, material breach of the covenants in the RIFA, OFA, at the direction of the Purchasers, may require the Company to repurchase the Purchasers’ interests in the revenue interest payments at an agreed upon repurchase price. Tranche B and C of the RIFA are each $45,000 and are available upon satisfaction of certain conditions, including receipt of certain regulatory and patent-related milestones and specified minimum net sales of BXCL501 during any consecutive 12-month period. As of June 30, 2023, $90,000 remained available under the RIFA, subject to achievement of the specified conditions and milestones. The Company does not currently expect to satisfy the conditions necessary to draw Tranches B or C. Warrants and Equity Investment Right In connection with the Credit Agreement, on the Effective Date, the Company granted warrants to the Lenders to purchase up to 278 shares of its common stock (the “BTI Warrants”) at an exercise price of $20.04 per share. The BTI Warrants will expire on April 19, 2029, are freely transferable and may be net exercised at the holder’s election. In addition, pursuant to the Credit Agreement, the Lenders have the right to purchase shares of the Company’s common stock after the Effective Date, so long as borrowings under the Credit Agreement are outstanding, for a purchase price of $5,000 at a price per share equal to a 10% premium to the volume-weighted average price of the common stock over the 30 trading days prior to the Lenders’ election to proceed with such equity investment (the “Equity Investment Right”). BTI entered into a registration rights agreement with the Lenders and filed a registration statement on Form S-3 to register the shares issuable upon exercise of the BTI Warrants and, if issued, the shares related to the Equity Investment Right, for resale. The maximum shares of BTI common stock issuable under the BTI Warrants and Lenders’ Equity Investment Right is 5,593. As part of the Credit Agreement, OnkosXcel granted warrants to the Lenders to purchase 175 individual limited liability company units (which number of units is not in thousands; referred to herein as the “OnkosXcel Warrants”). The strike price of the OnkosXcel Warrants is formulaic based on the value of OnkosXcel at the time of exercise and can only be exercised upon occurrence of an equity related liquidity event for OnkosXcel of at least $20,000. The exercise price per unit of the OnkosXcel Warrants will be set upon the earlier of the closing of the next sale (or series of related sales) by OnkosXcel of equity securities of OnkosXcel with aggregate proceeds of not less than $20,000 to unrelated third parties (the “Next Equity Financing”) at an exercise price per unit equal to a 10% premium over the price per unit of the equity securities sold by OnkosXcel in such Next Equity Financing or, in the event of a sale of OnkosXcel prior to the Next Equity Financing or an initial public offering constituting the Next Equity Financing, the lesser of (x) 75% of the fair value of the consideration to be paid for a unit upon the consummation of such transaction and (y) 150% of the valuation applicable to the initial profits units issued by OnkosXcel after the closing of the Credit Agreement. The OnkosXcel Warrants are transferable with approval from BTI, which cannot be unreasonably withheld, expire on April 19, 2029, and may be net exercised at the holder’s election. Maturities of debt, excluding the impacts of any mandatory payments pursuant to the Revenue Covenant or to meet minimum royalty levels, are expected to be as follows: ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2023 ​ ​ ​ ​ ​ 2023 ​ $ 139 ​ 2024 ​ $ 2,288 ​ 2025 ​ $ 4,956 ​ 2026 ​ $ 8,647 ​ 2027 ​ $ 86,168 ​ Thereafter ​ $ 3,431 ​ ​ Interest expense was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six months ended ​ June 30, ​ June 30, ​ 2023 ​ 2022 ​ 2023 ​ 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest expense $ 2,903 ​ $ 1,265 ​ $ 5,938 ​ $ 1,272 Accretion of debt discount and amortization of financing costs ​ 356 ​ ​ 321 ​ 689 ​ ​ 321 Total interest expense $ 3,259 ​ $ 1,586 ​ $ 6,627 ​ $ 1,593 ​

Derivative Financial Instrument

Derivative Financial Instruments	6 Months Ended
	Jun. 30, 2023
Derivative Financial Instruments
Derivative Financial Instruments	Note 9. Derivative Financial Instruments BTI identified certain freestanding financial instruments and/or embedded features that require separate accounting from the borrowings under the OFA Facilities. This includes the OnkosXcel Warrants and Equity Investment Right held by the Lenders, along with certain put/call options. The OnkosXcel Warrants and Equity Investment Right do not meet certain scope exceptions under U.S. GAAP, primarily because the exercise prices and number of shares of the Company’s common stock issuable under the instruments are variable, and the instruments meet the definition of a derivative instrument. Therefore, these instruments are recorded as Derivative liabilities in the Condensed Consolidated Balance Sheets. The respective derivative liabilities were recorded at fair value on the date of issuance and are revalued on each balance sheet date until such instruments are settled or expire, with changes in the fair value between reporting periods recorded within Other income, net in the Company’s Condensed Consolidated Statements of Operations.

Common Stock Financing Activiti

Common Stock Financing Activities	6 Months Ended
	Jun. 30, 2023
Common Stock Financing Activities
Common Stock Financing Activities	Note 10. Common Stock Financing Activities In May 2021, the Company entered into an Open Market Sale Agreement (the “Sale Agreement”) with Jefferies LLC (“Jefferies”) pursuant to which the Company could offer and sell shares of its common stock, having an aggregate offering price of up to $100,000, from time to time, through an “at the market offering” program under which Jefferies will act as sale agent. The Company sold 756 shares under the Sale Agreement with Jefferies in the first six months of 2023 for net proceeds of $23,918, net of offering costs of $739. There were no sales under the Sale Agreement in 2022.

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	Jun. 30, 2023
Stock-Based Compensation
Stock-Based Compensation	Note 11. Stock-Based Compensation 2017 Equity Incentive Plan The Company’s 2017 Plan became effective in August 2017. Following the effective date of the Company's 2020 Plan, the Company ceased granting awards under the 2017 Plan, however, the terms and conditions of the 2017 Plan continue to govern any outstanding awards granted thereunder. 2020 Incentive Award Plan The Company’s 2020 Plan was approved and became effective at the Company’s 2020 annual meeting of stockholders on May 20, 2020, and unless earlier terminated by the Board of Directors, will remain in effect until March 26, 2030. The 2020 Plan originally authorized for issuance the sum of (i) 911 shares of the Company’s common stock and (ii) 233 shares of the Company’s common stock, which represents the number of shares that remained available for issuance under the 2017 Plan immediately prior to the approval of the 2020 Plan by the Company’s stockholders. Any shares of common stock which, immediately prior to the approval of the 2020 Plan by the Company’s stockholders, were subject to awards granted under the 2017 Plan that are forfeited or lapse unexercised and are not issued under the 2017 Plan will increase the number of shares of common stock available for grant under the 2020 Plan. In addition, the number of shares available for issuance under the 2020 Plan will increase on the first day of each calendar year, beginning January 1, 2021 and ending on and including January 1, 2030, by a number of shares equal to the lesser of (A) 4% of the aggregate number of shares of the Company’s common stock outstanding on the final day of the immediately preceding calendar year and (B) such smaller number of shares of common stock as determined by the Board of Directors. The shares available for issuance under the 2020 Plan increased by 1,126 shares and 1,119 shares on January 1, 2023 and 2022, respectively. Stock-based awards granted under the 2020 Plan have a term of ten years. The vesting schedule of all awards granted under the 2020 Plan is determined by the Board of Directors, which is generally four years. As of June 30, 2023, there were 561 shares available to be granted under the 2020 Plan. Restricted stock units The table below summarizes activity relating to BTI RSUs. ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of ​ shares ​ ​ ​ Outstanding as of January 1, 2023 119 Granted ​ 133 Vested ​ (55) Outstanding as of June 30, 2023 ​ 197 ​ During the six months ended June 30, 2023, the Company granted 133 time-based RSUs to certain employees. All of the RSUs vest over four years, with 25% vesting at the one-year anniversary of the grant date and the balance vesting ratably over the remaining 12 quarters of the vesting period. The average grant date fair value per share for the RSUs was $19.62. Unrecognized stock-based compensation expense related to these awards was approximately $2,419 as of June 30, 2023. During the six months ended June 30, 2022, the Company granted 122 (119, net of forfeitures) time-based RSUs to certain employees and consultants. The majority of RSUs granted to employees vest over four years, with 25% vesting at the one-year anniversary of the grant date and the balance vesting ratably over the remaining 12 quarters of the vesting period. There were 25 RSUs granted to employees in May 2022 which fully vested at the one of the grant date. RSUs granted to a third-party consultant vest 50% on each of the first and second anniversaries of the grant date. The average grant date fair value per share for the RSUs during 2022 was $13.97. Unrecognized stock-based compensation expense related to these awards was approximately $939 as of June 30, 2023. OnkosXcel profit sharing units The table below summarizes activity relating to profits interests (the “profit sharing units” or “PSUs”) associated with OnkosXcel. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average ​ ​ Number of ​ price per unit ​ units ​ (in whole dollars) ​ ​ ​ ​ ​ ​ Outstanding as of January 1, 2023 1,310 ​ $ 5,506 Granted ​ 30 ​ $ 10,176 Outstanding as of June 30, 2023 ​ 1,340 ​ ​ ​ ​ ​ ​ ​ ​ ​ Vested units as of June 30, 2023 ​ 456 ​ $ 5,516 ​ The Company granted 1,340 individual (not in thousands) time-based PSUs related to OnkosXcel to certain employees and consultants of the Company in consideration for services provided to OnkosXcel. The PSUs represent indirect equity interests in OnkosXcel. All PSUs, other than those granted to certain executive employees of the Company, vest ratably over 48 months. PSUs granted to certain executive employees of the Company, vest ratably over 24 months. The fair values of PSUs granted during 2023 of $8 per unit were estimated at the date of grant using a Black-Scholes option pricing model and assumptions below. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 grant profit share unit valuation inputs ​ ​ ​ ​ ​ ​ Expected volatility ​ 97.4 % ​ Risk-free rate of interest ​ 3.6 % ​ Expected dividend yield ​ — % ​ Expected term ​ 5.8 years ​ ​ Unrecognized stock-based compensation expense related to these awards was $3,833 at June 30, 2023. OnkosXcel restricted stock units The table below summarizes activity relating to restricted stock units associated with OnkosXcel (the “OnkosXcel RSUs”). ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of ​ units ​ ​ ​ Outstanding as of January 1, 2023 — Granted ​ 225 Outstanding as of June 30, 2023 ​ 225 ​ During the six months ended June 30, 2023, the Company granted 225 individual (not in thousands) OnkosXcel RSUs to certain employees. 125 of the OnkosXcel RSUs vest upon the earlier to occur of (a) 180 days after an initial public offering of OnkosXcel, or (b) a change in control of OnkosXcel. The remaining OnkosXcel RSUs vest over four years, with 25% vesting at the one-year anniversary of the grant date and the balance vesting ratably over the remaining 12 quarters of the vesting period. The weighted average grant date fair value per unit for the OnkosXcel RSUs was approximately $10. Unrecognized stock-based compensation expense related to these awards was approximately $1,648 as of June 30, 2023. Stock options A summary of the Company’s stock option activity for the six months ended June 30, 2023 is presented below. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of ​ Weighted average ​ ​ shares price per share ​ ​ ​ ​ ​ ​ ​ Outstanding as of January 1, 2023 4,882 ​ $ 17.23 ​ Granted ​ 1,072 ​ $ 19.62 ​ Forfeited ​ (34) ​ $ 17.13 ​ Cancelled ​ (7) ​ $ 22.33 ​ Exercised ​ (309) ​ $ 1.65 ​ Outstanding as of June 30, 2023 ​ 5,604 ​ $ 18.54 ​ ​ ​ ​ ​ ​ ​ ​ Options vested and exercisable as of June 30, 2023 3,214 ​ $ 16.43 ​ ​ As of June 30, 2023, the intrinsic value of options outstanding was $9,215. The intrinsic value for stock options is calculated based on the difference between the exercise prices of the underlying awards and the quoted stock price of the Company’s common stock as of the reporting date. The total intrinsic value of stock options exercised for the six months ended June 30, 2023 was $5,928 . The total intrinsic value of stock options exercisable as of June 30, 2023 was The weighted average grant date fair value per share of options granted during the six months ended June 30, 2023 was $15.74. The weighted average grant date fair value per share of options vested as of June 30, 2023 was $12.19. The weighted average remaining contractual life is 5.8 years for options exercisable as of June 30, 2023. The weighted average remaining contractual life was 7.2 years for options outstanding as of June 30, 2023. Stock-Based Compensation The fair value of BTI stock options granted during the six months ended June 30, 2023 and 2022 was estimated using the Black-Scholes pricing model with the following assumptions: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six months ended ​ Six months ended ​ ​ June 30, 2023 ​ June 30, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Expected term ​ ​ 5.5 years - 6.1 years ​ 6.1 years - 6.1 years Expected stock price volatility ​ ​ 96.6 % - 97.9 % ​ 92.7 % - 95.6 % Risk-free rate of interest ​ ​ 3.5 % - 4.2 % ​ 2.4 % - 3.0 % Expected dividend yield ​ ​ 0.0 % - 0.0 % ​ 0.0 % - 0.0 % ​ In 2023, the Company began using the historical volatility of its common stock to estimate volatility. Prior to 2023, volatility was estimated using a combination of the historical volatility of publicly traded peer companies and that of the Company’s common stock. The expected term of the awards is estimated based on the simplified method, which calculates the expected term based upon the midpoint of the life of the award and the vesting period. The Company uses the simplified method because it does not have sufficient option exercise data to provide a reasonable basis upon which to estimate the expected term. The expected dividend yield is zero percent as the Company has no history of paying dividends nor does management expect to pay dividends over the contractual terms of these options. The risk-free interest rates are determined by reference to the U.S. Treasury yield curve in effect at the time of grant, with maturities approximating the expected term of the stock options. The fair value of the underlying common stock is generally determined as the closing price of the Company’s common stock on The Nasdaq Capital Market on the grant date, with consideration of whether there is material nonpublic information that could impact that estimated fair value when it is released. The Company recognized stock-based compensation expense related to awards issued under the 2017 Plan and the 2020 Plan, as well as the OnkosXcel RSUs and PSUs, of $6,124 and $4,482 for the three months ended June 30, 2023 and 2022, respectively, and $11,001 and $8,307 for the six months ended June 30, 2023 and 2022, respectively, which were comprised as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six months ended June 30, ​ ​ 2023 ​ 2022 ​ 2023 ​ 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Research and development $ 1,898 ​ $ 1,235 ​ $ 3,195 ​ $ 2,210 Selling, general and administrative ​ 4,226 ​ ​ 3,247 ​ 7,806 ​ ​ 6,097 Total ​ $ 6,124 ​ $ 4,482 ​ $ 11,001 ​ $ 8,307 ​ Unrecognized compensation expense related to unvested BTI stock option awards as of June 30, 2023, was $25,301 and will be recognized over the remaining vesting periods of the underlying awards. The weighted-average period over which such compensation is expected to be recognized is 1.7 years. 2020 Employee Stock Purchase Plan The Company’s 2020 Employee Stock Purchase Plan (the “ESPP”) was also approved and became effective at the Company’s 2020 annual meeting of stockholders on May 20, 2020. The ESPP is designed to assist eligible employees of the Company with the opportunity to purchase the Company’s common stock at a discount through accumulated payroll deductions during successive offering periods. The aggregate number of shares that may be issued pursuant to rights granted under the ESPP is 100 shares of common stock. In addition, the number of shares available for issuance under the ESPP will increase on the first day of each calendar year, beginning on January 1, 2021 and ending on and including January 1, 2030, by a number of shares of common stock equal to the lesser of (a) 1% of the shares outstanding on the final day of the immediately preceding calendar year and (b) such smaller number of shares as determined by the Board of Directors. The number of shares that may be issued or transferred pursuant to rights granted under the component of the ESPP that is intended to qualify for favorable U.S. federal tax treatment under Section 423 of the Internal Revenue Code (the “Section 423 Component”) shall not exceed 500 shares. The purchase price will be determined by the administrator of the ESPP and, for purposes of the Section 423 Component, shall not be less than 85% of the fair value of a share on the first trading day or on the last trading day of the applicable offering period, whichever is lower. The shares available for issuance under the ESPP increased by 281 shares and 280 shares on January 1, 2023 and 2022, respectively. To date, no shares have been sold under the ESPP. There were 905 shares available for issuance as of June 30, 2023.

Leases

Leases	6 Months Ended
	Jun. 30, 2023
Leases
Leases	Note 12. Leases BTI leases office space for its corporate headquarters at 555 Long Wharf Drive, New Haven, Connecticut (the “HQ Lease”) under an operating lease that expires in February 2026. The Company has an option to renew the HQ Lease for one additional five-year term. Payments under the HQ Lease are fixed. The Company also leases equipment such as copiers and information technology equipment. The future minimum annual lease payments under operating leases, as of June 30, 2023, are as follows: ​ ​ ​ ​ ​ Year ending December 31, Amount ​ ​ ​ ​ Remainder of 2023 ​ $ 187 2024 ​ ​ 381 2025 ​ ​ 391 2026 ​ ​ 65 2027 ​ ​ — Thereafter ​ ​ — Total lease payments ​ $ 1,024 Imputed interest ​ ​ (75) Total lease liability ​ $ 949 Less current portion of lease liability ​ ​ (332) Long-term portion of operating lease liability ​ $ 617 ​ The current portion of the Company’s operating lease liability of $332, as of June 30, 2023, is included in Other current liabilities Lease expense was $98 and $107 for the three months ended June 30, 2023 and 2022, respectively, and $197 and $204 for the six months ended June 30, 2023 and 2022, respectively. Lease renewal options are not included in the ROU asset or lease liability.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2023
Fair Value Measurements
Fair Value Measurements	Note 13. Fair Value Measurements The Company groups its assets and liabilities measured at fair value in three levels based on the nature of the inputs and assumptions used to determine fair value. Refer to Note 3, Summary of Significant Accounting Policies The carrying amounts of cash and cash equivalents, accounts receivable, net, and accounts payable approximate fair value due to the short-term nature of these instruments. As of June 30, 2023 and December 31, 2022, the Company had $124,654 and $191,022, respectively, primarily in money market funds that hold U.S. government cash equivalent instruments (included in cash and cash equivalents) which were valued based on Level 1 inputs. There were no transfers between levels within the hierarchy during the six months ended June 30, 2023 and the year ended December 31, 2022. Derivative liabilities measured at fair value on a recurring basis are summarized below. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six months ended ​ ​ June 30, 2023 ​ ​ Fair Value ​ Level 1 ​ Level 2 ​ Level 3 ​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative liability - Equity Investment Right ​ $ 1,188 ​ $ — ​ $ — ​ $ 1,188 ​ $ 1,188 Derivative liability - OnkosXcel Warrants ​ ​ 838 ​ ​ — ​ ​ — ​ ​ 838 ​ ​ 838 Total derivative liabilities ​ $ 2,026 ​ $ — ​ $ — ​ $ 2,026 ​ $ 2,026 ​ Derivative liabilities are comprised of the OnkosXcel Warrants and Equity Investment Right held by the Lenders. The fair value of the derivative liabilities was determined using Monte Carlo simulation models for the Equity Investment Right, and Binomial Option Pricing and Distribution models for the OnkosXcel Warrants. The following table presents changes in Level 3 liabilities measured at fair value for the six months ended June 30, 2023. Both observable and unobservable inputs were used to determine the fair value of positions that the Company has classified within the Level 3 category. ​ ​ ​ ​ ​ ​ ​ Derivative liabilities ​ ​ ​ ​ Balance - December 31, 2022 ​ $ 2,343 Change in fair value ​ ​ (317) Balance - June 30, 2023 ​ $ 2,026 ​ The change in fair value of the derivative liabilities was reported in the Condensed Consolidated Statements of Operations as Other income, net, for the three and six months ended June 30, 2023. Inputs used to calculate the estimated fair value of the Equity Investment Right at June 30, 2023 were as follows: ​ ​ ​ ​ ​ ​ ​ Equity Investment Right ​ ​ ​ ​ Strike price relative to volume weighted 30-day average ​ 110.0 % Volatility (annual) ​ 97.3 % Probability of exercise ​ 88.4 % Time period ​ 3.8 years Estimated premium to 30-day average ​ 25.0 % Discount rate ​ 5.0 % ​ In estimating the fair value of the derivative liability related to the OnkosXcel Warrants, inputs included third-party fair value estimates of OnkosXcel limited liability company units along with the volatility of those units (which was set at 100% based on the historical volatility of the Company’s stock), and the timing and probability of the relevant capital transactions occurring. The estimated fair value of the Credit Agreement and RIFA as of June 30, 2023, were $55,897 and $28,794, respectively. Both observable and unobservable inputs were used to determine the fair value of long-term debt, which was classified within the Level 3 category. The fair value of the BTI warrants issued in 2022, which is a non-recurring fair value, were determined as of the date of issuance using a Black-Scholes pricing model and the fair value of $3,245 was recorded as a component of stockholders’ equity in Additional-paid-in-capital in the Condensed Consolidated Balance Sheets, with the offset recorded as a discount on the amounts funded under the OFA Facilities. This non-recurring measurement is classified as Level 3. The inputs used were a strike price of $20.04, the Company’s stock price of $14.93, volatility of 95%, term of 7 years and risk-free rate of 2.95%.

Net Loss Per Share

Net Loss Per Share	6 Months Ended
	Jun. 30, 2023
Net Loss Per Share
Net Loss Per Share	Note 14. Net Loss Per Share Basic and diluted net loss per share are as follows ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six months ended ​ June 30, ​ June 30, ​ ​ 2023 2022 ​ 2023 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net loss (numerator) ​ $ (53,515) ​ $ (37,670) ​ $ (106,311) ​ $ (69,142) Weighted average shares (denominator) ​ ​ 29,187 ​ ​ 27,989 ​ ​ 28,903 ​ ​ 27,985 Basic and diluted net loss per share ​ $ (1.83) ​ $ (1.35) ​ $ (3.68) ​ $ (2.47) ​ Potentially dilutive securities outstanding consists of stock options and RSUs. The Company had common stock equivalents outstanding as of June 30, 2023 and 2022 of 5,801 and 4,916 shares, respectively.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2023
Commitments and Contingencies
Commitments and Contingencies	Note 15. Commitments and Contingencies From time to time, in the ordinary course of business, the Company may be subject to litigation and regulatory examinations as well as information gathering requests, inquiries and/or investigations. Other than the below, the Company is not currently subject to any matters where it believes there is a reasonable possibility that a material loss may be incurred. On July 7, 2023, plaintiff Katelyn Martin filed a class action complaint against the Company and certain executives in the United States District Court for the District of Connecticut, captioned Martin v. BioXcel Therapeutics, et al. , 3:23-cv-00915 (D. Conn). The complaints generally allege violations of Sections 10(b) and 20A of the Securities and Exchange Act of 1934 (the “Exchange Act”) and SEC Rule 10b-5 promulgated thereunder, based on certain public statements related to the development of BXCL501, TRANQUILITY II and TRANQUILITY III between December 15, 2021 and June 28, 2023. Pursuant to the Private Securities Litigation Reform Act, other investors may seek to serve as lead plaintiff and pursue these claims on behalf of a putative class of investors. The allegations and claims at issue in matter may be amended or supplemented in the future, including when a lead plaintiff is appointed by the Court. At this time, the Company does not believe the claims have merit, but the potential costs and liabilities associated with this litigation are uncertain. In April 2022, the Company signed a commercial supply agreement that requires minimum annual payments for the first three years of the agreement that in aggregate total $10,000 for the three-year period.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2023
Subsequent Events
Subsequent Events	Note 16. Subsequent Events ​ Costs Associated with Reprioritization Activities ​ On August 8, 2023, the Company’s Board of Directors approved a broad-based strategic reprioritization (the “Reprioritization”). The Company has determined to take actions to reduce certain operational and workforce expenses that are no longer deemed core to ongoing operations in order to extend its cash runway and drive innovation and growth in high potential clinical development and value creating opportunities. These actions will include a shift in commercial strategy for IGALMI™ in the institutional setting, a reduction of in-hospital commercialization expenses, a suspension of programs no longer determined to be core to ongoing operations, and a prioritization of at-home treatment setting opportunities for BXCL501. As part of this strategy, the Company’s Board of Directors approved a reduction of approximately 50% of the Company’s current workforce. The Company began notifying impacted employees of the Reprioritization on August 14, 2023. Annual operating expenses are expected to be reduced by approximately $80,000, and the Reprioritization initiatives are expected to extend the Company’s cash runway into mid-2024. The Reprioritization is expected to be complete by the end of the third quarter of 2023. The Company is also in active negotiations with its strategic lenders to amend its existing financing agreements in order to extend its cash runway. ​ As a result of the Reprioritization, the Company estimates that it will incur approximately $7,000 to $8,000 in costs, consisting of severance and benefit payments, notice pay, and related expenses, all of which are expected to be paid in cash. The estimated costs that the Company expects to incur and the expected timing to complete the Reprioritization are subject to a number of assumptions, and actual results may differ. The Company may also incur other cash or non-cash charges or cash expenditures not currently contemplated due to events that may occur as a result of, or in association with, the Reprioritization and/or associated with the investigations and audits related to our TRANQUILITY II Phase 3 trial.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2023
Summary of Significant Accounting Policies
Use of Estimates	Use of Estimates The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect amounts reported in the condensed consolidated financial statements and notes thereto. Although these estimates are based on the Company’s knowledge of current events and actions it may undertake in the future, actual results may ultimately materially differ from these estimates.
Cash and Cash Equivalents	Cash and Cash Equivalents The Company considers all highly liquid investments with an original maturity of three months or less at the date of purchase to be cash equivalents. As of June 30, 2023 and December 31, 2022, cash equivalents were comprised primarily of money market funds. Cash and cash equivalents held at financial institutions may at times exceed federally insured amounts. BTI management believes it mitigates such risk by investing in or through major financial institutions.
Accounts Receivable, Net	Accounts Receivable, Net Accounts receivable arise from sales of IGALMI and represent amounts due from distributors. Payment terms generally range from 30 to 75 days from the date of the sale transaction, and accordingly, do not involve a significant financing component. Receivables from product sales are recorded net of allowances which generally include distribution fees, prompt payment discounts, chargebacks, and credit losses. Allowances for distribution fees, prompt payment discounts and chargebacks are based on contractual terms. The Company estimated the current expected credit losses of its accounts receivable by assessing the risk of loss and available relevant information about collectability, existing contractual payment terms, actual payment patterns of its customers, individual customer circumstances, and reasonable and supportable forecast of economic conditions expected to exist throughout the contractual life of the receivable. Based on its assessment, as of June 30, 2023, the Company determined that an allowance for credit losses was not required.
Concentrations of Credit Risk	Concentrations of Credit Risk The Company sells IGALMI through a drop-ship program under which orders from hospitals and similar health care institutions are processed through wholesalers, but shipments of the product are sent directly to the individual hospitals and similar health care institutions. BTI also contracts directly with certain hospitals, and intermediaries such as group purchasing organizations (“GPOs”). All trade accounts receivables are due from the distributor that fulfills orders on behalf of the Company.
Inventory	Inventory Inventory is stated at the lower of cost or net realizable value. Cost of inventory is determined on a first-in, first-out basis. BTI capitalizes inventory costs associated with the Company’s products prior to regulatory approval, when, based on management’s judgment, future commercialization is considered probable and the future economic benefit is expected to be realized; otherwise, such costs are expensed as Research and development expense in the Condensed Consolidated Statements of Operations. The Company performs an assessment of the recoverability of capitalized inventory during each reporting period and writes down any excess and obsolete inventories to their estimated realizable value in the period in which the impairment is first identified. Such impairment charges, should they occur, will be recorded within Cost of goods sold in the Condensed Consolidated Statements of Operations. The determination of whether inventory costs will be realizable requires estimates by management. If actual market conditions are less favorable than projected, write-downs of inventory may be required.
Deferred Initial Public Offering Costs	Deferred Initial Public Offering Costs Deferred initial public offering costs of $2,570 as of June 30, 2023, consist of legal, accounting, underwriting fees and other costs incurred through the balance sheet date that are directly related to the Company’s proposed initial public offering of OnkosXcel and are included in Other current assets in the Condensed Consolidated Balance Sheets. The deferred initial public offering costs will reduce the proceeds of the proposed initial public offering of OnkosXcel. Should the proposed initial public offering prove to be unsuccessful, these deferred costs, as well as any additional expenses incurred, will be recorded as an expense in the Condensed Consolidated Statements of Operations.
Property and Equipment	Property and Equipment Property and equipment are recorded at cost and depreciated over the shorter of their remaining lease term or their estimated useful life on a straight-line basis as follows: ​ ​ ​ Equipment 3-5 years Furniture 7 years Leasehold improvements Lesser of life of improvement or lease term ​ Expenditures for maintenance and repairs which do not improve or extend the useful lives of the respective assets are expensed as incurred. When assets are sold or retired, the related cost and accumulated depreciation are removed from their respective accounts and any resulting gain or loss is included within Selling, general and administrative expenses in the Condensed Consolidated Statements of Operations. Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to undiscounted future net cash flows expected to be generated from its use and disposition. Impairment charges are recognized at the amount by which the carrying amount of an asset exceeds the fair value of the asset. Assets to be disposed of are reported at the lower of the carrying amount or the fair value less costs to sell.
Leases	Leases The Company determines if an arrangement is a lease at inception. Operating leases are included in Operating lease right-of-use (“ROU”) assets, Other current liabilities, and the Long-term portion of operating lease liabilities in the Condensed Consolidated Balance Sheets. ROU assets represent BTI’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Operating lease ROU assets and lease liabilities are recognized at commencement date based on the present value of lease payments over the lease term. The Company uses the implicit rate when readily determinable. As BTI’s leases do not provide an implicit rate, it used an incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The operating lease ROU asset also includes any prepaid lease payments made and excludes lease incentives. The Company’s leases may include options to extend the lease; such options are included in determining the lease term when it is reasonably certain that BTI will exercise that option. Lease expense is recognized on a straight-line basis over the lease term.
Debt and Detachable Warrants	Debt and Detachable Warrants Detachable warrants are evaluated for classification as either equity instruments, derivative liabilities, or liabilities depending on the specific terms of the warrant agreement. The portion of the proceeds allocated to the warrants are accounted for as paid-in capital and a debt discount. The remaining proceeds, as further reduced by discounts created by the bifurcation of any embedded derivatives, are allocated to the debt. Detachable warrants classified as derivative liabilities are accounted for as indicated under “ Derivative Assets and Liabilities The Company entered into financing arrangements, the terms of which involve significant assumptions and estimates, including future net product sales, in determining interest expense, amortization period of the debt discount, as well as the classification between current and long-term portions. In estimating future net product sales, the Company assesses prevailing market conditions using various external market data against the Company’s anticipated sales and planned commercial activities. Consequently, the Company imputes interest on the carrying value of the debt and records interest expense using an imputed effective interest rate. The Company reassesses the expected payments during each reporting period and accounts for any changes through an adjustment to the effective interest rate on a prospective basis, with a corresponding impact to the classification of the Company’s current and long-term portions of the debt.
Derivative Assets and Liabilities	Derivative Assets and Liabilities Derivative assets and liabilities are recorded on the Company`s Condensed Consolidated Balance Sheets at their fair value on the date of issuance and are revalued on each balance sheet date until such instruments are settled or expire, with changes in the fair value between reporting periods recorded as other income or expense within Other income, net in the Condensed Consolidated Statements of Operations. The Company does not use derivative instruments for speculative purposes or to hedge exposures to cash flow or market risks. Certain financing facilities entered into by the Company include freestanding financial instruments and/or embedded features that require separate accounting as derivative assets and/or liabilities. In determining fair value, the Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible.
Revenue Recognition	Revenue Recognition The Company’s revenues consist of product sales of IGALMI. BTI recognizes revenue when its customers obtain control of promised goods or services, in an amount that reflects the consideration that the Company expects to receive in exchange for those goods or services. To determine revenue recognition, BTI management performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price, including variable consideration, if any; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the Company satisfies a performance obligation. Arrangements that include rights to additional goods or services that are exercisable at a customer’s discretion are generally considered options. The Company assesses if these options provide a material right to the customer and if so, they are considered performance obligations. The exercise of a material right may be accounted for as a contract modification or as a continuation of the contract for accounting purposes. The Company assesses whether the goods or services promised within each contract are distinct to identify those that are performance obligations. This assessment involves subjective determinations and requires management to make judgments about the individual promised goods or services and whether such goods and services are separable from the other aspects of the contractual relationship. Promised goods and services are considered distinct provided that: (i) the customer can benefit from the good or service either on its own or together with other resources that are readily available to the customer and (ii) the Company’s promise to transfer the good or service to the customer is separately identifiable from other promises in the contract. The Company allocates the transaction price (the amount of consideration it expects to be entitled to from a customer in exchange for the promised goods or services) to each performance obligation and recognizes the associated revenue when (or as) each performance obligation is satisfied. The Company’s estimate of the transaction price for each contract includes all variable consideration to which the Company expects to be entitled. BTI distributes IGALMI in the U.S. through arrangements with a distributor, wholesalers, and GPOs. The distributor and wholesalers help process and fulfill orders from hospitals on the Company’s behalf. The Company believes the hospitals are its customers. The Company recognizes product revenues, net of consideration payable to customers, as well as variable consideration related to certain allowances and accruals that are determined using either the expected value or most likely amount method, depending on the type of the variable consideration, in its condensed consolidated financial statements at the point in time when control transfers to the customer, which is typically when the product has been delivered to the customer’s location. The amount included in the transaction price is constrained to the amount for which it is probable that a significant reversal of cumulative revenue recognized will not occur. The Company’s only performance obligation identified for IGALMI is to deliver the quantity of product ordered to the location specified by the customer’s order. The Company records shipping and handling costs associated with delivery of product to its customers within Selling, general and administrative expenses on its Condensed Consolidated Statements of Operations. Under the Company’s current product sales arrangements, BTI does not have contract assets (unbilled receivables), as it generally invoices its customer at the time of revenue recognition. BTI sells IGALMI at wholesale acquisition cost and calculates product revenue net of variable consideration and consideration payable to third parties associated with distribution of product. The Company records reserves, based on contractual terms, for the following components of consideration related to product sold during the reporting period. Calculating these amounts involves estimates and judgments, and the Company reviews these estimates quarterly and records any material adjustments in the period they are identified, which affects net product revenue and earnings in the period such variances occur. Trade Discounts and Allowances The Company provides the distributor and wholesalers with discounts for prompt payment and pays fees to the distributor, wholesalers and GPOs related to distribution of the product. BTI expects the relevant third parties to earn these discounts and fees, and therefore it deducts such amounts from gross product revenue and accounts receivable at the time it recognizes the related revenue. Government Rebates IGALMI is eligible for purchase by, or qualifies for reimbursement from, Medicaid and other U.S. government programs that are eligible for rebates on the price they pay for the product. To determine the appropriate amount to reserve for these rebates, BTI applies the applicable government discount to these sales, and estimates the portion of total rebates that it anticipates will be claimed. The Company deducts certain government rebates from gross product revenue and accounts receivable at the time it recognizes the related revenue; other government rebates are recognized as an accrued liability at the time BTI recognizes the related revenue. Chargebacks BTI provides product discounts to hospitals associated with certain GPOs. The Company estimates the chargebacks that it expects to be obligated to provide based upon the terms of the applicable arrangements. BTI deducts such amounts from gross product revenue and accounts receivable at the time it recognizes the related revenue. Product Returns The Company provides contractual return rights to its customers including the right to return product within six months of product expiration and up to 12 months after product expiration, as well as for incorrect shipments, and damaged or defective product, which the Company expects to be rare. Management expects product returns to be minimal, thus BTI recognizes a nominal allowance for product returns at the time of each sale. In the future, if any of these factors and/or the history of product returns changes, the Company will adjust the allowance for product returns. BTI classifies all fees paid to the distributor, other than those discussed above and those related to warehouse operations, as Selling, general and administrative expenses on its Condensed Consolidated Statements of Operations. Fees paid to the distributor for warehouse operations are classified as Cost of goods sold on BTI’s Condensed Consolidated Statements of Operations.
Cost of Goods Sold	Cost of Goods Sold Cost of goods sold includes the cost of producing and distributing inventories that are related to product revenues during the respective period. Cost of goods sold may also include costs related to excess or obsolete inventory adjustment charges, as well as costs related to warehouse operations paid to distributors.
Stock-Based Compensation	Stock-Based Compensation The Company measures and recognizes stock-based compensation expense based on estimated fair value for all share-based awards made to employees, non-employee service providers, and directors, including stock options and restricted stock units (“RSUs”). The Company’s 2017 Equity Incentive Plan (the “2017 Plan”) became effective in August 2017. The Company’s 2020 Incentive Award Plan (the “2020 Plan”) became effective in May 2020. Following the effective date of the 2020 Plan, the Company ceased granting awards under the 2017 Plan; however, the terms and conditions of the 2017 Plan continue to govern any outstanding awards granted thereunder. The Company’s stock-based awards are valued at fair value on the date of grant and that fair value is recognized as an expense in the Condensed Consolidated Statements of Operations over the requisite service period using the accelerated attribution method. The estimated fair value of RSUs is based on the Company’s closing stock price on the grant date or third-party valuation if related to a subsidiary. The estimated fair value of stock-option and profit unit awards was determined using the Black-Scholes pricing model on the date of grant. The Black-Scholes pricing model is affected by the Company’s stock price, as well as assumptions regarding variables including, but not limited to, the strike price of the instrument, the risk-free rate, the expected stock price volatility over the term of the awards and expected term of the award. The Company has elected to account for forfeitures as they occur, by reversing compensation cost when the award is forfeited.
Research and Development Costs	Research and Development Costs Research and development expenses include wages, benefits, non-cash stock-based compensation, facilities, supplies, external services, clinical study, manufacturing costs related to clinical trials and other expenses that are directly related to the Company’s research and development activities. At the end of the reporting period, the Company compares payments made to third-party service providers to the estimated progress toward completion of the research or development objectives. Depending on the timing of payments to the service providers and the progress that the Company estimates has been made for the program as a result of the level of service provided, the Company may record net prepaid or accrued expense relating to these costs. Such estimates are subject to change as additional information becomes available. The Company expenses research and development costs as incurred. Most of the Company’s service providers invoice BTI monthly in arrears for services performed. The Company estimates its accrued expenses as of each balance sheet date in the condensed consolidated financial statements based on facts and circumstances known to management at that time. BTI management periodically confirms the accuracy of the Company’s estimates with the service providers and makes adjustments if necessary. Although management does not expect its estimates to be materially different from amounts actually incurred, management’s understanding of the status and timing of services performed relative to the actual status and timing of services performed may vary and may result in BTI reporting amounts that are too high or too low in any particular period.
Patent Costs	Patent Costs Costs related to filing and pursuing patent applications are recorded in Selling, general and administrative expenses in the Condensed Consolidated Statements of Operations and are expensed as incurred since recoverability of such expenditures is uncertain.
Fair Value of Financial Instruments	Fair Value of Financial Instruments The Company measures certain financial assets and liabilities at fair value, which is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Company applies a fair value hierarchy that distinguishes between (1) market participant assumptions developed based on market data obtained from independent sources, or observable inputs, and (2) an entity’s own assumptions about market participant assumptions developed based on the best information available in the circumstances, or unobservable inputs. The fair value hierarchy consists of three broad levels, which gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). Fair value measurements must be classified and disclosed in one of the following three categories: ● Level 1: Quoted prices (unadjusted) in active markets that are accessible at the measurement date for assets or liabilities. The fair value hierarchy gives the highest priority to Level 1 inputs. ● Level 2: Directly or indirectly observable inputs as of the reporting date through correlation with market data, including quoted prices for similar assets and liabilities in active markets and quoted prices in markets that are not active. Level 2 also includes assets and liabilities that are valued using models or other pricing methodologies that do not require significant judgment since the input assumptions used in the models, such as interest rates and volatility factors, are corroborated by readily observable data from actively quoted markets for substantially the full term of the financial instrument. ● Level 3: Unobservable inputs that are supported by little or no market activity and reflect the use of significant management judgment. These values are generally determined using pricing models for which the assumptions utilize management’s estimates of market participant assumptions. In determining fair value, the Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs, as well as considering counterparty credit risk in its assessment of fair value.
Earnings (Loss) Per Share	Earnings (Loss) Per Share Earnings (loss) per share (“EPS”) is calculated by dividing net income or loss attributable to common stockholders by the weighted average number of shares of common stock that were outstanding. Diluted EPS is calculated by adjusting the weighted average number of shares of common stock that were outstanding for the dilutive effect of common stock equivalents. In periods in which a net loss is recorded, no effect is given to potentially dilutive securities, since the effect would be antidilutive.
Segment Information	Segment Information The Company operates in a single segment. Operating segments are identified as components of an enterprise about which separate discrete financial information is available for evaluation by the chief operating decision maker in making decisions regarding resource allocation and assessing performance. To date, the Company’s chief operating decision maker has made such decisions and assessed performance at the Company level as one segment.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Recently adopted accounting pronouncements In June 2016, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments , and subsequent amendments to the initial guidance (collectively, “Topic 326”). Topic 326 requires measurement and recognition of expected credit losses for financial assets held. Topic 326 was to be effective for reporting periods beginning after December 15, 2019, with early adoption permitted. In November 2019, the FASB issued ASU No. 2019-10, Financial Instruments - Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842) - Effective Dates , which deferred the effective dates of Topic 326 for the Company, until fiscal year 2023. The adoption of Topic 326 on January 1, 2023 did not have a material impact on the Company’s condensed consolidated financial statements

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2023
Summary of Significant Accounting Policies
Schedule of Property Plant and Equipment useful lives	​ ​ ​ Equipment 3-5 years Furniture 7 years Leasehold improvements Lesser of life of improvement or lease term

Inventory (Tables)

Inventory (Tables)	6 Months Ended
	Jun. 30, 2023
Inventory
Schedule of inventory	​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, December 31, ​ 2023 2022 ​ ​ ​ ​ ​ ​ ​ Raw materials ​ $ 682 ​ $ 682 Work-in-process ​ ​ — ​ ​ 708 Finished goods ​ ​ 1,243 ​ ​ 595 Total inventory ​ $ 1,925 ​ $ 1,985

Property and Equipment, Net (Ta

Property and Equipment, Net (Tables)	6 Months Ended
	Jun. 30, 2023
Property and Equipment, Net
Schedule of Property and Equipment, net	​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, December 31, ​ 2023 2022 ​ ​ ​ ​ ​ ​ ​ Computers and equipment ​ $ 202 ​ $ 213 Furniture ​ ​ 575 ​ ​ 575 Leasehold improvements ​ ​ 1,200 ​ ​ 1,181 Total property and equipment ​ $ 1,977 ​ $ 1,969 Accumulated depreciation ​ ​ (1,036) ​ ​ (885) Total property and equipment, net ​ $ 941 ​ $ 1,084

Accrued Expenses (Tables)

Accrued Expenses (Tables)	6 Months Ended
	Jun. 30, 2023
Accrued Expenses
Schedule of accrued expenses	​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2023 December 31, 2022 ​ ​ ​ ​ ​ Accrued research and development expenses ​ $ 9,754 ​ $ 8,659 Accrued compensation and benefits ​ ​ 4,039 ​ ​ 6,370 Accrued professional fees ​ 4,601 ​ 2,738 Accrued taxes ​ ​ 144 ​ ​ 82 Other accrued expenses ​ 590 ​ 820 Total accrued expenses ​ $ 19,128 ​ $ 18,669

Transactions with BioXcel LLC (

Transactions with BioXcel LLC (Tables)	6 Months Ended
	Jun. 30, 2023
Transactions with BioXcel LLC
Schedule of service charges	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six months ended June 30, ​ ​ 2023 ​ 2022 ​ 2023 ​ 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Research and development $ 414 ​ $ 299 ​ $ 629 ​ $ 605 Selling, general and administrative ​ 60 ​ ​ 58 ​ 86 ​ ​ 129 Total ​ $ 474 ​ $ 357 ​ $ 715 ​ $ 734

Debt and Credit Facilities (Tab

Debt and Credit Facilities (Tables)	6 Months Ended
	Jun. 30, 2023
Debt and Credit Facilities
Schedule of debt	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2023 December 31, 2022 ​ ​ ​ ​ ​ ​ ​ Revenue Interest Financing Agreement ("RIFA") ​ $ 30,000 ​ $ 30,000 RIFA accrued interest ​ ​ 4,064 ​ ​ 2,041 RIFA payments ​ ​ (45) ​ ​ (10) RIFA debt liability ​ $ 34,019 ​ $ 32,031 Estimated Portion of RIFA debt liability to be paid within one-year ​ ​ (1,086) ​ ​ (1,401) RIFA long-term debt liability ​ $ 32,933 ​ $ 30,630 Credit Agreement and Guaranty ​ ​ 70,000 ​ ​ 70,000 Payable-in-kind interest on Credit Agreement and Guaranty ​ ​ 1,610 ​ ​ 807 Total long-term debt liability ​ $ 104,543 ​ $ 101,437 Unamortized debt discounts and issuance costs ​ ​ (7,697) ​ ​ (8,386) Total long-term debt ​ $ 96,846 ​ $ 93,051
Schedule of maturities on long-term debt	​ ​ ​ ​ ​ ​ ​ ​ June 30, 2023 ​ ​ ​ ​ ​ 2023 ​ $ 139 ​ 2024 ​ $ 2,288 ​ 2025 ​ $ 4,956 ​ 2026 ​ $ 8,647 ​ 2027 ​ $ 86,168 ​ Thereafter ​ $ 3,431 ​
Schedule of long-term debt interest expense	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six months ended ​ June 30, ​ June 30, ​ 2023 ​ 2022 ​ 2023 ​ 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest expense $ 2,903 ​ $ 1,265 ​ $ 5,938 ​ $ 1,272 Accretion of debt discount and amortization of financing costs ​ 356 ​ ​ 321 ​ 689 ​ ​ 321 Total interest expense $ 3,259 ​ $ 1,586 ​ $ 6,627 ​ $ 1,593

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2023
Stock-Based Compensation
Schedule of activity relating to PSUs	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average ​ ​ Number of ​ price per unit ​ units ​ (in whole dollars) ​ ​ ​ ​ ​ ​ Outstanding as of January 1, 2023 1,310 ​ $ 5,506 Granted ​ 30 ​ $ 10,176 Outstanding as of June 30, 2023 ​ 1,340 ​ ​ ​ ​ ​ ​ ​ ​ ​ Vested units as of June 30, 2023 ​ 456 ​ $ 5,516
Schedule of Stock Option Activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of ​ Weighted average ​ ​ shares price per share ​ ​ ​ ​ ​ ​ ​ Outstanding as of January 1, 2023 4,882 ​ $ 17.23 ​ Granted ​ 1,072 ​ $ 19.62 ​ Forfeited ​ (34) ​ $ 17.13 ​ Cancelled ​ (7) ​ $ 22.33 ​ Exercised ​ (309) ​ $ 1.65 ​ Outstanding as of June 30, 2023 ​ 5,604 ​ $ 18.54 ​ ​ ​ ​ ​ ​ ​ ​ Options vested and exercisable as of June 30, 2023 3,214 ​ $ 16.43 ​
Schedule of stock-based compensation charges	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six months ended June 30, ​ ​ 2023 ​ 2022 ​ 2023 ​ 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Research and development $ 1,898 ​ $ 1,235 ​ $ 3,195 ​ $ 2,210 Selling, general and administrative ​ 4,226 ​ ​ 3,247 ​ 7,806 ​ ​ 6,097 Total ​ $ 6,124 ​ $ 4,482 ​ $ 11,001 ​ $ 8,307
BTI RSU
Stock-Based Compensation
Schedule of activity relating to RSUs	​ ​ ​ ​ ​ ​ ​ ​ ​ Number of ​ shares ​ ​ ​ Outstanding as of January 1, 2023 119 Granted ​ 133 Vested ​ (55) Outstanding as of June 30, 2023 ​ 197
OnkosXcel RSUs
Stock-Based Compensation
Schedule of activity relating to RSUs	​ ​ ​ ​ ​ ​ ​ ​ ​ Number of ​ units ​ ​ ​ Outstanding as of January 1, 2023 — Granted ​ 225 Outstanding as of June 30, 2023 ​ 225
OnkosXcel PSUs
Stock-Based Compensation
Schedule of Valuation Assumptions	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 grant profit share unit valuation inputs ​ ​ ​ ​ ​ ​ Expected volatility ​ 97.4 % ​ Risk-free rate of interest ​ 3.6 % ​ Expected dividend yield ​ — % ​ Expected term ​ 5.8 years ​
Stock options
Stock-Based Compensation
Schedule of Valuation Assumptions	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six months ended ​ Six months ended ​ ​ June 30, 2023 ​ June 30, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Expected term ​ ​ 5.5 years - 6.1 years ​ 6.1 years - 6.1 years Expected stock price volatility ​ ​ 96.6 % - 97.9 % ​ 92.7 % - 95.6 % Risk-free rate of interest ​ ​ 3.5 % - 4.2 % ​ 2.4 % - 3.0 % Expected dividend yield ​ ​ 0.0 % - 0.0 % ​ 0.0 % - 0.0 %

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 2023
Leases
Summary of maturities of the operating lease liability	​ ​ ​ ​ ​ Year ending December 31, Amount ​ ​ ​ ​ Remainder of 2023 ​ $ 187 2024 ​ ​ 381 2025 ​ ​ 391 2026 ​ ​ 65 2027 ​ ​ — Thereafter ​ ​ — Total lease payments ​ $ 1,024 Imputed interest ​ ​ (75) Total lease liability ​ $ 949 Less current portion of lease liability ​ ​ (332) Long-term portion of operating lease liability ​ $ 617

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2023
Fair Value Measurements
Schedule of fair value on a recurring basis	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six months ended ​ ​ June 30, 2023 ​ ​ Fair Value ​ Level 1 ​ Level 2 ​ Level 3 ​ Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative liability - Equity Investment Right ​ $ 1,188 ​ $ — ​ $ — ​ $ 1,188 ​ $ 1,188 Derivative liability - OnkosXcel Warrants ​ ​ 838 ​ ​ — ​ ​ — ​ ​ 838 ​ ​ 838 Total derivative liabilities ​ $ 2,026 ​ $ — ​ $ — ​ $ 2,026 ​ $ 2,026
Schedule of changes in Level 3 liabilities	​ ​ ​ ​ ​ ​ ​ Derivative liabilities ​ ​ ​ ​ Balance - December 31, 2022 ​ $ 2,343 Change in fair value ​ ​ (317) Balance - June 30, 2023 ​ $ 2,026
Schedule of fair value unobservable inputs	​ ​ ​ ​ ​ ​ ​ Equity Investment Right ​ ​ ​ ​ Strike price relative to volume weighted 30-day average ​ 110.0 % Volatility (annual) ​ 97.3 % Probability of exercise ​ 88.4 % Time period ​ 3.8 years Estimated premium to 30-day average ​ 25.0 % Discount rate ​ 5.0 %

Net Loss Per Share (Tables)

Net Loss Per Share (Tables)	6 Months Ended
	Jun. 30, 2023
Net Loss Per Share
Schedule of net loss per share	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six months ended ​ June 30, ​ June 30, ​ ​ 2023 2022 ​ 2023 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net loss (numerator) ​ $ (53,515) ​ $ (37,670) ​ $ (106,311) ​ $ (69,142) Weighted average shares (denominator) ​ ​ 29,187 ​ ​ 27,989 ​ ​ 28,903 ​ ​ 27,985 Basic and diluted net loss per share ​ $ (1.83) ​ $ (1.35) ​ $ (3.68) ​ $ (2.47)

Basis of Presentation (Details)

Basis of Presentation (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Basis of Presentation
Cash and cash equivalents	$ 127,545				$ 127,545		$ 193,725
Accumulated deficit	(517,856)				(517,856)		$ (411,545)
Net loss	$ (53,515)	$ (52,796)	$ (37,670)	$ (31,472)	(106,311)	$ (69,142)
Net cash used in operating activities					$ (90,559)	$ (65,516)

Summary of Significant Accoun_4

Summary of Significant Accounting Policies (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2023 USD ($) segment
Summary of Significant Accounting Policies
Number of segments | segment	1
Deferred offering costs | $	$ 2,570
Equipment | Minimum
Summary of Significant Accounting Policies
Useful life	3 years
Equipment | Maximum
Summary of Significant Accounting Policies
Useful life	5 years
Furniture
Summary of Significant Accounting Policies
Useful life	7 years

Inventory (Details)

Inventory (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 2022
Inventory
Raw materials	$ 682	$ 682
Work-in-process		708
Finished goods	1,243	595
Total inventory	1,925	$ 1,985
Inventory write-downs	$ 0		$ 0

Property and Equipment, Net (De

Property and Equipment, Net (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Equipment
Total property and equipment, gross	$ 1,977		$ 1,977		$ 1,969
Accumulated depreciation	(1,036)		(1,036)		(885)
Total property and equipment, net	941		941		1,084
Depreciation	81	$ 84	161	$ 161
Computers and equipment
Equipment
Total property and equipment, gross	202		202		213
Furniture
Equipment
Total property and equipment, gross	575		575		575
Leasehold improvements
Equipment
Total property and equipment, gross	$ 1,200		$ 1,200		$ 1,181

Accrued Expenses (Details)

Accrued Expenses (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Accrued Expenses
Accrued research and development expenses	$ 9,754	$ 8,659
Accrued compensation and benefits	4,039	6,370
Accrued professional fees	4,601	2,738
Accrued taxes	144	82
Other accrued expenses	590	820
Total accrued expenses	$ 19,128	$ 18,669

Transactions with BioXcel LLC_2

Transactions with BioXcel LLC (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Transactions with BioXcel
Due to related parties	$ 854		$ 854		$ 422
BioXcel LLC
Transactions with BioXcel
Service charges	474	$ 357	715	$ 734
Due to related parties	747		747
BioXcel LLC | Research and development
Transactions with BioXcel
Service charges	414	299	629	605
BioXcel LLC | Selling, general and administrative
Transactions with BioXcel
Service charges	$ 60	$ 58	$ 86	$ 129

Debt and Credit Facilities - De

Debt and Credit Facilities - Debt summary (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022	Apr. 19, 2022
Debt
Long-term debt, gross	$ 104,543	$ 101,437
Unamortized debt discounts and issuance costs	(7,697)	(8,386)
Long-term debt, net	96,846	93,051
OFA
Debt
Maximum borrowing capacity			$ 260,000
Credit Facility
Debt
Maximum borrowing capacity			135,000
Credit Agreement and Guaranty
Debt
Accrued interest	1,610	807
Long-term debt, gross	70,000	70,000
Revenue Interest Financing Agreement
Debt
Revenue Interest Financing Agreement	30,000	30,000
Accrued interest	4,064	2,041
Payments	(45)	(10)
Long-term debt, gross	34,019	32,031
Long-term debt liability	32,933	30,630
Debt classified as current	$ (1,086)	$ (1,401)
Maximum borrowing capacity			$ 120,000

Debt and Credit Facilities - Cr

Debt and Credit Facilities - Credit Agreement (Details) - Credit Facility - USD ($) $ in Thousands		6 Months Ended
	Apr. 19, 2022	Jun. 30, 2023	Apr. 28, 2022
Debt
Maximum borrowing capacity	$ 135,000
Remaining borrowing capacity		$ 65,000
Discount rate (as a percent)	2%
Debt stated interest (as a percent)	10.25%
Debt paid-in-kind interest (as a percent)	2.25%
Commitment fee (as a percent)	0.75%
Cash maintenance in controlled accounts	$ 15,000
Outstanding loan (as a percent)	50%
Credit Agreement, Threshold Actual Revenue During Revenue Covenant Measurement Period	$ 1
Minimum
Debt
Subsidiary ownership (as a percent)	20%
Tranche A
Debt
Face amount borrowed			$ 70,000
Revenue covenant noncompliance payment		7,657
Tranche B
Debt
Maximum borrowing capacity	$ 35,000
Revenue covenant noncompliance payment		10,636
Tranche C
Debt
Maximum borrowing capacity	30,000
Revenue covenant noncompliance payment		$ 14,313
Step Up Date
Debt
Cash maintenance in controlled accounts	$ 20,000
Subsidiary ownership (as a percent)	30%
After Step Up Date
Debt
Cash maintenance in controlled accounts	$ 12,500
Additional cash to maintained	$ 5,000

Debt and Credit Facilities - Re

Debt and Credit Facilities - Revenue Interest Financing (Details) - Revenue interest financing - USD ($) $ in Thousands	Apr. 19, 2022	Jun. 30, 2023	Dec. 31, 2022	Jul. 08, 2022
Debt
Maximum borrowing capacity	$ 120,000
Effective interest rate (as a percent)		11%	14%
Borrowing allowed per net sales (as a percent)	0.375%
Debt to revenue multiplier	1.75
Purchasers invested capital multiplier in year one	1.225
Purchasers invested capital multiplier in year two	1.375
Purchasers invested capital multiplier in year three	1.525
Purchasers invested capital multiplier in four years and thereafter	2.25
Face amount borrowed		$ 30,000	$ 30,000
Remaining borrowing capacity		$ 90,000
Minimum
Debt
Borrowing allowed per net sales (as a percent)	0.375%
Maximum
Debt
Borrowing allowed per net sales (as a percent)	7.75%
Tranche A
Debt
Face amount borrowed				$ 30,000
Tranche B and C
Debt
Maximum borrowing capacity	$ 45,000

Debt and Credit Facilities - Wa

Debt and Credit Facilities - Warrants (Details) $ / shares in Units, shares in Thousands, $ in Thousands	Apr. 19, 2022 USD ($) $ / shares shares
BTI Warrants
Debt
Warrants to purchase common stock (in shares)	278
Exercise price (in dollars per share) | $ / shares	$ 20.04
Maximum equity investment allowed for lenders | $	$ 5,000
Premium share price (as a percent)	10%
Common stock issuable (in shares)	5,593
OnkosXcel Warrants
Debt
Warrants to purchase common stock (in shares)	175
Premium share price (as a percent)	10%
Threshold amount of liquidity event for exercise of warrants | $	$ 20,000
Percentage of fair value of consideration to be paid	75%
Percentage of valuation applicable to initial profits	150%

Debt and Credit Facilities - Ma

Debt and Credit Facilities - Maturities (Details) $ in Thousands	Jun. 30, 2023 USD ($)
Debt and Credit Facilities
2023	$ 139
2024	2,288
2025	4,956
2026	8,647
2027	86,168
Thereafter	$ 3,431

Debt and Credit Facilities - In

Debt and Credit Facilities - Interest (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Debt and Credit Facilities
Interest expense	$ 2,903	$ 1,265	$ 5,938	$ 1,272
Accretion of debt discount and amortization of financing costs	356	321	689	321
Total interest expense	$ 3,259	$ 1,586	$ 6,627	$ 1,593

Common Stock Financing Activi_2

Common Stock Financing Activities (Details) - USD ($) shares in Thousands, $ in Thousands	1 Months Ended	6 Months Ended	12 Months Ended
	May 31, 2021	Jun. 30, 2023	Dec. 31, 2022
Shares issued
Proceeds from issuance of common stock		$ 24,657
Stock offering costs		$ 739
Jefferies Sale Agreement
Shares issued
Number of shares issued		756	0
Proceeds from issuance of common stock		$ 23,918
Stock offering costs		$ 739
Jefferies Sale Agreement | Maximum
Shares issued
Proceeds from issuance of common stock	$ 100,000

Stock-Based Compensation - Desc

Stock-Based Compensation - Description (Details) - shares shares in Thousands	Jan. 01, 2023	Jan. 01, 2022	May 20, 2020	Jun. 30, 2023
2020 Incentive Award Plan
Stock-Based Compensation
Authorized shares			911
Available for grant (in shares)				561
Annual increase in shares available for grant (as a percent)			4%
Increase in shares available for issuance (in shares)	1,126	1,119
Terms of award			10 years
Vesting period			4 years
2017 Equity Incentive Plan
Stock-Based Compensation
Available for grant (in shares)			233

Stock-Based Compensation - Non-

Stock-Based Compensation - Non-options (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended		6 Months Ended		12 Months Ended
	May 31, 2022	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Weighted average price
Share-based compensation costs recognized		$ 6,124	$ 4,482	$ 11,001	$ 8,307
BTI RSU
Number of shares
Outstanding, beginning balance (in shares)				119,000
Granted (in shares)	25,000			133,000	122,000
Vested (in shares)				(55,000)
Outstanding, ending balance (in shares)		197,000	119,000	197,000	119,000	119,000
Weighted average price
Weighted average grant date fair value (in dollars per share)				$ 19.62		$ 13.97
Vesting period				4 years	4 years
Vesting (as a percent)				25%	25%
BTI RSU | Employee
Weighted average price
Vesting period	1 year
BTI RSU | Nonemployee consultant
Weighted average price
Vesting (as a percent)	50%
BTI RSU | Grant Date 2023
Weighted average price
Unrecognized stock-based compensation expense		$ 2,419		$ 2,419
BTI RSU | Grant Date 2022
Weighted average price
Unrecognized stock-based compensation expense		$ 939		$ 939
OnkosXcel PSUs
Number of shares
Outstanding, beginning balance (in shares)				1,310
Granted (in shares)				30
Outstanding, ending balance (in shares)		1,340		1,340		1,310
Vested aggregate (in shares)		456		456
Weighted average price
Weighted average price (in dollars per share)						$ 5,506
Weighted average grant date fair value (in dollars per share)				$ 10,176
Weighted average price, aggregate vested (in dollars per share)		$ 5,516		$ 5,516
Vesting period				48 months
Unrecognized stock-based compensation expense		$ 3,833		$ 3,833
Weighted average fair value of non-options granted (in dollars per share)				$ 8
OnkosXcel PSUs | Executive officers
Weighted average price
Vesting period				24 months
OnkosXcel RSUs
Number of shares
Granted (in shares)				225
Outstanding, ending balance (in shares)		225		225
Weighted average price
Weighted average grant date fair value (in dollars per share)				$ 10
Unrecognized stock-based compensation expense		$ 1,648		$ 1,648
OnkosXcel RSUs | Tranche One
Number of shares
Granted (in shares)				125,000
Weighted average price
Vesting period after IPO				180 days
OnkosXcel RSUs | Tranche Two
Weighted average price
Vesting period				4 years
Vesting (as a percent)				25%

Stock-Based Compensation - Opti

Stock-Based Compensation - Options (Details) - Stock options - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	6 Months Ended
	Jun. 30, 2023
Number of Shares
Outstanding, beginning balance (in shares)	4,882
Options granted (in shares)	1,072
Options forfeited (in shares)	(34)
Options cancelled (in shares)	(7)
Options exercised (in shares)	(309)
Outstanding, ending balance (in shares)	5,604
Options vested and exercisable (in shares)	3,214
Weighted Average Exercise Price per Share
Outstanding, beginning balance (in dollars per shares)	$ 17.23
Options granted (in dollars per share)	19.62
Options forfeited (in dollars per shares)	17.13
Options cancelled (in dollars per shares)	22.33
Options exercised (in dollars per shares)	1.65
Outstanding, end balance (in dollars per shares)	18.54
Options vested and exercisable (in dollars per shares)	$ 16.43
Options
Intrinsic value, outstanding	$ 9,215
Intrinsic value, exercised	5,928
Intrinsic value, exercisable	$ 7,903
Weighted-average grant-date fair value of options granted (in dollars per share)	$ 15.74
Weighted-average grant-date fair value of options vested (in dollars per share)	$ 12.19
Weighted average remaining contractual life, exercisable	5 years 9 months 18 days
Weighted average remaining contractual life, outstanding	7 years 2 months 12 days

Stock-Based Compensation - Assu

Stock-Based Compensation - Assumptions (Details)	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
OnkosXcel PSUs
Stock-Based Compensation
Expected term	5 years 9 months 18 days
Expected stock price volatility (as a percent)	97.40%
Risk-free rate of interest (as a percent)	3.60%
Expected dividend yield (as a percent)	0%
Stock options
Stock-Based Compensation
Expected stock price volatility, minimum (as a percent)	96.60%	92.70%
Expected stock price volatility, maximum (as a percent)	97.90%	95.60%
Risk-free rate of interest, minimum (as a percent)	3.50%	2.40%
Risk-free rate of interest, maximum (as a percent)	4.20%	3%
Expected dividend yield (as a percent)	0%
Stock options | Minimum
Stock-Based Compensation
Expected term	5 years 6 months	6 years 1 month 6 days
Expected dividend yield (as a percent)	0%	0%
Stock options | Maximum
Stock-Based Compensation
Expected term	6 years 1 month 6 days	6 years 1 month 6 days
Expected dividend yield (as a percent)	0%	0%

Stock-Based Compensation - Expe

Stock-Based Compensation - Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Stock-Based Compensation
Share-based compensation costs recognized	$ 6,124	$ 4,482	$ 11,001	$ 8,307
Research and development
Stock-Based Compensation
Share-based compensation costs recognized	1,898	1,235	3,195	2,210
Selling, general and administrative
Stock-Based Compensation
Share-based compensation costs recognized	4,226	$ 3,247	7,806	$ 6,097
Stock options
Stock-Based Compensation
Unrecognized compensation expense	$ 25,301		$ 25,301
Remaining unamortized expense period			1 year 8 months 12 days

Stock-Based Compensation - ESPP

Stock-Based Compensation - ESPP (Details) - 2020 Employee Stock Purchase Plan - shares shares in Thousands				6 Months Ended
	Jan. 01, 2023	Jan. 01, 2022	May 20, 2020	Jun. 30, 2023
Employee Stock Purchase Plan
Authorized shares			100
Annual increase in shares available for grant (as a percent)			1%
Maximum number of shares issued or transferred under ESPP			500
Purchase price as a percent of fair market value			85%
Increase in shares available for issuance (in shares)	281	280
Shares issued under ESPP				0
Available for grant (in shares)				905

Leases - Maturities (Details)

Leases - Maturities (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Maturities of the operating lease liability
Remainder of 2023	$ 187
2024	381
2025	391
2026	65
Total lease payments	1,024
Imputed interest	(75)
Total lease liability	949
Less current portion of lease liability	$ (332)
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Other Liabilities, Current
Long-term portion operating lease liability	$ 617	$ 786

Leases - Additional Information

Leases - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Leases
Lease expense	$ 98	$ 107	$ 197	$ 204
Option to renew the lease			true
Renewal term	5 years		5 years

Fair Value Measurements - Hiera

Fair Value Measurements - Hierarchy (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Level 1
Fair value assets and liabilities
Fair value money market accounts	$ 124,654	$ 191,022
Recurring
Fair value assets and liabilities
Derivative liabilities	$ 2,026
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Derivative Liability, Noncurrent
Recurring | Equity Investment Rights
Fair value assets and liabilities
Derivative liabilities	$ 1,188
Recurring | OnkosXcel Warrants
Fair value assets and liabilities
Derivative liabilities	838
Recurring | Level 3
Fair value assets and liabilities
Derivative liabilities	2,026
Recurring | Level 3 | Equity Investment Rights
Fair value assets and liabilities
Derivative liabilities	1,188
Recurring | Level 3 | OnkosXcel Warrants
Fair value assets and liabilities
Derivative liabilities	838
Recurring | Fair Value
Fair value assets and liabilities
Derivative liabilities	2,026
Recurring | Fair Value | Equity Investment Rights
Fair value assets and liabilities
Derivative liabilities	1,188
Recurring | Fair Value | OnkosXcel Warrants
Fair value assets and liabilities
Derivative liabilities	$ 838

Fair Value Measurements - Level

Fair Value Measurements - Level 3 (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2023 USD ($)
Level 3 liabilities reconciliation
Beginning balance	$ 2,343
Change in fair value	(317)
Ending balance	$ 2,026

Fair Value Measurements - Input

Fair Value Measurements - Inputs (Details) $ in Thousands	Jun. 30, 2023 USD ($) Y $ / shares	Apr. 19, 2022 USD ($)
Credit Agreement and Guaranty
Fair value inputs
Fair value debt	$ 55,897
Revenue Interest Financing Agreement
Fair value inputs
Fair value debt	$ 28,794
BTI Warrants
Fair value inputs
Fair value warrant classified as equity		$ 3,245
Fair value of grants per share | $ / shares	$ 14.93
Strike price | BTI Warrants
Fair value inputs
Derivative liability input | $ / shares	20.04
Strike price | Equity Investment Rights
Fair value inputs
Derivative liability input	1.100
Volatility (annual) | BTI Warrants
Fair value inputs
Derivative liability input	0.95
Volatility (annual) | Equity Investment Rights
Fair value inputs
Derivative liability input	0.973
Volatility (annual) | OnkosXcel Warrants
Fair value inputs
Derivative liability input	1
Probability of exercise | Equity Investment Rights
Fair value inputs
Derivative liability input	0.884
Risk-free rate | BTI Warrants
Fair value inputs
Derivative liability input	0.0295
Time period (years) | BTI Warrants
Fair value inputs
Derivative liability input | Y	7
Time period (years) | Equity Investment Rights
Fair value inputs
Derivative liability input | Y	3.8
Estimated premium to 30-day average | Equity Investment Rights
Fair value inputs
Derivative liability input	0.250
Discount rate | Equity Investment Rights
Fair value inputs
Derivative liability input	0.050

Net Loss Per Share (Details)

Net Loss Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022
Net Loss Per Share
Net loss (numerator)	$ (53,515)	$ (52,796)	$ (37,670)	$ (31,472)	$ (106,311)	$ (69,142)
Weighted average shares (denominator) - basic	29,187		27,989		28,903	27,985
Weighted average shares (denominator) - diluted	29,187		27,989		28,903	27,985
Basic net loss per share (in dollars)	$ (1.83)		$ (1.35)		$ (3.68)	$ (2.47)
Diluted net loss per share (in dollars)	$ (1.83)		$ (1.35)		$ (3.68)	$ (2.47)
Common stock equivalents outstanding					5,801	4,916

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Thousands	1 Months Ended
	Apr. 30, 2022 USD ($)
Commitments and Contingencies
Minimum annual payments	$ 10,000
Commitment agreement period	3 years

Subsequent Events (Details)

Subsequent Events (Details) - Subsequent Event $ in Thousands	Aug. 08, 2023 USD ($)
Subsequent Events
Expected employees eliminated (as a percent)	50%
Operating expenses reduction	$ 80,000
Minimum
Subsequent Events
Estimated restructuring costs	7,000
Maximum
Subsequent Events
Estimated restructuring costs	$ 8,000