BioXcel Therapeutics Posts Wider-than-Expected Loss In Q2

(RTTNews) - Clinical-stage biopharmaceutical company BioXcel Therapeutics Inc. (BTAI) on Tuesday reported wider loss in the second quarter, hit by higher compensation costs. The loss was more than what the analysts had predicted.

The company posted net loss of $27.6 million or $1.11 per share in the second quarter, compared to net loss of $21.4 million or $1.06 per share in the same period last year. This year's results included around $6.8 million in non-cash stock-based compensation costs, higher than $2.0 million in the year-ago quarter.

On average, 10 analysts polled by Thomson Reuters expected the company to report loss of $1.08 per share in the quarter. Analysts' estimates, usually exclude, one-time items.

Looking ahead, the company said, "Our Phase 1/2b study of BXCL701 for castrate resistant prostate cancer is advancing well, with additional efficacy data from the adenocarcinoma cohort expected in the third quarter 2021. We look forward to building on these successes during the second half of this year."