Nasdaq suspended trading of BioXcel Therapeutics' common stock on September 8, 2026. The action follows the company's Chapter 11 bankruptcy filing on August 27. BioXcel declined to appeal the delisting and expects shares to trade on the less liquid Pink Limited Market.
The bankruptcy filing arrived 11 weeks before a scheduled FDA decision for Igalmi. The regulator was reviewing an expanded at-home use label for the company's sole approved product. Debt obligations and financial distress ultimately superseded the potential value of this regulatory milestone.
BioXcel secured up to $77.25 million in debtor-in-possession financing. This capital will fund operations during the bankruptcy proceedings.