BioXcel raises ‘substantial doubt’ about continuing as going concern

In its quarterly filing with the SEC yesterday, BioXcel Therapeutics said it “identified conditions and events that raise substantial doubt about our ability to continue as a going concern.” The company’s reprioritization was approved by the board on August 8, but 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, BioXcel wrote. As of September 30, the company had cash and cash equivalents of $89,961 and an accumulated deficit of $568,342. BioXcel noted it 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 shares are up 3% to $4.35 in early trading.