Why BioXcel Therapeutics Stock Is Down Today

Shares of clinical-stage biotech BioXcel Therapeutics (NASDAQ: BTAI) are down by 9.9% as of 11:58 a.m. EDT on Friday, after the company released its second-quarter earnings report before the market opened.

BioXcel doesn't have any products on the market at the moment, and the company does not generate any revenue. However, the drugmaker reported a net loss of $21.4 million -- or $1.06 on a per-share basis. On average, analysts were expecting BioXcel's net loss per share to come in at $0.75. BioXcel's earnings miss may be the reason why investors sold off shares following today's release of its quarterly update.

The company's bottom-line decline was caused by a significant increase in its operating expenses -- to $21.4 million during the second quarter, up from $8.6 million recorded during the prior-year quarter. BioXcel ended the quarter with $65.5 million in cash and cash equivalents.

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Source Fool.com